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18.07.2013 22:05:00
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First Financial Bankshares Announces Second Quarter Earnings Results
ABILENE, Texas, July 18, 2013 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2013 of $19.49 million, up 6.21 percent compared with earnings of $18.35 million in the same quarter last year. Basic earnings per share were $0.62 for the second quarter of 2013 compared with $0.58 in the same quarter a year ago.
All amounts for the second quarter of 2013 include the results of the Company's acquisition of Orange Savings Bank, SSB, Orange, Texas, which was effective on May 31, 2013. As of May 31, 2013, Orange had total loans of $293.29 million and total deposits of $385.95 million.
Net interest income increased 7.64 percent to $41.50 million compared with $38.56 million in 2012. The net interest margin, on a taxable equivalent basis, was 4.18 percent compared with 4.33 percent in the same quarter last year and 4.19 percent in the first quarter of this year.
The provision for loan losses was $832 thousand in the second quarter of 2013 compared with $759 thousand in the same quarter last year and $401 thousand in the first quarter of this year. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.20 percent at June 30, 2013, compared with 1.20 percent at March 31, 2013, and 1.76 percent at June 30, 2012. Classified loans totaled $87.83 million at June 30, 2013, compared to $70.18 million at March 31, 2013, and $80.86 million at June 30, 2012. The increase in dollar amount of nonperforming assets and classified loans was primarily from the Orange Savings Bank, SSB acquisition.
Noninterest income increased 12.54 percent in the second quarter of 2013 to $15.15 million compared with $13.46 million in the same quarter a year ago. Trust fees increased to $3.95 million in the second quarter of 2013 compared with $3.67 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $3.05 billion from $2.65 billion a year ago. ATM, interchange and credit card fees increased 10.49 percent to $4.18 million compared with $3.78 million in the same quarter last year. Real estate mortgage income increased to $1.69 million in the second quarter of 2013 compared with $1.22 million in the same quarter a year ago.
Noninterest expense increased in the second quarter of 2013 to $29.91 million from $26.75 million in the same quarter last year. The Company's efficiency ratio in the second quarter of 2013 was 49.25 percent compared with 48.02 percent in the same quarter last year. Healthcare expenses for the second quarter of 2013 totaled $1.28 million compared to $833 thousand in the same quarter a year ago. Also included in noninterest expense in the second quarter of 2013 was $232 thousand and $226 thousand related to the acquisition of Orange Savings Bank, SSB and database consolidation technology costs, respectively.
For the first half of 2013, net income increased 5.43 percent to $38.07 million from $36.11 million a year ago. Basic earnings per share rose to $1.20 in the first half of 2013 from $1.15 in the same period last year. Net interest income increased 4.37 percent to $80.17 million in the first half of 2013 from $76.81 million in the same period a year ago. The provision for loan losses totaled $1.23 million compared with $2.06 million in the first half of the previous year. Noninterest income was $29.11 million in the first half of 2013 compared with $26.76 million a year ago. Noninterest expense rose to $57.38 million in the first half of 2013 compared with $53.21 million last year.
As of June 30, 2013, consolidated assets for the Company totaled $4.98 billion compared with $4.29 billion a year ago. Loans totaled $2.58 billion at quarter end compared to $1.92 billion a year ago. Total deposits were $3.92 billion as of June 30, 2013, versus $3.39 billion a year earlier. Shareholders' equity rose to $575.86 million as of June 30, 2013, compared with $534.26 million at June 30, 2012.
"We are pleased to report another positive quarter and are excited about our Orange acquisition and welcome their employees and customers to First Financial," said F. Scott Dueser, Chairman, President and CEO. "In the second half of the year, we will continue to pursue opportunities for acquisitions and for internal growth while remaining vigilant over expenses and loan quality."
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 12 banking regions with 61 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Mauriceville, McLewis, Merkel, Midlothian, Mineral Wells, Moran, Newton, Odessa, Orange, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Trent, Trophy Club, Vidor, Waxahachie, Weatherford and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with six locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial Bankshares, please visit our website at http://www.ffin.com.
Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect", "plan", "anticipate", "target", "forecast" and "goal". Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents/Filings" on the Company's Web site or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
FIRST FINANCIAL BANKSHARES, INC. | ||||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | ||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||
As of | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
ASSETS: | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||
Cash and due from banks | $ | 138,087 | $ | 113,958 | $ | 207,018 | $ | 128,606 | $ | 122,534 | ||||||||
Interest-bearing deposits in banks | 6,624 | 20,065 | 139,676 | 25,633 | 25,794 | |||||||||||||
Interest-bearing time deposits in banks | 39,350 | 45,172 | 49,005 | 67,506 | 74,594 | |||||||||||||
Fed funds sold | 16,025 | 3,175 | 14,045 | 23,400 | 10,100 | |||||||||||||
Investment securities | 1,975,490 | 1,959,054 | 1,820,096 | 1,883,864 | 1,963,367 | |||||||||||||
Loans | 2,578,883 | 2,138,137 | 2,088,623 | 2,003,854 | 1,918,292 | |||||||||||||
Allowance for loan losses | (34,099) | (34,672) | (34,839) | (34,932) | (34,747) | |||||||||||||
Net loans | 2,544,784 | 2,103,465 | 2,053,784 | 1,968,922 | 1,883,545 | |||||||||||||
Premises and equipment | 94,808 | 86,265 | 84,122 | 80,580 | 80,404 | |||||||||||||
Goodwill | 94,882 | 71,865 | 71,865 | 71,865 | 71,865 | |||||||||||||
Other intangible assets | 2,366 | 98 | 108 | 136 | 175 | |||||||||||||
Other assets | 70,189 | 52,863 | 62,293 | 60,035 | 59,426 | |||||||||||||
Total assets | $ | 4,982,605 | $ | 4,455,980 | $ | 4,502,012 | $ | 4,310,547 | $ | 4,291,804 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||||||||
Noninterest-bearing deposits | $ | 1,305,049 | $ | 1,237,840 | $ | 1,311,708 | $ | 1,200,154 | $ | 1,156,238 | ||||||||
Interest-bearing deposits | 2,612,540 | 2,312,286 | 2,320,876 | 2,244,244 | 2,235,942 | |||||||||||||
Total deposits | 3,917,589 | 3,550,126 | 3,632,584 | 3,444,398 | 3,392,180 | |||||||||||||
Short-term borrowings | 431,575 | 263,345 | 259,697 | 254,480 | 251,428 | |||||||||||||
Other liabilities | 57,577 | 78,257 | 52,768 | 61,757 | 113,933 | |||||||||||||
Shareholders' equity | 575,864 | 564,252 | 556,963 | 549,912 | 534,263 | |||||||||||||
Total liabilities and shareholders' equity | $ | 4,982,605 | $ | 4,455,980 | $ | 4,502,012 | $ | 4,310,547 | $ | 4,291,804 | ||||||||
Quarter Ended | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
INCOME STATEMENTS | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||
Interest income | $ | 42,446 | $ | 39,575 | $ | 39,801 | $ | 40,287 | $ | 39,911 | ||||||||
Interest expense | 946 | 904 | 1,049 | 1,168 | 1,355 | |||||||||||||
Net interest income | 41,500 | 38,671 | 38,752 | 39,119 | 38,556 | |||||||||||||
Provision for loan losses | 832 | 401 | 642 | 787 | 759 | |||||||||||||
Net interest income after provision for loan losses | 40,668 | 38,270 | 38,110 | 38,332 | 37,797 | |||||||||||||
Noninterest income | 15,153 | 13,960 | 14,948 | 15,499 | 13,464 | |||||||||||||
Noninterest expense | 29,911 | 27,471 | 28,633 | 27,203 | 26,745 | |||||||||||||
Net income before income taxes | 25,910 | 24,759 | 24,425 | 26,628 | 24,516 | |||||||||||||
Income tax expense | 6,420 | 6,182 | 6,107 | 6,828 | 6,165 | |||||||||||||
Net income | $ | 19,490 | $ | 18,577 | $ | 18,318 | $ | 19,800 | $ | 18,351 | ||||||||
PER COMMON SHARE DATA | ||||||||||||||||||
Net income - basic | $ | 0.62 | $ | 0.59 | $ | 0.58 | $ | 0.63 | $ | 0.58 | ||||||||
Net income - diluted | 0.61 | 0.59 | 0.58 | 0.63 | 0.58 | |||||||||||||
Cash dividends declared | 0.26 | 0.25 | 0.25 | 0.25 | 0.25 | |||||||||||||
Shares outstanding - end of period | 31,967,424 | 31,519,973 | 31,496,881 | 31,488,530 | 31,481,747 | |||||||||||||
Average outstanding shares - basic | 31,683,355 | 31,507,975 | 31,490,402 | 31,484,375 | 31,478,980 | |||||||||||||
Average outstanding shares - diluted | 31,809,840 | 31,601,364 | 31,530,907 | 31,502,172 | 31,497,241 | |||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||
Return on average assets | 1.67 | % | 1.71 | % | 1.68 | % | 1.84 | % | 1.75 | % | ||||||||
Return on average equity | 13.53 | 13.41 | 13.09 | 14.53 | 14.01 | |||||||||||||
Net interest margin (tax equivalent) | 4.18 | 4.19 | 4.17 | 4.26 | 4.33 | |||||||||||||
Efficiency ratio | 49.25 | 48.68 | 49.86 | 46.61 | 48.02 | |||||||||||||
Six Months Ended | ||||||||||||||||||
June 30, | ||||||||||||||||||
INCOME STATEMENTS | 2013 | 2012 | ||||||||||||||||
Interest income | $ | 82,022 | $ | 79,708 | ||||||||||||||
Interest expense | 1,851 | 2,895 | ||||||||||||||||
Net interest income | 80,171 | 76,813 | ||||||||||||||||
Provision for loan losses | 1,233 | 2,055 | ||||||||||||||||
Net interest income after provision for loan losses | 78,938 | 74,758 | ||||||||||||||||
Noninterest income | 29,113 | 26,762 | ||||||||||||||||
Noninterest expense | 57,382 | 53,213 | ||||||||||||||||
Net income before income taxes | 50,669 | 48,307 | ||||||||||||||||
Income tax expense | 12,602 | 12,200 | ||||||||||||||||
Net income | $ | 38,067 | $ | 36,107 | ||||||||||||||
PER COMMON SHARE DATA | ||||||||||||||||||
Net income - basic | $ | 1.20 | $ | 1.15 | ||||||||||||||
Net income - diluted | 1.20 | 1.15 | ||||||||||||||||
Cash dividends | 0.51 | 0.49 | ||||||||||||||||
Book Value | 18.01 | 16.97 | ||||||||||||||||
Market Value | 55.66 | 34.56 | ||||||||||||||||
Shares outstanding - end of period | 31,967,424 | 31,481,747 | ||||||||||||||||
Average outstanding shares - basic | 31,596,150 | 31,472,843 | ||||||||||||||||
Average outstanding shares - diluted | 31,709,971 | 31,474,653 | ||||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||
Return on average assets | 1.69 | % | 1.74 | % | ||||||||||||||
Return on average equity | 13.47 | 13.90 | ||||||||||||||||
Net interest margin (tax equivalent) | 4.18 | 4.36 | ||||||||||||||||
Efficiency ratio | 48.98 | 48.05 | ||||||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | ||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||
Balance at beginning of period | $ | 34,672 | $ | 34,839 | $ | 34,932 | $ | 34,747 | $ | 34,529 | ||||||||
Loans charged off | (1,570) | (823) | (1,119) | (1,064) | (766) | |||||||||||||
Loan recoveries | 165 | 255 | 384 | 462 | 225 | |||||||||||||
Net charge-offs | (1,405) | (568) | (735) | (602) | (541) | |||||||||||||
Provision for loan losses | 832 | 401 | 642 | 787 | 759 | |||||||||||||
Balance at end of period | $ | 34,099 | $ | 34,672 | $ | 34,839 | $ | 34,932 | $ | 34,747 | ||||||||
Allowance for loan losses / | ||||||||||||||||||
period-end loans | * | 1.32 | % | 1.62 | % | 1.67 | % | 1.74 | % | 1.81 | % | |||||||
Allowance for loan losses / | ||||||||||||||||||
nonperforming loans | 128.75 | 153.87 | 159.10 | 143.45 | 130.08 | |||||||||||||
Net charge-offs / average loans | ||||||||||||||||||
(annualized) | 0.24 | 0.11 | 0.14 | 0.12 | 0.12 | |||||||||||||
* Reflects the impact of loans acquired in the Orange Savings Bank, SSB acquisition, which were initially recorded at fair value with no allocated allowance for loan losses | ||||||||||||||||||
NONPERFORMING ASSETS | ||||||||||||||||||
Nonaccrual loans | $ | 26,297 | $ | 22,509 | $ | 21,800 | $ | 24,283 | $ | 26,606 | ||||||||
Accruing loans 90 days past due | 187 | 24 | 97 | 69 | 105 | |||||||||||||
Total nonperforming loans | 26,484 | 22,533 | 21,897 | 24,352 | 26,711 | |||||||||||||
Foreclosed assets | 4,589 | 3,185 | 3,565 | 6,373 | 7,149 | |||||||||||||
Total nonperforming assets | $ | 31,073 | $ | 25,718 | $ | 25,462 | $ | 30,725 | $ | 33,860 | ||||||||
As a % of loans and foreclosed assets | 1.20 | % | 1.20 | % | 1.22 | % | 1.53 | % | 1.76 | % | ||||||||
As a % of end of period total assets | 0.62 | 0.58 | 0.57 | 0.71 | 0.79 | |||||||||||||
CAPITAL RATIOS | ||||||||||||||||||
Tier 1 risk-based | 15.20 | % | 17.54 | % | 17.43 | % | 17.66 | % | 17.23 | % | ||||||||
Total risk-based | 16.31 | 18.80 | 18.68 | 18.92 | 18.48 | |||||||||||||
Tier 1 leverage | 10.32 | 10.69 | 10.60 | 10.49 | 10.36 | |||||||||||||
Equity to assets | 11.56 | 12.66 | 12.37 | 12.76 | 12.45 | |||||||||||||
Quarter Ended | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
NONINTEREST INCOME | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||||
Trust fees | $ | 3,953 | $ | 3,793 | $ | 3,616 | $ | 3,723 | $ | 3,670 | ||||||||
Service charges on deposits | 4,316 | 3,895 | 4,432 | 4,337 | 4,042 | |||||||||||||
ATM, interchange and credit card fees | 4,181 | 3,729 | 3,961 | 3,767 | 3,784 | |||||||||||||
Real estate mortgage fees | 1,686 | 1,384 | 1,331 | 1,495 | 1,218 | |||||||||||||
Net gain on sale of available-for-sale securities | 33 | 222 | 565 | 1,479 | 382 | |||||||||||||
Net gain (loss) on sale of foreclosed assets | 17 | (316) | 162 | (106) | (404) | |||||||||||||
Net gain (loss) on sale of assets | 1 | 168 | 5 | (32) | 105 | |||||||||||||
Other noninterest income | 966 | 1,085 | 876 | 836 | 667 | |||||||||||||
Total noninterest income | $ | 15,153 | $ | 13,960 | $ | 14,948 | $ | 15,499 | $ | 13,464 | ||||||||
NONINTEREST EXPENSE | ||||||||||||||||||
Salaries and employee benefits, excluding profit sharing | $ | 14,968 | $ | 14,101 | $ | 13,565 | $ | 13,502 | $ | 13,304 | ||||||||
Profit sharing expense | 1,183 | 1,079 | 1,441 | 1,343 | 885 | |||||||||||||
Net occupancy expense | 2,064 | 1,766 | 1,790 | 1,806 | 1,743 | |||||||||||||
Equipment expense | 2,380 | 2,281 | 2,269 | 2,269 | 2,144 | |||||||||||||
FDIC insurance premiums | 568 | 572 | 565 | 563 | 565 | |||||||||||||
ATM, interchange and credit card expenses | 1,347 | 1,340 | 1,432 | 1,317 | 1,450 | |||||||||||||
Legal, tax and professional fees | 1,272 | 993 | 1,162 | 1,019 | 968 | |||||||||||||
Audit fees | 351 | 334 | 323 | 311 | 283 | |||||||||||||
Printing, stationery and supplies | 498 | 472 | 487 | 468 | 511 | |||||||||||||
Amortization of intangible assets | 33 | 10 | 28 | 38 | 38 | |||||||||||||
Advertising and public relations | 1,100 | 994 | 1,085 | 998 | 953 | |||||||||||||
Correspondent bank service charges | 222 | 202 | 220 | 220 | 216 | |||||||||||||
Other noninterest expense | 3,925 | 3,327 | 4,266 | 3,349 | 3,685 | |||||||||||||
Total noninterest expense | $ | 29,911 | $ | 27,471 | $ | 28,633 | $ | 27,203 | $ | 26,745 | ||||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 4,082 | $ | 3,795 | $ | 3,727 | $ | 3,743 | $ | 3,673 | ||||||||
Six Months Ended | ||||||||||||||||||
June 30, | ||||||||||||||||||
NONINTEREST INCOME | 2013 | 2012 | ||||||||||||||||
Trust fees | $ | 7,746 | $ | 7,124 | ||||||||||||||
Service charges on deposits | 8,211 | 7,924 | ||||||||||||||||
ATM, interchange and credit card fees | 7,910 | 7,460 | ||||||||||||||||
Real estate mortgage fees | 3,069 | 2,268 | ||||||||||||||||
Net gain on sale of available-for-sale securities | 255 | 728 | ||||||||||||||||
Net gain (loss) on sale of foreclosed assets | (299) | (406) | ||||||||||||||||
Net gain (loss) on sale of assets | 169 | 235 | ||||||||||||||||
Other noninterest income | 2,052 | 1,429 | ||||||||||||||||
Total Noninterest Income | $ | 29,113 | $ | 26,762 | ||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||
Salaries and employee benefits, excluding profit sharing | $ | 29,069 | $ | 26,491 | ||||||||||||||
Profit sharing expense | 2,262 | 1,927 | ||||||||||||||||
Net occupancy expense | 3,831 | 3,480 | ||||||||||||||||
Equipment expense | 4,661 | 4,252 | ||||||||||||||||
FDIC Insurance premiums | 1,141 | 1,093 | ||||||||||||||||
ATM, interchange and credit card expenses | 2,687 | 2,699 | ||||||||||||||||
Legal, tax and professional fees | 2,265 | 2,002 | ||||||||||||||||
Audit fees | 685 | 578 | ||||||||||||||||
Printing, stationery and supplies | 970 | 1,015 | ||||||||||||||||
Amortization of intangible assets | 43 | 82 | ||||||||||||||||
Advertising and public relations | 2,094 | 1,894 | ||||||||||||||||
Correspondent bank service charges | 424 | 416 | ||||||||||||||||
Other noninterest expense | 7,250 | 7,284 | ||||||||||||||||
Total Noninterest Expense | $ | 57,382 | $ | 53,213 | ||||||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 7,877 | $ | 7,167 | ||||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | ||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
June 30, 2013 | ||||||||||||||||
Average | Tax Equivalent | Yield / | ||||||||||||||
Balance | Interest | Rate | ||||||||||||||
Interest-earning assets: | ||||||||||||||||
Fed funds sold | $ | 5,918 | $ | 9 | 0.58 | % | ||||||||||
Interest-bearing deposits in nonaffiliated banks | 59,333 | 111 | 0.75 | |||||||||||||
Taxable securities | 1,066,586 | 6,313 | 2.37 | |||||||||||||
Tax exempt securities | 917,460 | 10,813 | 4.71 | |||||||||||||
Loans | 2,324,268 | 29,282 | 5.05 | |||||||||||||
Total interest-earning assets | 4,373,565 | 46,528 | 4.27 | |||||||||||||
Noninterest-earning assets | 305,201 | |||||||||||||||
Total assets | $ | 4,678,766 | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Deposits | $ | 2,403,899 | $ | 853 | 0.14 | % | ||||||||||
Fed funds purchased and other short term borrowings | 405,438 | 93 | 0.09 | |||||||||||||
Total interest-bearing liabilities | 2,809,337 | 946 | 0.14 | |||||||||||||
Noninterest-bearing liabilities | 1,291,602 | |||||||||||||||
Shareholders' equity | 577,827 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 4,678,766 | ||||||||||||||
Net interest income and margin (tax equivalent) | $ | 45,582 | 4.18 | % | ||||||||||||
Six Months Ended | ||||||||||||||||
June 30, 2013 | ||||||||||||||||
Average | Tax Equivalent | Yield / | ||||||||||||||
Balance | Interest | Rate | ||||||||||||||
Interest-earning assets: | ||||||||||||||||
Fed funds sold | $ | 9,570 | $ | 14 | 0.30 | % | ||||||||||
Interest-bearing deposits in nonaffiliated banks | 91,830 | 281 | 0.62 | |||||||||||||
Taxable securities | 1,052,723 | 12,688 | 2.41 | |||||||||||||
Tax exempt securities | 871,459 | 20,886 | 4.79 | |||||||||||||
Loans | 2,218,292 | 56,030 | 5.09 | |||||||||||||
Total interest-earning assets | 4,243,874 | 89,899 | 4.27 | |||||||||||||
Noninterest-earning assets | 302,071 | |||||||||||||||
Total assets | $ | 4,545,945 | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||
Deposits | $ | 2,362,645 | $ | 1,721 | 0.15 | % | ||||||||||
Fed funds purchased and other short term borrowings | 338,549 | 130 | 0.08 | |||||||||||||
Total interest-bearing liabilities | 2,701,194 | 1,851 | 0.14 | |||||||||||||
Noninterest-bearing liabilities | 1,274,970 | |||||||||||||||
Shareholders' equity | 569,781 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 4,545,945 | ||||||||||||||
Net interest income and margin (tax equivalent) | $ | 88,048 | 4.18 | % | ||||||||||||
SOURCE First Financial Bankshares, Inc.
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