First Financial Bankshares Announces Fourth Quarter Earnings & 33rd Year Of Consecutive Earnings

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First Financial Bankshares Announces Fourth Quarter Earnings & 33rd Year Of Consecutive Earnings

1/23/2020 3:01:26 PM
Author: Company Release
Photo for First Financial Bankshares Announces Fourth Quarter Earnings & 33rd Year Of Consecutive Earnings

ABILENE, Texas, Jan. 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc.(Opens in a new window) (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2019 of $41.39 million, up $2.95 million or 7.68 percent when compared with earnings of $38.44 million in the same quarter last year. Basic earnings per share were $0.30 for the fourth quarter of 2019 compared with $0.28 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2019 was $1.70 million, before income tax, resulting from the Company's completed termination of its defined benefit pension plan (see below for more details).

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 fourth quarter of 2019 was $75.32 million compared with $70.27 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.99 percent for the fourth quarter of 2019 compared to 3.94 percent in the third quarter of 2019 and 4.02 percent in the fourth quarter of 2018. Included in interest income for the fourth quarter of 2019 was $384 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions. Amounts related to discount accretion for the third quarter of 2019 and fourth quarter of 2018 were $415 thousand (or two basis points) and $491 thousand (or two basis points), respectively.

The provision for loan losses was $950 thousand in the fourth quarter of 2019 compared with $450 thousand in the third quarter of 2019 and $1.80 million in the fourth quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.61 percent at December 31, 2019, compared with 0.66 percent at September 30, 2019, and 0.75 percent at December 31, 2018. Classified loans totaled $140.66 million at December 31, 2019, compared to $119.20 million at September 30, 2019, and $126.30 million at December 31, 2018.

Noninterest income increased 10.28 percent in the fourth quarter of 2019 to $27.35 million compared with $24.80 million in the same quarter a year ago. Trust fees were $7.34 million in the fourth quarter of 2019 compared with $6.92 million in the same quarter last year. The fair value of Trust assets managed increased to $6.75 billion from $5.60 billion a year ago. ATM, interchange and credit card fees increased 14.09 percent to $7.94 million compared with $6.96 million in the same quarter last year due to continued growth in the number of debit cards issued. Real estate mortgage fees increased 22.59 percent in the fourth quarter of 2019 to $4.22 million compared with $3.44 million in the same quarter a year ago due to an increase in the volume of loans originated.

Noninterest expense for the fourth quarter of 2019 totaled $51.94 million compared to $48.24 million in the fourth quarter of 2018. The Company's efficiency ratio in the fourth quarter of 2019 was 49.75 percent compared with 49.69 percent in the same quarter last year. During the fourth quarter of 2019, the Company settled and terminated the remaining portion of its defined benefit pension plan obligation and as a result, recognized $1.70 million, before income tax, in pension settlement expense, a component of noninterest expense. During the fourth quarter of 2018, the Company recorded $1.55 million, before income tax, in pension settlement expense for a partial settlement of this defined benefit pension obligation. Also included in noninterest expense in the fourth quarter of 2019 was a $4.19 million increase in salary and employee benefit costs to $29.94 million compared to $25.75 million in the same quarter a year ago, primarily due to merit-based pay increases and increases in profit sharing expenses. Offsetting these increases in noninterest expenses were reductions in FDIC insurance premiums resulting from credits from prior premiums paid.

For the year ended December 31, 2019, net income increased 9.41 percent to $164.81 million from $150.64 million in 2018, marking 2019 as the 33rd consecutive year of earnings increases for the Company. Basic earnings per share in 2019 rose to $1.22 from $1.11 in the previous year. Net interest income increased $16.33 million for the year to $289.09 million from $272.76 million a year ago. The provision for loan losses for 2019 totaled $2.97 million compared with $5.67 million in 2018. Noninterest income was $108.43 million in 2019 compared with $101.76 million in 2018. Noninterest expense rose to $196.52 million in 2019 compared with $190.68 million a year ago.

As of December 31, 2019, consolidated assets for the Company totaled $8.26 billion compared with $7.73 billion at December 31, 2018. Loans totaled $4.22 billion at year end compared with loans of $3.98 billion a year ago. Deposits totaled $6.60 billion at December 31, 2019, compared to $6.18 billion a year ago.  Shareholders' equity rose to $1.23 billion at year end compared with $1.05 billion at December 31, 2018. 

"We are pleased to report the 33rd consecutive year of increased earnings for the Company," said F. Scott Dueser, Chairman, President and CEO. "We are also excited to welcome The Bank & Trust of Bryan/College Station to the First Financial family at the beginning of 2020. As we continue to visit with other potential acquisition candidates, we are working diligently on organically growing loans and deposits while reducing expenses to reward our shareholders, customers and employees even more," 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 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, Cisco, Cleburne, Clyde, College Station, 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,  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 nine 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(Opens in a new window).

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

   

 Dec. 31,  

   

 Sept. 30, 

   

 June 30, 

   

 Mar. 31, 

   

 Dec. 31,  

 

Cash and due from banks

$

231,534

 

$

198,855

 

$

178,345

 

$

176,278

 

$

207,835

 

Interest-bearing deposits in banks

 

47,920

   

31,410

   

128,652

   

197,758

   

40,812

 

Interest-bearing time deposits in banks

 

-

   

-

   

960

   

1,458

   

1,458

 

Fed funds sold

 

3,150

   

-

   

700

   

12,825

   

-

 

Investment securities

 

3,413,317

   

3,397,156

   

3,259,492

   

3,212,812

   

3,158,777

 

Loans

     

4,223,197

   

4,140,815

   

4,063,257

   

4,003,606

   

3,975,308

 
 

Allowance for loan losses

 

(52,499)

   

(51,889)

   

(51,820)

   

(51,585)

   

(51,202)

 

Net loans

   

4,170,698

   

4,088,926

   

4,011,437

   

3,952,021

   

3,924,106

 

Premises and equipment

 

131,022

   

132,367

   

134,322

   

135,321

   

133,421

 

Goodwill

   

171,565

   

171,565

   

171,565

   

171,565

   

171,565

 

Other intangible assets

 

2,102

   

2,340

   

2,586

   

2,850

   

3,118

 

Other assets

   

90,919

   

91,220

   

91,234

   

83,007

   

90,762

 
 

Total assets

$

8,262,227

 

$

8,113,839

 

$

7,979,293

 

$

7,945,895

 

$

7,731,854

 
                                   

LIABILITIES AND SHAREHOLDERS'  EQUITY

                             

Noninterest-bearing deposits

$

2,065,128

 

$

2,210,997

 

$

2,167,552

 

$

2,165,745

 

$

2,116,107

 

Interest-bearing deposits

 

4,538,678

   

4,186,686

   

4,202,214

   

4,184,996

   

4,064,282

 
 

Total deposits

 

6,603,806

   

6,397,683

   

6,369,766

   

6,350,741

   

6,180,389

 

Borrowings

 

381,356

   

400,155

   

362,005

   

382,711

   

468,706

 

Other liabilities

 

49,868

   

110,903

   

82,774

   

104,921

   

29,464

 

Shareholders' equity

 

1,227,197

   

1,205,098

   

1,164,748

   

1,107,522

   

1,053,295

 
 

Total liabilities and shareholders' equity

$

8,262,227

 

$

8,113,839

 

$

7,979,293

 

$

7,945,895

 

$

7,731,854

 
                                   
     

Quarter Ended

       

2019

   

2018

 

INCOME STATEMENTS

 

 Dec. 31,  

   

 Sept. 30,  

   

 June 30,  

   

 Mar. 31,  

   

 Dec. 31,  

 

Interest income

$

82,123

 

$

80,591

 

$

79,576

 

$

76,901

 

$

76,481

 

Interest expense

 

6,801

   

7,953

   

7,961

   

7,387

   

6,207

 

Net interest income

 

75,322

   

72,638

   

71,615

   

69,514

   

70,274

 

Provision for loan losses

 

950

   

450

   

600

   

965

   

1,800

 

Net interest income after provision for loan losses

 

74,372

   

72,188

   

71,015

   

68,549

   

68,474

 

Noninterest income

 

27,347

   

28,669

   

27,976

   

24,437

   

24,797

 

Noninterest expense

 

51,938

   

48,910

   

48,304

   

47,367

   

48,235

 
 

Net income before income taxes

 

49,781

   

51,947

   

50,687

   

45,619

   

45,036

 

Income tax expense

 

8,393

   

8,867

   

8,594

   

7,367

   

6,599

 
 

Net income

$

41,388

 

$

43,080

 

$

42,093

 

$

38,252

 

$

38,437

 
                                   

PER COMMON SHARE DATA 

                             

Net income - basic

$

0.30

 

$

0.32

 

$

0.31

 

$

0.28

 

$

0.28

 

Net income - diluted

 

0.30

   

0.32

   

0.31

   

0.28

   

0.28

 

Cash dividends declared

 

0.12

   

0.12

   

0.12

   

0.11

   

0.11

 

Book Value

 

9.03

   

8.87

   

8.58

   

8.16

   

7.77

 

Market Value

$

35.10

 

$

33.33

 

$

30.79

 

$

28.89

 

$

28.85

 

Shares outstanding - end of period

 

135,891,755

   

135,822,456

   

135,809,224

   

135,680,420

   

135,506,266

 

Average outstanding shares - basic

 

135,747,381

   

135,693,901

   

135,650,599

   

135,494,254

   

135,352,408

 

Average outstanding shares - diluted

 

136,539,286

   

136,369,328

   

136,218,235

   

136,286,862

   

136,191,224

 
                                   

PERFORMANCE RATIOS

                             

Return on average assets

 

2.01

%

 

2.15

%

 

2.14

%

 

2.00

%

 

2.00

%

Return on average equity

 

13.56

   

14.46

   

15.04

   

14.51

   

15.18

 

Return on average tangible equity

 

15.83

   

16.96

   

17.81

   

17.34

   

18.38

 

Net interest margin (tax equivalent)

 

3.99

   

3.94

   

3.98

   

4.00

   

4.02

 

Efficiency ratio

 

49.75

   

47.54

   

47.71

   

49.46

   

49.69

 
                                   
                                   
     

Year Ended

                 
     

Dec. 31,

                 

INCOME STATEMENTS

 

2019

   

2018

                   

Interest income

$

319,192

 

$

291,690

                   

Interest expense

 

30,102

   

18,930

                   

Net interest income

 

289,090

   

272,760

                   

Provision for loan losses

 

2,965

   

5,665

                   

Net interest income after provision for loan losses

 

286,125

   

267,095

                   

Noninterest income

 

108,428

   

101,764

                   

Noninterest expense

 

196,521

   

190,684

                   
 

Net income before income taxes

 

198,032

   

178,175

                   

Income tax expense

 

33,220

   

27,537

                   
 

Net income

$

164,812

 

$

150,638

                   
                                   

PER COMMON SHARE DATA 

                             

Net income - basic

$

1.22

 

$

1.11

                   

Net income - diluted

 

1.21

   

1.11

                   

Cash dividends declared

 

0.47

   

0.41

                   

Book Value

 

9.03

   

7.77

                   

Market Value

$

35.10

 

$

28.85

                   

Shares outstanding - end of period

 

135,891,755

   

135,506,266

                   

Average outstanding shares - basic

 

135,647,354

   

135,218,734

                   

Average outstanding shares - diluted

 

136,346,019

   

135,966,028

                   
                                   

PERFORMANCE RATIOS

                             

Return on average assets

 

2.08

%

 

1.98

%

                 

Return on average equity

 

14.37

   

15.37

                   

Return on average tangible equity

 

16.95

   

18.65

                   

Net interest margin (tax equivalent)

 

3.98

   

3.96

                   

Efficiency ratio

 

48.61

   

49.72

                   

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

                                   
     

Quarter Ended

       

2019

   

2018

 

ALLOWANCE FOR LOAN LOSSES

 

 Dec. 31, 

   

 Sept. 30, 

   

 June 30, 

   

 Mar. 31, 

   

 Dec. 31,  

 

Balance at beginning of period

$

51,889

 

$

51,820

 

$

51,585

 

$

51,202

 

$

50,871

 

Loans charged off

 

(834)

   

(767)

   

(1,061)

   

(1,464)

   

(2,081)

 

Loan recoveries

 

494

   

386

   

696

   

882

   

612

 

Net recoveries (charge-offs)

 

(340)

   

(381)

   

(365)

   

(582)

   

(1,469)

 

Provision for loan losses

 

950

   

450

   

600

   

965

   

1,800

 

Balance at end of period

$

52,499

 

$

51,889

 

$

51,820

 

$

51,585

 

$

51,202

 
                                   
                                 

Allowance for loan losses / period-end loans

 

1.24

%

 

1.25

%

 

1.28

%

 

1.29

%

 

1.29

%

 

Allowance for loan losses / nonperforming loans

 

212.02

   

200.75

   

190.66

   

177.41

   

176.22

 

Net charge-offs / average loans (annualized)

 

0.03

   

0.04

   

0.04

   

0.06

   

0.15

 
                                   

SUMMARY OF LOAN CLASSIFICATION

                             

Special Mention

$

63,371

 

$

46,300

 

$

51,490

 

$

45,275

 

$

50,379

 

Substandard

 

77,284

   

72,904

   

74,550

   

73,158

   

75,919

 

Doubtful

 

-

   

-

   

-

   

-

   

-

 
 

Total classified loans

$

140,655

 

$

119,204

 

$

126,040

 

$

118,433

 

$

126,298

 
                                   

NONPERFORMING ASSETS

                             

Nonaccrual loans

$

24,582

 

$

25,717

 

$

26,408

 

$

28,508

 

$

27,534

 

Accruing troubled debt restructured loans

 

26

   

27

   

471

   

472

   

513

 

Accruing loans 90 days past due

 

153

   

104

   

300

   

97

   

1,008

 
 

Total nonperforming loans

 

24,761

   

25,848

   

27,179

   

29,077

   

29,055

 

Foreclosed assets

 

1,009

   

1,364

   

681

   

647

   

577

 
 

Total nonperforming assets

$

25,770

 

$

27,212

 

$

27,860

 

$

29,724

 

$

29,632

 
                                   

As a % of loans and foreclosed assets

 

0.61

%

 

0.66

%

 

0.69

%

 

0.74

%

 

0.75

%

As a % of end of period total assets

 

0.31

   

0.34

   

0.35

   

0.37

   

0.38

 
                                   

OIL AND GAS PORTFOLIO INFORMATION

                             

Oil and gas loans

$

119,789

 

$

122,908

 

$

107,097

 

$

107,335

 

$

113,536

 

Oil and gas loans as a % of total loans

 

2.84

%

2.97

%

2.64

%

2.68

%

 

2.86

%

Classified oil and gas loans

 

7,041

   

7,953

   

3,438

   

4,255

   

3,894

 

Nonaccrual oil and gas loans

 

481

   

519

   

621

   

669

   

1,048

 

Net charge-offs for oil and gas loans

 

-

   

-

   

-

   

-

   

-

 

Allowance for oil and gas loans as a % of oil and gas loans

 

2.54

%

2.87

%

2.95

%

3.22

%

 

3.23

%

                                   

CAPITAL RATIOS

                             

Common equity Tier 1 capital ratio

 

20.06

%

 

20.05

%

 

20.04

%

 

19.86

%

 

19.47

%

Tier 1 capital ratio

 

20.06

   

20.05

   

20.04

   

19.86

   

19.47

 

Total capital ratio

 

21.13

   

21.14

   

21.16

   

21.00

   

20.61

 

Tier 1 leverage

 

12.60

   

12.58

   

12.29

   

12.08

   

11.85

 

Tangible Common Equity Ratio

 

12.43

   

12.94

   

12.31

   

11.83

   

11.14

 

Equity/Assets

 

14.85

   

14.85

   

14.60

   

13.94

   

13.62

 
                                   
                                   
     

Quarter Ended

     

2019

   

2018

 

NONINTEREST INCOME

 

 Dec. 31,  

   

 Sept. 30,  

   

 June 30,  

   

 Mar. 31,  

   

 Dec. 31,  

 

Trust fees

$

7,344

 

$

7,051

 

$

7,027

 

$

6,979

 

$

6,915

 

Service charges on deposits

 

5,861

   

5,629

   

5,374

   

5,176

   

5,713

 

ATM, interchange and credit card fees

 

7,943

   

7,728

   

7,352

   

6,840

   

6,962

 

Real estate mortgage fees

 

4,216

   

5,733

   

4,721

   

3,474

   

3,439

 

Net gain on sale of available-for-sale securities

 

5

   

52

   

676

   

-

   

8

 

Net gain (loss) on sale of foreclosed assets

 

81

   

71

   

53

   

69

   

(85)

 

Net gain (loss) on sale of assets

 

78

   

235

   

6

   

-

   

5

 

Interest on loan recoveries

 

277

   

575

   

903

   

338

   

332

 

Other noninterest income

 

1,542

   

1,595

   

1,864

   

1,561

   

1,508

 
 

Total noninterest income

$

27,347

 

$

28,669

 

$

27,976

 

$

24,437

 

$

24,797

 
                                   

NONINTEREST EXPENSE

                             

Salaries and employee benefits, excluding profit sharing

$

 

27,175

 

$

27,030

 

$

25,510

 

$

24,960

 

$

23,908

 

Cost related to termination of pension plan

 

1,700

   

-

   

-

   

973

   

1,546

 

Profit sharing expense

 

2,766

   

1,520

   

1,884

   

1,491

   

1,839

 

Net occupancy expense

 

2,784

   

2,830

   

2,779

   

2,763

   

2,583

 

Equipment expense

 

2,043

   

2,225

   

2,331

   

2,453

   

2,570

 

FDIC insurance premiums

 

-

   

15

   

538

   

538

   

565

 

ATM, interchange and credit card expenses

 

2,419

   

2,627

   

2,427

   

2,383

   

2,589

 

Legal, tax and professional fees

 

2,353

   

2,274

   

2,302

   

2,154

   

2,609

 

Audit fees

 

233

   

341

   

455

   

417

   

291

 

Printing, stationery and supplies

 

465

   

480

   

502

   

366

   

513

 

Amortization of intangible assets

 

238

   

246

   

264

   

269

   

223

 

Advertising and public relations

 

1,791

   

1,745

   

1,630

   

1,648

   

1,805

 

Operational and other losses

 

626

   

507

   

480

   

266

   

337

 

Software amortization and expense

 

2,158

   

1,767

   

1,783

   

1,597

   

1,588

 

Other noninterest expense

 

5,187

   

5,303

   

5,419

   

5,089

   

5,269

 
 

Total noninterest expense

$

51,938

 

$

48,910

 

$

48,304

 

$

47,367

 

$

48,235

 
                                   

TAX EQUIVALENT YIELD ADJUSTMENT

$

1,732

 

$

1,575

 

$

1,664

 

$

1,819

 

$

1,996

 
                                   
                                   
     

Year Ended

                 
     

Dec. 31,

                 

NONINTEREST INCOME

 

2019

   

2018

                   

Trust fees

$

28,401

 

$

28,181

                   

Service charges on deposits

 

22,039

   

21,663

                   

ATM, interchange and credit card fees

 

29,863

   

28,532

                   

Real estate mortgage fees

 

18,144

   

15,157

                   

Net gain (loss) on sale of available-for-sale securities

 

733

   

1,354

                   

Net gain (loss) on sale of foreclosed assets

 

274

   

116

                   

Net gain (loss) on sale of assets

 

319

   

(147)

                   

Interest on loan recoveries

 

2,092

   

938

                   

Other noninterest income

 

6,563

   

5,970

                   
 

Total noninterest income

$

108,428

 

$

101,764

                   
                                   

NONINTEREST EXPENSE

                             

Salaries and employee benefits, excluding profit sharing

$

104,675

 

$

98,140

                   

Cost related to termination of pension plan

 

2,673

   

1,546

                   

Profit sharing expense

 

7,661

   

7,049

                   

Net occupancy expense

 

11,156

   

11,173

                   

Equipment expense

 

9,052

   

10,118

                   

FDIC insurance premiums

 

1,091

   

2,333

                   

ATM, interchange and credit card expenses

 

9,856

   

9,282

                   

Legal, tax and professional fees

 

9,082

   

10,141

                   

Audit  fees

 

1,445

   

1,526

                   

Printing, stationery and supplies

 

1,812

   

1,997

                   

Amortization of intangible assets

 

1,016

   

1,272

                   

Advertising and public relations

 

6,813

   

6,664

                   

Operational and other losses

 

1,879

   

2,188

                   

Software amortization and expense

 

7,305

   

6,020

                   

Other noninterest expense

 

21,005

   

21,235

                   
 

Total noninterest expense

$

196,521

 

$

190,684

                   
                                   

TAX EQUIVALENT YIELD ADJUSTMENT

$

6,791

 

$

8,993

                   

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

                                               
     

Three Months Ended

     

Three Months Ended

     

Dec. 31, 2019

     

Sept. 30, 2019

       

Average

   

Tax Equivalent

   

Yield /

         

Average

   

Tax Equivalent

   

Yield /

 
       

Balance

   

Interest

   

Rate

         

Balance

   

Interest

   

Rate

 

Interest-earning assets:

                                         

  Fed funds sold

$

1,198

 

$

6

   

2.03

%

     

$

3,006

 

$

19

   

2.52

%

  Interest-bearing deposits in nonaffiliated banks

 

54,841

   

218

   

1.58

         

61,465

   

363

   

2.34

 

  Taxable securities

 

2,185,777

   

14,165

   

2.59

         

2,183,930

   

14,292

   

2.62

 

  Tax exempt securities

 

1,243,487

   

10,695

   

3.44

         

1,132,279

   

10,075

   

3.56

 

  Loans

   

4,185,716

   

58,771

   

5.57

         

4,094,235

   

57,417

   

5.56

 

Total interest-earning assets

 

7,671,019

 

$

83,855

   

4.34

%

       

7,474,915

 

$

82,166

   

4.36

%

Noninterest-earning assets

 

500,924

                     

489,446

             
 

Total assets

 

$

8,171,943

                   

$

7,964,361

             
                                               

Interest-bearing liabilities:

                                         

  Deposits

 

$

4,336,063

 

$

6,052

   

0.55

%

     

$

4,156,850

 

$

7,123

   

0.68

%

  Fed funds purchased and other borrowings

 

417,316

   

749

   

0.71

         

388,235

   

830

   

0.85

 

Total interest-bearing liabilities

 

4,753,379

 

$

6,801

   

0.57

%

       

4,545,085

 

$

7,953

   

0.69

%

Noninterest-bearing liabilities

2,207,508

                     

2,237,462

             

Shareholders' equity

   

1,211,056

                     

1,181,814

             
 

Total liabilities and shareholders' equity

$

8,171,943

                   

$

7,964,361

             
                                               

Net interest income and margin (tax equivalent)

     

$

77,054

   

3.99

%

           

$

74,213

   

3.94

%

                                               
     

Three Months Ended

     

Three Months Ended

     

June 30, 2019

     

Mar. 31, 2019

       

Average

   

Tax Equivalent

   

Yield /

         

Average

   

Tax Equivalent

   

Yield /

 
       

Balance

   

Interest

   

Rate

         

Balance

   

Interest

   

Rate

 

Interest-earning assets:

                                           

  Fed funds sold

 

$

5,436

 

$

39

   

2.88

%

     

$

4,894

 

$

34

   

2.79

%

  Interest-bearing deposits in nonaffiliated banks

 

107,381

   

628

   

2.35

         

100,258

   

585

   

2.36

 

  Taxable securities

   

2,063,497

   

13,925

   

2.70

         

1,924,863

   

13,289

   

2.76

 

  Tax exempt securities

 

1,169,889

   

10,615

   

3.63

         

1,226,457

   

11,279

   

3.68

 

  Loans

   

4,043,055

   

56,033

   

5.56

         

3,973,108

   

53,534

   

5.46

 

Total interest-earning assets

 

7,389,258

 

$

81,240

   

4.41

%

       

7,229,580

 

$

78,721

   

4.42

%

Noninterest-earning assets

   

487,931

                     

508,368

             
 

Total assets

 

$

7,877,189

                   

$

7,737,948

             
                                               

Interest-bearing liabilities:

                                           

  Deposits

 

$

4,196,123

 

$

7,286

   

0.70

%

     

$

4,144,091

 

$

6,662

   

0.65

%

  Fed funds purchased and other borrowings

 

378,389

   

675

   

0.72

         

408,641

   

726

   

0.72

 

Total interest-bearing liabilities

 

4,574,512

 

$

7,961

   

0.70

%

       

4,552,732

 

$

7,388

   

0.66

%

Noninterest-bearing liabilities

2,180,361

                     

2,116,080

             

Shareholders' equity

   

1,122,316

                     

1,069,136

             
 

Total liabilities and shareholders' equity

$

7,877,189

                   

$

7,737,948

             
                                               

Net interest income and margin (tax equivalent)

     

$

73,279

   

3.98

%

           

$

71,333

   

4.00

%

                                               
     

Three Months Ended

                       
     

Dec. 31, 2018

                       
       

Average

   

Tax Equivalent

   

Yield /

                         
       

Balance

   

Interest

   

Rate

                         

Interest-earning assets:

                                           

  Fed funds sold

 

$

1,620

 

$

10

   

2.54

%

                       

  Interest-bearing deposits in nonaffiliated banks

 

41,511

   

240

   

2.30

                         

  Taxable securities

 

1,957,638

   

13,384

   

2.73

                         

  Tax exempt securities

 

1,206,728

   

11,482

   

3.81

                         

  Loans

   

3,918,360

   

53,361

   

5.40

                         

Total interest-earning assets

 

7,125,857

 

$

78,477

   

4.37

%

                       

Noninterest-earning assets

 

493,244

                                     
 

Total assets

$

7,619,101

                                     
                                               

Interest-bearing liabilities:

                                         

  Deposits

   

$

3,961,582

 

$

5,092

   

0.51

%

                       

  Fed funds purchased and other borrowings

484,054

   

1,115

   

0.91

                         

Total interest-bearing liabilities

 

4,445,636

 

$

6,207

   

0.55

%

                       

Noninterest-bearing liabilities

2,169,069

                                     

Shareholders' equity

 

1,004,396

                                     
 

Total liabilities and shareholders' equity

$

7,619,101

                                     
                                               

Net interest income and margin (tax equivalent)

     

$

72,270

   

4.02

%

                       
                                               
     

Year Ended

     

Year Ended

     

Dec. 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

 

$

3,622

 

$

98

   

2.70

%

     

$

3,347

 

$

70

   

2.09

%

  Interest-bearing deposits in nonaffiliated banks

 

80,808

   

1,794

   

2.22

         

87,027

   

1,561

   

1.79

 

  Taxable securities

 

2,090,490

   

55,670

   

2.66

         

1,934,160

   

50,052

   

2.59

 

  Tax exempt securities

 

1,192,908

   

42,664

   

3.58

         

1,262,947

   

47,501

   

3.76

 

  Loans

   

4,074,667

   

225,757

   

5.54

         

3,828,040

   

201,498

   

5.26

 

Total interest-earning assets

   

7,442,495

 

$

325,983

   

4.38

%

       

7,115,521

 

$

300,682

   

4.23

%

Noninterest-earning assets

   

496,627

                     

491,211

             
 

Total assets

$

7,939,122

                   

$

7,606,732

             
                                               

Interest-bearing liabilities:

                                         

  Deposits

 

$

4,208,666

 

$

27,122

   

0.64

%

     

$

4,052,614

 

$

16,945

   

0.42

%

 

  Fed funds purchased and other short term borrowings

 

398,142

   

2,980

   

0.75

         

418,977

   

1,984

   

0.47

 

Total interest-bearing liabilities

 

4,606,808

 

$

30,102

   

0.65

%

       

4,471,591

 

$

18,929

   

0.42

%

Noninterest-bearing liabilities 

2,185,747

                     

2,154,935

             

Shareholders' equity

   

1,146,567

                     

980,206

             
 

Total liabilities and shareholders' equity

$

7,939,122

                   

$

7,606,732

             
                                               

Net interest income and margin (tax equivalent)

     

$

295,881

   

3.98

%

           

$

281,753

   

3.96

%

                                               

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-earnings-results-and-33rd-year-of-consecutive-earnings-growth-300992480.html

SOURCE First Financial Bankshares, Inc.