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Press Release

First Financial Bankshares Announces Fourth Quarter Earnings Results And 31st Year Of Consecutive Earnings Growth

Company Release - 1/25/2018 4:05 PM ET

ABILENE, Texas, Jan. 25, 2018 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2017 of $36.14 million, up $9.48 million when compared with earnings of $26.67 million in the same quarter last year. Basic earnings per share were $0.55 for the fourth quarter of 2017 compared with $0.40 in the same quarter a year ago. Of the $9.48 million increase in net income during the quarter when compared to the same quarter a year ago, $7.65 million resulted from the recent enactment of tax legislation that reduced the corporate tax rate from 35 percent to 21 percent. This amount represents the net effect of the Company's revaluation of its deferred tax assets and liabilities using the new tax rate. Without this adjustment, earnings for the quarter would have been $28.49 million with an adjusted basic earnings per share of $0.43.

Net interest income for the fourth quarter of 2017 was $60.89 million compared with $56.54 million in the same quarter of 2016. The net interest margin, on a taxable equivalent basis, was 4.00 percent for the fourth quarter of 2017 compared to 3.94 percent in the third quarter of 2017 and 4.01 percent in the fourth quarter of 2016. Included in interest income for the fourth quarter of 2017 was $439 thousand, or three 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 $1.44 million in the fourth quarter of 2017 compared with $1.42 million in the third quarter of 2017 and $1.99 million in the fourth quarter of 2016. The continued provision for loan losses in 2017 reflects growth in the loan portfolio and the continued levels of gross charge-offs. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.57 percent at December 31, 2017, compared with 0.63 percent at September 30, 2017, and 0.86 percent at December 31, 2016. Classified loans totaled $117.21 million at December 31, 2017, compared to $121.29 million at September 30, 2017, and $127.80 million at December 31, 2016.

At December 31, 2017, loans with oil and gas industry exposure totaled 1.72 percent of gross loans. These loans comprised $20.35 million of the classified loan totals and $1.41 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 December 31, 2017. At December 31, 2017, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 7.90 percent of total oil and gas loans.

Noninterest income increased 2.67 percent in the fourth quarter of 2017 to $22.30 million compared with $21.72 million in the same quarter a year ago. Trust fees increased $702 thousand to $5.89 million in the fourth quarter of 2017 compared with $5.19 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $5.13 billion from $4.37 billion a year ago as well as the continued increases in oil and gas prices. ATM, interchange and credit card fees increased 3.04 percent to $6.58 million compared with $6.39 million in the same quarter last year due to continued growth in debit cards. Service charges on deposits increased 2.66 percent to $4.90 million compared with $4.77 million in the same quarter a year ago due to continued growth in net new accounts. Offsetting these increases was a decrease in real estate mortgage fees of $624 thousand or 14.73 percent compared to the same quarter a year ago, partially due to a slowdown in refinance activity and the sale of the mortgage servicing portfolio in July 2017.

Noninterest expense for the fourth quarter of 2017 totaled $44.10 million compared to $41.99 million in the fourth quarter of 2016. The Company's efficiency ratio in the fourth quarter of 2017 was 49.37 percent compared with 49.61 percent in the same quarter last year. The increase in noninterest expense in the fourth quarter of 2017 was driven by a $1.35 million increase in salary and employee benefit expense, primarily due to merit based pay increases and profit sharing expenses, an increase of $531 thousand in software amortization and expense primarily resulting from a write-off of internally developed software and the addition of approximately $222 thousand in various expenses related to the Company's recent acquisition of Commercial Bancshares, Inc. and its wholly-owned subsidiary, Commercial State Bank, Kingwood, Texas, effective January 1, 2018.

For the year ended December 31, 2017, net income increased $15.60 million ($7.65 million was attributed to the change in the corporate tax rate) to $120.37 million from $104.77 million in 2016, marking 2017 as the 31st consecutive year of earnings increases for the Company. Basic earnings per share in 2017 rose to $1.82 from $1.59 in the previous year. Without the tax adjustment in the fourth quarter mentioned above, earnings for the year would have been $112.72 million with an adjusted basic earnings per share of $1.70.

Net interest income increased $9.85 million for the year to $236.69 million from $226.84 million a year ago. The provision for loan losses for 2017 totaled $6.53 million compared with $10.21 million in 2016. Noninterest income was $91.02 million in 2017 compared with $85.13 million in 2016. Noninterest expense rose to $173.99 million in 2017 compared with $165.83 million a year ago.

As of December 31, 2017, consolidated assets for the Company totaled $7.25 billion compared with $6.81 billion at December 31, 2016. Loans totaled $3.50 billion at year end compared with loans of $3.38 billion a year ago. Deposits totaled $5.96 billion at December 31, 2017, compared to $5.48 billion a year ago.  Shareholders' equity rose to $922.77 million at year end compared with $837.89 million at December 31, 2016. 

"We are pleased to report the 31st consecutive year of increased earnings for the Company," said F. Scott Dueser, Chairman, President and CEO. "We are excited to welcome Commercial State Bank of Kingwood to the First Financial family at the beginning of 2018. As we continue to visit with other potential acquisition candidates, we are working diligently on organically growing loans and deposits while reducing expenses to reward our shareholders, customers and employees even more."

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 73 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





2017



2016


ASSETS



 Dec 31,  



 Sept. 30,  



June 30, 



Mar. 31, 



 Dec. 31,  


Cash and due from banks


$

209,583


$

177,615


$

163,435


$

163,674


$

204,782


Interest-bearing deposits in banks


162,764



166,820



53,336



55,165



48,574


Interest-bearing time deposits in banks


1,458



1,458



1,458



1,707



1,707


Fed funds sold



-



-



3,740



3,840



3,130


Investment securities



3,087,473



2,885,483



2,964,618



3,018,393



2,860,958


Loans



3,500,699



3,491,346



3,457,679



3,386,141



3,384,205



Allowance for loan losses


(48,156)



(47,922)



(47,410)



(46,192)



(45,779)


Net loans



3,452,543



3,443,424



3,410,269



3,339,949



3,338,426


Premises and equipment



124,026



125,668



123,620



122,787



122,685


Goodwill



139,971



139,971



139,971



139,971



139,971


Other intangible assets



1,172



1,384



3,149



3,464



3,632


Other assets



75,725



67,341



83,796



81,420



86,066



Total assets


$

7,254,715


$

7,009,164


$

6,947,392


$

6,930,370


$

6,809,931




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

2,041,650


$

1,949,174


$

1,856,439


$

1,827,609


$

1,717,722


Interest-bearing deposits



3,921,311



3,748,286



3,770,170



3,834,359



3,760,817



Total deposits



5,962,961



5,697,460



5,626,609



5,661,968



5,478,539


Borrowings



331,000



351,435



379,324



360,264



445,770


Other liabilities



37,986



53,713



54,017



48,784



47,737


Shareholders' equity



922,768



906,556



887,442



859,354



837,885



Total liabilities and shareholders' equity

$

7,254,715


$

7,009,164


$

6,947,392


$

6,930,370


$

6,809,931























Quarter Ended





2017



2016


INCOME STATEMENTS



 Dec 31,  



 Sept. 30,  



 June 30,  



Mar. 31, 



 Dec 31,  


Interest income


$

63,456


$

62,554


$

61,182


$

58,783


$

57,979


Interest expense



2,562



2,866



2,097



1,763



1,443


Net interest income



60,894



59,688



59,085



57,020



56,536


Provision for loan losses



1,440



1,415



1,725



1,950



1,993


Net interest income after provision for loan losses


59,454



58,273



57,360



55,070



54,543


Noninterest income



22,302



24,260



23,170



21,286



21,721


Noninterest expense



44,096



43,964



43,775



42,152



41,990



Net income before income taxes


37,660



38,569



36,755



34,204



34,274


Income tax expense



9,167



9,195



8,500



7,605



7,608


Tax benefit from tax rate change



(7,650)



-



-



-



-



Net income


$

36,143


$

29,374


$

28,255


$

26,599


$

26,666




















PER COMMON SHARE DATA 

















Net income - basic


$

0.55


$

0.44


$

0.43


$

0.40


$

0.40


Net income - diluted



0.54



0.44



0.43



0.40



0.40


Cash dividends declared



0.19



0.19



0.19



0.18



0.18


Book Value



13.93



13.69



13.41



12.99



12.68


Market Value


$

45.05


$

45.20


$

44.20


$

40.10


$

45.20


Shares outstanding - end of period


66,260,444



66,223,957



66,170,312



66,131,832



66,094,695


Average outstanding shares - basic


66,191,995



66,140,518



66,100,089



66,073,399



66,037,447


Average outstanding shares - diluted


66,428,871



66,417,281



66,344,943



66,363,222



66,307,119




















PERFORMANCE RATIOS

















Return on average assets



2.02

%

1.65

%

1.64

%


1.57

%


1.59

%

Return on average equity



15.79



12.95



12.94



12.74



12.44


Net interest margin (tax equivalent)


4.00



3.94



4.05



4.03



4.01


Efficiency ratio



49.37



48.16



49.32



49.67



49.61









































Year Ended













Dec 31, 










INCOME STATEMENTS



2017



2016











Interest income


$

245,975


$

232,288











Interest expense



9,288



5,451











Net interest income



236,687



226,837











Provision for loan losses



6,530



10,212











Net interest income after provision for loan losses


230,157



216,625











Noninterest income



91,017



85,132











Noninterest expense



173,986



165,830












Net income before income taxes


147,188



135,927











Income tax expense



34,467



31,153











Tax benefit from tax rate change



(7,650)



-












Net income


$

120,371


$

104,774





























PER COMMON SHARE DATA 

















Net income - basic


$

1.82


$

1.59











Net income - diluted



1.81



1.59











Cash dividends declared



0.75



0.70











Book Value



13.93



12.68











Market Value


$

45.05


$

45.20











Shares outstanding - end of period


66,260,444



66,094,695











Average outstanding shares - basic


66,126,863



66,013,004











Average outstanding shares - diluted


66,324,330



66,102,886





























PERFORMANCE RATIOS

















Return on average assets



1.72

%

1.59

%









Return on average equity



13.63



12.36











Net interest margin (tax equivalent)


4.01



4.08











Efficiency ratio



49.26



49.22











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




















Quarter Ended




2017



2016


ALLOWANCE FOR LOAN LOSSES


 Dec 31,  



 Sept. 30,  



June 30, 



Mar. 31, 



Dec. 31, 


Balance at beginning of period

$

47,922


$

47,410


$

46,192


$

45,779


$

45,298


Loans charged off


(1,440)



(1,180)



(1,174)



(2,026)



(1,774)


Loan recoveries


234



277



667



489



262


Net recoveries (charge-offs)


(1,206)



(903)



(507)



(1,537)



(1,512)


Provision for loan losses


1,440



1,415



1,725



1,950



1,993


Balance at end of period

$

48,156


$

47,922


$

47,410


$

46,192


$

45,779



















Allowance for loan losses /
















     period-end loans


1.38

%


1.37

%


1.37

%


1.36

%


1.35

%

Allowance for loan losses /
















     nonperforming loans


259.11



243.57



210.95



159.48



161.44


Net charge-offs / average loans
















     (annualized)


0.14



0.10



0.06



0.18



0.18



















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

37,079


$

35,237


$

27,999


$

23,341


$

24,787


Substandard


80,131



86,057



89,609



99,280



103,015


Doubtful


-



-



-



-



-



Total classified loans

$

117,210


$

121,294


$

117,608


$

122,621


$

127,802



















NONPERFORMING ASSETS
















Nonaccrual loans

$

17,670


$

18,750


$

21,489


$

28,080


$

27,371


Accruing troubled debt restructured loans


627



668



672



695



701


Accruing loans 90 days past due


288



257



314



190



284



Total nonperforming loans


18,585



19,675



22,475



28,965



28,356


Foreclosed assets


1,532



2,401



2,245



1,553



644



Total nonperforming assets

$

20,117


$

22,076


$

24,720


$

30,518


$

29,000



















As a % of loans and foreclosed assets


0.57

%


0.63

%


0.71

%


0.90

%


0.86

%

As a % of end of period total assets


0.28



0.31



0.36



0.44



0.43



















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans

$

60,164


$

69,433


$

70,187


$

75,262


$

78,483


Oil and gas loans as a % of total loans


1.72

%

1.99

%

2.03

%


2.22

%


2.32

%

Classified oil and gas loans


20,346



21,817



24,404



29,077



32,518


Nonaccrual oil and gas loans


1,414



1,569



2,860



3,208



4,092


Net charge-offs for oil and gas loans


-



-



50



-



105


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


7.90

%

6.03

%

7.24

%


6.59

%


6.28

%


















CAPITAL RATIOS
















Common equity Tier 1 capital ratio


18.66

%


18.35

%


17.79

%


17.56

%


17.30

%

Tier 1 capital ratio


18.66



18.35



17.79



17.56



17.30


Total capital ratio


19.85



19.54



18.97



18.72



18.45


Tier 1 leverage


11.09



10.84



10.79



10.60



10.71


Equity to assets


12.72



12.93



12.77



12.40



12.30






































Quarter Ended




2017



2016


NONINTEREST INCOME


 Dec 31,  



 Sept. 30,  



 June 30,  



Mar. 31, 



Dec. 31, 


Trust fees

$

5,891


$

6,040


$

5,747


$

6,017


$

5,189


Service charges on deposits


4,900



5,083



4,883



4,550



4,773


ATM, interchange and credit card fees


6,584



6,340



6,598



6,164



6,390


Real estate mortgage fees


3,613



3,891



4,188



3,417



4,237


Net gain on sale of available-for-sale securities


3



1,075



747



3



117


Net gain (loss) on sale of foreclosed assets


(8)



(11)



(72)



41



112


Net gain (loss) on sale of assets


(185)



(15)



(200)



4



(103)


Interest on loan recoveries


232



405



337



154



141


Other noninterest income


1,272



1,452



942



936



865



Total noninterest income

$

22,302


$

24,260


$

23,170


$

21,286


$

21,721



















NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$

22,760


$

23,052


$

22,508


$

22,233


$

21,742


Profit sharing expense


1,661



1,091



957



1,026



1,329


Loss from partial settlement of pension plan


-



-



-



-



267


Net occupancy expense


2,439



2,711



2,771



2,600



2,534


Equipment expense


3,369



3,294



3,665



3,437



3,293


FDIC insurance premiums


560



561



550



547



525


ATM, interchange and credit card expenses


1,935



2,001



1,803



1,713



1,879


Legal, tax and professional fees


2,580



2,396



2,526



2,478



2,386


Audit fees


338



356



379



419



331


Printing, stationery and supplies


567



449



536



438



590


Amortization of intangible assets


136



143



165



168



168


Advertising and public relations


1,689



1,527



1,576



1,544



1,574


Operational and other losses


553



1,081



574



985



717


Software amortization and expense


1,056



742



995



500



525


Other noninterest expense


4,453



4,560



4,770



4,064



4,130



Total noninterest expense

$

44,096


$

43,964


$

43,775


$

42,152


$

41,990



















TAX EQUIVALENT YIELD ADJUSTMENT

$

6,125


$

6,312


$

6,509


$

6,550


$

6,391






































Year Ended












Dec 31, 










NONINTEREST INCOME


2017



2016











Trust fees

$

23,694


$

19,636











Service charges on deposits


19,416



18,386











ATM, interchange and credit card fees


25,686



23,910











Real estate mortgage fees


15,109



16,086











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


1,828



1,270











Net gain (loss) on sale of foreclosed assets


(50)



456











Net gain (loss) on sale of assets


(396)



168











Interest on loan recoveries


1,128



2,112











Other noninterest income


4,602



3,108












Total noninterest income

$

91,017


$

85,132




























NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$

90,552


$

87,518











Profit sharing expense


4,735



3,221











Loss from partial settlement of pension plan


-



267











Net occupancy expense


10,521



10,420











Equipment expense


13,765



13,479











FDIC insurance premiums


2,217



2,680











ATM, interchange and credit card expenses


7,452



7,231











Legal, tax and professional fees


9,980



9,092











Audit  fees


1,492



1,593











Printing, stationery and supplies


1,989



2,093











Amortization of intangible assets


613



738











Advertising and public relations


6,334



6,284











Operational and other losses


3,192



2,170











Software amortization and expense


3,295



2,006











Other noninterest expense


17,849



17,038












Total noninterest expense

$

173,986


$

165,830




























TAX EQUIVALENT YIELD ADJUSTMENT

$

25,495


$

24,942











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




























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




Three Months Ended




June 30, 2017




Mar. 31, 2017





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold


$

5,229


$

8



0.64

%




$

3,529


$

2



0.23

%

  Interest-bearing deposits in nonaffiliated banks


45,043



112



1.00






134,556



274



0.83


  Taxable securities



1,494,187



8,343



2.23






1,367,331



7,431



2.17


  Tax exempt securities



1,528,760



17,414



4.56






1,529,610



17,561



4.59


  Loans



3,418,105



41,814



4.91






3,369,599



40,065



4.82


Total interest-earning assets



6,491,324


$

67,691



4.18

%





6,404,625


$

65,333



4.14

%

Noninterest-earning assets



428,245












446,961









Total assets


$

6,919,569











$

6,851,586
































Interest-bearing liabilities:























  Deposits


$

3,803,412


$

1,930



0.20

%




$

3,808,933


$

1,590



0.17

%

  Fed funds purchased and other borrowings


372,910



167



0.18






448,217



173



0.16


Total interest-bearing liabilities



4,176,322


$

2,097



0.20

%





4,257,150


$

1,763



0.17

%

Noninterest-bearing liabilities

1,867,596












1,747,532








Shareholders' equity



875,651












846,904









Total liabilities and shareholders' equity

$

6,919,569











$

6,851,586
































Net interest income and margin (tax equivalent)




$

65,594



4.05

%







$

63,570



4.03

%




























Three Months Ended
















Dec. 31, 2016

















Average



Tax Equivalent



Yield /


















Balance



Interest



Rate














Interest-earning assets:























  Fed funds sold


$

4,703


$

5



0.42

%













  Interest-bearing deposits in nonaffiliated banks


85,907



116



0.54














  Taxable securities



1,281,717



6,459



2.02














  Tax exempt securities



1,489,463



16,958



4.55














  Loans



3,374,652



40,831



4.81














Total interest-earning assets



6,236,442


$

64,369



4.11

%













Noninterest-earning assets



434,629





















Total assets


$

6,671,071












































Interest-bearing liabilities:























  Deposits


$

3,580,489


$

1,305



0.14

%













  Fed funds purchased and other borrowings


488,240



137



0.11














Total interest-bearing liabilities



4,068,729


$

1,442



0.14

%













Noninterest-bearing liabilities

1,749,320




















Shareholders' equity



853,022





















Total liabilities and shareholders' equity

$

6,671,071












































Net interest income and margin (tax equivalent)




$

62,927



4.01

%








































Year Ended




Year Ended




Dec. 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


$

3,096


$

24



0.78

%




$

5,628


$

24



0.43

%

  Interest-bearing deposits in nonaffiliated banks


141,368



1,660



1.17






58,254



318



0.55


  Taxable securities



1,479,698



32,825



2.22






1,314,820



27,626



2.10


  Tax exempt securities



1,484,952



68,118



4.59






1,459,121



66,268



4.54


  Loans



3,435,447



168,843



4.91






3,333,241



162,994



4.89


Total interest-earning assets



6,544,561


$

271,470



4.15

%





6,171,064


$

257,230



4.17

%

Noninterest-earning assets



436,950












428,055









Total assets


$

6,981,511











$

6,599,119
































Interest-bearing liabilities:























  Deposits


$

3,783,960


$

8,213



0.22

%




$

3,469,005


$

4,504



0.13

%

  Fed funds purchased and other short term borrowings


422,285



1,075



0.25






552,041



947



0.17


Total interest-bearing liabilities



4,206,245


$

9,288



0.22

%





4,021,046


$

5,451



0.14

%

Noninterest-bearing liabilities

1,892,453












1,730,207








Shareholders' equity



882,813












847,866









Total liabilities and shareholders' equity

$

6,981,511











$

6,599,119
































Net interest income and margin (tax equivalent)




$

262,182



4.01

%







$

251,779



4.08

%

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-earnings-results-and-31st-year-of-consecutive-earnings-growth-300588534.html

SOURCE First Financial Bankshares, Inc.

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