Third Quarter 2019 Earnings Results
ABILENE, Texas, Oct. 17, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2019 of $43.08 million, up 7.57 percent when compared with earnings of $40.05 million in the same quarter last year. Basic earnings per share were $0.32 for the third quarter of 2019 compared with $0.30 in the same quarter a year ago.
On April 23, 2019, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 3, 2019. All share and per share amounts in this earnings release have been restated to reflect this stock split.
Net interest income for the third quarter of 2019 increased 4.63 percent to $72.64 million compared with $69.43 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.94 percent for the third quarter of 2019 compared to 3.98 percent for the second quarter of 2019 and 4.01 percent for the third quarter of 2018. Included in interest income for the third quarter of 2019 was $415 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions. In the second quarter of 2019 and the third quarter of 2018, amounts related to discount accretion from fair value accounting accounted for two and four basis points, respectively, in net interest margin.
The provision for loan losses was $450 thousand in the third quarter of 2019 compared with $600 thousand in the second quarter of 2019 and $1.45 million in the third quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.66 percent at September 30, 2019, compared with 0.69 percent at both June 30, 2019 and September 30, 2018. Classified loans totaled $119.20 million at September 30, 2019, compared to $126.04 million at June 30, 2019, and $117.52 million at September 30, 2018.
Noninterest income increased 5.97 percent in the third quarter of 2019 to $28.67 million compared with $27.06 million in the same quarter a year ago. Trust fees were $7.05 million in the third quarter of 2019 compared with $7.29 million in the same quarter last year. The fair value of Trust assets managed increased to $6.36 billion from $5.75 billion a year ago; however, the income from the growth in assets was offset by a decrease of $447 thousand in Trust mineral fee and lease bonus income when compared to the same period a year ago primarily due to a decline in oil and gas volumes. ATM, interchange and credit card fees increased 2.59 percent to $7.73 million compared with $7.53 million in the same quarter last year due to continued growth in debit cards. Real estate mortgage fees increased 18.60 percent in the third quarter of 2019 to $5.73 million compared with $4.83 million in the same quarter a year ago due to an increase in the volume of loans originated. Additionally, interest on loan recoveries from previous non-accrual loans increased $376 thousand and the gain from sale of bank assets increased $296 thousand as compared to the same quarter a year ago.
Noninterest expense for the third quarter of 2019 totaled $48.91 million compared to $47.51 million in the third quarter of 2018. The Company's efficiency ratio in the third quarter of 2019 was 47.54 percent compared with 48.12 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2019 was primarily a result of an increase in salary and employee benefit costs to $28.55 million compared to $26.38 million in the same quarter a year ago, primarily due to merit-based pay increases which was partially offset by a $555 thousand reduction in FDIC insurance premiums resulting from credits from prior premiums paid. Additionally, operational and other losses decreased $474 thousand as compared to the same quarter a year ago.
For the nine months ended September 30, 2019, net income increased 10.00 percent to $123.42 million from $112.20 million a year ago. Basic earnings per share rose to $0.91 from $0.83 in the same period last year. Net interest income increased 5.57 percent to $213.77 million for the nine months ended September 30, 2019, from $202.49 million in the same period a year ago. The provision for loan losses totaled $2.02 million compared with $3.87 million in the same period a year ago. Noninterest income was $81.08 million for the first nine months 2019 compared with $76.97 million in the same period a year ago. Noninterest expense rose to $144.58 million compared with $142.45 million during the same period a year ago.
As of September 30, 2019, consolidated assets for the Company totaled $8.11 billion compared to $7.98 billion at June 30, 2019, and $7.57 billion at September 30, 2018. Loans grew to $4.14 billion at September 30, 2019, compared with loans of $4.06 billion at June 30, 2019 and $3.89 billion at September 30, 2018. Deposits totaled $6.40 billion at September 30, 2019, compared to $6.37 billion at June 30, 2019, and $6.15 billion at September 30, 2018. Shareholders' equity rose to $1.21 billion as of September 30, 2019, compared with $1.16 billion at June 30, 2019, and $995.74 million at September 30, 2018.
On September 19, 2019, the Company announced the pending acquisition of TB&T Bancshares, Inc. and its wholly owned subsidiary, The Bank & Trust of Bryan/College Station, Texas with an expected closing in the first quarter of 2020, subject to regulatory approval. As of June 30, 2019, The Bank & Trust of Bryan/College Station had total assets of $624.51 million, total loans of $445.63 million and total deposits of $538.22 million.
"We are pleased with our recent announcement of our pending acquisition of TB&T and to report another quarter with solid earnings performance, growth in loans and deposits and good credit metrics," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits, reduce expenses to improve our bottom line while continuing to look for quality acquisition opportunities like our most recent announcement to better utilize our strong capital position and increase returns to our shareholders," added Dueser.
About First Financial Bankshares:
Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 73 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with eight locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial Bankshares, please visit our website at http://www.ffin.com.
Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect", "plan", "anticipate", "target", "forecast" and "goal". Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents/Filings" on the Company's Web site or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
|
FIRST FINANCIAL BANKSHARES, INC. |
||||||||||||||||
|
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) |
||||||||||||||||
|
(In thousands, except share and per share data) |
||||||||||||||||
|
As of |
||||||||||||||||
|
2019 |
2018 |
|||||||||||||||
|
ASSETS |
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
|||||||||||
|
Cash and due from banks |
$ |
198,855 |
$ |
178,345 |
$ |
176,278 |
$ |
207,835 |
$ |
164,998 |
||||||
|
Interest-bearing deposits in banks |
31,410 |
128,652 |
197,758 |
40,812 |
34,511 |
|||||||||||
|
Interest-bearing time deposits in banks |
- |
960 |
1,458 |
1,458 |
1,458 |
|||||||||||
|
Fed funds sold |
- |
700 |
12,825 |
- |
- |
|||||||||||
|
Investment securities |
3,397,156 |
3,259,492 |
3,212,812 |
3,158,777 |
3,144,367 |
|||||||||||
|
Loans |
4,140,815 |
4,063,257 |
4,003,606 |
3,975,308 |
3,885,536 |
|||||||||||
|
Allowance for loan losses |
(51,889) |
(51,820) |
(51,585) |
(51,202) |
(50,871) |
|||||||||||
|
Net loans |
4,088,926 |
4,011,437 |
3,952,021 |
3,924,106 |
3,834,665 |
|||||||||||
|
Premises and equipment |
132,367 |
134,322 |
135,321 |
133,421 |
130,815 |
|||||||||||
|
Goodwill |
171,565 |
171,565 |
171,565 |
171,565 |
171,565 |
|||||||||||
|
Other intangible assets |
2,340 |
2,586 |
2,850 |
3,118 |
3,342 |
|||||||||||
|
Other assets |
91,220 |
91,234 |
83,007 |
90,762 |
85,510 |
|||||||||||
|
Total assets |
$ |
8,113,839 |
$ |
7,979,293 |
$ |
7,945,895 |
$ |
7,731,854 |
$ |
7,571,231 |
||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||||||||||
|
Noninterest-bearing deposits |
$ |
2,210,997 |
$ |
2,167,552 |
$ |
2,165,745 |
$ |
2,116,107 |
$ |
2,146,984 |
||||||
|
Interest-bearing deposits |
4,186,686 |
4,202,214 |
4,184,996 |
4,064,282 |
3,998,298 |
|||||||||||
|
Total deposits |
6,397,683 |
6,369,766 |
6,350,741 |
6,180,389 |
6,145,282 |
|||||||||||
|
Borrowings |
400,155 |
362,005 |
382,711 |
468,706 |
380,760 |
|||||||||||
|
Other liabilities |
110,903 |
82,774 |
104,921 |
29,464 |
49,450 |
|||||||||||
|
Shareholders' equity |
1,205,098 |
1,164,748 |
1,107,522 |
1,053,295 |
995,739 |
|||||||||||
|
Total liabilities and shareholders' equity |
$ |
8,113,839 |
$ |
7,979,293 |
$ |
7,945,895 |
$ |
7,731,854 |
$ |
7,571,231 |
||||||
|
Quarter Ended |
||||||||||||||||
|
2019 |
2018 |
|||||||||||||||
|
INCOME STATEMENTS |
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
|||||||||||
|
Interest income |
$ |
80,591 |
$ |
79,576 |
$ |
76,901 |
$ |
76,481 |
$ |
74,049 |
||||||
|
Interest expense |
7,953 |
7,961 |
7,387 |
6,207 |
4,623 |
|||||||||||
|
Net interest income |
72,638 |
71,615 |
69,514 |
70,274 |
69,426 |
|||||||||||
|
Provision for loan losses |
450 |
600 |
965 |
1,800 |
1,450 |
|||||||||||
|
Net interest income after provision for loan losses |
72,188 |
71,015 |
68,549 |
68,474 |
67,976 |
|||||||||||
|
Noninterest income |
28,669 |
27,976 |
24,437 |
24,797 |
27,055 |
|||||||||||
|
Noninterest expense |
48,910 |
48,304 |
47,367 |
48,235 |
47,506 |
|||||||||||
|
Net income before income taxes |
51,947 |
50,687 |
45,619 |
45,036 |
47,525 |
|||||||||||
|
Income tax expense |
8,867 |
8,594 |
7,367 |
6,599 |
7,475 |
|||||||||||
|
Net income |
$ |
43,080 |
$ |
42,093 |
$ |
38,252 |
$ |
38,437 |
$ |
40,050 |
||||||
|
PER COMMON SHARE DATA |
||||||||||||||||
|
Net income - basic |
$ |
0.32 |
$ |
0.31 |
$ |
0.28 |
$ |
0.28 |
$ |
0.30 |
||||||
|
Net income - diluted |
0.32 |
0.31 |
0.28 |
0.28 |
0.29 |
|||||||||||
|
Cash dividends declared |
0.12 |
0.12 |
0.11 |
0.11 |
0.11 |
|||||||||||
|
Book Value |
8.87 |
8.58 |
8.16 |
7.77 |
7.35 |
|||||||||||
|
Market Value |
$ |
33.33 |
$ |
30.79 |
$ |
28.89 |
$ |
28.85 |
$ |
29.55 |
||||||
|
Shares outstanding - end of period |
135,822,456 |
135,809,224 |
135,680,420 |
135,506,266 |
135,387,172 |
|||||||||||
|
Average outstanding shares - basic |
135,693,901 |
135,650,599 |
135,494,254 |
135,352,408 |
135,270,116 |
|||||||||||
|
Average outstanding shares - diluted |
136,369,328 |
136,218,235 |
136,286,862 |
136,191,224 |
136,107,448 |
|||||||||||
|
PERFORMANCE RATIOS |
||||||||||||||||
|
Return on average assets |
2.15 |
% |
2.14 |
% |
2.00 |
% |
2.00 |
% |
2.10 |
% |
||||||
|
Return on average equity |
14.46 |
15.04 |
14.51 |
15.18 |
16.00 |
|||||||||||
|
Return on average tangible equity |
16.96 |
17.81 |
17.34 |
18.38 |
19.42 |
|||||||||||
|
Net interest margin (tax equivalent) |
3.94 |
3.98 |
4.00 |
4.02 |
4.01 |
|||||||||||
|
Efficiency ratio |
47.54 |
47.71 |
49.46 |
49.69 |
48.12 |
|||||||||||
|
Nine Months Ended |
||||||||||||||||
|
Sept. 30, |
||||||||||||||||
|
INCOME STATEMENTS |
2019 |
2018 |
||||||||||||||
|
Interest income |
$ |
237,069 |
$ |
215,209 |
||||||||||||
|
Interest expense |
23,301 |
12,723 |
||||||||||||||
|
Net interest income |
213,768 |
202,486 |
||||||||||||||
|
Provision for loan losses |
2,015 |
3,865 |
||||||||||||||
|
Net interest income after provision for loan losses |
211,753 |
198,621 |
||||||||||||||
|
Noninterest income |
81,081 |
76,966 |
||||||||||||||
|
Noninterest expense |
144,583 |
142,448 |
||||||||||||||
|
Net income before income taxes |
148,251 |
133,139 |
||||||||||||||
|
Income tax expense |
24,827 |
20,937 |
||||||||||||||
|
Net income |
$ |
123,424 |
$ |
112,202 |
||||||||||||
|
PER COMMON SHARE DATA |
||||||||||||||||
|
Net income - basic |
$ |
0.91 |
$ |
0.83 |
||||||||||||
|
Net income - diluted |
0.91 |
0.83 |
||||||||||||||
|
Cash dividends declared |
0.35 |
0.31 |
||||||||||||||
|
Book Value |
8.87 |
7.35 |
||||||||||||||
|
Market Value |
$ |
33.33 |
$ |
29.55 |
||||||||||||
|
Shares outstanding - end of period |
135,822,456 |
135,387,172 |
||||||||||||||
|
Average outstanding shares - basic |
135,613,646 |
135,173,686 |
||||||||||||||
|
Average outstanding shares - diluted |
136,274,342 |
135,896,840 |
||||||||||||||
|
PERFORMANCE RATIOS |
||||||||||||||||
|
Return on average assets |
2.10 |
% |
1.97 |
% |
||||||||||||
|
Return on average equity |
14.67 |
15.43 |
||||||||||||||
|
Return on average tangible equity |
17.36 |
18.74 |
||||||||||||||
|
Net interest margin (tax equivalent) |
3.97 |
3.94 |
||||||||||||||
|
Efficiency ratio |
48.21 |
49.73 |
||||||||||||||
|
FIRST FINANCIAL BANKSHARES, INC. |
||||||||||||||||
|
SELECTED FINANCIAL DATA (UNAUDITED) |
||||||||||||||||
|
(In thousands) |
||||||||||||||||
|
Quarter Ended |
||||||||||||||||
|
2019 |
2018 |
|||||||||||||||
|
ALLOWANCE FOR LOAN LOSSES |
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
|||||||||||
|
Balance at beginning of period |
$ |
51,820 |
$ |
51,585 |
$ |
51,202 |
$ |
50,871 |
$ |
49,951 |
||||||
|
Loans charged off |
(767) |
(1,061) |
(1,464) |
(2,081) |
(945) |
|||||||||||
|
Loan recoveries |
386 |
696 |
882 |
612 |
415 |
|||||||||||
|
Net recoveries (charge-offs) |
(381) |
(365) |
(582) |
(1,469) |
(530) |
|||||||||||
|
Provision for loan losses |
450 |
600 |
965 |
1,800 |
1,450 |
|||||||||||
|
Balance at end of period |
$ |
51,889 |
$ |
51,820 |
$ |
51,585 |
$ |
51,202 |
$ |
50,871 |
||||||
|
Allowance for loan losses / period-end loans |
1.25 |
% |
1.28 |
% |
1.29 |
% |
1.29 |
% |
1.31 |
% |
||||||
|
Allowance for loan losses / nonperforming loans |
200.75 |
190.66 |
177.41 |
176.22 |
194.25 |
|||||||||||
|
Net charge-offs / average loans (annualized) |
0.04 |
0.04 |
0.06 |
0.15 |
0.05 |
|||||||||||
|
SUMMARY OF LOAN CLASSIFICATION |
||||||||||||||||
|
Special Mention |
$ |
46,300 |
$ |
51,490 |
$ |
45,275 |
$ |
50,379 |
$ |
36,450 |
||||||
|
Substandard |
72,904 |
74,550 |
73,158 |
75,919 |
81,073 |
|||||||||||
|
Doubtful |
- |
- |
- |
- |
- |
|||||||||||
|
Total classified loans |
$ |
119,204 |
$ |
126,040 |
$ |
118,433 |
$ |
126,298 |
$ |
117,523 |
||||||
|
NONPERFORMING ASSETS |
||||||||||||||||
|
Nonaccrual loans |
$ |
25,717 |
$ |
26,408 |
$ |
28,508 |
$ |
27,534 |
$ |
25,587 |
||||||
|
Accruing troubled debt restructured loans |
27 |
471 |
472 |
513 |
513 |
|||||||||||
|
Accruing loans 90 days past due |
104 |
300 |
97 |
1,008 |
88 |
|||||||||||
|
Total nonperforming loans |
25,848 |
27,179 |
29,077 |
29,055 |
26,188 |
|||||||||||
|
Foreclosed assets |
1,364 |
681 |
647 |
577 |
671 |
|||||||||||
|
Total nonperforming assets |
$ |
27,212 |
$ |
27,860 |
$ |
29,724 |
$ |
29,632 |
$ |
26,859 |
||||||
|
As a % of loans and foreclosed assets |
0.66 |
% |
0.69 |
% |
0.74 |
% |
0.75 |
% |
0.69 |
% |
||||||
|
As a % of end of period total assets |
0.34 |
0.35 |
0.37 |
0.38 |
0.35 |
|||||||||||
|
OIL AND GAS PORTFOLIO INFORMATION |
||||||||||||||||
|
Oil and gas loans |
$ |
122,908 |
$ |
107,097 |
$ |
107,335 |
$ |
113,536 |
$ |
112,039 |
||||||
|
Oil and gas loans as a % of total loans |
2.97 |
% |
2.64 |
% |
2.68 |
% |
2.86 |
% |
2.88 |
% |
||||||
|
Classified oil and gas loans |
7,953 |
3,438 |
4,255 |
3,894 |
4,861 |
|||||||||||
|
Nonaccrual oil and gas loans |
519 |
621 |
669 |
1,048 |
1,825 |
|||||||||||
|
Net charge-offs for oil and gas loans |
- |
- |
- |
- |
- |
|||||||||||
|
Allowance for oil and gas loans as a % of oil and gas loans |
2.87 |
% |
2.95 |
% |
3.22 |
% |
3.23 |
% |
3.28 |
% |
||||||
|
CAPITAL RATIOS |
||||||||||||||||
|
Common equity Tier 1 capital ratio |
20.05 |
% |
20.04 |
% |
19.86 |
% |
19.47 |
% |
19.19 |
% |
||||||
|
Tier 1 capital ratio |
20.05 |
20.04 |
19.86 |
19.47 |
19.19 |
|||||||||||
|
Total capital ratio |
21.14 |
21.16 |
21.00 |
20.61 |
20.34 |
|||||||||||
|
Tier 1 leverage |
12.58 |
12.29 |
12.08 |
11.85 |
11.57 |
|||||||||||
|
Tangible Common Equity Ratio |
12.94 |
12.31 |
11.83 |
11.14 |
11.05 |
|||||||||||
|
Equity/Assets |
14.85 |
14.60 |
13.94 |
13.62 |
13.15 |
|||||||||||
|
Quarter Ended |
||||||||||||||||
|
2019 |
2018 |
|||||||||||||||
|
NONINTEREST INCOME |
Sept. 30, |
June 30, |
Mar. 31, |
Dec. 31, |
Sept. 30, |
|||||||||||
|
Trust fees |
$ |
7,051 |
$ |
7,027 |
$ |
6,979 |
$ |
6,915 |
$ |
7,291 |
||||||
|
Service charges on deposits |
5,629 |
5,374 |
5,176 |
5,713 |
5,690 |
|||||||||||
|
ATM, interchange and credit card fees |
7,728 |
7,352 |
6,840 |
6,962 |
7,533 |
|||||||||||
|
Real estate mortgage fees |
5,733 |
4,721 |
3,474 |
3,439 |
4,834 |
|||||||||||
|
Net gain on sale of available-for-sale securities |
52 |
676 |
- |
8 |
58 |
|||||||||||
|
Net gain (loss) on sale of foreclosed assets |
71 |
53 |
69 |
(85) |
84 |
|||||||||||
|
Net gain (loss) on sale of assets |
235 |
6 |
- |
5 |
(61) |
|||||||||||
|
Interest on loan recoveries |
575 |
903 |
338 |
332 |
199 |
|||||||||||
|
Other noninterest income |
1,595 |
1,864 |
1,561 |
1,508 |
1,427 |
|||||||||||
|
Total noninterest income |
$ |
28,669 |
$ |
27,976 |
$ |
24,437 |
$ |
24,797 |
$ |
27,055 |
||||||
|
NONINTEREST EXPENSE |
||||||||||||||||
|
Salaries and employee benefits, excluding profit sharing |
$ |
27,030 |
$ |
25,510 |
$ |
25,033 |
$ |
23,908 |
$ |
24,693 |
||||||
|
Loss from partial settlement of pension plan |
- |
- |
900 |
1,546 |
- |
|||||||||||
|
Profit sharing expense |
1,520 |
1,884 |
1,491 |
1,839 |
1,684 |
|||||||||||
|
Net occupancy expense |
2,830 |
2,779 |
2,763 |
2,583 |
2,900 |
|||||||||||
|
Equipment expense |
2,225 |
2,331 |
2,453 |
2,570 |
2,629 |
|||||||||||
|
FDIC insurance premiums |
15 |
538 |
538 |
565 |
570 |
|||||||||||
|
ATM, interchange and credit card expenses |
2,627 |
2,427 |
2,383 |
2,589 |
2,344 |
|||||||||||
|
Legal, tax and professional fees |
2,274 |
2,302 |
2,154 |
2,609 |
2,417 |
|||||||||||
|
Audit fees |
341 |
455 |
417 |
291 |
382 |
|||||||||||
|
Printing, stationery and supplies |
480 |
502 |
366 |
513 |
387 |
|||||||||||
|
Amortization of intangible assets |
246 |
264 |
269 |
223 |
279 |
|||||||||||
|
Advertising and public relations |
1,745 |
1,630 |
1,648 |
1,805 |
1,709 |
|||||||||||
|
Operational and other losses |
507 |
480 |
266 |
337 |
981 |
|||||||||||
|
Software amortization and expense |
1,767 |
1,783 |
1,597 |
1,588 |
1,393 |
|||||||||||
|
Other noninterest expense |
5,303 |
5,419 |
5,089 |
5,269 |
5,138 |
|||||||||||
|
Total noninterest expense |
$ |
48,910 |
$ |
48,304 |
$ |
47,367 |
$ |
48,235 |
$ |
47,506 |
||||||
|
TAX EQUIVALENT YIELD ADJUSTMENT |
$ |
1,575 |
$ |
1,664 |
$ |
1,819 |
$ |
1,996 |
$ |
2,242 |
||||||
|
Nine Months Ended |
||||||||||||||||
|
Sept. 30, |
||||||||||||||||
|
NONINTEREST INCOME |
2019 |
2018 |
||||||||||||||
|
Trust fees |
$ |
21,057 |
$ |
21,265 |
||||||||||||
|
Service charges on deposits |
16,179 |
15,950 |
||||||||||||||
|
ATM, interchange and credit card fees |
21,920 |
21,570 |
||||||||||||||
|
Real estate mortgage fees |
13,928 |
11,718 |
||||||||||||||
|
Net gain (loss) on sale of available-for-sale securities |
728 |
1,346 |
||||||||||||||
|
Net gain (loss) on sale of foreclosed assets |
193 |
201 |
||||||||||||||
|
Net gain (loss) on sale of assets |
241 |
(152) |
||||||||||||||
|
Interest on loan recoveries |
1,815 |
607 |
||||||||||||||
|
Other noninterest income |
5,020 |
4,461 |
||||||||||||||
|
Total noninterest income |
$ |
81,081 |
$ |
76,966 |
||||||||||||
|
NONINTEREST EXPENSE |
||||||||||||||||
|
Salaries and employee benefits, excluding profit sharing |
$ |
77,573 |
$ |
74,232 |
||||||||||||
|
Loss from partial settlement of pension plan |
900 |
- |
||||||||||||||
|
Profit sharing expense |
4,895 |
5,210 |
||||||||||||||
|
Net occupancy expense |
8,372 |
8,589 |
||||||||||||||
|
Equipment expense |
7,009 |
7,548 |
||||||||||||||
|
FDIC insurance premiums |
1,091 |
1,768 |
||||||||||||||
|
ATM, interchange and credit card expenses |
7,437 |
6,692 |
||||||||||||||
|
Legal, tax and professional fees |
6,729 |
7,532 |
||||||||||||||
|
Audit fees |
1,212 |
1,234 |
||||||||||||||
|
Printing, stationery and supplies |
1,348 |
1,485 |
||||||||||||||
|
Amortization of intangible assets |
778 |
1,049 |
||||||||||||||
|
Advertising and public relations |
5,022 |
4,860 |
||||||||||||||
|
Operational and other losses |
1,253 |
1,852 |
||||||||||||||
|
Software amortization and expense |
5,147 |
4,433 |
||||||||||||||
|
Other noninterest expense |
15,817 |
15,965 |
||||||||||||||
|
Total noninterest expense |
$ |
144,583 |
$ |
142,448 |
||||||||||||
|
TAX EQUIVALENT YIELD ADJUSTMENT |
$ |
5,058 |
$ |
6,997 |
||||||||||||
|
FIRST FINANCIAL BANKSHARES, INC. |
||||||||||||||||||||||
|
SELECTED FINANCIAL DATA (UNAUDITED) |
||||||||||||||||||||||
|
(In thousands) |
||||||||||||||||||||||
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||
|
Sept. 30, 2019 |
June 30, 2019 |
|||||||||||||||||||||
|
Average |
Tax Equivalent |
Yield / |
Average |
Tax Equivalent |
Yield / |
|||||||||||||||||
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
|||||||||||||||||
|
Interest-earning assets: |
||||||||||||||||||||||
|
Fed funds sold |
$ |
3,006 |
$ |
19 |
2.52 |
% |
$ |
5,436 |
$ |
39 |
2.88 |
% |
||||||||||
|
Interest-bearing deposits in nonaffiliated banks |
61,465 |
363 |
2.34 |
107,381 |
628 |
2.35 |
||||||||||||||||
|
Taxable securities |
2,183,930 |
14,292 |
2.62 |
2,063,497 |
13,925 |
2.70 |
||||||||||||||||
|
Tax exempt securities |
1,132,279 |
10,075 |
3.56 |
1,169,889 |
10,615 |
3.63 |
||||||||||||||||
|
Loans |
4,094,235 |
57,417 |
5.56 |
4,043,055 |
56,033 |
5.56 |
||||||||||||||||
|
Total interest-earning assets |
7,474,915 |
$ |
82,166 |
4.36 |
% |
7,389,258 |
$ |
81,240 |
4.41 |
% |
||||||||||||
|
Noninterest-earning assets |
489,446 |
487,931 |
||||||||||||||||||||
|
Total assets |
$ |
7,964,361 |
$ |
7,877,189 |
||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||||||
|
Deposits |
$ |
4,156,850 |
$ |
7,123 |
0.68 |
% |
$ |
4,196,123 |
$ |
7,286 |
0.70 |
% |
||||||||||
|
Fed funds purchased and other borrowings |
388,235 |
830 |
0.85 |
378,389 |
675 |
0.72 |
||||||||||||||||
|
Total interest-bearing liabilities |
4,545,085 |
$ |
7,953 |
0.69 |
% |
4,574,512 |
$ |
7,961 |
0.70 |
% |
||||||||||||
|
Noninterest-bearing liabilities |
2,237,462 |
2,180,361 |
||||||||||||||||||||
|
Shareholders' equity |
1,181,814 |
1,122,316 |
||||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
7,964,361 |
$ |
7,877,189 |
||||||||||||||||||
|
Net interest income and margin (tax equivalent) |
$ |
74,213 |
3.94 |
% |
$ |
73,279 |
3.98 |
% |
||||||||||||||
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||
|
Mar. 31, 2019 |
Dec. 31, 2018 |
|||||||||||||||||||||
|
Average |
Tax Equivalent |
Yield / |
Average |
Tax Equivalent |
Yield / |
|||||||||||||||||
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
|||||||||||||||||
|
Interest-earning assets: |
||||||||||||||||||||||
|
Fed funds sold |
$ |
4,894 |
$ |
34 |
2.79 |
% |
$ |
1,620 |
$ |
10 |
2.54 |
% |
||||||||||
|
Interest-bearing deposits in nonaffiliated banks |
100,258 |
585 |
2.36 |
41,511 |
240 |
2.30 |
||||||||||||||||
|
Taxable securities |
1,924,863 |
13,289 |
2.76 |
1,957,638 |
13,384 |
2.73 |
||||||||||||||||
|
Tax exempt securities |
1,226,457 |
11,279 |
3.68 |
1,206,728 |
11,482 |
3.81 |
||||||||||||||||
|
Loans |
3,973,108 |
53,534 |
5.46 |
3,918,360 |
53,361 |
5.40 |
||||||||||||||||
|
Total interest-earning assets |
7,229,580 |
$ |
78,721 |
4.42 |
% |
7,125,857 |
$ |
78,477 |
4.37 |
% |
||||||||||||
|
Noninterest-earning assets |
508,368 |
493,244 |
||||||||||||||||||||
|
Total assets |
$ |
7,737,948 |
$ |
7,619,101 |
||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||||||
|
Deposits |
$ |
4,144,091 |
$ |
6,662 |
0.65 |
% |
$ |
3,961,582 |
$ |
5,092 |
0.51 |
% |
||||||||||
|
Fed funds purchased and other borrowings |
408,641 |
726 |
0.72 |
484,054 |
1,115 |
0.91 |
||||||||||||||||
|
Total interest-bearing liabilities |
4,552,732 |
$ |
7,388 |
0.66 |
% |
4,445,636 |
$ |
6,207 |
0.55 |
% |
||||||||||||
|
Noninterest-bearing liabilities |
2,116,080 |
2,169,069 |
||||||||||||||||||||
|
Shareholders' equity |
1,069,136 |
1,004,396 |
||||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
7,737,948 |
$ |
7,619,101 |
||||||||||||||||||
|
Net interest income and margin (tax equivalent) |
$ |
71,333 |
4.00 |
% |
$ |
72,270 |
4.02 |
% |
||||||||||||||
|
Three Months Ended |
||||||||||||||||||||||
|
Sept. 30, 2018 |
||||||||||||||||||||||
|
Average |
Tax Equivalent |
Yield / |
||||||||||||||||||||
|
Balance |
Interest |
Rate |
||||||||||||||||||||
|
Interest-earning assets: |
||||||||||||||||||||||
|
Fed funds sold |
$ |
3,377 |
$ |
19 |
2.29 |
% |
||||||||||||||||
|
Interest-bearing deposits in nonaffiliated banks |
88,118 |
450 |
2.03 |
|||||||||||||||||||
|
Taxable securities |
1,943,125 |
12,594 |
2.59 |
|||||||||||||||||||
|
Tax exempt securities |
1,213,212 |
11,459 |
3.78 |
|||||||||||||||||||
|
Loans |
3,845,836 |
51,769 |
5.34 |
|||||||||||||||||||
|
Total interest-earning assets |
7,093,668 |
$ |
76,291 |
4.27 |
% |
|||||||||||||||||
|
Noninterest-earning assets |
490,155 |
|||||||||||||||||||||
|
Total assets |
$ |
7,583,823 |
||||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||||||
|
Deposits |
$ |
4,035,174 |
$ |
4,329 |
0.43 |
% |
||||||||||||||||
|
Fed funds purchased and other borrowings |
399,026 |
294 |
0.29 |
|||||||||||||||||||
|
Total interest-bearing liabilities |
4,434,200 |
$ |
4,623 |
0.41 |
% |
|||||||||||||||||
|
Noninterest-bearing liabilities |
2,156,258 |
|||||||||||||||||||||
|
Shareholders' equity |
993,365 |
|||||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
7,583,823 |
||||||||||||||||||||
|
Net interest income and margin (tax equivalent) |
$ |
71,668 |
4.01 |
% |
||||||||||||||||||
|
Nine Months Ended |
Nine Months Ended |
|||||||||||||||||||||
|
Sept. 30, 2019 |
Sept. 30, 2018 |
|||||||||||||||||||||
|
Average |
Tax Equivalent |
Yield / |
Average |
Tax Equivalent |
Yield / |
|||||||||||||||||
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
|||||||||||||||||
|
Interest-earning assets: |
||||||||||||||||||||||
|
Fed funds sold |
$ |
4,438 |
$ |
92 |
2.76 |
% |
$ |
3,929 |
$ |
60 |
2.03 |
% |
||||||||||
|
Interest-bearing deposits in nonaffiliated banks |
89,559 |
1,575 |
2.35 |
102,365 |
1,321 |
1.73 |
||||||||||||||||
|
Taxable securities |
2,058,380 |
41,505 |
2.69 |
1,926,249 |
36,666 |
2.54 |
||||||||||||||||
|
Tax exempt securities |
1,175,863 |
31,968 |
3.62 |
1,281,892 |
36,019 |
3.75 |
||||||||||||||||
|
Loans |
4,037,243 |
166,987 |
5.53 |
3,797,602 |
148,140 |
5.22 |
||||||||||||||||
|
Total interest-earning assets |
7,365,483 |
$ |
242,127 |
4.40 |
% |
7,112,037 |
$ |
222,206 |
4.18 |
% |
||||||||||||
|
Noninterest-earning assets |
495,179 |
489,625 |
||||||||||||||||||||
|
Total assets |
$ |
7,860,662 |
$ |
7,601,662 |
||||||||||||||||||
|
Interest-bearing liabilities: |
||||||||||||||||||||||
|
Deposits |
$ |
4,165,735 |
$ |
21,071 |
0.68 |
% |
$ |
4,083,292 |
$ |
11,854 |
0.39 |
% |
||||||||||
|
Fed funds purchased and other short term borrowings |
391,680 |
2,230 |
0.76 |
397,045 |
869 |
0.29 |
||||||||||||||||
|
Total interest-bearing liabilities |
4,557,415 |
$ |
23,301 |
0.68 |
% |
4,480,337 |
$ |
12,723 |
0.38 |
% |
||||||||||||
|
Noninterest-bearing liabilities |
2,178,412 |
2,149,271 |
||||||||||||||||||||
|
Shareholders' equity |
1,124,835 |
972,054 |
||||||||||||||||||||
|
Total liabilities and shareholders' equity |
$ |
7,860,662 |
$ |
7,601,662 |
||||||||||||||||||
|
Net interest income and margin (tax equivalent) |
$ |
218,826 |
3.97 |
% |
$ |
209,483 |
3.94 |
% |
||||||||||||||
View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-earnings-results-300940873.html
SOURCE First Financial Bankshares, Inc.