FIRST FINANCIAL BANK

FFIN
Delayed Quote. Delayed  - 05/18 03:52:40 pm
40.62USD -2.26%

FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER 2021 EARNINGS AND 35TH YEAR OF CONSECUTIVE ANNUAL EARNINGS GROWTH

01/27/2022 | 04:06pm

ABILENE, Texas, Jan. 27, 2022 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2021 of $55.34 million compared to earnings of $58.48 million for the same quarter a year ago. Basic and diluted earnings per share were $0.39 for the fourth quarter of 2021 compared with $0.41 for the same quarter a year ago.

Earnings for the year ended December 31, 2021 totaled $227.56 million compared to $202.03 million for the year ended December 31, 2020, reflecting an increase of $25.53 million, or 12.64 percent.  Basic and diluted earnings per share were $1.60 and $1.59, respectively, for the year ended December 31, 2021 compared with basic and diluted earnings per share of $1.42 for the year ended December 31, 2020.

"Over the last two years, we have remained focused on the execution of our excellence in customer service culture across each of our markets to meet the needs of our customers during these times. Whether it was providing PPP funds, keeping our branches open, accessing the Mainstreet Lending Program, providing access to the mortgage secondary markets, protecting their deposits, or providing capital to grow and expand their business, we remained TEXAS STRONG for our communities.  We finished 2021 with outstanding growth reflected by overall loan growth, excluding PPP loans, of $648.81 million, or 13.84 percent, and deposit growth of $1.89 billion, or 21.79 percent. Our continual commitment to customer service supported by our growth provides strong momentum as we begin 2022. We appreciate the continued support of our customers, shareholders and associates," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.

Net interest income for the fourth quarter of 2021 was $94.81 million compared to $90.54 million for the fourth quarter of 2020. Average-earning assets increased to $11.89 billion for the fourth quarter of 2021 compared to $9.96 billion a year ago.  The net interest margin, on a taxable equivalent basis, was 3.29 percent for the fourth quarter of 2021 compared to 3.75 percent in the fourth quarter of 2020.

Information related to the Company's Paycheck Protection Program ("PPP") loans is included in the following table (dollars in thousands):


PPP Loans Originated


PPP Amounts as of December 31, 2021


Number of
Loans


Amount


Number

of Loans


Period-End
Amount,
Net


Unamortized
Fees


Recognized
Fees During
the Quarter
Ended
December
31, 2021













PPP Round 1

6,530


$ 703,450


37


$    1,970


$     21


$        42













PPP Round 2

3,179


267,423


305


50,823


1,779


4,246

PPP Total

9,709


$ 970,873


342


$ 52,793


$ 1,800


$  4,288

 

PPP loan balances totaled $52.79 million at December 31, 2021 and accounted for $103.35 million in average balances for the fourth quarter of 2021 and $327.10 million for the year ended December 31, 2021. 

The Company recorded a provision for credit losses of $2.06 million for the fourth quarter of 2021 compared to a reversal of provision for credit losses of $8.03 million for the fourth quarter of 2020. At December 31, 2021, the allowance for credit losses totaled $63.47 million, or 1.18 percent of loans held-for-investment ("loans" hereafter), or 1.19 percent of loans, excluding PPP loans, compared to $66.53 million at December 31, 2020, or 1.29 percent of loans, or 1.42 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.44 million at December 31, 2021 compared to $5.49 million at December 31, 2020.

For the fourth quarter of 2021, net charge-offs totaled $2.28 million compared to net charge-offs of $561 thousand for the fourth quarter of 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.63 percent at December 31, 2021, compared with 0.83 percent at December 31, 2020.  Classified loans totaled $161.19 million at December 31, 2021, compared to $197.45 million at December 31, 2020.

Noninterest income for the fourth quarter of 2021 was $34.90 million compared to $35.71 million for the fourth quarter of 2020, as a result of the following:

  • Trust fees increased to $9.67 million for the fourth quarter of 2021 from $7.67 million for the fourth quarter of 2020. The fair value of trust assets managed increased to $8.70 billion at December 31, 2021 compared to $7.51 billion at December 31, 2020.
  • Service charges on deposits increased to $5.76 million for the fourth quarter of 2021 compared with $5.33 million for the fourth quarter of 2020.
  • ATM, interchange and credit card fees increased to $9.96 million for the fourth quarter of 2021 from $8.38 million for the fourth quarter of 2020, driven by the over 16,000 net new accounts opened in 2021, debit cards issued and overall customer utilization.
  • Mortgage income was $6.27 million for the fourth quarter of 2021 compared to $11.12 million for the fourth quarter of 2020 due to lower overall origination volumes and margins.
  • Loan interest recoveries during the fourth quarter of 2021 totaled $1.21 million compared to $235 thousand for the fourth quarter of 2020.

Noninterest expense for the fourth quarter of 2021 totaled $61.67 million compared to $63.71 million for the fourth quarter of 2020, as a result of the following:

  • Salary, commissions and employee benefit costs totaled $34.98 million for the fourth quarter of 2021, compared to $41.02 million in the fourth quarter of 2020. The decrease over the same quarter in the prior year was driven by decreases in profit sharing expense and incentive compensation accruals in the fourth quarter of 2021 when compared to the same period in 2020. In the fourth quarter of 2020, profit sharing and incentive expenses were higher driven by higher earnings that primarily resulted from the Company's initial adoption of CECL. Offsetting these decreases were annual merit-based pay increases effective March 1, 2021.

The Company's efficiency ratio was 45.84 percent for the year ended December 31, 2021 compared to 45.49 percent for the year ended December 31, 2020.

As of December 31, 2021, consolidated assets for the Company totaled $13.10 billion compared to $10.90 billion at December 31, 2020.  Loans totaled $5.39 billion at December 31, 2021, compared with loans of $5.17 billion at December 31, 2020. Excluding PPP loans, loans have grown $648.81 million, or 13.84 percent, from December 31, 2020 balances. Deposits totaled $10.57 billion at December 31, 2021, compared to $8.68 billion at December 31, 2020, representing an increase of 21.79 percent.  Shareholders' equity rose to $1.76 billion as of December 31, 2021, compared to $1.68 billion at December 31, 2020.

About First Financial Bankshares, Inc.

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, 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 ten 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.

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; economic impact of oil and gas prices and the pandemic, 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 and Filings" on the Company's Website 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








2021









2020


ASSETS




 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31,  


Cash and due from banks


$

205,053


$

201,901


$

190,061


$

190,350


$

211,113


Interest-bearing deposits in banks



323,535



359,241



654,531



893,221



517,971


Investment securities



6,573,179



6,119,984



5,578,048



5,109,631



4,393,029


Loans, held-for-investment, excluding PPP Loans



5,336,179



5,147,160



4,984,210



4,790,752



4,687,370


PPP loans




52,793



139,334



320,392



531,810



483,663


Total loans, held-for-investment



5,388,972



5,286,494



5,304,602



5,322,562



5,171,033



Allowance for loan losses



(63,465)



(63,370)



(62,138)



(62,974)



(66,534)


Net loans, held-for-investment 



5,325,507



5,223,124



5,242,464



5,259,588



5,104,499


Loans, held-for-sale



37,810



47,721



61,802



65,405



83,969


Premises and equipment, net



149,764



147,516



147,655



142,415



142,269


Goodwill




313,481



313,481



313,481



313,481



313,481


Other intangible assets



3,298



3,689



4,087



4,499



4,911


Other assets




170,834



126,601



136,954



124,297



133,258



Total assets


$

13,102,461


$

12,543,258


$

12,329,083


$

12,102,887


$

10,904,500




















LIABILITIES AND SHAREHOLDERS'  EQUITY

















Noninterest-bearing deposits


$

3,780,230


$

3,574,405


$

3,427,038


$

3,350,145


$

2,982,697


Interest-bearing deposits



6,786,258



6,318,712



6,354,656



6,063,302



5,693,120



Total deposits



10,566,488



9,893,117



9,781,694



9,413,447



8,675,817


Borrowings




671,152



648,679



549,969



548,604



430,093


Trade date payable



-



174,236



189,838



381,871



14,641


Other liabilities




105,597



93,491



87,213



93,537



105,759


Shareholders' equity



1,759,224



1,733,735



1,720,369



1,665,428



1,678,190



Total liabilities and shareholders' equity


$

13,102,461


$

12,543,258


$

12,329,083


$

12,102,887


$

10,904,500























Quarter Ended





2021



2020


INCOME STATEMENTS



 Dec. 31,  



 Sept. 30,  



 June 30, 



 Mar. 31, 



 Dec. 31,  


Interest income



$

95,995


$

97,198


$

92,602


$

90,610


$

92,457


Interest expense




1,187



1,416



1,653



1,786



1,920


Net interest income



94,808



95,782



90,949



88,824



90,537


Provision for credit losses



2,064



-



(1,206)



(1,997)



(8,033)


Net interest income after provisions for credit losses



92,744



95,782



92,155



90,821



98,570


Noninterest income



34,903



37,726



34,673



34,874



35,709


Noninterest expense



61,672



62,939



59,374



57,723



63,705



Net income before income taxes



65,975



70,569



67,454



67,972



70,574


Income tax expense



10,638



11,641



11,075



11,054



12,099



Net income


$

55,337


$

58,928


$

56,379


$

56,918


$

58,475




















PER COMMON SHARE DATA 

















Net income - basic


$

0.39


$

0.41


$

0.40


$

0.40


$

0.41


Net income - diluted



0.39



0.41



0.39



0.40



0.41


Cash dividends declared



0.15



0.15



0.15



0.13



0.13


Book value




12.34



12.17



12.08



11.70



11.80


Tangible book value



10.12



9.94



9.85



9.47



9.57


Market value




50.84



45.95



49.13



46.73



36.17


Shares outstanding - end of period



142,532,116



142,467,687



142,359,774



142,285,611



142,161,834


Average outstanding shares - basic



142,437,804



142,334,449



142,245,555



142,146,275



142,057,705


Average outstanding shares - diluted



143,251,521



143,218,920



143,164,611



143,002,658



142,644,088




















PERFORMANCE RATIOS

















Return on average assets



1.74

%


1.90

%


1.89

%


2.05

%


2.19

%

Return on average equity



12.63



13.43



13.38



13.83



14.27


Return on average tangible equity



15.45



16.43



16.48



17.09



17.74


Net interest margin (tax equivalent)



3.29



3.41



3.36



3.55



3.75


Efficiency ratio




46.18



45.88



45.94



45.36



49.15


 




Year Ended




Dec. 31,

INCOME STATEMENTS



2021



2020


Interest income



$

376,405


$

364,128


Interest expense




6,042



14,243


Net interest income



370,363



349,885


Provision for credit losses



(1,139)



19,517


Net interest income after provisions for credit losses



371,502



330,368


Noninterest income



142,176



139,935


Noninterest expense



241,708



227,938



Net income before income taxes



271,970



242,365


Income tax expense



44,408



40,331



Net income


$

227,562


$

202,034











PER COMMON SHARE DATA 








Net income - basic


$

1.60


$

1.42


Net income - diluted



1.59



1.42


Cash dividends declared



0.58



0.51


Book Value




12.34



11.80


Tangible book value



10.12



9.57


Market Value




50.84



36.17


Shares outstanding - end of period



142,532,116



142,161,834


Average outstanding shares - basic



142,291,939



142,032,420


Average outstanding shares - diluted



143,134,220



142,554,991











PERFORMANCE RATIOS








Return on average assets



1.89

%


1.98

%

Return on average equity



13.31



12.93


Return on average tangible equity



16.35



16.25


Net interest margin (tax equivalent)



3.40



3.79


Efficiency ratio




45.84



45.49


 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2021



2020


ALLOWANCE FOR LOAN LOSSES


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 


Balance at beginning of period


$

63,370


$

62,138


$

62,974


$

66,534


$

76,038


Loans charged off



(3,067)



(1,475)



(392)



(574)



(1,339)


Loan recoveries




783



2,707



595



443



778


Net recoveries (charge-offs)



(2,284)



1,232



203



(131)



(561)


Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings


-



-



-



-



(619)


Reclassification of credit marks on purchased credit deteriorated (PCD) loans


-



-



-



-



1,678


Provision for loan losses



2,379



-



(1,039)



(3,429)



(10,002)


Balance at end of period


$

63,465


$

63,370


$

62,138


$

62,974


$

66,534




















ALLOWANCE FOR UNFUNDED COMMITMENTS
















Balance at beginning of period


$

6,751


$

6,751


$

6,918


$

5,486


$

2,309


Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings


-



-



-



-



1,208


Provision for unfunded commitments


(315)



-



(167)



1,432



1,969


Balance at end of period


$

6,436


$

6,751


$

6,751


$

6,918


$

5,486




















Allowance for loan losses /

















     period-end loans held-for-investment


1.18

%


1.20

%


1.17

%


1.18

%


1.29

%

Allowance for loan losses /

















     nonperforming loans



200.33



250.92



208.45



160.00



155.61


Net charge-offs (recoveries) / average total loans
















     (annualized)




0.17



(0.09)



(0.02)



0.01



0.04









































Quarter Ended





2021



2020


COMPOSITION OF LOANS HELD-FOR-INVESTMENT


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 


Commercial:


















    C&I



$

784,282


$

680,263


$

662,711


$

646,316


$

647,719


    PPP




52,793



139,334



320,392



531,810



483,663


    Municipal




177,905



165,847



179,356



176,949



181,325


          Total Commercial



1,014,980



985,444



1,162,459



1,355,075



1,312,707




















Agriculture




98,089



98,947



95,212



90,366



94,864


Real Estate:


















    Construction & Development



749,793



656,530



550,928



587,928



553,959


    Farm




217,220



203,064



185,288



162,046



152,237


    Non-Owner Occupied CRE



623,434



674,958



673,608



650,144



617,686


    Owner Occupied CRE



821,653



824,231



820,055



759,906



746,974


    Residential




1,334,419



1,328,798



1,328,474



1,254,727



1,248,409


          Total Real Estate



3,746,519



3,687,581



3,558,353



3,414,751



3,319,265


Consumer:


















    Auto




405,416



394,072



383,764



370,027



353,595


    Non-Auto




123,968



120,450



104,814



92,343



90,602


          Total Consumer



529,384



514,522



488,578



462,370



444,197





















Total loans held-for-investment


$

5,388,972


$

5,286,494


$

5,304,602


$

5,322,562


$

5,171,033




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention



$

55,670


$

53,620


$

54,497


$

61,866


$

56,585


Substandard




105,515



112,151



120,497



128,550



140,866


Doubtful




-



-



-



-



-



Total classified loans

$

161,185


$

165,771


$

174,994


$

190,416


$

197,451




















NONPERFORMING ASSETS

















Nonaccrual loans


$

31,652


$

25,210


$

29,786


$

39,333


$

42,619


Accruing troubled debt restructured loans


21



22



23



23



24


Accruing loans 90 days past due



8



23



-



2



113



Total nonperforming loans


31,681



25,255



29,809



39,358



42,756


Foreclosed assets



2,477



28



305



300



142



Total nonperforming assets

$

34,158


$

25,283


$

30,114


$

39,658


$

42,898




















As a % of loans held-for-investment and foreclosed assets


0.63

%


0.48

%


0.57

%


0.75

%


0.83

%

As a % of end of period total assets


0.26



0.20



0.24



0.33



0.39




















OIL AND GAS PORTFOLIO INFORMATION *
















Oil and gas loans


$

140,034


$

96,469


$

103,166


$

105,261


$

106,237


Oil and gas loans as a % of total loans held-for-investment


2.62

%


1.87

%


2.07

%


2.20

%


2.27

%

Classified oil and gas loans


$

11,821


$

10,831


$

13,090


$

10,079


$

13,298


Nonaccrual oil and gas loans



3,701



3,058



3,986



4,759



4,774


Net charge-offs (recoveries) on oil and gas loans


-



(71)



59



40



24


         * Excluding PPP loans



































RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *
















Retail loans



$

375,752


$

348,797


$

326,409


$

282,310


$

216,244


Restaurant loans




60,894



59,031



56,997



51,772



48,618


Hotel loans




62,404



60,733



71,008



71,435



71,716


Other hospitality loans



26,438



27,369



27,929



24,014



21,970


Travel loans




598



593



790



664



780



Total retail/restaurant/hospitality loans


$

526,086


$

496,523


$

483,133


$

430,195


$

359,328




















Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment


9.86

%


9.65

%


9.69

%


8.98

%


7.67

%

Classified Retail/Restaurant/Hospitality loans

$

32,747


$

34,341


$

43,635


$

45,214


$

31,192


Nonaccrual Retail/Restaurant/Hospitality loans


1,487



1,995



5,600



6,575



5,975


Net charge-offs (recoveries) on Retail/Restaurant/Hospitality loans


42



(506)



-



-



561


         * Excluding PPP loans



































CAPITAL RATIOS

















Common equity Tier 1 capital ratio


19.35

%


19.71

%


20.04

%


20.32

%


20.79

%

Tier 1 capital ratio



19.35



19.71



20.04



20.32



20.79


Total capital ratio



20.34



20.76



21.12



21.47



22.03


Tier 1 leverage ratio



11.13



11.19



11.10



11.55



11.86


Tangible common equity ratio



11.55



11.90



11.75



12.35



12.71


Equity/Assets ratio



13.43



13.82



13.95



13.76



15.39









































Quarter Ended





2021



2020


NONINTEREST INCOME



 Dec. 31,  



 Sept. 30,  



 June 30,  



 Mar. 31, 



 Dec. 31,  


Trust fees



$

9,670


$

9,484


$

8,692


$

8,299


$

7,672


Service charges on deposits



5,762



5,673



4,928



4,793



5,330


ATM, interchange and credit card fees


9,955



9,793



9,853



8,677



8,376


Gain on sale and fees on mortgage loans


6,272



8,788



8,291



9,894



11,116


Net gain on sale of available-for-sale securities


1



1



5



808



23


Net gain on sale of foreclosed assets


107



27



1



55



87


Net gain (loss) on sale of assets



(3)



(6)



74



145



22


Interest on loan recoveries



1,207



1,746



704



382



235


Other noninterest income



1,932



2,220



2,125



1,821



2,848



Total noninterest income

$

34,903


$

37,726


$

34,673


$

34,874


$

35,709




















NONINTEREST EXPENSE

















Salaries, commissions and employee benefits, excluding profit sharing

$

31,876


$

34,460


$

32,936


$

32,636


$

34,773


Profit sharing expense



3,099



2,630



2,110



2,295



6,245


Net occupancy expense



3,333



3,288



3,241



3,147



3,067


Equipment expense



2,382



2,450



2,177



2,164



2,154


FDIC insurance premiums



848



815



766



701



663


ATM, interchange and credit card expenses


3,227



2,935



3,039



2,772



2,811


Legal, tax and professional fees



2,835



2,893



3,352



2,726



2,302


Audit fees




423



466



430



440



407


Printing, stationery and supplies



664



432



489



325



449


Amortization of intangible assets



391



398



412



412



483


Advertising and public relations



1,842



1,746



1,392



1,388



1,600


Operational and other losses



1,385



1,087



534



287



537


Software amortization and expense


2,817



2,855



2,829



2,619



2,563


Other noninterest expense



6,550



6,484



5,667



5,811



5,651



Total noninterest expense

$

61,672


$

62,939


$

59,374


$

57,723


$

63,705




















TAX EQUIVALENT YIELD ADJUSTMENT

$

3,841


$

3,670


$

3,633


$

3,547


$

3,355


 




Year Ended




Dec. 31,

NONINTEREST INCOME



2021



2020


Trust fees



$

36,145


$

29,531


Service charges on deposits



21,156



20,572


ATM, interchange and credit card fees


38,278



32,469


Gain on sale and fees on mortgage loans


33,245



43,872


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


815



3,633


Net gain (loss) on sale of foreclosed assets


190



159


Net gain (loss) on sale of assets



210



112


Interest on loan recoveries



4,039



856


Other noninterest income



8,098



8,731



Total noninterest income


$

142,176


$

139,935











NONINTEREST EXPENSE








Salaries, commissions and employee benefits, excluding profit sharing

$

131,908


$

124,383


Profit sharing expense



10,134



10,740


Net occupancy expense



13,009



12,388


Equipment expense



9,173



8,396


FDIC insurance premiums



3,130



1,758


ATM, interchange and credit card expenses


11,973



11,235


Legal, tax and professional fees



11,806



10,769


Audit  fees




1,759



2,083


Printing, stationery and supplies



1,910



2,163


Amortization of intangible assets



1,613



1,990


Advertising and public relations



6,368



4,603


Operational and other losses



3,293



2,462


Software amortization and expense


11,120



8,862


Other noninterest expense



24,512



26,106



Total noninterest expense

$

241,708


$

227,938











TAX EQUIVALENT YIELD ADJUSTMENT

$

14,691


$

11,260


 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




















































Three Months Ended




Three Months Ended




Dec. 31, 2021




Sept. 30, 2021





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Federal funds sold


$

82


$

-



0.48

%




$

1,554


$

2



0.51

%

  Interest-bearing deposits in nonaffiliated banks



320,102



124



0.15






612,551



236



0.15


  Taxable securities



3,590,137



13,556



1.51






3,081,215



12,122



1.57


  Tax exempt securities



2,636,360



18,163



2.76






2,542,606



17,701



2.78


  Loans




5,347,069



67,993



5.04






5,337,807



70,807



5.26


Total interest-earning assets



11,893,750


$

99,836



3.33

%





11,575,733


$

100,868



3.46

%

Noninterest-earning assets



726,932












705,099









Total assets


$

12,620,682











$

12,280,832
































Interest-bearing liabilities:























  Deposits



$

6,399,343


$

1,110



0.07

%




$

6,346,267


$

1,340



0.08

%

  Borrowings




639,725



77



0.05






599,934



76



0.05


Total interest-bearing liabilities



7,039,068


$

1,187



0.07

%





6,946,201


$

1,416



0.08

%

Noninterest-bearing deposits



3,744,848












3,490,685








Other noninterest-bearing liabilities                                                                              

99,091












103,446








Shareholders' equity



1,737,675












1,740,500









Total liabilities and shareholders' equity


$

12,620,682











$

12,280,832
































Net interest income and margin (tax equivalent)





$

98,649



3.29

%







$

99,452



3.41

%




























Three Months Ended




Three Months Ended




June 30, 2021




Mar. 31, 2021





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Federal funds sold


$

3,049


$

4



0.54

%




$

1,942


$

3



0.58

%

  Interest-bearing deposits in nonaffiliated banks


796,835



211



0.11






637,129



159



0.10


  Taxable securities



2,656,211



11,449



1.72






2,251,419



10,264



1.82


  Tax exempt securities



2,461,924



17,410



2.83






2,368,615



16,979



2.87


  Loans




5,383,781



67,161



5.00






5,296,149



66,753



5.11


Total interest-earning assets



11,301,800


$

96,235



3.42

%





10,555,254


$

94,158



3.62

%

Noninterest-earning assets



692,282












700,550









Total assets


$

11,994,082











$

11,255,804
































Interest-bearing liabilities:























  Deposits



$

6,229,991


$

1,560



0.10

%




$

5,916,237


$

1,696



0.12

%

  Borrowings




527,669



93



0.07






456,620



91



0.08


Total interest-bearing liabilities



6,757,660


$

1,653



0.10

%





6,372,857


$

1,787



0.11

%

Noninterest-bearing deposits



3,439,683












3,114,656








Other noninterest-bearing liabilities                                                                              

106,994












99,581








Shareholders' equity



1,689,745












1,668,710









Total liabilities and shareholders' equity


$

11,994,082











$

11,255,804
































Net interest income and margin (tax equivalent)




$

94,582



3.36

%







$

92,371



3.55

%

 




Three Months Ended




Dec. 31, 2020





Average



Tax Equivalent



Yield /






Balance



Interest



Rate


Interest-earning assets:











  Federal funds sold


$

-


$

-



-

%

  Interest-bearing deposits in nonaffiliated banks



195,637



50



0.10


  Taxable securities



2,086,419



10,708



2.05


  Tax exempt securities



2,318,912



16,733



2.89


  Loans




5,356,229



68,321



5.07


Total interest-earning assets



9,957,197


$

95,812



3.83

%

Noninterest-earning assets



674,229









Total assets



$

10,631,426




















Interest-bearing liabilities:











  Deposits



$

5,479,873


$

1,826



0.13

%

  Borrowings




428,117



94



0.09


Total interest-bearing liabilities



5,907,990


$

1,920



0.13

%

Noninterest-bearing deposits



2,987,572








Other noninterest-bearing liabilities                                                                              



106,065








Shareholders' equity



1,629,799









Total liabilities and shareholders' equity



$

10,631,426




















Net interest income and margin (tax equivalent)





$

93,892



3.75

%

 



Year Ended


Year Ended



Dec. 31, 2021


Dec. 31, 2020




Average



Tax Equivalent



Yield /




Average



Tax Equivalent



Yield /





Balance



Interest



Rate




Balance



Interest



Rate


Interest-earning assets:




















  Federal funds sold

$

1,651


$

9



0.55

%


$

1,388


$

14



0.99

%

  Interest-bearing deposits in nonaffiliated banks


590,843



730



0.12




249,698



939



0.38


  Taxable securities


2,898,924



47,390



1.63




2,233,634



51,456



2.30


  Tax exempt securities


2,503,220



70,253



2.81




1,882,711



58,403



3.10


  Loans



5,341,332



272,714



5.11




5,152,531



264,576



5.13


Total interest-earning assets


11,335,970


$

391,096



3.45

%



9,519,962


$

375,388



3.94

%

Noninterest-earning assets


706,285










673,553









Total assets

$

12,042,255









$

10,193,515





























Interest-bearing liabilities:




















  Deposits


$

6,224,621


$

5,704



0.09

%


$

5,198,554


$

13,119



0.25

%

  Borrowings



556,610



338



0.06




561,505



1,124



0.20


Total interest-bearing liabilities


6,781,231


$

6,042



0.09

%



5,760,059


$

14,243



0.25

%

Noninterest-bearing deposits


3,449,313










2,782,896








Other noninterest-bearing liabilities                                                                              


102,279










88,550








Shareholders' equity


1,709,432










1,562,010









Total liabilities and shareholders' equity

$

12,042,255









$

10,193,515





























Net interest income and margin (tax equivalent)




$

385,054



3.40

%





$

361,145



3.79

%

 

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