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ABILENE, Texas, July 22, 2021 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2021 of $56.38 million compared to earnings of $53.47 million for the same quarter a year ago. Basic and diluted earnings per share were $0.40 and $0.39, respectively, for the second quarter of 2021 compared with $0.38 and $0.38 respectively, for the same quarter a year ago.
"During the second quarter, we produced strong operating results as we moved beyond the pandemic. As the economy in Texas continues to quickly recover from the pandemic, we were able to capitalize on the growth that we experienced over the past year. Our strong momentum produced net organic loan growth, excluding PPP loans, of $193.46 million for the quarter and $296.84 million year-to-date while customer deposits have grown $1.11 billion year-to-date. We will continue to build relationships, serve our communities across Texas, and remain focused on growth over the last half of 2021. We appreciate the continued support of our customers, shareholders and associates," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.
Net interest income for the second quarter of 2021 was $90.95 million compared to $89.24 million for the second quarter of 2020. Average-earning assets increased to $11.30 billion for the second quarter of 2021 compared to $9.80 billion a year ago. The net interest margin, on a taxable equivalent basis, was 3.36 percent for the second quarter of 2021 compared to 3.78 percent in the second quarter of 2020. Our continued deposit growth produced higher levels of short-term liquidity and investment securities balances.
Information related to the Company's Paycheck Protection Program ("PPP") loans are included in the following table (dollars in thousands):
PPP Loans Originated | PPP Amounts as of June 30, 2021 | ||||||||||
Number of Loans | Amount | Number of Loans | Period-End Amount, Net | Unamortized Fees | Recognized Fees During the Quarter Ended June 30, 2021 | ||||||
PPP Round 1 | 6,530 | $ 703,450 | 724 | $ 72,595 | $ 1,107 | $ 3,912 | |||||
PPP Round 2 | 3,179 | 267,423 | 2,997 | 247,797 | 12,615 | 1,326 | |||||
PPP Total | 9,709 | $ 970,873 | 3,721 | $ 320,392 | $ 13,722 | $ 5,238 | |||||
PPP loan balances accounted for $482.00 million in average balances for the second quarter of 2021 compared to $499.35 in the first quarter of 2021. Remaining unamortized fees continue to be amortized over the shorter of the repayment period or the contractual life of 24 to 60 months.
The Company recorded a negative provision for credit losses of $1.21 million for the second quarter of 2021 compared to a provision for credit losses of $8.70 million for the second quarter of 2020. The Company's provision for credit losses for the second quarter of 2021 reflected the continued improvement in the economic outlook for our markets across Texas and overall improvements in asset quality.
For the second quarter of 2021, net recoveries totaled $203 thousand compared to net charge-offs of $193 thousand for the second quarter of 2020. At June 30, 2021, the allowance for credit losses totaled $62.14 million, or 1.17 percent of loans held-for-investment ("loans" hereafter), or 1.25 percent of loans, excluding PPP loans, compared to $68.95 million at June 30, 2020, or 1.31 percent of loans, or 1.52 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.75 million at June 30, 2021 compared to $809 thousand at June 30, 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.57 percent at June 30, 2021, compared with 0.76 percent at June 30, 2020. Classified loans totaled $174.99 million at June 30, 2021, compared to $200.90 million at June 30, 2020.
Noninterest income in the second quarter of 2021 was $34.67 million compared to $36.92 million in the second quarter of 2020, as a result of the following:
Noninterest expense for the second quarter of 2021 totaled $59.37 million compared to $53.32 million in the second quarter of 2020, as a result of the following:
The Company's efficiency ratio was 45.94 percent for the second quarter of 2021 compared to 41.32 percent for the second quarter of 2020.
As of June 30, 2021, consolidated assets for the Company totaled $12.33 billion compared to $10.34 billion at June 30, 2020. Loans totaled $5.30 billion at June 30, 2021, compared with loans of $5.25 billion at June 30, 2020. Excluding PPP loans, loans have grown $434.26 million or 9.5 percent, from June 30, 2020 balances. Deposits totaled $9.78 billion at June 30, 2021, compared to $8.16 billion at June 30, 2020, driven by organic growth. Shareholders' equity rose to $1.72 billion as of June 30, 2021, compared to $1.58 billion at June 30, 2020.
About First Financial Bankshares, Inc.
Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with ten locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at http://www.ffin.com.
Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect", "plan", "anticipate", "target", "forecast" and "goal". Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices and the pandemic, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents and Filings" on the Company's Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | |||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||
As of | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
ASSETS | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||
Cash and due from banks | $ | 190,061 | $ | 190,350 | $ | 211,113 | $ | 175,088 | $ | 188,373 | |||||||
Interest-bearing deposits in banks | 654,531 | 893,221 | 517,971 | 58,933 | 196,426 | ||||||||||||
Investment securities | 5,578,048 | 5,109,631 | 4,393,029 | 4,431,280 | 4,118,863 | ||||||||||||
Loans, held-for-investment, excluding PPP Loans | 4,984,210 | 4,790,752 | 4,687,370 | 4,589,948 | 4,549,950 | ||||||||||||
PPP Loans | 320,392 | 531,810 | 483,663 | 703,731 | 703,117 | ||||||||||||
Allowance for loan losses | (62,138) | (62,974) | (66,534) | (76,038) | (68,947) | ||||||||||||
Net loans, held-for-investment | 5,242,464 | 5,259,588 | 5,104,499 | 5,217,641 | 5,184,120 | ||||||||||||
Loans, held-for-sale | 61,802 | 65,405 | 83,969 | 101,055 | 66,370 | ||||||||||||
Premises and equipment, net | 147,655 | 142,415 | 142,269 | 141,002 | 138,933 | ||||||||||||
Goodwill | 313,481 | 313,481 | 313,481 | 313,481 | 313,481 | ||||||||||||
Other intangible assets | 4,087 | 4,499 | 4,911 | 5,394 | 5,884 | ||||||||||||
Other assets | 136,954 | 124,297 | 133,258 | 123,778 | 127,367 | ||||||||||||
Total assets | $ | 12,329,083 | $ | 12,102,887 | $ | 10,904,500 | $ | 10,567,652 | $ | 10,339,817 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
Noninterest-bearing deposits | $ | 3,427,038 | $ | 3,350,145 | $ | 2,982,697 | $ | 2,950,407 | $ | 2,941,679 | |||||||
Interest-bearing deposits | 6,354,656 | 6,063,302 | 5,693,120 | 5,344,481 | 5,215,963 | ||||||||||||
Total deposits | 9,781,694 | 9,413,447 | 8,675,817 | 8,294,888 | 8,157,642 | ||||||||||||
Borrowings | 549,969 | 548,604 | 430,093 | 503,163 | 449,224 | ||||||||||||
Trade Date Payable | 189,838 | 381,871 | 14,641 | 53,730 | 33,553 | ||||||||||||
Other liabilities | 87,213 | 93,537 | 105,759 | 96,370 | 116,949 | ||||||||||||
Shareholders' equity | 1,720,369 | 1,665,428 | 1,678,190 | 1,619,501 | 1,582,449 | ||||||||||||
Total liabilities and shareholders' equity | $ | 12,329,083 | $ | 12,102,887 | $ | 10,904,500 | $ | 10,567,652 | $ | 10,339,817 | |||||||
Quarter Ended | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
INCOME STATEMENTS | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||
Interest income | $ | 92,602 | $ | 90,610 | $ | 92,457 | $ | 91,373 | $ | 92,197 | |||||||
Interest expense | 1,653 | 1,786 | 1,920 | 2,163 | 2,962 | ||||||||||||
Net interest income | 90,949 | 88,824 | 90,537 | 89,210 | 89,235 | ||||||||||||
Provision for credit losses | (1,206) | (1,997) | (8,033) | 9,000 | 8,700 | ||||||||||||
Net interest income after provisions for credit losses | 92,155 | 90,821 | 98,570 | 80,210 | 80,535 | ||||||||||||
Noninterest income | 34,673 | 34,874 | 35,709 | 38,575 | 36,919 | ||||||||||||
Noninterest expense | 59,374 | 57,723 | 63,705 | 55,593 | 53,321 | ||||||||||||
Net income before income taxes | 67,454 | 67,972 | 70,574 | 63,192 | 64,133 | ||||||||||||
Income tax expense | 11,075 | 11,054 | 12,099 | 10,335 | 10,663 | ||||||||||||
Net income | $ | 56,379 | $ | 56,918 | $ | 58,475 | $ | 52,857 | $ | 53,470 | |||||||
PER COMMON SHARE DATA | |||||||||||||||||
Net income - basic | $ | 0.40 | $ | 0.40 | $ | 0.41 | $ | 0.37 | $ | 0.38 | |||||||
Net income - diluted | 0.39 | 0.40 | 0.41 | 0.37 | 0.38 | ||||||||||||
Cash dividends declared | 0.15 | 0.13 | 0.13 | 0.13 | 0.13 | ||||||||||||
Book value | 12.08 | 11.70 | 11.80 | 11.40 | 11.14 | ||||||||||||
Tangible book value | 9.85 | 9.47 | 9.57 | 9.15 | 8.89 | ||||||||||||
Market value | $ | 49.13 | $ | 46.73 | $ | 36.17 | $ | 27.91 | $ | 28.89 | |||||||
Shares outstanding - end of period | 142,359,774 | 142,285,611 | 142,161,834 | 142,121,595 | 142,035,396 | ||||||||||||
Average outstanding shares - basic | 142,245,555 | 142,146,275 | 142,057,705 | 141,980,707 | 141,973,522 | ||||||||||||
Average outstanding shares - diluted | 143,164,611 | 143,002,658 | 142,644,088 | 142,529,242 | 142,454,083 | ||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||
Return on average assets | 1.89 | % | 2.05 | % | 2.19 | % | 2.01 | % | 2.06 | % | |||||||
Return on average equity | 13.38 | 13.83 | 14.27 | 13.14 | 14.00 | ||||||||||||
Return on average tangible equity | 16.48 | 17.09 | 17.74 | 16.41 | 17.67 | ||||||||||||
Net interest margin (tax equivalent) | 3.36 | 3.55 | 3.75 | 3.75 | 3.78 | ||||||||||||
Efficiency ratio | 45.94 | 45.36 | 49.15 | 42.45 | 41.32 | ||||||||||||
Six Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
INCOME STATEMENTS | 2021 | 2020 | |||||||||||||||
Interest income | $ | 183,212 | $ | 180,297 | |||||||||||||
Interest expense | 3,439 | 10,159 | |||||||||||||||
Net interest income | 179,773 | 170,138 | |||||||||||||||
Provision for loan losses | (3,203) | 18,550 | |||||||||||||||
Net interest income after provision for loan losses | 182,976 | 151,588 | |||||||||||||||
Noninterest income | 69,548 | 65,651 | |||||||||||||||
Noninterest expense | 117,098 | 108,640 | |||||||||||||||
Net income before income taxes | 135,426 | 108,599 | |||||||||||||||
Income tax expense | 22,129 | 17,898 | |||||||||||||||
Net income | $ | 113,297 | $ | 90,701 | |||||||||||||
PER COMMON SHARE DATA | |||||||||||||||||
Net income - basic | $ | 0.80 | $ | 0.64 | |||||||||||||
Net income - diluted | 0.79 | 0.64 | |||||||||||||||
Cash dividends declared | 0.28 | 0.25 | |||||||||||||||
Book Value | 12.08 | 11.14 | |||||||||||||||
Tangible book value | 9.85 | 8.89 | |||||||||||||||
Market Value | $ | 49.13 | $ | 28.89 | |||||||||||||
Shares outstanding - end of period | 142,359,774 | 142,035,396 | |||||||||||||||
Average outstanding shares - basic | 142,196,190 | 142,045,779 | |||||||||||||||
Average outstanding shares - diluted | 143,102,608 | 142,519,308 | |||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||
Return on average assets | 1.97 | % | 1.86 | % | |||||||||||||
Return on average equity | 13.61 | 12.09 | |||||||||||||||
Return on average tangible equity | 16.78 | 15.33 | |||||||||||||||
Net interest margin (tax equivalent) | 3.45 | 3.84 | |||||||||||||||
Efficiency ratio | 45.65 | 45.17 | |||||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
(In thousands) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||
Balance at beginning of period | $ | 62,974 | $ | 66,534 | $ | 76,038 | $ | 68,947 | $ | 60,440 | |||||||
Loans charged off | (392) | (574) | (1,339) | (853) | (894) | ||||||||||||
Loan recoveries | 595 | 443 | 778 | 444 | 701 | ||||||||||||
Net recoveries (charge-offs) | 203 | (131) | (561) | (409) | (193) | ||||||||||||
Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings | - | - | (619) | - | - | ||||||||||||
Reclassification of credit marks on purchased credit deteriorated (PCD) loans | - | - | 1,678 | - | - | ||||||||||||
Provision for loan losses | (1,039) | (3,429) | (10,002) | 7,500 | 8,700 | ||||||||||||
Balance at end of period | $ | 62,138 | $ | 62,974 | $ | 66,534 | $ | 76,038 | $ | 68,947 | |||||||
ALLOWANCE FOR UNFUNDED COMMITMENTS | |||||||||||||||||
Balance at beginning of period | $ | 6,918 | $ | 5,486 | $ | 2,309 | $ | 809 | $ | 809 | |||||||
Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings | - | - | 1,208 | - | - | ||||||||||||
Provision for unfunded commitments | (167) | 1,432 | 1,969 | 1,500 | - | ||||||||||||
Balance at end of period | $ | 6,751 | $ | 6,918 | $ | 5,486 | $ | 2,309 | $ | 809 | |||||||
Allowance for loan losses / | |||||||||||||||||
period-end loans held-for-investment | 1.17 | % | 1.18 | % | 1.29 | % | 1.44 | % | 1.31 | % | |||||||
Allowance for loan losses / | |||||||||||||||||
nonperforming loans | 208.45 | 160.00 | 155.61 | 177.99 | 174.83 | ||||||||||||
Net charge-offs (recoveries) / average total loans | |||||||||||||||||
(annualized) | (0.02) | 0.01 | 0.04 | 0.03 | 0.01 | ||||||||||||
SUMMARY OF LOAN CLASSIFICATION | |||||||||||||||||
Special Mention | $ | 54,497 | $ | 61,866 | $ | 56,585 | $ | 66,033 | $ | 63,489 | |||||||
Substandard | 120,497 | 128,550 | 140,866 | 136,010 | 137,408 | ||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||
Total classified loans | $ | 174,994 | $ | 190,416 | $ | 197,451 | $ | 202,043 | $ | 200,897 | |||||||
NONPERFORMING ASSETS | |||||||||||||||||
Nonaccrual loans | $ | 29,786 | $ | 39,333 | $ | 42,619 | $ | 42,673 | $ | 39,320 | |||||||
Accruing troubled debt restructured loans | 23 | 23 | 24 | 25 | 25 | ||||||||||||
Accruing loans 90 days past due | - | 2 | 113 | 23 | 92 | ||||||||||||
Total nonperforming loans | 29,809 | 39,358 | 42,756 | 42,721 | 39,437 | ||||||||||||
Foreclosed assets | 305 | 300 | 142 | 331 | 287 | ||||||||||||
Total nonperforming assets | $ | 30,114 | $ | 39,658 | $ | 42,898 | $ | 43,052 | $ | 39,724 | |||||||
As a % of loans held-for-investment and foreclosed assets | 0.57 | % | 0.75 | % | 0.83 | % | 0.81 | % | 0.76 | % | |||||||
As a % of end of period total assets | 0.24 | 0.33 | 0.39 | 0.41 | 0.38 | ||||||||||||
OIL AND GAS PORTFOLIO INFORMATION * | |||||||||||||||||
Oil and gas loans | $ | 103,166 | $ | 105,261 | $ | 106,237 | $ | 118,567 | $ | 128,143 | |||||||
Oil and gas loans as a % of total loans held-for-investment | 2.07 | % | 2.20 | % | 2.27 | % | 2.58 | % | 2.82 | % | |||||||
Classified oil and gas loans | 13,090 | 10,079 | 13,298 | 26,823 | 28,366 | ||||||||||||
Nonaccrual oil and gas loans | 3,986 | 4,759 | 4,774 | 6,800 | 3,702 | ||||||||||||
Net charge-offs for oil and gas loans | 59 | 40 | 24 | - | 195 | ||||||||||||
* Excluding PPP loans | |||||||||||||||||
RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION * | |||||||||||||||||
Retail loans | $ | 326,409 | $ | 282,310 | $ | 216,244 | $ | 229,386 | $ | 216,244 | |||||||
Restaurant loans | 56,997 | 51,772 | 48,618 | 39,523 | 46,418 | ||||||||||||
Hotel loans | 71,008 | 71,435 | 71,716 | 63,273 | 51,957 | ||||||||||||
Other hospitality loans | 27,929 | 24,014 | 21,970 | 26,041 | 23,230 | ||||||||||||
Travel loans | 790 | 664 | 780 | 801 | 908 | ||||||||||||
Total Retail/Restaurant/Hospitality loans | $ | 483,133 | $ | 430,195 | $ | 359,328 | $ | 359,024 | $ | 338,757 | |||||||
Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment | 9.69 | % | 8.98 | % | 7.67 | % | 7.82 | % | 7.45 | % | |||||||
Classified Retail/Restaurant/Hospitality loans | $ | 43,635 | $ | 45,214 | $ | 31,192 | $ | 28,171 | $ | 15,837 | |||||||
Nonaccrual Retail/Restaurant/Hospitality loans | 5,600 | 6,575 | 5,975 | 5,689 | 5,752 | ||||||||||||
Net Charge-offs for Retail/Restaurant/Hospitality loans | - | - | 561 | 26 | 178 | ||||||||||||
* Excluding PPP loans | |||||||||||||||||
CAPITAL RATIOS | |||||||||||||||||
Common equity Tier 1 capital ratio | 20.04 | % | 20.32 | % | 20.79 | % | 20.56 | % | 20.78 | % | |||||||
Tier 1 capital ratio | 20.04 | 20.32 | 20.79 | 20.56 | 20.78 | ||||||||||||
Total capital ratio | 21.12 | 21.47 | 22.03 | 21.82 | 22.03 | ||||||||||||
Tier 1 leverage ratio | 11.10 | 11.55 | 11.86 | 11.65 | 11.25 | ||||||||||||
Tangible common equity ratio | 11.75 | 12.35 | 12.71 | 12.61 | 12.00 | ||||||||||||
Equity/Assets ratio | 13.95 | 13.76 | 15.39 | 15.33 | 15.30 | ||||||||||||
Quarter Ended | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
NONINTEREST INCOME | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||
Trust fees | $ | 8,692 | $ | 8,299 | $ | 7,672 | $ | 7,461 | $ | 6,961 | |||||||
Service charges on deposits | 4,928 | 4,793 | 5,330 | 5,009 | 4,318 | ||||||||||||
ATM, interchange and credit card fees | 9,853 | 8,677 | 8,376 | 8,644 | 8,049 | ||||||||||||
Gain on sale and fees on mortgage loans | 8,291 | 9,894 | 11,116 | 15,228 | 13,676 | ||||||||||||
Net gain on sale of available-for-sale securities | 5 | 808 | 23 | 36 | 1,512 | ||||||||||||
Net gain on sale of foreclosed assets | 1 | 55 | 87 | 19 | 52 | ||||||||||||
Net gain (loss) on sale of assets | 74 | 145 | 22 | (2) | (24) | ||||||||||||
Interest on loan recoveries | 704 | 382 | 235 | 202 | 154 | ||||||||||||
Other noninterest income | 2,125 | 1,821 | 2,848 | 1,978 | 2,221 | ||||||||||||
Total noninterest income | $ | 34,673 | $ | 34,874 | $ | 35,709 | $ | 38,575 | $ | 36,919 | |||||||
NONINTEREST EXPENSE | |||||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 32,936 | $ | 32,636 | $ | 34,773 | $ | 32,104 | $ | 28,836 | |||||||
Profit sharing expense | 2,110 | 2,295 | 6,245 | 1,545 | 1,978 | ||||||||||||
Net occupancy expense | 3,241 | 3,147 | 3,067 | 3,193 | 3,101 | ||||||||||||
Equipment expense | 2,177 | 2,164 | 2,154 | 2,157 | 2,010 | ||||||||||||
FDIC insurance premiums | 766 | 701 | 663 | 587 | 463 | ||||||||||||
ATM, interchange and credit card expenses | 3,039 | 2,772 | 2,811 | 2,829 | 2,610 | ||||||||||||
Legal, tax and professional fees | 3,352 | 2,726 | 2,302 | 2,615 | 2,931 | ||||||||||||
Audit fees | 430 | 440 | 407 | 526 | 739 | ||||||||||||
Printing, stationery and supplies | 489 | 325 | 449 | 615 | 533 | ||||||||||||
Amortization of intangible assets | 412 | 412 | 483 | 490 | 508 | ||||||||||||
Advertising and public relations | 1,392 | 1,388 | 1,600 | 797 | 1,011 | ||||||||||||
Operational and other losses | 534 | 287 | 537 | 621 | 728 | ||||||||||||
Software amortization and expense | 2,829 | 2,619 | 2,563 | 2,265 | 2,010 | ||||||||||||
Other noninterest expense | 5,667 | 5,811 | 5,651 | 5,249 | 5,863 | ||||||||||||
Total noninterest expense | $ | 59,374 | $ | 57,723 | $ | 63,705 | $ | 55,593 | $ | 53,321 | |||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 3,633 | $ | 3,547 | $ | 3,355 | $ | 3,170 | $ | 2,902 | |||||||
Six Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
NONINTEREST INCOME | 2021 | 2020 | |||||||||||||||
Trust fees | $ | 16,991 | $ | 14,398 | |||||||||||||
Service charges on deposits | 9,721 | 10,233 | |||||||||||||||
ATM, interchange and credit card fees | 18,530 | 15,449 | |||||||||||||||
Gain on sale and fees on mortgage loans | 18,185 | 17,528 | |||||||||||||||
Net gain (loss) on sale of available-for-sale securities | 813 | 3,574 | |||||||||||||||
Net gain (loss) on sale of foreclosed assets | 56 | 53 | |||||||||||||||
Net gain (loss) on sale of assets | 219 | 92 | |||||||||||||||
Interest on loan recoveries | 1,086 | 419 | |||||||||||||||
Other noninterest income | 3,947 | 3,905 | |||||||||||||||
Total noninterest income | $ | 69,548 | $ | 65,651 | |||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 65,572 | $ | 57,506 | |||||||||||||
Profit sharing expense | 4,405 | 2,950 | |||||||||||||||
Net occupancy expense | 6,388 | 6,128 | |||||||||||||||
Equipment expense | 4,341 | 4,085 | |||||||||||||||
FDIC insurance premiums | 1,467 | 508 | |||||||||||||||
ATM, interchange and credit card expenses | 5,811 | 5,595 | |||||||||||||||
Legal, tax and professional fees | 6,078 | 5,852 | |||||||||||||||
Audit fees | 870 | 1,150 | |||||||||||||||
Printing, stationery and supplies | 814 | 1,099 | |||||||||||||||
Amortization of intangible assets | 824 | 1,017 | |||||||||||||||
Advertising and public relations | 2,780 | 2,206 | |||||||||||||||
Operational and other losses | 821 | 1,304 | |||||||||||||||
Software amortization and expense | 5,448 | 4,034 | |||||||||||||||
Other noninterest expense | 11,479 | 15,206 | |||||||||||||||
Total noninterest expense | $ | 117,098 | $ | 108,640 | |||||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 7,180 | $ | 4,735 | |||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
June 30, 2021 | Mar. 31, 2021 | ||||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Federal funds sold | $ | 3,049 | $ | 4 | 0.54 | % | $ | 1,942 | $ | 3 | 0.58 | % | |||||||||||
Interest-bearing deposits in nonaffiliated banks | 796,835 | 211 | 0.11 | 637,129 | 159 | 0.10 | |||||||||||||||||
Taxable securities | 2,656,211 | 11,449 | 1.72 | 2,251,419 | 10,264 | 1.82 | |||||||||||||||||
Tax exempt securities | 2,461,924 | 17,410 | 2.83 | 2,368,615 | 16,979 | 2.87 | |||||||||||||||||
Loans | 5,383,781 | 67,161 | 5.00 | 5,296,149 | 66,753 | 5.11 | |||||||||||||||||
Total interest-earning assets | 11,301,800 | $ | 96,235 | 3.42 | % | 10,555,254 | $ | 94,158 | 3.62 | % | |||||||||||||
Noninterest-earning assets | 692,282 | 700,550 | |||||||||||||||||||||
Total assets | $ | 11,994,082 | $ | 11,255,804 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | 6,229,991 | $ | 1,560 | 0.10 | % | $ | 5,916,237 | $ | 1,696 | 0.12 | % | |||||||||||
Borrowings | 527,669 | 93 | 0.07 | 456,620 | 91 | 0.08 | |||||||||||||||||
Total interest-bearing liabilities | 6,757,660 | $ | 1,653 | 0.10 | % | 6,372,857 | $ | 1,787 | 0.11 | % | |||||||||||||
Noninterest-bearing liabilities | 3,546,677 | 3,214,237 | |||||||||||||||||||||
Shareholders' equity | 1,689,745 | 1,668,710 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 11,994,082 | $ | 11,255,804 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 94,582 | 3.36 | % | $ | 92,371 | 3.55 | % | |||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
Dec. 31, 2020 | Sept. 30, 2020 | ||||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Federal funds sold | $ | - | $ | - | - | % | $ | 2,009 | $ | 3 | 0.51 | % | |||||||||||
Interest-bearing deposits in nonaffiliated banks | 195,637 | 50 | 0.10 | 223,104 | 59 | 0.10 | |||||||||||||||||
Taxable securities | 2,086,419 | 10,708 | 2.05 | 2,187,547 | 12,063 | 2.21 | |||||||||||||||||
Tax exempt securities | 2,318,912 | 16,733 | 2.89 | 2,058,032 | 15,737 | 3.06 | |||||||||||||||||
Loans | 5,356,229 | 68,321 | 5.07 | 5,334,174 | 66,681 | 4.97 | |||||||||||||||||
Total interest-earning assets | 9,957,197 | $ | 95,812 | 3.83 | % | 9,804,866 | $ | 94,543 | 3.84 | % | |||||||||||||
Noninterest-earning assets | 674,229 | 671,374 | |||||||||||||||||||||
Total assets | $ | 10,631,426 | $ | 10,476,240 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | 5,479,873 | $ | 1,826 | 0.13 | % | $ | 5,270,600 | $ | 2,064 | 0.16 | % | |||||||||||
Borrowings | 428,117 | 94 | 0.09 | 482,555 | 99 | 0.08 | |||||||||||||||||
Total interest-bearing liabilities | 5,907,990 | $ | 1,920 | 0.13 | % | 5,753,155 | $ | 2,163 | 0.15 | % | |||||||||||||
Noninterest-bearing liabilities | 3,093,637 | 3,122,995 | |||||||||||||||||||||
Shareholders' equity | 1,629,799 | 1,600,090 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 10,631,426 | $ | 10,476,240 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 93,892 | 3.75 | % | $ | 92,380 | 3.75 | % | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Average | Tax Equivalent | Yield / | |||||||||||||||||||||
Balance | Interest | Rate | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Federal funds sold | $ | 840 | $ | 1 | 0.51 | % | |||||||||||||||||
Interest-bearing deposits in nonaffiliated banks | 352,628 | 86 | 0.10 | ||||||||||||||||||||
Taxable securities | 2,399,364 | 14,030 | 2.34 | ||||||||||||||||||||
Tax exempt securities | 1,800,339 | 14,733 | 3.27 | ||||||||||||||||||||
Loans | 5,248,052 | 66,249 | 5.08 | ||||||||||||||||||||
Total interest-earning assets | 9,801,223 | $ | 95,099 | 3.90 | % | ||||||||||||||||||
Noninterest-earning assets | 663,595 | ||||||||||||||||||||||
Total assets | $ | 10,464,818 | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | 5,135,772 | $ | 2,550 | 0.20 | % | |||||||||||||||||
Borrowings | 877,076 | 412 | 0.19 | ||||||||||||||||||||
Total interest-bearing liabilities | 6,012,848 | $ | 2,962 | 0.20 | % | ||||||||||||||||||
Noninterest-bearing liabilities | 2,915,461 | ||||||||||||||||||||||
Shareholders' equity | 1,536,509 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 10,464,818 | |||||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 92,137 | 3.78 | % | |||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Federal funds sold | $ | 2,499 | $ | 7 | 0.56 | % | $ | 1,776 | $ | 11 | 1.26 | % | |||||||||||
Interest-bearing deposits in nonaffiliated banks | 717,423 | 370 | 0.10 | 290,469 | 831 | 0.58 | |||||||||||||||||
Taxable securities | 2,454,933 | 21,712 | 1.77 | 2,331,347 | 28,685 | 2.46 | |||||||||||||||||
Tax exempt securities | 2,415,527 | 34,389 | 2.85 | 1,573,591 | 25,933 | 3.30 | |||||||||||||||||
Loans | 5,340,207 | 133,914 | 5.06 | 4,957,744 | 129,572 | 5.26 | |||||||||||||||||
Total interest-earning assets | 10,930,589 | $ | 190,392 | 3.51 | % | 9,154,927 | $ | 185,032 | 4.06 | % | |||||||||||||
Noninterest-earning assets | 696,393 | 674,311 | |||||||||||||||||||||
Total assets | $ | 11,626,982 | $ | 9,829,238 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | 6,073,981 | $ | 3,255 | 0.11 | % | $ | 5,019,929 | $ | 9,231 | 0.37 | % | |||||||||||
Borrowings | 492,341 | 184 | 0.08 | 668,840 | 928 | 0.28 | |||||||||||||||||
Total interest-bearing liabilities | 6,566,322 | $ | 3,439 | 0.11 | % | 5,688,769 | $ | 10,159 | 0.36 | % | |||||||||||||
Noninterest-bearing liabilities | 3,381,374 | 2,631,974 | |||||||||||||||||||||
Shareholders' equity | 1,679,286 | 1,508,495 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 11,626,982 | $ | 9,829,238 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 186,953 | 3.45 | % | $ | 174,873 | 3.84 | % | |||||||||||||||
View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2021-earnings-301339831.html
SOURCE First Financial Bankshares, Inc.
