News

First Financial Bankshares Announces First Quarter Earnings Results

4/23/2020 3:05:09 PM
Author: Company Release
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ABILENE, Texas, April 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc.(Opens in a new window) (NASDAQ: FFIN) today reported earnings for the first quarter of 2020 of $37.23 million when compared with earnings of $38.25 million in the same quarter last year. Basic earnings per share were $0.26 for the first quarter of 2020 compared with $0.28 in the same quarter a year ago. Included in noninterest expense in the first quarter of 2020, were technology contract termination and conversion related costs totaling $3.81 million related to the acquisition of The Bank & Trust of Bryan/College Station (see below).

All amounts for the quarter ended March 31, 2020, include the results of the Company's recent acquisition of TB&T Bancshares, Inc. and its wholly owned subsidiary, The Bank & Trust of Bryan/College Station, Texas which was effective January 1, 2020. As of the acquisition date, The Bank & Trust of Bryan/College Station had total assets of approximately $631.41 million, total loans of approximately $455.35 million and total deposits of approximately $551.95 million.

Net interest income for the first quarter of 2020 was $80.90 million, up 16.38 percent when compared with $69.51 million in the same quarter of 2019, due to an increase in average interest earning assets of $1.27 billion over the same quarter in 2019, primarily from the acquisition that just closed. The net interest margin, on a taxable equivalent basis, was 3.91 percent for the first quarter of 2020 compared to 3.99 percent in the fourth quarter of 2019 and 4.00 percent in the first quarter of 2019. Included in interest income for the first quarter of 2020 was $354 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Bryan/College Station acquisitions. Amounts related to discount accretion for the fourth quarter of 2019 and first quarter of 2019 were $384 thousand (or two basis points) and $466 thousand (or two basis points), respectively. The Company recorded a $7.65 million discount on the acquired loan portfolio from the Bryan/College Station acquisition on January 1, 2020.

The provision for loan losses was $9.85 million in the first quarter of 2020 compared with $950 thousand in the fourth quarter of 2019 and $965 thousand in the first quarter of 2019. The increase in the Company's provision for loan losses in the first quarter of 2020 compared to prior quarters reflects (i) growth in the overall loan portfolio, (ii) increased levels of nonperforming assets, classified loans and charge-offs, (iii) increasing uncertainty surrounding unemployment and the economic impact caused by the coronavirus (COVID-19) and (iv) the economic effects related to the recent decline in oil and gas prices.

Accounting Standards Update (ASU) 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" (CECL), became effective for the Company on January 1, 2020. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) signed by the President of the United States included an option for entities to delay the implementation of CECL until the earlier of the termination date of the national emergency declaration by the President or December 31, 2020. Due to the uncertainty on the economy and unemployment from COVID-19 and the sharp reduction in oil and gas prices, the Company has determined to delay its implementation of CECL and has calculated and recorded its provision for loan losses under the incurred loss model that existed prior to CECL. Had the Company completed the adoption and implementation of CECL, we believe our allowance for loan losses amount at January 1, 2020 would have been approximately $52.0 million.

Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.86 percent at March 31, 2020, compared with 0.61 percent at December 31, 2019, and 0.74 percent at March 31, 2019. Classified loans totaled $190.35 million at March 31, 2020, compared to $140.66 million at December 31, 2019, and $118.43 million at March 31, 2019. Nonperforming assets and classified loans at March 31, 2020 included Bryan/College Station balances of $11.27 million and $30.12 million, respectively.

At March 31, 2020, loans with oil and gas industry exposure totaled 2.50 percent of gross loans. These loans comprised $3.48 million of the Company's nonperforming loan totals and $22.03 million of the classified loan totals. In addition, the Company recorded $606 thousand in net charge-offs related to one oil and gas loan for the quarter ended March 31, 2020. At March 31, 2020, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 4.46 percent of total oil and gas loans.

In addition, at March 31, 2020, loan balances in the retail, restaurant, hotel, other hospitality and travel industries totaled $217.38 million (4.64%), $25.57 million (0.55%), $46.69 million (1.00%), $8.47 million (0.18%) and $937 thousand (0.02%), respectively. Classified loan and nonperforming loan amounts for these industries combined at March 31, 2020, totaled $5.68 million and $867 thousand, respectively.

Noninterest income in the first quarter of 2020 rose to $28.73 million compared with $24.44 million in the same quarter a year ago. Trust fees increased $458 thousand to $7.44 million in the first quarter of 2020 compared with $6.98 million in the same quarter last year. The fair value of Trust assets managed increased to $6.15 billion from $6.06 billion a year ago. Service charges on deposits increased 14.28 percent to $5.92 million compared with $5.18 million in the same quarter a year ago due to continued growth in net new accounts. ATM, interchange and credit card fees increased 8.19 percent to $7.40 million compared with $6.84 million in the same quarter last year due to continued growth in the number of debit cards issued. Real estate mortgage fees increased 10.88 percent to $3.85 million compared with $3.47 million in the same quarter a year ago due to an increase in the volume of loans originated. The Company's mortgage loan pipeline increased 239 percent, or $118.29 million, as of March 31, 2020 when compared to March 31, 2019 balances; however, the fair value of the mortgage loan pipeline was negatively impacted at March 31, 2020 as a result of the recent volatility in mortgage loans and related hedging market. Also included in noninterest income during the first quarter of 2020 was a gain on sale of securities of $2.06 million.

Noninterest expense for the first quarter of 2020 totaled $55.32 million compared to $47.37 million in the first quarter of 2019. The Company's efficiency ratio in the first quarter of 2020 was 49.63 percent compared with 49.46 percent in the same quarter last year. The increase in noninterest expense in the first quarter of 2020 was primarily a result of an increase in salary and employee benefit costs to $29.64 million compared to $26.45 million in the same quarter a year ago, primarily driven by the Bryan/College Station acquisition and annual merit-based pay increases. Also included in noninterest expense in the first quarter of 2020 were technology contract termination and conversion related costs totaling $3.81 million as a result of the Bryan/College Station acquisition.

As of March 31, 2020, consolidated assets for the Company totaled $9.70 billion compared to $8.26 billion at December 31, 2019 and $7.95 billion at March 31, 2019. Loans totaled $4.68 billion at March 31, 2020, compared with loans of $4.22 billion at December 31, 2019, and $4.00 billion at March 31, 2019. Deposits totaled $7.21 billion at March 31, 2020, compared to $6.60 billion at December 31, 2019, and $6.35 billion at March 31, 2019. Shareholders' equity rose to $1.53 billion as of March 31, 2020, compared with $1.23 billion at December 31, 2019, and $1.11 billion at March 31, 2019, primarily from the Bryan/College Station acquisition.

"We are pleased with our first quarter 2020 earnings performance, especially in light of the impact the coronavirus is having on our economy, historically low oil and gas prices and the additional acquisition related expenses to complete the Bryan/College Station acquisition," said F. Scott Dueser, Chairman, President and CEO. "As we face this challenging economic environment, we continue to work diligently to maximize shareholder value by utilizing our strong capital position to support our customers and the communities we serve with outstanding customer service."

The Company elected to participate in the Small Business Act Paycheck Protection Program under the CARES Act. Through the date of this release, the Company has processed over 4,900 applications and funded over $650 million in such loans. "We are so proud of the efforts of our team that has worked tirelessly over days, nights and weekends to meet the needs of our customers and keep Texas strong," said Dueser. "Our quick and extensive response has also brought numerous new loans and deposits to the Company."

About First Financial Bankshares

Headquartered in Abilene, Texas, First Financial Bankshares 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, College Station, 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,  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, 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

   

2020

   

2019

 

ASSETS

 

 Mar. 31, 

   

 Dec. 31,  

   

 Sept. 30, 

   

 June 30, 

   

 Mar. 31, 

 

Cash and due from banks

$

191,486

 

$

231,534

 

$

198,855

 

$

178,345

 

$

176,278

 

Interest-bearing deposits in banks

 

76,378

   

47,920

   

31,410

   

128,652

   

197,758

 

Interest-bearing time deposits in banks

 

-

   

-

   

-

   

960

   

1,458

 

Fed funds sold

 

-

   

3,150

   

-

   

700

   

12,825

 

Investment securities

 

4,107,069

   

3,413,317

   

3,397,156

   

3,259,492

   

3,212,812

 

Loans

 

4,681,423

   

4,223,197

   

4,140,815

   

4,063,257

   

4,003,606

 
 

Allowance for loan losses

 

(60,440)

   

(52,499)

   

(51,889)

   

(51,820)

   

(51,585)

 

Net loans

 

4,620,983

   

4,170,698

   

4,088,926

   

4,011,437

   

3,952,021

 

Premises and equipment

 

139,554

   

131,022

   

132,367

   

134,322

   

135,321

 

Goodwill

 

312,842

   

171,565

   

171,565

   

171,565

   

171,565

 

Other intangible assets

 

6,392

   

2,102

   

2,340

   

2,586

   

2,850

 

Other assets

 

246,387

   

90,919

   

91,220

   

91,234

   

83,007

 
 

Total assets

$

9,701,091

 

$

8,262,227

 

$

8,113,839

 

$

7,979,293

 

$

7,945,895

 
                                 

LIABILITIES AND SHAREHOLDERS'  EQUITY

                             

Noninterest-bearing deposits

$

2,288,597

 

$

2,065,128

 

$

2,210,997

 

$

2,167,552

 

$

2,165,745

 

Interest-bearing deposits

 

4,921,869

   

4,538,678

   

4,186,686

   

4,202,214

   

4,184,996

 
 

Total deposits

 

7,210,466

   

6,603,806

   

6,397,683

   

6,369,766

   

6,350,741

 

Borrowings

 

857,871

   

381,356

   

400,155

   

362,005

   

382,711

 

Other liabilities

 

106,392

   

49,868

   

110,903

   

82,774

   

104,921

 

Shareholders' equity

 

1,526,362

   

1,227,197

   

1,205,098

   

1,164,748

   

1,107,522

 
 

Total liabilities and shareholders' equity

$

9,701,091

 

$

8,262,227

 

$

8,113,839

 

$

7,979,293

 

$

7,945,895

 
                               
 

Quarter Ended

   

2020

   

2019

 

INCOME STATEMENTS

 

 Mar. 31, 

   

 Dec. 31,  

   

 Sept. 30,  

   

 June 30,  

   

 Mar. 31,  

 

Interest income

$

88,100

 

$

82,123

 

$

80,591

 

$

79,576

 

$

76,901

 

Interest expense

 

7,198

   

6,801

   

7,953

   

7,961

   

7,387

 

Net interest income

 

80,902

   

75,322

   

72,638

   

71,615

   

69,514

 

Provision for loan losses

 

9,850

   

950

   

450

   

600

   

965

 

Net interest income after provision for loan losses

 

71,052

   

74,372

   

72,188

   

71,015

   

68,549

 

Noninterest income

 

28,732

   

27,347

   

28,669

   

27,976

   

24,437

 

Noninterest expense

 

55,318

   

51,938

   

48,910

   

48,304

   

47,367

 
 

Net income before income taxes

 

44,466

   

49,781

   

51,947

   

50,687

   

45,619

 

Income tax expense

 

7,234

   

8,393

   

8,867

   

8,594

   

7,367

 
 

Net income

$

37,232

 

$

41,388

 

$

43,080

 

$

42,093

 

$

38,252

 
                               

PER COMMON SHARE DATA 

                             

Net income - basic

$

0.26

 

$

0.30

 

$

0.32

 

$

0.31

 

$

0.28

 

Net income - diluted

 

0.26

   

0.30

   

0.32

   

0.31

   

0.28

 

Cash dividends declared

 

0.12

   

0.12

   

0.12

   

0.12

   

0.11

 

Book Value

 

10.73

   

9.03

   

8.87

   

8.58

   

8.16

 

Market Value

$

26.84

 

$

35.10

 

$

33.33

 

$

30.79

 

$

28.89

 

Shares outstanding - end of period

 

142,314,930

   

135,891,755

   

135,822,456

   

135,809,224

   

135,680,420

 

Average outstanding shares - basic

 

142,118,864

   

135,747,381

   

135,693,901

   

135,650,599

   

135,494,254

 

Average outstanding shares - diluted

 

142,735,208

   

136,539,286

   

136,369,328

   

136,218,235

   

136,286,862

 
                               

PERFORMANCE RATIOS

                             

Return on average assets

 

1.63

%

 

2.01

%

 

2.15

%

 

2.14

%

 

2.00

%

Return on average equity

 

10.11

   

13.56

   

14.46

   

15.04

   

14.51

 

Return on average tangible equity

 

12.89

   

15.83

   

16.96

   

17.81

   

17.34

 

Net interest margin (tax equivalent)

 

3.91

   

3.99

   

3.94

   

3.98

   

4.00

 

Efficiency ratio

 

49.63

   

49.75

   

47.54

   

47.71

   

49.46

 

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

                                 
   

Quarter Ended

     

2020

   

2019

 

ALLOWANCE FOR LOAN LOSSES

 

 Mar. 31, 

   

 Dec. 31, 

   

 Sept. 30, 

   

 June 30, 

   

 Mar. 31, 

 

Balance at beginning of period

$

52,499

 

$

51,889

 

$

51,820

 

$

51,585

 

$

51,202

 

Loans charged off

 

(2,227)

   

(834)

   

(767)

   

(1,061)

   

(1,464)

 

Loan recoveries

 

318

   

494

   

386

   

696

   

882

 

Net recoveries (charge-offs)

 

(1,909)

   

(340)

   

(381)

   

(365)

   

(582)

 

Provision for loan losses

 

9,850

   

950

   

450

   

600

   

965

 

Balance at end of period

$

60,440

 

$

52,499

 

$

51,889

 

$

51,820

 

$

51,585

 
                                 

Allowance for loan losses / period-end loans

 

 

 

 

1.29

%

 

1.24

%

 

1.25

%

 

1.28

%

 

1.29

%

Allowance for loan losses / nonperforming loans

 

 

 

 

153.16

   

212.02

   

200.75

   

190.66

   

177.41

 

Net charge-offs / average loans (annualized)

 

0.16

   

0.03

   

0.04

   

0.04

   

0.06

 
                                 

SUMMARY OF LOAN CLASSIFICATION

                             

Special Mention

$

87,099

 

$

63,371

 

$

46,300

 

$

51,490

 

$

45,275

 

Substandard

 

103,249

   

77,284

   

72,904

   

74,550

   

73,158

 

Doubtful

 

-

   

-

   

-

   

-

   

-

 
 

Total classified loans

$

190,348

 

$

140,655

 

$

119,204

 

$

126,040

 

$

118,433

 
                                 

NONPERFORMING ASSETS

                             

Nonaccrual loans

$

39,226

 

$

24,582

 

$

25,717

 

$

26,408

 

$

28,508

 

Accruing troubled debt restructured loans

 

26

   

26

   

27

   

471

   

472

 

Accruing loans 90 days past due

 

209

   

153

   

104

   

300

   

97

 
 

Total nonperforming loans

 

39,461

   

24,761

   

25,848

   

27,179

   

29,077

 

Foreclosed assets

 

983

   

1,009

   

1,364

   

681

   

647

 
 

Total nonperforming assets

$

40,444

 

$

25,770

 

$

27,212

 

$

27,860

 

$

29,724

 
                                 

As a % of loans and foreclosed assets

 

0.86

%

 

0.61

%

 

0.66

%

 

0.69

%

 

0.74

%

As a % of end of period total assets

 

0.42

   

0.31

   

0.34

   

0.35

   

0.37

 
                               

OIL AND GAS PORTFOLIO INFORMATION

                             

Oil and gas loans

$

117,223

 

$

119,789

 

$

122,908

 

$

107,097

 

$

107,335

 

Oil and gas loans as a % of total loans

 

2.50

%

 

2.84

%

 

2.97

%

 

2.64

%

 

2.68

%

Classified oil and gas loans

 

22,032

   

7,041

   

7,953

   

3,438

   

4,255

 

Nonaccrual oil and gas loans

 

3,477

   

481

   

519

   

621

   

669

 

Net charge-offs for oil and gas loans

 

606

   

-

   

-

   

-

   

-

 

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

 

4.46

%

 

2.54

%

 

2.87

%

 

2.95

%

 

3.22

%

                                 

CAPITAL RATIOS

                             

Common equity Tier 1 capital ratio

 

19.55

%

 

20.06

%

 

20.05

%

 

20.04

%

 

19.86

%

Tier 1 capital ratio

 

19.55

   

20.06

   

20.05

   

20.04

   

19.86

 

Total capital ratio

 

20.65

   

21.13

   

21.14

   

21.16

   

21.00

 

Tier 1 leverage

 

12.49

   

12.60

   

12.58

   

12.29

   

12.08

 

Tangible Common Equity Ratio

 

13.09

   

12.43

   

12.94

   

12.31

   

11.83

 

Equity/Assets

 

15.73

   

14.85

   

14.85

   

14.60

   

13.94

 
                                 
                                 
   

Quarter Ended

     

2020

 

2019

 

NONINTEREST INCOME

 

 Mar. 31, 

   

 Dec. 31,  

   

 Sept. 30,  

   

 June 30,  

   

 Mar. 31,  

 

Trust fees

$

7,437

 

$

7,344

 

$

7,051

 

$

7,027

 

$

6,979

 

Service charges on deposits

 

5,915

   

5,861

   

5,629

   

5,374

   

5,176

 

ATM, interchange and credit card fees

 

7,400

   

7,943

   

7,728

   

7,352

   

6,840

 

Real estate mortgage fees

 

3,852

   

4,216

   

5,733

   

4,721

   

3,474

 

Net gain on sale of available-for-sale securities

 

2,062

   

5

   

52

   

676

   

-

 

Net gain (loss) on sale of foreclosed assets

 

1

   

81

   

71

   

53

   

69

 

Net gain (loss) on sale of assets

 

116

   

78

   

235

   

6

   

-

 

Interest on loan recoveries

 

265

   

277

   

575

   

903

   

338

 

Other noninterest income

 

1,684

   

1,542

   

1,595

   

1,864

   

1,561

 
 

Total noninterest income

$

28,732

 

$

27,347

 

$

28,669

 

$

27,976

 

$

24,437

 
                                 

NONINTEREST EXPENSE

                             

Salaries and employee benefits, excluding profit sharing

$

28,670

 

$

27,175

 

$

27,030

 

$

25,510

 

$

24,960

 

Cost related to termination of pension plan

 

-

   

1,700

   

-

   

-

   

973

 

Profit sharing expense

 

972

   

2,766

   

1,520

   

1,884

   

1,491

 

Net occupancy expense

 

3,027

   

2,784

   

2,830

   

2,779

   

2,763

 

Equipment expense

 

2,075

   

2,043

   

2,225

   

2,331

   

2,453

 

FDIC insurance premiums

 

45

   

-

   

15

   

538

   

538

 

ATM, interchange and credit card expenses

 

2,985

   

2,419

   

2,627

   

2,427

   

2,383

 

Legal, tax and professional fees

 

2,921

   

2,353

   

2,274

   

2,302

   

2,154

 

Audit fees

 

411

   

233

   

341

   

455

   

417

 

Printing, stationery and supplies

 

566

   

465

   

480

   

502

   

366

 

Amortization of intangible assets

 

509

   

238

   

246

   

264

   

269

 

Advertising and public relations

 

1,195

   

1,791

   

1,745

   

1,630

   

1,648

 

Operational and other losses

 

576

   

626

   

507

   

480

   

266

 

Software amortization and expense

 

2,024

   

2,158

   

1,767

   

1,783

   

1,597

 

Other noninterest expense

 

9,342

   

5,187

   

5,303

   

5,419

   

5,089

 
 

Total noninterest expense

$

55,318

 

$

51,938

 

$

48,910

 

$

48,304

 

$

47,367

 
                                 

TAX EQUIVALENT YIELD ADJUSTMENT

$

1,834

 

$

1,732

 

$

1,575

 

$

1,664

 

$

1,819

 

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

                                             
   

Three Months Ended

     

Three Months Ended

   

Mar. 31 2020

     

Dec. 31, 2019

     

Average

   

Tax Equivalent

   

Yield /

         

Average

   

Tax Equivalent

   

Yield /

 
     

Balance

   

Interest

   

Rate

         

Balance

   

Interest

   

Rate

 

Interest-earning assets:

                                         

  Fed funds sold

$

2,712

 

$

10

   

1.50

%

     

$

1,198

 

$

6

   

2.03

%

  Interest-bearing deposits in nonaffiliated banks

 

220,906

   

745

   

1.36

         

54,841

   

218

   

1.58

 

  Taxable securities

 

2,263,329

   

14,655

   

2.59

         

2,185,777

   

14,165

   

2.59

 

  Tax exempt securities

 

1,346,842

   

11,200

   

3.33

         

1,243,487

   

10,695

   

3.44

 

  Loans

 

4,667,436

   

63,323

   

5.46

         

4,185,716

   

58,771

   

5.57

 

Total interest-earning assets

 

8,501,225

 

$

89,933

   

4.25

%

       

7,671,019

 

$

83,855

   

4.34

%

Noninterest-earning assets

 

692,432

                     

500,924

             
 

Total assets

$

9,193,657

                   

$

8,171,943

             
                                             

Interest-bearing liabilities:

                                         

  Deposits

$

4,904,087

 

$

6,680

   

0.55

%

     

$

4,336,063

 

$

6,052

   

0.55

%

  Fed funds purchased and other borrowings

 

460,605

   

517

   

0.45

         

417,316

   

749

   

0.71

 

Total interest-bearing liabilities

 

5,364,692

 

$

7,197

   

0.54

%

       

4,753,379

 

$

6,801

   

0.57

%

Noninterest-bearing liabilities       

 

2,348,485

                     

2,207,508

             

Shareholders' equity

 

1,480,480

                     

1,211,056

             
 

Total liabilities and shareholders' equity

$

9,193,657

                   

$

8,171,943

             
                                             

Net interest income and margin (tax equivalent)

     

$

82,736

   

3.91

%

           

$

77,054

   

3.99

%

                                             
   

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

                       
   

Mar. 31, 2019

                       
     

Average

   

Tax Equivalent

   

Yield /

                         
     

Balance

   

Interest

   

Rate

                         

Interest-earning assets:

                                         

  Fed funds sold

$

4,894

 

$

34

   

2.79

%

                       

  Interest-bearing deposits in nonaffiliated banks

 

100,258

   

585

   

2.36

                         

  Taxable securities

 

1,924,863

   

13,289

   

2.76

                         

  Tax exempt securities

 

1,226,457

   

11,279

   

3.68

                         

  Loans

 

3,973,108

   

53,534

   

5.46

                         

Total interest-earning assets

 

7,229,580

 

$

78,721

   

4.42

%

                       

Noninterest-earning assets

 

508,368

                                     
 

Total assets

$

7,737,948

                                     
                                             

Interest-bearing liabilities:

                                         

  Deposits

$

4,144,091

 

$

6,662

   

0.65

%

                       

  Fed funds purchased and other borrowings

 

408,641

   

726

   

0.72

                         

Total interest-bearing liabilities

 

4,552,732

 

$

7,388

   

0.66

%

                       

Noninterest-bearing liabilities                 

 

2,116,080

                                     

Shareholders' equity

 

1,069,136

                                     
 

Total liabilities and shareholders' equity

$

7,737,948

                                     
                                             

Net interest income and margin (tax equivalent)

     

$

71,333

   

4.00

%

                       

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-first-quarter-earnings-results-301046423.html

SOURCE First Financial Bankshares, Inc.