Core earnings remain highly cash-generative, evidenced by an operating cash flow to net income ratio that peaked at 1.52 in 2025Q3, supporting a consistent quarterly dividend distribution of approximately 27 million dollars.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 321.2M | 320.58M | 309.64M | 284.82M | 324.27M | 355.15M | 210.67M | 202.45M | 186.35M | 190.27M | 160.74M | 109.09M | 131.4M | 109.86M | 93.06M | 95.11M | 71.83M | 171.51M | -10.49M | 54.79M | 47.86M | 40.94M | 68.28M | 45.33M | 43.32M | 39.61M | 35.19M | 33.5M | 35.7M | 22.1M | 27.1M |
| Operating CF Growth % | 13.11% | 3.53% | 8.71% | -12.17% | -8.7% | 68.58% | 4.06% | 8.64% | -2.06% | 18.37% | 47.35% | -16.98% | 19.61% | 18.05% | -2.15% | 32.41% | -58.12% | 1734.25% | -119.15% | 14.48% | 16.91% | -40.04% | 50.64% | 4.62% | 9.39% | 12.55% | 5.04% | -6.16% | 61.54% | -18.45% | 39.69% |
| Net Income | 263.78M | 253.58M | 223.51M | 198.98M | 234.47M | 227.56M | 202.03M | 164.81M | 150.64M | 120.37M | 104.77M | 100.38M | 89.56M | 78.87M | 74.22M | 68.37M | 59.66M | 53.8M | 53.16M | 49.49M | 46.03M | 44.02M | 39.17M | 35.3M | 33.95M | 29.36M | 28.32M | 25.7M | 23.3M | 21M | 19M |
| Depreciation & Amortization | 10.4M | 0 | 13.43M | 12.58M | 12.76M | 13.06M | 12.79M | 11.66M | 12.55M | 12.92M | 11.57M | 11.14M | 9.26M | 8.64M | 7.92M | 7.35M | 7.1M | 7.75M | 8.01M | 7.18M | 8.17M | 9.36M | 5.02M | 9.47M | 6.2M | 7.34M | 6.86M | 8.8M | 8.5M | 6M | 6.4M |
| Deferred Taxes | -1K | 0 | -620K | -359K | -4.21M | 3.53M | -5.25M | -29K | -250K | -53K | 673K | 320K | -893K | 754K | 1.52M | 2M | 1.09M | -221K | -123K | 464.4K | -26.63K | 277.55K | 429.61K | -90.83K | 350.42K | -189K | -304K | -200K | -100K | -100K | 300K |
| Other Non-Cash Items | 115.59M | 87.13M | 58.48M | 68.84M | 82.94M | 64.02M | 53.7M | 25.61M | 29.28M | 35.67M | 37.32M | 37.24M | 23.78M | 21.81M | 16.61M | 14.8M | 10.66M | 66.77M | -67.4M | 228.46K | -173K | -6.11M | 23.03M | -1.49M | 1.63M | 1.31M | 1.86M | 1.8M | 1.1M | 1.1M | 1.1M |
| Working Capital Changes | -73.61M | -20.13M | 9.91M | 529K | -5.66M | 43.73M | -52.6M | 395K | -5.87M | 21.37M | 6.4M | -39.99M | 9.7M | -212K | -7.21M | 2.59M | -6.68M | 43.42M | -4.15M | -2.57M | -6.14M | -6.61M | 624.6K | 2.13M | 1.19M | 1.79M | -1.54M | -2.6M | 2.9M | -5.9M | 300K |
| Cash from Investing | -1.19B | -1.04B | -736.88M | 127.29M | -838M | -2.61B | -1.26B | -447.8M | -273.29M | -398.04M | -251.96M | -384.23M | -575.21M | -556.77M | -294.99M | -331.03M | -355.81M | -3.74M | -164.68M | -143.56M | -169.37M | -129.3M | -76.45M | -179.02M | -67.79M | -79.58M | -56.02M | -64.4M | -52.3M | -38.1M | -31.9M |
| Purchase of Investments | -13.44B | -8.85B | -6.6B | -4.01B | -4.39B | -10.89B | -7.12B | -4.73B | -3.73B | -4.77B | -3.74B | -3.06B | -3.25B | -2.53B | -2.05B | -2.17B | -2.07B | -233.88M | -421.58M | -899.75M | -1.98B | -2.17B | -1.19B | -1.15B | -974.39M | -930.85M | -99.43M | -197.5M | -357M | -433.4M | -183.8M |
| Sale/Maturity of Investments | 12.62B | 8.12B | 6.64B | 4.85B | 4.61B | 8.51B | 6.34B | 4.53B | 3.66B | 4.51B | 3.55B | 2.75B | 2.92B | 2.3B | 2.06B | 1.92B | 1.85B | 240.5M | 292.29M | 921.39M | 1.9B | 2.04B | 1.25B | 1B | 935.16M | 895.38M | 109.36M | 155.7M | 346.6M | 369M | 193.1M |
| Net Investment Activity | -819.6M | -738.88M | 43.65M | 849.2M | 226.52M | -2.38B | -779.09M | -199.31M | -72.53M | -255.59M | -188.09M | -301.65M | -329.54M | -221.41M | 7.06M | -256.34M | -222.14M | 6.63M | -129.3M | 21.64M | -75.14M | -130.51M | 56.66M | -150.38M | -39.23M | -35.47M | 9.93M | -41.8M | -10.4M | -64.4M | 9.3M |
| Acquisitions | 1.87M | 3.07M | 0 | 0 | 0 | 0 | 61.03M | 0 | 18.65M | 0 | 0 | 63.27M | 0 | -25.71M | 0 | 0 | -2.46M | 0 | 0 | 0 | 0 | 6.63M | -8.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -358.62M | -288.12M | -763.8M | -704.66M | -1.05B | -210.96M | -527.69M | -239.82M | -201.76M | -128.29M | -43.48M | -128.41M | -228.26M | -298.33M | -285.87M | -59.91M | -119.96M | -3.89M | -23.61M | -156.87M | -86.86M | 4.9M | -124.27M | -21.53M | -25.65M | -38.96M | -63.44M | -18.5M | -37.6M | 31.5M | -36.4M |
| Cash from Financing | 680.7M | 1.03B | 654.06M | -206.2M | 315.82M | 2.06B | 1.5B | 279.31M | -36.77M | 323.63M | 74.82M | 294.55M | 485.26M | 298.19M | 311.83M | 222.49M | 283.33M | -15.12M | 79.18M | 160.68M | 63.18M | 144.92M | 88.59M | 69.1M | 17.78M | 62.57M | -4.61M | 18.5M | 1.2M | 99.5M | 38.2M |
| Dividends Paid | -107.47M | -106M | -102.91M | -99.97M | -91.31M | -79.71M | -70.32M | -61.06M | -53.86M | -48.95M | -44.91M | -38.77M | -34.58M | -24.5M | -38.72M | -29.36M | -28.35M | -28.3M | -27.43M | -24.93M | -24.01M | -23M | -20.14M | -18.27M | -16.05M | -13.92M | -12.54M | -11M | -9.1M | -8M | -7M |
| Share Repurchases | 0 | 0 | 0 | -2.74M | -9.45M | 0 | -8.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 3.03M | 3.38M | 3.16M | 0 | 0 | 0 | 0 | 4.29M | 3.86M | 2.93M | 1.26M | 1.54M | 1.44M | 1.96M | 824K | 950K | 789K | 682K | 608.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 3.03M | 3.38M | 3.16M | -2.74M | -9.45M | 0 | -8.01M | 4.29M | 3.86M | 2.93M | 1.26M | 1.54M | 1.44M | 1.96M | 824K | 950K | 789K | 682K | 608.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -500K |
| Other Financing | 778.47M | 1.25B | 960.87M | 134.93M | 445.23M | 1.89B | 1.53B | 427.71M | -120.61M | 484.42M | 288.37M | 96.33M | 615.18M | 116.54M | 297.79M | 221.5M | 278.62M | 102M | 36.67M | 162.06M | 17.75M | 134.58M | 101.43M | 84.71M | 26.4M | 82.76M | -4.83M | 19.9M | 16.2M | 101.1M | 45.3M |
| Net Change in Cash | -189.93M | 314.57M | 226.82M | 205.91M | -197.91M | -200.5M | 446.48M | 33.96M | -123.7M | 115.86M | -16.4M | 19.41M | 41.46M | -148.73M | 109.9M | -13.43M | -651K | 152.65M | -96M | 71.91M | -58.33M | 56.56M | 80.42M | -64.6M | -6.69M | 22.59M | -25.44M | -12.3M | -15.5M | 83.5M | -98.9M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | -400K |
| Cash at Beginning | 1.08B | 763.41M | 536.59M | 330.68M | 528.59M | 729.08M | 282.6M | 248.65M | 372.35M | 256.49M | 272.89M | 253.47M | 212.01M | 360.74M | 250.84M | 264.27M | 264.92M | 168.89M | 264.89M | 192.98M | 250.51M | 194.75M | 113.84M | 178.44M | 185.13M | 162.53M | 187.97M | 200.3M | 215.8M | 132.3M | 98.9M |
| Cash at End | 737.13M | 1.08B | 763.41M | 536.59M | 330.68M | 528.59M | 729.08M | 282.6M | 248.65M | 372.35M | 256.49M | 272.89M | 253.47M | 212.01M | 360.74M | 250.84M | 264.27M | 321.54M | 168.89M | 264.89M | 191.9M | 251.31M | 194.26M | 113.84M | 178.44M | 185.13M | 162.53M | 188M | 200.3M | 215.8M | 125.6M |
| Interest Paid | 202.84M | 202.83M | 205.48M | 135.17M | 30.54M | 6.2M | 14.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 33.18M | 61.13M | 41.1M | 46.68M | 45.43M | 39.53M | 44.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 305.73M | 307.14M | 292.92M | 267.57M | 308.49M | 335.95M | 194.22M | 193.78M | 168.7M | 176.11M | 140.34M | 91.66M | 113.99M | 98.53M | 76.88M | 80.33M | 60.59M | 165.03M | -22.27M | 46.46M | 40.49M | 30.62M | 68.28M | 38.22M | 40.41M | 34.45M | 32.68M | 29.4M | 31.4M | 16.9M | 22.4M |
| FCF Growth % | 3.32% | 4.86% | 9.47% | -13.26% | -8.17% | 72.97% | 0.22% | 14.87% | -4.21% | 25.49% | 53.11% | -19.59% | 15.69% | 28.16% | -4.3% | 32.59% | -63.29% | 840.96% | -147.94% | 14.75% | 32.22% | -55.15% | 78.66% | -5.43% | 17.28% | 5.42% | 11.17% | -6.37% | 85.8% | -24.55% | 37.42% |
Texas CRE concentration risk
As reported in recent financial statements, FFIN consistently generates operating cash flow in excess of net income, with an OCF/NI ratio peaking at 1.52 in 2025Q3, suggesting that the bank's core earnings are highly cash-generative and provide a solid foundation for organic capital retention.
The bank's ability to maintain an OCF/NI ratio consistently above 1.0 indicates that reported earnings are well-supported by actual cash inflows. This structural strength allows the institution to fund organic loan growth and maintain regulatory capital buffers without relying on external capital markets.
Based on quarterly cash flow data, FFIN maintains a highly active securities portfolio, with purchase and sale volumes reaching 9.9 billion dollars and 9.7 billion dollars respectively in 2026Q1, reflecting a dynamic approach to managing liquidity and interest rate sensitivity within the investment book.
The high turnover in the investment portfolio suggests management is actively adjusting duration and yield profiles in response to the evolving interest rate environment. Investors should monitor whether this high volume of activity reflects tactical positioning or a need to manage liquidity pressures arising from deposit shifts.
According to historical cash flow filings, FFIN has maintained a remarkably stable dividend payout, consistently distributing approximately 25 to 27 million dollars per quarter, which demonstrates a disciplined commitment to shareholder returns that appears sustainable given the bank's strong underlying cash generation capabilities.
The lack of significant share buyback activity suggests that management prioritizes capital preservation and organic growth over aggressive capital return. This conservative stance appears to be a strategic choice to maintain a fortress-like balance sheet, though it may limit EPS accretion in the near term.
Financial disclosures indicate that FFIN's provision for credit losses has fluctuated significantly, peaking at 24.4 million dollars in 2025Q3 before normalizing to 2.3 million dollars in 2026Q1, which suggests a proactive approach to managing credit risk in response to evolving economic forecasts for the Texas region.
The volatility in provisioning reflects the bank's adherence to the CECL model, which requires front-loading reserves based on forward-looking economic assumptions. While the recent decline in provisions may imply a more stable outlook, the bank's concentration in Texas CRE warrants continued scrutiny of future credit loss trends.
Quick answers to the most common questions about buying FFIN stock.
First Financial Bankshares, Inc. (FFIN) generated $320.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First Financial Bankshares, Inc. (FFIN) generated $307.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First Financial Bankshares, Inc. (FFIN) spent $13.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First Financial Bankshares, Inc. (FFIN) returned $106.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.