News

Third Quarter 2019 Earnings Results

10/17/2019 3:05:49 PM
Author: Company Release
Photo for 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.