First Financial Bankshares Announces Second Quarter 2018 Earnings Results

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July 19, 2018 4:05 PM EDT

ABILENE, Texas, July 19, 2018 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2018 of $37.63 million, up $9.38 million when compared with earnings of $28.26 million in the same quarter last year.  Basic earnings per share were $0.56 for the second quarter of 2018 compared with $0.43 in the same quarter a year ago. Contributing to the increase in net earnings and earnings per share in the current quarter when compared with the same quarter a year ago were the Kingwood acquisition (see below) and the recent enactment of tax legislation that reduced the corporate income tax rate from 35 percent to 21 percent. Without this tax adjustment, net earnings for the second quarter of 2018 would have been $32.95 million with an adjusted basic earnings per share of $0.49.

All amounts for the three and six months ended June 30, 2018, include the results of the Company's recent acquisition of Commercial Bancshares, Inc. and its wholly-owned subsidiary, Commercial State Bank, Kingwood, Texas, which was effective January 1, 2018. As of the acquisition date, Commercial State Bank had total assets of approximately $390.20 million, total loans of approximately $271.50 million and total deposits of approximately $345.90 million.

Net interest income for the second quarter of 2018 was $67.61 million compared with $59.09 million in the same quarter of 2017. The net interest margin, on a taxable equivalent basis, was 3.92 percent in the second quarter of 2018 compared to 3.88 percent in the first quarter of 2018 and 4.05 percent in the second quarter of 2017. The decrease in the Company's tax equivalent net interest margin in the current quarter when compared with the second quarter of 2017 resulted from the change in corporate tax rate from 35 percent to 21 percent and the corresponding effect of that change on the Company's tax exempt bond portfolio. Included in interest income for the second quarter of 2018 was $581 thousand, or three basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions.  

The provision for loan losses was $1.11 million in the second quarter of 2018 compared with $1.31 million in the first quarter of 2018 and $1.73 million in the second quarter of 2017. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.73 percent at June 30, 2018, compared with 0.66 percent at March 31, 2018, and 0.71 percent at June 30, 2017. Classified loans totaled $113.73 million at June 30, 2018, compared to $124.06 million at March 31, 2018, and $117.61 million at June 30, 2017.

Noninterest income increased 10.00 percent in the second quarter of 2018 to $25.49 million compared with $23.17 million in the same quarter a year ago. Trust fees increased $1.32 million to $7.07 million in the second quarter of 2018 compared with $5.75 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $5.40 billion from $4.73 billion a year ago. ATM, interchange and credit card fees increased 6.71 percent to $7.04 million compared with $6.60 million in the same quarter last year due to continued growth in debit cards. Service charges on deposits increased 10.08 percent to $5.38 million compared with $4.88 million in the same quarter a year ago due to continued growth in net new accounts. Offsetting these increases was a decrease in gains on sales of securities to $67 thousand in the second quarter of 2018 compared to $747 thousand in the same quarter a year ago.

Noninterest expense for the second quarter of 2018 totaled $47.14 million compared to $43.78 million in the second quarter of 2017. The Company's efficiency ratio in the second quarter of 2018 was 49.42 percent compared with 49.32 percent in the same quarter last year. The increase in noninterest expense in the second quarter of 2018 was primarily a result of an increase in salary and employee benefit costs to $26.82 million compared to $23.47 million in the same quarter a year ago, primarily driven by the acquisition of Commercial State Bank, annual merit based pay increases and an increase in profit sharing expenses.

For the first half of 2018, net income increased to $72.15 million from $54.85 million for the same period a year ago. Basic earnings per share rose to $1.07 in the first half of 2018 from $0.83 in the same period of 2017. Net interest income increased to $133.06 million in the first half of 2018 from $116.11 million in the same period a year ago. The provision for loan losses totaled $2.42 million compared with $3.68 million in the first half of the previous year. Noninterest income was $49.91 million in the first half of 2018 compared with $44.46 million in the same period of 2017. Noninterest expense rose to $94.94 million in the first half of 2018 compared with $85.93 million during the same period last year.

As of June 30, 2018, consolidated assets for the Company totaled $7.69 billion compared to $7.57 billion at March 31, 2018, and $6.95 billion at June 30, 2017. Loans totaled $3.86 billion at June 30, 2018, compared with loans of $3.75 billion at March 31, 2018, and $3.46 billion at June 30, 2017. Deposits totaled $6.21 billion at June 30, 2018, compared to $6.19 billion at March 31, 2018, and $5.63 billion at June 30, 2017. Shareholders' equity rose to $985.63 million as of June 30, 2018, compared with $969.81 million at March 31, 2018, and $887.44 million at June 30, 2017. 

"We are very pleased to report increased earnings and stronger organic loan growth this quarter," said F. Scott Dueser, Chairman, President and CEO. "Our recent acquisition of Commercial State Bank has contributed nicely to our bottom line and we continue to see good growth in trust fees. We are diligently pursuing other acquisition candidates to utilize our strong capital position. Also, in light of the recent increases in interest rates by the Federal Reserve, we are focused on increasing loan rates and minimizing expenses to offset the potential impact of rising rates on our interest expense."

About First Financial Bankshares

Headquartered in Abilene, Texas, First Financial is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 72 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

2018

2017

ASSETS

June 30, 

Mar. 31, 

 Dec 31,  

 Sept. 30,  

June 30, 

Cash and due from banks

$

178,217

$

130,979

$

209,583

$

177,615

$

163,435

Interest-bearing deposits in banks

99,499

67,060

162,764

166,820

53,336

Interest-bearing time deposits in banks

1,458

1,458

1,458

1,458

1,458

Fed funds sold

8,450

-

-

-

3,740

Investment securities

3,197,567

3,276,193

3,087,473

2,885,483

2,964,618

Loans

3,855,769

3,747,081

3,500,699

3,491,346

3,457,679

Allowance for loan losses

(49,951)

(49,499)

(48,156)

(47,922)

(47,410)

Net loans

3,805,818

3,697,582

3,452,543

3,443,424

3,410,269

Premises and equipment

130,366

126,446

124,026

125,668

123,620

Goodwill

171,565

171,565

139,971

139,971

139,971

Other intangible assets

3,620

4,004

1,172

1,384

3,149

Other assets

88,910

92,162

75,725

67,341

83,796

Total assets

$

7,685,470

$

7,567,449

$

7,254,715

$

7,009,164

$

6,947,392

LIABILITIES AND SHAREHOLDERS'  EQUITY

Noninterest-bearing deposits

$

2,105,953

$

2,111,116

$

2,041,650

$

1,949,174

$

1,856,439

Interest-bearing deposits

4,104,654

4,079,647

3,921,311

3,748,286

3,770,170

Total deposits

6,210,607

6,190,763

5,962,961

5,697,460

5,626,609

Borrowings

456,935

372,155

331,000

351,435

379,324

Other liabilities

32,300

34,717

37,986

53,713

54,017

Shareholders' equity

985,628

969,814

922,768

906,556

887,442

Total liabilities and shareholders' equity

$

7,685,470

$

7,567,449

$

7,254,715

$

7,009,164

$

6,947,392

Quarter Ended

2018

2017

INCOME STATEMENTS

 June 30,  

Mar. 31, 

 Dec 31,  

 Sept. 30,  

 June 30,  

Interest income

$

72,078

$

69,082

$

63,456

$

62,554

$

61,182

Interest expense

4,467

3,633

2,562

2,866

2,097

Net interest income

67,611

65,449

60,894

59,688

59,085

Provision for loan losses

1,105

1,310

1,440

1,415

1,725

Net interest income after provision for loan losses

66,506

64,139

59,454

58,273

57,360

Noninterest income

25,488

24,423

22,302

24,260

23,170

Noninterest expense

47,144

47,798

44,096

43,964

43,775

Net income before income taxes

44,850

40,764

37,660

38,569

36,755

Income tax expense

7,217

6,245

9,167

9,195

8,500

Tax benefit from tax rate change

-

-

(7,650)

-

-

Net income

$

37,633

$

34,519

$

36,143

$

29,374

$

28,255

PER COMMON SHARE DATA 

Net income - basic

$

0.56

$

0.51

$

0.55

$

0.44

$

0.43

Net income - diluted

0.55

0.51

0.54

0.44

0.43

Cash dividends declared

0.21

0.19

0.19

0.19

0.19

Book Value

14.57

14.34

13.93

13.69

13.41

Market Value

$

50.90

$

46.30

$

45.05

$

45.20

$

44.20

Shares outstanding - end of period

67,669,658

67,612,760

66,260,444

66,223,957

66,170,312

Average outstanding shares - basic

67,597,275

67,527,010

66,191,995

66,140,518

66,100,089

Average outstanding shares - diluted

67,924,168

67,799,545

66,428,871

66,417,281

66,344,943

PERFORMANCE RATIOS

Return on average assets

1.98

%

1.84

%

2.02

%

1.65

%

1.64

%

Return on average equity

15.53

14.74

15.79

12.95

12.94

Return on average tangible equity

18.94

17.82

18.70

15.38

15.48

Net interest margin (tax equivalent)

3.92

3.88

4.00

3.94

4.05

Efficiency ratio

49.42

51.76

49.37

48.71

49.32

Six Months Ended

June 30,

INCOME STATEMENTS

2018

2017

Interest income

$

141,160

$

119,965

Interest expense

8,100

3,860

Net interest income

133,060

116,105

Provision for loan losses

2,415

3,675

Net interest income after provision for loan losses

130,645

112,430

Noninterest income

49,912

44,455

Noninterest expense

94,943

85,926

Net income before income taxes

85,614

70,959

Income tax expense

13,462

16,105

Net income

$

72,152

$

54,854

PER COMMON SHARE DATA 

Net income - basic

$

1.07

$

0.83

Net income - diluted

1.06

0.83

Cash dividends declared

0.40

0.37

Book Value

14.57

13.41

Market Value

$

50.90

$

44.20

Shares outstanding - end of period

67,669,658

66,170,312

Average outstanding shares - basic

67,562,336

66,086,817

Average outstanding shares - diluted

67,867,965

66,362,191

PERFORMANCE RATIOS

Return on average assets

1.91

%

1.61

%

Return on average equity

15.14

12.84

Return on average tangible equity

18.39

15.41

Net interest margin (tax equivalent)

3.90

4.04

Efficiency ratio

50.57

49.49

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2018

2017

ALLOWANCE FOR LOAN LOSSES

June 30, 

Mar. 31, 

 Dec 31,  

 Sept. 30,  

June 30, 

Balance at beginning of period

$

49,499

$

48,156

$

47,922

$

47,410

$

46,192

Loans charged off

(949)

(471)

(1,440)

(1,180)

(1,174)

Loan recoveries

296

504

234

277

667

Net recoveries (charge-offs)

(653)

33

(1,206)

(903)

(507)

Provision for loan losses

1,105

1,310

1,440

1,415

1,725

Balance at end of period

$

49,951

$

49,499

$

48,156

$

47,922

$

47,410

Allowance for loan losses / period-end loans

1.30

%

1.32

%

1.38

%

1.37

%

1.37

%

Allowance for loan losses / nonperforming loans

182.31

209.80

259.11

243.57

210.95

Net charge-offs / average loans (annualized)

0.07

-

0.14

0.10

0.06

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$

34,557

$

40,079

$

37,079

$

35,237

$

27,999

Substandard

79,170

83,976

80,131

86,057

89,609

Doubtful

-

-

-

-

-

Total classified loans

$

113,727

$

124,055

$

117,210

$

121,294

$

117,608

NONPERFORMING ASSETS

Nonaccrual loans

$

26,685

$

22,752

$

17,670

$

18,750

$

21,489

Accruing troubled debt restructured loans

514

514

627

668

672

Accruing loans 90 days past due

200

327

288

257

314

Total nonperforming loans

27,399

23,593

18,585

19,675

22,475

Foreclosed assets

705

1,276

1,532

2,401

2,245

Total nonperforming assets

$

28,104

$

24,869

$

20,117

$

22,076

$

24,720

As a % of loans and foreclosed assets

0.73

%

0.66

%

0.57

%

0.63

%

0.71

%

As a % of end of period total assets

0.37

0.33

0.28

0.31

0.36

OIL AND GAS PORTFOLIO INFORMATION

Oil and gas loans

$

103,381

$

86,218

$

60,164

$

69,433

$

70,187

Oil and gas loans as a % of total loans

2.68

%

2.30

%

1.72

%

1.99

%

2.03

%

Classified oil and gas loans

5,001

10,485

20,346

21,817

24,404

Nonaccrual oil and gas loans

1,629

1,460

1,414

1,569

2,860

Net charge-offs for oil and gas loans

-

-

-

-

50

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

3.48

%

3.64

%

7.90

%

6.03

%

7.24

%

CAPITAL RATIOS

Common equity Tier 1 capital ratio

18.68

%

18.43

%

18.66

%

18.35

%

17.79

%

Tier 1 capital ratio

18.68

18.43

18.66

18.35

17.79

Total capital ratio

19.81

19.58

19.85

19.54

18.97

Tier 1 leverage

11.14

10.90

11.09

10.84

10.79

Equity to assets

12.82

12.82

12.72

12.93

12.77

Quarter Ended

2018

2017

NONINTEREST INCOME

 June 30,  

Mar. 31, 

 Dec 31,  

 Sept. 30,  

 June 30,  

Trust fees

$

7,070

$

6,904

$

5,891

$

6,040

$

5,747

Service charges on deposits

5,375

4,884

4,900

5,083

4,883

ATM, interchange and credit card fees

7,041

6,996

6,584

6,340

6,598

Real estate mortgage fees

3,951

2,933

3,613

3,891

4,188

Net gain on sale of available-for-sale securities

67

1,221

3

1,075

747

Net gain (loss) on sale of foreclosed assets

19

99

(8)

(11)

(72)

Net gain (loss) on sale of assets

-

(91)

(185)

(15)

(200)

Interest on loan recoveries

289

119

232

405

337

Other noninterest income

1,676

1,358

1,272

1,452

942

Total noninterest income

$

25,488

$

24,423

$

22,302

$

24,260

$

23,170

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

24,545

$

24,994

$

22,760

$

23,052

$

22,508

Profit sharing expense

2,317

1,209

1,661

1,091

957

Net occupancy expense

2,806

2,883

2,439

2,711

2,771

Equipment expense

3,440

3,516

3,369

3,294

3,665

FDIC insurance premiums

632

566

560

561

550

ATM, interchange and credit card expenses

2,205

2,143

1,935

2,001

1,803

Legal, tax and professional fees

2,308

2,807

2,580

2,396

2,526

Audit  fees

439

411

338

356

379

Printing, stationery and supplies

612

486

567

449

536

Amortization of intangible assets

384

387

136

143

165

Advertising and public relations

1,576

1,575

1,689

1,527

1,576

Operational and other losses

305

566

553

1,081

574

Software amortization and expense

479

524

1,056

742

995

Other noninterest expense

5,096

5,731

4,453

4,560

4,770

Total noninterest expense

$

47,144

$

47,798

$

44,096

$

43,964

$

43,775

TAX EQUIVALENT YIELD ADJUSTMENT

$

2,289

$

2,467

$

6,125

$

6,312

$

6,509

Six Months Ended

June 30,

NONINTEREST INCOME

2018

2017

Trust fees

$

13,975

$

11,764

Service charges on deposits

10,259

9,433

ATM, interchange and credit card fees

14,037

12,762

Real estate mortgage fees

6,884

7,605

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

1,288

750

Net gain (loss) on sale of foreclosed assets

118

(31)

Net gain (loss) on sale of assets

(91)

(196)

Interest on loan recoveries

408

491

Other noninterest income

3,034

1,877

Total noninterest income

$

49,912

$

44,455

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

49,539

$

44,741

Profit sharing expense

3,526

1,983

Net occupancy expense

5,689

5,370

Equipment expense

6,957

7,102

FDIC insurance premiums

1,199

1,097

ATM, interchange and credit card expenses

4,348

3,516

Legal, tax and professional fees

5,115

5,004

Audit  fees

851

798

Printing, stationery and supplies

1,098

974

Amortization of intangible assets

771

333

Advertising and public relations

3,151

3,119

Operational and other losses

871

1,559

Software amortization and expense

1,003

1,495

Other noninterest expense

10,825

8,835

Total noninterest expense

$

94,943

$

85,926

TAX EQUIVALENT YIELD ADJUSTMENT

$

4,755

$

13,058

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended

Three Months Ended

June 30, 2018

Mar. 31, 2018

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

2,228

$

13

2.32

%

$

6,215

$

27

1.78

%

  Interest-bearing deposits in nonaffiliated banks

59,373

258

1.74

160,399

613

1.55

  Taxable securities

2,007,949

12,719

2.53

1,826,391

11,354

2.49

  Tax exempt securities

1,281,757

12,001

3.75

1,352,235

12,559

3.72

  Loans

3,797,341

49,376

5.22

3,748,561

46,995

5.08

Total interest-earning assets

7,148,648

$

74,367

4.17

%

7,093,801

$

71,548

4.09

%

Noninterest-earning assets

486,837

497,049

Total assets

$

7,635,485

$

7,590,850

Interest-bearing liabilities:

  Deposits

$

4,076,522

$

4,005

0.39

%

$

4,139,324

$

3,519

0.34

%

  Fed funds purchased and other borrowings

434,239

462

0.43

357,414

113

0.13

Total interest-bearing liabilities

4,510,761

$

4,467

0.40

%

4,496,738

$

3,632

0.33

%

Noninterest-bearing liabilities                                                                              

2,152,451

2,144,065

Shareholders' equity

972,273

950,047

Total liabilities and shareholders' equity

$

7,635,485

$

7,590,850

Net interest income and margin (tax equivalent)

$

69,900

3.92

%

$

67,916

3.88

%

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

June 30, 2017

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

5,229

$

8

0.64

%

  Interest-bearing deposits in nonaffiliated banks

45,043

112

1.00

  Taxable securities

1,494,187

8,343

2.23

  Tax exempt securities

1,528,760

17,414

4.56

  Loans

3,418,105

41,814

4.91

Total interest-earning assets

6,491,324

$

67,691

4.18

%

Noninterest-earning assets

428,245

Total assets

$

6,919,569

Interest-bearing liabilities:

  Deposits

$

3,803,412

$

1,930

0.20

%

  Fed funds purchased and other borrowings

372,910

167

0.18

Total interest-bearing liabilities

4,176,322

$

2,097

0.20

%

Noninterest-bearing liabilities                                                                              

1,867,596

Shareholders' equity

875,651

Total liabilities and shareholders' equity

$

6,919,569

Net interest income and margin (tax equivalent)

$

65,594

4.05

%

Six Months Ended

Six Months Ended

June 30, 2018

June 30, 2017

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

4,210

$

40

1.92

%

$

4,384

$

11

0.50

%

  Interest-bearing deposits in nonaffiliated banks

109,607

871

1.60

89,552

386

0.87

  Taxable securities

1,917,671

24,073

2.51

1,431,110

15,774

2.20

  Tax exempt securities

1,316,801

24,560

3.73

1,529,183

34,975

4.57

  Loans

3,773,085

96,371

5.15

3,393,986

81,877

4.86

Total interest-earning assets

7,121,374

$

145,915

4.13

%

6,448,215

$

133,023

4.16

%

Noninterest-earning assets

489,356

437,550

Total assets

$

7,610,730

$

6,885,765

Interest-bearing liabilities:

  Deposits

$

4,107,750

$

7,524

0.37

%

$

3,806,157

$

3,520

0.19

%

  Fed funds purchased and other short term borrowings

396,039

576

0.29

410,355

340

0.17

Total interest-bearing liabilities

4,503,789

$

8,100

0.36

%

4,216,512

$

3,860

0.18

%

Noninterest-bearing liabilities                                                                              

2,145,719

1,807,896

Shareholders' equity

961,222

861,357

Total liabilities and shareholders' equity

$

7,610,730

$

6,885,765

Net interest income and margin (tax equivalent)

$

137,815

3.90

%

$

129,163

4.04

%

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2018-earnings-results-300683921.html

SOURCE First Financial Bankshares, Inc.


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