FFIN Release

Published: 2025-01-23 16:22:01 ET

EX-99.1 2 ffin-ex99_1.htm EX-99.1 EX-99.1

    For immediate release

    For More Information:
Michelle S. Hickox, EVP & Chief Financial Officer  325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2024 EARNINGS

ABILENE, Texas, January 23, 2025 - First Financial Bankshares, Inc. (the “Company,” “we,” “us” or “our”) (NASDAQ: FFIN) today reported earnings of $62.32 million for the fourth quarter of 2024 compared to earnings of $55.31 million for the third quarter of 2024 and $45.98 million for the same quarter a year ago. Diluted earnings per share were $0.43 for the fourth quarter of 2024 compared with $0.39 for the third quarter of 2024 and $0.32 for the fourth quarter of 2023.

For the year ended December 31, 2024, the Company reported net income of $223.51 million, or $1.56 per diluted share, compared to $198.98 million, or $1.39 per diluted share, for the year ended December 31, 2023, reflecting an increase of $24.53 million, or 12.33 percent.

“We are very pleased with both our fourth quarter and annual results for 2024. We finished 2024 with strong growth in earnings, loans and deposits,” said F. Scott Dueser, Chairman and CEO of First Financial Bankshares, Inc. “We are encouraged by the momentum we have gained over this past year growing our earning assets and funding sources while seeing improvement in our margin. As we enter 2025, we will continue to remain focused on maintaining this momentum, staying consistent to our proven track record of sound fundamental banking practice and actively manage the impact of the current interest rate, regulatory and economic environments. We appreciate the continued support of our customers, shareholders and associates and assure you that we will continue to put You First!”, Mr. Dueser added.

Net interest income for the fourth quarter of 2024 was $116.12 million compared to $107.11 million for the third quarter of 2024 and $97.51 million for the fourth quarter of 2023. The net interest margin, on a tax- equivalent basis, was 3.67 percent for the fourth quarter of 2024 compared to 3.50 percent for the third quarter of 2024 and 3.33 percent in the fourth quarter of 2023. Average interest-earning assets were $12.86 billion for the fourth quarter of 2024 compared to $11.93 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $1.00 million for the fourth quarter of 2024 compared to a provision of $6.12 million for the third quarter of 2024. The Company did not record a provision in fourth quarter 2023. The Company recorded a provision for credit losses of $13.82 million for the year ended December 31, 2024, versus $10.63 million recorded in the prior year.

The allowance for credit losses totaled $98.33 million, at December 31, 2024, compared to $88.73 million, at December 31, 2023, or 1.24 percent of loans held-for-investment (“loans” hereafter) as of both year ends. Additionally, the reserve for unfunded commitments totaled $8.68 million at December 31, 2024 compared to $7.90 million at December 31, 2023.

For the fourth quarter of 2024, net charge-offs totaled $1.94 million compared to net charge-offs of $786 thousand for the third quarter of 2024 and $980 thousand for the fourth quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.80 percent on December 31, 2024, compared to 0.83 percent at September 30, 2024 and 0.49 percent at December 31, 2023. Classified loans totaled $233.85 million on December 31, 2024, compared to $229.92 million at September 30, 2024 and $176.21 million at December 31, 2023.

Noninterest income for the fourth quarter of 2024 was $30.98 million compared to $32.36 million for the third quarter of 2024 and $21.98 million for the fourth quarter of 2023. Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows:

•

Trust fee income increased $968 thousand, or 8.28 percent, compared to the third quarter of 2024 and increased $1.98 million or 18.58 percent from the same quarter last year. Trust revenue has increased primarily due to growth in assets under management to $10.83 billion at December 31, 2024 compared to $9.78 billion at December 31, 2023, as well as increases in oil and gas related fees.

•

Mortgage income increased to $3.01 million for the fourth quarter of 2024 compared to $1.94 million in the fourth quarter of 2023 due to increased loan volume from the prior year.

•

Debit card fees increased by $482 thousand for the fourth quarter of 2024 when compared to the same quarter a year ago.

•

Recoveries of interest on previously charged-off or nonaccrual loans totaled $433 thousand for the fourth quarter of 2024 compared to $1.36 million for the third quarter of 2024 and $536 thousand for the fourth quarter of 2023.

•

Securities totaling $90.72 million were sold in the fourth quarter of 2023 resulting in a loss on sales of securities of $6.21 million. There were no securities sales in 2024.

Noninterest expense for the fourth quarter of 2024 totaled $70.10 million compared to $66.01 million for the third quarter of 2024 and $63.47 million for the fourth quarter of 2023. Notable changes for the fourth quarter of 2024 when compared to the linked quarter and the same quarter a year ago are as follows:

•

Salary, commissions, and employee benefit costs increased to $41.64 million for the fourth quarter of 2024, compared to $35.75 million in the fourth quarter of 2023. The increase from the fourth quarter of 2023 is primarily related to increases of $4.15 million in profit sharing and officer bonus and incentive accruals related to growth in earnings over the prior year. Additionally, officer and employee salaries increased for additions to the middle market lending team and the audit and risk departments due to growth.

•

Noninterest expenses, excluding salary related costs, increased $734 thousand for the fourth quarter of 2024 compared to the same period in 2023 largely due to increases in software amortization and expense, occupancy expense and legal, tax and professional fees offset by a decrease in FDIC insurance premiums of $1.59 million due to the special assessment in the prior year.

The Company’s efficiency ratio was 46.81 percent for the fourth quarter of 2024 and 51.97 percent for the fourth quarter of 2023. The decrease from the same period in the prior year is primarily due to the increase in net interest income in 2024 as well as losses on sales of bonds in the prior year.

As of December 31, 2024, consolidated total assets were $13.98 billion compared to $13.11 billion at December 31, 2023. Loans totaled $7.91 billion at December 31, 2024, compared with loans of $7.15 billion at December 31, 2023. During the fourth quarter of 2024, loans grew $189.91 million, or 9.78 percent annualized, when compared to September 30, 2024 balances and grew $764.31 million or 10.69 percent from December 31, 2023 balances. Deposits and Repurchase Agreements totaled $12.16 billion at December 31, 2024, compared to $11.81 billion at September 30, 2024 and $11.52 billion at December 31, 2023. During the fourth quarter of 2024, Deposits and Repurchase Agreements grew $347.17 million, or 11.69 percent annualized, when compared to September 30, 2024 balances and $640.36 million from December 31, 2023, or 5.56 percent.

Shareholders’ equity was $1.61 billion as of December 31, 2024, compared to $1.66 billion at September 30, 2024, and $1.50 billion at December 31, 2023, resulting from growth in retained earnings offset by changes in

Other Comprehensive Income (“OCI”) due to the increase in unrealized losses in the bond portfolio related to the recent increase in longer term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $424.29 million at December 31, 2024, compared to an unrealized loss of $329.82 million at September 30, 2024 and $403.30 million at December 31, 2023.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, operates multiple banking regions with 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Lumberton, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust and Asset Management Company, with nine locations and First Technology Services, Inc., a technology operating company.

The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at https://www.ffin.com.

####

Certain statements contained herein may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as “expect,” “plan,” “anticipate,” “target,” “forecast,” “project,” and “goal.” Because such “forward-looking statements” are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company’s expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company’s reports filed with the Securities and Exchange Commission, which may be obtained under “Investor Relations-Documents and Filings” on the Company’s Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except share and per share data)


	As of
		2024																2023
ASSETS		Dec. 31,				Sept. 30,				June 30,				Mar. 31,				Dec. 31,
Cash and due from banks	$		259,996		$		296,188		$		263,262		$		222,464		$		281,354
Interest-bearing demand deposits in banks			503,417				287,476				103,315				365,397				255,237
Federal funds sold			-				-				2,800				12,300				-
Investment securities			4,617,759				4,612,299				4,573,024				4,658,526				4,732,762
Loans, held-for-investment			7,913,098				7,723,191				7,519,733				7,229,410				7,148,791
Allowance for credit losses			(98,325	)			(99,936	)			(95,170	)			(89,562	)			(88,734	)
Net loans, held-for-investment			7,814,773				7,623,255				7,424,563				7,139,848				7,060,057
Loans, held-for-sale			8,235				20,114				19,668				16,109				14,253
Premises and equipment, net			151,904				151,204				153,075				151,953				151,788
Goodwill			313,481				313,481				313,481				313,481				313,481
Other intangible assets			523				671				828				984				1,141
Other assets			309,330				278,244				310,059				310,096				295,521
Total assets	$		13,979,418		$		13,582,932		$		13,164,075		$		13,191,158		$		13,105,594

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$		3,348,041		$		3,303,143		$		3,289,032		$		3,348,147		$		3,435,586
Interest-bearing deposits			8,751,133				8,452,718				8,120,125				7,941,661				7,702,714
Total deposits			12,099,174				11,755,861				11,409,157				11,289,808				11,138,300
Repurchase agreements			61,416				57,557				138,950				307,297				381,928
Borrowings			135,603				25,978				23,703				26,803				22,153
Trade date payable			-				5,416				-				-				-
Other liabilities			76,665				75,929				73,239				75,883				64,313
Shareholders' equity			1,606,560				1,662,191				1,519,026				1,491,367				1,498,900
Total liabilities and shareholders' equity	$		13,979,418		$		13,582,932		$		13,164,075		$		13,191,158		$		13,105,594


	Quarter Ended
		2024												2023
INCOME STATEMENTS		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Interest income	$		165,792	$		159,958	$		153,673	$		149,495	$		142,207
Interest expense			49,675			52,849			50,400			49,253			44,699
Net interest income			116,117			107,109			103,273			100,242			97,508
Provision for credit losses			1,003			6,123			5,888			808			-
Net interest income after provision for credit losses			115,114			100,986			97,385			99,434			97,508
Noninterest income			30,977			32,362			31,268			29,383			21,979
Noninterest expense			70,099			66,012			65,012			63,940			63,474
Net income before income taxes			75,992			67,336			63,641			64,877			56,013
Income tax expense			13,671			12,028			11,156			11,480			10,031
Net income	$		62,321	$		55,308	$		52,485	$		53,397	$		45,982


PER COMMON SHARE DATA
Net income - basic	$	0.44	$	0.39	$	0.37	$	0.37	$	0.32
Net income - diluted		0.43		0.39		0.37		0.37		0.32
Cash dividends declared		0.18		0.18		0.18		0.18		0.18
Book value		11.24		11.63		10.63		10.44		10.50
Tangible book value		9.04		9.43		8.43		8.24		8.30
Market value		36.05		37.01		29.53		32.81		30.30
Shares outstanding - end of period		142,944,704		142,906,070		142,848,909		142,817,159		142,716,939
Average outstanding shares - basic		142,898,110		142,853,215		142,814,363		142,724,674		142,680,263
Average outstanding shares - diluted		143,352,067		143,188,857		143,088,930		143,029,449		143,069,900


PERFORMANCE RATIOS
Return on average assets	1.81	%	1.66	%	1.61	%	1.62	%	1.42	%
Return on average equity	15.17		14.00		14.43		14.43		14.26
Return on average tangible equity	18.78		17.49		18.38		18.29		18.92
Net interest margin (tax equivalent)	3.67		3.50		3.48		3.34		3.33
Efficiency ratio	46.81		46.45		47.41		48.37		51.97


	Year Ended
	Dec. 31,
INCOME STATEMENTS		2024				2023
Interest income	$		628,918		$		528,070
Interest expense			202,177				144,261
Net interest income			426,741				383,809
Provision for credit losses			13,821				10,631
Net interest income after provision for credit losses			412,920				373,178
Noninterest income			123,989				108,003
Noninterest expense			265,063				237,882
Net income before income taxes			271,846				243,299
Income tax expense			48,335				44,322
Net income	$		223,511		$		198,977

PER COMMON SHARE DATA
Net income - basic	$		1.56		$		1.39
Net income - diluted			1.56				1.39
Cash dividends declared			0.72				0.71
Book value			11.24				10.50
Tangible book value			9.04				8.30
Market value	$		36.05		$		30.30
Shares outstanding - end of period			142,944,704				142,716,939
Average outstanding shares - basic			142,822,880				142,688,585
Average outstanding shares - diluted			143,232,520				142,938,977

PERFORMANCE RATIOS
Return on average assets			1.68	%			1.55	%
Return on average equity			14.51				14.99
Return on average tangible equity			18.24				19.65
Net interest margin (tax equivalent)			3.50				3.29
Efficiency ratio			47.23				47.26

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
		2024																2023
ALLOWANCE FOR LOAN LOSSES		Dec. 31,				Sept. 30,				June 30,				Mar. 31,				Dec. 31,
Balance at beginning of period	$		99,936		$		95,170		$		89,562		$		88,734		$		89,714
Loans charged-off			(2,184	)			(1,279	)			(702	)			(850	)			(1,213	)
Loan recoveries			243				493				400				422				233
Net recoveries (charge-offs)			(1,941	)			(786	)			(302	)			(428	)			(980	)
Provision for loan losses			330				5,552				5,910				1,256				-
Balance at end of period	$		98,325		$		99,936		$		95,170		$		89,562		$		88,734


ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	8,004		$	7,433		$	7,455			$	7,903			$	7,903
Provision for unfunded commitments		673			571			(22	)			(448	)			-
Balance at end of period	$	8,677		$	8,004		$	7,433			$	7,455			$	7,903

Allowance for loan losses /
period-end loans held-for-investment		1.24	%		1.29	%		1.27		%		1.24		%		1.24	%
Allowance for loan losses /
nonperforming loans		158.02			156.44			157.20				247.48				256.36
Net charge-offs (recoveries) / average total loans
(annualized)		0.10			0.04			0.02				0.02				0.06


	As of
		2024												2023
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Commercial:
C&I	$		1,176,993	$		1,175,774	$		1,141,990	$		1,191,516	$		1,164,811
Municipal			369,246			333,732			359,124			211,013			214,850
Total Commercial			1,546,239			1,509,506			1,501,114			1,402,529			1,379,661
Agricultural			95,543			83,269			86,186			87,882			84,890
Real Estate:
Construction & Development			1,054,603			1,013,810			986,394			921,773			963,158
Farm			339,665			315,720			318,597			311,002			344,954
Non-Owner Occupied CRE			805,566			825,928			815,713			853,721			827,969
Owner Occupied CRE			1,083,100			1,086,750			1,049,715			1,032,845			1,037,281
Residential			2,196,767			2,112,196			1,990,604			1,918,573			1,834,593
Total Real Estate			5,479,701			5,354,404			5,161,023			5,037,914			5,007,955
Consumer:
Auto			638,560			618,103			615,192			549,837			521,859
Non-Auto			153,055			157,909			156,218			151,248			154,426
Total Consumer			791,615			776,012			771,410			701,085			676,285

Total loans held-for-investment	$		7,913,098	$		7,723,191	$		7,519,733	$		7,229,410	$		7,148,791


SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	42,563	$	41,362	$	57,864	$	62,623	$	40,834
Substandard		191,288		188,561		161,399		138,964		135,379
Doubtful		-		-		-		-		-
Total classified loans	$	233,851	$	229,923	$	219,263	$	201,587	$	176,213


NONPERFORMING ASSETS
Nonaccrual loans	$	61,938		$	63,378		$	60,311		$	36,157		$	33,609
Accruing loans 90 days past due		287			504			231			33			1,004
Total nonperforming loans		62,225			63,882			60,542			36,190			34,613
Foreclosed assets		871			535			647			1,014			483
Total nonperforming assets	$	63,096		$	64,417		$	61,189		$	37,204		$	35,096

As a % of loans held-for-investment and foreclosed assets		0.80	%		0.83	%		0.81	%		0.51	%		0.49	%
As a % of end of period total assets		0.45			0.47			0.46			0.28			0.27

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
						2024								2023
CAPITAL RATIOS		Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Common equity Tier 1 capital ratio			18.83	%		18.83	%		18.42	%		18.60	%		18.50	%
Tier 1 capital ratio			18.83			18.83			18.42			18.60			18.50
Total capital ratio			20.00			20.03			19.55			19.70			19.62
Tier 1 leverage ratio			12.49			12.53			12.40			12.12			12.06
Tangible common equity ratio			9.46			10.16			9.38			9.14			9.26
Equity/Assets ratio			11.49			12.24			11.54			11.31			11.44


	Quarter Ended
						2024										2023
NONINTEREST INCOME		Dec. 31,			Sept. 30,				June 30,				Mar. 31,			Dec. 31,
Trust fees	$		12,662	$		11,694		$		11,714		$		11,379	$		10,678
Service charges on deposits			6,306			6,428				6,009				6,246			6,523
Debit card fees			5,506			5,528				5,145				4,891			5,024
Credit card fees			617			617				672				631			631
Gain on sale and fees on mortgage loans			3,009			3,359				3,687				3,128			1,940
Net gain (loss) on sale of available-for-sale securities			-			-				-				-			(6,205	)
Net gain (loss) on sale of foreclosed assets			36			(30	)			(58	)			-			23
Net gain (loss) on sale of assets			214			267				2				-			(101	)
Interest on loan recoveries			433			1,359				664				555			536
Other noninterest income			2,194			3,140				3,433				2,553			2,930
Total noninterest income	$		30,977	$		32,362		$		31,268		$		29,383	$		21,979


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	37,996	$	35,262	$	35,569	$	35,003	$	34,560
Profit sharing expense		3,648		2,235		1,903		1,680		1,193
Net occupancy expense		3,753		3,738		3,618		3,470		3,348
Equipment expense		2,305		2,291		2,233		2,237		2,020
FDIC insurance premiums		1,511		1,514		1,508		1,965		3,105
Debit card expense		3,220		3,248		3,242		3,058		3,229
Legal, tax and professional fees		3,751		3,865		3,809		2,734		3,125
Audit fees		423		582		453		333		587
Printing, stationery and supplies		293		199		425		447		492
Amortization of intangible assets		147		157		157		157		228
Advertising, meals and public relations		1,642		1,466		1,466		1,455		1,146
Operational and other losses		863		955		769		1,154		1,096
Software amortization and expense		3,648		3,712		3,158		3,005		3,017
Other noninterest expense		6,899		6,788		6,702		7,242		6,328
Total noninterest expense	$	70,099	$	66,012	$	65,012	$	63,940	$	63,474

TAX EQUIVALENT YIELD ADJUSTMENT		2,673		2,628	$	2,572	$	2,573	$	2,649


	Year Ended
	Dec. 31,
NONINTEREST INCOME		2024				2023
Trust fees	$		47,449		$		40,456
Service charges on deposits			24,988				25,378
Debit card fees			21,070				21,721
Credit card fees			2,537				2,645
Gain on sale and fees on mortgage loans			13,183				11,890
Net gain (loss) on sale of available-for-sale securities			-				(7,119	)
Net gain (loss) on sale of foreclosed assets			(51	)			46
Net gain on sale of assets			484				1,525
Interest on loan recoveries			3,010				2,055
Other noninterest income			11,319				9,406
Total noninterest income	$		123,989		$		108,003

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$		143,830		$		130,542
Profit sharing expense			9,466				1,373
Net occupancy expense			14,579				13,766
Equipment expense			9,065				8,545
FDIC insurance premiums			6,498				7,749
Debit card expense			12,768				12,933
Legal, tax and professional fees			14,157				11,666
Audit fees			1,793				2,241
Printing, stationery and supplies			1,364				2,454
Amortization of intangible assets			618				912
Advertising, meals and public relations			6,028				6,032
Operational and other losses			3,741				3,842
Software amortization and expense			13,523				10,288
Other noninterest expense			27,633				25,539
Total noninterest expense	$		265,063		$		237,882

TAX EQUIVALENT YIELD ADJUSTMENT	$		10,446		$		11,552

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Three Months Ended									Three Months Ended
	Dec. 31, 2024									Sept. 30, 2024
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		1,895	$		23		4.90	%	$		2,901	$		43		5.84	%
Interest-bearing demand deposits in nonaffiliated banks			308,118			3,578		4.62				200,756			2,716		5.38
Taxable securities			3,320,754			21,896		2.64				3,211,490			19,866		2.47
Tax-exempt securities			1,425,934			9,858		2.77				1,418,214			9,742		2.75
Loans			7,806,860			133,110		6.78				7,643,238			130,220		6.78
Total interest-earning assets			12,863,561	$		168,465		5.21	%			12,476,599	$		162,587		5.18	%
Noninterest-earning assets			824,757									817,757
Total assets	$		13,688,318							$		13,294,356
Interest-bearing liabilities:
Deposits	$		8,523,405	$		49,139		2.29	%	$		8,240,938	$		51,994		2.51	%
Repurchase Agreements			63,350			271		1.70				100,892			740		2.92
Borrowings			39,709			265		2.65				24,670			116		1.87
Total interest-bearing liabilities			8,626,464	$		49,675		2.29	%			8,366,500	$		52,850		2.51	%
Noninterest-bearing deposits			3,348,062									3,279,486
Other noninterest-bearing liabilities			79,271									76,274
Shareholders' equity			1,634,521									1,572,096
Total liabilities and shareholders' equity	$		13,688,318							$		13,294,356

Net interest income and margin (tax equivalent)				$		118,790		3.67	%				$		109,737		3.50	%

	Three Months Ended									Three Months Ended
	June 30, 2024									Mar. 31, 2024
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		5,160	$		74		5.81	%	$		3,923	$		57		5.85	%
Interest-bearing demand deposits in nonaffiliated banks			159,707			2,292		5.77				344,969			4,657		5.43
Taxable securities			3,250,684			19,912		2.45				3,376,324			19,952		2.36
Tax-exempt securities			1,404,706			9,730		2.77				1,434,505			9,794		2.73
Loans			7,405,297			124,237		6.75				7,205,424			117,608		6.56
Total interest-earning assets			12,225,554	$		156,245		5.14	%			12,365,145	$		152,068		4.95	%
Noninterest-earning assets			855,719									864,885
Total assets	$		13,081,273							$		13,230,030
Interest-bearing liabilities:
Deposits	$		8,020,247	$		48,414		2.43	%	$		7,878,094	$		45,250		2.31	%
Repurchase Agreements			212,590			1,895		3.59				317,439			2,562		3.25
Borrowings			22,932			91		1.60				132,963			1,441		4.36
Total interest-bearing liabilities			8,255,769	$		50,400		2.46	%			8,328,496	$		49,253		2.38	%
Noninterest-bearing deposits			3,289,906									3,346,757
Other noninterest-bearing liabilities			72,464									66,134
Shareholders' equity			1,463,134									1,488,643
Total liabilities and shareholders' equity	$		13,081,273							$		13,230,030

Net interest income and margin (tax equivalent)				$		105,845		3.48	%				$		102,815		3.34	%

	Three Months Ended
	Dec. 31, 2023
		Average			Tax Equivalent		Yield /
		Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		1,768	$		25		5.72	%
Interest-bearing demand deposits in nonaffiliated banks			145,839			1,961		5.33
Taxable securities			3,317,114			19,686		2.37
Tax-exempt securities			1,410,148			10,188		2.89
Loans			7,052,463			112,996		6.36
Total interest-earning assets			11,927,332	$		144,856		4.82	%
Noninterest-earning assets			886,811
Total assets	$		12,814,143
Interest-bearing liabilities:
Deposits	$		7,371,260	$		39,225		2.11	%
Repurchase Agreements			558,592			4,627		3.29
Borrowings			78,066			847		4.30
Total interest-bearing liabilities			8,007,918	$		44,699		2.21	%
Noninterest-bearing deposits			3,461,544
Other noninterest-bearing liabilities			65,524
Shareholders' equity			1,279,157
Total liabilities and shareholders' equity	$		12,814,143

Net interest income and margin (tax equivalent)				$		100,157		3.33	%


	Year Ended									Year Ended
	Dec. 31, 2024									Dec. 31, 2023
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		3,464	$		197		5.70	%	$		2,223	$		122		5.50	%
Interest-bearing deposits in nonaffiliated banks			253,393			13,242		5.23				115,785			5,890		5.09
Taxable securities			3,289,683			81,626		2.48				3,500,839			79,925		2.28
Tax-exempt securities			1,420,846			39,124		2.75				1,597,204			45,815		2.87
Loans			7,516,352			505,176		6.72				6,784,352			407,870		6.01
Total interest-earning assets			12,483,738	$		639,365		5.12	%			12,000,403	$		539,622		4.50	%
Noninterest-earning assets			840,674									860,859
Total assets	$		13,324,412							$		12,861,262
Interest-bearing liabilities:
Deposits	$		8,166,855	$		194,801		2.39	%	$		7,188,171	$		124,830		1.74	%
Repurchase Agreements			173,068			5,468		3.16				568,205			16,139		2.84
Borrowings			54,943			1,909		3.47				81,262			3,292		4.05
Total interest-bearing liabilities			8,394,866	$		202,178		2.41	%			7,837,638	$		144,261		1.84	%
Noninterest-bearing deposits			3,316,040									3,632,559
Other noninterest-bearing liabilities			73,559									63,238
Shareholders' equity			1,539,947									1,327,827
Total liabilities and shareholders' equity	$		13,324,412							$		12,861,262

Net interest income and margin (tax equivalent)				$		437,187		3.50	%				$		395,361		3.29	%