FIRST FINANCIAL BANK

FFIN
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50.61USD -0.98%

FIRST FINANCIAL BANKSHARES : ANNOUNCES THIRD QUARTER 2021 EARNINGS - Form 8-K

10/21/2021 | 05:34pm

FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2021 EARNINGS

ABILENE, Texas, October 21, 2021-First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2021 of $58.93 million compared to earnings of $52.86 million for the same quarter a year ago. Basic and diluted earnings per share were $0.41 for the third quarter of 2021 compared with $0.37 for the same quarter a year ago.

"During the third quarter, we produced strong operating results driven by organic growth reflecting the increasing strength of our markets. The continued recovery of the Texas economy produced net loan growth, excluding PPP loans, of $162.95 million for the quarter and our overall credit metrics continued to improve. Additionally, customer deposits grew $111.42 million during the quarter driven by net deposit account openings of 13,774 year-to-date. We are focused on closing out 2021 with strong growth as we serve our communities across Texas. 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 third quarter of 2021 was $95.78 million compared to $89.21 million for the third quarter of 2020. Average-earning assets increased to $11.58 billion for the third quarter of 2021 compared to $9.80 billion a year ago. The net interest margin, on a taxable equivalent basis, was 3.41 percent for the third quarter of 2021 compared to 3.75 percent in the third 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 September 30, 2021
Number
of Loans
Amount Number
of Loans
Period-End
Amount, Net
Unamortized
Fees
Recognized
Fees During the
Quarter Ended
September 30,
2021

PPP Round 1

6,530 $ 703,450 51 $ 4,324 $ 63 $ 1,044

PPP Round 2

3,179 267,423 1,298 135,010 6,025 6,590

PPP Total

9,709 $ 970,873 1,349 $ 139,334 $ 6,088 $ 7,634

PPP loan balances declined $181.06 million from June 30, 2021 and accounted for $229.81 million in average balances for the third quarter of 2021 compared to $482.00 in the second quarter of 2021. Remaining unamortized fees continue to be amortized over the shorter of the repayment period or the contractual life of 24 to 60 months.

The Company recorded no provision for credit losses for the third quarter of 2021 compared to a provision for credit losses of $9.00 million for the third quarter of 2020. The Company's allowance for loan losses for the third quarter of 2021 reflected the continued improvement in overall asset quality offset by loan growth.

For the third quarter of 2021, net recoveries totaled $1.23 million compared to net charge-offs of $409 thousand for the third quarter of 2020. At September 30, 2021, the allowance for credit losses totaled $63.37 million, or 1.20 percent of loans held-for-investment ("loans" hereafter), or 1.23 percent of loans, excluding PPP loans, compared to $76.04 million at September 30, 2020, or 1.44 percent of loans, or 1.66 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.75 million at September 30, 2021 compared to $2.31 million at September 30, 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.48 percent at September 30, 2021, compared with 0.81 percent at September 30, 2020. Classified loans totaled $165.77 million at September 30, 2021, compared to $202.04 million at September 30, 2020.

Noninterest income in the third quarter of 2021 was $37.73 million compared to $38.58 million in the third quarter of 2020, as a result of the following:

Trust fees increased to $9.48 million in the third quarter of 2021 from $7.46 million in the third quarter of 2020. The fair value of trust assets managed increased to $8.08 billion at September 30, 2021 compared to $6.95 billion at September 30, 2020.

Service charges on deposits increased to $5.67 million in the third quarter of 2021 compared with $5.01 million in the third quarter of 2020.

ATM, interchange and credit card fees increased to $9.79 million in the third quarter of 2021 from $8.64 million in the third quarter of 2020, driven by continued growth in the number of debit cards issued and overall customer utilization.

Mortgage income was $8.79 million in the third quarter of 2021 compared to $15.23 million in the third quarter of 2020 due to lower overall origination volumes.

Loan recoveries during the third quarter of 2021 totaled $1.75 million compared to $202 thousand in the third quarter of 2020.

Noninterest expense for the third quarter of 2021 totaled $62.94 million compared to $55.59 million in the third quarter of 2020, as a result of the following:

Salary, commissions and employee benefit costs totaled $37.09 million for the third quarter of 2021, compared to $33.65 million in the third quarter of 2020. The increase over the prior year was primarily driven by increases effective March 1, 2021 from annual merit-based pay and increases in profit sharing and incentive compensation accruals during the third quarter of 2021.

The Company's efficiency ratio was 45.88 percent for the third quarter of 2021 compared to 42.45 percent for the third quarter of 2020.

As of September 30, 2021, consolidated assets for the Company totaled $12.54 billion compared to $10.57 billion at September 30, 2020. Loans totaled $5.29 billion at September 30, 2021, compared with loans of $5.29 billion at September 30, 2020. Excluding PPP loans, loans have grown $557.21 million or 12.14 percent, from September 30, 2020 balances. Deposits totaled $9.89 billion at September 30, 2021, compared to $8.29 billion at September 30, 2020, driven by continued organic growth. Shareholders' equity rose to $1.73 billion as of September 30, 2021, compared to $1.62 billion at September 30, 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 Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,

Cash and due from banks

$ 201,901 $ 190,061 $ 190,350 $ 211,113 $ 175,088

Interest-bearing deposits in banks

359,241 654,531 893,221 517,971 58,933

Investment securities

6,119,984 5,578,048 5,109,631 4,393,029 4,431,280

Loans, held-for-investment, excluding PPP Loans

5,147,160 4,984,210 4,790,752 4,687,370 4,589,948

PPP loans

139,334 320,392 531,810 483,663 703,731

Total loans, held-for-investment

5,286,494 5,304,602 5,322,562 5,171,033 5,293,679

Allowance for loan losses

(63,370 ) (62,138 ) (62,974 ) (66,534 ) (76,038 )

Net loans, held-for-investment

5,223,124 5,242,464 5,259,588 5,104,499 5,217,641

Loans, held-for-sale

47,721 61,802 65,405 83,969 101,055

Premises and equipment, net

147,516 147,655 142,415 142,269 141,002

Goodwill

313,481 313,481 313,481 313,481 313,481

Other intangible assets

3,689 4,087 4,499 4,911 5,394

Other assets

126,601 136,954 124,297 133,258 123,778

Total assets

$ 12,543,258 $ 12,329,083 $ 12,102,887 $ 10,904,500 $ 10,567,652

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$ 3,574,405 $ 3,427,038 $ 3,350,145 $ 2,982,697 $ 2,950,407

Interest-bearing deposits

6,318,712 6,354,656 6,063,302 5,693,120 5,344,481

Total deposits

9,893,117 9,781,694 9,413,447 8,675,817 8,294,888

Borrowings

648,679 549,969 548,604 430,093 503,163

Trade date payable

174,236 189,838 381,871 14,641 53,730

Other liabilities

93,491 87,213 93,537 105,759 96,370

Shareholders' equity

1,733,735 1,720,369 1,665,428 1,678,190 1,619,501

Total liabilities and shareholders' equity

$ 12,543,258 $ 12,329,083 $ 12,102,887 $ 10,904,500 $ 10,567,652
Quarter Ended
2021 2020
INCOME STATEMENTS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,

Interest income

$ 97,198 $ 92,602 $ 90,610 $ 92,457 $ 91,373

Interest expense

1,416 1,653 1,786 1,920 2,163

Net interest income

95,782 90,949 88,824 90,537 89,210

Provision for credit losses

- (1,206 ) (1,997 ) (8,033 ) 9,000

Net interest income after provisions for credit losses

95,782 92,155 90,821 98,570 80,210

Noninterest income

37,726 34,673 34,874 35,709 38,575

Noninterest expense

62,939 59,374 57,723 63,705 55,593

Net income before income taxes

70,569 67,454 67,972 70,574 63,192

Income tax expense

11,641 11,075 11,054 12,099 10,335

Net income

$ 58,928 $ 56,379 $ 56,918 $ 58,475 $ 52,857

PER COMMON SHARE DATA

Net income - basic

$ 0.41 $ 0.40 $ 0.40 $ 0.41 $ 0.37

Net income - diluted

0.41 0.39 0.40 0.41 0.37

Cash dividends declared

0.15 0.15 0.13 0.13 0.13

Book value

12.17 12.08 11.70 11.80 11.40

Tangible book value

9.94 9.85 9.47 9.57 9.15

Market value

45.95 49.13 46.73 36.17 27.91

Shares outstanding - end of period

142,467,687 142,359,774 142,285,611 142,161,834 142,121,595

Average outstanding shares - basic

142,334,449 142,245,555 142,146,275 142,057,705 141,980,707

Average outstanding shares - diluted

143,218,920 143,164,611 143,002,658 142,644,088 142,529,242

PERFORMANCE RATIOS

Return on average assets

1.90 % 1.89 % 2.05 % 2.19 % 2.01 %

Return on average equity

13.43 13.38 13.83 14.27 13.14

Return on average tangible equity

16.43 16.48 17.09 17.74 16.41

Net interest margin (tax equivalent)

3.41 3.36 3.55 3.75 3.75

Efficiency ratio

45.88 45.94 45.36 49.15 42.45
Nine Months Ended
Sept. 30,
INCOME STATEMENTS 2021 2020

Interest income

$ 280,410 $ 271,671

Interest expense

4,855 12,323

Net interest income

275,555 259,348

Provision for credit losses

(3,203 ) 27,550

Net interest income after provisions for credit losses

278,758 231,798

Noninterest income

107,273 104,226

Noninterest expense

180,036 164,233

Net income before income taxes

205,995 171,791

Income tax expense

33,770 28,233

Net income

$ 172,225 $ 143,558

PER COMMON SHARE DATA

Net income - basic

$ 1.21 $ 1.01

Net income - diluted

1.20 1.01

Cash dividends declared

0.43 0.38

Book Value

12.17 11.40

Tangible book value

9.94 9.15

Market Value

45.95 27.91

Shares outstanding - end of period

142,467,687 142,121,595

Average outstanding shares - basic

142,242,783 142,023,930

Average outstanding shares - diluted

143,183,792 142,519,448

PERFORMANCE RATIOS

Return on average assets

1.94 % 1.91 %

Return on average equity

13.55 12.46

Return on average tangible equity

16.66 15.71

Net interest margin (tax equivalent)

3.43 3.81

Efficiency ratio

45.73 44.21

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended
2021 2020
ALLOWANCE FOR LOAN LOSSES Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,

Balance at beginning of period

$ 62,138 $ 62,974 $ 66,534 $ 76,038 $ 68,947

Loans charged off

(1,475 ) (392 ) (574 ) (1,339 ) (853 )

Loan recoveries

2,707 595 443 778 444

Net recoveries (charge-offs)

1,232 203 (131 ) (561 ) (409 )

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

- (1,039 ) (3,429 ) (10,002 ) 7,500

Balance at end of period

$ 63,370 $ 62,138 $ 62,974 $ 66,534 $ 76,038

ALLOWANCE FOR UNFUNDED COMMITMENTS

Balance at beginning of period

$ 6,751 $ 6,918 $ 5,486 $ 2,309 $ 809

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

- - - 1,208 -

Provision for unfunded commitments

- (167 ) 1,432 1,969 1,500

Balance at end of period

$ 6,751 $ 6,751 $ 6,918 $ 5,486 $ 2,309

Allowance for loan losses / period-end loans held-for-investment

1.20 % 1.17 % 1.18 % 1.29 % 1.44 %

Allowance for loan losses / nonperforming loans

250.92 208.45 160.00 155.61 177.99

Net charge-offs (recoveries) / average total loans (annualized)

(0.09 ) (0.02 ) 0.01 0.04 0.03
Quarter Ended
2021 2020
COMPOSITION OF LOANS HELD-FOR-INVESTMENT Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,

Commercial:

C&I

$ 680,263 $ 662,711 $ 646,316 $ 647,719$ N/A

PPP

139,334 320,392 531,810 483,663 703,731

Municipal

165,847 179,356 176,949 181,325 N/A

Total Commercial

985,444 1,162,459 1,355,075 1,312,707 1,488,345

Agriculture

98,947 95,212 90,366 94,864 93,972

Real Estate:

Construction & Development

656,530 550,928 587,928 553,959 N/A

Farm

203,064 185,288 162,046 152,237 N/A

Non-Owner Occupied CRE

674,958 673,608 650,144 617,686 N/A

Owner Occupied CRE

824,231 820,055 759,906 746,974 N/A

Residential

1,328,798 1,328,474 1,254,727 1,248,409 N/A

Total Real Estate

3,687,581 3,558,353 3,414,751 3,319,265 3,287,605

Consumer:

Auto

394,072 383,764 370,027 353,595 N/A

Non-Auto

120,450 104,814 92,343 90,602 N/A

Total Consumer

514,522 488,578 462,370 444,197 423,757

Total loans held-for-investment

$ 5,286,494 $ 5,304,602 $ 5,322,562 $ 5,171,033 $ 5,293,679

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$ 53,620 $ 54,497 $ 61,866 $ 56,585 $ 66,033

Substandard

112,151 120,497 128,550 140,866 136,010

Doubtful

- - - - -

Total classified loans

$ 165,771 $ 174,994 $ 190,416 $ 197,451 $ 202,043

NONPERFORMING ASSETS

Nonaccrual loans

$ 25,210 $ 29,786 $ 39,333 $ 42,619 $ 42,673

Accruing troubled debt restructured loans

22 23 23 24 25

Accruing loans 90 days past due

23 - 2 113 23

Total nonperforming loans

25,255 29,809 39,358 42,756 42,721

Foreclosed assets

28 305 300 142 331

Total nonperforming assets

$ 25,283 $ 30,114 $ 39,658 $ 42,898 $ 43,052

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

0.48 % 0.57 % 0.75 % 0.83 % 0.81 %

As a % of end of period total assets

0.20 0.24 0.33 0.39 0.41

OIL AND GAS PORTFOLIO INFORMATION *

Oil and gas loans

$ 96,469 $ 103,166 $ 105,261 $ 106,237 $ 118,567

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

1.87 % 2.07 % 2.20 % 2.27 % 2.58 %

Classified oil and gas loans

$ 10,831 $ 13,090 $ 10,079 $ 13,298 $ 26,823

Nonaccrual oil and gas loans

3,058 3,986 4,759 4,774 6,800

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

(71 ) 59 40 24 -

* Excluding PPP loans

RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *

Retail loans

$ 348,797 $ 326,409 $ 282,310 $ 216,244 $ 229,386

Restaurant loans

59,031 56,997 51,772 48,618 39,523

Hotel loans

60,733 71,008 71,435 71,716 63,273

Other hospitality loans

27,369 27,929 24,014 21,970 26,041

Travel loans

593 790 664 780 801

Total retail/restaurant/hospitality loans

$ 496,523 $ 483,133 $ 430,195 $ 359,328 $ 359,024

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

9.65 % 9.69 % 8.98 % 7.67 % 7.82 %

Classified Retail/Restaurant/Hospitality loans

$ 34,341 $ 43,635 $ 45,214 $ 31,192 $ 28,171

Nonaccrual Retail/Restaurant/Hospitality loans

1,995 5,600 6,575 5,975 5,689

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

(506 ) - - 561 26

* Excluding PPP loans

CAPITAL RATIOS

Common equity Tier 1 capital ratio

19.71 % 20.04 % 20.32 % 20.79 % 20.56 %

Tier 1 capital ratio

19.71 20.04 20.32 20.79 20.56

Total capital ratio

20.76 21.12 21.47 22.03 21.82

Tier 1 leverage ratio

11.19 11.10 11.55 11.86 11.65

Tangible common equity ratio

11.90 11.75 12.35 12.71 12.61

Equity/Assets ratio

13.82 13.95 13.76 15.39 15.33
Quarter Ended
2021 2020
NONINTEREST INCOME Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,

Trust fees

$ 9,484 $ 8,692 $ 8,299 $ 7,672 $ 7,461

Service charges on deposits

5,673 4,928 4,793 5,330 5,009

ATM, interchange and credit card fees

9,793 9,853 8,677 8,376 8,644

Gain on sale and fees on mortgage loans

8,788 8,291 9,894 11,116 15,228

Net gain on sale of available-for-sale securities

1 5 808 23 36

Net gain on sale of foreclosed assets

27 1 55 87 19

Net gain (loss) on sale of assets

(6 ) 74 145 22 (2 )

Interest on loan recoveries

1,746 704 382 235 202

Other noninterest income

2,220 2,125 1,821 2,848 1,978

Total noninterest income

$ 37,726 $ 34,673 $ 34,874 $ 35,709 $ 38,575

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

$ 34,460 $ 32,936 $ 32,636 $ 34,773 $ 32,104

Profit sharing expense

2,630 2,110 2,295 6,245 1,545

Net occupancy expense

3,288 3,241 3,147 3,067 3,193

Equipment expense

2,450 2,177 2,164 2,154 2,157

FDIC insurance premiums

815 766 701 663 587

ATM, interchange and credit card expenses

2,935 3,039 2,772 2,811 2,829

Legal, tax and professional fees

2,893 3,352 2,726 2,302 2,615

Audit fees

466 430 440 407 526

Printing, stationery and supplies

432 489 325 449 615

Amortization of intangible assets

398 412 412 483 490

Advertising and public relations

1,746 1,392 1,388 1,600 797

Operational and other losses

1,087 534 287 537 621

Software amortization and expense

2,855 2,829 2,619 2,563 2,265

Other noninterest expense

6,484 5,667 5,811 5,651 5,249

Total noninterest expense

$ 62,939 $ 59,374 $ 57,723 $ 63,705 $ 55,593

TAX EQUIVALENT YIELD ADJUSTMENT

$ 3,670 $ 3,633 $ 3,547 $ 3,355 $ 3,170
Nine Months Ended
Sept. 30,

NONINTEREST INCOME

2021 2020

Trust fees

$ 26,475 $ 21,859

Service charges on deposits

15,394 15,242

ATM, interchange and credit card fees

28,323 24,093

Gain on sale and fees on mortgage loans

26,973 32,756

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

814 3,610

Net gain (loss) on sale of foreclosed assets

83 72

Net gain (loss) on sale of assets

213 90

Interest on loan recoveries

2,832 621

Other noninterest income

6,166 5,883

Total noninterest income

$ 107,273 $ 104,226

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

$ 100,032 $ 89,610

Profit sharing expense

7,035 4,495

Net occupancy expense

9,676 9,321

Equipment expense

6,791 6,242

FDIC insurance premiums

2,282 1,095

ATM, interchange and credit card expenses

8,746 8,424

Legal, tax and professional fees

8,971 8,467

Audit fees

1,336 1,676

Printing, stationery and supplies

1,246 1,714

Amortization of intangible assets

1,222 1,507

Advertising and public relations

4,526 3,003

Operational and other losses

1,908 1,925

Software amortization and expense

8,303 6,299

Other noninterest expense

17,962 20,455

Total noninterest expense

$ 180,036 $ 164,233

TAX EQUIVALENT YIELD ADJUSTMENT

$ 10,850 $ 7,905

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended Three Months Ended
Sept. 30, 2021 June 30, 2021
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate

Interest-earning assets:

Federal funds sold

$ 1,554 $ 2 0.51 % $ 3,049 $ 4 0.54 %

Interest-bearing deposits in nonaffiliated banks

612,551 236 0.15 796,835 211 0.11

Taxable securities

3,081,215 12,122 1.57 2,656,211 11,449 1.72

Tax exempt securities

2,542,606 17,701 2.78 2,461,924 17,410 2.83

Loans

5,337,807 70,807 5.26 5,383,781 67,161 5.00

Total interest-earning assets

11,575,733 $ 100,868 3.46 % 11,301,800 $ 96,235 3.42 %

Noninterest-earning assets

705,099 692,282

Total assets

$ 12,280,832 $ 11,994,082

Interest-bearing liabilities:

Deposits

$ 6,346,267 $ 1,340 0.08 % $ 6,229,991 $ 1,560 0.10 %

Borrowings

599,934 76 0.05 527,669 93 0.07

Total interest-bearing liabilities

6,946,201 $ 1,416 0.08 % 6,757,660 $ 1,653 0.10 %

Noninterest-bearing deposits

3,490,685 3,439,683

Other noninterest-bearing liabilities

103,446 106,994

Shareholders' equity

1,740,500 1,689,745

Total liabilities and shareholders' equity

$ 12,280,832 $ 11,994,082

Net interest income and margin (tax equivalent)

$ 99,452 3.41 % $ 94,582 3.36 %
Three Months Ended Three Months Ended
Mar. 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

$ 1,942 $ 3 0.58 % $ - $ - - %

Interest-bearing deposits in nonaffiliated banks

637,129 159 0.10 195,637 50 0.10

Taxable securities

2,251,419 10,264 1.82 2,086,419 10,708 2.05

Tax exempt securities

2,368,615 16,979 2.87 2,318,912 16,733 2.89

Loans

5,296,149 66,753 5.11 5,356,229 68,321 5.07

Total interest-earning assets

10,555,254 $ 94,158 3.62 % 9,957,197 $ 95,812 3.83 %

Noninterest-earning assets

700,550 674,229

Total assets

$ 11,255,804 $ 10,631,426

Interest-bearing liabilities:

Deposits

$ 5,916,237 $ 1,696 0.12 % $ 5,479,873 $ 1,826 0.13 %

Borrowings

456,620 91 0.08 428,117 94 0.09

Total interest-bearing liabilities

6,372,857 $ 1,787 0.11 % 5,907,990 $ 1,920 0.13 %

Noninterest-bearing deposits

3,114,656 2,987,572

Other noninterest-bearing liabilities

99,581 106,065

Shareholders' equity

1,668,710 1,629,799

Total liabilities and shareholders' equity

$ 11,255,804 $ 10,631,426

Net interest income and margin (tax equivalent)

$ 92,371 3.55 % $ 93,892 3.75 %
Three Months Ended
Sept. 30, 2020
Average Tax Equivalent Yield /
Balance Interest Rate

Interest-earning assets:

Federal funds sold

$ 2,009 $ 3 0.51 %

Interest-bearing deposits in nonaffiliated banks

223,104 59 0.10

Taxable securities

2,187,547 12,063 2.21

Tax exempt securities

2,058,032 15,737 3.06

Loans

5,334,174 66,681 4.97

Total interest-earning assets

9,804,866 $ 94,543 3.84 %

Noninterest-earning assets

671,374

Total assets

$ 10,476,240

Interest-bearing liabilities:

Deposits

$ 5,270,600 $ 2,064 0.16 %

Borrowings

482,555 99 0.08

Total interest-bearing liabilities

5,753,155 $ 2,163 0.15 %

Noninterest-bearing deposits

3,016,700

Other noninterest-bearing liabilities

106,295

Shareholders' equity

1,600,090

Total liabilities and shareholders' equity

$ 10,476,240

Net interest income and margin (tax equivalent)

$ 92,380 3.75 %
Nine Months Ended Nine Months Ended
Sept. 30, 2021 Sept. 30, 2020
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate

Interest-earning assets:

Federal funds sold

$ 2,181 $ 9 0.55 % $ 1,854 $ 14 0.99 %

Interest-bearing deposits in nonaffiliated banks

682,082 606 0.12 267,850 889 0.44

Taxable securities

2,665,988 33,834 1.69 2,283,064 40,748 2.38

Tax exempt securities

2,458,352 52,090 2.83 1,736,250 41,670 3.20

Loans

5,339,398 204,721 5.13 5,084,136 196,255 5.16

Total interest-earning assets

11,148,001 $ 291,260 3.49 % 9,373,154 $ 279,576 3.98 %

Noninterest-earning assets

699,326 673,325

Total assets

$ 11,847,327 $ 10,046,479

Interest-bearing liabilities:

Deposits

$ 6,165,740 $ 4,595 0.10 % $ 5,104,096 $ 11,293 0.30 %

Borrowings

528,599 260 0.07 606,291 1,030 0.23

Total interest-bearing liabilities

6,694,339 $ 4,855 0.10 % 5,710,387 $ 12,323 0.29 %

Noninterest-bearing deposits

3,349,719 2,714,173

Other noninterest-bearing liabilities

103,354 82,670

Shareholders' equity

1,699,915 1,539,249

Total liabilities and shareholders' equity

$ 11,847,327 $ 10,046,479

Net interest income and margin (tax equivalent)

$ 286,405 3.43 % $ 267,253 3.81 %

Disclaimer

First Financial Bankshares Inc. published this content on 21 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2021 21:33:04 UTC.

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