Third Quarter 2019 Earnings Results

10/17/2019 4:05:49 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.