First Financial Bankshares Inc. in Abilene said Thursday afternoon that its first-quarter earnings increased 14.8% from a year earlier, to $13.16 million.
The $3.1 billion-asset company’s net interest margin rose 20 basis points, to 4.58%, and net interest income increased 12.3%, to $29.8 million.
F. Scott Dueser, First Financial’s president and chief executive officer, said in a press release that he was pleased with the rising margin, “especially in light of the Federal Reserve Board’s dramatic reduction in interest rates and the slowing economy.”
Still, he cautioned that his company might not weather more rate cuts as effectively. “We were prepared for the Federal Reserve to reduce rates over the last six months; however, it will be difficult to compensate for future rate cuts.”
The 10-bank parent company said nonperforming assets as a percentage of total loans rose 7 basis points, to 0.38%
