FIRST FINANCIAL BANK

FFIN
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FIRST FINANCIAL BANKSHARES : ANNOUNCES SECOND QUARTER 2022 EARNINGS - Form 8-K

07/22/2022 | 10:24am

FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2022 EARNINGS

ABILENE, Texas, July 21, 2022 - First Financial Bankshares, Inc.(NASDAQ: FFIN) today reported earnings of $60.49 million for the second quarter of 2022 compared to earnings of $56.38 million for the same quarter a year ago. Basic and diluted earnings per share were $0.42 for the second quarter of 2022 compared with $0.40 and $0.39, respectively, for the second quarter of 2021. Through July 20, 2022, the Company has repurchased 244,559 shares of its common stock at an average price of $38.61. Currently, the Company has 4.75 million shares remaining under the share repurchase authorization through July 31, 2023.

As further described below, the results this quarter compared to the same quarter a year ago included (i) an increase in the provision for credit losses of $6.56 million; (ii) a $4.93 million decrease in PPP loan origination fees; and (iii) a $2.56 million decrease in mortgage revenues. Offsetting these items were the following increases (i) in net interest income, excluding lower PPP loan origination fees, of $12.76 million from continued balance sheet growth; (ii) in gains on the sale of investment securities of $1.64 million; and (iii) in interest on loan recoveries of $945 thousand.

"We have been able to keep the momentum that was created from the movement of non-customers to our bank during the pandemic. Our results reflect outstanding growth this quarter reflected by overall loan growth, excluding PPP and held-for-sale loans, of $325.85 million, or 23.5 percent annualized, and deposit growth of $123.16 million, or 4.49 percent annualized, with the addition of over 6,500 net new accounts year-to-date," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. "We are excited about our results this quarter while actively monitoring changes in interest rates and the overall economic environment. We are prepared for the opportunities ahead as the Texas economy continues to be strong and resilient. We appreciate the continued support of our customers, shareholders and associates," Dueser added.

Net interest income for the second quarter of 2022 was $98.78 million compared to $90.95 million for the second quarter of 2021. The net interest margin, on a taxable equivalent basis, was 3.28 percent for the second quarter of 2022 compared to 3.22 percent for the first quarter of 2022 and 3.36 percent in the second quarter of 2021. The growth in net interest income was driven by higher average interest-earning assets which increased to $12.49 billion for the second quarter of 2022 compared to $11.30 billion a year ago, partially offset by lower PPP loan origination fees which totaled $313 thousand in the second quarter of 2022 compared to $5.24 million in the second quarter of 2021. PPP loan balances totaled $2.30 million at June 30, 2022.

The Company recorded a provision for credit losses of $5.35 million for the second quarter of 2022 compared to a reversal of provision for credit losses of $1.21 million for the second quarter of 2021. The increase in the Company's provision for credit losses during the second quarter of 2022 was primarily driven by strong organic loan growth and a slight decline in the projected economic forecast. At June 30, 2022, the allowance for credit losses totaled $71.93 million, or 1.22 percent of loans held-for-investment ("loans" hereafter), compared to $62.14 million at June 30, 2021, or 1.17 percent of loans. Additionally, the reserve for unfunded commitments totaled $8.72 million at June 30, 2022 compared to $6.75 million at June 30, 2021.

For the second quarter of 2022, net recoveries totaled $916 thousand compared to net recoveries of $203 thousand for the second quarter of 2021. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.43 percent at June 30, 2022, compared with 0.57 percent at June 30, 2021. Classified loans totaled $152.67 million at June 30, 2022, compared to $174.99 million at June 30, 2021.

Noninterest income for the second quarter of 2022 was $37.32 million compared to $34.67 million for the second quarter of 2021, representing a net increase of $2.64 million from the following:

Trust fees increased $1.05 million to $9.74 million for the second quarter of 2022 compared to $8.69 million for the second quarter of 2021 driven mainly by the continued increase in oil and gas revenue.
Service charges on deposits increased $1.11 million for the second quarter of 2022 compared to the second quarter of 2021 primarily due to the continued increase in net new accounts.
ATM, interchange, and credit card fees increased $715 thousand for the second quarter of 2022 compared to the same quarter a year ago primary due to an increase in debit cards issued. Effective July 1, 2022, the Company became subject to regulations imposed by the Federal Reserve that will reduce future interchange revenue (aka. "Durbin Amendment").
Mortgage income was $5.73 million for the second quarter of 2022 compared to $8.29 million for the second quarter of 2021 due to lower overall origination volumes and margins.
Recoveries of interest on previously charged-off or nonaccrual loans totaled $1.65 million for the second quarter of 2022 compared to $704 thousand for the second quarter of 2021.
Gains on sales of securities were $1.65 million during the second quarter of 2022 compared to $5 thousand for the second quarter of 2021.

Noninterest expense for the second quarter of 2022 totaled $58.33 million compared to $59.37 million for the second quarter of 2021, as a result of the following:

Salary, commissions, and employee benefit costs totaled $33.15 million for the second quarter of 2022, compared to $35.05 million in the second quarter of 2021 reflecting annual merit-based and market driven pay increases effective March 1, 2022 offset by lower mortgage compensation expenses of $1.49 million and a decrease of $803 thousand in profit sharing expenses.
Noninterest expenses, excluding salary related costs, increased $858 thousand for the second quarter of 2022 compared to the same period in 2021, primarily related to increases in FDIC insurance, deposit account charge-offs, interchange processing costs, and loan processing costs.

The Company's efficiency ratio improved to 41.83 percent for the second quarter of 2022 compared to 45.94 percent for the second quarter of 2021.

As of June 30, 2022, consolidated total assets were $13.26 billion compared to $12.33 billion at June 30, 2021. Loans totaled $5.88 billion at June 30, 2022, compared with loans of $5.30 billion at June 30, 2021. Loans, excluding PPP loans, grew $325.85 million for the second quarter of 2022 and $540.10 million for the first half of 2022. Deposits totaled $11.12 billion at June 30, 2022, compared to $9.78 billion at June 30, 2021.

Shareholders' equity was $1.33 billion as of June 30, 2022, compared to $1.49 billion and $1.72 billion at March 31, 2022, and June 30, 2021, respectively, as a result of changes in other comprehensive income ("OCI") due to increasing interest rates over the last two quarters. The unrealized loss on the available-for-sale investment securities portfolio, net of applicable tax, totaled $400.51 million at June 30, 2022, compared to an unrealized loss of $209.58 million at March 31, 2022 and an unrealized gain of $136.49 million at June 30, 2021.

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 https://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

2022

2021

ASSETS

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Cash and due from banks

$

242,665

$

203,187

$

205,053

$

201,901

$

190,061

Interest-bearing deposits in banks

222,899

394,566

323,535

359,241

654,531

Investment securities

6,215,036

6,502,495

6,573,179

6,119,984

5,578,048

Loans, held-for-investment, excluding PPP Loans

5,876,281

5,550,430

5,336,179

5,147,160

4,984,210

PPP loans

2,301

15,739

52,793

139,334

320,392

Total loans, held-for-investment

5,878,582

5,566,169

5,388,972

5,286,494

5,304,602

Allowance for loan losses

(71,932

)

(66,913

)

(63,465

)

(63,370

)

(62,138

)

Net loans, held-for-investment

5,806,650

5,499,256

5,325,507

5,223,124

5,242,464

Loans, held-for-sale

26,445

27,670

37,810

47,721

61,802

Premises and equipment, net

149,280

150,168

149,764

147,516

147,655

Goodwill

313,481

313,481

313,481

313,481

313,481

Other intangible assets

2,658

2,978

3,298

3,689

4,087

Other assets

281,098

220,399

170,834

126,601

136,954

Total assets

$

13,260,212

$

13,314,200

$

13,102,461

$

12,543,258

$

12,329,083

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$

4,104,034

$

3,978,724

$

3,780,230

$

3,574,405

$

3,427,038

Interest-bearing deposits

7,018,949

7,021,101

6,786,258

6,318,712

6,354,656

Total deposits

11,122,983

10,999,825

10,566,488

9,893,117

9,781,694

Borrowings

768,364

758,595

671,152

648,679

549,969

Trade date payable

-

-

-

174,236

189,838

Other liabilities

39,847

67,031

105,597

93,491

87,213

Shareholders' equity

1,329,018

1,488,749

1,759,224

1,733,735

1,720,369

Total liabilities and shareholders' equity

$

13,260,212

$

13,314,200

$

13,102,461

$

12,543,258

$

12,329,083

Quarter Ended

2022

2021

INCOME STATEMENTS

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Interest income

$

101,981

$

97,009

$

95,995

$

97,198

$

92,602

Interest expense

3,199

1,570

1,187

1,416

1,653

Net interest income

98,782

95,439

94,808

95,782

90,949

Provision for credit losses

5,350

4,782

2,064

-

(1,206

)

Net interest income after provisions for credit losses

93,432

90,657

92,744

95,782

92,155

Noninterest income

37,317

34,881

34,903

37,726

34,673

Noninterest expense

58,333

59,225

61,672

62,939

59,374

Net income before income taxes

72,416

66,313

65,975

70,569

67,454

Income tax expense

11,922

10,341

10,638

11,641

11,075

Net income

$

60,494

$

55,972

$

55,337

$

58,928

$

56,379

PER COMMON SHARE DATA

Net income - basic

$

0.42

$

0.39

$

0.39

$

0.41

$

0.40

Net income - diluted

0.42

0.39

0.39

0.41

0.39

Cash dividends declared

0.17

0.15

0.15

0.15

0.15

Book value

9.32

10.43

12.34

12.17

12.08

Tangible book value

7.10

8.21

10.12

9.94

9.85

Market value

39.27

44.12

50.84

45.95

49.13

Shares outstanding - end of period

142,586,601

142,704,495

142,532,116

142,467,687

142,359,774

Average outstanding shares - basic

142,682,251

142,558,743

142,437,804

142,334,449

142,245,555

Average outstanding shares - diluted

143,238,669

143,302,063

143,251,521

143,218,920

143,164,611

PERFORMANCE RATIOS

Return on average assets

1.82

%

1.71

%

1.74

%

1.90

%

1.89

%

Return on average equity

17.26

13.53

12.63

13.43

13.38

Return on average tangible equity

22.27

16.68

15.45

16.43

16.48

Net interest margin (tax equivalent)

3.28

3.22

3.29

3.41

3.36

Efficiency ratio

41.83

44.16

46.18

45.88

45.94

FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except share and per share data)

Six Months Ended

June 30,

INCOME STATEMENTS

2022

2021

Interest income

$

198,990

$

183,212

Interest expense

4,769

3,439

Net interest income

194,221

179,773

Provision for credit losses

10,132

(3,203

)

Net interest income after provisions for credit losses

184,089

182,976

Noninterest income

72,198

69,548

Noninterest expense

117,558

117,098

Net income before income taxes

138,729

135,426

Income tax expense

22,263

22,129

Net income

$

116,466

$

113,297

PER COMMON SHARE DATA

Net income - basic

$

0.82

$

0.80

Net income - diluted

0.81

0.79

Cash dividends declared

0.32

0.28

Book value

9.32

12.08

Tangible book value

7.10

9.85

Market value

$

39.27

$

49.13

Shares outstanding - end of period

142,586,601

142,359,774

Average outstanding shares - basic

142,620,838

142,196,190

Average outstanding shares - diluted

143,273,391

143,102,608

PERFORMANCE RATIOS

Return on average assets

1.77

%

1.97

%

Return on average equity

15.24

13.61

Return on average tangible equity

19.18

16.78

Net interest margin (tax equivalent)

3.25

3.45

Efficiency ratio

42.97

45.65

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2022

2021

ALLOWANCE FOR LOAN LOSSES

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Balance at beginning of period

$

66,913

$

63,465

$

63,370

$

62,138

$

62,974

Loans charged off

(275

)

(659

)

(3,067

)

(1,475

)

(392

)

Loan recoveries

1,191

360

783

2,707

595

Net recoveries (charge-offs)

916

(299

)

(2,284

)

1,232

203

Provision for loan losses

4,103

3,747

2,379

-

(1,039

)

Balance at end of period

$

71,932

$

66,913

$

63,465

$

63,370

$

62,138

ALLOWANCE FOR UNFUNDED COMMITMENTS

Balance at beginning of period

$

7,471

$

6,436

$

6,751

$

6,751

$

6,918

Provision for unfunded commitments

1,247

1,035

(315

)

-

(167

)

Balance at end of period

$

8,718

$

7,471

$

6,436

$

6,751

$

6,751

Allowance for loan losses /

period-end loans held-for-investment

1.22

%

1.20

%

1.18

%

1.20

%

1.17

%

Allowance for loan losses /

nonperforming loans

281.90

232.71

200.33

250.92

208.45

Net charge-offs (recoveries) / average total loans

(annualized)

(0.06

)

0.02

0.17

(0.09

)

(0.02

)

Quarter Ended

2022

2021

COMPOSITION OF LOANS HELD-FOR-INVESTMENT

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Commercial:

C&I

$

837,627

$

822,310

$

784,282

$

680,263

$

662,711

PPP

2,301

15,739

52,793

139,334

320,392

Municipal

200,577

191,799

177,905

165,847

179,356

Total Commercial

1,040,505

1,029,848

1,014,980

985,444

1,162,459

Agriculture

90,420

82,883

98,089

98,947

95,212

Real Estate:

Construction & Development

928,644

806,211

749,793

656,530

550,928

Farm

250,028

225,942

217,220

203,064

185,288

Non-Owner Occupied CRE

636,432

636,160

623,434

674,958

673,608

Owner Occupied CRE

909,899

881,181

821,653

824,231

820,055

Residential

1,412,125

1,352,162

1,334,419

1,328,798

1,328,474

Total Real Estate

4,137,128

3,901,656

3,746,519

3,687,581

3,558,353

Consumer:

Auto

468,147

419,818

405,416

394,072

383,764

Non-Auto

142,382

131,964

123,968

120,450

104,814

Total Consumer

610,529

551,782

529,384

514,522

488,578

Total loans held-for-investment

$

5,878,582

$

5,566,169

$

5,388,972

$

5,286,494

$

5,304,602

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$

46,512

$

47,445

$

55,670

$

53,620

$

54,497

Substandard

106,156

104,715

105,515

112,151

120,497

Doubtful

-

-

-

-

-

Total classified loans

$

152,668

$

152,160

$

161,185

$

165,771

$

174,994

NONPERFORMING ASSETS

Nonaccrual loans

$

25,475

$

28,723

$

31,652

$

25,210

$

29,786

Accruing troubled debt restructured loans

20

20

21

22

23

Accruing loans 90 days past due

22

11

8

23

-

Total nonperforming loans

25,517

28,754

31,681

25,255

29,809

Foreclosed assets

-

-

2,477

28

305

Total nonperforming assets

$

25,517

$

28,754

$

34,158

$

25,283

$

30,114

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

0.43

%

0.52

%

0.63

%

0.48

%

0.57

%

As a % of end of period total assets

0.19

0.22

0.26

0.20

0.24

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2022

2021

CAPITAL RATIOS

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Common equity Tier 1 capital ratio

18.50

%

19.00

%

19.35

%

19.71

%

20.04

%

Tier 1 capital ratio

18.50

19.00

19.35

19.71

20.04

Total capital ratio

19.54

20.01

20.34

20.76

21.12

Tier 1 leverage ratio

10.65

10.78

11.13

11.19

11.10

Tangible common equity ratio

7.83

9.02

11.28

11.59

11.68

Equity/Assets ratio

10.02

11.18

13.43

13.82

13.95

Quarter Ended

2022

2021

NONINTEREST INCOME

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

June 30,

Trust fees

$

9,742

$

9,817

$

9,670

$

9,484

$

8,692

Service charges on deposits

6,038

5,706

5,762

5,673

4,928

ATM, interchange and credit card fees

10,568

9,528

9,955

9,793

9,853

Gain on sale and fees on mortgage loans

5,728

6,333

6,272

8,788

8,291

Net gain on sale of available-for-sale securities

1,648

31

1

1

5

Net gain on sale of foreclosed assets

18

1,084

107

27

1

Net gain (loss) on sale of assets

6

(10

)

(3

)

(6

)

74

Interest on loan recoveries

1,649

283

1,207

1,746

704

Other noninterest income

1,920

2,109

1,932

2,220

2,125

Total noninterest income

$

37,317

$

34,881

$

34,903

$

37,726

$

34,673

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

$

31,840

$

32,540

$

31,876

$

34,460

$

32,936

Profit sharing expense

1,307

1,598

3,099

2,630

2,110

Net occupancy expense

3,292

3,225

3,333

3,288

3,241

Equipment expense

2,346

2,257

2,382

2,450

2,177

FDIC insurance premiums

904

869

848

815

766

ATM, interchange and credit card expenses

3,201

2,968

3,227

2,935

3,039

Legal, tax and professional fees

2,513

2,957

2,835

2,893

3,352

Audit fees

450

451

423

466

430

Printing, stationery and supplies

501

540

664

432

489

Amortization of intangible assets

320

320

391

398

412

Advertising, meals and public relations

1,554

1,493

1,842

1,746

1,392

Operational and other losses

782

596

1,385

1,087

534

Software amortization and expense

2,522

2,457

2,817

2,855

2,829

Other noninterest expense

6,801

6,954

6,550

6,484

5,667

Total noninterest expense

$

58,333

$

59,225

$

61,672

$

62,939

$

59,374

TAX EQUIVALENT YIELD ADJUSTMENT

$

3,366

$

3,782

$

3,841

$

3,670

$

3,633

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Six Months Ended

June 30,

NONINTEREST INCOME

2022

2021

Trust fees

$

19,559

$

16,991

Service charges on deposits

11,744

9,721

ATM, interchange and credit card fees

20,096

18,530

Gain on sale and fees on mortgage loans

12,061

18,185

Net gain on sale of available-for-sale securities

1,679

813

Net gain on sale of foreclosed assets

1,102

56

Net gain (loss) on sale of assets

(4

)

219

Interest on loan recoveries

1,932

1,086

Other noninterest income

4,029

3,947

Total noninterest income

$

72,198

$

69,548

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

$

64,380

$

65,572

Profit sharing expense

2,905

4,405

Net occupancy expense

6,517

6,388

Equipment expense

4,603

4,341

FDIC insurance premiums

1,773

1,467

ATM, interchange and credit card expenses

6,169

5,811

Legal, tax and professional fees

5,470

6,078

Audit fees

901

870

Printing, stationery and supplies

1,041

814

Amortization of intangible assets

640

824

Advertising, meals and public relations

3,047

2,780

Operational and other losses

1,378

821

Software amortization and expense

4,979

5,448

Other noninterest expense

13,755

11,479

Total noninterest expense

$

117,558

$

117,098

TAX EQUIVALENT YIELD ADJUSTMENT

$

7,148

$

7,180

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended

Three Months Ended

June 30, 2022

Mar. 31, 2022

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

$

1,466

$

5

1.45

%

$

1,015

$

1

0.52

%

Interest-bearing deposits in nonaffiliated banks

288,784

547

0.76

171,970

94

0.22

Taxable securities

4,101,751

19,151

1.87

4,231,949

17,823

1.68

Tax exempt securities

2,376,324

17,166

2.89

2,612,025

18,107

2.77

Loans

5,720,804

68,478

4.80

5,487,538

64,766

4.79

Total interest-earning assets

12,489,129

$

105,347

3.38

%

12,504,497

$

100,791

3.27

%

Noninterest-earning assets

825,711

744,810

Total assets

$

13,314,840

$

13,249,307

Interest-bearing liabilities:

Deposits

$

7,049,041

$

2,967

0.17

%

$

6,898,059

$

1,369

0.08

%

Borrowings

730,477

232

0.13

781,314

201

0.10

Total interest-bearing liabilities

7,779,518

$

3,199

0.16

%

7,679,373

$

1,570

0.08

%

Noninterest-bearing deposits

4,064,207

3,827,451

Other noninterest-bearing liabilities

65,475

64,999

Shareholders' equity

1,405,640

1,677,484

Total liabilities and shareholders' equity

$

13,314,840

$

13,249,307

Net interest income and margin (tax equivalent)

$

102,148

3.28

%

$

99,221

3.22

%

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

June 30, 2021

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

$

3,049

$

4

0.54

%

Interest-bearing deposits in nonaffiliated banks

796,835

211

0.11

Taxable securities

2,656,211

11,449

1.72

Tax exempt securities

2,461,924

17,410

2.83

Loans

5,383,781

67,161

5.00

Total interest-earning assets

11,301,800

$

96,235

3.42

%

Noninterest-earning assets

692,282

Total assets

$

11,994,082

Interest-bearing liabilities:

Deposits

$

6,229,991

$

1,560

0.10

%

Borrowings

527,669

93

0.07

Total interest-bearing liabilities

6,757,660

$

1,653

0.10

%

Noninterest-bearing deposits

3,439,683

Other noninterest-bearing liabilities

106,994

Shareholders' equity

1,689,745

Total liabilities and shareholders' equity

$

11,994,082

Net interest income and margin (tax equivalent)

$

94,582

3.36

%

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Six Months Ended

Six Months Ended

June 30, 2022

June 30, 2021

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

$

1,241

$

7

1.07

%

$

2,499

$

7

0.56

%

Interest-bearing deposits in nonaffiliated banks

230,700

641

0.56

717,423

370

0.10

Taxable securities

4,166,490

36,974

1.77

2,454,933

21,712

1.77

Tax exempt securities

2,493,523

35,273

2.83

2,415,527

34,389

2.85

Loans

5,604,815

133,243

4.79

5,340,207

133,914

5.06

Total interest-earning assets

12,496,769

$

206,138

3.33

%

10,930,589

$

190,392

3.51

%

Noninterest-earning assets

785,486

696,393

Total assets

$

13,282,255

$

11,626,982

Interest-bearing liabilities:

Deposits

$

6,973,967

$

4,336

0.13

%

$

6,073,981

$

3,255

0.11

%

Borrowings

755,755

433

0.12

492,341

184

0.08

Total interest-bearing liabilities

7,729,722

$

4,769

0.12

%

6,566,322

$

3,439

0.11

%

Noninterest-bearing deposits

3,946,483

3,278,067

Other noninterest-bearing liabilities

65,239

103,307

Shareholders' equity

1,540,811

1,679,286

Total liabilities and shareholders' equity

$

13,282,255

$

11,626,982

Net interest income and margin (tax equivalent)

$

201,369

3.25

%

$

186,953

3.45

%

Disclaimer

First Financial Bankshares Inc. published this content on 22 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2022 14:23:03 UTC.

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