First Financial Bankshares Announces Third Quarter Earnings Results

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October 17, 2019 4:05 PM EDT

ABILENE, Texas, Oct. 17, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2019 of $43.08 million, up 7.57 percent when compared with earnings of $40.05 million in the same quarter last year. Basic earnings per share were $0.32 for the third quarter of 2019 compared with $0.30 in the same quarter a year ago.

On April 23, 2019, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 3, 2019. All share and per share amounts in this earnings release have been restated to reflect this stock split.

Net interest income for the third quarter of 2019 increased 4.63 percent to $72.64 million compared with $69.43 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.94 percent for the third quarter of 2019 compared to 3.98 percent for the second quarter of 2019 and 4.01 percent for the third quarter of 2018. Included in interest income for the third quarter of 2019 was $415 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions. In the second quarter of 2019 and the third quarter of 2018, amounts related to discount accretion from fair value accounting accounted for two and four basis points, respectively, in net interest margin.

The provision for loan losses was $450 thousand in the third quarter of 2019 compared with $600 thousand in the second quarter of 2019 and $1.45 million in the third quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.66 percent at September 30, 2019, compared with 0.69 percent at both June 30, 2019 and September 30, 2018. Classified loans totaled $119.20 million at September 30, 2019, compared to $126.04 million at June 30, 2019, and $117.52 million at September 30, 2018.

Noninterest income increased 5.97 percent in the third quarter of 2019 to $28.67 million compared with $27.06 million in the same quarter a year ago. Trust fees were $7.05 million in the third quarter of 2019 compared with $7.29 million in the same quarter last year. The fair value of Trust assets managed increased to $6.36 billion from $5.75 billion a year ago; however, the income from the growth in assets was offset by a decrease of $447 thousand in Trust mineral fee and lease bonus income when compared to the same period a year ago primarily due to a decline in oil and gas volumes. ATM, interchange and credit card fees increased 2.59 percent to $7.73 million compared with $7.53 million in the same quarter last year due to continued growth in debit cards. Real estate mortgage fees increased 18.60 percent in the third quarter of 2019 to $5.73 million compared with $4.83 million in the same quarter a year ago due to an increase in the volume of loans originated. Additionally, interest on loan recoveries from previous non-accrual loans increased $376 thousand and the gain from sale of bank assets increased $296 thousand as compared to the same quarter a year ago.

Noninterest expense for the third quarter of 2019 totaled $48.91 million compared to $47.51 million in the third quarter of 2018. The Company's efficiency ratio in the third quarter of 2019 was 47.54 percent compared with 48.12 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2019 was primarily a result of an increase in salary and employee benefit costs to $28.55 million compared to $26.38 million in the same quarter a year ago, primarily due to merit-based pay increases which was partially offset by a $555 thousand reduction in FDIC insurance premiums resulting from credits from prior premiums paid. Additionally, operational and other losses decreased $474 thousand as compared to the same quarter a year ago.

For the nine months ended September 30, 2019, net income increased 10.00 percent to $123.42 million from $112.20 million a year ago. Basic earnings per share rose to $0.91 from $0.83 in the same period last year. Net interest income increased 5.57 percent to $213.77 million for the nine months ended September 30, 2019, from $202.49 million in the same period a year ago. The provision for loan losses totaled $2.02 million compared with $3.87 million in the same period a year ago. Noninterest income was $81.08 million for the first nine months 2019 compared with $76.97 million in the same period a year ago. Noninterest expense rose to $144.58 million compared with $142.45 million during the same period a year ago.

As of September 30, 2019, consolidated assets for the Company totaled $8.11 billion compared to $7.98 billion at June 30, 2019, and $7.57 billion at September 30, 2018. Loans grew to $4.14 billion at September 30, 2019, compared with loans of $4.06 billion at June 30, 2019 and $3.89 billion at September 30, 2018. Deposits totaled $6.40 billion at September 30, 2019, compared to $6.37 billion at June 30, 2019, and $6.15 billion at September 30, 2018. Shareholders' equity rose to $1.21 billion as of September 30, 2019, compared with $1.16 billion at June 30, 2019, and $995.74 million at September 30, 2018.

On September 19, 2019, the Company announced the pending acquisition of TB&T Bancshares, Inc. and its wholly owned subsidiary, The Bank & Trust of Bryan/College Station, Texas with an expected closing in the first quarter of 2020, subject to regulatory approval. As of June 30, 2019, The Bank & Trust of Bryan/College Station had total assets of $624.51 million, total loans of $445.63 million and total deposits of $538.22 million.

"We are pleased with our recent announcement of our pending acquisition of TB&T and to report another quarter with solid earnings performance, growth in loans and deposits and good credit metrics," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits, reduce expenses to improve our bottom line while continuing to look for quality acquisition opportunities like our most recent announcement to better utilize our strong capital position and increase returns to our shareholders," added Dueser.

About First Financial Bankshares:

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 73 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with eight locations and First Technology Services, Inc., a technology operating company.

The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial Bankshares, please visit our website at http://www.ffin.com.

Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect", "plan", "anticipate", "target", "forecast" and "goal". Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents/Filings" on the Company's Web site or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

FIRST FINANCIAL BANKSHARES, INC.

CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)

(In thousands, except share and per share data)

As of

2019

2018

ASSETS

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Cash and due from banks

$

198,855

$

178,345

$

176,278

$

207,835

$

164,998

Interest-bearing deposits in banks

31,410

128,652

197,758

40,812

34,511

Interest-bearing time deposits in banks

-

960

1,458

1,458

1,458

Fed funds sold

-

700

12,825

-

-

Investment securities

3,397,156

3,259,492

3,212,812

3,158,777

3,144,367

Loans

4,140,815

4,063,257

4,003,606

3,975,308

3,885,536

Allowance for loan losses

(51,889)

(51,820)

(51,585)

(51,202)

(50,871)

Net loans

4,088,926

4,011,437

3,952,021

3,924,106

3,834,665

Premises and equipment

132,367

134,322

135,321

133,421

130,815

Goodwill

171,565

171,565

171,565

171,565

171,565

Other intangible assets

2,340

2,586

2,850

3,118

3,342

Other assets

91,220

91,234

83,007

90,762

85,510

Total assets

$

8,113,839

$

7,979,293

$

7,945,895

$

7,731,854

$

7,571,231

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$

2,210,997

$

2,167,552

$

2,165,745

$

2,116,107

$

2,146,984

Interest-bearing deposits

4,186,686

4,202,214

4,184,996

4,064,282

3,998,298

Total deposits

6,397,683

6,369,766

6,350,741

6,180,389

6,145,282

Borrowings

400,155

362,005

382,711

468,706

380,760

Other liabilities

110,903

82,774

104,921

29,464

49,450

Shareholders' equity

1,205,098

1,164,748

1,107,522

1,053,295

995,739

Total liabilities and shareholders' equity

$

8,113,839

$

7,979,293

$

7,945,895

$

7,731,854

$

7,571,231

Quarter Ended

2019

2018

INCOME STATEMENTS

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Interest income

$

80,591

$

79,576

$

76,901

$

76,481

$

74,049

Interest expense

7,953

7,961

7,387

6,207

4,623

Net interest income

72,638

71,615

69,514

70,274

69,426

Provision for loan losses

450

600

965

1,800

1,450

Net interest income after provision for loan losses

72,188

71,015

68,549

68,474

67,976

Noninterest income

28,669

27,976

24,437

24,797

27,055

Noninterest expense

48,910

48,304

47,367

48,235

47,506

Net income before income taxes

51,947

50,687

45,619

45,036

47,525

Income tax expense

8,867

8,594

7,367

6,599

7,475

Net income

$

43,080

$

42,093

$

38,252

$

38,437

$

40,050

PER COMMON SHARE DATA

Net income - basic

$

0.32

$

0.31

$

0.28

$

0.28

$

0.30

Net income - diluted

0.32

0.31

0.28

0.28

0.29

Cash dividends declared

0.12

0.12

0.11

0.11

0.11

Book Value

8.87

8.58

8.16

7.77

7.35

Market Value

$

33.33

$

30.79

$

28.89

$

28.85

$

29.55

Shares outstanding - end of period

135,822,456

135,809,224

135,680,420

135,506,266

135,387,172

Average outstanding shares - basic

135,693,901

135,650,599

135,494,254

135,352,408

135,270,116

Average outstanding shares - diluted

136,369,328

136,218,235

136,286,862

136,191,224

136,107,448

PERFORMANCE RATIOS

Return on average assets

2.15

%

2.14

%

2.00

%

2.00

%

2.10

%

Return on average equity

14.46

15.04

14.51

15.18

16.00

Return on average tangible equity

16.96

17.81

17.34

18.38

19.42

Net interest margin (tax equivalent)

3.94

3.98

4.00

4.02

4.01

Efficiency ratio

47.54

47.71

49.46

49.69

48.12

Nine Months Ended

Sept. 30,

INCOME STATEMENTS

2019

2018

Interest income

$

237,069

$

215,209

Interest expense

23,301

12,723

Net interest income

213,768

202,486

Provision for loan losses

2,015

3,865

Net interest income after provision for loan losses

211,753

198,621

Noninterest income

81,081

76,966

Noninterest expense

144,583

142,448

Net income before income taxes

148,251

133,139

Income tax expense

24,827

20,937

Net income

$

123,424

$

112,202

PER COMMON SHARE DATA

Net income - basic

$

0.91

$

0.83

Net income - diluted

0.91

0.83

Cash dividends declared

0.35

0.31

Book Value

8.87

7.35

Market Value

$

33.33

$

29.55

Shares outstanding - end of period

135,822,456

135,387,172

Average outstanding shares - basic

135,613,646

135,173,686

Average outstanding shares - diluted

136,274,342

135,896,840

PERFORMANCE RATIOS

Return on average assets

2.10

%

1.97

%

Return on average equity

14.67

15.43

Return on average tangible equity

17.36

18.74

Net interest margin (tax equivalent)

3.97

3.94

Efficiency ratio

48.21

49.73

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2019

2018

ALLOWANCE FOR LOAN LOSSES

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Balance at beginning of period

$

51,820

$

51,585

$

51,202

$

50,871

$

49,951

Loans charged off

(767)

(1,061)

(1,464)

(2,081)

(945)

Loan recoveries

386

696

882

612

415

Net recoveries (charge-offs)

(381)

(365)

(582)

(1,469)

(530)

Provision for loan losses

450

600

965

1,800

1,450

Balance at end of period

$

51,889

$

51,820

$

51,585

$

51,202

$

50,871

Allowance for loan losses / period-end loans

1.25

%

1.28

%

1.29

%

1.29

%

1.31

%

Allowance for loan losses / nonperforming loans

200.75

190.66

177.41

176.22

194.25

Net charge-offs / average loans (annualized)

0.04

0.04

0.06

0.15

0.05

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$

46,300

$

51,490

$

45,275

$

50,379

$

36,450

Substandard

72,904

74,550

73,158

75,919

81,073

Doubtful

-

-

-

-

-

Total classified loans

$

119,204

$

126,040

$

118,433

$

126,298

$

117,523

NONPERFORMING ASSETS

Nonaccrual loans

$

25,717

$

26,408

$

28,508

$

27,534

$

25,587

Accruing troubled debt restructured loans

27

471

472

513

513

Accruing loans 90 days past due

104

300

97

1,008

88

Total nonperforming loans

25,848

27,179

29,077

29,055

26,188

Foreclosed assets

1,364

681

647

577

671

Total nonperforming assets

$

27,212

$

27,860

$

29,724

$

29,632

$

26,859

As a % of loans and foreclosed assets

0.66

%

0.69

%

0.74

%

0.75

%

0.69

%

As a % of end of period total assets

0.34

0.35

0.37

0.38

0.35

OIL AND GAS PORTFOLIO INFORMATION

Oil and gas loans

$

122,908

$

107,097

$

107,335

$

113,536

$

112,039

Oil and gas loans as a % of total loans

2.97

%

2.64

%

2.68

%

2.86

%

2.88

%

Classified oil and gas loans

7,953

3,438

4,255

3,894

4,861

Nonaccrual oil and gas loans

519

621

669

1,048

1,825

Net charge-offs for oil and gas loans

-

-

-

-

-

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

2.87

%

2.95

%

3.22

%

3.23

%

3.28

%

CAPITAL RATIOS

Common equity Tier 1 capital ratio

20.05

%

20.04

%

19.86

%

19.47

%

19.19

%

Tier 1 capital ratio

20.05

20.04

19.86

19.47

19.19

Total capital ratio

21.14

21.16

21.00

20.61

20.34

Tier 1 leverage

12.58

12.29

12.08

11.85

11.57

Tangible Common Equity Ratio

12.94

12.31

11.83

11.14

11.05

Equity/Assets

14.85

14.60

13.94

13.62

13.15

Quarter Ended

2019

2018

NONINTEREST INCOME

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Trust fees

$

7,051

$

7,027

$

6,979

$

6,915

$

7,291

Service charges on deposits

5,629

5,374

5,176

5,713

5,690

ATM, interchange and credit card fees

7,728

7,352

6,840

6,962

7,533

Real estate mortgage fees

5,733

4,721

3,474

3,439

4,834

Net gain on sale of available-for-sale securities

52

676

-

8

58

Net gain (loss) on sale of foreclosed assets

71

53

69

(85)

84

Net gain (loss) on sale of assets

235

6

-

5

(61)

Interest on loan recoveries

575

903

338

332

199

Other noninterest income

1,595

1,864

1,561

1,508

1,427

Total noninterest income

$

28,669

$

27,976

$

24,437

$

24,797

$

27,055

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

27,030

$

25,510

$

25,033

$

23,908

$

24,693

Loss from partial settlement of pension plan

-

-

900

1,546

-

Profit sharing expense

1,520

1,884

1,491

1,839

1,684

Net occupancy expense

2,830

2,779

2,763

2,583

2,900

Equipment expense

2,225

2,331

2,453

2,570

2,629

FDIC insurance premiums

15

538

538

565

570

ATM, interchange and credit card expenses

2,627

2,427

2,383

2,589

2,344

Legal, tax and professional fees

2,274

2,302

2,154

2,609

2,417

Audit fees

341

455

417

291

382

Printing, stationery and supplies

480

502

366

513

387

Amortization of intangible assets

246

264

269

223

279

Advertising and public relations

1,745

1,630

1,648

1,805

1,709

Operational and other losses

507

480

266

337

981

Software amortization and expense

1,767

1,783

1,597

1,588

1,393

Other noninterest expense

5,303

5,419

5,089

5,269

5,138

Total noninterest expense

$

48,910

$

48,304

$

47,367

$

48,235

$

47,506

TAX EQUIVALENT YIELD ADJUSTMENT

$

1,575

$

1,664

$

1,819

$

1,996

$

2,242

Nine Months Ended

Sept. 30,

NONINTEREST INCOME

2019

2018

Trust fees

$

21,057

$

21,265

Service charges on deposits

16,179

15,950

ATM, interchange and credit card fees

21,920

21,570

Real estate mortgage fees

13,928

11,718

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

728

1,346

Net gain (loss) on sale of foreclosed assets

193

201

Net gain (loss) on sale of assets

241

(152)

Interest on loan recoveries

1,815

607

Other noninterest income

5,020

4,461

Total noninterest income

$

81,081

$

76,966

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$

77,573

$

74,232

Loss from partial settlement of pension plan

900

-

Profit sharing expense

4,895

5,210

Net occupancy expense

8,372

8,589

Equipment expense

7,009

7,548

FDIC insurance premiums

1,091

1,768

ATM, interchange and credit card expenses

7,437

6,692

Legal, tax and professional fees

6,729

7,532

Audit fees

1,212

1,234

Printing, stationery and supplies

1,348

1,485

Amortization of intangible assets

778

1,049

Advertising and public relations

5,022

4,860

Operational and other losses

1,253

1,852

Software amortization and expense

5,147

4,433

Other noninterest expense

15,817

15,965

Total noninterest expense

$

144,583

$

142,448

TAX EQUIVALENT YIELD ADJUSTMENT

$

5,058

$

6,997

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended

Three Months Ended

Sept. 30, 2019

June 30, 2019

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Fed funds sold

$

3,006

$

19

2.52

%

$

5,436

$

39

2.88

%

Interest-bearing deposits in nonaffiliated banks

61,465

363

2.34

107,381

628

2.35

Taxable securities

2,183,930

14,292

2.62

2,063,497

13,925

2.70

Tax exempt securities

1,132,279

10,075

3.56

1,169,889

10,615

3.63

Loans

4,094,235

57,417

5.56

4,043,055

56,033

5.56

Total interest-earning assets

7,474,915

$

82,166

4.36

%

7,389,258

$

81,240

4.41

%

Noninterest-earning assets

489,446

487,931

Total assets

$

7,964,361

$

7,877,189

Interest-bearing liabilities:

Deposits

$

4,156,850

$

7,123

0.68

%

$

4,196,123

$

7,286

0.70

%

Fed funds purchased and other borrowings

388,235

830

0.85

378,389

675

0.72

Total interest-bearing liabilities

4,545,085

$

7,953

0.69

%

4,574,512

$

7,961

0.70

%

Noninterest-bearing liabilities

2,237,462

2,180,361

Shareholders' equity

1,181,814

1,122,316

Total liabilities and shareholders' equity

$

7,964,361

$

7,877,189

Net interest income and margin (tax equivalent)

$

74,213

3.94

%

$

73,279

3.98

%

Three Months Ended

Three Months Ended

Mar. 31, 2019

Dec. 31, 2018

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Fed funds sold

$

4,894

$

34

2.79

%

$

1,620

$

10

2.54

%

Interest-bearing deposits in nonaffiliated banks

100,258

585

2.36

41,511

240

2.30

Taxable securities

1,924,863

13,289

2.76

1,957,638

13,384

2.73

Tax exempt securities

1,226,457

11,279

3.68

1,206,728

11,482

3.81

Loans

3,973,108

53,534

5.46

3,918,360

53,361

5.40

Total interest-earning assets

7,229,580

$

78,721

4.42

%

7,125,857

$

78,477

4.37

%

Noninterest-earning assets

508,368

493,244

Total assets

$

7,737,948

$

7,619,101

Interest-bearing liabilities:

Deposits

$

4,144,091

$

6,662

0.65

%

$

3,961,582

$

5,092

0.51

%

Fed funds purchased and other borrowings

408,641

726

0.72

484,054

1,115

0.91

Total interest-bearing liabilities

4,552,732

$

7,388

0.66

%

4,445,636

$

6,207

0.55

%

Noninterest-bearing liabilities

2,116,080

2,169,069

Shareholders' equity

1,069,136

1,004,396

Total liabilities and shareholders' equity

$

7,737,948

$

7,619,101

Net interest income and margin (tax equivalent)

$

71,333

4.00

%

$

72,270

4.02

%

Three Months Ended

Sept. 30, 2018

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Interest-earning assets:

Fed funds sold

$

3,377

$

19

2.29

%

Interest-bearing deposits in nonaffiliated banks

88,118

450

2.03

Taxable securities

1,943,125

12,594

2.59

Tax exempt securities

1,213,212

11,459

3.78

Loans

3,845,836

51,769

5.34

Total interest-earning assets

7,093,668

$

76,291

4.27

%

Noninterest-earning assets

490,155

Total assets

$

7,583,823

Interest-bearing liabilities:

Deposits

$

4,035,174

$

4,329

0.43

%

Fed funds purchased and other borrowings

399,026

294

0.29

Total interest-bearing liabilities

4,434,200

$

4,623

0.41

%

Noninterest-bearing liabilities

2,156,258

Shareholders' equity

993,365

Total liabilities and shareholders' equity

$

7,583,823

Net interest income and margin (tax equivalent)

$

71,668

4.01

%

Nine Months Ended

Nine Months Ended

Sept. 30, 2019

Sept. 30, 2018

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Fed funds sold

$

4,438

$

92

2.76

%

$

3,929

$

60

2.03

%

Interest-bearing deposits in nonaffiliated banks

89,559

1,575

2.35

102,365

1,321

1.73

Taxable securities

2,058,380

41,505

2.69

1,926,249

36,666

2.54

Tax exempt securities

1,175,863

31,968

3.62

1,281,892

36,019

3.75

Loans

4,037,243

166,987

5.53

3,797,602

148,140

5.22

Total interest-earning assets

7,365,483

$

242,127

4.40

%

7,112,037

$

222,206

4.18

%

Noninterest-earning assets

495,179

489,625

Total assets

$

7,860,662

$

7,601,662

Interest-bearing liabilities:

Deposits

$

4,165,735

$

21,071

0.68

%

$

4,083,292

$

11,854

0.39

%

Fed funds purchased and other short term borrowings

391,680

2,230

0.76

397,045

869

0.29

Total interest-bearing liabilities

4,557,415

$

23,301

0.68

%

4,480,337

$

12,723

0.38

%

Noninterest-bearing liabilities

2,178,412

2,149,271

Shareholders' equity

1,124,835

972,054

Total liabilities and shareholders' equity

$

7,860,662

$

7,601,662

Net interest income and margin (tax equivalent)

$

218,826

3.97

%

$

209,483

3.94

%

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-earnings-results-300940873.html

SOURCE First Financial Bankshares, Inc.


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