FIRST FINANCIAL BANKSHARES, INC. ABILENE, Texas, Oct. 19, 2017 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2017 of $29.37 million, up 14.73 percent when compared with earnings of $25.60 million in the same quarter last year. Basic earnings per share were $0.44 for the third quarter of 2017 compared with $0.39 in the same quarter a year ago.
Net interest income for the third quarter of 2017 increased 5.22 percent to $59.69 million compared with $56.73 million in the same quarter of 2016. The net interest margin, on a taxable equivalent basis, was 3.94 percent for the third quarter of 2017 compared to 4.05 percent for the second quarter of 2017 and 4.04 percent for the third quarter of 2016. Included in interest income for the third quarter of 2017 was $450 thousand, or two 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 $1.42 million in the third quarter of 2017 compared with $1.73 million in the second quarter of 2017 and $3.83 million in the third quarter of 2016. The continued provision for loan losses in 2017 reflects growth in the loan portfolio, the continued levels of gross charge-offs and the effects related to Hurricane Harvey. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.63 percent at September 30, 2017, compared with 0.71 percent at June 30, 2017, and 1.04 percent at September 30, 2016. Classified loans totaled $121.29 million at September 30, 2017, compared to $117.61 million at June 30, 2017, and $126.60 million at September 30, 2016. The higher provision for loan losses and nonperforming asset levels in the third quarter of 2016 when compared to the current period was primarily related to one nonaccrual commercial loan, which was in the process of liquidation at September 30, 2016, and has now been resolved.
At September 30, 2017, loans with oil and gas industry exposure totaled 1.99% of gross loans. These loans comprised $21.82 million of the classified loan totals and $1.57 million of the nonperforming loan totals. In addition, there were no net charge-offs related to these oil and gas loans for the quarter ended September 30, 2017. At September 30, 2017, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 6.03% of total oil and gas loans.
Noninterest income increased 9.52 percent in the third quarter of 2017 to $24.26 million compared with $22.15 million in the same quarter a year ago. Trust fees increased to $6.04 million in the third quarter of 2017 compared with $5.07 million in the same quarter last year, due to continued growth in the fair value of Trust assets managed to $4.92 billion from $4.22 billion a year ago. ATM, interchange and credit card fees increased 5.67 percent to $6.34 million compared with $6.00 million in the same quarter last year due to continued growth in debit cards. Service charges on deposits increased 5.98 percent to $5.08 million compared with $4.80 million in the same quarter a year ago due to continued growth in net new accounts. Also included in noninterest income during the third quarter of 2017 was a gain on sale of securities of $1.08 million compared to $239 thousand in the same quarter a year ago and an increase in other noninterest income of $629 thousand compared to the same quarter a year ago, primarily resulting from a $505 thousand litigation settlement. Offsetting these increases was a decrease in real estate mortgage fees of $806 thousand or 17.16% compared to the same quarter a year ago, partially due to the effects of Hurricane Harvey.
Noninterest expense for the third quarter of 2017 totaled $43.96 million compared to $42.00 million in the third quarter of 2016. The Company's efficiency ratio in the third quarter of 2017 was 48.71 percent compared with 49.33 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2017 was primarily a result of an increase in salary and employee benefit costs to $24.14 million compared to $22.93 million in the same quarter a year ago, primarily due to merit based pay increases and profit sharing expenses. Additionally, operational and other losses increased $548 thousand when compared to the same quarter a year ago, primarily related to hurricane and fraud losses.
For the nine months ended September 30, 2017, net income increased 7.83 percent to $84.23 million from $78.11 million a year ago. Basic earnings per share rose to $1.27 from $1.18 in the same period last year. Net interest income increased 3.22 percent to $175.79 million for the nine months ended September 30, 2017, from $170.30 million in the same period a year ago. The provision for loan losses totaled $5.09 million compared with $8.22 million in the same period a year ago. Noninterest income was $68.72 million for the first nine months 2017 compared with $63.41 million in the same period a year ago. Noninterest expense rose to $129.89 million compared with $123.84 million during the same period a year ago.
As of September 30, 2017, consolidated assets for the Company totaled $7.01 billion compared to $6.95 billion at June 30, 2017, and $6.69 billion at September 30, 2016. Loans grew to $3.49 billion at September 30, 2017, compared with loans of $3.46 billion at June 30, 2017 and $3.37 billion at September 30, 2016. Deposits totaled $5.70 billion at September 30, 2017, compared to $5.63 billion at June 30, 2017, and $5.24 billion at September 30, 2016. Shareholders' equity rose to $906.56 million as of September 30, 2017, compared with $887.44 million at June 30, 2017, and $867.94 million at September 30, 2016.
On October 12, 2017, the Company announced the pending acquisition of Commercial Bancshares, Inc. and its wholly owned subsidiary, Commercial State Bank headquartered in Kingwood, Texas. Commercial State Bank had total loans of $263.77 million, total deposits of $322.14 million and total assets of $366.83 at September 30, 2017.
"We continue to work diligently to grow loans and deposits, reduce expenses to improve our bottom line while continuing to look for acquisition opportunities like our recent Kingwood announcement to better utilize our strong capital position and increase returns to our shareholders," said F. Scott Dueser, Chairman, President and CEO. "This quarter, many of our employees and customers in our Southeast Texas and Conroe regions were significantly affected by Hurricane Harvey. However, we are so proud of how swiftly our Company responded by getting our branches re-opened so we could meet the critical needs of our customers. With the help of our employees, directors and customers throughout our footprint, First Financial was able to raise over $300 thousand that was distributed to our employees that were most effected by the hurricane," added Dueser.
The Company has regional locations surrounding Houston in the Conroe, Willis, Tomball, Huntsville, Montgomery and Magnolia markets and in Southeast Texas in Orange, Beaumont, Vidor, Newton, Mauriceville and Port Arthur. Several of these markets were impacted by Hurricane Harvey in late August. We continue to evaluate the effect of the hurricane on our branch facilities, loans and investment portfolio. To date, the amounts related to damages at our physical locations not covered by insurance do not appear to be significant. Combined, the Company had approximately $846.45 million in loans throughout these markets at September 30, 2017. We continue to evaluate these loans and the related collateral and business operations underlying these loans. We have provided additional allowance for loan and lease losses as deemed appropriate based on our analysis. Our tax exempt municipal bonds in the counties of Texas effected by the hurricane have been evaluated, including insurance on the bonds. At September 30, 2017, our municipal bonds in these counties totaled $254.48 million. Based on analysis of these bonds and the related municipality, we do not believe we have any credit related other than temporary impairment.
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 Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,
--------- -------- -------- -------- ---------
Cash and due from banks $177,615 $163,435 $163,674 $204,782 $166,981
Interest-bearing deposits in banks 166,820 53,336 55,165 48,574 117,334
Interest-bearing time deposits in banks 1,458 1,458 1,707 1,707 1,707
Fed funds sold - 3,740 3,840 3,130 3,400
Investment securities 2,885,483 2,964,618 3,018,393 2,860,958 2,729,159
Loans 3,491,346 3,457,679 3,386,141 3,384,205 3,369,384
Allowance for loan losses (47,922) (47,410) (46,192) (45,779) (45,298)
Net loans 3,443,424 3,410,269 3,339,949 3,338,426 3,324,086
Premises and equipment 125,668 123,620 122,787 122,685 122,725
Goodwill 139,971 139,971 139,971 139,971 139,971
Other intangible assets 1,384 3,149 3,464 3,632 3,758
Other assets 67,341 83,796 81,420 86,066 77,615
------ ------ ------ ------ ------
Total assets $7,009,164 $6,947,392 $6,930,370 $6,809,931 $6,686,736
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $1,949,174 $1,856,439 $1,827,609 $1,717,722 $1,702,993
Interest-bearing deposits 3,748,286 3,770,170 3,834,359 3,760,817 3,532,471
--------- --------- --------- --------- ---------
Total deposits 5,697,460 5,626,609 5,661,968 5,478,539 5,235,464
Borrowings 351,435 379,324 360,264 445,770 513,759
Other liabilities 53,713 54,017 48,784 47,737 69,569
Shareholders' equity 906,556 887,442 859,354 837,885 867,944
------- ------- ------- ------- -------
Total liabilities and shareholders'
equity $7,009,164 $6,947,392 $6,930,370 $6,809,931 $6,686,736
Quarter Ended
-------------
2017 2016
---- ----
INCOME STATEMENTS Sept. 30, June 30, Mar. 31, Dec 31, Sept. 30,
--------- -------- -------- ------- ---------
Interest income $62,554 $61,182 $58,783 $57,979 $58,093
Interest expense 2,866 2,097 1,763 1,443 1,366
----- ----- ----- ----- -----
Net interest income 59,688 59,085 57,020 56,536 56,727
Provision for loan losses 1,415 1,725 1,950 1,993 3,833
----- ----- ----- ----- -----
Net interest income after provision for
loan losses 58,273 57,360 55,070 54,543 52,894
Noninterest income 24,260 23,170 21,286 21,721 22,152
Noninterest expense 43,964 43,775 42,152 41,990 42,003
------ ------ ------ ------ ------
Net income before income taxes 38,569 36,755 34,204 34,274 33,043
Income tax expense 9,195 8,500 7,605 7,608 7,440
----- ----- ----- ----- -----
Net income $29,374 $28,255 $26,599 $26,666 $25,603
PER COMMON SHARE DATA
Net income - basic $0.44 $0.43 $0.40 $0.40 $0.39
Net income - diluted 0.44 0.43 0.40 0.40 0.39
Cash dividends declared 0.19 0.19 0.18 0.18 0.18
Book Value 13.69 13.41 12.99 12.68 13.14
Market Value $45.20 $44.20 $40.10 $45.20 $36.44
Shares outstanding - end of period 66,223,957 66,170,312 66,131,832 66,094,695 66,063,285
Average outstanding shares - basic 66,140,518 66,100,089 66,073,399 66,037,447 66,023,069
Average outstanding shares - diluted 66,417,281 66,344,943 66,363,222 66,307,119 66,147,202
PERFORMANCE RATIOS
Return on average assets 1.65% 1.64% 1.57% 1.59% 1.54%
Return on average equity 12.95 12.94 12.74 12.44 11.72
Net interest margin (tax equivalent) 3.94 4.05 4.03 4.01 4.04
Efficiency ratio 48.71 49.32 49.67 49.61 49.33
Nine Months Ended
Sept. 30,
---------
INCOME STATEMENTS 2017 2016
---- ----
Interest income $182,519 $174,309
Interest expense 6,726 4,008
----- -----
Net interest income 175,793 170,301
Provision for loan losses 5,090 8,219
----- -----
Net interest income after provision for
loan losses 170,703 162,082
Noninterest income 68,715 63,410
Noninterest expense 129,891 123,840
------- -------
Net income before income taxes 109,527 101,652
Income tax expense 25,300 23,544
------ ------
Net income $84,227 $78,108
PER COMMON SHARE DATA
Net income - basic $1.27 $1.18
Net income - diluted 1.27 1.18
Cash dividends declared 0.56 0.52
Book Value 13.69 13.14
Market Value $45.20 $36.44
Shares outstanding - end of period 66,223,957 66,063,285
Average outstanding shares - basic 66,104,914 66,004,797
Average outstanding shares - diluted 66,392,210 66,135,918
PERFORMANCE RATIOS
Return on average assets 1.62% 1.59%
Return on average equity 12.88 12.33
Net interest margin (tax equivalent) 4.01 4.10
Efficiency ratio 49.22 49.09
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended
-------------
2017 2016
---- ----
ALLOWANCE FOR LOAN LOSSES Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,
--------- -------- -------- -------- ---------
Balance at beginning of period $47,410 $46,192 $45,779 $45,298 $45,060
Loans charged off (1,180) (1,174) (2,026) (1,774) (4,372)
Loan recoveries 277 667 489 262 777
--- --- --- --- ---
Net recoveries (charge-offs) (903) (507) (1,537) (1,512) (3,595)
Provision for loan losses 1,415 1,725 1,950 1,993 3,833
Balance at end of period $47,922 $47,410 $46,192 $45,779 $45,298
Allowance for loan losses /
period-end loans 1.37% 1.37% 1.36% 1.35% 1.34%
Allowance for loan losses /
nonperforming loans 243.57 210.95 159.48 161.44 131.04
Net charge-offs / average loans
(annualized) 0.10 0.06 0.18 0.18 0.43
SUMMARY OF LOAN CLASSIFICATION
Special Mention $35,237 $27,999 $23,341 $24,787 $25,488
Substandard 86,057 89,609 99,280 103,015 101,110
Doubtful - - - - 2
--- --- --- --- ---
Total classified loans $121,294 $117,608 $122,621 $127,802 $126,600
NONPERFORMING ASSETS
Nonaccrual loans $18,750 $21,489 $28,080 $27,371 $33,712
Accruing troubled debt restructured loans 668 672 695 701 750
Accruing loans 90 days past due 257 314 190 284 107
--- --- --- --- ---
Total nonperforming loans 19,675 22,475 28,965 28,356 34,569
Foreclosed assets 2,401 2,245 1,553 644 369
----- ----- ----- --- ---
Total nonperforming assets $22,076 $24,720 $30,518 $29,000 $34,938
As a % of loans and foreclosed assets 0.63% 0.71% 0.90% 0.86% 1.04%
As a % of end of period total assets 0.31 0.36 0.44 0.43 0.52
OIL AND GAS PORTFOLIO INFORMATION
Oil and gas loans $69,433 $70,187 $75,262 $78,483 $86,785
Oil and gas loans as a % of total loans 1.99% 2.03% 2.22% 2.32% 2.58%
Classified oil and gas loans 21,817 24,404 29,077 32,518 31,541
Nonaccrual oil and gas loans 1,569 2,860 3,208 4,092 5,140
Net charge-offs for oil and gas loans - 50 - 105 104
Allowance for oil and gas loans as a % of
oil and gas loans 6.03% 7.24% 6.59% 6.28% 5.60%
CAPITAL RATIOS
Common equity Tier 1 capital ratio 18.35% 17.79% 17.56% 17.30% 17.11%
Tier 1 capital ratio 18.35 17.79 17.56 17.30 17.11
Total capital ratio 19.54 18.97 18.72 18.45 18.28
Tier 1 leverage 10.84 10.79 10.60 10.71 10.60
Equity to assets 12.93 12.77 12.40 12.30 12.98
Quarter Ended
-------------
2017 2016
---- ----
NONINTEREST INCOME Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,
--------- -------- -------- -------- ---------
Trust fees $6,040 $5,747 $6,017 $5,189 $5,066
Service charges on deposits 5,083 4,883 4,550 4,773 4,796
ATM, interchange and credit card fees 6,340 6,598 6,164 6,390 6,000
Real estate mortgage fees 3,891 4,188 3,417 4,237 4,697
Net gain on sale of available-for-sale
securities 1,075 747 3 117 239
Net gain (loss) on sale of foreclosed
assets (11) (72) 41 112 (10)
Net gain (loss) on sale of assets (15) (200) 4 (103) (168)
Interest on loan recoveries 405 337 154 141 709
Other noninterest income 1,452 942 936 865 823
Total noninterest income $24,260 $23,170 $21,286 $21,721 $22,152
NONINTEREST EXPENSE
Salaries and employee benefits,
excluding profit sharing $23,052 $22,508 $22,233 $21,742 $22,193
Profit sharing expense 1,091 957 1,026 1,329 738
Loss from partial settlement of pension
plan - - - 267 -
Net occupancy expense 2,711 2,771 2,600 2,534 2,672
Equipment expense 3,294 3,665 3,437 3,293 3,420
FDIC insurance premiums 561 550 547 525 513
ATM, interchange and credit card expenses 2,001 1,803 1,713 1,879 1,859
Legal, tax and professional fees 2,396 2,526 2,478 2,386 2,389
Audit fees 356 379 419 331 413
Printing, stationery and supplies 449 536 438 590 536
Amortization of intangible assets 143 165 168 168 172
Advertising and public relations 1,527 1,576 1,544 1,574 1,729
Operational and other losses 1,081 574 985 717 533
Software amortization and expense 742 995 500 525 490
Other noninterest expense 4,560 4,770 4,064 4,130 4,346
----- ----- -----
Total noninterest expense $43,964 $43,775 $42,152 $41,990 $42,003
TAX EQUIVALENT YIELD ADJUSTMENT $6,312 $6,509 $6,550 $6,391 $6,271
Nine Months Ended
Sept. 30,
---------
NONINTEREST INCOME 2017 2016
---- ----
Trust fees $17,804 $14,446
Service charges on deposits 14,517 13,614
ATM, interchange and credit card fees 19,102 17,521
Real estate mortgage fees 11,496 11,849
Net gain (loss) on sale of available-for-
sale securities 1,825 1,153
Net gain (loss) on sale of foreclosed
assets (42) 343
Net gain (loss) on sale of assets (211) 271
Interest on loan recoveries 896 1,970
Other noninterest income 3,328 2,243
Total noninterest income $68,715 $63,410
NONINTEREST EXPENSE
Salaries and employee benefits,
excluding profit sharing $67,793 $65,776
Profit sharing expense 3,074 1,892
Net occupancy expense 8,081 7,886
Equipment expense 10,397 10,186
FDIC insurance premiums 1,657 2,155
ATM, interchange and credit card expenses 5,517 5,352
Legal, tax and professional fees 7,399 6,708
Audit fees 1,154 1,263
Printing, stationery and supplies 1,423 1,504
Amortization of intangible assets 477 570
Advertising and public relations 4,646 4,710
Operational and other losses 2,639 1,452
Software amortization and expense 2,237 1,481
Other noninterest expense 13,397 12,905
------ ------
Total noninterest expense $129,891 $123,840
TAX EQUIVALENT YIELD ADJUSTMENT $19,371 $18,554
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended Three Months Ended
Sept. 30, 2017 June 30, 2017
-------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $2,467 $9 1.43% $5,229 $8 0.64%
Interest-bearing deposits in
nonaffiliated banks 198,322 629 1.26 45,043 112 1.00
Taxable securities 1,492,246 8,074 2.16 1,494,187 8,343 2.23
Tax exempt securities 1,477,559 16,884 4.57 1,528,760 17,414 4.56
Loans 3,468,524 43,270 4.95 3,418,105 41,814 4.91
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,639,118 $68,866 4.12% 6,491,324 $67,691 4.18%
Noninterest-earning assets 431,070 428,245
------- -------
Total assets $7,070,188 $6,919,569
Interest-bearing liabilities:
Deposits $3,728,442 $2,228 0.24% $3,803,412 $1,930 0.20%
Fed funds purchased and other
borrowings 524,357 638 0.48 372,910 167 0.18
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,252,799 $2,866 0.27% 4,176,322 $2,097 0.20%
Noninterest-bearing liabilities 1,917,681 1,867,596
Shareholders' equity 899,708 875,651
------- -------
Total liabilities and
shareholders' equity $7,070,188 $6,919,569
Net interest income and margin (tax
equivalent) $66,000 3.94% $65,594 4.05%
======= ==== ======= ====
Three Months Ended Three Months Ended
Mar. 31, 2017 Dec. 31, 2016
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $3,529 $2 0.23% $4,703 $5 0.42%
Interest-bearing deposits in
nonaffiliated banks 134,556 274 0.83 85,907 116 0.54
Taxable securities 1,367,331 7,431 2.17 1,281,717 6,459 2.02
Tax exempt securities 1,529,610 17,561 4.59 1,489,463 16,958 4.55
Loans 3,369,599 40,065 4.82 3,374,652 40,831 4.81
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,404,625 $65,333 4.14% 6,236,442 $64,369 4.11%
Noninterest-earning assets 446,961 434,629
------- -------
Total assets $6,851,586 $6,671,071
Interest-bearing liabilities:
Deposits $3,808,933 $1,590 0.17% $3,580,489 $1,305 0.14%
Fed funds purchased and other
borrowings 448,217 173 0.16 488,240 137 0.11
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,257,150 $1,763 0.17% 4,068,729 $1,442 0.14%
Noninterest-bearing liabilities 1,747,532 1,749,320
Shareholders' equity 846,904 853,022
------- -------
Total liabilities and
shareholders' equity $6,851,586 $6,671,071
Net interest income and margin (tax
equivalent) $63,570 4.03% $62,927 4.01%
======= ==== ======= ====
Three Months Ended
Sept. 30, 2016
--------------
Average Tax Equivalent Yield /
Balance Interest Rate
------- -------- ----
Interest-earning assets:
Fed funds sold $4,596 $4 0.33%
Interest-bearing deposits in
nonaffiliated banks 69,285 95 0.55
Taxable securities 1,305,103 6,775 2.08
Tax exempt securities 1,478,719 16,541 4.47
Loans 3,349,458 40,948 4.86
--------- ------ ----
Total interest-earning assets 6,207,161 $64,363 4.13%
Noninterest-earning assets 428,239
-------
Total assets $6,635,400
Interest-bearing liabilities:
Deposits $3,460,208 $1,111 0.13%
Fed funds purchased and other
borrowings 569,883 254 0.18
------- --- ----
Total interest-bearing liabilities 4,030,091 $1,365 0.13%
Noninterest-bearing liabilities 1,736,071
Shareholders' equity 869,238
-------
Total liabilities and
shareholders' equity $6,635,400
Net interest income and margin (tax
equivalent) $62,998 4.04%
======= ====
Nine Months Ended Nine Months Ended
Sept. 30, 2017 Sept. 30, 2016
-------------- --------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $3,738 $20 0.70% $5,939 $19 0.44%
Interest-bearing deposits in
nonaffiliated banks 126,207 1,016 1.08 48,969 202 0.55
Taxable securities 1,451,712 23,848 2.19 1,325,935 21,167 2.13
Tax exempt securities 1,511,786 51,859 4.57 1,448,933 49,313 4.54
Loans 3,419,105 125,147 4.89 3,319,337 122,162 4.92
--------- ------- ---- --------- ------- ----
Total interest-earning assets 6,512,548 $201,890 4.14% 6,149,113 $192,863 4.19%
Noninterest-earning assets 435,367 425,847
------- -------
Total assets $6,947,915 $6,574,960
Interest-bearing liabilities:
Deposits $3,779,967 $5,748 0.20% $3,431,572 $3,197 0.12%
Fed funds purchased and other short
term borrowings 448,773 978 0.29 573,464 811 0.19
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,228,740 $6,726 0.21% 4,005,036 $4,008 0.13%
Noninterest-bearing liabilities 1,844,894 1,723,790
Shareholders' equity 874,281 846,134
------- -------
Total liabilities and
shareholders' equity $6,947,915 $6,574,960
Net interest income and margin (tax
equivalent) $195,164 4.01% $188,855 4.10%
======== ==== ======== ====
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SOURCE First Financial Bankshares, Inc.
