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Press Release

First Financial Bankshares Announces Third Quarter Earnings Results

Company Release - 10/17/2019 4:05 PM ET

ABILENE, Texas, Oct. 17, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: 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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