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Press Release

First Financial Bankshares Announces Third Quarter Earnings Results

Company Release - 10/19/2017 4:05 PM ET

ABILENE, Texas, Oct. 19, 2017 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2017 of $29.37 million, up 14.73 percent when compared with earnings of $25.60 million in the same quarter last year.  Basic earnings per share were $0.44 for the third quarter of 2017 compared with $0.39 in the same quarter a year ago.

Net interest income for the third quarter of 2017 increased 5.22 percent to $59.69 million compared with $56.73 million in the same quarter of 2016. The net interest margin, on a taxable equivalent basis, was 3.94 percent for the third quarter of 2017 compared to 4.05 percent for the second quarter of 2017 and 4.04 percent for the third quarter of 2016. Included in interest income for the third quarter of 2017 was $450 thousand, or two 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 $1.42 million in the third quarter of 2017 compared with $1.73 million in the second quarter of 2017 and $3.83 million in the third quarter of 2016. The continued provision for loan losses in 2017 reflects growth in the loan portfolio, the continued levels of gross charge-offs and the effects related to Hurricane Harvey. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.63 percent at September 30, 2017, compared with 0.71 percent at June 30, 2017, and 1.04 percent at September 30, 2016. Classified loans totaled $121.29 million at September 30, 2017, compared to $117.61 million at June 30, 2017, and $126.60 million at September 30, 2016. The higher provision for loan losses and nonperforming asset levels in the third quarter of 2016 when compared to the current period was primarily related to one nonaccrual commercial loan, which was in the process of liquidation at September 30, 2016, and has now been resolved.

At September 30, 2017, loans with oil and gas industry exposure totaled 1.99% of gross loans. These loans comprised $21.82 million of the classified loan totals and $1.57 million of the nonperforming loan totals. In addition, there were no net charge-offs related to these oil and gas loans for the quarter ended September 30, 2017. At September 30, 2017, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 6.03% of total oil and gas loans.

Noninterest income increased 9.52 percent in the third quarter of 2017 to $24.26 million compared with $22.15 million in the same quarter a year ago. Trust fees increased to $6.04 million in the third quarter of 2017 compared with $5.07 million in the same quarter last year, due to continued growth in the fair value of Trust assets managed to $4.92 billion from $4.22 billion a year ago. ATM, interchange and credit card fees increased 5.67 percent to $6.34 million compared with $6.00 million in the same quarter last year due to continued growth in debit cards. Service charges on deposits increased 5.98 percent to $5.08 million compared with $4.80 million in the same quarter a year ago due to continued growth in net new accounts. Also included in noninterest income during the third quarter of 2017 was a gain on sale of securities of $1.08 million compared to $239 thousand in the same quarter a year ago and an increase in other noninterest income of $629 thousand compared to the same quarter a year ago, primarily resulting from a $505 thousand litigation settlement. Offsetting these increases was a decrease in real estate mortgage fees of $806 thousand or 17.16% compared to the same quarter a year ago, partially due to the effects of Hurricane Harvey.

Noninterest expense for the third quarter of 2017 totaled $43.96 million compared to $42.00 million in the third quarter of 2016. The Company's efficiency ratio in the third quarter of 2017 was 48.71 percent compared with 49.33 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2017 was primarily a result of an increase in salary and employee benefit costs to $24.14 million compared to $22.93 million in the same quarter a year ago, primarily due to merit based pay increases and profit sharing expenses. Additionally, operational and other losses increased $548 thousand when compared to the same quarter a year ago, primarily related to hurricane and fraud losses.

For the nine months ended September 30, 2017, net income increased 7.83 percent to $84.23 million from $78.11 million a year ago. Basic earnings per share rose to $1.27 from $1.18 in the same period last year. Net interest income increased 3.22 percent to $175.79 million for the nine months ended September 30, 2017, from $170.30 million in the same period a year ago. The provision for loan losses totaled $5.09 million compared with $8.22 million in the same period a year ago. Noninterest income was $68.72 million for the first nine months 2017 compared with $63.41 million in the same period a year ago. Noninterest expense rose to $129.89 million compared with $123.84 million during the same period a year ago.

As of September 30, 2017, consolidated assets for the Company totaled $7.01 billion compared to $6.95 billion at June 30, 2017, and $6.69 billion at September 30, 2016. Loans grew to $3.49 billion at September 30, 2017, compared with loans of $3.46 billion at June 30, 2017 and $3.37 billion at September 30, 2016. Deposits totaled $5.70 billion at September 30, 2017, compared to $5.63 billion at June 30, 2017, and $5.24 billion at September 30, 2016.  Shareholders' equity rose to $906.56 million as of September 30, 2017, compared with $887.44 million at June 30, 2017, and $867.94 million at September 30, 2016. 

On October 12, 2017, the Company announced the pending acquisition of Commercial Bancshares, Inc. and its wholly owned subsidiary, Commercial State Bank headquartered in Kingwood, Texas. Commercial State Bank had total loans of $263.77 million, total deposits of $322.14 million and total assets of $366.83 at September 30, 2017.

"We continue to work diligently to grow loans and deposits, reduce expenses to improve our bottom line while continuing to look for acquisition opportunities like our recent Kingwood announcement to better utilize our strong capital position and increase returns to our shareholders," said F. Scott Dueser, Chairman, President and CEO. "This quarter, many of our employees and customers in our Southeast Texas and Conroe regions were significantly affected by Hurricane Harvey. However, we are so proud of how swiftly our Company responded by getting our branches re-opened so we could meet the critical needs of our customers. With the help of our employees, directors and customers throughout our footprint, First Financial was able to raise over $300 thousand that was distributed to our employees that were most effected by the hurricane," added Dueser.

The Company has regional locations surrounding Houston in the Conroe, Willis, Tomball, Huntsville, Montgomery and Magnolia markets and in Southeast Texas in Orange, Beaumont, Vidor, Newton, Mauriceville and Port Arthur. Several of these markets were impacted by Hurricane Harvey in late August. We continue to evaluate the effect of the hurricane on our branch facilities, loans and investment portfolio. To date, the amounts related to damages at our physical locations not covered by insurance do not appear to be significant. Combined, the Company had approximately $846.45 million in loans throughout these markets at September 30, 2017. We continue to evaluate these loans and the related collateral and business operations underlying these loans. We have provided additional allowance for loan and lease losses as deemed appropriate based on our analysis. Our tax exempt municipal bonds in the counties of Texas effected by the hurricane have been evaluated, including insurance on the bonds. At September 30, 2017, our municipal bonds in these counties totaled $254.48 million. Based on analysis of these bonds and the related municipality, we do not believe we have any credit related other than temporary impairment.

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 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




2017



2016


ASSETS


 Sept. 30,  



June 30, 



Mar. 31, 



 Dec. 31,  



 Sept. 30,  


Cash and due from banks

$

177,615


$

163,435


$

163,674


$

204,782


$

166,981


Interest-bearing deposits in banks


166,820



53,336



55,165



48,574



117,334


Interest-bearing time deposits in banks


1,458



1,458



1,707



1,707



1,707


Fed funds sold


-



3,740



3,840



3,130



3,400


Investment securities


2,885,483



2,964,618



3,018,393



2,860,958



2,729,159


Loans


3,491,346



3,457,679



3,386,141



3,384,205



3,369,384



Allowance for loan losses


(47,922)



(47,410)



(46,192)



(45,779)



(45,298)


Net loans


3,443,424



3,410,269



3,339,949



3,338,426



3,324,086


Premises and equipment


125,668



123,620



122,787



122,685



122,725


Goodwill


139,971



139,971



139,971



139,971



139,971


Other intangible assets


1,384



3,149



3,464



3,632



3,758


Other assets


67,341



83,796



81,420



86,066



77,615



Total assets

$

7,009,164


$

6,947,392


$

6,930,370


$

6,809,931


$

6,686,736



















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits

$

1,949,174


$

1,856,439


$

1,827,609


$

1,717,722


$

1,702,993


Interest-bearing deposits


3,748,286



3,770,170



3,834,359



3,760,817



3,532,471



Total deposits


5,697,460



5,626,609



5,661,968



5,478,539



5,235,464


Borrowings


351,435



379,324



360,264



445,770



513,759


Other liabilities


53,713



54,017



48,784



47,737



69,569


Shareholders' equity


906,556



887,442



859,354



837,885



867,944



Total liabilities and shareholders' equity

$

7,009,164


$

6,947,392


$

6,930,370


$

6,809,931


$

6,686,736





















Quarter Ended




2017



2016


INCOME STATEMENTS


 Sept. 30,  



 June 30,  



Mar. 31, 



 Dec 31,  



 Sept. 30,  


Interest income

$

62,554


$

61,182


$

58,783


$

57,979


$

58,093


Interest expense


2,866



2,097



1,763



1,443



1,366


Net interest income


59,688



59,085



57,020



56,536



56,727


Provision for loan losses


1,415



1,725



1,950



1,993



3,833


Net interest income after provision for loan losses


58,273



57,360



55,070



54,543



52,894


Noninterest income


24,260



23,170



21,286



21,721



22,152


Noninterest expense


43,964



43,775



42,152



41,990



42,003



Net income before income taxes


38,569



36,755



34,204



34,274



33,043


Income tax expense


9,195



8,500



7,605



7,608



7,440



Net income

$

29,374


$

28,255


$

26,599


$

26,666


$

25,603



















PER COMMON SHARE DATA 
















Net income - basic

$

0.44


$

0.43


$

0.40


$

0.40


$

0.39


Net income - diluted


0.44



0.43



0.40



0.40



0.39


Cash dividends declared


0.19



0.19



0.18



0.18



0.18


Book Value


13.69



13.41



12.99



12.68



13.14


Market Value

$

45.20


$

44.20


$

40.10


$

45.20


$

36.44


Shares outstanding - end of period


66,223,957



66,170,312



66,131,832



66,094,695



66,063,285


Average outstanding shares - basic


66,140,518



66,100,089



66,073,399



66,037,447



66,023,069


Average outstanding shares - diluted


66,417,281



66,344,943



66,363,222



66,307,119



66,147,202



















PERFORMANCE RATIOS
















Return on average assets


1.65

%

1.64

%


1.57

%


1.59

%


1.54

%

Return on average equity


12.95



12.94



12.74



12.44



11.72


Net interest margin (tax equivalent)


3.94



4.05



4.03



4.01



4.04


Efficiency ratio


48.71



49.32



49.67



49.61



49.33






































Nine Months Ended












Sept. 30,










INCOME STATEMENTS


2017



2016











Interest income

$

182,519


$

174,309











Interest expense


6,726



4,008











Net interest income


175,793



170,301











Provision for loan losses


5,090



8,219











Net interest income after provision for loan losses


170,703



162,082











Noninterest income


68,715



63,410











Noninterest expense


129,891



123,840












Net income before income taxes


109,527



101,652











Income tax expense


25,300



23,544












Net income

$

84,227


$

78,108




























PER COMMON SHARE DATA 
















Net income - basic

$

1.27


$

1.18











Net income - diluted


1.27



1.18











Cash dividends declared


0.56



0.52











Book Value


13.69



13.14











Market Value

$

45.20


$

36.44











Shares outstanding - end of period


66,223,957



66,063,285











Average outstanding shares - basic


66,104,914



66,004,797











Average outstanding shares - diluted


66,392,210



66,135,918




























PERFORMANCE RATIOS
















Return on average assets


1.62

%

1.59

%










Return on average equity


12.88



12.33











Net interest margin (tax equivalent)


4.01



4.10











Efficiency ratio


49.22



49.09











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




















Quarter Ended




2017



2016


ALLOWANCE FOR LOAN LOSSES


 Sept. 30,  



June 30, 



Mar. 31, 



Dec. 31, 



 Sept. 30,  


Balance at beginning of period

$

47,410


$

46,192


$

45,779


$

45,298


$

45,060


Loans charged off


(1,180)



(1,174)



(2,026)



(1,774)



(4,372)


Loan recoveries


277



667



489



262



777


Net recoveries (charge-offs)


(903)



(507)



(1,537)



(1,512)



(3,595)


Provision for loan losses


1,415



1,725



1,950



1,993



3,833


Balance at end of period

$

47,922


$

47,410


$

46,192


$

45,779


$

45,298



















Allowance for loan losses /
















     period-end loans


1.37

%


1.37

%


1.36

%


1.35

%


1.34

%

Allowance for loan losses /
















     nonperforming loans


243.57



210.95



159.48



161.44



131.04


Net charge-offs / average loans
















     (annualized)


0.10



0.06



0.18



0.18



0.43



















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

35,237


$

27,999


$

23,341


$

24,787


$

25,488


Substandard


86,057



89,609



99,280



103,015



101,110


Doubtful


-



-



-



-



2



Total classified loans

$

121,294


$

117,608


$

122,621


$

127,802


$

126,600



















NONPERFORMING ASSETS
















Nonaccrual loans

$

18,750


$

21,489


$

28,080


$

27,371


$

33,712


Accruing troubled debt restructured loans


668



672



695



701



750


Accruing loans 90 days past due


257



314



190



284



107



Total nonperforming loans


19,675



22,475



28,965



28,356



34,569


Foreclosed assets


2,401



2,245



1,553



644



369



Total nonperforming assets

$

22,076


$

24,720


$

30,518


$

29,000


$

34,938



















As a % of loans and foreclosed assets


0.63

%


0.71

%


0.90

%


0.86

%


1.04

%

As a % of end of period total assets


0.31



0.36



0.44



0.43



0.52



















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans

$

69,433


$

70,187


$

75,262


$

78,483


$

86,785


Oil and gas loans as a % of total loans


1.99

%

2.03

%


2.22

%


2.32

%


2.58

%

Classified oil and gas loans


21,817



24,404



29,077



32,518



31,541


Nonaccrual oil and gas loans


1,569



2,860



3,208



4,092



5,140


Net charge-offs for oil and gas loans


-



50



-



105



104


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


6.03

%


7.24

%


6.59

%


6.28

%


5.60

%


















CAPITAL RATIOS
















Common equity Tier 1 capital ratio


18.35

%


17.79

%


17.56

%


17.30

%


17.11

%

Tier 1 capital ratio


18.35



17.79



17.56



17.30



17.11


Total capital ratio


19.54



18.97



18.72



18.45



18.28


Tier 1 leverage


10.84



10.79



10.60



10.71



10.60


Equity to assets


12.93



12.77



12.40



12.30



12.98






































Quarter Ended







2017






2016


NONINTEREST INCOME


 Sept. 30,  



 June 30,  



Mar. 31, 



Dec. 31, 



 Sept. 30,  


Trust fees

$

6,040


$

5,747


$

6,017


$

5,189


$

5,066


Service charges on deposits


5,083



4,883



4,550



4,773



4,796


ATM, interchange and credit card fees


6,340



6,598



6,164



6,390



6,000


Real estate mortgage fees


3,891



4,188



3,417



4,237



4,697


Net gain on sale of available-for-sale securities


1,075



747



3



117



239


Net gain (loss) on sale of foreclosed assets


(11)



(72)



41



112



(10)


Net gain (loss) on sale of assets


(15)



(200)



4



(103)



(168)


Interest on loan recoveries


405



337



154



141



709


Other noninterest income


1,452



942



936



865



823



Total noninterest income

$

24,260


$

23,170


$

21,286


$

21,721


$

22,152



















NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$

23,052


$

22,508


$

22,233


$

21,742


$

22,193


Profit sharing expense


1,091



957



1,026



1,329



738


Loss from partial settlement of pension plan


-



-



-



267



-


Net occupancy expense


2,711



2,771



2,600



2,534



2,672


Equipment expense


3,294



3,665



3,437



3,293



3,420


FDIC insurance premiums


561



550



547



525



513


ATM, interchange and credit card expenses


2,001



1,803



1,713



1,879



1,859


Legal, tax and professional fees


2,396



2,526



2,478



2,386



2,389


Audit  fees


356



379



419



331



413


Printing, stationery and supplies


449



536



438



590



536


Amortization of intangible assets


143



165



168



168



172


Advertising and public relations


1,527



1,576



1,544



1,574



1,729


Operational and other losses


1,081



574



985



717



533


Software amortization and expense


742



995



500



525



490


Other noninterest expense


4,560



4,770



4,064



4,130



4,346



Total noninterest expense

$

43,964


$

43,775


$

42,152


$

41,990


$

42,003



















TAX EQUIVALENT YIELD ADJUSTMENT

$

6,312


$

6,509


$

6,550


$

6,391


$

6,271






































Nine Months Ended












Sept. 30,










NONINTEREST INCOME


2017



2016











Trust fees

$

17,804


$

14,446











Service charges on deposits


14,517



13,614











ATM, interchange and credit card fees


19,102



17,521











Real estate mortgage fees


11,496



11,849











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


1,825



1,153











Net gain (loss) on sale of foreclosed assets


(42)



343











Net gain (loss) on sale of assets


(211)



271











Interest on loan recoveries


896



1,970











Other noninterest income


3,328



2,243












Total noninterest income

$

68,715


$

63,410




























NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$

67,793


$

65,776











Profit sharing expense


3,074



1,892











Net occupancy expense


8,081



7,886











Equipment expense


10,397



10,186











FDIC insurance premiums


1,657



2,155











ATM, interchange and credit card expenses


5,517



5,352











Legal, tax and professional fees


7,399



6,708











Audit  fees


1,154



1,263











Printing, stationery and supplies


1,423



1,504











Amortization of intangible assets


477



570











Advertising and public relations


4,646



4,710











Operational and other losses


2,639



1,452











Software amortization and expense


2,237



1,481











Other noninterest expense


13,397



12,905












Total noninterest expense

$

129,891


$

123,840




























TAX EQUIVALENT YIELD ADJUSTMENT

$

19,371


$

18,554











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


























Three Months Ended




Three Months Ended



Sept. 30, 2017




June 30, 2017




Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /





Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















  Fed funds sold

$

2,467


$

9



1.43

%




$

5,229


$

8



0.64

%

  Interest-bearing deposits in nonaffiliated banks


198,322



629



1.26






45,043



112



1.00


  Taxable securities


1,492,246



8,074



2.16






1,494,187



8,343



2.23


  Tax exempt securities


1,477,559



16,884



4.57






1,528,760



17,414



4.56


  Loans


3,468,524



43,270



4.95






3,418,105



41,814



4.91


Total interest-earning assets


6,639,118


$

68,866



4.12

%





6,491,324


$

67,691



4.18

%

Noninterest-earning assets


431,070












428,245









Total assets

$

7,070,188











$

6,919,569































Interest-bearing liabilities:






















  Deposits

$

3,728,442


$

2,228



0.24

%




$

3,803,412


$

1,930



0.20

%

  Fed funds purchased and other borrowings


524,357



638



0.48






372,910



167



0.18


Total interest-bearing liabilities


4,252,799


$

2,866



0.27

%





4,176,322


$

2,097



0.20

%

Noninterest-bearing liabilities


1,917,681












1,867,596








Shareholders' equity


899,708












875,651









Total liabilities and shareholders' equity

$

7,070,188











$

6,919,569































Net interest income and margin (tax equivalent)




$

66,000



3.94

%







$

65,594



4.05

%


























Three Months Ended




Three Months Ended



Mar. 31, 2017




Dec. 31, 2016




Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /





Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















  Fed funds sold

$

3,529


$

2



0.23

%




$

4,703


$

5



0.42

%

  Interest-bearing deposits in nonaffiliated banks


134,556



274



0.83






85,907



116



0.54


  Taxable securities


1,367,331



7,431



2.17






1,281,717



6,459



2.02


  Tax exempt securities


1,529,610



17,561



4.59






1,489,463



16,958



4.55


  Loans


3,369,599



40,065



4.82






3,374,652



40,831



4.81


Total interest-earning assets


6,404,625


$

65,333



4.14

%





6,236,442


$

64,369



4.11

%

Noninterest-earning assets


446,961












434,629









Total assets

$

6,851,586











$

6,671,071































Interest-bearing liabilities:






















  Deposits

$

3,808,933


$

1,590



0.17

%




$

3,580,489


$

1,305



0.14

%

  Fed funds purchased and other borrowings


448,217



173



0.16






488,240



137



0.11


Total interest-bearing liabilities


4,257,150


$

1,763



0.17

%





4,068,729


$

1,442



0.14

%

Noninterest-bearing liabilities


1,747,532












1,749,320








Shareholders' equity


846,904












853,022









Total liabilities and shareholders' equity

$

6,851,586











$

6,671,071































Net interest income and margin (tax equivalent)




$

63,570



4.03

%







$

62,927



4.01

%


























Three Months Ended















Sept. 30, 2016
















Average



Tax Equivalent



Yield /

















Balance



Interest



Rate














Interest-earning assets:






















  Fed funds sold

$

4,596


$

4



0.33

%













  Interest-bearing deposits in nonaffiliated banks


69,285



95



0.55














  Taxable securities


1,305,103



6,775



2.08














  Tax exempt securities


1,478,719



16,541



4.47














  Loans


3,349,458



40,948



4.86














Total interest-earning assets


6,207,161


$

64,363



4.13

%













Noninterest-earning assets


428,239





















Total assets

$

6,635,400











































Interest-bearing liabilities:






















  Deposits

$

3,460,208


$

1,111



0.13

%













  Fed funds purchased and other borrowings


569,883



254



0.18














Total interest-bearing liabilities


4,030,091


$

1,365



0.13

%













Noninterest-bearing liabilities


1,736,071




















Shareholders' equity


869,238





















Total liabilities and shareholders' equity

$

6,635,400











































Net interest income and margin (tax equivalent)




$

62,998



4.04

%






































Nine Months Ended




Nine Months Ended



Sept. 30, 2017




Sept. 30, 2016




Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /





Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















  Fed funds sold

$

3,738


$

20



0.70

%




$

5,939


$

19



0.44

%

  Interest-bearing deposits in nonaffiliated banks


126,207



1,016



1.08






48,969



202



0.55


  Taxable securities


1,451,712



23,848



2.19






1,325,935



21,167



2.13


  Tax exempt securities


1,511,786



51,859



4.57






1,448,933



49,313



4.54


  Loans


3,419,105



125,147



4.89






3,319,337



122,162



4.92


Total interest-earning assets


6,512,548


$

201,890



4.14

%





6,149,113


$

192,863



4.19

%

Noninterest-earning assets


435,367












425,847









Total assets

$

6,947,915











$

6,574,960































Interest-bearing liabilities:






















  Deposits

$

3,779,967


$

5,748



0.20

%




$

3,431,572


$

3,197



0.12

%

  Fed funds purchased and other short term borrowings


448,773



978



0.29






573,464



811



0.19


Total interest-bearing liabilities


4,228,740


$

6,726



0.21

%





4,005,036


$

4,008



0.13

%

Noninterest-bearing liabilities


1,844,894












1,723,790








Shareholders' equity


874,281












846,134









Total liabilities and shareholders' equity

$

6,947,915











$

6,574,960































Net interest income and margin (tax equivalent)




$

195,164



4.01

%







$

188,855



4.10

%

 

View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-earnings-results-300540145.html

SOURCE First Financial Bankshares, Inc.

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