FIRST FINANCIAL BANK

FFIN
Delayed Quote. Delayed  - 12/03 04:00:00 pm
50.61USD -0.98%

First Financial Bankshares : Announces Third Quarter 2021 Earnings

10/21/2021 | 04:06pm

ABILENE, Texas, Oct. 21, 2021 /PRNewswire/ -- 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

%

 

 

Cision View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-2021-earnings-301406170.html

SOURCE First Financial Bankshares, Inc.

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