Toggle SGML Header (+)


Section 1: 10-Q (10-Q)

10-Q
13false2019Q312-31FIRST FINANCIAL BANKSHARES INC0000036029falsetrueTroubled debt restructured loans of $3,983,000, $4,577,000 and $3,840,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans at September 30, 2019 and 2018, and December 31, 2018, respectively.Includes $342,000 of purchased credit impaired loans.Includes $2,947,000 of purchased credit impaired loans.Includes $827,000 of purchased credit impaired loans.The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due.Includes $342,000, $2,947,000 and $827,000 of purchased credit impaired loans as of September 30, 2019 and 2018, and December 31, 2018, respectively. 0000036029 2019-01-01 2019-09-30 0000036029 2019-09-30 0000036029 2018-09-30 0000036029 2018-12-31 0000036029 2019-07-01 2019-09-30 0000036029 2018-07-01 2018-09-30 0000036029 2018-01-01 2018-09-30 0000036029 2018-01-01 2018-12-31 0000036029 2018-10-23 2018-10-23 0000036029 2019-06-01 2019-06-26 0000036029 2017-01-01 2017-12-31 0000036029 2019-04-22 2019-04-23 0000036029 2019-10-29 0000036029 2017-12-31 0000036029 2018-06-30 0000036029 2019-06-30 0000036029 us-gaap:RetainedEarningsMember 2019-01-01 2019-09-30 0000036029 ffin:CommercialBancsharesIncMember 2019-01-01 2019-09-30 0000036029 srt:MaximumMember 2019-01-01 2019-09-30 0000036029 srt:MinimumMember 2019-01-01 2019-09-30 0000036029 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-09-30 0000036029 us-gaap:CommercialPortfolioSegmentMember us-gaap:ExtendedMaturityMember 2019-01-01 2019-09-30 0000036029 ffin:AgriculturalPortfolioSegmentMember us-gaap:ExtendedMaturityMember 2019-01-01 2019-09-30 0000036029 ffin:CombinedRateAndMaturityMember ffin:AgriculturalPortfolioSegmentMember 2019-01-01 2019-09-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:ExtendedMaturityMember 2019-01-01 2019-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-01-01 2019-09-30 0000036029 us-gaap:ExtendedMaturityMember 2019-01-01 2019-09-30 0000036029 ffin:CombinedRateAndMaturityMember 2019-01-01 2019-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:CommercialPortfolioSegmentMember 2019-01-01 2019-09-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2019-01-01 2019-09-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2019-01-01 2019-09-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-01-01 2019-09-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2019-01-01 2019-09-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-09-30 0000036029 us-gaap:TreasuryStockMember 2019-01-01 2019-09-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-01-01 2019-09-30 0000036029 srt:DirectorMember us-gaap:RestrictedStockMember 2019-01-01 2019-09-30 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2019-01-01 2019-09-30 0000036029 us-gaap:USTreasurySecuritiesMember 2018-09-30 0000036029 us-gaap:USTreasuryAndGovernmentMember 2018-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-09-30 0000036029 us-gaap:CorporateDebtSecuritiesMember 2018-09-30 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-09-30 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember 2018-09-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2018-09-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember 2018-09-30 0000036029 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:DoubtfulMember 2018-09-30 0000036029 us-gaap:InterestRateLockCommitmentsMember 2018-09-30 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember 2018-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2018-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2018-09-30 0000036029 us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateLockCommitmentsMember 2018-09-30 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:PassMember us-gaap:CommercialPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SpecialMentionMember us-gaap:CommercialPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SubstandardMember us-gaap:CommercialPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:PassMember ffin:AgriculturalPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SpecialMentionMember ffin:AgriculturalPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SubstandardMember ffin:AgriculturalPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:PassMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SpecialMentionMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SubstandardMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0000036029 us-gaap:PassMember us-gaap:ConsumerPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SpecialMentionMember us-gaap:ConsumerPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:SubstandardMember us-gaap:ConsumerPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:PassMember 2018-09-30 0000036029 us-gaap:SpecialMentionMember 2018-09-30 0000036029 us-gaap:SubstandardMember 2018-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2018-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2018-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2018-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember 2018-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2018-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2018-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2018-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember ffin:FairValueInputsLevel1AndLevel2Member 2018-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember ffin:FairValueInputsLevel1AndLevel2Member 2018-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2018-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2018-09-30 0000036029 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:CollateralizedSecuritiesOtherMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:CollateralizedSecuritiesOtherMember us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueInputsLevel2Member 2018-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueInputsLevel2Member 2018-09-30 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueInputsLevel2Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-09-30 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-09-30 0000036029 us-gaap:USTreasurySecuritiesMember 2019-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-09-30 0000036029 us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember 2019-09-30 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember 2019-09-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember 2019-09-30 0000036029 ffin:FBCBancsharesIncorporationAndFirstBankNationalAssociationMember 2019-09-30 0000036029 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:DoubtfulMember 2019-09-30 0000036029 us-gaap:InterestRateLockCommitmentsMember 2019-09-30 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember 2019-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2019-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2019-09-30 0000036029 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateLockCommitmentsMember 2019-09-30 0000036029 us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member ffin:ForwardMortgageBackedSecuritiesTradesMember 2019-09-30 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:PassMember us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SpecialMentionMember us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SubstandardMember us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:PassMember ffin:AgriculturalPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SpecialMentionMember ffin:AgriculturalPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SubstandardMember ffin:AgriculturalPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:PassMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SpecialMentionMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SubstandardMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0000036029 us-gaap:PassMember us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SpecialMentionMember us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:SubstandardMember us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:PassMember 2019-09-30 0000036029 us-gaap:SpecialMentionMember 2019-09-30 0000036029 us-gaap:SubstandardMember 2019-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2019-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember 2019-09-30 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-09-30 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember stpr:TX ffin:SecuritiesAvailableForSaleMember us-gaap:GeographicConcentrationRiskMember 2019-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember stpr:TX 2019-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember ffin:FairValueInputsLevel1AndLevel2Member 2019-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember ffin:FairValueInputsLevel1AndLevel2Member 2019-09-30 0000036029 ffin:FBCBancsharesIncorporationAndFirstBankNationalAssociationMember us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember 2019-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0000036029 us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember 2019-09-30 0000036029 us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember 2019-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:CollateralizedSecuritiesOtherMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-09-30 0000036029 us-gaap:CollateralizedSecuritiesOtherMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueInputsLevel2Member 2019-09-30 0000036029 us-gaap:USTreasurySecuritiesMember 2018-12-31 0000036029 us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember 2018-12-31 0000036029 us-gaap:CorporateDebtSecuritiesMember 2018-12-31 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember 2018-12-31 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember 2018-12-31 0000036029 us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0000036029 ffin:AgriculturalPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-12-31 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember 2018-12-31 0000036029 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:DoubtfulMember 2018-12-31 0000036029 us-gaap:InterestRateLockCommitmentsMember 2018-12-31 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember 2018-12-31 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000036029 us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:PassMember us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SpecialMentionMember us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SubstandardMember us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:PassMember ffin:AgriculturalPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SpecialMentionMember ffin:AgriculturalPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SubstandardMember ffin:AgriculturalPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:PassMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SpecialMentionMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SubstandardMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-12-31 0000036029 us-gaap:PassMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SpecialMentionMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:SubstandardMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:PassMember 2018-12-31 0000036029 us-gaap:SpecialMentionMember 2018-12-31 0000036029 us-gaap:SubstandardMember 2018-12-31 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember ffin:AgriculturalPortfolioSegmentMember 2018-12-31 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-12-31 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0000036029 ffin:FinancingReceivables15To59DaysPastDueMember 2018-12-31 0000036029 us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0000036029 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2018-12-31 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember ffin:FairValueInputsLevel1AndLevel2Member 2018-12-31 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember ffin:FairValueInputsLevel1AndLevel2Member 2018-12-31 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2018-12-31 0000036029 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000036029 us-gaap:USTreasurySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:CorporateBondSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:ResidentialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:CommercialMortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:CollateralizedSecuritiesOtherMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000036029 us-gaap:CollateralizedSecuritiesOtherMember us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0000036029 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2018-12-31 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:InterestRateLockCommitmentsMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:CarryingReportedAmountFairValueDisclosureMember ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:EstimateOfFairValueFairValueDisclosureMember ffin:ForwardMortgageBackedSecuritiesTradesMember us-gaap:FairValueInputsLevel2Member 2018-12-31 0000036029 us-gaap:RetainedEarningsMember 2018-01-01 2018-09-30 0000036029 us-gaap:CommonStockMember 2018-01-01 2018-09-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:CommercialPortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember ffin:AgriculturalPortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 us-gaap:ExtendedMaturityMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:ConsumerPortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 us-gaap:ExtendedMaturityMember 2018-01-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember 2018-01-01 2018-09-30 0000036029 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2018-01-01 2018-09-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-09-30 0000036029 us-gaap:TreasuryStockMember 2018-01-01 2018-09-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-01-01 2018-09-30 0000036029 srt:DirectorMember us-gaap:RestrictedStockMember 2018-01-01 2018-09-30 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2018-01-01 2018-09-30 0000036029 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:CommercialPortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 us-gaap:ExtendedMaturityMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:ConsumerPortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 us-gaap:ExtendedMaturityMember 2018-07-01 2018-09-30 0000036029 ffin:CombinedRateAndMaturityMember 2018-07-01 2018-09-30 0000036029 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2018-07-01 2018-09-30 0000036029 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000036029 us-gaap:TreasuryStockMember 2018-07-01 2018-09-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-07-01 2018-09-30 0000036029 srt:DirectorMember us-gaap:RestrictedStockMember 2018-07-01 2018-09-30 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2018-07-01 2018-09-30 0000036029 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:CommercialPortfolioSegmentMember 2019-07-01 2019-09-30 0000036029 ffin:CombinedRateAndMaturityMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-07-01 2019-09-30 0000036029 ffin:CombinedRateAndMaturityMember 2019-07-01 2019-09-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2019-07-01 2019-09-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-07-01 2019-09-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2019-07-01 2019-09-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2019-07-01 2019-09-30 0000036029 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000036029 us-gaap:TreasuryStockMember 2019-07-01 2019-09-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-07-01 2019-09-30 0000036029 srt:DirectorMember us-gaap:RestrictedStockMember 2019-07-01 2019-09-30 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2019-07-01 2019-09-30 0000036029 us-gaap:RestrictedStockMember ffin:NonEmployeeDirectorsMember 2019-04-22 2019-04-23 0000036029 srt:MaximumMember 2017-07-25 0000036029 us-gaap:CommercialPortfolioSegmentMember 2018-01-01 2018-12-31 0000036029 ffin:AgriculturalPortfolioSegmentMember 2018-01-01 2018-12-31 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-01-01 2018-12-31 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2018-01-01 2018-12-31 0000036029 us-gaap:RestrictedStockMember ffin:NonEmployeeDirectorsMember 2017-04-25 2017-04-25 0000036029 us-gaap:RestrictedStockMember ffin:NonEmployeeDirectorsMember 2018-04-24 2018-04-24 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2015-10-27 2015-10-27 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2016-10-25 2016-10-25 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2017-10-24 2017-10-24 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2018-10-23 2018-10-23 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2019-06-26 2019-06-26 0000036029 ffin:OrangePensionPlanMember 2019-01-01 2019-03-31 0000036029 ffin:OrangePensionPlanMember 2019-05-31 2019-05-31 0000036029 ffin:CommercialBancsharesIncMember 2018-01-02 2018-01-02 0000036029 us-gaap:AccountingStandardsUpdate201802Member 2018-01-01 2018-03-31 0000036029 ffin:FBCBancsharesIncorporationAndFirstBankNationalAssociationMember 2017-10-11 2017-10-12 0000036029 us-gaap:RestrictedStockMember srt:OfficerMember 2019-10-22 2019-10-22 0000036029 ffin:TheBankAndTrustBancsharesMember 2019-09-19 2019-09-19 0000036029 ffin:TheBankAndTrustBancsharesMember 2019-06-30 0000036029 us-gaap:CommonStockMember 2018-12-31 0000036029 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000036029 us-gaap:RetainedEarningsMember 2018-12-31 0000036029 us-gaap:TreasuryStockMember 2018-12-31 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-12-31 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000036029 us-gaap:CommonStockMember 2019-09-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000036029 us-gaap:RetainedEarningsMember 2019-09-30 0000036029 us-gaap:TreasuryStockMember 2019-09-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-09-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000036029 us-gaap:CommonStockMember 2017-12-31 0000036029 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000036029 us-gaap:RetainedEarningsMember 2017-12-31 0000036029 us-gaap:TreasuryStockMember 2017-12-31 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2017-12-31 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000036029 us-gaap:CommercialPortfolioSegmentMember 2017-12-31 0000036029 ffin:AgriculturalPortfolioSegmentMember 2017-12-31 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2017-12-31 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2017-12-31 0000036029 us-gaap:CommonStockMember 2018-09-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000036029 us-gaap:RetainedEarningsMember 2018-09-30 0000036029 us-gaap:TreasuryStockMember 2018-09-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-09-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000036029 us-gaap:CommonStockMember 2018-06-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000036029 us-gaap:RetainedEarningsMember 2018-06-30 0000036029 us-gaap:TreasuryStockMember 2018-06-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-06-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2018-06-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2018-06-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-06-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2018-06-30 0000036029 us-gaap:CommonStockMember 2019-06-30 0000036029 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000036029 us-gaap:RetainedEarningsMember 2019-06-30 0000036029 us-gaap:TreasuryStockMember 2019-06-30 0000036029 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-06-30 0000036029 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000036029 us-gaap:CommercialPortfolioSegmentMember 2019-06-30 0000036029 ffin:AgriculturalPortfolioSegmentMember 2019-06-30 0000036029 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-06-30 0000036029 us-gaap:ConsumerPortfolioSegmentMember 2019-06-30 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares ffin:Investment ffin:SecurityLoan ffin:Contract
Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
 
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
Commission file number
0-7674
 
FIRST FINANCIAL BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
 
     
Texas
 
75-0944023
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
     
400 Pine Street, Abilene, Texas
 
79601
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(325)
627-7155
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, $0.01 par value
 
FFIN
 
NASDAQ Global Select Market
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated
filer
 
 
Smaller reporting company
 
             
 
 
 
 
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Act).    Yes  
    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
     
Class
 
Outstanding at October 29, 2019
Common Stock, $0.01 par value per share
 
135,844,644
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Table of Contents
 
TABLE OF
CONTENTS
             
 
 
 
FINANCIAL INFORMATION
 
Item
 
 
Page
 
1.
 
 
 
2
 
 
 
 
3
 
 
 
 
4
 
 
 
 
5
 
 
 
 
6
 
 
 
 
8
 
 
 
 
9
 
 
 
 
 
 
 
 
2.
 
 
 
36
 
 
 
 
 
 
 
 
3.
 
 
 
56
 
 
 
 
 
 
 
 
4.
 
 
 
56
 
 
 
 
 
 
OTHER INFORMATION
 
 
 
 
 
 
 
 
1.
 
 
 
57
 
 
 
 
 
 
 
 
1A.
 
 
 
57
 
 
 
 
 
 
 
 
2.
 
 
 
57
 
 
 
 
 
 
 
 
3.
 
 
 
57
 
 
 
 
 
 
 
 
4.
 
 
 
57
 
 
 
 
 
 
 
 
5.
 
 
 
57
 
 
 
 
 
 
 
 
6.
 
 
 
58
 
 
 
 
 
 
 
 
 
 
 
59
 
 
 
 
 
 
 
 
 
 
 
 
1
 
 

 
Table of Contents
 
 
PART I
FINANCIAL INFORMATION
Item 1. Financial Statements.
The consolidated balance sheets of First Financial Bankshares, Inc. (the “Company” or “we”) at September 30, 2019 and 2018 and December 31, 2018, and the consolidated statements of earnings, comprehensive earnings and shareholders’ equity for the three and nine months ended September 30, 2019 and 2018, and the consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018, follow on pages
3
through
8
.
 
2
 

 
Table of Contents
 
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
                         
 
September 30,
   
December 31,
 
 
2019
   
2018
   
2018
 
ASSETS
 
(Unaudited)
 
 
 
 
CASH AND DUE FROM BANKS
  $
198,855
    $
164,998
    $
207,835
 
INTEREST-BEARING DEPOSITS IN BANKS
   
31,410
     
34,511
     
40,812
 
                         
Total cash and cash equivalents
   
230,265
     
199,509
     
248,647
 
INTEREST-BEARING TIME DEPOSITS IN BANKS
   
—  
     
1,458
     
1,458
 
SECURITIES
AVAILABLE-FOR-SALE,
at fair value
   
3,397,156
     
3,144,367
     
3,158,777
 
LOANS:
   
     
     
 
Held for investment
   
4,100,316
     
3,867,040
     
3,953,636
 
Less - allowance for loan losses
   
(51,889
)    
(50,871
)    
(51,202
)
                         
Net loans held for investment
   
4,048,427
     
3,816,169
     
3,902,434
 
Held-for-sale
($39,735, $15,955 and $19,185 at fair value at September 30, 2019 and 2018 and December 31, 2018, respectively)
   
40,499
     
18,496
     
21,672
 
                         
Net loans
   
4,088,926
     
3,834,665
     
3,924,106
 
BANK PREMISES AND EQUIPMENT, net
   
132,367
     
130,815
     
133,421
 
INTANGIBLE ASSETS
   
173,905
     
174,907
     
174,683
 
OTHER ASSETS
   
91,220
     
85,510
     
90,762
 
                         
Total assets
  $
8,113,839
    $
7,571,231
    $
7,731,854
 
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY
   
     
     
 
NONINTEREST-BEARING DEPOSITS
  $
2,210,997
    $
2,146,984
    $
2,116,107
 
INTEREST-BEARING DEPOSITS
   
4,186,686
     
3,998,298
     
4,064,282
 
                         
Total deposits
   
6,397,683
     
6,145,282
     
6,180,389
 
DIVIDENDS PAYABLE
   
16,299
     
14,216
     
14,227
 
BORROWINGS
   
400,155
     
380,760
     
468,706
 
OTHER LIABILITIES
   
94,604
     
35,234
     
15,237
 
                         
Total liabilities
   
6,908,741
     
6,575,492
     
6,678,559
 
                         
COMMITMENTS AND CONTINGENCIES
   
     
     
 
SHAREHOLDERS’ EQUITY:
   
     
     
 
C
ommon stock—($
0.01 par value, authorized 200,000,000 shares; 135,822,456, 67,693,586 and 67,753,133 shares issued at September 30, 2019 and 2018 and December 31, 2018, respectively)
   
1,358
     
677
     
678
 
Capital surplus
   
448,968
     
440,589
     
443,114
 
Retained earnings
   
682,575
     
582,449
     
606,658
 
Treasury stock (shares at cost: 928,287, 471,070 and 467,811 at September 30, 2019 and 2018 and December 31, 2018, respectively)
   
(8,042
)    
(7,512
)    
(7,507
)
Deferred compensation
   
8,042
     
7,512
     
7,507
 
Accumulated other comprehensive earnings (loss)
   
72,197
     
(27,976
)    
2,845
 
                         
Total shareholders’ equity
   
1,205,098
     
995,739
     
1,053,295
 
 
                       
Total liabilities and shareholders’ equity
  $
8,113,839
    $
7,571,231
    $
7,731,854
 
                         
 
 
 
 
 
 
 
 
 
 
 
See notes to consolidated financial statements.
 
3
 

 
Table of Contents
 
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
(Dollars in thousands, except per share amounts)
                                 
 
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
 
2019
   
2018
   
2019
   
2018
 
INTEREST INCOME:
   
     
     
     
 
Interest and fees on loans
  $
57,123
    $
51,428
    $
166,095
    $
147,279
 
Interest on investment securities:
   
     
     
     
 
Taxable
   
14,292
     
12,593
     
41,505
     
36,666
 
Exempt from federal income tax
   
8,795
     
9,558
     
27,801
     
29,882
 
Interest on federal funds sold and interest-bearing deposits in banks
   
381
     
470
     
1,668
     
1,382
 
                                 
Total interest income
   
80,591
     
74,049
     
237,069
     
215,209
 
INTEREST EXPENSE:
   
     
     
     
 
Interest on deposits
   
7,123
     
4,330
     
21,070
     
11,854
 
Other
   
830
     
293
     
2,231
     
869
 
                                 
Total interest expense
   
7,953
     
4,623
     
23,301
     
12,723
 
 
                               
Net interest income
   
72,638
     
69,426
     
213,768
     
202,486
 
PROVISION FOR LOAN LOSSES
   
450
     
1,450
     
2,015
     
3,865
 
                                 
Net interest income after provision for loan losses
   
72,188
     
67,976
     
211,753
     
198,621
 
                                 
NONINTEREST INCOME:
   
     
     
     
 
Trust fees
   
7,051
     
7,291
     
21,057
     
21,265
 
Service charges on deposit accounts
   
5,629
     
5,690
     
16,179
     
15,950
 
ATM, interchange and credit card fees
   
7,728
     
7,533
     
21,920
     
21,570
 
Real estate mortgage operations
   
5,733
     
4,834
     
13,928
     
11,718
 
Net gain on sale of
available-for-sale
securities (includes $52 and $58 for the three months ended September 30, 2019 and 2018, respectively, and $728 and $1,346 for the nine months ended September 30, 2019 and 2018, respectively, related to accumulated other comprehensive earnings reclassifications)
   
52
     
58
     
728
     
1,346
 
Net gain on sale of foreclosed assets
   
71
     
84
     
193
     
201
 
Net gain (loss) on sale of assets
   
235
     
(61
)    
241
     
(152
)
Interest on loan recoveries
   
575
     
199
     
1,815
     
607
 
Other
   
1,595
     
1,427
     
5,020
     
4,461
 
                                 
Total noninterest income
   
28,669
     
27,055
     
81,081
     
76,966
 
NONINTEREST EXPENSE:
   
     
     
     
 
Salaries and employee benefits
   
28,550
     
26,377
     
82,468
     
79,442
 
Loss from partial settlement of pension plan
   
—  
     
—  
     
900
     
—  
 
Net occupancy expense
   
2,830
     
2,900
     
8,372
     
8,589
 
Equipment expense
   
2,225
     
2,629
     
7,009
     
7,548
 
FDIC insurance premiums
   
15
     
570
     
1,091
     
1,768
 
ATM, interchange and credit card expenses
   
2,627
     
2,344
     
7,437
     
6,692
 
Professional and service fees
   
1,902
     
2,174
     
5,721
     
6,613
 
Printing, stationery and supplies
   
480
     
387
     
1,348
     
1,485
 
Operational and other losses
   
507
     
981
     
1,253
     
1,852
 
Software amortization and expense
   
1,767
     
1,393
     
5,147
     
4,433
 
Amortization of intangible assets
   
246
     
279
     
778
     
1,049
 
Other
   
7,761
     
7,472
     
23,059
     
22,977
 
                                 
Total noninterest expense
   
48,910
     
47,506
     
144,583
     
142,448
 
                                 
EARNINGS BEFORE INCOME TAXES
   
51,947
     
47,525
     
148,251
     
133,139
 
INCOME TAX EXPENSE
(includes $11 and $12 for the three months ended September 30, 2019 and 2018, respectively, and $153 and $283 for the nine months ended September 30, 2019 and 2018, respectively, related to income tax expense from reclassification items)
   
8,867
     
7,475
     
24,827
     
20,937
 
                                 
NET EARNINGS
  $
43,080
    $
40,050
    $
123,424
    $
112,202
 
EARNINGS PER SHARE, BASIC
  $
0.32
    $
0.30
    $
0.91
    $
0.83
 
EARNINGS PER SHARE, ASSUMING DILUTION
  $
0.32
    $
0.29
    $
0.91
    $
0.83
 
DIVIDENDS PER SHARE
  $
0.12
    $
0.11
    $
0.35
    $
0.31
 
 
 
 
 
 
 
 
 
 
See notes to consolidated financial statements.
 
4
 

 
Table of Contents
 
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - (UNAUDITED)
(Dollars in thousands)
                                 
 
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
 
2019
   
2018
   
2019
   
2018
 
NET EARNINGS
 
$
43,080
    $
40,050
    $
123,424
    $
112,202
 
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS):
   
     
     
     
 
C
hange in unrealized gain (loss) on investment securities
 
available-for-sale,

before income taxes
   
16,446
     
(20,930
)    
88,517
     
(75,236
)
Reclassification adjustment for realized gains on investment securities included in net earnings, before income tax
   
(52
)    
(58
)    
(728
)    
(1,346
)
                                 
Total other items of comprehensive earnings
   
16,394
     
(20,988
)    
87,789
     
(76,582
)
Income tax benefit (expense) related to other items of comprehensive earnings
   
(3,444
)    
4,407
     
(18,437
)    
16,082
 
Reclassification of certain income tax effects related to the change in the U.S. statutory federal incoem tax rate under the Tax Cuts and Jobs Act to retained earnings
.
   
—  
     
—  
     
—  
     
5,759
 
                                 
COMPREHENSIVE EARNINGS
 
$
56,030
    $
23,469
    $
192,776
    $
57,461
 
                                 
 
 
 
 
 
 
 
 
 
See notes to consolidated financial statements.
 
5
 

 
Table of Contents
 
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollars in thousands, except per share amounts)
                                                                         
 
   
   
   
   
   
   
   
Accumulated
   
 
 
   
   
   
   
   
   
   
Other
   
Total
 
 
Common Stock
   
Capital
   
Retained
   
Treasury Stock
   
Deferred
   
Comprehensive
   
Shareholders’
 
 
Shares
   
Amount
   
Surplus
   
Earnings
   
Shares
   
Amounts
   
Compensation
   
Earnings
   
Equity
 
Balances at June 30, 2018
 
(unaudited)
 
   
67,669,658
    $
677
    $
439,731
    $
556,615
     
(491,170
)   $
(7,419
)   $
7,419
    $
(11,395
)   $
985,628
 
Net earnings (unaudited)
   
—  
     
—  
     
—  
     
40,050
     
—  
     
—  
     
—  
     
—  
     
40,050
 
Stock option exercises (unaudited)
   
23,928
     
—  
     
481
     
—  
     
—  
     
—  
     
—  
     
—  
     
481
 
Cash dividends declared, $0.11 per share (unaudited)
   
—  
     
—  
     
—  
     
(14,216
)    
—  
     
—  
     
—  
     
—  
     
(14,216
)
Change in unrealized loss in investment securities
available-for-sale,
net of related income taxes (unaudited)
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
(16,581
)    
(16,581
)
Shares purchased (redeemed) in connection with directors’ deferred compensation plan, net (unaudited)
   
—  
     
—  
     
—  
     
—  
     
20,100
     
(93
)    
93
     
—  
     
—  
 
Stock option expense (unaudited)
   
—  
     
—  
     
377
     
—  
     
—  
     
—  
     
—  
     
—  
     
377
 
Balances at September 30, 2018 (unaudited)
   
67,693,586
    $
677
    $
440,589
    $
582,449
     
(471,070
)   $
(7,512
)   $
7,512
    $
(27,976
)   $
995,739
 
Balances at June 30, 2019
 
(unaudited)
   
135,809,224
    $
1,358
    $
448,349
    $
655,794
     
(929,441
)   $
(7,823
)   $
7,823
    $
59,247
    $
1,164,748
 
Net earnings (unaudited)
   
—  
     
—  
     
—  
     
43,080
     
—  
     
—  
     
—  
     
—  
     
43,080
 
Stock option exercises (unaudited)
   
13,232
     
—  
     
188
     
—  
     
—  
     
—  
     
—  
     
—  
     
188
 
Cash dividends declared, $0.12 per share (unaudited)
   
—  
     
—  
     
—  
     
(16,299
)    
—  
     
—  
     
—  
     
—  
     
(16,299
)
Change in unrealized gain in investment securities
available-for-sale,
net of related income taxes (unaudited)
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
12,950
     
12,950
 
Shares purchased (redeemed) in connection with directors’ deferred compensation plan, net (unaudited)
   
—  
     
—  
     
—  
     
—  
     
1,154
     
(219
)    
219
     
—  
     
—  
 
Stock option expense (unaudited)
   
—  
     
—  
     
431
     
—  
     
—  
     
—  
     
—  
     
—  
     
431
 
Balances at September 30, 2019 (unaudited)
   
135,822,456
    $
1,358
    $
448,968
    $
682,575
     
(928,287
)   $
(8,042
)   $
8,042
    $
72,197
    $
1,205,098
 
 
 
 
 
 
 
 
 
 
 
         
 
 
6
 
(continued)
 
 
 
 
 
 
 
 

 
Table of Contents
 
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollars in thousands, except per share amounts)
 
                                                                         
 
   
   
   
   
   
   
   
Accumulated
   
 
 
   
   
   
   
   
   
   
Other
   
Total
 
 
Common Stock
   
Capital
   
Retained
   
Treasury Stock
   
Deferred
   
Comprehensive
   
Shareholders’