First Financial Bankshares Announces Third Quarter Earnings Results

ABILENE, Texas, Oct. 17, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. FFIN today reported earnings for the third quarter of 2019 of $43.08 million, up 7.57 percent when compared with earnings of $40.05 million in the same quarter last year. Basic earnings per share were $0.32 for the third quarter of 2019 compared with $0.30 in the same quarter a year ago.

On April 23, 2019, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 3, 2019. All share and per share amounts in this earnings release have been restated to reflect this stock split.

Net interest income for the third quarter of 2019 increased 4.63 percent to $72.64 million compared with $69.43 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.94 percent for the third quarter of 2019 compared to 3.98 percent for the second quarter of 2019 and 4.01 percent for the third quarter of 2018. Included in interest income for the third quarter of 2019 was $415 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions. In the second quarter of 2019 and the third quarter of 2018, amounts related to discount accretion from fair value accounting accounted for two and four basis points, respectively, in net interest margin.

The provision for loan losses was $450 thousand in the third quarter of 2019 compared with $600 thousand in the second quarter of 2019 and $1.45 million in the third quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.66 percent at September 30, 2019, compared with 0.69 percent at both June 30, 2019 and September 30, 2018. Classified loans totaled $119.20 million at September 30, 2019, compared to $126.04 million at June 30, 2019, and $117.52 million at September 30, 2018.

Noninterest income increased 5.97 percent in the third quarter of 2019 to $28.67 million compared with $27.06 million in the same quarter a year ago. Trust fees were $7.05 million in the third quarter of 2019 compared with $7.29 million in the same quarter last year. The fair value of Trust assets managed increased to $6.36 billion from $5.75 billion a year ago; however, the income from the growth in assets was offset by a decrease of $447 thousand in Trust mineral fee and lease bonus income when compared to the same period a year ago primarily due to a decline in oil and gas volumes. ATM, interchange and credit card fees increased 2.59 percent to $7.73 million compared with $7.53 million in the same quarter last year due to continued growth in debit cards. Real estate mortgage fees increased 18.60 percent in the third quarter of 2019 to $5.73 million compared with $4.83 million in the same quarter a year ago due to an increase in the volume of loans originated. Additionally, interest on loan recoveries from previous non-accrual loans increased $376 thousand and the gain from sale of bank assets increased $296 thousand as compared to the same quarter a year ago.

Noninterest expense for the third quarter of 2019 totaled $48.91 million compared to $47.51 million in the third quarter of 2018. The Company's efficiency ratio in the third quarter of 2019 was 47.54 percent compared with 48.12 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2019 was primarily a result of an increase in salary and employee benefit costs to $28.55 million compared to $26.38 million in the same quarter a year ago, primarily due to merit-based pay increases which was partially offset by a $555 thousand reduction in FDIC insurance premiums resulting from credits from prior premiums paid. Additionally, operational and other losses decreased $474 thousand as compared to the same quarter a year ago.

For the nine months ended September 30, 2019, net income increased 10.00 percent to $123.42 million from $112.20 million a year ago. Basic earnings per share rose to $0.91 from $0.83 in the same period last year. Net interest income increased 5.57 percent to $213.77 million for the nine months ended September 30, 2019, from $202.49 million in the same period a year ago. The provision for loan losses totaled $2.02 million compared with $3.87 million in the same period a year ago. Noninterest income was $81.08 million for the first nine months 2019 compared with $76.97 million in the same period a year ago. Noninterest expense rose to $144.58 million compared with $142.45 million during the same period a year ago.

As of September 30, 2019, consolidated assets for the Company totaled $8.11 billion compared to $7.98 billion at June 30, 2019, and $7.57 billion at September 30, 2018. Loans grew to $4.14 billion at September 30, 2019, compared with loans of $4.06 billion at June 30, 2019 and $3.89 billion at September 30, 2018. Deposits totaled $6.40 billion at September 30, 2019, compared to $6.37 billion at June 30, 2019, and $6.15 billion at September 30, 2018. Shareholders' equity rose to $1.21 billion as of September 30, 2019, compared with $1.16 billion at June 30, 2019, and $995.74 million at September 30, 2018.

On September 19, 2019, the Company announced the pending acquisition of TB&T Bancshares, Inc. and its wholly owned subsidiary, The Bank & Trust of Bryan/College Station, Texas with an expected closing in the first quarter of 2020, subject to regulatory approval. As of June 30, 2019, The Bank & Trust of Bryan/College Station had total assets of $624.51 million, total loans of $445.63 million and total deposits of $538.22 million.

"We are pleased with our recent announcement of our pending acquisition of TB&T and to report another quarter with solid earnings performance, growth in loans and deposits and good credit metrics," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits, reduce expenses to improve our bottom line while continuing to look for quality acquisition opportunities like our most recent announcement to better utilize our strong capital position and increase returns to our shareholders," added Dueser.

About First Financial Bankshares:

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 73 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, 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, Spring, 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









2019





2018



ASSETS



Sept. 30,





June 30,





Mar. 31,





Dec. 31,





Sept. 30,



Cash and due from banks

$

198,855



$

178,345



$

176,278



$

207,835



$

164,998



Interest-bearing deposits in banks



31,410





128,652





197,758





40,812





34,511



Interest-bearing time deposits in banks



-





960





1,458





1,458





1,458



Fed funds sold



-





700





12,825





-





-



Investment securities



3,397,156





3,259,492





3,212,812





3,158,777





3,144,367



Loans



4,140,815





4,063,257





4,003,606





3,975,308





3,885,536





Allowance for loan losses



(51,889)





(51,820)





(51,585)





(51,202)





(50,871)



Net loans



4,088,926





4,011,437





3,952,021





3,924,106





3,834,665



Premises and equipment



132,367





134,322





135,321





133,421





130,815



Goodwill



171,565





171,565





171,565





171,565





171,565



Other intangible assets



2,340





2,586





2,850





3,118





3,342



Other assets



91,220





91,234





83,007





90,762





85,510





Total assets

$

8,113,839



$

7,979,293



$

7,945,895



$

7,731,854



$

7,571,231





































LIABILITIES AND SHAREHOLDERS' EQUITY































Noninterest-bearing deposits

$

2,210,997



$

2,167,552



$

2,165,745



$

2,116,107



$

2,146,984



Interest-bearing deposits



4,186,686





4,202,214





4,184,996





4,064,282





3,998,298





Total deposits



6,397,683





6,369,766





6,350,741





6,180,389





6,145,282



Borrowings



400,155





362,005





382,711





468,706





380,760



Other liabilities



110,903





82,774





104,921





29,464





49,450



Shareholders' equity



1,205,098





1,164,748





1,107,522





1,053,295





995,739





Total liabilities and shareholders' equity

$

8,113,839



$

7,979,293



$

7,945,895



$

7,731,854



$

7,571,231









































Quarter Ended







2019





2018



INCOME STATEMENTS



Sept. 30,





June 30,





Mar. 31,





Dec. 31,





Sept. 30,



Interest income

$

80,591



$

79,576



$

76,901



$

76,481



$

74,049



Interest expense



7,953





7,961





7,387





6,207





4,623



Net interest income



72,638





71,615





69,514





70,274





69,426



Provision for loan losses



450





600





965





1,800





1,450



Net interest income after provision for loan losses



72,188





71,015





68,549





68,474





67,976



Noninterest income



28,669





27,976





24,437





24,797





27,055



Noninterest expense



48,910





48,304





47,367





48,235





47,506





Net income before income taxes



51,947





50,687





45,619





45,036





47,525



Income tax expense



8,867





8,594





7,367





6,599





7,475





Net income

$

43,080



$

42,093



$

38,252



$

38,437



$

40,050





































PER COMMON SHARE DATA































Net income - basic

$

0.32



$

0.31



$

0.28



$

0.28



$

0.30



Net income - diluted



0.32





0.31





0.28





0.28





0.29



Cash dividends declared



0.12





0.12





0.11





0.11





0.11



Book Value



8.87





8.58





8.16





7.77





7.35



Market Value

$

33.33



$

30.79



$

28.89



$

28.85



$

29.55



Shares outstanding - end of period



135,822,456





135,809,224





135,680,420





135,506,266





135,387,172



Average outstanding shares - basic



135,693,901





135,650,599





135,494,254





135,352,408





135,270,116



Average outstanding shares - diluted



136,369,328





136,218,235





136,286,862





136,191,224





136,107,448





































PERFORMANCE RATIOS































Return on average assets



2.15

%

2.14

%

2.00

%



2.00

%

2.10

%

Return on average equity



14.46





15.04





14.51





15.18





16.00



Return on average tangible equity



16.96





17.81





17.34





18.38





19.42



Net interest margin (tax equivalent)



3.94





3.98





4.00





4.02





4.01



Efficiency ratio



47.54





47.71





49.46





49.69





48.12











































































Nine Months Ended























Sept. 30,



















INCOME STATEMENTS



2019





2018





















Interest income

$

237,069



$

215,209





















Interest expense



23,301





12,723





















Net interest income



213,768





202,486





















Provision for loan losses



2,015





3,865





















Net interest income after provision for loan losses



211,753





198,621





















Noninterest income



81,081





76,966





















Noninterest expense



144,583





142,448























Net income before income taxes



148,251





133,139





















Income tax expense



24,827





20,937























Net income

$

123,424



$

112,202























































PER COMMON SHARE DATA































Net income - basic

$

0.91



$

0.83





















Net income - diluted



0.91





0.83





















Cash dividends declared



0.35





0.31





















Book Value



8.87





7.35





















Market Value

$

33.33



$

29.55





















Shares outstanding - end of period



135,822,456





135,387,172





















Average outstanding shares - basic



135,613,646





135,173,686





















Average outstanding shares - diluted



136,274,342





135,896,840























































PERFORMANCE RATIOS































Return on average assets



2.10

%

1.97

%

















Return on average equity



14.67





15.43





















Return on average tangible equity



17.36





18.74





















Net interest margin (tax equivalent)



3.97





3.94





















Efficiency ratio



48.21





49.73

























































































FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)







































Quarter Ended







2019





2018



ALLOWANCE FOR LOAN LOSSES



Sept. 30,





June 30,





Mar. 31,





Dec. 31,





Sept. 30,



Balance at beginning of period

$

51,820



$

51,585



$

51,202



$

50,871



$

49,951



Loans charged off



(767)





(1,061)





(1,464)





(2,081)





(945)



Loan recoveries



386





696





882





612





415



Net recoveries (charge-offs)



(381)





(365)





(582)





(1,469)





(530)



Provision for loan losses



450





600





965





1,800





1,450



Balance at end of period

$

51,889



$

51,820



$

51,585



$

51,202



$

50,871





































Allowance for loan losses / period-end loans



1.25

%



1.28

%



1.29

%



1.29

%



1.31

%

Allowance for loan losses / nonperforming loans



200.75





190.66





177.41





176.22





194.25



Net charge-offs / average loans (annualized)



0.04





0.04





0.06





0.15





0.05





































SUMMARY OF LOAN CLASSIFICATION































Special Mention

$

46,300



$

51,490



$

45,275



$

50,379



$

36,450



Substandard



72,904





74,550





73,158





75,919





81,073



Doubtful



-





-





-





-





-





Total classified loans

$

119,204



$

126,040



$

118,433



$

126,298



$

117,523





































NONPERFORMING ASSETS































Nonaccrual loans

$

25,717



$

26,408



$

28,508



$

27,534



$

25,587



Accruing troubled debt restructured loans



27





471





472





513





513



Accruing loans 90 days past due



104





300





97





1,008





88





Total nonperforming loans



25,848





27,179





29,077





29,055





26,188



Foreclosed assets



1,364





681





647





577





671





Total nonperforming assets

$

27,212



$

27,860



$

29,724



$

29,632



$

26,859





































As a % of loans and foreclosed assets



0.66

%



0.69

%



0.74

%



0.75

%



0.69

%

As a % of end of period total assets



0.34





0.35





0.37





0.38





0.35





































OIL AND GAS PORTFOLIO INFORMATION































Oil and gas loans

$

122,908



$

107,097



$

107,335



$

113,536



$

112,039



Oil and gas loans as a % of total loans



2.97

%

2.64

%

2.68

%



2.86

%

2.88

%

Classified oil and gas loans



7,953





3,438





4,255





3,894





4,861



Nonaccrual oil and gas loans



519





621





669





1,048





1,825



Net charge-offs for oil and gas loans



-





-





-





-





-



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



2.87

%

2.95

%

3.22

%



3.23

%

3.28

%



































CAPITAL RATIOS































Common equity Tier 1 capital ratio



20.05

%



20.04

%



19.86

%



19.47

%



19.19

%

Tier 1 capital ratio



20.05





20.04





19.86





19.47





19.19



Total capital ratio



21.14





21.16





21.00





20.61





20.34



Tier 1 leverage



12.58





12.29





12.08





11.85





11.57



Tangible Common Equity Ratio



12.94





12.31





11.83





11.14





11.05



Equity/Assets



14.85





14.60





13.94





13.62





13.15











































































Quarter Ended







2019





2018



NONINTEREST INCOME



Sept. 30,





June 30,





Mar. 31,





Dec. 31,





Sept. 30,



Trust fees

$

7,051



$

7,027



$

6,979



$

6,915



$

7,291



Service charges on deposits



5,629





5,374





5,176





5,713





5,690



ATM, interchange and credit card fees



7,728





7,352





6,840





6,962





7,533



Real estate mortgage fees



5,733





4,721





3,474





3,439





4,834



Net gain on sale of available-for-sale securities



52





676





-





8





58



Net gain (loss) on sale of foreclosed assets



71





53





69





(85)





84



Net gain (loss) on sale of assets



235





6





-





5





(61)



Interest on loan recoveries



575





903





338





332





199



Other noninterest income



1,595





1,864





1,561





1,508





1,427





Total noninterest income

$

28,669



$

27,976



$

24,437



$

24,797



$

27,055





































NONINTEREST EXPENSE































Salaries and employee benefits, excluding profit sharing

$

27,030



$

25,510



$

25,033



$

23,908



$

24,693



Loss from partial settlement of pension plan



-





-





900





1,546





-



Profit sharing expense



1,520





1,884





1,491





1,839





1,684



Net occupancy expense



2,830





2,779





2,763





2,583





2,900



Equipment expense



2,225





2,331





2,453





2,570





2,629



FDIC insurance premiums



15





538





538





565





570



ATM, interchange and credit card expenses



2,627





2,427





2,383





2,589





2,344



Legal, tax and professional fees



2,274





2,302





2,154





2,609





2,417



Audit fees



341





455





417





291





382



Printing, stationery and supplies



480





502





366





513





387



Amortization of intangible assets



246





264





269





223





279



Advertising and public relations



1,745





1,630





1,648





1,805





1,709



Operational and other losses



507





480





266





337





981



Software amortization and expense



1,767





1,783





1,597





1,588





1,393



Other noninterest expense



5,303





5,419





5,089





5,269





5,138





Total noninterest expense

$

48,910



$

48,304



$

47,367



$

48,235



$

47,506





































TAX EQUIVALENT YIELD ADJUSTMENT

$

1,575



$

1,664



$

1,819



$

1,996



$

2,242











































































Nine Months Ended























Sept. 30,



















NONINTEREST INCOME



2019





2018





















Trust fees

$

21,057



$

21,265





















Service charges on deposits



16,179





15,950





















ATM, interchange and credit card fees



21,920





21,570





















Real estate mortgage fees



13,928





11,718





















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



728





1,346





















Net gain (loss) on sale of foreclosed assets



193





201





















Net gain (loss) on sale of assets



241





(152)





















Interest on loan recoveries



1,815





607





















Other noninterest income



5,020





4,461























Total noninterest income

$

81,081



$

76,966























































NONINTEREST EXPENSE































Salaries and employee benefits, excluding profit sharing

$

77,573



$

74,232





















Loss from partial settlement of pension plan



900





-





















Profit sharing expense



4,895





5,210





















Net occupancy expense



8,372





8,589





















Equipment expense



7,009





7,548





















FDIC insurance premiums



1,091





1,768





















ATM, interchange and credit card expenses



7,437





6,692





















Legal, tax and professional fees



6,729





7,532





















Audit fees





1,212





1,234





















Printing, stationery and supplies



1,348





1,485





















Amortization of intangible assets



778





1,049





















Advertising and public relations



5,022





4,860





















Operational and other losses



1,253





1,852





















Software amortization and expense



5,147





4,433





















Other noninterest expense



15,817





15,965























Total noninterest expense

$

144,583



$

142,448























































TAX EQUIVALENT YIELD ADJUSTMENT

$

5,058



$

6,997



























FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)



















































Three Months Ended







Three Months Ended





Sept. 30, 2019







June 30, 2019







Average





Tax Equivalent





Yield /











Average





Tax Equivalent





Yield /









Balance





Interest





Rate











Balance





Interest





Rate



Interest-earning assets:











































Fed funds sold

$

3,006



$

19





2.52

%





$

5,436



$

39





2.88

%

Interest-bearing deposits in nonaffiliated banks



61,465





363





2.34











107,381





628





2.35



Taxable securities



2,183,930





14,292





2.62











2,063,497





13,925





2.70



Tax exempt securities



1,132,279





10,075





3.56











1,169,889





10,615





3.63



Loans



4,094,235





57,417





5.56











4,043,055





56,033





5.56



Total interest-earning assets



7,474,915



$

82,166





4.36

%







7,389,258



$

81,240





4.41

%

Noninterest-earning assets



489,446























487,931

















Total assets

$

7,964,361





















$

7,877,189





























































Interest-bearing liabilities:











































Deposits

$

4,156,850



$

7,123





0.68

%





$

4,196,123



$

7,286





0.70

%

Fed funds purchased and other borrowings



388,235





830





0.85











378,389





675





0.72



Total interest-bearing liabilities



4,545,085



$

7,953





0.69

%







4,574,512



$

7,961





0.70

%

Noninterest-bearing liabilities



2,237,462























2,180,361















Shareholders' equity



1,181,814























1,122,316

















Total liabilities and shareholders' equity

$

7,964,361





















$

7,877,189





























































Net interest income and margin (tax equivalent)







$

74,213





3.94

%











$

73,279





3.98

%



















































Three Months Ended







Three Months Ended





Mar. 31, 2019







Dec. 31, 2018







Average





Tax Equivalent





Yield /











Average





Tax Equivalent





Yield /









Balance





Interest





Rate











Balance





Interest





Rate



Interest-earning assets:











































Fed funds sold

$

4,894



$

34





2.79

%





$

1,620



$

10





2.54

%

Interest-bearing deposits in nonaffiliated banks



100,258





585





2.36











41,511





240





2.30



Taxable securities



1,924,863





13,289





2.76











1,957,638





13,384





2.73



Tax exempt securities



1,226,457





11,279





3.68











1,206,728





11,482





3.81



Loans



3,973,108





53,534





5.46











3,918,360





53,361





5.40



Total interest-earning assets



7,229,580



$

78,721





4.42

%







7,125,857



$

78,477





4.37

%

Noninterest-earning assets



508,368























493,244

















Total assets

$

7,737,948





















$

7,619,101





























































Interest-bearing liabilities:











































Deposits

$

4,144,091



$

6,662





0.65

%





$

3,961,582



$

5,092





0.51

%

Fed funds purchased and other borrowings



408,641





726





0.72











484,054





1,115





0.91



Total interest-bearing liabilities



4,552,732



$

7,388





0.66

%







4,445,636



$

6,207





0.55

%

Noninterest-bearing liabilities



2,116,080























2,169,069















Shareholders' equity



1,069,136























1,004,396

















Total liabilities and shareholders' equity

$

7,737,948





















$

7,619,101





























































Net interest income and margin (tax equivalent)







$

71,333





4.00

%











$

72,270





4.02

%



















































Three Months Ended





























Sept. 30, 2018































Average





Tax Equivalent





Yield /

































Balance





Interest





Rate



























Interest-earning assets:











































Fed funds sold

$

3,377



$

19





2.29

%























Interest-bearing deposits in nonaffiliated banks



88,118





450





2.03



























Taxable securities



1,943,125





12,594





2.59



























Tax exempt securities



1,213,212





11,459





3.78



























Loans



3,845,836





51,769





5.34



























Total interest-earning assets



7,093,668



$

76,291





4.27

%























Noninterest-earning assets



490,155









































Total assets

$

7,583,823





















































































Interest-bearing liabilities:











































Deposits

$

4,035,174



$

4,329





0.43

%























Fed funds purchased and other borrowings



399,026





294





0.29



























Total interest-bearing liabilities



4,434,200



$

4,623





0.41

%























Noninterest-bearing liabilities



2,156,258







































Shareholders' equity



993,365









































Total liabilities and shareholders' equity

$

7,583,823





















































































Net interest income and margin (tax equivalent)







$

71,668





4.01

%









































































Nine Months Ended







Nine Months Ended





Sept. 30, 2019







Sept. 30, 2018







Average





Tax Equivalent





Yield /











Average





Tax Equivalent





Yield /









Balance





Interest





Rate











Balance





Interest





Rate



Interest-earning assets:











































Fed funds sold

$

4,438



$

92





2.76

%





$

3,929



$

60





2.03

%

Interest-bearing deposits in nonaffiliated banks



89,559





1,575





2.35











102,365





1,321





1.73



Taxable securities



2,058,380





41,505





2.69











1,926,249





36,666





2.54



Tax exempt securities



1,175,863





31,968





3.62











1,281,892





36,019





3.75



Loans



4,037,243





166,987





5.53











3,797,602





148,140





5.22



Total interest-earning assets



7,365,483



$

242,127





4.40

%







7,112,037



$

222,206





4.18

%

Noninterest-earning assets



495,179























489,625

















Total assets

$

7,860,662





















$

7,601,662





























































Interest-bearing liabilities:











































Deposits

$

4,165,735



$

21,071





0.68

%





$

4,083,292



$

11,854





0.39

%

Fed funds purchased and other short term borrowings



391,680





2,230





0.76











397,045





869





0.29



Total interest-bearing liabilities



4,557,415



$

23,301





0.68

%







4,480,337



$

12,723





0.38

%

Noninterest-bearing liabilities



2,178,412























2,149,271















Shareholders' equity



1,124,835























972,054

















Total liabilities and shareholders' equity

$

7,860,662





















$

7,601,662





























































Net interest income and margin (tax equivalent)







$

218,826





3.97

%











$

209,483





3.94

%





 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-earnings-results-300940873.html

SOURCE First Financial Bankshares, Inc.

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