Press Release

Press Release

First Financial Bankshares Announces Fourth Quarter Earnings Results And 33rd Year Of Consecutive Earnings Growth

Company Release - 1/23/2020 4:01 PM ET

ABILENE, Texas, Jan. 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2019 of $41.39 million, up $2.95 million or 7.68 percent when compared with earnings of $38.44 million in the same quarter last year. Basic earnings per share were $0.30 for the fourth quarter of 2019 compared with $0.28 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2019 was $1.70 million, before income tax, resulting from the Company's completed termination of its defined benefit pension plan (see below for more details).

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 fourth quarter of 2019 was $75.32 million compared with $70.27 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.99 percent for the fourth quarter of 2019 compared to 3.94 percent in the third quarter of 2019 and 4.02 percent in the fourth quarter of 2018. Included in interest income for the fourth quarter of 2019 was $384 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions. Amounts related to discount accretion for the third quarter of 2019 and fourth quarter of 2018 were $415 thousand (or two basis points) and $491 thousand (or two basis points), respectively.

The provision for loan losses was $950 thousand in the fourth quarter of 2019 compared with $450 thousand in the third quarter of 2019 and $1.80 million in the fourth quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.61 percent at December 31, 2019, compared with 0.66 percent at September 30, 2019, and 0.75 percent at December 31, 2018. Classified loans totaled $140.66 million at December 31, 2019, compared to $119.20 million at September 30, 2019, and $126.30 million at December 31, 2018.

Noninterest income increased 10.28 percent in the fourth quarter of 2019 to $27.35 million compared with $24.80 million in the same quarter a year ago. Trust fees were $7.34 million in the fourth quarter of 2019 compared with $6.92 million in the same quarter last year. The fair value of Trust assets managed increased to $6.75 billion from $5.60 billion a year ago. ATM, interchange and credit card fees increased 14.09 percent to $7.94 million compared with $6.96 million in the same quarter last year due to continued growth in the number of debit cards issued. Real estate mortgage fees increased 22.59 percent in the fourth quarter of 2019 to $4.22 million compared with $3.44 million in the same quarter a year ago due to an increase in the volume of loans originated.

Noninterest expense for the fourth quarter of 2019 totaled $51.94 million compared to $48.24 million in the fourth quarter of 2018. The Company's efficiency ratio in the fourth quarter of 2019 was 49.75 percent compared with 49.69 percent in the same quarter last year. During the fourth quarter of 2019, the Company settled and terminated the remaining portion of its defined benefit pension plan obligation and as a result, recognized $1.70 million, before income tax, in pension settlement expense, a component of noninterest expense. During the fourth quarter of 2018, the Company recorded $1.55 million, before income tax, in pension settlement expense for a partial settlement of this defined benefit pension obligation. Also included in noninterest expense in the fourth quarter of 2019 was a $4.19 million increase in salary and employee benefit costs to $29.94 million compared to $25.75 million in the same quarter a year ago, primarily due to merit-based pay increases and increases in profit sharing expenses. Offsetting these increases in noninterest expenses were reductions in FDIC insurance premiums resulting from credits from prior premiums paid.

For the year ended December 31, 2019, net income increased 9.41 percent to $164.81 million from $150.64 million in 2018, marking 2019 as the 33rd consecutive year of earnings increases for the Company. Basic earnings per share in 2019 rose to $1.22 from $1.11 in the previous year. Net interest income increased $16.33 million for the year to $289.09 million from $272.76 million a year ago. The provision for loan losses for 2019 totaled $2.97 million compared with $5.67 million in 2018. Noninterest income was $108.43 million in 2019 compared with $101.76 million in 2018. Noninterest expense rose to $196.52 million in 2019 compared with $190.68 million a year ago.

As of December 31, 2019, consolidated assets for the Company totaled $8.26 billion compared with $7.73 billion at December 31, 2018. Loans totaled $4.22 billion at year end compared with loans of $3.98 billion a year ago. Deposits totaled $6.60 billion at December 31, 2019, compared to $6.18 billion a year ago.  Shareholders' equity rose to $1.23 billion at year end compared with $1.05 billion at December 31, 2018. 

"We are pleased to report the 33rd consecutive year of increased earnings for the Company," said F. Scott Dueser, Chairman, President and CEO. "We are also excited to welcome The Bank & Trust of Bryan/College Station to the First Financial family at the beginning of 2020. 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," 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 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, Cisco, Cleburne, Clyde, College Station, 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 nine 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



 Dec. 31,  



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31,  


Cash and due from banks

$

231,534


$

198,855


$

178,345


$

176,278


$

207,835


Interest-bearing deposits in banks


47,920



31,410



128,652



197,758



40,812


Interest-bearing time deposits in banks


-



-



960



1,458



1,458


Fed funds sold


3,150



-



700



12,825



-


Investment securities


3,413,317



3,397,156



3,259,492



3,212,812



3,158,777


Loans




4,223,197



4,140,815



4,063,257



4,003,606



3,975,308



Allowance for loan losses


(52,499)



(51,889)



(51,820)



(51,585)



(51,202)


Net loans



4,170,698



4,088,926



4,011,437



3,952,021



3,924,106


Premises and equipment


131,022



132,367



134,322



135,321



133,421


Goodwill



171,565



171,565



171,565



171,565



171,565


Other intangible assets


2,102



2,340



2,586



2,850



3,118


Other assets



90,919



91,220



91,234



83,007



90,762



Total assets

$

8,262,227


$

8,113,839


$

7,979,293


$

7,945,895


$

7,731,854




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits

$

2,065,128


$

2,210,997


$

2,167,552


$

2,165,745


$

2,116,107


Interest-bearing deposits


4,538,678



4,186,686



4,202,214



4,184,996



4,064,282



Total deposits


6,603,806



6,397,683



6,369,766



6,350,741



6,180,389


Borrowings


381,356



400,155



362,005



382,711



468,706


Other liabilities


49,868



110,903



82,774



104,921



29,464


Shareholders' equity


1,227,197



1,205,098



1,164,748



1,107,522



1,053,295



Total liabilities and shareholders' equity

$

8,262,227


$

8,113,839


$

7,979,293


$

7,945,895


$

7,731,854























Quarter Ended





2019



2018


INCOME STATEMENTS


 Dec. 31,  



 Sept. 30,  



 June 30,  



 Mar. 31,  



 Dec. 31,  


Interest income

$

82,123


$

80,591


$

79,576


$

76,901


$

76,481


Interest expense


6,801



7,953



7,961



7,387



6,207


Net interest income


75,322



72,638



71,615



69,514



70,274


Provision for loan losses


950



450



600



965



1,800


Net interest income after provision for loan losses


74,372



72,188



71,015



68,549



68,474


Noninterest income


27,347



28,669



27,976



24,437



24,797


Noninterest expense


51,938



48,910



48,304



47,367



48,235



Net income before income taxes


49,781



51,947



50,687



45,619



45,036


Income tax expense


8,393



8,867



8,594



7,367



6,599



Net income

$

41,388


$

43,080


$

42,093


$

38,252


$

38,437




















PER COMMON SHARE DATA 
















Net income - basic

$

0.30


$

0.32


$

0.31


$

0.28


$

0.28


Net income - diluted


0.30



0.32



0.31



0.28



0.28


Cash dividends declared


0.12



0.12



0.12



0.11



0.11


Book Value


9.03



8.87



8.58



8.16



7.77


Market Value

$

35.10


$

33.33


$

30.79


$

28.89


$

28.85


Shares outstanding - end of period


135,891,755



135,822,456



135,809,224



135,680,420



135,506,266


Average outstanding shares - basic


135,747,381



135,693,901



135,650,599



135,494,254



135,352,408


Average outstanding shares - diluted


136,539,286



136,369,328



136,218,235



136,286,862



136,191,224




















PERFORMANCE RATIOS
















Return on average assets


2.01

%


2.15

%


2.14

%


2.00

%


2.00

%

Return on average equity


13.56



14.46



15.04



14.51



15.18


Return on average tangible equity


15.83



16.96



17.81



17.34



18.38


Net interest margin (tax equivalent)


3.99



3.94



3.98



4.00



4.02


Efficiency ratio


49.75



47.54



47.71



49.46



49.69









































Year Ended













Dec. 31,










INCOME STATEMENTS


2019



2018











Interest income

$

319,192


$

291,690











Interest expense


30,102



18,930











Net interest income


289,090



272,760











Provision for loan losses


2,965



5,665











Net interest income after provision for loan losses


286,125



267,095











Noninterest income


108,428



101,764











Noninterest expense


196,521



190,684












Net income before income taxes


198,032



178,175











Income tax expense


33,220



27,537












Net income

$

164,812


$

150,638





























PER COMMON SHARE DATA 
















Net income - basic

$

1.22


$

1.11











Net income - diluted


1.21



1.11











Cash dividends declared


0.47



0.41











Book Value


9.03



7.77











Market Value

$

35.10


$

28.85











Shares outstanding - end of period


135,891,755



135,506,266











Average outstanding shares - basic


135,647,354



135,218,734











Average outstanding shares - diluted


136,346,019



135,966,028





























PERFORMANCE RATIOS
















Return on average assets


2.08

%


1.98

%










Return on average equity


14.37



15.37











Return on average tangible equity


16.95



18.65











Net interest margin (tax equivalent)


3.98



3.96











Efficiency ratio


48.61



49.72











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2019



2018


ALLOWANCE FOR LOAN LOSSES


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31,  


Balance at beginning of period

$

51,889


$

51,820


$

51,585


$

51,202


$

50,871


Loans charged off


(834)



(767)



(1,061)



(1,464)



(2,081)


Loan recoveries


494



386



696



882



612


Net recoveries (charge-offs)


(340)



(381)



(365)



(582)



(1,469)


Provision for loan losses


950



450



600



965



1,800


Balance at end of period

$

52,499


$

51,889


$

51,820


$

51,585


$

51,202





































Allowance for loan losses / period-end loans


1.24

%


1.25

%


1.28

%


1.29

%


1.29

%

Allowance for loan losses / nonperforming loans


212.02



200.75



190.66



177.41



176.22


Net charge-offs / average loans (annualized)


0.03



0.04



0.04



0.06



0.15




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

63,371


$

46,300


$

51,490


$

45,275


$

50,379


Substandard


77,284



72,904



74,550



73,158



75,919


Doubtful


-



-



-



-



-



Total classified loans

$

140,655


$

119,204


$

126,040


$

118,433


$

126,298




















NONPERFORMING ASSETS
















Nonaccrual loans

$

24,582


$

25,717


$

26,408


$

28,508


$

27,534


Accruing troubled debt restructured loans


26



27



471



472



513


Accruing loans 90 days past due


153



104



300



97



1,008



Total nonperforming loans


24,761



25,848



27,179



29,077



29,055


Foreclosed assets


1,009



1,364



681



647



577



Total nonperforming assets

$

25,770


$

27,212


$

27,860


$

29,724


$

29,632




















As a % of loans and foreclosed assets


0.61

%


0.66

%


0.69

%


0.74

%


0.75

%

As a % of end of period total assets


0.31



0.34



0.35



0.37



0.38




















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans

$

119,789


$

122,908


$

107,097


$

107,335


$

113,536


Oil and gas loans as a % of total loans


2.84

%

2.97

%

2.64

%

2.68

%


2.86

%

Classified oil and gas loans


7,041



7,953



3,438



4,255



3,894


Nonaccrual oil and gas loans


481



519



621



669



1,048


Net charge-offs for oil and gas loans


-



-



-



-



-


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


2.54

%

2.87

%

2.95

%

3.22

%


3.23

%



















CAPITAL RATIOS
















Common equity Tier 1 capital ratio


20.06

%


20.05

%


20.04

%


19.86

%


19.47

%

Tier 1 capital ratio


20.06



20.05



20.04



19.86



19.47


Total capital ratio


21.13



21.14



21.16



21.00



20.61


Tier 1 leverage


12.60



12.58



12.29



12.08



11.85


Tangible Common Equity Ratio


12.43



12.94



12.31



11.83



11.14


Equity/Assets


14.85



14.85



14.60



13.94



13.62









































Quarter Ended




2019



2018


NONINTEREST INCOME


 Dec. 31,  



 Sept. 30,  



 June 30,  



 Mar. 31,  



 Dec. 31,  


Trust fees

$

7,344


$

7,051


$

7,027


$

6,979


$

6,915


Service charges on deposits


5,861



5,629



5,374



5,176



5,713


ATM, interchange and credit card fees


7,943



7,728



7,352



6,840



6,962


Real estate mortgage fees


4,216



5,733



4,721



3,474



3,439


Net gain on sale of available-for-sale securities


5



52



676



-



8


Net gain (loss) on sale of foreclosed assets


81



71



53



69



(85)


Net gain (loss) on sale of assets


78



235



6



-



5


Interest on loan recoveries


277



575



903



338



332


Other noninterest income


1,542



1,595



1,864



1,561



1,508



Total noninterest income

$

27,347


$

28,669


$

27,976


$

24,437


$

24,797




















NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$


27,175


$

27,030


$

25,510


$

24,960


$

23,908


Cost related to termination of pension plan


1,700



-



-



973



1,546


Profit sharing expense


2,766



1,520



1,884



1,491



1,839


Net occupancy expense


2,784



2,830



2,779



2,763



2,583


Equipment expense


2,043



2,225



2,331



2,453



2,570


FDIC insurance premiums


-



15



538



538



565


ATM, interchange and credit card expenses


2,419



2,627



2,427



2,383



2,589


Legal, tax and professional fees


2,353



2,274



2,302



2,154



2,609


Audit fees


233



341



455



417



291


Printing, stationery and supplies


465



480



502



366



513


Amortization of intangible assets


238



246



264



269



223


Advertising and public relations


1,791



1,745



1,630



1,648



1,805


Operational and other losses


626



507



480



266



337


Software amortization and expense


2,158



1,767



1,783



1,597



1,588


Other noninterest expense


5,187



5,303



5,419



5,089



5,269



Total noninterest expense

$

51,938


$

48,910


$

48,304


$

47,367


$

48,235




















TAX EQUIVALENT YIELD ADJUSTMENT

$

1,732


$

1,575


$

1,664


$

1,819


$

1,996









































Year Ended













Dec. 31,










NONINTEREST INCOME


2019



2018











Trust fees

$

28,401


$

28,181











Service charges on deposits


22,039



21,663











ATM, interchange and credit card fees


29,863



28,532











Real estate mortgage fees


18,144



15,157











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


733



1,354











Net gain (loss) on sale of foreclosed assets


274



116











Net gain (loss) on sale of assets


319



(147)











Interest on loan recoveries


2,092



938











Other noninterest income


6,563



5,970












Total noninterest income

$

108,428


$

101,764





























NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$

104,675


$

98,140











Cost related to termination of pension plan


2,673



1,546











Profit sharing expense


7,661



7,049











Net occupancy expense


11,156



11,173











Equipment expense


9,052



10,118











FDIC insurance premiums


1,091



2,333











ATM, interchange and credit card expenses


9,856



9,282











Legal, tax and professional fees


9,082



10,141











Audit  fees


1,445



1,526











Printing, stationery and supplies


1,812



1,997











Amortization of intangible assets


1,016



1,272











Advertising and public relations


6,813



6,664











Operational and other losses


1,879



2,188











Software amortization and expense


7,305



6,020











Other noninterest expense


21,005



21,235












Total noninterest expense

$

196,521


$

190,684





























TAX EQUIVALENT YIELD ADJUSTMENT

$

6,791


$

8,993











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




























Three Months Ended




Three Months Ended




Dec. 31, 2019




Sept. 30, 2019





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















  Fed funds sold

$

1,198


$

6



2.03

%




$

3,006


$

19



2.52

%

  Interest-bearing deposits in nonaffiliated banks


54,841



218



1.58






61,465



363



2.34


  Taxable securities


2,185,777



14,165



2.59






2,183,930



14,292



2.62


  Tax exempt securities


1,243,487



10,695



3.44






1,132,279



10,075



3.56


  Loans



4,185,716



58,771



5.57






4,094,235



57,417



5.56


Total interest-earning assets


7,671,019


$

83,855



4.34

%





7,474,915


$

82,166



4.36

%

Noninterest-earning assets


500,924












489,446









Total assets


$

8,171,943











$

7,964,361
































Interest-bearing liabilities:






















  Deposits


$

4,336,063


$

6,052



0.55

%




$

4,156,850


$

7,123



0.68

%

  Fed funds purchased and other borrowings


417,316



749



0.71






388,235



830



0.85


Total interest-bearing liabilities


4,753,379


$

6,801



0.57

%





4,545,085


$

7,953



0.69

%

Noninterest-bearing liabilities

2,207,508












2,237,462








Shareholders' equity



1,211,056












1,181,814









Total liabilities and shareholders' equity

$

8,171,943











$

7,964,361
































Net interest income and margin (tax equivalent)




$

77,054



3.99

%







$

74,213



3.94

%




























Three Months Ended




Three Months Ended




June 30, 2019




Mar. 31, 2019





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold


$

5,436


$

39



2.88

%




$

4,894


$

34



2.79

%

  Interest-bearing deposits in nonaffiliated banks


107,381



628



2.35






100,258



585



2.36


  Taxable securities



2,063,497



13,925



2.70






1,924,863



13,289



2.76


  Tax exempt securities


1,169,889



10,615



3.63






1,226,457



11,279



3.68


  Loans



4,043,055



56,033



5.56






3,973,108



53,534



5.46


Total interest-earning assets


7,389,258


$

81,240



4.41

%





7,229,580


$

78,721



4.42

%

Noninterest-earning assets



487,931












508,368









Total assets


$

7,877,189











$

7,737,948
































Interest-bearing liabilities:























  Deposits


$

4,196,123


$

7,286



0.70

%




$

4,144,091


$

6,662



0.65

%

  Fed funds purchased and other borrowings


378,389



675



0.72






408,641



726



0.72


Total interest-bearing liabilities


4,574,512


$

7,961



0.70

%





4,552,732


$

7,388



0.66

%

Noninterest-bearing liabilities

2,180,361












2,116,080








Shareholders' equity



1,122,316












1,069,136









Total liabilities and shareholders' equity

$

7,877,189











$

7,737,948
































Net interest income and margin (tax equivalent)




$

73,279



3.98

%







$

71,333



4.00

%




























Three Months Ended
















Dec. 31, 2018

















Average



Tax Equivalent



Yield /


















Balance



Interest



Rate














Interest-earning assets:























  Fed funds sold


$

1,620


$

10



2.54

%













  Interest-bearing deposits in nonaffiliated banks


41,511



240



2.30














  Taxable securities


1,957,638



13,384



2.73














  Tax exempt securities


1,206,728



11,482



3.81














  Loans



3,918,360



53,361



5.40














Total interest-earning assets


7,125,857


$

78,477



4.37

%













Noninterest-earning assets


493,244





















Total assets

$

7,619,101












































Interest-bearing liabilities:






















  Deposits



$

3,961,582


$

5,092



0.51

%













  Fed funds purchased and other borrowings

484,054



1,115



0.91














Total interest-bearing liabilities


4,445,636


$

6,207



0.55

%













Noninterest-bearing liabilities

2,169,069




















Shareholders' equity


1,004,396





















Total liabilities and shareholders' equity

$

7,619,101












































Net interest income and margin (tax equivalent)




$

72,270



4.02

%








































Year Ended




Year Ended




Dec. 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


$

3,622


$

98



2.70

%




$

3,347


$

70



2.09

%

  Interest-bearing deposits in nonaffiliated banks


80,808



1,794



2.22






87,027



1,561



1.79


  Taxable securities


2,090,490



55,670



2.66






1,934,160



50,052



2.59


  Tax exempt securities


1,192,908



42,664



3.58






1,262,947



47,501



3.76


  Loans



4,074,667



225,757



5.54






3,828,040



201,498



5.26


Total interest-earning assets



7,442,495


$

325,983



4.38

%





7,115,521


$

300,682



4.23

%

Noninterest-earning assets



496,627












491,211









Total assets

$

7,939,122











$

7,606,732
































Interest-bearing liabilities:






















  Deposits


$

4,208,666


$

27,122



0.64

%




$

4,052,614


$

16,945



0.42

%

  Fed funds purchased and other short term borrowings


398,142



2,980



0.75






418,977



1,984



0.47


Total interest-bearing liabilities


4,606,808


$

30,102



0.65

%





4,471,591


$

18,929



0.42

%

Noninterest-bearing liabilities 

2,185,747












2,154,935








Shareholders' equity



1,146,567












980,206









Total liabilities and shareholders' equity

$

7,939,122











$

7,606,732
































Net interest income and margin (tax equivalent)




$

295,881



3.98

%







$

281,753



3.96

%

























 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-earnings-results-and-33rd-year-of-consecutive-earnings-growth-300992480.html

SOURCE First Financial Bankshares, Inc.