• First Financial Bankshares, Inc.
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  • First Financial Bankshares Announces Third Quarter Earnings Results
    Company Release - 10/18/2018 16:05

    ABILENE, Texas, Oct. 18, 2018 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2018 of $40.05 million, up $10.68 million when compared with earnings of $29.37 million in the same quarter last year.  Basic earnings per share were $0.59 for the third quarter of 2018 compared with $0.44 in the same quarter a year ago. Contributing to the increase in net earnings and earnings per share in the current quarter when compared with the same quarter a year ago were the Kingwood acquisition (see below) and the enactment of the Tax Cuts and Jobs Act which was effective January 1, 2018, and reduced the corporate income tax rate from 35 percent to 21 percent. Without this tax adjustment, net earnings for the third quarter of 2018 would have been $34.88 million with an adjusted basic earnings per share of $0.52.

    All amounts for the three and nine months ended September 30, 2018, include the results of the Company's acquisition of Commercial Bancshares, Inc. and its wholly-owned subsidiary, Commercial State Bank, Kingwood, Texas, which was effective January 1, 2018. As of the acquisition date, Commercial State Bank had total assets of approximately $390.20 million, total loans of approximately $271.50 million and total deposits of approximately $345.90 million.

    Net interest income for the third quarter of 2018 was $69.43 million compared with $59.69 million in the same quarter of 2017. The net interest margin, on a taxable equivalent basis, was 4.01 percent for the third quarter of 2018 compared to 3.92 percent for the second quarter of 2018 and 3.94 percent for the third quarter of 2017. Included in interest income for the third quarter of 2018 was $750 thousand, or four basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions.  

    The provision for loan losses was $1.45 million in the third quarter of 2018 compared with $1.11 million in the second quarter of 2018 and $1.42 million in the third quarter of 2017. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent at September 30, 2018, compared with 0.73 percent at June 30, 2018, and 0.63 percent at September 30, 2017. Classified loans totaled $117.52 million at September 30, 2018, compared to $113.73 million at June 30, 2018, and $121.29 million at September 30, 2017.

    Noninterest income increased 11.52 percent in the third quarter of 2018 to $27.06 million compared with $24.26 million in the same quarter a year ago. Trust fees increased $1.25 million to $7.29 million in the third quarter of 2018 compared with $6.04 million in the same quarter last year, primarily due to continued growth in Trust assets managed to $5.75 billion from $4.92 billion a year ago. ATM, interchange and credit card fees increased 18.82 percent to $7.53 million compared with $6.34 million in the same quarter last year due to continued growth in debit cards and the Kingwood acquisition. Service charges on deposits increased 11.94 percent to $5.69 million compared with $5.08 million in the same quarter a year ago, primarily due to continued growth in net new accounts, product and pricing changes made to better align the Company's account offerings and the Kingwood acquisition. Real estate mortgage fees increased to $4.83 million in the third quarter of 2018 from $3.89 million in the same quarter a year ago. Offsetting these increases was a decrease in gains on sales of securities to $58 thousand in the third quarter of 2018 compared to $1.08 million in the same quarter a year ago.

    Noninterest expense for the third quarter of 2018 totaled $47.51 million compared to $43.96 million in the third quarter of 2017. The Company's efficiency ratio in the third quarter of 2018 was 48.12 percent compared with 48.71 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2018 was primarily a result of an increase in salary and employee benefit costs to $26.38 million compared to $24.14 million in the same quarter a year ago, primarily driven by the Kingwood acquisition, annual merit based pay increases and an increase in profit sharing expenses.

    For the nine months ended September 30, 2018, net income increased to $112.20 million from $84.23 million for the same period a year ago. Basic earnings per share rose to $1.66 from $1.27 in the same period of 2017. Net interest income increased 15.18 percent to $202.49 million for the nine months ended September 30, 2018, from $175.79 million in the same period a year ago. The provision for loan losses totaled $3.87 million compared with $5.09 million in the same period a year ago. Noninterest income was $76.97 million for the first nine months 2018 compared with $68.72 million in the same period a year ago. Noninterest expense rose to $142.45 million compared with $129.89 million during the same period a year ago.

    As of September 30, 2018, consolidated assets for the Company totaled $7.57 billion compared to $7.69 billion at June 30, 2018, and $7.01 billion at September 30, 2017. Loans grew to $3.89 billion at September 30, 2018, compared with loans of $3.86 billion at June 30, 2018 and $3.49 billion at September 30, 2017. Deposits totaled $6.15 billion at September 30, 2018, compared to $6.21 billion at June 30, 2018, and $5.70 billion at September 30, 2017.  Shareholders' equity rose to $995.74 million as of September 30, 2018, compared with $985.63 million at June 30, 2018, and $906.56 million at September 30, 2017. 

    "We are pleased to report another quarter of strong earnings growth," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits and reduce expenses while looking for acquisition opportunities to utilize our strong capital position and increase returns to our shareholders. In light of the continued increases in interest rates by the Federal Reserve, we are focused on increasing loan and deposit rates to better align with our competitive environment," added Dueser.

    About First Financial Bankshares

    Headquartered in Abilene, Texas, First Financial is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 72 locations in Texas, following the close of this acquisition, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, 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 seven 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





    2018



    2017


    ASSETS




    Sept. 30, 



    June 30, 



    Mar. 31, 



     Dec 31,  



     Sept. 30,  


    Cash and due from banks


    $

    164,998


    $

    178,217


    $

    130,979


    $

    209,583


    $

    177,615


    Interest-bearing deposits in banks


    34,511



    99,499



    67,060



    162,764



    166,820


    Interest-bearing time deposits in banks


    1,458



    1,458



    1,458



    1,458



    1,458


    Fed funds sold




    -



    8,450



    -



    -



    -


    Investment securities



    3,144,367



    3,197,567



    3,276,193



    3,087,473



    2,885,483


    Loans




    3,885,536



    3,855,769



    3,747,081



    3,500,699



    3,491,346



    Allowance for loan losses


    (50,871)



    (49,951)



    (49,499)



    (48,156)



    (47,922)


    Net loans




    3,834,665



    3,805,818



    3,697,582



    3,452,543



    3,443,424


    Premises and equipment



    130,815



    130,366



    126,446



    124,026



    125,668


    Goodwill




    171,565



    171,565



    171,565



    139,971



    139,971


    Other intangible assets



    3,342



    3,620



    4,004



    1,172



    1,384


    Other assets




    85,510



    88,910



    92,162



    75,725



    67,341



    Total assets


    $

    7,571,231


    $

    7,685,470


    $

    7,567,449


    $

    7,254,715


    $

    7,009,164




















    LIABILITIES AND SHAREHOLDERS'  EQUITY
















    Noninterest-bearing deposits


    $

    2,146,984


    $

    2,105,953


    $

    2,111,116


    $

    2,041,650


    $

    1,949,174


    Interest-bearing deposits



    3,998,298



    4,104,654



    4,079,647



    3,921,311



    3,748,286



    Total deposits



    6,145,282



    6,210,607



    6,190,763



    5,962,961



    5,697,460


    Borrowings




    380,760



    456,935



    372,155



    331,000



    351,435


    Other liabilities




    49,450



    32,300



    34,717



    37,986



    53,713


    Shareholders' equity



    995,739



    985,628



    969,814



    922,768



    906,556



    Total liabilities and shareholders' equity

    $

    7,571,231


    $

    7,685,470


    $

    7,567,449


    $

    7,254,715


    $

    7,009,164























    Quarter Ended





    2018



    2017


    INCOME STATEMENTS



     Sept 30,  



     June 30,  



    Mar. 31, 



     Dec 31,  



     Sept. 30,  


    Interest income



    $

    74,049


    $

    72,078


    $

    69,082


    $

    63,456


    $

    62,554


    Interest expense



    4,623



    4,467



    3,633



    2,562



    2,866


    Net interest income



    69,426



    67,611



    65,449



    60,894



    59,688


    Provision for loan losses



    1,450



    1,105



    1,310



    1,440



    1,415


    Net interest income after provision for loan losses


    67,976



    66,506



    64,139



    59,454



    58,273


    Noninterest income



    27,055



    25,488



    24,423



    22,302



    24,260


    Noninterest expense



    47,506



    47,144



    47,798



    44,096



    43,964



    Net income before income taxes


    47,525



    44,850



    40,764



    37,660



    38,569


    Income tax expense



    7,475



    7,217



    6,245



    9,167



    9,195


    Tax benefit from tax rate change



    -



    -



    -



    (7,650)



    -



    Net income


    $

    40,050


    $

    37,633


    $

    34,519


    $

    36,143


    $

    29,374




















    PER COMMON SHARE DATA 

















    Net income - basic


    $

    0.59


    $

    0.56


    $

    0.51


    $

    0.55


    $

    0.44


    Net income - diluted



    0.59



    0.55



    0.51



    0.54



    0.44


    Cash dividends declared



    0.21



    0.21



    0.19



    0.19



    0.19


    Book Value




    14.71



    14.57



    14.34



    13.93



    13.69


    Market Value



    $

    59.10


    $

    50.90


    $

    46.30


    $

    45.05


    $

    45.20


    Shares outstanding - end of period


    67,693,586



    67,669,658



    67,612,760



    66,260,444



    66,223,957


    Average outstanding shares - basic


    67,635,058



    67,597,275



    67,527,010



    66,191,995



    66,140,518


    Average outstanding shares - diluted


    68,053,724



    67,924,168



    67,799,545



    66,428,871



    66,417,281




















    PERFORMANCE RATIOS

















    Return on average assets



    2.10

    %

    1.98

    %


    1.84

    %


    2.02

    %


    1.65

    %

    Return on average equity



    16.00



    15.53



    14.74



    15.79



    12.95


    Return on average tangible equity


    19.42



    18.94



    17.82



    18.70



    15.38


    Net interest margin (tax equivalent)


    4.01



    3.92



    3.88



    4.00



    3.94


    Efficiency ratio




    48.12



    49.42



    51.76



    49.37



    48.71









































    Nine Months Ended













    Sept. 30,










    INCOME STATEMENTS



    2018



    2017











    Interest income



    $

    215,209


    $

    182,519











    Interest expense



    12,723



    6,726











    Net interest income



    202,486



    175,793











    Provision for loan losses



    3,865



    5,090











    Net interest income after provision for loan losses


    198,621



    170,703











    Noninterest income



    76,966



    68,715











    Noninterest expense



    142,448



    129,891












    Net income before income taxes


    133,139



    109,527











    Income tax expense



    20,937



    25,300












    Net income


    $

    112,202


    $

    84,227





























    PER COMMON SHARE DATA 

















    Net income - basic


    $

    1.66


    $

    1.27











    Net income - diluted



    1.65



    1.27











    Cash dividends declared



    0.61



    0.56











    Book Value



    14.71



    13.69











    Market Value


    $

    59.10


    $

    45.20











    Shares outstanding - end of period


    67,693,586



    66,223,957











    Average outstanding shares - basic


    67,586,843



    66,104,914











    Average outstanding shares - diluted


    67,948,420



    66,392,210





























    PERFORMANCE RATIOS

















    Return on average assets



    1.97

    %

    1.62

    %










    Return on average equity



    15.43



    12.88











    Return on average tangible equity


    18.74



    15.40











    Net interest margin (tax equivalent)


    3.94



    4.01











    Efficiency ratio



    49.73



    49.22





























     

    FIRST FINANCIAL BANKSHARES, INC.

    SELECTED FINANCIAL DATA (UNAUDITED)

    (In thousands)






















    Quarter Ended





    2018



    2017


    ALLOWANCE FOR LOAN LOSSES


     Sept. 30,  



    June 30, 



    Mar. 31, 



     Dec 31,  



     Sept. 30,  


    Balance at beginning of period


    $

    49,951


    $

    49,499


    $

    48,156


    $

    47,922


    $

    47,410


    Loans charged off



    (945)



    (949)



    (471)



    (1,440)



    (1,180)


    Loan recoveries




    415



    296



    504



    234



    277


    Net recoveries (charge-offs)



    (530)



    (653)



    33



    (1,206)



    (903)


    Provision for loan losses



    1,450



    1,105



    1,310



    1,440



    1,415


    Balance at end of period


    $

    50,871


    $

    49,951


    $

    49,499


    $

    48,156


    $

    47,922




















    Allowance for loan losses /

















         period-end loans



    1.31

    %


    1.30

    %


    1.32

    %


    1.38

    %


    1.37

    %

    Allowance for loan losses /

















         nonperforming loans



    194.25



    182.31



    209.80



    259.11



    243.57


    Net charge-offs / average loans

















         (annualized)




    0.05



    0.07



    -



    0.14



    0.10




















    SUMMARY OF LOAN CLASSIFICATION
















    Special Mention



    $

    36,450


    $

    34,557


    $

    40,079


    $

    37,079


    $

    35,237


    Substandard




    81,073



    79,170



    83,976



    80,131



    86,057


    Doubtful




    -



    -



    -



    -



    -



    Total classified loans

    $

    117,523


    $

    113,727


    $

    124,055


    $

    117,210


    $

    121,294




















    NONPERFORMING ASSETS

















    Nonaccrual loans


    $

    25,587


    $

    26,685


    $

    22,752


    $

    17,670


    $

    18,750


    Accruing troubled debt restructured loans


    513



    514



    514



    627



    668


    Accruing loans 90 days past due


    88



    200



    327



    288



    257



    Total nonperforming loans


    26,188



    27,399



    23,593



    18,585



    19,675


    Foreclosed assets



    671



    705



    1,276



    1,532



    2,401



    Total nonperforming assets

    $

    26,859


    $

    28,104


    $

    24,869


    $

    20,117


    $

    22,076




















    As a % of loans and foreclosed assets


    0.69

    %


    0.73

    %


    0.66

    %


    0.57

    %


    0.63

    %

    As a % of end of period total assets


    0.35



    0.37



    0.33



    0.28



    0.31




















    OIL AND GAS PORTFOLIO INFORMATION
















    Oil and gas loans


    $

    112,039


    $

    103,381


    $

    86,218


    $

    60,164


    $

    69,433


    Oil and gas loans as a % of total loans


    2.88

    %

    2.68

    %


    2.30

    %


    1.72

    %


    1.99

    %

    Classified oil and gas loans



    4,861



    5,001



    10,485



    20,346



    21,817


    Nonaccrual oil and gas loans



    1,825



    1,629



    1,460



    1,414



    1,569


    Net charge-offs for oil and gas loans


    -



    -



    -



    -



    -


    Allowance for oil and gas loans as a % of oil and gas loans

    3.28

    %

    3.48

    %


    3.64

    %


    7.90

    %


    6.03

    %



















    CAPITAL RATIOS

















    Common equity Tier 1 capital ratio


    19.19

    %


    18.68

    %


    18.43

    %


    18.66

    %


    18.35

    %

    Tier 1 capital ratio



    19.19



    18.68



    18.43



    18.66



    18.35


    Total capital ratio



    20.34



    19.81



    19.58



    19.85



    19.54


    Tier 1 leverage




    11.57



    11.14



    10.90



    11.09



    10.84


    Equity to assets




    13.15



    12.82



    12.82



    12.72



    12.93









































    Quarter Ended





    2018



    2017


    NONINTEREST INCOME



     Sept. 30,  



     June 30,  



    Mar. 31, 



     Dec 31,  



     Sept. 30,  


    Trust fees



    $

    7,291


    $

    7,070


    $

    6,904


    $

    5,891


    $

    6,040


    Service charges on deposits



    5,690



    5,375



    4,884



    4,900



    5,083


    ATM, interchange and credit card fees


    7,533



    7,041



    6,996



    6,584



    6,340


    Real estate mortgage fees



    4,834



    3,951



    2,933



    3,613



    3,891


    Net gain on sale of available-for-sale securities


    58



    67



    1,221



    3



    1,075


    Net gain (loss) on sale of foreclosed assets


    84



    19



    99



    (8)



    (11)


    Net gain (loss) on sale of assets



    (61)



    -



    (91)



    (185)



    (15)


    Interest on loan recoveries



    199



    289



    119



    232



    405


    Other noninterest income



    1,427



    1,676



    1,358



    1,272



    1,452



    Total noninterest income

    $

    27,055


    $

    25,488


    $

    24,423


    $

    22,302


    $

    24,260




















    NONINTEREST EXPENSE

















    Salaries and employee benefits, excluding profit sharing

    $

    24,693


    $

    24,545


    $

    24,994


    $

    22,760


    $

    23,052


    Profit sharing expense



    1,684



    2,317



    1,209



    1,661



    1,091


    Net occupancy expense



    2,900



    2,806



    2,883



    2,439



    2,711


    Equipment expense



    3,482



    3,440



    3,516



    3,369



    3,294


    FDIC insurance premiums



    570



    632



    566



    560



    561


    ATM, interchange and credit card expenses


    2,344



    2,205



    2,143



    1,935



    2,001


    Legal, tax and professional fees



    2,417



    2,308



    2,807



    2,580



    2,396


    Audit  fees




    382



    439



    411



    338



    356


    Printing, stationery and supplies



    387



    612



    486



    567



    449


    Amortization of intangible assets


    279



    384



    387



    136



    143


    Advertising and public relations



    1,709



    1,576



    1,575



    1,689



    1,527


    Operational and other losses



    981



    305



    566



    553



    1,081


    Software amortization and expense


    540



    479



    524



    1,056



    742


    Other noninterest expense



    5,138



    5,096



    5,731



    4,453



    4,560



    Total noninterest expense

    $

    47,506


    $

    47,144


    $

    47,798


    $

    44,096


    $

    43,964




















    TAX EQUIVALENT YIELD ADJUSTMENT

    $

    2,242


    $

    2,289


    $

    2,467


    $

    6,125


    $

    6,312









































    Nine Months Ended













    Sept. 30,










    NONINTEREST INCOME



    2018



    2017











    Trust fees



    $

    21,265


    $

    17,804











    Service charges on deposits



    15,950



    14,517











    ATM, interchange and credit card fees


    21,570



    19,102











    Real estate mortgage fees



    11,718



    11,496











    Net gain (loss) on sale of available-for-sale securities


    1,346



    1,825











    Net gain (loss) on sale of foreclosed assets


    201



    (42)











    Net gain (loss) on sale of assets



    (152)



    (211)











    Interest on loan recoveries



    607



    896











    Other noninterest income



    4,461



    3,328












    Total noninterest income

    $

    76,966


    $

    68,715





























    NONINTEREST EXPENSE

















    Salaries and employee benefits, excluding profit sharing

    $

    74,232


    $

    67,793











    Profit sharing expense



    5,210



    3,074











    Net occupancy expense



    8,589



    8,081











    Equipment expense



    10,438



    10,397











    FDIC insurance premiums



    1,768



    1,657











    ATM, interchange and credit card expenses


    6,692



    5,517











    Legal, tax and professional fees



    7,532



    7,399











    Audit  fees




    1,234



    1,154











    Printing, stationery and supplies



    1,485



    1,423











    Amortization of intangible assets


    1,049



    477











    Advertising and public relations



    4,860



    4,646











    Operational and other losses



    1,852



    2,639











    Software amortization and expense


    1,542



    2,237











    Other noninterest expense



    15,965



    13,397












    Total noninterest expense

    $

    142,448


    $

    129,891





























    TAX EQUIVALENT YIELD ADJUSTMENT

    $

    6,997


    $

    19,371











     

    FIRST FINANCIAL BANKSHARES, INC.

    SELECTED FINANCIAL DATA (UNAUDITED)

    (In thousands)


































    Three Months Ended




    Three Months Ended










    Sept. 30, 2018




    June 30, 2018











    Average



    Tax Equivalent



    Yield /






    Average



    Tax Equivalent



    Yield /












    Balance



    Interest



    Rate






    Balance



    Interest



    Rate








    Interest-earning assets:





























      Fed funds sold



    $

    3,377


    $

    19



    2.29

    %




    $

    2,228


    $

    13



    2.32

    %







      Interest-bearing deposits in nonaffiliated banks


    88,118



    450



    2.03






    59,373



    258



    1.74








      Taxable securities



    1,943,125



    12,594



    2.59






    2,007,949



    12,719



    2.53








      Tax exempt securities



    1,213,212



    11,459



    3.78






    1,281,757



    12,001



    3.75








      Loans




    3,845,836



    51,769



    5.34






    3,797,341



    49,376



    5.22








    Total interest-earning assets



    7,093,668


    $

    76,291



    4.27

    %





    7,148,648


    $

    74,367



    4.17

    %







    Noninterest-earning assets



    490,155












    486,837















    Total assets


    $

    7,583,823











    $

    7,635,485












































    Interest-bearing liabilities:





























      Deposits



    $

    4,035,174


    $

    4,329



    0.43

    %




    $

    4,076,522


    $

    4,005



    0.39

    %







      Fed funds purchased and other borrowings


    399,026



    294



    0.29






    434,239



    462



    0.43








    Total interest-bearing liabilities



    4,434,200


    $

    4,623



    0.41

    %





    4,510,761


    $

    4,467



    0.40

    %







    Noninterest-bearing liabilities                                                                              

    2,156,258












    2,152,451














    Shareholders' equity



    993,365












    972,273















    Total liabilities and shareholders' equity

    $

    7,583,823











    $

    7,635,485












































    Net interest income and margin (tax equivalent)




    $

    71,668



    4.01

    %







    $

    69,900



    3.92

    %








































    Three Months Ended




    Three Months Ended










    Mar. 31, 2018




    Dec. 31, 2017











    Average



    Tax Equivalent



    Yield /






    Average



    Tax Equivalent



    Yield /












    Balance



    Interest



    Rate






    Balance



    Interest



    Rate








    Interest-earning assets:






























      Fed funds sold



    $

    6,215


    $

    27



    1.78

    %




    $

    1,192


    $

    5



    1.52

    %







      Interest-bearing deposits in nonaffiliated banks


    160,399



    613



    1.55






    186,355



    645



    1.37








      Taxable securities



    1,826,391



    11,354



    2.49






    1,562,744



    8,977



    2.30








      Tax exempt securities



    1,352,235



    12,559



    3.72






    1,405,327



    16,259



    4.63








      Loans




    3,748,561



    46,995



    5.08






    3,483,939



    43,695



    4.98








    Total interest-earning assets



    7,093,801


    $

    71,548



    4.09

    %





    6,639,557


    $

    69,581



    4.16

    %







    Noninterest-earning assets



    497,049












    441,645















    Total assets


    $

    7,590,850











    $

    7,081,202












































    Interest-bearing liabilities:





























      Deposits



    $

    4,139,324


    $

    3,519



    0.34

    %




    $

    3,795,808


    $

    2,465



    0.26

    %







      Fed funds purchased and other borrowings


    357,414



    113



    0.13






    343,683



    97



    0.11








    Total interest-bearing liabilities



    4,496,738


    $

    3,632



    0.33

    %





    4,139,491


    $

    2,562



    0.25

    %







    Noninterest-bearing liabilities                                                                              

    2,144,065












    2,033,580














    Shareholders' equity



    950,047












    908,131















    Total liabilities and shareholders' equity

    $

    7,590,850











    $

    7,081,202












































    Net interest income and margin (tax equivalent)




    $

    67,916



    3.88

    %







    $

    67,019



    4.00

    %








































    Three Months Ended






















    Sept. 30, 2017























    Average



    Tax Equivalent



    Yield /
























    Balance



    Interest



    Rate




















    Interest-earning assets:





























      Fed funds sold



    $

    2,467


    $

    9



    1.43

    %



















      Interest-bearing deposits in nonaffiliated banks


    198,322



    629



    1.26




















      Taxable securities



    1,492,246



    8,074



    2.16




















      Tax exempt securities



    1,477,559



    16,884



    4.57




















      Loans




    3,468,524



    43,270



    4.95




















    Total interest-earning assets



    6,639,118


    $

    68,866



    4.12

    %



















    Noninterest-earning assets



    431,070



























    Total assets


    $

    7,070,188
























































    Interest-bearing liabilities:





























      Deposits



    $

    3,728,442


    $

    2,228



    0.24

    %



















      Fed funds purchased and other borrowings


    524,357



    638



    0.48




















    Total interest-bearing liabilities



    4,252,799


    $

    2,866



    0.27

    %



















    Noninterest-bearing liabilities                                                                              

    1,917,681


























    Shareholders' equity



    899,708



























    Total liabilities and shareholders' equity

    $

    7,070,188
























































    Net interest income and margin (tax equivalent)




    $

    66,000



    3.94

    %




















































    Nine Months Ended




    Nine Months Ended










    Sept. 30, 2018




    Sept. 30, 2017











    Average



    Tax Equivalent



    Yield /






    Average



    Tax Equivalent



    Yield /












    Balance



    Interest



    Rate






    Balance



    Interest



    Rate








    Interest-earning assets:





























      Fed funds sold



    $

    3,929


    $

    60



    2.03

    %




    $

    3,738


    $

    20



    0.70

    %







      Interest-bearing deposits in nonaffiliated banks


    102,365



    1,321



    1.73






    126,207



    1,016



    1.08








      Taxable securities



    1,926,249



    36,666



    2.54






    1,451,712



    23,848



    2.19








      Tax exempt securities



    1,281,892



    36,019



    3.75






    1,511,786



    51,859



    4.57








      Loans




    3,797,602



    148,140



    5.22






    3,419,105



    125,147



    4.89








    Total interest-earning assets



    7,112,037


    $

    222,206



    4.18

    %





    6,512,548


    $

    201,890



    4.14

    %







    Noninterest-earning assets



    489,625












    435,367















    Total assets


    $

    7,601,662











    $

    6,947,915












































    Interest-bearing liabilities:





























      Deposits



    $

    4,083,292


    $

    11,854



    0.39

    %




    $

    3,779,967


    $

    5,748



    0.20

    %







      Fed funds purchased and other short term borrowings


    397,045



    869



    0.29






    448,773



    978



    0.29








    Total interest-bearing liabilities



    4,480,337


    $

    12,723



    0.38

    %





    4,228,740


    $

    6,726



    0.21

    %







    Noninterest-bearing liabilities                                                                              

    2,149,271












    1,844,894














    Shareholders' equity



    972,054












    874,281















    Total liabilities and shareholders' equity

    $

    7,601,662











    $

    6,947,915












































    Net interest income and margin (tax equivalent)




    $

    209,483



    3.94

    %







    $

    195,164



    4.01

    %





































     

    View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-earnings-results-300733943.html

    SOURCE First Financial Bankshares, Inc.