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2024-08-27 21:06 PRESS RELEASE First Financial Bank - First Financial Bankshares Announces First Quarter 2021 Earnings Press Release First Financial Bankshares Announces First Quarter 2021 Earnings Company Release - 04/22/2021 ABILENE , Texas , April 22 , 2021 / PRNewswire / -- First Financial Bankshares , Inc. ( NASDAQ : FFIN ) today reported earnings for the first quarter of 2021 of $ 56.92 million , up $ 19.69 million or 52.87 percent , when compared with earnings of $ 37.23 million in the same quarter a year ago . Diluted earnings per share were $ 0.40 for the first quarter of 2021 compared with $ 0.26 in the same quarter a year ago . " We are extremely pleased that last year we did not look at the pandemic as a hurdle to performance , but we looked at it as an opportunity to be here and serve our customers . This created a great deal of momentum which maximized earnings last year and has rolled right into the first quarter this year . During the quarter , the Company had an organic asset growth of $ 1.20 billion driven by loan growth of $ 103.38 million , net of PPP and held - for - sale loans , and deposit growth of $ 737.63 million while overall asset quality continued to improve . We remain very focused on serving our customers and capitalizing on our growth over the last year , " said F. Scott Dueser , Chairman , President and CEO of First Financial Bankshares , Inc. Net interest income for the first quarter of 2021 was $ 88.82 million , up $ 7.92 million from $ 80.90 million for the first quarter of 2020. The net interest margin , on a taxable equivalent basis , was 3.55 percent for the first quarter of 2021 compared to 3.75 percent in the fourth quarter of 2020 and 3.91 percent in the first quarter of 2020. Net interest income was positively impacted by a $ 2.05 billion increase in average - earning assets to $ 10.56 billion for the first quarter of 2021 when compared to the same period a year ago . The net interest margin was negatively impacted by the overall level of excess liquidity which totaled $ 1.08 billion at March 31 , 2021 pending investment . For the first quarter of 2021 , interest income included Payroll Protection Program ( " PPP " ) loan fees of $ 6.25 million compared to $ 5.67 million for the fourth quarter of 2020. The remainder of the PPP loan deferred fees totaled approximately $ 16 million at March 31 , 2021 , including approximately $ 11 million for 2021 originations , and continue to be amortized over the shorter of the repayment period or the contractual life of 24 to 60 months . Additional information related to the Company's PPP loan balances are included in the following table : PPP Loans Originated Number Of Loans Dollars Of Loans PPP Loans Outstanding at March 31 , 2021 * Number Of Dollars Of Loans Loans PPP Round 1 6,530 $ 703,450,000 2,759 $ 315,879,000 PPP Round 2 2,016 216,683,000 1,990 215,931,000 PPP Total 8,546 $ 920,133,000 4,749 $ 531,810,000 * PPP loan balances accounted for $ 499.35 million in average balances for the period . At March 31 , 2021 , the Company recorded a negative provision for credit losses during the first quarter of 2021 of $ 2.00 million . The Company's provision for credit losses in the first quarter of 2021 reflected the continued improvement in the economic outlook for our markets across Texas and overall improvements in asset quality . During the first quarter of 2021 , net charge - offs totaled $ 131 thousand compared to $ 1.91 million in the first quarter of 2020. At March 31 , 2021 , the allowance for credit losses totaled $ 62.97 million , or 1.18 percent of loans held - for - investment ( " loans " hereafter ) , or 1.31 percent of loans excluding PPP loans , compared to $ 60.44 million at March 31 , 2020 , or 1.30 percent of loans . Additionally , the reserve for unfunded commitments totaled $ 6.92 million at March 31 , 2021. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.75 percent at March 31 , 2021 , compared with 0.87 percent at March 31 , 2020. Classified loans totaled $ 190.42 million at March 31 , 2021 , compared to $ 190.35 million at March 31 , 2020 . https://investorrelations.ffin.com/news-and-events/news/news-details/2021/First-Financial-Bankshares-Announces-First-Quarter-2021-Earnings/default.aspx 1/8