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First Financial Bankshares Announces Second Quarter 2021 Earnings

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ABILENE, Texas, July 22, 2021 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2021 of $56.38 million compared to earnings of $53.47 million for  the same quarter a year ago. Basic and diluted earnings per share were $0.40 and $0.39, respectively, for the second quarter of 2021 compared with $0.38 and $0.38 respectively, for the same quarter a year ago.

"During the second quarter, we produced strong operating results as we moved beyond the pandemic.  As the economy in Texas continues to quickly recover from the pandemic, we were able to capitalize on the growth that we experienced over the past year. Our strong momentum produced net organic loan growth, excluding PPP loans, of $193.46 million for the quarter and $296.84 million year-to-date while customer deposits have grown $1.11 billion year-to-date.  We will continue to build relationships, serve our communities across Texas, and remain focused on growth over the last half of 2021.  We appreciate the continued support of our customers, shareholders and associates," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. 

Net interest income for the second quarter of 2021 was $90.95 million compared to $89.24 million for the second quarter of 2020.  Average-earning assets increased to $11.30 billion for the second quarter of 2021 compared to $9.80 billion a year ago.  The net interest margin, on a taxable equivalent basis, was 3.36 percent for the second quarter of 2021 compared to 3.78 percent in the second quarter of 2020.  Our continued deposit growth produced higher levels of short-term liquidity and investment securities balances.

Information related to the Company's Paycheck Protection Program ("PPP") loans are included in the following table (dollars in thousands):

 


PPP Loans Originated


PPP Amounts as of June 30, 2021


Number of
Loans


Amount


Number

of Loans


Period-End
Amount, Net


Unamortized
Fees


Recognized
Fees During the
Quarter Ended
June 30, 2021













PPP Round 1

6,530


$  703,450


724


$   72,595


$   1,107


$    3,912













PPP Round 2

3,179


267,423


2,997


247,797


12,615


1,326

PPP Total

9,709


$ 970,873


3,721


$ 320,392


$ 13,722


$   5,238

PPP loan balances accounted for $482.00 million in average balances for the second quarter of 2021 compared to $499.35 in the first quarter of 2021.  Remaining unamortized fees continue to be amortized over the shorter of the repayment period or the contractual life of 24 to 60 months.

The Company recorded a negative provision for credit losses of $1.21 million for the second quarter of 2021 compared to a provision for credit losses of $8.70 million for the second quarter of 2020. The Company's provision for credit losses for the second quarter of 2021 reflected the continued improvement in the economic outlook for our markets across Texas and overall improvements in asset quality. 

For the second quarter of 2021, net recoveries totaled $203 thousand compared to net charge-offs of $193 thousand for the second quarter of 2020.  At June 30, 2021, the allowance for credit losses totaled $62.14 million, or 1.17 percent of loans held-for-investment ("loans" hereafter), or 1.25 percent of loans, excluding PPP loans, compared to $68.95 million at June 30, 2020, or 1.31 percent of loans, or 1.52 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.75 million at June 30, 2021 compared to $809 thousand at June 30, 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.57 percent at June 30, 2021, compared with 0.76 percent at June 30, 2020.  Classified loans totaled $174.99 million at June 30, 2021, compared to $200.90 million at June 30, 2020. 

Noninterest income in the second quarter of 2021 was $34.67 million compared to $36.92 million in the second quarter of 2020, as a result of the following:

  • Trust fees increased to $8.69 million in the second quarter of 2021 from $6.96 million in the second quarter of 2020. The fair value of trust assets managed increased to $8.06 billion at June 30, 2021 compared to $6.78 billion at June 30, 2020.
  • Service charges on deposits were $4.93 million in the second quarter of 2021 compared with $4.32 million in the second quarter of 2020.
  • ATM, interchange and credit card fees increased to $9.85 million in the second quarter of 2021 from $8.05 million in the second quarter of 2020, driven by continued growth in the number of debit cards issued and overall customer utilization.
  • Mortgage income was $8.29 million in the second quarter of 2021 compared to $13.68 million in the second quarter of 2020 due to lower overall pipeline volumes.
  • Gains on sales of securities and other assets totalled $80 thousand in the second quarter of 2021 compared to $1.54 million in the second quarter of 2020.

Noninterest expense for the second quarter of 2021 totaled $59.37 million compared to $53.32 million in the second quarter of 2020, as a result of the following:

  • Salary, commissions and employee benefit costs totaled $35.05 million for the second quarter of 2021, compared to $30.81 million in the second quarter of 2020. The increase over the prior year was primarily driven by the deferral of $3.62 million of PPP loan orgination costs during the quarter ended June 30, 2020 combined with increases effective March 1, 2021 from annual merit-based pay and incentive compensation during the quarter ended June 30, 2021.

The Company's efficiency ratio was 45.94 percent for the second quarter of 2021 compared to 41.32 percent for the second quarter of 2020.

As of June 30, 2021, consolidated assets for the Company totaled $12.33 billion compared to $10.34 billion at June 30, 2020.  Loans totaled $5.30 billion at June 30, 2021, compared with loans of $5.25 billion at June 30, 2020.  Excluding PPP loans, loans have grown $434.26 million or 9.5 percent, from June 30, 2020 balances.  Deposits totaled $9.78 billion at June 30, 2021, compared to $8.16 billion at June 30, 2020, driven by organic growth. Shareholders' equity rose to $1.72 billion as of June 30, 2021, compared to $1.58 billion at June 30, 2020.

About First Financial Bankshares, Inc.

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 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, 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 ten 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, 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; economic impact of oil and gas prices and the pandemic, 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 and Filings" on the Company's Website 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





2021



2020


ASSETS




 June 30,



 Mar. 31,



 Dec. 31, 



 Sept. 30,



 June 30,


Cash and due from banks


$

190,061


$

190,350


$

211,113


$

175,088


$

188,373


Interest-bearing deposits in banks


654,531



893,221



517,971



58,933



196,426


Investment securities



5,578,048



5,109,631



4,393,029



4,431,280



4,118,863


Loans, held-for-investment, excluding PPP Loans


4,984,210



4,790,752



4,687,370



4,589,948



4,549,950


PPP Loans




320,392



531,810



483,663



703,731



703,117



Allowance for loan losses


(62,138)



(62,974)



(66,534)



(76,038)



(68,947)


Net loans, held-for-investment



5,242,464



5,259,588



5,104,499



5,217,641



5,184,120


Loans, held-for-sale



61,802



65,405



83,969



101,055



66,370


Premises and equipment, net



147,655



142,415



142,269



141,002



138,933


Goodwill




313,481



313,481



313,481



313,481



313,481


Other intangible assets



4,087



4,499



4,911



5,394



5,884


Other assets




136,954



124,297



133,258



123,778



127,367



Total assets


$

12,329,083


$

12,102,887


$

10,904,500


$

10,567,652


$

10,339,817




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

3,427,038


$

3,350,145


$

2,982,697


$

2,950,407


$

2,941,679


Interest-bearing deposits



6,354,656



6,063,302



5,693,120



5,344,481



5,215,963



Total deposits



9,781,694



9,413,447



8,675,817



8,294,888



8,157,642


Borrowings




549,969



548,604



430,093



503,163



449,224


Trade Date Payable



189,838



381,871



14,641



53,730



33,553


Other liabilities




87,213



93,537



105,759



96,370



116,949


Shareholders' equity



1,720,369



1,665,428



1,678,190



1,619,501



1,582,449



Total liabilities and shareholders' equity

$

12,329,083


$

12,102,887


$

10,904,500


$

10,567,652


$

10,339,817























Quarter Ended





2021



2020


INCOME STATEMENTS



 June 30,



 Mar. 31,



 Dec. 31, 



 Sept. 30, 



 June 30, 


Interest income



$

92,602


$

90,610


$

92,457


$

91,373


$

92,197


Interest expense



1,653



1,786



1,920



2,163



2,962


Net interest income



90,949



88,824



90,537



89,210



89,235


Provision for credit losses



(1,206)



(1,997)



(8,033)



9,000



8,700


Net interest income after provisions for credit losses


92,155



90,821



98,570



80,210



80,535


Noninterest income



34,673



34,874



35,709



38,575



36,919


Noninterest expense



59,374



57,723



63,705



55,593



53,321



Net income before income taxes


67,454



67,972



70,574



63,192



64,133


Income tax expense



11,075



11,054



12,099



10,335



10,663



Net income


$

56,379


$

56,918


$

58,475


$

52,857


$

53,470




















PER COMMON SHARE DATA

















Net income - basic


$

0.40


$

0.40


$

0.41


$

0.37


$

0.38


Net income - diluted



0.39



0.40



0.41



0.37



0.38


Cash dividends declared



0.15



0.13



0.13



0.13



0.13


Book value




12.08



11.70



11.80



11.40



11.14


Tangible book value



9.85



9.47



9.57



9.15



8.89


Market value



$

49.13


$

46.73


$

36.17


$

27.91


$

28.89


Shares outstanding - end of period


142,359,774



142,285,611



142,161,834



142,121,595



142,035,396


Average outstanding shares - basic


142,245,555



142,146,275



142,057,705



141,980,707



141,973,522


Average outstanding shares - diluted


143,164,611



143,002,658



142,644,088



142,529,242



142,454,083




















PERFORMANCE RATIOS

















Return on average assets



1.89

%


2.05

%


2.19

%


2.01

%


2.06

%

Return on average equity



13.38



13.83



14.27



13.14



14.00


Return on average tangible equity


16.48



17.09



17.74



16.41



17.67


Net interest margin (tax equivalent)


3.36



3.55



3.75



3.75



3.78


Efficiency ratio




45.94



45.36



49.15



42.45



41.32









































Six Months Ended













June 30,










INCOME STATEMENTS



2021



2020











Interest income



$

183,212


$

180,297











Interest expense



3,439



10,159











Net interest income



179,773



170,138











Provision for loan losses



(3,203)



18,550











Net interest income after provision for loan losses


182,976



151,588











Noninterest income



69,548



65,651











Noninterest expense



117,098



108,640












Net income before income taxes


135,426



108,599











Income tax expense



22,129



17,898












Net income


$

113,297


$

90,701





























PER COMMON SHARE DATA

















Net income - basic


$

0.80


$

0.64











Net income - diluted



0.79



0.64











Cash dividends declared



0.28



0.25











Book Value




12.08



11.14











Tangible book value



9.85



8.89











Market Value



$

49.13


$

28.89











Shares outstanding - end of period


142,359,774



142,035,396











Average outstanding shares - basic


142,196,190



142,045,779











Average outstanding shares - diluted


143,102,608



142,519,308





























PERFORMANCE RATIOS

















Return on average assets



1.97

%


1.86

%










Return on average equity



13.61



12.09











Return on average tangible equity


16.78



15.33











Net interest margin (tax equivalent)


3.45



3.84











Efficiency ratio




45.65



45.17





























 

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2021



2020


ALLOWANCE FOR LOAN LOSSES


 June 30,



 Mar. 31,



 Dec. 31,



 Sept. 30,



 June 30,


Balance at beginning of period


$

62,974


$

66,534


$

76,038


$

68,947


$

60,440


Loans charged off



(392)



(574)



(1,339)



(853)



(894)


Loan recoveries




595



443



778



444



701


Net recoveries (charge-offs)



203



(131)



(561)



(409)



(193)


Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings


-



-



(619)



-



-


Reclassification of credit marks on purchased credit deteriorated (PCD) loans


-



-



1,678



-



-


Provision for loan losses



(1,039)



(3,429)



(10,002)



7,500



8,700


Balance at end of period


$

62,138


$

62,974


$

66,534


$

76,038


$

68,947




















ALLOWANCE FOR UNFUNDED COMMITMENTS
















Balance at beginning of period


$

6,918


$

5,486


$

2,309


$

809


$

809


Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings


-



-



1,208



-



-


Provision for unfunded commitments


(167)



1,432



1,969



1,500



-


Balance at end of period


$

6,751


$

6,918


$

5,486


$

2,309


$

809




















Allowance for loan losses /

















     period-end loans held-for-investment


1.17

%


1.18

%


1.29

%


1.44

%


1.31

%

Allowance for loan losses /

















     nonperforming loans



208.45



160.00



155.61



177.99



174.83


Net charge-offs (recoveries) / average total loans
















     (annualized)




(0.02)



0.01



0.04



0.03



0.01




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention



$

54,497


$

61,866


$

56,585


$

66,033


$

63,489


Substandard




120,497



128,550



140,866



136,010



137,408


Doubtful




-



-



-



-



-



Total classified loans

$

174,994


$

190,416


$

197,451


$

202,043


$

200,897




















NONPERFORMING ASSETS

















Nonaccrual loans


$

29,786


$

39,333


$

42,619


$

42,673


$

39,320


Accruing troubled debt restructured loans


23



23



24



25



25


Accruing loans 90 days past due


-



2



113



23



92



Total nonperforming loans


29,809



39,358



42,756



42,721



39,437


Foreclosed assets



305



300



142



331



287



Total nonperforming assets

$

30,114


$

39,658


$

42,898


$

43,052


$

39,724




















As a % of loans held-for-investment and foreclosed assets


0.57

%


0.75

%


0.83

%


0.81

%


0.76

%

As a % of end of period total assets


0.24



0.33



0.39



0.41



0.38




















OIL AND GAS PORTFOLIO INFORMATION *
















Oil and gas loans


$

103,166


$

105,261


$

106,237


$

118,567


$

128,143


Oil and gas loans as a % of total loans held-for-investment


2.07

%


2.20

%


2.27

%


2.58

%


2.82

%

Classified oil and gas loans



13,090



10,079



13,298



26,823



28,366


Nonaccrual oil and gas loans



3,986



4,759



4,774



6,800



3,702


Net charge-offs for oil and gas loans


59



40



24



-



195


         * Excluding PPP loans



































RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *
















Retail loans



$

326,409


$

282,310


$

216,244


$

229,386


$

216,244


Restaurant loans



56,997



51,772



48,618



39,523



46,418


Hotel loans




71,008



71,435



71,716



63,273



51,957


Other hospitality loans



27,929



24,014



21,970



26,041



23,230


Travel loans




790



664



780



801



908



Total Retail/Restaurant/Hospitality loans

$

483,133


$

430,195


$

359,328


$

359,024


$

338,757




















Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment


9.69

%


8.98

%


7.67

%


7.82

%


7.45

%

Classified Retail/Restaurant/Hospitality loans

$

43,635


$

45,214


$

31,192


$

28,171


$

15,837


Nonaccrual Retail/Restaurant/Hospitality loans


5,600



6,575



5,975



5,689



5,752


Net Charge-offs for Retail/Restaurant/Hospitality loans


-



-



561



26



178


         * Excluding PPP loans



































CAPITAL RATIOS

















Common equity Tier 1 capital ratio


20.04

%


20.32

%


20.79

%


20.56

%


20.78

%

Tier 1 capital ratio



20.04



20.32



20.79



20.56



20.78


Total capital ratio



21.12



21.47



22.03



21.82



22.03


Tier 1 leverage ratio



11.10



11.55



11.86



11.65



11.25


Tangible common equity ratio



11.75



12.35



12.71



12.61



12.00


Equity/Assets ratio



13.95



13.76



15.39



15.33



15.30









































Quarter Ended





2021



2020


NONINTEREST INCOME



 June 30, 



 Mar. 31,



 Dec. 31, 



 Sept. 30, 



 June 30, 


Trust fees



$

8,692


$

8,299


$

7,672


$

7,461


$

6,961


Service charges on deposits



4,928



4,793



5,330



5,009



4,318


ATM, interchange and credit card fees


9,853



8,677



8,376



8,644



8,049


Gain on sale and fees on mortgage loans


8,291



9,894



11,116



15,228



13,676


Net gain on sale of available-for-sale securities


5



808



23



36



1,512


Net gain on sale of foreclosed assets


1



55



87



19



52


Net gain (loss) on sale of assets



74



145



22



(2)



(24)


Interest on loan recoveries



704



382



235



202



154


Other noninterest income



2,125



1,821



2,848



1,978



2,221



Total noninterest income

$

34,673


$

34,874


$

35,709


$

38,575


$

36,919




















NONINTEREST EXPENSE

















Salaries, commissions and employee benefits, excluding profit sharing

$

32,936


$

32,636


$

34,773


$

32,104


$

28,836


Profit sharing expense



2,110



2,295



6,245



1,545



1,978


Net occupancy expense



3,241



3,147



3,067



3,193



3,101


Equipment expense



2,177



2,164



2,154



2,157



2,010


FDIC insurance premiums



766



701



663



587



463


ATM, interchange and credit card expenses


3,039



2,772



2,811



2,829



2,610


Legal, tax and professional fees



3,352



2,726



2,302



2,615



2,931


Audit fees




430



440



407



526



739


Printing, stationery and supplies



489



325



449



615



533


Amortization of intangible assets


412



412



483



490



508


Advertising and public relations



1,392



1,388



1,600



797



1,011


Operational and other losses



534



287



537



621



728


Software amortization and expense


2,829



2,619



2,563



2,265



2,010


Other noninterest expense



5,667



5,811



5,651



5,249



5,863



Total noninterest expense

$

59,374


$

57,723


$

63,705


$

55,593


$

53,321




















TAX EQUIVALENT YIELD ADJUSTMENT

$

3,633


$

3,547


$

3,355


$

3,170


$

2,902









































Six Months Ended













June 30,










NONINTEREST INCOME



2021



2020











Trust fees



$

16,991


$

14,398











Service charges on deposits



9,721



10,233











ATM, interchange and credit card fees


18,530



15,449











Gain on sale and fees on mortgage loans


18,185



17,528











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


813



3,574











Net gain (loss) on sale of foreclosed assets


56



53











Net gain (loss) on sale of assets



219



92











Interest on loan recoveries



1,086



419











Other noninterest income



3,947



3,905












Total noninterest income

$

69,548


$

65,651





























NONINTEREST EXPENSE

















Salaries, commissions and employee benefits, excluding profit sharing

$

65,572


$

57,506











Profit sharing expense



4,405



2,950











Net occupancy expense



6,388



6,128











Equipment expense



4,341



4,085











FDIC insurance premiums



1,467



508











ATM, interchange and credit card expenses


5,811



5,595











Legal, tax and professional fees



6,078



5,852











Audit  fees




870



1,150











Printing, stationery and supplies



814



1,099











Amortization of intangible assets


824



1,017











Advertising and public relations



2,780



2,206











Operational and other losses



821



1,304











Software amortization and expense


5,448



4,034











Other noninterest expense



11,479



15,206












Total noninterest expense

$

117,098


$

108,640





























TAX EQUIVALENT YIELD ADJUSTMENT

$

7,180


$

4,735





























 

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




















































Three Months Ended




Three Months Ended




June 30, 2021




Mar. 31, 2021





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Federal funds sold


$

3,049


$

4



0.54

%




$

1,942


$

3



0.58

%

  Interest-bearing deposits in nonaffiliated banks


796,835



211



0.11






637,129



159



0.10


  Taxable securities



2,656,211



11,449



1.72






2,251,419



10,264



1.82


  Tax exempt securities



2,461,924



17,410



2.83






2,368,615



16,979



2.87


  Loans




5,383,781



67,161



5.00






5,296,149



66,753



5.11


Total interest-earning assets



11,301,800


$

96,235



3.42

%





10,555,254


$

94,158



3.62

%

Noninterest-earning assets



692,282












700,550









Total assets


$

11,994,082











$

11,255,804
































Interest-bearing liabilities:























  Deposits



$

6,229,991


$

1,560



0.10

%




$

5,916,237


$

1,696



0.12

%

  Borrowings




527,669



93



0.07






456,620



91



0.08


Total interest-bearing liabilities



6,757,660


$

1,653



0.10

%





6,372,857


$

1,787



0.11

%

Noninterest-bearing liabilities                                                                              

3,546,677












3,214,237








Shareholders' equity



1,689,745












1,668,710









Total liabilities and shareholders' equity

$

11,994,082











$

11,255,804
































Net interest income and margin (tax equivalent)




$

94,582



3.36

%







$

92,371



3.55

%




























Three Months Ended




Three Months Ended




Dec. 31, 2020




Sept. 30, 2020





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Federal funds sold


$

-


$

-



-

%




$

2,009


$

3



0.51

%

  Interest-bearing deposits in nonaffiliated banks


195,637



50



0.10






223,104



59



0.10


  Taxable securities



2,086,419



10,708



2.05






2,187,547



12,063



2.21


  Tax exempt securities



2,318,912



16,733



2.89






2,058,032



15,737



3.06


  Loans




5,356,229



68,321



5.07






5,334,174



66,681



4.97


Total interest-earning assets



9,957,197


$

95,812



3.83

%





9,804,866


$

94,543



3.84

%

Noninterest-earning assets



674,229












671,374









Total assets


$

10,631,426











$

10,476,240
































Interest-bearing liabilities:























  Deposits



$

5,479,873


$

1,826



0.13

%




$

5,270,600


$

2,064



0.16

%

  Borrowings




428,117



94



0.09






482,555



99



0.08


Total interest-bearing liabilities



5,907,990


$

1,920



0.13

%





5,753,155


$

2,163



0.15

%

Noninterest-bearing liabilities                                                                             

3,093,637












3,122,995








Shareholders' equity



1,629,799












1,600,090









Total liabilities and shareholders' equity

$

10,631,426











$

10,476,240
































Net interest income and margin (tax equivalent)




$

93,892



3.75

%







$

92,380



3.75

%




























Three Months Ended
















June 30, 2020

















Average



Tax Equivalent



Yield /


















Balance



Interest



Rate














Interest-earning assets:























  Federal funds sold


$

840


$

1



0.51

%













  Interest-bearing deposits in nonaffiliated banks


352,628



86



0.10














  Taxable securities



2,399,364



14,030



2.34














  Tax exempt securities



1,800,339



14,733



3.27














  Loans




5,248,052



66,249



5.08














Total interest-earning assets



9,801,223


$

95,099



3.90

%













Noninterest-earning assets



663,595





















Total assets


$

10,464,818












































Interest-bearing liabilities:























  Deposits



$

5,135,772


$

2,550



0.20

%













  Borrowings




877,076



412



0.19














Total interest-bearing liabilities



6,012,848


$

2,962



0.20

%













Noninterest-bearing liabilities                                                                              

2,915,461




















Shareholders' equity



1,536,509





















Total liabilities and shareholders' equity

$

10,464,818












































Net interest income and margin (tax equivalent)




$

92,137



3.78

%
































































Six Months Ended




Six Months Ended




June 30, 2021




June 30, 2020





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Federal funds sold


$

2,499


$

7



0.56

%




$

1,776


$

11



1.26

%

  Interest-bearing deposits in nonaffiliated banks


717,423



370



0.10






290,469



831



0.58


  Taxable securities



2,454,933



21,712



1.77






2,331,347



28,685



2.46


  Tax exempt securities



2,415,527



34,389



2.85






1,573,591



25,933



3.30


  Loans




5,340,207



133,914



5.06






4,957,744



129,572



5.26


Total interest-earning assets



10,930,589


$

190,392



3.51

%





9,154,927


$

185,032



4.06

%

Noninterest-earning assets



696,393












674,311









Total assets


$

11,626,982











$

9,829,238
































Interest-bearing liabilities:























  Deposits



$

6,073,981


$

3,255



0.11

%




$

5,019,929


$

9,231



0.37

%

  Borrowings




492,341



184



0.08






668,840



928



0.28


Total interest-bearing liabilities



6,566,322


$

3,439



0.11

%





5,688,769


$

10,159



0.36

%

Noninterest-bearing liabilities                                                                             

3,381,374












2,631,974








Shareholders' equity



1,679,286












1,508,495









Total liabilities and shareholders' equity

$

11,626,982











$

9,829,238
































Net interest income and margin (tax equivalent)




$

186,953



3.45

%







$

174,873



3.84

%

















































 

Cision View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2021-earnings-301339831.html

SOURCE First Financial Bankshares, Inc.

First Financial Bankshares, Inc.

NASDAQ:FFIN

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About FFIN

first financial bankshares, inc. is recognized as one of the nation’s most financially secure banking institutions, with assets of $6.47 billion, multiple regional banks with 70 convenient banking locations, plus a trust company with nine convenient locations, all to serve customers in texas markets stretching from hereford in the panhandle to orange in southeast texas. what makes first financial bankshares unique: * 125-year history of serving the financial needs of generations of families, professionals and business owners. we have stood tall during difficult economic times, including the great depression of the 1930s, the collapse of the texas economy in the 1980s and more recent economic difficulties. *with 70 texas locations the company combines the best of “big bank” customer benefits and operating efficiencies with the local decision making and community involvement of a community bank. * an unwavering commitment to providing exceptional customer service. * sound finan