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First Financial Bankshares Announces Second Quarter 2018 Earnings Results

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First Financial Bankshares Announces Second Quarter 2018 Earnings Results

PR Newswire

ABILENE, Texas, July 19, 2018 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ:FFIN) today reported earnings for the second quarter of 2018 of $37.63 million, up $9.38 million when compared with earnings of $28.26 million in the same quarter last year.  Basic earnings per share were $0.56 for the second quarter of 2018 compared with $0.43 in the same quarter a year ago. Contributing to the increase in net earnings and earnings per share in the current quarter when compared with the same quarter a year ago were the Kingwood acquisition (see below) and the recent enactment of tax legislation that reduced the corporate income tax rate from 35 percent to 21 percent. Without this tax adjustment, net earnings for the second quarter of 2018 would have been $32.95 million with an adjusted basic earnings per share of $0.49.

All amounts for the three and six months ended June 30, 2018, include the results of the Company's recent acquisition of Commercial Bancshares, Inc. and its wholly-owned subsidiary, Commercial State Bank, Kingwood, Texas, which was effective January 1, 2018. As of the acquisition date, Commercial State Bank had total assets of approximately $390.20 million, total loans of approximately $271.50 million and total deposits of approximately $345.90 million.

Net interest income for the second quarter of 2018 was $67.61 million compared with $59.09 million in the same quarter of 2017. The net interest margin, on a taxable equivalent basis, was 3.92 percent in the second quarter of 2018 compared to 3.88 percent in the first quarter of 2018 and 4.05 percent in the second quarter of 2017. The decrease in the Company's tax equivalent net interest margin in the current quarter when compared with the second quarter of 2017 resulted from the change in corporate tax rate from 35 percent to 21 percent and the corresponding effect of that change on the Company's tax exempt bond portfolio. Included in interest income for the second quarter of 2018 was $581 thousand, or three basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions.  

The provision for loan losses was $1.11 million in the second quarter of 2018 compared with $1.31 million in the first quarter of 2018 and $1.73 million in the second quarter of 2017. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.73 percent at June 30, 2018, compared with 0.66 percent at March 31, 2018, and 0.71 percent at June 30, 2017. Classified loans totaled $113.73 million at June 30, 2018, compared to $124.06 million at March 31, 2018, and $117.61 million at June 30, 2017.

Noninterest income increased 10.00 percent in the second quarter of 2018 to $25.49 million compared with $23.17 million in the same quarter a year ago. Trust fees increased $1.32 million to $7.07 million in the second quarter of 2018 compared with $5.75 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $5.40 billion from $4.73 billion a year ago. ATM, interchange and credit card fees increased 6.71 percent to $7.04 million compared with $6.60 million in the same quarter last year due to continued growth in debit cards. Service charges on deposits increased 10.08 percent to $5.38 million compared with $4.88 million in the same quarter a year ago due to continued growth in net new accounts. Offsetting these increases was a decrease in gains on sales of securities to $67 thousand in the second quarter of 2018 compared to $747 thousand in the same quarter a year ago.

Noninterest expense for the second quarter of 2018 totaled $47.14 million compared to $43.78 million in the second quarter of 2017. The Company's efficiency ratio in the second quarter of 2018 was 49.42 percent compared with 49.32 percent in the same quarter last year. The increase in noninterest expense in the second quarter of 2018 was primarily a result of an increase in salary and employee benefit costs to $26.82 million compared to $23.47 million in the same quarter a year ago, primarily driven by the acquisition of Commercial State Bank, annual merit based pay increases and an increase in profit sharing expenses.

For the first half of 2018, net income increased to $72.15 million from $54.85 million for the same period a year ago. Basic earnings per share rose to $1.07 in the first half of 2018 from $0.83 in the same period of 2017. Net interest income increased to $133.06 million in the first half of 2018 from $116.11 million in the same period a year ago. The provision for loan losses totaled $2.42 million compared with $3.68 million in the first half of the previous year. Noninterest income was $49.91 million in the first half of 2018 compared with $44.46 million in the same period of 2017. Noninterest expense rose to $94.94 million in the first half of 2018 compared with $85.93 million during the same period last year.

As of June 30, 2018, consolidated assets for the Company totaled $7.69 billion compared to $7.57 billion at March 31, 2018, and $6.95 billion at June 30, 2017. Loans totaled $3.86 billion at June 30, 2018, compared with loans of $3.75 billion at March 31, 2018, and $3.46 billion at June 30, 2017. Deposits totaled $6.21 billion at June 30, 2018, compared to $6.19 billion at March 31, 2018, and $5.63 billion at June 30, 2017. Shareholders' equity rose to $985.63 million as of June 30, 2018, compared with $969.81 million at March 31, 2018, and $887.44 million at June 30, 2017. 

"We are very pleased to report increased earnings and stronger organic loan growth this quarter," said F. Scott Dueser, Chairman, President and CEO. "Our recent acquisition of Commercial State Bank has contributed nicely to our bottom line and we continue to see good growth in trust fees. We are diligently pursuing other acquisition candidates to utilize our strong capital position. Also, in light of the recent increases in interest rates by the Federal Reserve, we are focused on increasing loan rates and minimizing expenses to offset the potential impact of rising rates on our interest expense."

About First Financial Bankshares

Headquartered in Abilene, Texas, First Financial is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 72 locations in Texas, following the close of this acquisition, 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,  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 seven 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





2018



2017


ASSETS




June 30, 



Mar. 31, 



 Dec 31,  



 Sept. 30,  



June 30, 


Cash and due from banks


$

178,217


$

130,979


$

209,583


$

177,615


$

163,435


Interest-bearing deposits in banks


99,499



67,060



162,764



166,820



53,336


Interest-bearing time deposits in banks


1,458



1,458



1,458



1,458



1,458


Fed funds sold




8,450



-



-



-



3,740


Investment securities



3,197,567



3,276,193



3,087,473



2,885,483



2,964,618


Loans




3,855,769



3,747,081



3,500,699



3,491,346



3,457,679



Allowance for loan losses


(49,951)



(49,499)



(48,156)



(47,922)



(47,410)


Net loans




3,805,818



3,697,582



3,452,543



3,443,424



3,410,269


Premises and equipment



130,366



126,446



124,026



125,668



123,620


Goodwill




171,565



171,565



139,971



139,971



139,971


Other intangible assets



3,620



4,004



1,172



1,384



3,149


Other assets




88,910



92,162



75,725



67,341



83,796



Total assets


$

7,685,470


$

7,567,449


$

7,254,715


$

7,009,164


$

6,947,392




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

2,105,953


$

2,111,116


$

2,041,650


$

1,949,174


$

1,856,439


Interest-bearing deposits



4,104,654



4,079,647



3,921,311



3,748,286



3,770,170



Total deposits



6,210,607



6,190,763



5,962,961



5,697,460



5,626,609


Borrowings




456,935



372,155



331,000



351,435



379,324


Other liabilities




32,300



34,717



37,986



53,713



54,017


Shareholders' equity



985,628



969,814



922,768



906,556



887,442



Total liabilities and shareholders' equity

$

7,685,470


$

7,567,449


$

7,254,715


$

7,009,164


$

6,947,392























Quarter Ended





2018



2017


INCOME STATEMENTS



 June 30,  



Mar. 31, 



 Dec 31,  



 Sept. 30,  



 June 30,  


Interest income



$

72,078


$

69,082


$

63,456


$

62,554


$

61,182


Interest expense




4,467



3,633



2,562



2,866



2,097


Net interest income



67,611



65,449



60,894



59,688



59,085


Provision for loan losses



1,105



1,310



1,440



1,415



1,725


Net interest income after provision for loan losses


66,506



64,139



59,454



58,273



57,360


Noninterest income



25,488



24,423



22,302



24,260



23,170


Noninterest expense



47,144



47,798



44,096



43,964



43,775



Net income before income taxes


44,850



40,764



37,660



38,569



36,755


Income tax expense



7,217



6,245



9,167



9,195



8,500


Tax benefit from tax rate change



-



-



(7,650)



-



-



Net income


$

37,633


$

34,519


$

36,143


$

29,374


$

28,255




















PER COMMON SHARE DATA 

















Net income - basic


$

0.56


$

0.51


$

0.55


$

0.44


$

0.43


Net income - diluted



0.55



0.51



0.54



0.44



0.43


Cash dividends declared



0.21



0.19



0.19



0.19



0.19


Book Value




14.57



14.34



13.93



13.69



13.41


Market Value



$

50.90


$

46.30


$

45.05


$

45.20


$

44.20


Shares outstanding - end of period


67,669,658



67,612,760



66,260,444



66,223,957



66,170,312


Average outstanding shares - basic


67,597,275



67,527,010



66,191,995



66,140,518



66,100,089


Average outstanding shares - diluted


67,924,168



67,799,545



66,428,871



66,417,281



66,344,943




















PERFORMANCE RATIOS

















Return on average assets



1.98

%


1.84

%


2.02

%


1.65

%


1.64

%

Return on average equity



15.53



14.74



15.79



12.95



12.94


Return on average tangible equity


18.94



17.82



18.70



15.38



15.48


Net interest margin (tax equivalent)


3.92



3.88



4.00



3.94



4.05


Efficiency ratio




49.42



51.76



49.37



48.71



49.32









































Six Months Ended













June 30,










INCOME STATEMENTS



2018



2017











Interest income



$

141,160


$

119,965











Interest expense




8,100



3,860











Net interest income



133,060



116,105











Provision for loan losses



2,415



3,675











Net interest income after provision for loan losses


130,645



112,430











Noninterest income



49,912



44,455











Noninterest expense



94,943



85,926












Net income before income taxes


85,614



70,959











Income tax expense



13,462



16,105












Net income


$

72,152


$

54,854





























PER COMMON SHARE DATA 

















Net income - basic


$

1.07


$

0.83











Net income - diluted



1.06



0.83











Cash dividends declared



0.40



0.37











Book Value




14.57



13.41











Market Value



$

50.90


$

44.20











Shares outstanding - end of period


67,669,658



66,170,312











Average outstanding shares - basic


67,562,336



66,086,817











Average outstanding shares - diluted


67,867,965



66,362,191





























PERFORMANCE RATIOS

















Return on average assets



1.91

%


1.61

%










Return on average equity



15.14



12.84











Return on average tangible equity


18.39



15.41











Net interest margin (tax equivalent)


3.90



4.04











Efficiency ratio




50.57



49.49











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2018



2017


ALLOWANCE FOR LOAN LOSSES


June 30, 



Mar. 31, 



 Dec 31,  



 Sept. 30,  



June 30, 


Balance at beginning of period


$

49,499


$

48,156


$

47,922


$

47,410


$

46,192


Loans charged off



(949)



(471)



(1,440)



(1,180)



(1,174)


Loan recoveries




296



504



234



277



667


Net recoveries (charge-offs)



(653)



33



(1,206)



(903)



(507)


Provision for loan losses



1,105



1,310



1,440



1,415



1,725


Balance at end of period


$

49,951


$

49,499


$

48,156


$

47,922


$

47,410




















Allowance for loan losses / period-end loans



















1.30

%


1.32

%


1.38

%


1.37

%


1.37

%

Allowance for loan losses / nonperforming loans



















182.31



209.80



259.11



243.57



210.95


Net charge-offs / average loans (annualized)



0.07



-



0.14



0.10



0.06




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention



$

34,557


$

40,079


$

37,079


$

35,237


$

27,999


Substandard




79,170



83,976



80,131



86,057



89,609


Doubtful




-



-



-



-



-



Total classified loans

$

113,727


$

124,055


$

117,210


$

121,294


$

117,608




















NONPERFORMING ASSETS

















Nonaccrual loans


$

26,685


$

22,752


$

17,670


$

18,750


$

21,489


Accruing troubled debt restructured loans


514



514



627



668



672


Accruing loans 90 days past due



200



327



288



257



314



Total nonperforming loans


27,399



23,593



18,585



19,675



22,475


Foreclosed assets



705



1,276



1,532



2,401



2,245



Total nonperforming assets

$

28,104


$

24,869


$

20,117


$

22,076


$

24,720




















As a % of loans and foreclosed assets


0.73

%


0.66

%


0.57

%


0.63

%


0.71

%

As a % of end of period total assets


0.37



0.33



0.28



0.31



0.36




















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans


$

103,381


$

86,218


$

60,164


$

69,433


$

70,187


Oil and gas loans as a % of total loans


2.68

%


2.30

%


1.72

%


1.99

%


2.03

%

Classified oil and gas loans



5,001



10,485



20,346



21,817



24,404


Nonaccrual oil and gas loans



1,629



1,460



1,414



1,569



2,860


Net charge-offs for oil and gas loans


-



-



-



-



50


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

3.48

%


3.64

%


7.90

%


6.03

%


7.24

%



















CAPITAL RATIOS

















Common equity Tier 1 capital ratio


18.68

%


18.43

%


18.66

%


18.35

%


17.79

%

Tier 1 capital ratio



18.68



18.43



18.66



18.35



17.79


Total capital ratio



19.81



19.58



19.85



19.54



18.97


Tier 1 leverage




11.14



10.90



11.09



10.84



10.79


Equity to assets




12.82



12.82



12.72



12.93



12.77









































Quarter Ended





2018



2017


NONINTEREST INCOME



 June 30,  



Mar. 31, 



 Dec 31,  



 Sept. 30,  



 June 30,  


Trust fees



$

7,070


$

6,904


$

5,891


$

6,040


$

5,747


Service charges on deposits



5,375



4,884



4,900



5,083



4,883


ATM, interchange and credit card fees


7,041



6,996



6,584



6,340



6,598


Real estate mortgage fees



3,951



2,933



3,613



3,891



4,188


Net gain on sale of available-for-sale securities


67



1,221



3



1,075



747


Net gain (loss) on sale of foreclosed assets


19



99



(8)



(11)



(72)


Net gain (loss) on sale of assets



-



(91)



(185)



(15)



(200)


Interest on loan recoveries



289



119



232



405



337


Other noninterest income



1,676



1,358



1,272



1,452



942



Total noninterest income

$

25,488


$

24,423


$

22,302


$

24,260


$

23,170




















NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

24,545


$

24,994


$

22,760


$

23,052


$

22,508


Profit sharing expense



2,317



1,209



1,661



1,091



957


Net occupancy expense



2,806



2,883



2,439



2,711



2,771


Equipment expense



3,440



3,516



3,369



3,294



3,665


FDIC insurance premiums



632



566



560



561



550


ATM, interchange and credit card expenses


2,205



2,143



1,935



2,001



1,803


Legal, tax and professional fees



2,308



2,807



2,580



2,396



2,526


Audit  fees




439



411



338



356



379


Printing, stationery and supplies



612



486



567



449



536


Amortization of intangible assets



384



387



136



143



165


Advertising and public relations



1,576



1,575



1,689



1,527



1,576


Operational and other losses



305



566



553



1,081



574


Software amortization and expense


479



524



1,056



742



995


Other noninterest expense



5,096



5,731



4,453



4,560



4,770



Total noninterest expense

$

47,144


$

47,798


$

44,096


$

43,964


$

43,775




















TAX EQUIVALENT YIELD ADJUSTMENT

$

2,289


$

2,467


$

6,125


$

6,312


$

6,509









































Six Months Ended













June 30,










NONINTEREST INCOME



2018



2017











Trust fees



$

13,975


$

11,764











Service charges on deposits



10,259



9,433











ATM, interchange and credit card fees


14,037



12,762











Real estate mortgage fees



6,884



7,605











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


1,288



750











Net gain (loss) on sale of foreclosed assets


118



(31)











Net gain (loss) on sale of assets



(91)



(196)











Interest on loan recoveries



408



491











Other noninterest income



3,034



1,877












Total noninterest income

$

49,912


$

44,455





























NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

49,539


$

44,741











Profit sharing expense



3,526



1,983











Net occupancy expense



5,689



5,370











Equipment expense



6,957



7,102











FDIC insurance premiums



1,199



1,097











ATM, interchange and credit card expenses


4,348



3,516











Legal, tax and professional fees



5,115



5,004











Audit  fees




851



798











Printing, stationery and supplies



1,098



974











Amortization of intangible assets



771



333











Advertising and public relations



3,151



3,119











Operational and other losses



871



1,559











Software amortization and expense


1,003



1,495











Other noninterest expense



10,825



8,835












Total noninterest expense

$

94,943


$

85,926





























TAX EQUIVALENT YIELD ADJUSTMENT

$

4,755


$

13,058











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


































Three Months Ended




Three Months Ended







June 30, 2018




Mar. 31, 2018








Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /









Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:


























  Fed funds sold






$

2,228


$

13



2.32

%




$

6,215


$

27



1.78

%

  Interest-bearing deposits in nonaffiliated banks





59,373



258



1.74






160,399



613



1.55


  Taxable securities






2,007,949



12,719



2.53






1,826,391



11,354



2.49


  Tax exempt securities






1,281,757



12,001



3.75






1,352,235



12,559



3.72


  Loans







3,797,341



49,376



5.22






3,748,561



46,995



5.08


Total interest-earning assets






7,148,648


$

74,367



4.17

%





7,093,801


$

71,548



4.09

%

Noninterest-earning assets






486,837












497,049









Total assets





$

7,635,485











$

7,590,850



































Interest-bearing liabilities:


























  Deposits






$

4,076,522


$

4,005



0.39

%




$

4,139,324


$

3,519



0.34

%

  Fed funds purchased and other borrowings





434,239



462



0.43






357,414



113



0.13


Total interest-bearing liabilities






4,510,761


$

4,467



0.40

%





4,496,738


$

3,632



0.33

%

Noninterest-bearing liabilities                                                                              


2,152,451












2,144,065








Shareholders' equity






972,273












950,047









Total liabilities and shareholders' equity




$

7,635,485











$

7,590,850



































Net interest income and margin (tax equivalent)







$

69,900



3.92

%







$

67,916



3.88

%


































Three Months Ended




Three Months Ended







Dec. 31, 2017




Sept. 30, 2017








Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /









Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:


























  Fed funds sold






$

1,192


$

5



1.52

%




$

2,467


$

9



1.43

%

  Interest-bearing deposits in nonaffiliated banks





186,355



645



1.37






198,322



629



1.26


  Taxable securities






1,562,744



8,977



2.30






1,492,246



8,074



2.16


  Tax exempt securities






1,405,327



16,259



4.63






1,477,559



16,884



4.57


  Loans







3,483,939



43,695



4.98






3,468,524



43,270



4.95


Total interest-earning assets






6,639,557


$

69,581



4.16

%





6,639,118


$

68,866



4.12

%

Noninterest-earning assets






441,645












431,070









Total assets





$

7,081,202











$

7,070,188



































Interest-bearing liabilities:


























  Deposits






$

3,795,808


$

2,465



0.26

%




$

3,728,442


$

2,228



0.24

%

  Fed funds purchased and other borrowings





343,683



97



0.11






524,357



638



0.48


Total interest-bearing liabilities






4,139,491


$

2,562



0.25

%





4,252,799


$

2,866



0.27

%

Noninterest-bearing liabilities                                                                              


2,033,580












1,917,681








Shareholders' equity






908,131












899,708









Total liabilities and shareholders' equity




$

7,081,202











$

7,070,188



































Net interest income and margin (tax equivalent)







$

67,019



4.00

%







$

66,000



3.94

%


































Three Months Ended



















June 30, 2017




















Average



Tax Equivalent



Yield /





















Balance



Interest



Rate














Interest-earning assets:


























  Fed funds sold






$

5,229


$

8



0.64

%













  Interest-bearing deposits in nonaffiliated banks





45,043



112



1.00














  Taxable securities






1,494,187



8,343



2.23














  Tax exempt securities






1,528,760



17,414



4.56














  Loans







3,418,105



41,814



4.91














Total interest-earning assets






6,491,324


$

67,691



4.18

%













Noninterest-earning assets






428,245





















Total assets





$

6,919,569















































Interest-bearing liabilities:


























  Deposits






$

3,803,412


$

1,930



0.20

%













  Fed funds purchased and other borrowings





372,910



167



0.18














Total interest-bearing liabilities






4,176,322


$

2,097



0.20

%













Noninterest-bearing liabilities                                                                              


1,867,596




















Shareholders' equity






875,651





















Total liabilities and shareholders' equity




$

6,919,569















































Net interest income and margin (tax equivalent)







$

65,594



4.05

%











































Six Months Ended




Six Months Ended







June 30, 2018




June 30, 2017








Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /









Balance



Interest



Rate






Balance



Interest



Rate





Interest-earning assets:


























  Fed funds sold



$

4,210


$

40



1.92

%




$

4,384


$

11



0.50

%




  Interest-bearing deposits in nonaffiliated banks


109,607



871



1.60






89,552



386



0.87





  Taxable securities



1,917,671



24,073



2.51






1,431,110



15,774



2.20





  Tax exempt securities



1,316,801



24,560



3.73






1,529,183



34,975



4.57





  Loans




3,773,085



96,371



5.15






3,393,986



81,877



4.86





Total interest-earning assets



7,121,374


$

145,915



4.13

%





6,448,215


$

133,023



4.16

%




Noninterest-earning assets



489,356












437,550












Total assets


$

7,610,730











$

6,885,765






































Interest-bearing liabilities:


























  Deposits



$

4,107,750


$

7,524



0.37

%




$

3,806,157


$

3,520



0.19

%




  Fed funds purchased and other short term borrowings


396,039



576



0.29






410,355



340



0.17





Total interest-bearing liabilities



4,503,789


$

8,100



0.36

%





4,216,512


$

3,860



0.18

%




Noninterest-bearing liabilities                                                                              

2,145,719












1,807,896











Shareholders' equity



961,222












861,357












Total liabilities and shareholders' equity

$

7,610,730











$

6,885,765






































Net interest income and margin (tax equivalent)




$

137,815



3.90

%







$

129,163



4.04

%




 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2018-earnings-results-300683921.html

SOURCE First Financial Bankshares, Inc.

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