First Financial Bankshares Q3 net income jumps on net interest margin expansion
FFIN•First Financial Bankshares said third-quarter net income and EPS rose year over year, with continued net interest margin expansion largely driving record net income. Net interest margin was 3.91%, EPS was $0.52 and net interest income was $138.51 million.
1. Quarterly results
First Financial Bankshares reported year-over-year growth in third-quarter net income and EPS, saying continued expansion of net interest margin largely drove record net income. Net interest margin was 3.91%, EPS was $0.52 and net interest income was $138.51 million; the credit loss provision was $2.03 million.
2. Other income drivers
Growth in new accounts and higher mineral fee income linked to oil and gas prices boosted wealth management fees. Mortgage income fell as higher long-term rates affected volume and margins, and the company provided no specific financial guidance for current or future periods.
