First Financial Bankshares Announces Third Quarter Earnings Results

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ABILENE, Texas, Oct. 20, 2016 /PRNewswire/ -- First Financial Bankshares, Inc. FFIN today reported earnings for the third quarter of 2016 of $25.60 million compared with earnings of $25.89 million in the same quarter last year.  Basic earnings per share were $0.39 for the third quarter of 2016 compared with $0.40 in the same quarter a year ago.

All amounts for the third quarter and nine months ended September 30, 2016, include the results of the asset purchase of 4Trust Mortgage, Inc. on May 31, 2015, and the acquisition of First Bank, N.A., Conroe, Texas, on July 31, 2015. As of the acquisition date, First Bank had total gross loans of $252.46 million and total deposits of $356.75 million.

Net interest income for the third quarter of 2016 increased 1.12 percent to $56.73 million compared with $56.10 million in the same quarter of 2015. The net interest margin, on a taxable equivalent basis, was 4.04 percent for the third quarter of 2016 compared to 4.12 percent for the second quarter of 2016 and 4.13 percent for the third quarter of 2015. Included in interest income for the third quarter of 2016 was $528 thousand, or four basis points in net interest margin, related to discount accretion from fair value accounting related to the Conroe and Orange acquisitions.  

The provision for loan losses was $3.83 million in the third quarter of 2016 compared with $2.06 million in the second quarter of 2016 and $2.66 million in the third quarter of 2015. The continued provision for loan losses in 2016 reflects the continued levels of nonperforming and classified assets, gross charge-offs, as well as the economic effects related to the oil and gas industry. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.04 percent at September 30, 2016, compared with 1.22 percent at June 30, 2016, and 0.69 percent at September 30, 2015.  Classified loans totaled $126.60 million at September 30, 2016, compared to $132.67 million at June 30, 2016, and $112.12 million at September 30, 2015. The increase in provision for loan losses and gross charge-offs in the third quarter of 2016, when compared to the second quarter of 2016 and the same quarter a year ago, is primarily related to one nonaccrual commercial loan, which is in the process of liquidation. The Company recorded gross charge-offs totaling $3.0 million in the third quarter of 2016 due to new facts and circumstances related to this loan.  The Company has recorded $4.0 million for the nine months ended September 30, 2016, on this loan.

At September 30, 2016, loans with oil and gas industry exposure totaled 2.58% of gross loans. These loans comprised $31.54 million of the classified loan totals and $5.14 million of the nonperforming loan totals. In addition, $104 thousand in net charge-offs was related to these oil and gas loans for the quarter ended September 30, 2016. At September 30, 2016, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 5.60% of total oil and gas loans.

Noninterest income increased 8.34 percent in the third quarter of 2016 to $22.15 million compared with $20.45 million in the same quarter a year ago. Trust fees increased to $5.07 million in the third quarter of 2016 compared with $4.82 million in the same quarter last year, due to continued growth in the fair value of Trust assets managed to $4.22 billion from $3.83 billion a year ago. This growth offset a $76 thousand decline in Trust oil and gas fee income in the third quarter of 2016 compared to the same quarter a year ago.  ATM, interchange and credit card fees and service charges on deposit accounts increased 3.56 percent and 3.07 percent, respectively, to $6.00 million and $4.80 million compared with $5.79 million and $4.65 million, respectively, in the same quarter last year due to continued growth in net new accounts and debit cards. Real estate mortgage fees increased 25.52 percent in the third quarter of 2016 to $4.70 million compared with $3.74 million in the same quarter a year ago.

Noninterest expense for the third quarter of 2016 totaled $42.00 million compared to $39.97 million in the third quarter of 2015. The Company's efficiency ratio in the third quarter of 2016 was 49.33 percent compared with 48.44 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2016 was primarily a result of an increase in salary and employee benefit costs to $22.93 million compared to $21.65 million in the same quarter a year ago, primarily driven by the addition of 4Trust Mortgage and First Bank employees, annual pay increases and a significant increase in medical insurance costs due to several large claims. Included in noninterest expense in the third quarter of 2015 were technology contract termination and conversion related costs totaling $1.14 million related to the First Bank acquisition.

For the nine months ended September 30, 2016, net income increased 3.88 percent to $78.11 million from $75.19 million a year ago. Basic earnings per share rose to $1.18 from $1.16 in the same period last year. Net interest income increased 6.75 percent to $170.30 million for the nine months ended September 30, 2016, from $159.53 million in the same period a year ago. The provision for loan losses totaled $8.22 million compared with $5.51 million in the same period a year ago. Noninterest income was $63.41 million for the first nine months 2016 compared with $54.15 million in the same period a year ago. Noninterest expense rose to $123.84 million compared with $109.12 million during the same period a year ago.

As of September 30, 2016, consolidated assets for the Company totaled $6.69 billion compared to $6.61 billion at June 30, 2016, and $6.47 billion at September 30, 2015. Loans grew to $3.37 billion at September 30, 2016, compared with loans of $3.31 billion at June 30, 2016 and $3.29 billion at September 30, 2015. Deposits totaled $5.24 billion at September 30, 2016, compared to $5.06 billion at June 30, 2016, and $5.10 billion at September 30, 2015.  Shareholders' equity rose to $867.94 million as of September 30, 2016, compared with $866.16 million at June 30, 2016, and $792.03 million at September 30, 2015. 

"We were pleased to see growth in our loans and deposits for the third quarter," said F. Scott Dueser, Chairman, President and CEO. "We continue to realize the effects that the continued low interest rates, commodity prices, and oil and gas prices have on our balance sheet and income statement.  We are encouraged that oil and gas prices have increased and, hopefully, will continue.  To counteract the effects of these low prices, we are working hard to grow loans and deposits, while cutting expenses to improve our bottom line while continuing to look for acquisition opportunities to better utilize our strong capital position and increase our return to our shareholders."

About First Financial Bankshares

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 69 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, 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 eight 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 Bankshares, 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; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables.   Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents/Filings" on the Company's Web site or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY  (UNAUDITED) 

(In thousands, except share and per share data)






















As of





2016



2015


ASSETS




 Sept. 30,  



June 30, 



Mar. 31, 



 Dec. 31,  



 Sept. 30,  


Cash and due from banks


$

166,981


$

135,092


$

139,995


$

179,140


$

133,340


Interest-bearing deposits in banks


117,334



67,746



22,993



89,936



4,268


Interest-bearing time deposits in banks


1,707



2,427



2,427



3,495



4,491


Fed funds sold




3,400



2,960



2,660



3,810



2,790


Investment securities



2,729,159



2,795,493



2,763,185



2,734,177



2,737,639


Loans




3,369,384



3,309,388



3,299,207



3,350,593



3,288,422



Allowance for loan losses


(45,298)



(45,060)



(44,072)



(41,877)



(40,420)


Net loans




3,324,086



3,264,328



3,255,135



3,308,716



3,248,002


Premises and equipment



122,725



122,326



118,208



115,712



116,803


Goodwill




139,971



139,971



139,971



139,971



139,655


Other intangible assets



3,758



3,959



4,198



4,478



4,641


Other assets




77,615



80,688



76,413



85,635



76,016



Total assets


$

6,686,736


$

6,614,990


$

6,525,185


$

6,665,070


$

6,467,645




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

1,702,993


$

1,644,812


$

1,654,271


$

1,745,952


$

1,720,383


Interest-bearing deposits



3,532,471



3,411,477



3,409,536



3,444,217



3,376,900



Total deposits



5,235,464



5,056,289



5,063,807



5,190,169



5,097,283


Borrowings




513,759



556,924



525,340



615,675



500,903


Other liabilities




69,569



135,619



97,430



54,240



77,425


Shareholders' equity



867,944



866,158



838,608



804,986



792,034



Total liabilities and shareholders' equity

$

6,686,736


$

6,614,990


$

6,525,185


$

6,665,070


$

6,467,645























Quarter Ended





2016



2015


INCOME STATEMENTS



 Sept. 30,  



 June 30,  



Mar. 31, 



 Dec 31,  



 Sept. 30,  


Interest income



$

58,093


$

57,881


$

58,335


$

59,047


$

57,163


Interest expense



1,366



1,330



1,312



1,046



1,065


Net interest income



56,727



56,551



57,023



58,001



56,098


Provision for loan losses



3,833



2,058



2,328



4,177



2,664


Net interest income after provision for loan losses


52,894



54,493



54,695



53,824



53,434


Noninterest income



22,152



21,438



19,821



19,280



20,446


Noninterest expense



42,003



40,756



41,081



40,342



39,973



Net income before income taxes


33,043



35,175



33,435



32,762



33,907


Income tax expense



7,440



8,366



7,739



7,570



8,021



Net income


$

25,603


$

26,809


$

25,696


$

25,192


$

25,886




















PER COMMON SHARE DATA 

















Net income - basic


$

0.39


$

0.41


$

0.39


$

0.38


$

0.40


Net income - diluted



0.39



0.41



0.39



0.38



0.40


Cash dividends declared



0.18



0.18



0.16



0.16



0.16


Book Value




13.14



13.11



12.70



12.20



12.01


Market Value



$

36.44


$

32.79


$

29.58


$

30.17


$

31.78


Shares outstanding - end of period


66,063,285



66,059,912



66,043,442



65,990,234



65,942,155


Average outstanding shares - basic


66,023,069



66,016,562



65,974,559



65,940,127



65,335,457


Average outstanding shares - diluted


66,147,202



66,138,275



66,118,998



66,105,098



65,501,697




















PERFORMANCE RATIOS

















Return on average assets



1.54

%


1.65

%

1.58

%


1.53

%


1.61

%

Return on average equity



11.72



12.76



12.55



12.54



13.63


Net interest margin (tax equivalent)


4.04



4.12



4.15



4.16



4.13


Efficiency ratio




49.33



48.43



49.52



48.38



48.44


 




Nine Months Ended




Sept. 30, 

INCOME STATEMENTS



2016



2015


Interest income



$

174,309


$

162,576


Interest expense



4,008



3,042


Net interest income



170,301



159,534


Provision for loan losses



8,219



5,508


Net interest income after provision for loan losses


162,082



154,026


Noninterest income



63,410



54,152


Noninterest expense



123,840



109,122



Net income before income taxes



101,652



99,056


Income tax expense



23,544



23,867



Net income


$

78,108


$

75,189











PER COMMON SHARE DATA 








Net income - basic


$

1.18


$

1.16


Net income - diluted



1.18



1.16


Cash dividends declared



0.52



0.46


Book Value




13.14



12.01


Market Value



$

36.44


$

31.78


Shares outstanding - end of period


66,063,285



65,942,155


Average outstanding shares - basic


66,004,797



64,540,034


Average outstanding shares - diluted


66,135,918



64,736,155











PERFORMANCE RATIOS








Return on average assets



1.59

%


1.64

%

Return on average equity



12.33



13.99


Net interest margin (tax equivalent)


4.10



4.10


Efficiency ratio




49.09



47.34











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2016



2015


ALLOWANCE FOR LOAN LOSSES


 Sept. 30,  



June 30, 



Mar. 31, 



Dec. 31, 



 Sept. 30,  


Balance at beginning of period


$

45,060


$

44,072


$

41,877


$

40,420


$

38,999


Loans charged off



(4,372)



(1,888)



(1,782)



(3,110)



(1,477)


Loan recoveries




777



818



1,649



390



234


Net recoveries (charge-offs)



(3,595)



(1,070)



(133)



(2,720)



(1,243)


Provision for loan losses



3,833



2,058



2,328



4,177



2,664


Balance at end of period


$

45,298


$

45,060


$

44,072


$

41,877


$

40,420




















Allowance for loan losses /

















     period-end loans



1.34

%


1.36

%


1.34

%


1.25

%


1.23

%

Allowance for loan losses /

















     nonperforming loans



131.04



112.36



156.24



143.70



183.39


Net charge-offs / average loans

















     (annualized)




0.43



0.13



0.02



0.33



0.16




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention



$

25,488


$

26,125


$

31,486


$

40,576


$

43,284


Substandard




101,110



106,540



110,657



108,813



68,772


Doubtful




2



-



-



37



62



Total classified loans

$

126,600


$

132,665


$

142,143


$

149,426


$

112,118




















NONPERFORMING ASSETS

















Nonaccrual loans


$

33,712


$

38,904


$

27,175


$

28,601


$

21,788


Accruing troubled debt restructured loans


750



961



973



199



204


Accruing loans 90 days past due


107



237



59



341



49



Total nonperforming loans


34,569



40,102



28,207



29,141



22,041


Foreclosed assets



369



285



821



627



701



Total nonperforming assets

$

34,938


$

40,387


$

29,028


$

29,768


$

22,742




















As a % of loans and foreclosed assets


1.04

%


1.22

%


0.88

%


0.89

%


0.69

%

As a % of end of period total assets


0.52



0.61



0.44



0.45



0.35




















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans


$

86,785


$

87,857


$

92,058


$

96,712


$

92,382


Oil and gas loans as a % of total loans


2.58

%


2.65

%

2.79

%


2.89

%


2.81

%

Classified oil and gas loans



31,541



32,674



36,402



34,506



30,028


Nonaccrual oil and gas loans



5,140



5,763



4,917



5,404



2,589


Net charge-offs for oil and gas loans


104



419



517



1,370



567


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


5.60

%


6.57

%

7.37

%


6.35

%


6.48

%



















CAPITAL RATIOS

















Common equity Tier 1 capital ratio


17.11

%


16.64

%


16.46

%


15.90

%


15.73

%

Tier 1 capital ratio



17.11



16.64



16.46



15.90



15.73


Total capital ratio



18.28



17.79



17.60



16.97



16.78


Tier 1 leverage




10.60



10.50



10.23



9.96



9.96


Equity to assets




12.98



13.09



12.85



12.08



12.25









































Quarter Ended





2016



2015


NONINTEREST INCOME



 Sept. 30,  



 June 30,  



Mar. 31, 



Dec. 31, 



 Sept. 30,  


Trust fees



$

5,066


$

4,726


$

4,655


$

4,961


$

4,818


Service charges on deposits



4,796



4,404



4,413



4,730



4,653


ATM, interchange and credit card fees


6,000



5,840



5,680



5,651



5,794


Real estate mortgage fees



4,697



4,013



3,139



3,088



3,742


Net gain on sale of available-for-sale securities


239



912



2



51



136


Net gain (loss) on sale of foreclosed assets


(10)



278



76



528



28


Net gain (loss) on sale of assets



(168)



(74)



513



(809)



(11)


Interest on loan recoveries



709



629



633



216



323


Other noninterest income



823



710



710



864



963



Total noninterest income

$

22,152


$

21,438


$

19,821


$

19,280


$

20,446




















NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

22,193


$

22,038


$

21,545


$

20,647


$

20,007


Profit sharing expense



738



109



1,045



1,265



1,641


Net occupancy expense



2,672



2,583



2,631



2,674



3,050


Equipment expense



3,420



3,386



3,380



3,218



3,114


FDIC insurance premiums



513



818



824



837



819


ATM, interchange and credit card expenses


1,859



1,806



1,687



1,540



1,509


Legal, tax and professional fees



2,389



2,108



2,209



2,037



1,497


Audit  fees




413



400



449



359



444


Printing, stationery and supplies



536



464



503



617



594


Amortization of intangible assets


172



199



199



199



200


Advertising and public relations



1,729



1,537



1,444



1,481



1,564


Correspondent bank service charges


240



239



247



239



238


Other noninterest expense



5,129



5,069



4,918



5,229



5,296



Total noninterest expense

$

42,003


$

40,756


$

41,081


$

40,342


$

39,973




















TAX EQUIVALENT YIELD ADJUSTMENT

$

6,271


$

6,168


$

6,115


$

6,111


$

5,984


 




Nine Months Ended




Sept. 30, 

NONINTEREST INCOME



2016



2015


Trust fees



$

14,446


$

14,289


Service charges on deposits



13,614



12,442


ATM, interchange and credit card fees


17,521



16,209


Real estate mortgage fees



11,849



7,321


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


1,153



380


Net gain (loss) on sale of foreclosed assets


343



10


Net gain (loss) on sale of assets



271



(11)


Interest on loan recoveries



1,970



834


Other noninterest income



2,243



2,678



Total noninterest income

$

63,410


$

54,152











NONINTEREST EXPENSE








Salaries and employee benefits, excluding profit sharing

$

65,776


$

54,896


Profit sharing expense



1,892



4,190


Net occupancy expense



7,886



7,640


Equipment expense



10,186



9,005


FDIC insurance premiums



2,155



2,316


ATM, interchange and credit card expenses


5,352



4,844


Legal, tax and professional fees



6,708



4,895


Audit  fees




1,263



1,196


Printing, stationery and supplies



1,504



1,662


Amortization of intangible assets


570



362


Advertising and public relations



4,710



4,402


Correspondent bank service charges


726



686


Other noninterest expense



15,112



13,028



Total noninterest expense

$

123,840


$

109,122











TAX EQUIVALENT YIELD ADJUSTMENT

$

18,554


$

16,831


 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




























Three Months Ended




Three Months Ended




Sept. 30, 2016




June 30, 2016





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold



$

4,596


$

4



0.33

%




$

5,701


$

6



0.44

%

  Interest-bearing deposits in nonaffiliated banks


69,285



95



0.55






37,159



57



0.61


  Taxable securities



1,305,103



6,775



2.08






1,349,325



7,130



2.11


  Tax exempt securities



1,478,719



16,541



4.47






1,439,575



16,446



4.57


  Loans




3,349,458



40,948



4.86






3,295,557



40,410



4.93


Total interest-earning assets



6,207,161


$

64,363



4.13

%





6,127,317


$

64,049



4.20

%

Noninterest-earning assets



428,239












416,414









Total assets


$

6,635,400











$

6,543,731
































Interest-bearing liabilities:























  Deposits



$

3,460,208


$

1,111



0.13

%




$

3,388,572


$

1,033



0.12

%

  Fed funds purchased and other borrowings


569,883



254



0.18






587,981



297



0.20


Total interest-bearing liabilities



4,030,091


$

1,365



0.13

%





3,976,553


$

1,330



0.14

%

Noninterest-bearing liabilities                                                                              

1,736,071












1,722,037








Shareholders' equity



869,238












845,141









Total liabilities and shareholders' equity

$

6,635,400











$

6,543,731
































Net interest income and margin (tax equivalent)




$

62,998



4.04

%







$

62,719



4.12

%




























Three Months Ended




Three Months Ended




Mar. 31, 2016




Dec. 31, 2015





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold



$

7,534


$

9



0.50

%




$

5,769


$

4



0.31

%

  Interest-bearing deposits in nonaffiliated banks


40,239



51



0.51






32,937



33



0.40


  Taxable securities



1,323,606



7,262



2.19






1,352,555



7,170



2.12


  Tax exempt securities



1,428,178



16,326



4.57






1,408,410



16,305



4.63


  Loans




3,312,664



40,802



4.95






3,309,685



41,646



4.99


Total interest-earning assets



6,112,221


$

64,450



4.24

%





6,109,356


$

65,158



4.23

%

Noninterest-earning assets



432,862












427,018









Total assets


$

6,545,083











$

6,536,374
































Interest-bearing liabilities:























  Deposits



$

3,445,622


$

1,052



0.12

%




$

3,391,514


$

882



0.10

%

  Fed funds purchased and other borrowings


562,569



260



0.19






575,861



164



0.11


Total interest-bearing liabilities



4,008,191


$

1,312



0.13

%





3,967,375


$

1,046



0.10

%

Noninterest-bearing liabilities                                                                              

1,713,122












1,772,060








Shareholders' equity



823,770












796,939









Total liabilities and shareholders' equity

$

6,545,083











$

6,536,374
































Net interest income and margin (tax equivalent)




$

63,138



4.15

%







$

64,112



4.16

%

 




Three Months Ended




Sept. 30, 2015





Average



Tax Equivalent



Yield /






Balance



Interest



Rate


Interest-earning assets:











  Fed funds sold



$

8,334


$

8



0.40

%

  Interest-bearing deposits in nonaffiliated banks


42,083



33



0.31


  Taxable securities



1,372,834



7,296



2.13


  Tax exempt securities



1,376,119



16,021



4.66


  Loans




3,161,229



39,789



4.99


Total interest-earning assets



5,960,599


$

63,147



4.20

%

Noninterest-earning assets



402,174









Total assets


$

6,362,773




















Interest-bearing liabilities:











  Deposits



$

3,295,411


$

932



0.11

%

  Fed funds purchased and other borrowings


572,431



133



0.09


Total interest-bearing liabilities



3,867,842


$

1,065



0.11

%

Noninterest-bearing liabilities                                                                              

1,741,319








Shareholders' equity



753,612









Total liabilities and shareholders' equity

$

6,362,773




















Net interest income and margin (tax equivalent)




$

62,082



4.13

%

 




Nine Months Ended




Nine Months Ended




Sept. 30, 2016




Sept. 30, 2015





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold



$

5,939


$

19



0.44

%




$

8,503


$

23



0.36

%

  Interest-bearing deposits in nonaffiliated banks


48,969



202



0.55






55,330



148



0.36


  Taxable securities



1,325,935



21,167



2.13






1,377,363



22,502



2.18


  Tax exempt securities



1,448,933



49,313



4.54






1,288,242



45,102



4.67


  Loans




3,319,337



122,162



4.92






3,016,686



111,632



4.95


Total interest-earning assets



6,149,113


$

192,863



4.19

%





5,746,124


$

179,407



4.17

%

Noninterest-earning assets



425,847












372,345









Total assets


$

6,574,960











$

6,118,469
































Interest-bearing liabilities:























  Deposits



$

3,431,572


$

3,197



0.12

%




$

3,231,925


$

2,761



0.11

%

  Fed funds purchased and other short term borrowings


573,464



811



0.19






507,011



281



0.07


Total interest-bearing liabilities



4,005,036


$

4,008



0.13

%





3,738,936


$

3,042



0.11

%

Noninterest-bearing liabilities                                                                              

1,723,790












1,661,008








Shareholders' equity



846,134












718,525









Total liabilities and shareholders' equity

$

6,574,960











$

6,118,469
































Net interest income and margin (tax equivalent)




$

188,855



4.10

%







$

176,365



4.10

%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-earnings-results-300348721.html

SOURCE First Financial Bankshares, Inc.

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