First Financial Bankshares Announces Second Quarter 2021 Earnings
07/22/2021 - 04:05 PM
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
%
View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2021-earnings-301339831.html
SOURCE First Financial Bankshares, Inc.