First Financial Bankshares Announces Third Quarter 2021 Earnings

Rhea-AI Summary

First Financial Bankshares, Inc. (FFIN) reported Q3 2021 earnings of $58.93 million, up from $52.86 million YoY. This equates to earnings per share (EPS) of $0.41, compared to $0.37 the previous year. Net interest income rose to $95.78 million, driven by organic growth, with net loan growth of $162.95 million excluding PPP loans. Customer deposits increased by $111.42 million. While noninterest expenses rose to $62.94 million, the efficiency ratio was 45.88%. Total assets grew to $12.54 billion as of September 30, 2021.

Positive

• Earnings increased to $58.93 million, up from $52.86 million YoY.
• EPS rose to $0.41 compared to $0.37 in Q3 2020.
• Net loan growth was $162.95 million, excluding PPP loans.
• Customer deposits grew by $111.42 million.
• Total assets increased to $12.54 billion.

Negative

• Net interest margin declined to 3.41% from 3.75% YoY.
• Noninterest expenses increased to $62.94 million from $55.59 million YoY.

ABILENE, Texas, Oct. 21, 2021 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2021 of $58.93 million compared to earnings of $52.86 million for the same quarter a year ago. Basic and diluted earnings per share were $0.41 for the third quarter of 2021 compared with $0.37 for the same quarter a year ago.

"During the third quarter, we produced strong operating results driven by organic growth reflecting the increasing strength of our markets. The continued recovery of the Texas economy produced net loan growth, excluding PPP loans, of $162.95 million for the quarter and our overall credit metrics continued to improve. Additionally, customer deposits grew $111.42 million during the quarter driven by net deposit account openings of 13,774 year-to-date. We are focused on closing out 2021 with strong growth as we serve our communities across Texas.  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 third quarter of 2021 was $95.78 million compared to $89.21 million for the third quarter of 2020.  Average-earning assets increased to $11.58 billion for the third quarter of 2021 compared to $9.80 billion a year ago.  The net interest margin, on a taxable equivalent basis, was 3.41 percent for the third quarter of 2021 compared to 3.75 percent in the third quarter of 2020.  

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

	PPP Loans Originated				PPP Amounts as of September 30, 2021
	Number of Loans		Amount		Number of Loans		Period-End Amount, Net		Unamortized Fees		Recognized Fees During the Quarter Ended September 30, 2021
PPP Round 1	6,530		$ 703,450		51		$    4,324		$     63		$  1,044
PPP Round 2	3,179		267,423		1,298		135,010		6,025		6,590
PPP Total	9,709		$ 970,873		1,349		$ 139,334		$ 6,088		$  7,634

PPP loan balances declined $181.06 million from June 30, 2021 and accounted for $229.81 million in average balances for the third quarter of 2021 compared to $482.00 in the second 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 no provision for credit losses for the third quarter of 2021 compared to a provision for credit losses of $9.00 million for the third quarter of 2020. The Company's allowance for loan losses for the third quarter of 2021 reflected the continued improvement in overall asset quality offset by loan growth.

For the third quarter of 2021, net recoveries totaled $1.23 million compared to net charge-offs of $409 thousand for the third quarter of 2020.  At September 30, 2021, the allowance for credit losses totaled $63.37 million, or 1.20 percent of loans held-for-investment ("loans" hereafter), or 1.23 percent of loans, excluding PPP loans, compared to $76.04 million at September 30, 2020, or 1.44 percent of loans, or 1.66 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.75 million at September 30, 2021 compared to $2.31 million at September 30, 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.48 percent at September 30, 2021, compared with 0.81 percent at September 30, 2020.  Classified loans totaled $165.77 million at September 30, 2021, compared to $202.04 million at September 30, 2020. 

Noninterest income in the third quarter of 2021 was $37.73 million compared to $38.58 million in the third quarter of 2020, as a result of the following:

• Trust fees increased to $9.48 million in the third quarter of 2021 from $7.46 million in the third quarter of 2020. The fair value of trust assets managed increased to $8.08 billion at September 30, 2021 compared to $6.95 billion at September 30, 2020.
• Service charges on deposits increased to $5.67 million in the third quarter of 2021 compared with $5.01 million in the third quarter of 2020.
• ATM, interchange and credit card fees increased to $9.79 million in the third quarter of 2021 from $8.64 million in the third quarter of 2020, driven by continued growth in the number of debit cards issued and overall customer utilization.
• Mortgage income was $8.79 million in the third quarter of 2021 compared to $15.23 million in the third quarter of 2020 due to lower overall origination volumes.
• Loan recoveries during the third quarter of 2021 totaled $1.75 million compared to $202 thousand in the third quarter of 2020.

Noninterest expense for the third quarter of 2021 totaled $62.94 million compared to $55.59 million in the third quarter of 2020, as a result of the following:

• Salary, commissions and employee benefit costs totaled $37.09 million for the third quarter of 2021, compared to $33.65 million in the third quarter of 2020. The increase over the prior year was primarily driven by increases effective March 1, 2021 from annual merit-based pay and increases in profit sharing and incentive compensation accruals during the third quarter of 2021.

The Company's efficiency ratio was 45.88 percent for the third quarter of 2021 compared to 42.45 percent for the third quarter of 2020.

As of September 30, 2021, consolidated assets for the Company totaled $12.54 billion compared to $10.57 billion at September 30, 2020.  Loans totaled $5.29 billion at September 30, 2021, compared with loans of $5.29 billion at September 30, 2020.  Excluding PPP loans, loans have grown $557.21 million or 12.14 percent, from September 30, 2020 balances.  Deposits totaled $9.89 billion at September 30, 2021, compared to $8.29 billion at September 30, 2020, driven by continued organic growth. Shareholders' equity rose to $1.73 billion as of September 30, 2021, compared to $1.62 billion at September 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				Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Cash and due from banks			$	201,901		$	190,061		$	190,350		$	211,113		$	175,088
Interest-bearing deposits in banks				359,241			654,531			893,221			517,971			58,933
Investment securities				6,119,984			5,578,048			5,109,631			4,393,029			4,431,280
Loans, held-for-investment, excluding PPP Loans				5,147,160			4,984,210			4,790,752			4,687,370			4,589,948
PPP loans				139,334			320,392			531,810			483,663			703,731
Total loans, held-for-investment				5,286,494			5,304,602			5,322,562			5,171,033			5,293,679
	Allowance for loan losses			(63,370)			(62,138)			(62,974)			(66,534)			(76,038)
Net loans, held-for-investment				5,223,124			5,242,464			5,259,588			5,104,499			5,217,641
Loans, held-for-sale				47,721			61,802			65,405			83,969			101,055
Premises and equipment, net				147,516			147,655			142,415			142,269			141,002
Goodwill				313,481			313,481			313,481			313,481			313,481
Other intangible assets				3,689			4,087			4,499			4,911			5,394
Other assets				126,601			136,954			124,297			133,258			123,778
	Total assets		$	12,543,258		$	12,329,083		$	12,102,887		$	10,904,500		$	10,567,652
LIABILITIES AND SHAREHOLDERS'  EQUITY
Noninterest-bearing deposits			$	3,574,405		$	3,427,038		$	3,350,145		$	2,982,697		$	2,950,407
Interest-bearing deposits				6,318,712			6,354,656			6,063,302			5,693,120			5,344,481
	Total deposits			9,893,117			9,781,694			9,413,447			8,675,817			8,294,888
Borrowings				648,679			549,969			548,604			430,093			503,163
Trade date payable				174,236			189,838			381,871			14,641			53,730
Other liabilities				93,491			87,213			93,537			105,759			96,370
Shareholders' equity				1,733,735			1,720,369			1,665,428			1,678,190			1,619,501
	Total liabilities and shareholders' equity		$	12,543,258		$	12,329,083		$	12,102,887		$	10,904,500		$	10,567,652
			Quarter Ended
				2021									2020
INCOME STATEMENTS				Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Interest income			$	97,198		$	92,602		$	90,610		$	92,457		$	91,373
Interest expense				1,416			1,653			1,786			1,920			2,163
Net interest income				95,782			90,949			88,824			90,537			89,210
Provision for credit losses				-			(1,206)			(1,997)			(8,033)			9,000
Net interest income after provisions for credit losses				95,782			92,155			90,821			98,570			80,210
Noninterest income				37,726			34,673			34,874			35,709			38,575
Noninterest expense				62,939			59,374			57,723			63,705			55,593
	Net income before income taxes			70,569			67,454			67,972			70,574			63,192
Income tax expense				11,641			11,075			11,054			12,099			10,335
	Net income		$	58,928		$	56,379		$	56,918		$	58,475		$	52,857
PER COMMON SHARE DATA
Net income - basic			$	0.41		$	0.40		$	0.40		$	0.41		$	0.37
Net income - diluted				0.41			0.39			0.40			0.41			0.37
Cash dividends declared				0.15			0.15			0.13			0.13			0.13
Book value				12.17			12.08			11.70			11.80			11.40
Tangible book value				9.94			9.85			9.47			9.57			9.15
Market value				45.95			49.13			46.73			36.17			27.91
Shares outstanding - end of period				142,467,687			142,359,774			142,285,611			142,161,834			142,121,595
Average outstanding shares - basic				142,334,449			142,245,555			142,146,275			142,057,705			141,980,707
Average outstanding shares - diluted				143,218,920			143,164,611			143,002,658			142,644,088			142,529,242
PERFORMANCE RATIOS
Return on average assets				1.90	%		1.89	%		2.05	%		2.19	%		2.01	%
Return on average equity				13.43			13.38			13.83			14.27			13.14
Return on average tangible equity				16.43			16.48			17.09			17.74			16.41
Net interest margin (tax equivalent)				3.41			3.36			3.55			3.75			3.75
Efficiency ratio				45.88			45.94			45.36			49.15			42.45
			Nine Months Ended
			Sept. 30,
INCOME STATEMENTS				2021			2020
Interest income			$	280,410		$	271,671
Interest expense				4,855			12,323
Net interest income				275,555			259,348
Provision for credit losses				(3,203)			27,550
Net interest income after provisions for credit losses				278,758			231,798
Noninterest income				107,273			104,226
Noninterest expense				180,036			164,233
	Net income before income taxes			205,995			171,791
Income tax expense				33,770			28,233
	Net income		$	172,225		$	143,558
PER COMMON SHARE DATA
Net income - basic			$	1.21		$	1.01
Net income - diluted				1.20			1.01
Cash dividends declared				0.43			0.38
Book Value				12.17			11.40
Tangible book value				9.94			9.15
Market Value				45.95			27.91
Shares outstanding - end of period				142,467,687			142,121,595
Average outstanding shares - basic				142,242,783			142,023,930
Average outstanding shares - diluted				143,183,792			142,519,448
PERFORMANCE RATIOS
Return on average assets				1.94	%		1.91	%
Return on average equity				13.55			12.46
Return on average tangible equity				16.66			15.71
Net interest margin (tax equivalent)				3.43			3.81
Efficiency ratio				45.73			44.21

 

 

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
			Quarter Ended
							2021						2020
ALLOWANCE FOR LOAN LOSSES				Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Balance at beginning of period			$	62,138		$	62,974		$	66,534		$	76,038		$	68,947
Loans charged off				(1,475)			(392)			(574)			(1,339)			(853)
Loan recoveries				2,707			595			443			778			444
Net recoveries (charge-offs)				1,232			203			(131)			(561)			(409)
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
Balance at end of period			$	63,370		$	62,138		$	62,974		$	66,534		$	76,038
ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period			$	6,751		$	6,918		$	5,486		$	2,309		$	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		$	6,751		$	6,918		$	5,486		$	2,309
Allowance for loan losses /
period-end loans held-for-investment				1.20	%		1.17	%		1.18	%		1.29	%		1.44	%
Allowance for loan losses /
nonperforming loans				250.92			208.45			160.00			155.61			177.99
Net charge-offs (recoveries) / average total loans
(annualized)				(0.09)			(0.02)			0.01			0.04			0.03
			Quarter Ended
							2021						2020
COMPOSITION OF LOANS HELD-FOR-INVESTMENT				Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Commercial:
C&I			$	680,263		$	662,711		$	646,316		$	647,719		$	N/A
PPP				139,334			320,392			531,810			483,663			703,731
Municipal				165,847			179,356			176,949			181,325			N/A
Total Commercial				985,444			1,162,459			1,355,075			1,312,707			1,488,345
Agriculture				98,947			95,212			90,366			94,864			93,972
Real Estate:
Construction & Development				656,530			550,928			587,928			553,959			N/A
Farm				203,064			185,288			162,046			152,237			N/A
Non-Owner Occupied CRE				674,958			673,608			650,144			617,686			N/A
Owner Occupied CRE				824,231			820,055			759,906			746,974			N/A
Residential				1,328,798			1,328,474			1,254,727			1,248,409			N/A
Total Real Estate				3,687,581			3,558,353			3,414,751			3,319,265			3,287,605
Consumer:
Auto				394,072			383,764			370,027			353,595			N/A
Non-Auto				120,450			104,814			92,343			90,602			N/A
Total Consumer				514,522			488,578			462,370			444,197			423,757
	Total loans held-for-investment		$	5,286,494		$	5,304,602		$	5,322,562		$	5,171,033		$	5,293,679
SUMMARY OF LOAN CLASSIFICATION
Special Mention			$	53,620		$	54,497		$	61,866		$	56,585		$	66,033
Substandard				112,151			120,497			128,550			140,866			136,010
Doubtful				-			-			-			-			-
	Total classified loans		$	165,771		$	174,994		$	190,416		$	197,451		$	202,043
NONPERFORMING ASSETS
Nonaccrual loans			$	25,210		$	29,786		$	39,333		$	42,619		$	42,673
Accruing troubled debt restructured loans				22			23			23			24			25
Accruing loans 90 days past due				23			-			2			113			23
	Total nonperforming loans			25,255			29,809			39,358			42,756			42,721
Foreclosed assets				28			305			300			142			331
	Total nonperforming assets		$	25,283		$	30,114		$	39,658		$	42,898		$	43,052
As a % of loans held-for-investment and foreclosed assets				0.48	%		0.57	%		0.75	%		0.83	%		0.81	%
As a % of end of period total assets				0.20			0.24			0.33			0.39			0.41
OIL AND GAS PORTFOLIO INFORMATION *
Oil and gas loans			$	96,469		$	103,166		$	105,261		$	106,237		$	118,567
Oil and gas loans as a % of total loans held-for-investment				1.87	%		2.07	%		2.20	%		2.27	%		2.58	%
Classified oil and gas loans			$	10,831		$	13,090		$	10,079		$	13,298		$	26,823
Nonaccrual oil and gas loans				3,058			3,986			4,759			4,774			6,800
Net charge-offs (recoveries) on oil and gas loans				(71)			59			40			24			-
* Excluding PPP loans
RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *
Retail loans			$	348,797		$	326,409		$	282,310		$	216,244		$	229,386
Restaurant loans				59,031			56,997			51,772			48,618			39,523
Hotel loans				60,733			71,008			71,435			71,716			63,273
Other hospitality loans				27,369			27,929			24,014			21,970			26,041
Travel loans				593			790			664			780			801
	Total retail/restaurant/hospitality loans		$	496,523		$	483,133		$	430,195		$	359,328		$	359,024
Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment				9.65	%		9.69	%		8.98	%		7.67	%		7.82	%
Classified Retail/Restaurant/Hospitality loans			$	34,341		$	43,635		$	45,214		$	31,192		$	28,171
Nonaccrual Retail/Restaurant/Hospitality loans				1,995			5,600			6,575			5,975			5,689
Net Charge-offs (recoveries) on Retail/Restaurant/Hospitality loans				(506)			-			-			561			26
* Excluding PPP loans
CAPITAL RATIOS
Common equity Tier 1 capital ratio				19.71	%		20.04	%		20.32	%		20.79	%		20.56	%
Tier 1 capital ratio				19.71			20.04			20.32			20.79			20.56
Total capital ratio				20.76			21.12			21.47			22.03			21.82
Tier 1 leverage ratio				11.19			11.10			11.55			11.86			11.65
Tangible common equity ratio				11.90			11.75			12.35			12.71			12.61
Equity/Assets ratio				13.82			13.95			13.76			15.39			15.33
			Quarter Ended
							2021						2020
NONINTEREST INCOME				Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Trust fees			$	9,484		$	8,692		$	8,299		$	7,672		$	7,461
Service charges on deposits				5,673			4,928			4,793			5,330			5,009
ATM, interchange and credit card fees				9,793			9,853			8,677			8,376			8,644
Gain on sale and fees on mortgage loans				8,788			8,291			9,894			11,116			15,228
Net gain on sale of available-for-sale securities				1			5			808			23			36
Net gain on sale of foreclosed assets				27			1			55			87			19
Net gain (loss) on sale of assets				(6)			74			145			22			(2)
Interest on loan recoveries				1,746			704			382			235			202
Other noninterest income				2,220			2,125			1,821			2,848			1,978
	Total noninterest income		$	37,726		$	34,673		$	34,874		$	35,709		$	38,575
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing			$	34,460		$	32,936		$	32,636		$	34,773		$	32,104
Profit sharing expense				2,630			2,110			2,295			6,245			1,545
Net occupancy expense				3,288			3,241			3,147			3,067			3,193
Equipment expense				2,450			2,177			2,164			2,154			2,157
FDIC insurance premiums				815			766			701			663			587
ATM, interchange and credit card expenses				2,935			3,039			2,772			2,811			2,829
Legal, tax and professional fees				2,893			3,352			2,726			2,302			2,615
Audit fees				466			430			440			407			526
Printing, stationery and supplies				432			489			325			449			615
Amortization of intangible assets				398			412			412			483			490
Advertising and public relations				1,746			1,392			1,388			1,600			797
Operational and other losses				1,087			534			287			537			621
Software amortization and expense				2,855			2,829			2,619			2,563			2,265
Other noninterest expense				6,484			5,667			5,811			5,651			5,249
	Total noninterest expense		$	62,939		$	59,374		$	57,723		$	63,705		$	55,593
TAX EQUIVALENT YIELD ADJUSTMENT			$	3,670		$	3,633		$	3,547		$	3,355		$	3,170
			Nine Months Ended
			Sept. 30,
NONINTEREST INCOME				2021			2020
Trust fees			$	26,475		$	21,859
Service charges on deposits				15,394			15,242
ATM, interchange and credit card fees				28,323			24,093
Gain on sale and fees on mortgage loans				26,973			32,756
Net gain (loss) on sale of available-for-sale securities				814			3,610
Net gain (loss) on sale of foreclosed assets				83			72
Net gain (loss) on sale of assets				213			90
Interest on loan recoveries				2,832			621
Other noninterest income				6,166			5,883
	Total noninterest income		$	107,273		$	104,226
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing			$	100,032		$	89,610
Profit sharing expense				7,035			4,495
Net occupancy expense				9,676			9,321
Equipment expense				6,791			6,242
FDIC insurance premiums				2,282			1,095
ATM, interchange and credit card expenses				8,746			8,424
Legal, tax and professional fees				8,971			8,467
Audit  fees				1,336			1,676
Printing, stationery and supplies				1,246			1,714
Amortization of intangible assets				1,222			1,507
Advertising and public relations				4,526			3,003
Operational and other losses				1,908			1,925
Software amortization and expense				8,303			6,299
Other noninterest expense				17,962			20,455
	Total noninterest expense		$	180,036		$	164,233
TAX EQUIVALENT YIELD ADJUSTMENT			$	10,850		$	7,905

 

 

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
			Three Months Ended												Three Months Ended
			Sept. 30, 2021												June 30, 2021
				Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
				Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold			$	1,554		$	2			0.51	%				$	3,049		$	4			0.54	%
Interest-bearing deposits in nonaffiliated banks				612,551			236			0.15						796,835			211			0.11
Taxable securities				3,081,215			12,122			1.57						2,656,211			11,449			1.72
Tax exempt securities				2,542,606			17,701			2.78						2,461,924			17,410			2.83
Loans				5,337,807			70,807			5.26						5,383,781			67,161			5.00
Total interest-earning assets				11,575,733		$	100,868			3.46	%					11,301,800		$	96,235			3.42	%
Noninterest-earning assets				705,099												692,282
	Total assets		$	12,280,832											$	11,994,082
Interest-bearing liabilities:
Deposits			$	6,346,267		$	1,340			0.08	%				$	6,229,991		$	1,560			0.10	%
Borrowings				599,934			76			0.05						527,669			93			0.07
Total interest-bearing liabilities				6,946,201		$	1,416			0.08	%					6,757,660		$	1,653			0.10	%
Noninterest-bearing deposits				3,490,685												3,439,683
Other noninterest-bearing liabilities				103,446												106,994
Shareholders' equity				1,740,500												1,689,745
	Total liabilities and shareholders' equity		$	12,280,832											$	11,994,082
Net interest income and margin (tax equivalent)						$	99,452			3.41	%							$	94,582			3.36	%
			Three Months Ended												Three Months Ended
			Mar. 31, 2021												Dec. 31, 2020
				Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
				Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold			$	1,942		$	3			0.58	%				$	-		$	-			-	%
Interest-bearing deposits in nonaffiliated banks				637,129			159			0.10						195,637			50			0.10
Taxable securities				2,251,419			10,264			1.82						2,086,419			10,708			2.05
Tax exempt securities				2,368,615			16,979			2.87						2,318,912			16,733			2.89
Loans				5,296,149			66,753			5.11						5,356,229			68,321			5.07
Total interest-earning assets				10,555,254		$	94,158			3.62	%					9,957,197		$	95,812			3.83	%
Noninterest-earning assets				700,550												674,229
	Total assets		$	11,255,804											$	10,631,426
Interest-bearing liabilities:
Deposits			$	5,916,237		$	1,696			0.12	%				$	5,479,873		$	1,826			0.13	%
Borrowings				456,620			91			0.08						428,117			94			0.09
Total interest-bearing liabilities				6,372,857		$	1,787			0.11	%					5,907,990		$	1,920			0.13	%
Noninterest-bearing deposits				3,114,656												2,987,572
Other noninterest-bearing liabilities				99,581												106,065
Shareholders' equity				1,668,710												1,629,799
	Total liabilities and shareholders' equity		$	11,255,804											$	10,631,426
Net interest income and margin (tax equivalent)						$	92,371			3.55	%							$	93,892			3.75	%
			Three Months Ended
			Sept. 30, 2020
				Average			Tax Equivalent			Yield /
				Balance			Interest			Rate
Interest-earning assets:
Federal funds sold			$	2,009		$	3			0.51	%
Interest-bearing deposits in nonaffiliated banks				223,104			59			0.10
Taxable securities				2,187,547			12,063			2.21
Tax exempt securities				2,058,032			15,737			3.06
Loans				5,334,174			66,681			4.97
Total interest-earning assets				9,804,866		$	94,543			3.84	%
Noninterest-earning assets				671,374
	Total assets		$	10,476,240
Interest-bearing liabilities:
Deposits			$	5,270,600		$	2,064			0.16	%
Borrowings				482,555			99			0.08
Total interest-bearing liabilities				5,753,155		$	2,163			0.15	%
Noninterest-bearing deposits				3,016,700
Other noninterest-bearing liabilities				106,295
Shareholders' equity				1,600,090
	Total liabilities and shareholders' equity		$	10,476,240
Net interest income and margin (tax equivalent)						$	92,380			3.75	%
			Nine Months Ended												Nine Months Ended
			Sept. 30, 2021												Sept. 30, 2020
				Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
				Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold			$	2,181		$	9			0.55	%				$	1,854		$	14			0.99	%
Interest-bearing deposits in nonaffiliated banks				682,082			606			0.12						267,850			889			0.44
Taxable securities				2,665,988			33,834			1.69						2,283,064			40,748			2.38
Tax exempt securities				2,458,352			52,090			2.83						1,736,250			41,670			3.20
Loans				5,339,398			204,721			5.13						5,084,136			196,255			5.16
Total interest-earning assets				11,148,001		$	291,260			3.49	%					9,373,154		$	279,576			3.98	%
Noninterest-earning assets				699,326												673,325
	Total assets		$	11,847,327											$	10,046,479
Interest-bearing liabilities:
Deposits			$	6,165,740		$	4,595			0.10	%				$	5,104,096		$	11,293			0.30	%
Borrowings				528,599			260			0.07						606,291			1,030			0.23
Total interest-bearing liabilities				6,694,339		$	4,855			0.10	%					5,710,387		$	12,323			0.29	%
Noninterest-bearing deposits				3,349,719												2,714,173
Other noninterest-bearing liabilities				103,354												82,670
Shareholders' equity				1,699,915												1,539,249
	Total liabilities and shareholders' equity		$	11,847,327											$	10,046,479
Net interest income and margin (tax equivalent)						$	286,405			3.43	%							$	267,253			3.81	%

 

 

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SOURCE First Financial Bankshares, Inc.

FAQ

What were First Financial Bankshares' Q3 2021 earnings results?

First Financial Bankshares reported Q3 2021 earnings of $58.93 million, with earnings per share of $0.41.

How did First Financial Bankshares' deposits change in Q3 2021?

Customer deposits increased by $111.42 million in Q3 2021.

What was the net loan growth for First Financial Bankshares in Q3 2021?

Net loan growth for Q3 2021 was $162.95 million, excluding PPP loans.

What is the efficiency ratio for First Financial Bankshares in Q3 2021?

The efficiency ratio for Q3 2021 was 45.88%.

How much did total assets grow for First Financial Bankshares by September 30, 2021?

Total assets grew to $12.54 billion as of September 30, 2021.