Thursday, 05 August 2021 07:02 GMT
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First Financial Bankshares Announces Second Quarter 2021 Earnings


(MENAFN - PR Newswire) 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 .

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

%

SOURCE First Financial Bankshares, Inc.

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