First Financial Bankshares, Inc.(FFIN) and its subsidiaries have released th eir financial results for the first quarter of 2023, revealing a net income of $52.6 million. The company's revenue during the same period reached $121.5 million. These figures indicate the financial performance of the bank and offer insights into its operations and growth during the specified quarter.
The consolidated balance sheets show the financial position of First Financial Bankshares, Inc. as of March 31, 2023, compared to December 31, 2022. The total assets amount to $13.01 billion, reflecting a slight decrease from $13.31 billion. Cash and cash equivalents stand at $446.2 million, down from $597.8 million, while securities available-for-sale amount to $5.30 billion, a decrease from $6.50 billion. The net loans held-for-investment show an increase to $6.50 billion from $6.37 billion in the previous quarter.
The consolidated statements of earnings for the three months ending March 31, 2023, report total interest income of $121.5 million, compared to $97.0 million for the same period in 2022. Interest expense is $25.2 million, up from $1.6 million. The net interest income for the current quarter stands at $96.3 million. The provision for credit losses amounted to $2.8 million, while the noninterest income reached $28.0 million. Noninterest expense during the quarter amounted to $57.3 million. The bank's earnings before income taxes are reported at $64.3 million, and income tax expense is $11.7 million, resulting in net earnings of $52.6 million for Q1 2023.
The comprehensive earnings (loss) report shows net earnings of $52.6 million for Q1 2023. Additionally, the change in unrealized gain (loss) on investment securities available-for-sale, net of related income taxes, resulted in a gain of $97.4 million for the same period.
The consolidated statements of shareholders' equity illustrate the changes in the company's equity over the first quarter of 2023. The balances at March 31, 2023, show total shareholders' equity of $1.37 billion, compared to $1.27 billion at the end of December 2022.
The consolidated statements of cash flows reveal that net cash provided by operating activities for Q1 2023 was $95.9 million. Investing activities resulted in net cash provided of $121.7 million, while financing activities showed a net cash used of $102.0 million.
First Financial Bankshares, Inc. continues to demonstrate its strong financial performance, with net income reaching $52.6 million in the first quarter of 2023, supported by a revenue of $121.5 million. The bank remains committed to maintaining its financial stability and growth amid changing market conditions.