First Financial Bankshares Announces Second Quarter 2016 Earnings Results

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July 21, 2016 4:05 PM EDT

ABILENE, Texas, July 21, 2016 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2016 of $26.81 million, up 5.94 percent when compared with earnings of $25.31 million in the same quarter last year.  Basic earnings per share were $0.41 for the second quarter of 2016 compared with $0.39 in the same quarter a year ago.

All amounts for the second quarter ended June 30, 2016, include the results of the asset purchase of 4Trust Mortgage, Inc. on May 31, 2015, and the acquisition of First Bank, N.A., Conroe, Texas, on July 31, 2015. As of the acquisition date, First Bank had total gross loans of $252.46 million and total deposits of $356.75 million.

Net interest income for the second quarter of 2016 increased 8.05 percent to $56.55 million compared with $52.34 million in the same quarter of 2015. The net interest margin, on a taxable equivalent basis, was 4.12 percent compared to 4.15 percent in the first quarter of 2016 and 4.07 percent in the second quarter of 2015. Included in interest income for the second quarter of 2016 was $621 thousand, or four 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 $2.06 million in the second quarter of 2016 compared with $2.33 million in the first quarter of 2016 and $1.55 million in the second quarter of 2015. The continued provision for loan losses in 2016 and 2015 reflects the continued levels of nonperforming and classified assets, gross charge-offs, as well as the economic effects related to the oil and gas industry. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.22 percent at June 30, 2016, compared with 0.88 percent at March 31, 2016, and 0.61 percent at June 30, 2015.  The increase in the Company's nonperforming assets as a percentage of loans and foreclosed assets ratio at June 30, 2016, primarily resulted from the addition of one larger commercial credit to the Company's quarter-end nonaccrual balances. Classified loans totaled $132.67 million at June 30, 2016, compared to $142.14 million at March 31, 2016, and $95.77 million at June 30, 2015.

At June 30, 2016, loans with oil and gas industry exposure totaled 2.65% of gross loans. These loans comprised $32.67 million of the classified loan totals and $5.76 million of the nonperforming loan totals. In addition, $419 thousand in net charge-offs was related to these oil and gas loans for the quarter ended June 30, 2016. At June 30, 2016, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 6.57% of total oil and gas loans.

Noninterest income increased 20.38 percent in the second quarter of 2016 to $21.44 million compared with $17.81 million in the same quarter a year ago. Trust fees decreased $14 thousand to $4.73 million in the second quarter of 2016 compared with $4.74 million in the same quarter last year due to a $113 thousand decline in Trust oil and gas fee income when compared to the same quarter a year ago. This decline was mostly offset by an increase in the fair value of Trust assets managed to $4.11 billion from $3.97 billion a year ago. Service charges on deposits and ATM, interchange and credit card fees increased 9.52 and 7.25 percent, respectively, to $4.40 million and $5.84 million compared with $4.02 million and $5.45 million, respectively, in the same quarter last year primarily due to the acquisition of First Bank and the continued growth in net new accounts and debit cards. Real estate mortgage fees increased 91.28 percent in the second quarter of 2016 to $4.01 million compared with $2.10 million in the same quarter a year ago, primarily resulting from additional loan origination production from the 4Trust Mortgage, Inc. asset purchase. Also included in noninterest income during the second quarter of 2016 was a gain on sale of securities of $912 thousand.

Noninterest expense for the second quarter of 2016 totaled $40.76 million compared to $35.20 million in the second quarter of 2015. The Company's efficiency ratio in the second quarter of 2016 was 48.43 percent compared with 46.46 percent in the same quarter last year. The increase in noninterest expense in the second quarter of 2016 was primarily a result of an increase in salary and employee benefit costs driven by the addition of 4Trust Mortgage Inc. and First Bank employees and annual pay increases.

For the first half of 2016, net income increased 6.49 percent to $52.51 million from $49.30 million for the same period a year ago. Basic earnings per share rose to $0.80 in the first half of 2016 from $0.77 in the same period last year. Net interest income increased 9.80 percent to $113.57 million in the first half of 2016 from $103.44 million in the same period a year ago. The provision for loan losses totaled $4.39 million compared with $2.84 million in the first half of the previous year. Noninterest income was $41.26 million in the first half of 2016 compared with $33.71 million a year ago. Noninterest expense rose to $81.84 million in the first half of 2016 compared with $69.15 million during the same period last year.

As of June 30, 2016, consolidated assets for the Company totaled $6.61 billion compared to $6.53 billion at March 31, 2016, and $6.12 billion at June 30, 2015. Loans totaled $3.31 billion at June 30, 2016, compared with loans of $3.30 billion at March 31, 2016, and $2.97 billion at June 30, 2015. Deposits totaled $5.06 billion at June 30, 2016, compared to $5.06 billion at March 31, 2016, and $4.73 billion at June 30, 2015. Shareholders' equity rose to $866.16 million as of June 30, 2016, compared with $838.61 million at March 31, 2016, and $701.19 million at June 30, 2015. 

"We are pleased to report another quarter of increased earnings for our company despite the low rate environment and continued low commodity prices," said F. Scott Dueser, Chairman, President and CEO. "We are also excited about the recent opening of our new state-of-the-art facility in Fort Worth. Going forward, we will remain diligent in our search for opportunities to maximize our efficiencies while we continue to seek additional acquisition opportunities for our company that will fit our culture and bring additional earnings and increase shareholder value."

"In the first half of this year, we experienced record rainfalls that produced flooding in some of our markets," added Dueser. "In West Texas we were pleased that the weather patterns broke a 10-year drought and filled our lakes; however, we believe the rains had a negative effect on our loan growth and related deposit growth, specifically in the areas of agriculture, interim construction loans and projects that could not be started or advanced due to weather conditions. The cash flow in some of our footprint has also been affected by lower cotton, cattle and oil and gas prices, which has also hurt deposit growth."

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 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

2016

2015

ASSETS

June 30, 

Mar. 31, 

 Dec. 31,  

 Sept. 30,  

 June 30,  

Cash and due from banks

$

135,092

$

139,995

$

179,140

$

133,340

$

149,524

Interest-bearing deposits in banks

67,746

22,993

89,936

4,268

18,179

Interest-bearing time deposits in banks

2,427

2,427

3,495

4,491

5,456

Fed funds sold

2,960

2,660

3,810

2,790

5,720

Investment securities

2,795,493

2,763,185

2,734,177

2,737,639

2,729,408

Loans

3,309,388

3,299,207

3,350,593

3,288,422

2,967,768

Allowance for loan losses

(45,060)

(44,072)

(41,877)

(40,420)

(38,999)

Net loans

3,264,328

3,255,135

3,308,716

3,248,002

2,928,769

Premises and equipment

122,326

118,208

115,712

116,803

104,495

Goodwill

139,971

139,971

139,971

139,655

96,632

Other intangible assets

3,959

4,198

4,478

4,641

2,407

Other assets

80,688

76,413

85,635

76,016

74,646

Total assets

$

6,614,990

$

6,525,185

$

6,665,070

$

6,467,645

$

6,115,236

LIABILITIES AND SHAREHOLDERS'  EQUITY

Noninterest-bearing deposits

$

1,644,812

$

1,654,271

$

1,745,952

$

1,720,383

$

1,574,745

Interest-bearing deposits

3,411,477

3,409,536

3,444,217

3,376,900

3,152,674

Total deposits

5,056,289

5,063,807

5,190,169

5,097,283

4,727,419

Borrowings

556,924

525,340

615,675

500,903

621,155

Other liabilities

135,619

97,430

54,240

77,425

65,469

Shareholders' equity

866,158

838,608

804,986

792,034

701,193

Total liabilities and shareholders' equity

$

6,614,990

$

6,525,185

$

6,665,070

$

6,467,645

$

6,115,236

Quarter Ended

2016

2015

INCOME STATEMENTS

 June 30,  

Mar. 31, 

 Dec 31,  

 Sept. 30,  

 June 30,  

Interest income

$

57,881

$

58,335

$

59,047

$

57,163

$

53,344

Interest expense

1,330

1,312

1,046

1,065

1,008

Net interest income

56,551

57,023

58,001

56,098

52,336

Provision for loan losses

2,058

2,328

4,177

2,664

1,554

Net interest income after provision for loan losses

54,493

54,695

53,824

53,434

50,782

Noninterest income

21,438

19,821

19,280

20,446

17,809

Noninterest expense

40,756

41,081

40,342

39,973

35,204

Net income before income taxes

35,175

33,435

32,762

33,907

33,387

Income tax expense

8,366

7,739

7,570

8,021

8,080

Net income

$

26,809

$

25,696

$

25,192

$

25,886

$

25,307

PER COMMON SHARE DATA 

Net income - basic

$

0.41

$

0.39

$

0.38

$

0.40

$

0.39

Net income - diluted

0.41

0.39

0.38

0.40

0.39

Cash dividends declared

0.18

0.16

0.16

0.16

0.16

Book Value

13.11

12.70

12.20

12.01

10.93

Market Value

$

32.79

$

29.58

$

30.17

$

31.78

$

34.64

Shares outstanding - end of period

66,059,912

66,043,442

65,990,234

65,942,155

64,156,302

Average outstanding shares - basic

66,016,562

65,974,559

65,940,127

65,335,457

64,148,356

Average outstanding shares - diluted

66,138,275

66,118,998

66,105,098

65,501,697

64,354,720

PERFORMANCE RATIOS

Return on average assets

1.65

%

1.58

%

1.53

%

1.61

%

1.67

%

Return on average equity

12.76

12.55

12.54

13.63

14.38

Net interest margin (tax equivalent)

4.12

4.15

4.16

4.13

4.07

Efficiency ratio

48.43

49.52

48.38

48.44

46.46

Six Months Ended

June 30,

INCOME STATEMENTS

2016

2015

Interest income

$

116,216

$

105,413

Interest expense

2,642

1,977

Net interest income

113,574

103,436

Provision for loan losses

4,386

2,844

Net interest income after provision for loan losses

109,188

100,592

Noninterest income

41,258

33,707

Noninterest expense

81,836

69,151

Net income before income taxes

68,610

65,148

Income tax expense

16,105

15,845

Net income

$

52,505

$

49,303

PER COMMON SHARE DATA 

Net income - basic

$

0.80

$

0.77

Net income - diluted

0.79

0.77

Cash dividends declared

0.34

0.30

Book Value

13.11

10.93

Market Value

$

32.79

$

34.64

Shares outstanding - end of period

66,059,912

64,156,302

Average outstanding shares - basic

65,995,560

64,135,731

Average outstanding shares - diluted

66,153,579

64,328,672

PERFORMANCE RATIOS

Return on average assets

1.61

%

1.66

%

Return on average equity

12.65

14.19

Net interest margin (tax equivalent)

4.14

4.09

Efficiency ratio

48.97

46.73

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2016

2015

ALLOWANCE FOR LOAN LOSSES

June 30, 

Mar. 31, 

Dec. 31, 

 Sept. 30,  

June 30, 

Balance at beginning of period

$

44,072

$

41,877

$

40,420

$

38,999

$

37,828

Loans charged off

(1,888)

(1,782)

(3,110)

(1,477)

(943)

Loan recoveries

818

1,649

390

234

560

Net recoveries (charge-offs)

(1,070)

(133)

(2,720)

(1,243)

(383)

Provision for loan losses

2,058

2,328

4,177

2,664

1,554

Balance at end of period

$

45,060

$

44,072

$

41,877

$

40,420

$

38,999

Allowance for loan losses / period-end loans

1.36

%

1.34

%

1.25

%

1.23

%

1.31

%

Allowance for loan losses / nonperforming loans

112.36

156.24

143.70

183.39

228.20

Net charge-offs / average loans (annualized)

0.13

0.02

0.33

0.16

0.05

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$

26,125

$

31,486

$

40,576

$

43,284

$

47,409

Substandard

106,540

110,657

108,813

68,772

48,317

Doubtful

-

-

37

62

43

Total classified loans

$

132,665

$

142,143

$

149,426

$

112,118

$

95,769

NONPERFORMING ASSETS

Nonaccrual loans

$

38,904

$

27,175

$

28,601

$

21,788

$

16,854

Accruing troubled debt restructured loans

961

973

199

204

172

Accruing loans 90 days past due

237

59

341

49

64

Total nonperforming loans

40,102

28,207

29,141

22,041

17,090

Foreclosed assets

285

821

627

701

1,045

Total nonperforming assets

$

40,387

$

29,028

$

29,768

$

22,742

$

18,135

As a % of loans and foreclosed assets

1.22

%

0.88

%

0.89

%

0.69

%

0.61

%

As a % of end of period total assets

0.61

0.44

0.45

0.35

0.30

OIL AND GAS PORTFOLIO INFORMATION

Oil and gas loans

$

87,857

$

92,058

$

96,712

$

92,382

$

82,498

Oil and gas loans as a % of total loans

2.65

%

2.79

%

2.89

%

2.81

%

2.78

%

Classified oil and gas loans

32,674

36,402

34,506

30,028

26,016

Nonaccrual oil and gas loans

5,763

4,917

5,404

2,589

481

Net charge-offs for oil and gas loans

419

517

1,370

567

-

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

6.57

%

7.37

%

6.35

%

6.48

%

5.63

%

CAPITAL RATIOS

Common equity Tier 1 capital ratio

16.64

%

16.46

%

15.90

%

15.73

%

16.25

%

Tier 1 capital ratio

16.64

16.46

15.90

15.73

16.25

Total capital ratio

17.79

17.60

16.97

16.78

17.36

Tier 1 leverage

10.50

10.23

9.96

9.96

9.84

Equity to assets

13.09

12.85

12.08

12.25

11.47

Quarter Ended

2016

2015

NONINTEREST INCOME

 June 30,  

Mar. 31, 

Dec. 31, 

 Sept. 30,  

 June 30,  

Trust fees

$

4,726

$

4,655

$

4,961

$

4,818

$

4,740

Service charges on deposits

4,404

4,413

4,730

4,653

4,021

ATM, interchange and credit card fees

5,840

5,680

5,651

5,794

5,445

Real estate mortgage fees

4,013

3,139

3,088

3,742

2,098

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

912

2

51

136

239

Net gain (loss) on sale of foreclosed assets

278

76

528

28

(49)

Net gain (loss) on sale of assets

(74)

513

(809)

(11)

(4)

Interest on loan recoveries

629

633

216

323

403

Other noninterest income

710

710

864

963

916

Total noninterest income

$

21,438

$

19,821

$

19,280

$

20,446

$

17,809

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

22,038

$

21,545

$

20,647

$

20,007

$

17,865

Profit sharing expense

109

1,045

1,265

1,641

1,308

Net occupancy expense

2,583

2,631

2,674

3,050

2,394

Equipment expense

3,386

3,380

3,218

3,114

2,992

FDIC insurance premiums

818

824

837

819

749

ATM, interchange and credit card expenses

1,806

1,687

1,540

1,509

1,609

Legal, tax and professional fees

2,108

2,209

2,037

1,497

1,701

Audit  fees

400

449

359

444

372

Printing, stationery and supplies

464

503

617

594

471

Amortization of intangible assets

199

199

199

200

72

Advertising and public relations

1,537

1,444

1,481

1,564

1,484

Correspondent bank service charges

239

247

239

238

225

Other noninterest expense

5,069

4,918

5,229

5,296

3,962

Total noninterest expense

$

40,756

$

41,081

$

40,342

$

39,973

$

35,204

TAX EQUIVALENT YIELD ADJUSTMENT

$

6,168

$

6,115

$

6,111

$

5,984

$

5,635

Six Months Ended

June 30,

NONINTEREST INCOME

2016

2015

Trust fees

$

9,380

$

9,472

Service charges on deposits

8,818

7,789

ATM, interchange and credit card fees

11,521

10,415

Real estate mortgage fees

7,153

3,580

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

914

244

Net gain (loss) on sale of foreclosed assets

353

(19)

Net gain (loss) on sale of assets

439

1

Interest on loan recoveries

1,261

510

Other noninterest income

1,419

1,715

Total noninterest income

$

41,258

$

33,707

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

43,583

$

34,889

Profit sharing expense

1,154

2,549

Net occupancy expense

5,214

4,590

Equipment expense

6,766

5,891

FDIC insurance premiums

1,642

1,498

ATM, interchange and credit card expenses

3,492

3,335

Legal, tax and professional fees

4,318

3,398

Audit  fees

850

752

Printing, stationery and supplies

967

1,067

Amortization of intangible assets

398

162

Advertising and public relations

2,982

2,837

Correspondent bank service charges

486

447

Other noninterest expense

9,984

7,736

Total noninterest expense

$

81,836

$

69,151

TAX EQUIVALENT YIELD ADJUSTMENT

$

12,284

$

10,847

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended

Three Months Ended

June 30, 2016

Mar. 31, 2016

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

5,701

$

6

0.44

%

$

7,534

$

9

0.50

%

  Interest-bearing deposits in nonaffiliated banks

37,159

57

0.61

40,239

51

0.51

  Taxable securities

1,349,325

7,130

2.11

1,323,606

7,262

2.19

  Tax exempt securities

1,439,575

16,446

4.57

1,428,178

16,326

4.57

  Loans

3,295,557

40,410

4.93

3,312,664

40,802

4.95

Total interest-earning assets

6,127,317

$

64,049

4.20

%

6,112,221

$

64,450

4.24

%

Noninterest-earning assets

416,414

432,862

Total assets

$

6,543,731

$

6,545,083

Interest-bearing liabilities:

  Deposits

$

3,388,572

$

1,033

0.12

%

$

3,445,622

$

1,052

0.12

%

  Fed funds purchased and other borrowings

587,981

297

0.20

562,569

260

0.19

Total interest-bearing liabilities

3,976,553

$

1,330

0.14

%

4,008,191

$

1,312

0.13

%

Noninterest-bearing liabilities                                                                              

1,722,037

1,713,122

Shareholders' equity

845,141

823,770

Total liabilities and shareholders' equity

$

6,543,731

$

6,545,083

Net interest income and margin (tax equivalent)

$

62,719

4.12

%

$

63,138

4.15

%

Three Months Ended

Three Months Ended

Dec. 31, 2015

Sept. 30, 2015

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

5,769

$

4

0.31

%

$

8,334

$

8

0.40

%

  Interest-bearing deposits in nonaffiliated banks

32,937

33

0.40

42,083

33

0.31

  Taxable securities

1,352,555

7,170

2.12

1,372,834

7,296

2.13

  Tax exempt securities

1,408,410

16,305

4.63

1,376,119

16,021

4.66

  Loans

3,309,685

41,646

4.99

3,161,229

39,789

4.99

Total interest-earning assets

6,109,356

$

65,158

4.23

%

5,960,599

$

63,147

4.20

%

Noninterest-earning assets

427,018

402,174

Total assets

$

6,536,374

$

6,362,773

Interest-bearing liabilities:

  Deposits

$

3,391,514

$

882

0.10

%

$

3,295,411

$

932

0.11

%

  Fed funds purchased and other borrowings

575,861

164

0.11

572,431

133

0.09

Total interest-bearing liabilities

3,967,375

$

1,046

0.10

%

3,867,842

$

1,065

0.11

%

Noninterest-bearing liabilities                                                                              

1,772,060

1,741,319

Shareholders' equity

796,939

753,612

Total liabilities and shareholders' equity

$

6,536,374

$

6,362,773

Net interest income and margin (tax equivalent)

$

64,112

4.16

%

$

62,082

4.13

%

Three Months Ended

June 30, 2015

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

10,391

$

10

0.37

%

  Interest-bearing deposits in nonaffiliated banks

34,633

40

0.47

  Taxable securities

1,425,744

7,398

2.08

  Tax exempt securities

1,294,809

15,108

4.67

  Loans

2,954,502

36,423

4.94

Total interest-earning assets

5,720,079

$

58,979

4.14

%

Noninterest-earning assets

351,223

Total assets

$

6,071,302

Interest-bearing liabilities:

  Deposits

$

3,177,999

$

902

0.11

%

  Fed funds purchased and other borrowings

558,367

106

0.08

Total interest-bearing liabilities

3,736,366

$

1,008

0.11

%

Noninterest-bearing liabilities                                                                              

1,628,847

Shareholders' equity

706,089

Total liabilities and shareholders' equity

$

6,071,302

Net interest income and margin (tax equivalent)

$

57,971

4.07

%

Six Months Ended

Six Months Ended

June 30, 2016

June 30, 2015

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

6,618

$

16

0.48

%

$

8,589

$

14

0.33

%

  Interest-bearing deposits in nonaffiliated banks

38,699

108

0.56

62,063

115

0.38

  Taxable securities

1,336,466

14,392

2.15

1,379,664

15,208

2.20

  Tax exempt securities

1,433,877

32,772

4.57

1,243,575

29,081

4.68

  Loans

3,304,111

81,212

4.94

2,943,216

71,842

4.92

Total interest-earning assets

6,119,771

$

128,500

4.22

%

5,637,107

$

116,260

4.16

%

Noninterest-earning assets

424,636

357,185

Total assets

$

6,544,407

$

5,994,292

Interest-bearing liabilities:

  Deposits

$

3,417,096

$

2,085

0.12

%

$

3,199,655

$

1,829

0.12

%

  Fed funds purchased and other short term borrowings

575,275

557

0.19

473,760

148

0.06

Total interest-bearing liabilities

3,992,371

$

2,642

0.14

%

3,673,415

$

1,977

0.11

%

Noninterest-bearing liabilities                                                                              

1,717,581

1,620,187

Shareholders' equity

834,455

700,690

Total liabilities and shareholders' equity

$

6,544,407

$

5,994,292

Net interest income and margin (tax equivalent)

$

125,858

4.14

%

$

114,283

4.09

%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2016-earnings-results-300302368.html

SOURCE First Financial Bankshares, Inc.


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