First Financial Bankshares Announces Third Quarter Earnings Results

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October 18, 2018 4:05 PM EDT

ABILENE, Texas, Oct. 18, 2018 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2018 of $40.05 million, up $10.68 million when compared with earnings of $29.37 million in the same quarter last year.  Basic earnings per share were $0.59 for the third quarter of 2018 compared with $0.44 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 enactment of the Tax Cuts and Jobs Act which was effective January 1, 2018, and reduced the corporate income tax rate from 35 percent to 21 percent. Without this tax adjustment, net earnings for the third quarter of 2018 would have been $34.88 million with an adjusted basic earnings per share of $0.52.

All amounts for the three and nine months ended September 30, 2018, include the results of the Company's 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 third quarter of 2018 was $69.43 million compared with $59.69 million in the same quarter of 2017. The net interest margin, on a taxable equivalent basis, was 4.01 percent for the third quarter of 2018 compared to 3.92 percent for the second quarter of 2018 and 3.94 percent for the third quarter of 2017. Included in interest income for the third quarter of 2018 was $750 thousand, or four 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 $1.45 million in the third quarter of 2018 compared with $1.11 million in the second quarter of 2018 and $1.42 million in the third quarter of 2017. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent at September 30, 2018, compared with 0.73 percent at June 30, 2018, and 0.63 percent at September 30, 2017. Classified loans totaled $117.52 million at September 30, 2018, compared to $113.73 million at June 30, 2018, and $121.29 million at September 30, 2017.

Noninterest income increased 11.52 percent in the third quarter of 2018 to $27.06 million compared with $24.26 million in the same quarter a year ago. Trust fees increased $1.25 million to $7.29 million in the third quarter of 2018 compared with $6.04 million in the same quarter last year, primarily due to continued growth in Trust assets managed to $5.75 billion from $4.92 billion a year ago. ATM, interchange and credit card fees increased 18.82 percent to $7.53 million compared with $6.34 million in the same quarter last year due to continued growth in debit cards and the Kingwood acquisition. Service charges on deposits increased 11.94 percent to $5.69 million compared with $5.08 million in the same quarter a year ago, primarily due to continued growth in net new accounts, product and pricing changes made to better align the Company's account offerings and the Kingwood acquisition. Real estate mortgage fees increased to $4.83 million in the third quarter of 2018 from $3.89 million in the same quarter a year ago. Offsetting these increases was a decrease in gains on sales of securities to $58 thousand in the third quarter of 2018 compared to $1.08 million in the same quarter a year ago.

Noninterest expense for the third quarter of 2018 totaled $47.51 million compared to $43.96 million in the third quarter of 2017. The Company's efficiency ratio in the third quarter of 2018 was 48.12 percent compared with 48.71 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2018 was primarily a result of an increase in salary and employee benefit costs to $26.38 million compared to $24.14 million in the same quarter a year ago, primarily driven by the Kingwood acquisition, annual merit based pay increases and an increase in profit sharing expenses.

For the nine months ended September 30, 2018, net income increased to $112.20 million from $84.23 million for the same period a year ago. Basic earnings per share rose to $1.66 from $1.27 in the same period of 2017. Net interest income increased 15.18 percent to $202.49 million for the nine months ended September 30, 2018, from $175.79 million in the same period a year ago. The provision for loan losses totaled $3.87 million compared with $5.09 million in the same period a year ago. Noninterest income was $76.97 million for the first nine months 2018 compared with $68.72 million in the same period a year ago. Noninterest expense rose to $142.45 million compared with $129.89 million during the same period a year ago.

As of September 30, 2018, consolidated assets for the Company totaled $7.57 billion compared to $7.69 billion at June 30, 2018, and $7.01 billion at September 30, 2017. Loans grew to $3.89 billion at September 30, 2018, compared with loans of $3.86 billion at June 30, 2018 and $3.49 billion at September 30, 2017. Deposits totaled $6.15 billion at September 30, 2018, compared to $6.21 billion at June 30, 2018, and $5.70 billion at September 30, 2017.  Shareholders' equity rose to $995.74 million as of September 30, 2018, compared with $985.63 million at June 30, 2018, and $906.56 million at September 30, 2017. 

"We are pleased to report another quarter of strong earnings growth," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits and reduce expenses while looking for acquisition opportunities to utilize our strong capital position and increase returns to our shareholders. In light of the continued increases in interest rates by the Federal Reserve, we are focused on increasing loan and deposit rates to better align with our competitive environment," added Dueser.

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

Sept. 30, 

June 30, 

Mar. 31, 

 Dec 31,  

 Sept. 30,  

Cash and due from banks

$

164,998

$

178,217

$

130,979

$

209,583

$

177,615

Interest-bearing deposits in banks

34,511

99,499

67,060

162,764

166,820

Interest-bearing time deposits in banks

1,458

1,458

1,458

1,458

1,458

Fed funds sold

-

8,450

-

-

-

Investment securities

3,144,367

3,197,567

3,276,193

3,087,473

2,885,483

Loans

3,885,536

3,855,769

3,747,081

3,500,699

3,491,346

Allowance for loan losses

(50,871)

(49,951)

(49,499)

(48,156)

(47,922)

Net loans

3,834,665

3,805,818

3,697,582

3,452,543

3,443,424

Premises and equipment

130,815

130,366

126,446

124,026

125,668

Goodwill

171,565

171,565

171,565

139,971

139,971

Other intangible assets

3,342

3,620

4,004

1,172

1,384

Other assets

85,510

88,910

92,162

75,725

67,341

Total assets

$

7,571,231

$

7,685,470

$

7,567,449

$

7,254,715

$

7,009,164

LIABILITIES AND SHAREHOLDERS'  EQUITY

Noninterest-bearing deposits

$

2,146,984

$

2,105,953

$

2,111,116

$

2,041,650

$

1,949,174

Interest-bearing deposits

3,998,298

4,104,654

4,079,647

3,921,311

3,748,286

Total deposits

6,145,282

6,210,607

6,190,763

5,962,961

5,697,460

Borrowings

380,760

456,935

372,155

331,000

351,435

Other liabilities

49,450

32,300

34,717

37,986

53,713

Shareholders' equity

995,739

985,628

969,814

922,768

906,556

Total liabilities and shareholders' equity

$

7,571,231

$

7,685,470

$

7,567,449

$

7,254,715

$

7,009,164

Quarter Ended

2018

2017

INCOME STATEMENTS

 Sept 30,  

 June 30,  

Mar. 31, 

 Dec 31,  

 Sept. 30,  

Interest income

$

74,049

$

72,078

$

69,082

$

63,456

$

62,554

Interest expense

4,623

4,467

3,633

2,562

2,866

Net interest income

69,426

67,611

65,449

60,894

59,688

Provision for loan losses

1,450

1,105

1,310

1,440

1,415

Net interest income after provision for loan losses

67,976

66,506

64,139

59,454

58,273

Noninterest income

27,055

25,488

24,423

22,302

24,260

Noninterest expense

47,506

47,144

47,798

44,096

43,964

Net income before income taxes

47,525

44,850

40,764

37,660

38,569

Income tax expense

7,475

7,217

6,245

9,167

9,195

Tax benefit from tax rate change

-

-

-

(7,650)

-

Net income

$

40,050

$

37,633

$

34,519

$

36,143

$

29,374

PER COMMON SHARE DATA 

Net income - basic

$

0.59

$

0.56

$

0.51

$

0.55

$

0.44

Net income - diluted

0.59

0.55

0.51

0.54

0.44

Cash dividends declared

0.21

0.21

0.19

0.19

0.19

Book Value

14.71

14.57

14.34

13.93

13.69

Market Value

$

59.10

$

50.90

$

46.30

$

45.05

$

45.20

Shares outstanding - end of period

67,693,586

67,669,658

67,612,760

66,260,444

66,223,957

Average outstanding shares - basic

67,635,058

67,597,275

67,527,010

66,191,995

66,140,518

Average outstanding shares - diluted

68,053,724

67,924,168

67,799,545

66,428,871

66,417,281

PERFORMANCE RATIOS

Return on average assets

2.10

%

1.98

%

1.84

%

2.02

%

1.65

%

Return on average equity

16.00

15.53

14.74

15.79

12.95

Return on average tangible equity

19.42

18.94

17.82

18.70

15.38

Net interest margin (tax equivalent)

4.01

3.92

3.88

4.00

3.94

Efficiency ratio

48.12

49.42

51.76

49.37

48.71

Nine Months Ended

Sept. 30,

INCOME STATEMENTS

2018

2017

Interest income

$

215,209

$

182,519

Interest expense

12,723

6,726

Net interest income

202,486

175,793

Provision for loan losses

3,865

5,090

Net interest income after provision for loan losses

198,621

170,703

Noninterest income

76,966

68,715

Noninterest expense

142,448

129,891

Net income before income taxes

133,139

109,527

Income tax expense

20,937

25,300

Net income

$

112,202

$

84,227

PER COMMON SHARE DATA 

Net income - basic

$

1.66

$

1.27

Net income - diluted

1.65

1.27

Cash dividends declared

0.61

0.56

Book Value

14.71

13.69

Market Value

$

59.10

$

45.20

Shares outstanding - end of period

67,693,586

66,223,957

Average outstanding shares - basic

67,586,843

66,104,914

Average outstanding shares - diluted

67,948,420

66,392,210

PERFORMANCE RATIOS

Return on average assets

1.97

%

1.62

%

Return on average equity

15.43

12.88

Return on average tangible equity

18.74

15.40

Net interest margin (tax equivalent)

3.94

4.01

Efficiency ratio

49.73

49.22

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2018

2017

ALLOWANCE FOR LOAN LOSSES

 Sept. 30,  

June 30, 

Mar. 31, 

 Dec 31,  

 Sept. 30,  

Balance at beginning of period

$

49,951

$

49,499

$

48,156

$

47,922

$

47,410

Loans charged off

(945)

(949)

(471)

(1,440)

(1,180)

Loan recoveries

415

296

504

234

277

Net recoveries (charge-offs)

(530)

(653)

33

(1,206)

(903)

Provision for loan losses

1,450

1,105

1,310

1,440

1,415

Balance at end of period

$

50,871

$

49,951

$

49,499

$

48,156

$

47,922

Allowance for loan losses /

     period-end loans

1.31

%

1.30

%

1.32

%

1.38

%

1.37

%

Allowance for loan losses /

     nonperforming loans

194.25

182.31

209.80

259.11

243.57

Net charge-offs / average loans

     (annualized)

0.05

0.07

-

0.14

0.10

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$

36,450

$

34,557

$

40,079

$

37,079

$

35,237

Substandard

81,073

79,170

83,976

80,131

86,057

Doubtful

-

-

-

-

-

Total classified loans

$

117,523

$

113,727

$

124,055

$

117,210

$

121,294

NONPERFORMING ASSETS

Nonaccrual loans

$

25,587

$

26,685

$

22,752

$

17,670

$

18,750

Accruing troubled debt restructured loans

513

514

514

627

668

Accruing loans 90 days past due

88

200

327

288

257

Total nonperforming loans

26,188

27,399

23,593

18,585

19,675

Foreclosed assets

671

705

1,276

1,532

2,401

Total nonperforming assets

$

26,859

$

28,104

$

24,869

$

20,117

$

22,076

As a % of loans and foreclosed assets

0.69

%

0.73

%

0.66

%

0.57

%

0.63

%

As a % of end of period total assets

0.35

0.37

0.33

0.28

0.31

OIL AND GAS PORTFOLIO INFORMATION

Oil and gas loans

$

112,039

$

103,381

$

86,218

$

60,164

$

69,433

Oil and gas loans as a % of total loans

2.88

%

2.68

%

2.30

%

1.72

%

1.99

%

Classified oil and gas loans

4,861

5,001

10,485

20,346

21,817

Nonaccrual oil and gas loans

1,825

1,629

1,460

1,414

1,569

Net charge-offs for oil and gas loans

-

-

-

-

-

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

3.28

%

3.48

%

3.64

%

7.90

%

6.03

%

CAPITAL RATIOS

Common equity Tier 1 capital ratio

19.19

%

18.68

%

18.43

%

18.66

%

18.35

%

Tier 1 capital ratio

19.19

18.68

18.43

18.66

18.35

Total capital ratio

20.34

19.81

19.58

19.85

19.54

Tier 1 leverage

11.57

11.14

10.90

11.09

10.84

Equity to assets

13.15

12.82

12.82

12.72

12.93

Quarter Ended

2018

2017

NONINTEREST INCOME

 Sept. 30,  

 June 30,  

Mar. 31, 

 Dec 31,  

 Sept. 30,  

Trust fees

$

7,291

$

7,070

$

6,904

$

5,891

$

6,040

Service charges on deposits

5,690

5,375

4,884

4,900

5,083

ATM, interchange and credit card fees

7,533

7,041

6,996

6,584

6,340

Real estate mortgage fees

4,834

3,951

2,933

3,613

3,891

Net gain on sale of available-for-sale securities

58

67

1,221

3

1,075

Net gain (loss) on sale of foreclosed assets

84

19

99

(8)

(11)

Net gain (loss) on sale of assets

(61)

-

(91)

(185)

(15)

Interest on loan recoveries

199

289

119

232

405

Other noninterest income

1,427

1,676

1,358

1,272

1,452

Total noninterest income

$

27,055

$

25,488

$

24,423

$

22,302

$

24,260

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

24,693

$

24,545

$

24,994

$

22,760

$

23,052

Profit sharing expense

1,684

2,317

1,209

1,661

1,091

Net occupancy expense

2,900

2,806

2,883

2,439

2,711

Equipment expense

3,482

3,440

3,516

3,369

3,294

FDIC insurance premiums

570

632

566

560

561

ATM, interchange and credit card expenses

2,344

2,205

2,143

1,935

2,001

Legal, tax and professional fees

2,417

2,308

2,807

2,580

2,396

Audit  fees

382

439

411

338

356

Printing, stationery and supplies

387

612

486

567

449

Amortization of intangible assets

279

384

387

136

143

Advertising and public relations

1,709

1,576

1,575

1,689

1,527

Operational and other losses

981

305

566

553

1,081

Software amortization and expense

540

479

524

1,056

742

Other noninterest expense

5,138

5,096

5,731

4,453

4,560

Total noninterest expense

$

47,506

$

47,144

$

47,798

$

44,096

$

43,964

TAX EQUIVALENT YIELD ADJUSTMENT

$

2,242

$

2,289

$

2,467

$

6,125

$

6,312

Nine Months Ended

Sept. 30,

NONINTEREST INCOME

2018

2017

Trust fees

$

21,265

$

17,804

Service charges on deposits

15,950

14,517

ATM, interchange and credit card fees

21,570

19,102

Real estate mortgage fees

11,718

11,496

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

1,346

1,825

Net gain (loss) on sale of foreclosed assets

201

(42)

Net gain (loss) on sale of assets

(152)

(211)

Interest on loan recoveries

607

896

Other noninterest income

4,461

3,328

Total noninterest income

$

76,966

$

68,715

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

74,232

$

67,793

Profit sharing expense

5,210

3,074

Net occupancy expense

8,589

8,081

Equipment expense

10,438

10,397

FDIC insurance premiums

1,768

1,657

ATM, interchange and credit card expenses

6,692

5,517

Legal, tax and professional fees

7,532

7,399

Audit  fees

1,234

1,154

Printing, stationery and supplies

1,485

1,423

Amortization of intangible assets

1,049

477

Advertising and public relations

4,860

4,646

Operational and other losses

1,852

2,639

Software amortization and expense

1,542

2,237

Other noninterest expense

15,965

13,397

Total noninterest expense

$

142,448

$

129,891

TAX EQUIVALENT YIELD ADJUSTMENT

$

6,997

$

19,371

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended

Three Months Ended

Sept. 30, 2018

June 30, 2018

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

3,377

$

19

2.29

%

$

2,228

$

13

2.32

%

  Interest-bearing deposits in nonaffiliated banks

88,118

450

2.03

59,373

258

1.74

  Taxable securities

1,943,125

12,594

2.59

2,007,949

12,719

2.53

  Tax exempt securities

1,213,212

11,459

3.78

1,281,757

12,001

3.75

  Loans

3,845,836

51,769

5.34

3,797,341

49,376

5.22

Total interest-earning assets

7,093,668

$

76,291

4.27

%

7,148,648

$

74,367

4.17

%

Noninterest-earning assets

490,155

486,837

Total assets

$

7,583,823

$

7,635,485

Interest-bearing liabilities:

  Deposits

$

4,035,174

$

4,329

0.43

%

$

4,076,522

$

4,005

0.39

%

  Fed funds purchased and other borrowings

399,026

294

0.29

434,239

462

0.43

Total interest-bearing liabilities

4,434,200

$

4,623

0.41

%

4,510,761

$

4,467

0.40

%

Noninterest-bearing liabilities                                                                              

2,156,258

2,152,451

Shareholders' equity

993,365

972,273

Total liabilities and shareholders' equity

$

7,583,823

$

7,635,485

Net interest income and margin (tax equivalent)

$

71,668

4.01

%

$

69,900

3.92

%

Three Months Ended

Three Months Ended

Mar. 31, 2018

Dec. 31, 2017

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

6,215

$

27

1.78

%

$

1,192

$

5

1.52

%

  Interest-bearing deposits in nonaffiliated banks

160,399

613

1.55

186,355

645

1.37

  Taxable securities

1,826,391

11,354

2.49

1,562,744

8,977

2.30

  Tax exempt securities

1,352,235

12,559

3.72

1,405,327

16,259

4.63

  Loans

3,748,561

46,995

5.08

3,483,939

43,695

4.98

Total interest-earning assets

7,093,801

$

71,548

4.09

%

6,639,557

$

69,581

4.16

%

Noninterest-earning assets

497,049

441,645

Total assets

$

7,590,850

$

7,081,202

Interest-bearing liabilities:

  Deposits

$

4,139,324

$

3,519

0.34

%

$

3,795,808

$

2,465

0.26

%

  Fed funds purchased and other borrowings

357,414

113

0.13

343,683

97

0.11

Total interest-bearing liabilities

4,496,738

$

3,632

0.33

%

4,139,491

$

2,562

0.25

%

Noninterest-bearing liabilities                                                                              

2,144,065

2,033,580

Shareholders' equity

950,047

908,131

Total liabilities and shareholders' equity

$

7,590,850

$

7,081,202

Net interest income and margin (tax equivalent)

$

67,916

3.88

%

$

67,019

4.00

%

Three Months Ended

Sept. 30, 2017

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

2,467

$

9

1.43

%

  Interest-bearing deposits in nonaffiliated banks

198,322

629

1.26

  Taxable securities

1,492,246

8,074

2.16

  Tax exempt securities

1,477,559

16,884

4.57

  Loans

3,468,524

43,270

4.95

Total interest-earning assets

6,639,118

$

68,866

4.12

%

Noninterest-earning assets

431,070

Total assets

$

7,070,188

Interest-bearing liabilities:

  Deposits

$

3,728,442

$

2,228

0.24

%

  Fed funds purchased and other borrowings

524,357

638

0.48

Total interest-bearing liabilities

4,252,799

$

2,866

0.27

%

Noninterest-bearing liabilities                                                                              

1,917,681

Shareholders' equity

899,708

Total liabilities and shareholders' equity

$

7,070,188

Net interest income and margin (tax equivalent)

$

66,000

3.94

%

Nine Months Ended

Nine Months Ended

Sept. 30, 2018

Sept. 30, 2017

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

  Fed funds sold

$

3,929

$

60

2.03

%

$

3,738

$

20

0.70

%

  Interest-bearing deposits in nonaffiliated banks

102,365

1,321

1.73

126,207

1,016

1.08

  Taxable securities

1,926,249

36,666

2.54

1,451,712

23,848

2.19

  Tax exempt securities

1,281,892

36,019

3.75

1,511,786

51,859

4.57

  Loans

3,797,602

148,140

5.22

3,419,105

125,147

4.89

Total interest-earning assets

7,112,037

$

222,206

4.18

%

6,512,548

$

201,890

4.14

%

Noninterest-earning assets

489,625

435,367

Total assets

$

7,601,662

$

6,947,915

Interest-bearing liabilities:

  Deposits

$

4,083,292

$

11,854

0.39

%

$

3,779,967

$

5,748

0.20

%

  Fed funds purchased and other short term borrowings

397,045

869

0.29

448,773

978

0.29

Total interest-bearing liabilities

4,480,337

$

12,723

0.38

%

4,228,740

$

6,726

0.21

%

Noninterest-bearing liabilities                                                                              

2,149,271

1,844,894

Shareholders' equity

972,054

874,281

Total liabilities and shareholders' equity

$

7,601,662

$

6,947,915

Net interest income and margin (tax equivalent)

$

209,483

3.94

%

$

195,164

4.01

%

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-earnings-results-300733943.html

SOURCE First Financial Bankshares, Inc.


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