FIRST FINANCIAL BANKSHARES, INC. ABILENE, Texas, July 20, 2017 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2017 of $28.26 million, up 5.39 percent when compared with earnings of $26.81 million in the same quarter last year. Basic earnings per share were $0.43 for the second quarter of 2017 compared with $0.41 in the same quarter a year ago.
Net interest income for the second quarter of 2017 increased 4.48 percent to $59.09 million compared with $56.55 million in the same quarter of 2016. The net interest margin, on a taxable equivalent basis, was 4.05 percent in the second quarter of 2017 compared to 4.03 percent in the first quarter of 2017 and 4.12 percent in the second quarter of 2016. Included in interest income for the second quarter of 2017 was $505 thousand, or three 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 $1.73 million in the second quarter of 2017 compared with $1.95 million in the first quarter of 2017 and $2.06 million in the second quarter of 2016. The continued provision for loan losses in 2017 reflects growth in the loan portfolio, the continued levels of gross charge-offs, as well as the continuing economic effects related to the oil and gas industry. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.71 percent at June 30, 2017, compared with 0.90 percent at March 31, 2017, and 1.22 percent at June 30, 2016. Classified loans totaled $117.61 million at June 30, 2017, compared to $122.62 million at March 31, 2017, and $132.67 million at June 30, 2016.
At June 30, 2017, loans with oil and gas industry exposure totaled 2.03% of gross loans. These loans comprised $24.40 million of the classified loan totals and $2.86 million of the nonperforming loan totals. In addition, $50 thousand in net charge-offs was related to these oil and gas loans for the quarter ended June 30, 2017. At June 30, 2017, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 7.24% of total oil and gas loans.
Noninterest income increased 8.08 percent in the second quarter of 2017 to $23.17 million compared with $21.44 million in the same quarter a year ago. Trust fees increased $1.02 million to $5.75 million in the second quarter of 2017 compared with $4.73 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $4.73 billion from $4.11 billion a year ago. ATM, interchange and credit card fees increased 12.98 percent to $6.60 million compared with $5.84 million in the same quarter last year due to continued growth in debit cards. Service charges on deposits increased 10.88 percent to $4.88 million compared with $4.40 million in the same quarter a year ago due to continued growth in net new accounts. Also included in noninterest income during the second quarter of 2017 was a gain on sale of securities of $747 thousand compared to $912 thousand in the same quarter a year ago. Offsetting these increases in noninterest income were decreases in loan recoveries to $337 thousand in the second quarter of 2017 compared to $629 thousand in the same quarter a year ago and a loss on sale of foreclosed assets of $72 thousand in the second quarter of 2017 compared to a gain of $278 thousand in the second quarter of 2016.
Noninterest expense for the second quarter of 2017 totaled $43.78 million compared to $40.76 million in the second quarter of 2016. The Company's efficiency ratio in the second quarter of 2017 was 49.32 percent compared with 48.43 percent in the same quarter last year. The increase in noninterest expense in the second quarter of 2017 was driven by a $1.32 million increase in salary and employee benefit expense, primarily due to merit based pay increases and profit sharing expenses, and an increase of $824 thousand in data processing costs associated with a new Trust technology platform and software amortization and expense resulting from a write-off of internally developed software.
For the first half of 2017, net income increased 4.47 percent to $54.85 million from $52.51 million for the same period a year ago. Basic earnings per share rose to $0.83 in the first half of 2017 from $0.80 in the same period of 2016. Net interest income increased 2.23 percent to $116.11 million in the first half of 2017 from $113.57 million in the same period a year ago. The provision for loan losses totaled $3.68 million compared with $4.39 million in the first half of the previous year. Noninterest income was $44.46 million in the first half of 2017 compared with $41.26 million in the same period of 2016. Noninterest expense rose to $85.93 million in the first half of 2017 compared with $81.84 million during the same period last year.
As of June 30, 2017, consolidated assets for the Company totaled $6.95 billion compared to $6.93 billion at March 31, 2017, and $6.61 billion at June 30, 2016. Loans totaled $3.46 billion at June 30, 2017, compared with loans of $3.39 billion at March 31, 2017, and $3.31 billion at June 30, 2016. Deposits totaled $5.63 billion at June 30, 2017, compared to $5.66 billion at March 31, 2017, and $5.06 billion at June 30, 2016. Shareholders' equity rose to $887.44 million as of June 30, 2017, compared with $859.35 million at March 31, 2017, and $866.16 million at June 30, 2016.
"We are pleased to report increased earnings for the quarter and improved trends in our 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 acquisition opportunities to better utilize our strong capital position and increase our return to our shareholders."
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 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
-----
2017 2016
---- ----
ASSETS June 30, Mar. 31, Dec. 31, Sept. 30, June 30,
-------- -------- -------- --------- --------
Cash and due from banks $163,435 $163,674 $204,782 $166,981 $135,092
Interest-bearing deposits in banks 53,336 55,165 48,574 117,334 67,746
Interest-bearing time deposits in banks 1,458 1,707 1,707 1,707 2,427
Fed funds sold 3,740 3,840 3,130 3,400 2,960
Investment securities 2,964,618 3,018,393 2,860,958 2,729,159 2,795,493
Loans 3,457,679 3,386,141 3,384,205 3,369,384 3,309,388
Allowance for loan losses (47,410) (46,192) (45,779) (45,298) (45,060)
Net loans 3,410,269 3,339,949 3,338,426 3,324,086 3,264,328
Premises and equipment 123,620 122,787 122,685 122,725 122,326
Goodwill 139,971 139,971 139,971 139,971 139,971
Other intangible assets 3,149 3,464 3,632 3,758 3,959
Other assets 83,796 81,420 86,066 77,615 80,688
------ ------ ------ ------ ------
Total assets $6,947,392 $6,930,370 $6,809,931 $6,686,736 $6,614,990
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $1,856,439 $1,827,609 $1,717,722 $1,702,993 $1,644,812
Interest-bearing deposits 3,770,170 3,834,359 3,760,817 3,532,471 3,411,477
--------- --------- --------- --------- ---------
Total deposits 5,626,609 5,661,968 5,478,539 5,235,464 5,056,289
Borrowings 379,324 360,264 445,770 513,759 556,924
Other liabilities 54,017 48,784 47,737 69,569 135,619
Shareholders' equity 887,442 859,354 837,885 867,944 866,158
------- ------- ------- ------- -------
Total liabilities and shareholders'
equity $6,947,392 $6,930,370 $6,809,931 $6,686,736 $6,614,990
Quarter Ended
-------------
2017 2016
---- ----
INCOME STATEMENTS June 30, Mar. 31, Dec 31, Sept. 30, June 30,
-------- -------- ------- --------- --------
Interest income $61,182 $58,783 $57,979 $58,093 $57,881
Interest expense 2,097 1,763 1,443 1,366 1,330
----- ----- ----- ----- -----
Net interest income 59,085 57,020 56,536 56,727 56,551
Provision for loan losses 1,725 1,950 1,993 3,833 2,058
----- ----- ----- ----- -----
Net interest income after provision for
loan losses 57,360 55,070 54,543 52,894 54,493
Noninterest income 23,170 21,286 21,721 22,152 21,438
Noninterest expense 43,775 42,152 41,990 42,003 40,756
------ ------ ------ ------ ------
Net income before income taxes 36,755 34,204 34,274 33,043 35,175
Income tax expense 8,500 7,605 7,608 7,440 8,366
----- ----- ----- ----- -----
Net income $28,255 $26,599 $26,666 $25,603 $26,809
PER COMMON SHARE DATA
Net income - basic $0.43 $0.40 $0.40 $0.39 $0.41
Net income - diluted 0.43 0.40 0.40 0.39 0.41
Cash dividends declared 0.19 0.18 0.18 0.18 0.18
Book Value 13.41 12.99 12.68 13.14 13.11
Market Value $44.20 $40.10 $45.20 $36.44 $32.79
Shares outstanding - end of period 66,170,312 66,131,832 66,094,695 66,063,285 66,059,912
Average outstanding shares - basic 66,100,089 66,073,399 66,037,447 66,023,069 66,016,562
Average outstanding shares - diluted 66,344,943 66,363,222 66,307,119 66,147,202 66,138,275
PERFORMANCE RATIOS
Return on average assets 1.64% 1.57% 1.59% 1.54% 1.65%
Return on average equity 12.94 12.74 12.44 11.72 12.76
Net interest margin (tax equivalent) 4.05 4.03 4.01 4.04 4.12
Efficiency ratio 49.32 49.67 49.61 49.33 48.43
Six Months Ended
June 30,
--------
INCOME STATEMENTS 2017 2016
---- ----
Interest income $119,965 $116,216
Interest expense 3,860 2,642
----- -----
Net interest income 116,105 113,574
Provision for loan losses 3,675 4,386
----- -----
Net interest income after provision for
loan losses 112,430 109,188
Noninterest income 44,455 41,258
Noninterest expense 85,926 81,836
------ ------
Net income before income taxes 70,959 68,610
Income tax expense 16,105 16,105
------ ------
Net income $54,854 $52,505
PER COMMON SHARE DATA
Net income - basic $0.83 $0.80
Net income - diluted 0.83 0.79
Cash dividends declared 0.37 0.34
Book Value 13.41 13.11
Market Value $44.20 $32.79
Shares outstanding - end of period 66,170,312 66,059,912
Average outstanding shares - basic 66,086,817 65,995,560
Average outstanding shares - diluted 66,362,191 66,153,579
PERFORMANCE RATIOS
Return on average assets 1.61% 1.61%
Return on average equity 12.84 12.65
Net interest margin (tax equivalent) 4.04 4.14
Efficiency ratio 49.49 48.97
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended
-------------
2017 2016
---- ----
ALLOWANCE FOR LOAN LOSSES June 30, Mar. 31, Dec. 31, Sept. 30, June 30,
-------- -------- -------- --------- --------
Balance at beginning of period $46,192 $45,779 $45,298 $45,060 $44,072
Loans charged off (1,174) (2,026) (1,774) (4,372) (1,888)
Loan recoveries 667 489 262 777 818
--- --- --- --- ---
Net recoveries (charge-offs) (507) (1,537) (1,512) (3,595) (1,070)
Provision for loan losses 1,725 1,950 1,993 3,833 2,058
Balance at end of period $47,410 $46,192 $45,779 $45,298 $45,060
Allowance for loan losses /period-end
loans 1.37% 1.36% 1.35% 1.34% 1.36%
Allowance for loan losses /
nonperforming loans 210.95 159.48 161.44 131.04 112.36
Net charge-offs /average loans
(annualized) 0.06 0.18 0.18 0.43 0.13
SUMMARY OF LOAN CLASSIFICATION
Special Mention $27,999 $23,341 $24,787 $25,488 $26,125
Substandard 89,609 99,280 103,015 101,110 106,540
Doubtful - - - 2 -
--- --- --- --- ---
Total classified loans $117,608 $122,621 $127,802 $126,600 $132,665
NONPERFORMING ASSETS
Nonaccrual loans $21,489 $28,080 $27,371 $33,712 $38,904
Accruing troubled debt restructured
loans 672 695 701 750 961
Accruing loans 90 days past due 314 190 284 107 237
--- --- --- --- ---
Total nonperforming loans 22,475 28,965 28,356 34,569 40,102
Foreclosed assets 2,245 1,553 644 369 285
----- ----- --- --- ---
Total nonperforming assets $24,720 $30,518 $29,000 $34,938 $40,387
As a % of loans and foreclosed assets 0.71% 0.90% 0.86% 1.04% 1.22%
As a % of end of period total assets 0.36 0.44 0.43 0.52 0.61
OIL AND GAS PORTFOLIO INFORMATION
Oil and gas loans $70,187 $75,262 $78,483 $86,785 $87,857
Oil and gas loans as a % of total loans 2.03% 2.22% 2.32% 2.58% 2.65%
Classified oil and gas loans 24,404 29,077 32,518 31,541 32,674
Nonaccrual oil and gas loans 2,860 3,208 4,092 5,140 5,763
Net charge-offs for oil and gas loans 50 - 105 104 419
Allowance for oil and gas loans as a %
of oil and gas loans 7.24% 6.59% 6.28% 5.60% 6.57%
CAPITAL RATIOS
Common equity Tier 1 capital ratio 17.79% 17.56% 17.30% 17.11% 16.64%
Tier 1 capital ratio 17.79 17.56 17.30 17.11 16.64
Total capital ratio 18.97 18.72 18.45 18.28 17.79
Tier 1 leverage 10.79 10.60 10.71 10.60 10.50
Equity to assets 12.77 12.40 12.30 12.98 13.09
Quarter Ended
-------------
2017 2016
---- ----
NONINTEREST INCOME June 30, Mar. 31, Dec. 31, Sept. 30, June 30,
-------- -------- -------- --------- --------
Trust fees $5,747 $6,017 $5,189 $5,066 $4,726
Service charges on deposits 4,883 4,550 4,773 4,796 4,404
ATM, interchange and credit card fees 6,598 6,164 6,390 6,000 5,840
Real estate mortgage fees 4,188 3,417 4,237 4,697 4,013
Net gain on sale of available-for-sale
securities 747 3 117 239 912
Net gain (loss) on sale of foreclosed
assets (72) 41 112 (10) 278
Net gain (loss) on sale of assets (200) 4 (103) (168) (74)
Interest on loan recoveries 337 154 141 709 629
Other noninterest income 942 936 865 823 710
Total noninterest income $23,170 $21,286 $21,721 $22,152 $21,438
NONINTEREST EXPENSE
Salaries and employee
benefits, excluding profit
sharing $22,508 $22,233 $21,742 $22,193 $22,038
Profit sharing expense 957 1,026 1,329 738 109
Loss from partial settlement of pension
plan - - 267 - -
Net occupancy expense 2,771 2,600 2,534 2,672 2,583
Equipment expense 3,665 3,437 3,293 3,420 3,386
FDIC insurance premiums 550 547 525 513 818
ATM, interchange and credit card
expenses 1,803 1,713 1,879 1,859 1,806
Legal, tax and professional fees 2,526 2,478 2,386 2,389 2,108
Audit fees 379 419 331 413 400
Printing, stationery and supplies 536 438 590 536 464
Amortization of intangible assets 165 168 168 172 199
Advertising and public relations 1,576 1,544 1,574 1,729 1,537
Operational and other losses 574 985 717 533 433
Software amortization and expense 995 500 525 490 477
Other noninterest expense 4,770 4,064 4,130 4,346 4,398
----- ----- -----
Total noninterest expense $43,775 $42,152 $41,990 $42,003 $40,756
TAX EQUIVALENT YIELD
ADJUSTMENT $6,509 $6,550 $6,391 $6,271 $6,168
Six Months Ended
June 30,
--------
NONINTEREST INCOME 2017 2016
---- ----
Trust fees $11,764 $9,380
Service charges on deposits 9,433 8,818
ATM, interchange and credit card fees 12,762 11,521
Real estate mortgage fees 7,605 7,153
Net gain (loss) on sale of available-
for-sale securities 750 914
Net gain (loss) on sale of foreclosed
assets (31) 353
Net gain (loss) on sale of assets (196) 439
Interest on loan recoveries 491 1,261
Other noninterest income 1,877 1,419
Total noninterest income $44,455 $41,258
NONINTEREST EXPENSE
Salaries and employee
benefits, excluding profit
sharing $44,741 $43,583
Profit sharing expense 1,983 1,154
Net occupancy expense 5,370 5,214
Equipment expense 7,102 6,766
FDIC insurance premiums 1,097 1,642
ATM, interchange and credit card
expenses 3,516 3,492
Legal, tax and professional fees 5,004 4,318
Audit fees 798 850
Printing, stationery and supplies 974 967
Amortization of intangible assets 333 398
Advertising and public relations 3,119 2,982
Operational and other losses 1,559 920
Software amortization and expense 1,495 991
Other noninterest expense 8,835 8,559
----- -----
Total noninterest expense $85,926 $81,836
TAX EQUIVALENT YIELD
ADJUSTMENT $13,058 $12,284
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended Three Months Ended
June 30, 2017 Mar. 31, 2017
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $5,229 $8 0.64% $3,529 $2 0.23%
Interest-bearing deposits in
nonaffiliated banks 45,043 112 1.00 134,556 274 0.83
Taxable securities 1,494,187 8,343 2.23 1,367,331 7,431 2.17
Tax exempt securities 1,528,760 17,414 4.56 1,529,610 17,561 4.59
Loans 3,418,105 41,814 4.91 3,369,599 40,065 4.82
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,491,324 $67,691 4.18% 6,404,625 $65,333 4.14%
Noninterest-earning assets 428,245 446,961
------- -------
Total assets $6,919,569 $6,851,586
Interest-bearing liabilities:
Deposits $3,803,412 $1,930 0.20% $3,808,933 $1,590 0.17%
Fed funds purchased and other
borrowings 372,910 167 0.18 448,217 173 0.16
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,176,322 $2,097 0.20% 4,257,150 $1,763 0.17%
Noninterest-bearing liabilities 1,867,596 1,747,532
Shareholders' equity 875,651 846,904
------- -------
Total liabilities and shareholders'
equity $6,919,569 $6,851,586
Net interest income and margin (tax
equivalent) $65,594 4.05% $63,570 4.03%
======= ==== ======= ====
Three Months Ended Three Months Ended
Dec. 31, 2016 Sept. 30, 2016
------------- --------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $4,703 $5 0.42% $4,596 $4 0.33%
Interest-bearing deposits in
nonaffiliated banks 85,907 116 0.54 69,285 95 0.55
Taxable securities 1,281,717 6,459 2.02 1,305,103 6,775 2.08
Tax exempt securities 1,489,463 16,958 4.55 1,478,719 16,541 4.47
Loans 3,374,652 40,831 4.81 3,349,458 40,948 4.86
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,236,442 $64,369 4.11% 6,207,161 $64,363 4.13%
Noninterest-earning assets 434,629 428,239
------- -------
Total assets $6,671,071 $6,635,400
Interest-bearing liabilities:
Deposits $3,580,489 $1,305 0.14% $3,460,208 $1,111 0.13%
Fed funds purchased and other
borrowings 488,240 137 0.11 569,883 254 0.18
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,068,729 $1,442 0.14% 4,030,091 $1,365 0.13%
Noninterest-bearing liabilities 1,749,320 1,736,071
Shareholders' equity 853,022 869,238
------- -------
Total liabilities and shareholders'
equity $6,671,071 $6,635,400
Net interest income and margin (tax
equivalent) $62,927 4.01% $62,998 4.04%
======= ==== ======= ====
Three Months Ended
June 30, 2016
-------------
Average Tax Equivalent Yield /
Balance Interest Rate
------- -------- ----
Interest-earning assets:
Fed funds sold $5,701 $6 0.44%
Interest-bearing deposits in
nonaffiliated banks 37,159 57 0.61
Taxable securities 1,349,325 7,130 2.11
Tax exempt securities 1,439,575 16,446 4.57
Loans 3,295,557 40,410 4.93
--------- ------ ----
Total interest-earning assets 6,127,317 $64,049 4.20%
Noninterest-earning assets 416,414
-------
Total assets $6,543,731
Interest-bearing liabilities:
Deposits $3,388,572 $1,033 0.12%
Fed funds purchased and other
borrowings 587,981 297 0.20
------- --- ----
Total interest-bearing liabilities 3,976,553 $1,330 0.14%
Noninterest-bearing liabilities 1,722,037
Shareholders' equity 845,141
-------
Total liabilities and shareholders'
equity $6,543,731
Net interest income and margin (tax
equivalent) $62,719 4.12%
======= ====
Six Months Ended Six Months Ended
June 30, 2017 June 30, 2016
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $4,384 $11 0.50% $6,618 $16 0.48%
Interest-bearing deposits in
nonaffiliated banks 89,552 386 0.87 38,699 108 0.56
Taxable securities 1,431,110 15,774 2.20 1,336,466 14,392 2.15
Tax exempt securities 1,529,183 34,975 4.57 1,433,877 32,772 4.57
Loans 3,393,986 81,877 4.86 3,304,111 81,212 4.94
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,448,215 $133,023 4.16% 6,119,771 $128,500 4.22%
Noninterest-earning assets 437,550 424,636
------- -------
Total assets $6,885,765 $6,544,407
Interest-bearing liabilities:
Deposits $3,806,157 $3,520 0.19% $3,417,096 $2,085 0.12%
Fed funds purchased and other short
term borrowings 410,355 340 0.17 575,275 557 0.19
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,216,512 $3,860 0.18% 3,992,371 $2,642 0.14%
Noninterest-bearing liabilities 1,807,896 1,717,581
Shareholders' equity 861,357 834,455
------- -------
Total liabilities and shareholders'
equity $6,885,765 $6,544,407
Net interest income and margin (tax
equivalent) $129,163 4.04% $125,858 4.14%
======== ==== ======== ====
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SOURCE First Financial Bankshares, Inc.
