ABILENE, Texas (KTAB/KRBC) – The First Financial Bank of Abilene held its annual stakeholders meeting on Tuesday to discuss the state of the Institution, revealing a loss which was blamed on inflation.

First Financial also announced an improvement in its quantity of loan borrowers. CEO and president, Scott Dueser said that’s an area in which he takes pride.

“We have done very well with growth in loans, and the pipeline today is very full. So, we look at least through mid-year, things look very good for us to grow,” explained Dueser. “Mortgages are picking up, which is important. People are buying houses again; they’re getting used to the higher rates, and so I think the Texas economy and the Abilene economy is doing extremely well.”

The bank told KTAB/KRBC, for the first time in close to 40 years it saw a decrease in net income. The 2023 reported net was $199 million, and compared to its $234.5 million net in 2022, marking a $35.5 million loss.

First Financial investor presentation

CEO and president, Scott Dueser said with inflation, it is impossible to see the economy return to the way it was.

“How many times have you given somebody a salary increase and then decreased it when inflation went down? It doesn’t happen,” Dueser analogised.

That change comes from the factors of a dropped net interest income, a decline in mortgage fees, and a decrease in debit card revenue from the Durbin Amendment.

First Financial remains one of the top publicly-traded banks in the country, having a better fiscal year than its business peer group.

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