Enhanced Investments - Financial Portal

Published: 2022-01-31 00:00:00 ET

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Exhibit 99.1

For immediate release

For More Information:

James R. Gordon, EVP & Chief Financial

Officer 325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER 2021 EARNINGS

AND 35^TH YEAR OF CONSECUTIVE ANNUAL EARNINGS GROWTH

ABILENE, Texas, January 27, 2022 - First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2021 of $55.34 million compared to earnings of $58.48 million for the same quarter a year ago. Basic and diluted earnings per share were $0.39 for the fourth quarter of 2021 compared with $0.41 for the same quarter a year ago.

Earnings for the year ended December 31, 2021 totaled $227.56 million compared to $202.03 million for the year ended December 31, 2020, reflecting an increase of $25.53 million, or 12.64 percent. Basic and diluted earnings per share were $1.60 and $1.59, respectively, for the year ended December 31, 2021 compared with basic and diluted earnings per share of $1.42 for the year ended December 31, 2020.

“Over the last two years, we have remained focused on the execution of our excellence in customer service culture across each of our markets to meet the needs of our customers during these times. Whether it was providing PPP funds, keeping our branches open, accessing the Mainstreet Lending Program, providing access to the mortgage secondary markets, protecting their deposits, or providing capital to grow and expand their business, we remained TEXAS STRONG for our communities. We finished 2021 with outstanding growth reflected by overall loan growth, excluding PPP loans, of $648.81 million, or 13.84 percent, and deposit growth of $1.89 billion, or 21.79 percent. Our continual commitment to customer service supported by our growth provides strong momentum as we begin 2022. 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 fourth quarter of 2021 was $94.81 million compared to $90.54 million for the fourth quarter of 2020. Average-earning assets increased to $11.89 billion for the fourth quarter of 2021 compared to $9.96 billion a year ago. The net interest margin, on a taxable equivalent basis, was 3.29 percent for the fourth quarter of 2021 compared to 3.75 percent in the fourth quarter of 2020.

Information related to the Company’s Paycheck Protection Program (“PPP”) loans is included in the following table (dollars in thousands):


	PPP Loans Originated				PPP Amounts as of December 31, 2021
	Number of Loans		Amount		Number of Loans		Period-End Amount, Net		Unamortized Fees		Recognized Fees During the Quarter Ended December 31, 2021
PPP Round 1		6,530	$	703,450		37	$	1,970	$	21	$	42
PPP Round 2		3,179		267,423		305		50,823		1,779		4,246

PPP Total		9,709	$	970,873		342	$	52,793	$	1,800	$	4,288

PPP loan balances totaled $52.79 million at December 31, 2021 and accounted for $103.35 million in average balances for the fourth quarter of 2021 and $327.10 million for the year ended December 31, 2021.

The Company recorded a provision for credit losses of $2.06 million for the fourth quarter of 2021 compared to a reversal of provision for credit losses of $8.03 million for the fourth quarter of 2020. At December 31, 2021, the allowance for credit losses totaled $63.47 million, or 1.18 percent of loans held-for-investment (“loans” hereafter), or 1.19 percent of loans, excluding PPP loans, compared to $66.53 million at December 31, 2020, or 1.29 percent of loans, or 1.42 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.44 million at December 31, 2021 compared to $5.49 million at December 31, 2020.

For the fourth quarter of 2021, net charge-offs totaled $2.28 million compared to net charge-offs of $561 thousand for the fourth quarter of 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.63 percent at December 31, 2021, compared with 0.83 percent at December 31, 2020. Classified loans totaled $161.19 million at December 31, 2021, compared to $197.45 million at December 31, 2020.

Noninterest income for the fourth quarter of 2021 was $34.90 million compared to $35.71 million for the fourth quarter of 2020, as a result of the following:

•

Trust fees increased to $9.67 million for the fourth quarter of 2021 from $7.67 million for the fourth quarter of 2020. The fair value of trust assets managed increased to $8.70 billion at December 31, 2021 compared to $7.51 billion at December 31, 2020.

•

Service charges on deposits increased to $5.76 million for the fourth quarter of 2021 compared with $5.33 million for the fourth quarter of 2020.

•

ATM, interchange and credit card fees increased to $9.96 million for the fourth quarter of 2021 from $8.38 million for the fourth quarter of 2020, driven by the over 16,000 net new accounts opened in 2021, debit cards issued and overall customer utilization.

•

Mortgage income was $6.27 million for the fourth quarter of 2021 compared to $11.12 million for the fourth quarter of 2020 due to lower overall origination volumes and margins.

•

Loan interest recoveries during the fourth quarter of 2021 totaled $1.21 million compared to $235 thousand for the fourth quarter of 2020.

Noninterest expense for the fourth quarter of 2021 totaled $61.67 million compared to $63.71 million for the fourth quarter of 2020, as a result of the following:

•

Salary, commissions and employee benefit costs totaled $34.98 million for the fourth quarter of 2021, compared to $41.02 million in the fourth quarter of 2020. The decrease over the same quarter in the prior year was driven by decreases in profit sharing expense and incentive compensation accruals in the fourth quarter of 2021 when compared to the same period in 2020. In the fourth quarter of 2020, profit sharing and incentive expenses were higher driven by higher earnings that primarily resulted from the Company’s initial adoption of CECL. Offsetting these decreases were annual merit-based pay increases effective March 1, 2021.

The Company’s efficiency ratio was 45.84 percent for the year ended December 31, 2021 compared to 45.49 percent for the year ended December 31, 2020.

As of December 31, 2021, consolidated assets for the Company totaled $13.10 billion compared to $10.90 billion at December 31, 2020. Loans totaled $5.39 billion at December 31, 2021, compared with loans of $5.17 billion at December 31, 2020. Excluding PPP loans, loans have grown $648.81 million, or 13.84 percent, from December 31, 2020 balances. Deposits totaled $10.57 billion at December 31, 2021, compared to $8.68 billion at December 31, 2020, representing an increase of 21.79 percent. Shareholders’ equity rose to $1.76 billion as of December 31, 2021, compared to $1.68 billion at December 31, 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	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Cash and due from banks	$	205,053		$	201,901		$	190,061		$	190,350		$	211,113
Interest-bearing deposits in banks		323,535			359,241			654,531			893,221			517,971
Investment securities		6,573,179			6,119,984			5,578,048			5,109,631			4,393,029
Loans, held-for-investment, excluding PPP Loans		5,336,179			5,147,160			4,984,210			4,790,752			4,687,370
PPP loans		52,793			139,334			320,392			531,810			483,663

Total loans, held-for-investment		5,388,972			5,286,494			5,304,602			5,322,562			5,171,033
Allowance for loan losses		(63,465	)		(63,370	)		(62,138	)		(62,974	)		(66,534	)

Net loans, held-for-investment		5,325,507			5,223,124			5,242,464			5,259,588			5,104,499
Loans, held-for-sale		37,810			47,721			61,802			65,405			83,969
Premises and equipment, net		149,764			147,516			147,655			142,415			142,269
Goodwill		313,481			313,481			313,481			313,481			313,481
Other intangible assets		3,298			3,689			4,087			4,499			4,911
Other assets		170,834			126,601			136,954			124,297			133,258

Total assets	$	13,102,461		$	12,543,258		$	12,329,083		$	12,102,887		$	10,904,500

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	3,780,230		$	3,574,405		$	3,427,038		$	3,350,145		$	2,982,697
Interest-bearing deposits		6,786,258			6,318,712			6,354,656			6,063,302			5,693,120

Total deposits		10,566,488			9,893,117			9,781,694			9,413,447			8,675,817
Borrowings		671,152			648,679			549,969			548,604			430,093
Trade date payable		—			174,236			189,838			381,871			14,641
Other liabilities		105,597			93,491			87,213			93,537			105,759
Shareholders’ equity		1,759,224			1,733,735			1,720,369			1,665,428			1,678,190

Total liabilities and shareholders’ equity	$	13,102,461		$	12,543,258		$	12,329,083		$	12,102,887		$	10,904,500


	Quarter Ended
	2021												2020
INCOME STATEMENTS	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Interest income	$	95,995		$	97,198		$	92,602		$	90,610		$	92,457
Interest expense		1,187			1,416			1,653			1,786			1,920

Net interest income		94,808			95,782			90,949			88,824			90,537
Provision for credit losses		2,064			—			(1,206	)		(1,997	)		(8,033	)

Net interest income after provisions for credit losses		92,744			95,782			92,155			90,821			98,570
Noninterest income		34,903			37,726			34,673			34,874			35,709
Noninterest expense		61,672			62,939			59,374			57,723			63,705

Net income before income taxes		65,975			70,569			67,454			67,972			70,574
Income tax expense		10,638			11,641			11,075			11,054			12,099

Net income	$	55,337		$	58,928		$	56,379		$	56,918		$	58,475

PER COMMON SHARE DATA
Net income - basic	$	0.39		$	0.41		$	0.40		$	0.40		$	0.41
Net income - diluted		0.39			0.41			0.39			0.40			0.41
Cash dividends declared		0.15			0.15			0.15			0.13			0.13
Book value		12.34			12.17			12.08			11.70			11.80
Tangible book value		10.12			9.94			9.85			9.47			9.57
Market value		50.84			45.95			49.13			46.73			36.17
Shares outstanding - end of period		142,532,116			142,467,687			142,359,774			142,285,611			142,161,834
Average outstanding shares - basic		142,437,804			142,334,449			142,245,555			142,146,275			142,057,705
Average outstanding shares - diluted		143,251,521			143,218,920			143,164,611			143,002,658			142,644,088

PERFORMANCE RATIOS
Return on average assets		1.74	%		1.90	%		1.89	%		2.05	%		2.19	%
Return on average equity		12.63			13.43			13.38			13.83			14.27
Return on average tangible equity		15.45			16.43			16.48			17.09			17.74
Net interest margin (tax equivalent)		3.29			3.41			3.36			3.55			3.75
Efficiency ratio		46.18			45.88			45.94			45.36			49.15

	Year Ended Dec. 31,
INCOME STATEMENTS	2021			2020
Interest income	$	376,405		$	364,128
Interest expense		6,042			14,243

Net interest income		370,363			349,885
Provision for credit losses		(1,139	)		19,517

Net interest income after provisions for credit losses		371,502			330,368
Noninterest income		142,176			139,935
Noninterest expense		241,708			227,938

Net income before income taxes		271,970			242,365
Income tax expense		44,408			40,331

Net income	$	227,562		$	202,034

PER COMMON SHARE DATA
Net income - basic	$	1.60		$	1.42
Net income - diluted		1.59			1.42
Cash dividends declared		0.58			0.51
Book Value		12.34			11.80
Tangible book value		10.12			9.57
Market Value		50.84			36.17
Shares outstanding - end of period		142,532,116			142,161,834
Average outstanding shares - basic		142,291,939			142,032,420
Average outstanding shares - diluted		143,134,220			142,554,991

PERFORMANCE RATIOS
Return on average assets		1.89	%		1.98	%
Return on average equity		13.31			12.93
Return on average tangible equity		16.35			16.25
Net interest margin (tax equivalent)		3.40			3.79
Efficiency ratio		45.84			45.49

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
	2021												2020
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period	$	63,370		$	62,138		$	62,974		$	66,534		$	76,038
Loans charged off		(3,067	)		(1,475	)		(392	)		(574	)		(1,339	)
Loan recoveries		783			2,707			595			443			778

Net recoveries (charge-offs)		(2,284	)		1,232			203			(131	)		(561	)
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		2,379			—			(1,039	)		(3,429	)		(10,002	)

Balance at end of period	$	63,465		$	63,370		$	62,138		$	62,974		$	66,534

ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	6,751		$	6,751		$	6,918		$	5,486		$	2,309
Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings		—			—			—			—			1,208
Provision for unfunded commitments		(315	)		—			(167	)		1,432			1,969

Balance at end of period	$	6,436		$	6,751		$	6,751		$	6,918		$	5,486

Allowance for loan losses / period-end loans held-for-investment		1.18	%		1.20	%		1.17	%		1.18	%		1.29	%
Allowance for loan losses / nonperforming loans		200.33			250.92			208.45			160.00			155.61
Net charge-offs (recoveries) / average total loans (annualized)		0.17			(0.09	)		(0.02	)		0.01			0.04

	Quarter Ended
	2021												2020
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
COMPOSITION OF LOANS HELD-FOR-INVESTMENT
Commercial:
C&I	$	784,282		$	680,263		$	662,711		$	646,316		$	647,719
PPP		52,793			139,334			320,392			531,810			483,663
Municipal		177,905			165,847			179,356			176,949			181,325

Total Commercial		1,014,980			985,444			1,162,459			1,355,075			1,312,707
Agriculture		98,089			98,947			95,212			90,366			94,864
Real Estate:
Construction & Development		749,793			656,530			550,928			587,928			553,959
Farm		217,220			203,064			185,288			162,046			152,237
Non-Owner Occupied CRE		623,434			674,958			673,608			650,144			617,686
Owner Occupied CRE		821,653			824,231			820,055			759,906			746,974
Residential		1,334,419			1,328,798			1,328,474			1,254,727			1,248,409

Total Real Estate		3,746,519			3,687,581			3,558,353			3,414,751			3,319,265
Consumer:
Auto		405,416			394,072			383,764			370,027			353,595
Non-Auto		123,968			120,450			104,814			92,343			90,602

Total Consumer		529,384			514,522			488,578			462,370			444,197

Total loans held-for-investment	$	5,388,972		$	5,286,494		$	5,304,602		$	5,322,562		$	5,171,033

SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	55,670		$	53,620		$	54,497		$	61,866		$	56,585
Substandard		105,515			112,151			120,497			128,550			140,866
Doubtful		—			—			—			—			—

Total classified loans	$	161,185		$	165,771		$	174,994		$	190,416		$	197,451

NONPERFORMING ASSETS
Nonaccrual loans	$	31,652		$	25,210		$	29,786		$	39,333		$	42,619
Accruing troubled debt restructured loans		21			22			23			23			24
Accruing loans 90 days past due		8			23			—			2			113

Total nonperforming loans		31,681			25,255			29,809			39,358			42,756
Foreclosed assets		2,477			28			305			300			142

Total nonperforming assets	$	34,158		$	25,283		$	30,114		$	39,658		$	42,898

As a % of loans held-for-investment and foreclosed assets		0.63	%		0.48	%		0.57	%		0.75	%		0.83	%
As a % of end of period total assets		0.26			0.20			0.24			0.33			0.39

OIL AND GAS PORTFOLIO INFORMATION *
Oil and gas loans	$	140,034		$	96,469		$	103,166		$	105,261		$	106,237
Oil and gas loans as a % of total loans held-for-investment		2.62	%		1.87	%		2.07	%		2.20	%		2.27	%
Classified oil and gas loans	$	11,821		$	10,831		$	13,090		$	10,079		$	13,298
Nonaccrual oil and gas loans		3,701			3,058			3,986			4,759			4,774
Net charge-offs (recoveries) on oil and gas loans		—			(71	)		59			40			24
* Excluding PPP loans

RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *
Retail loans	$	375,752		$	348,797		$	326,409		$	282,310		$	216,244
Restaurant loans		60,894			59,031			56,997			51,772			48,618
Hotel loans		62,404			60,733			71,008			71,435			71,716
Other hospitality loans		26,438			27,369			27,929			24,014			21,970
Travel loans		598			593			790			664			780

Total retail/restaurant/hospitality loans	$	526,086		$	496,523		$	483,133		$	430,195		$	359,328

Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment		9.86	%		9.65	%		9.69	%		8.98	%		7.67	%
Classified Retail/Restaurant/Hospitality loans	$	32,747		$	34,341		$	43,635		$	45,214		$	31,192
Nonaccrual Retail/Restaurant/Hospitality loans		1,487			1,995			5,600			6,575			5,975
Net charge-offs (recoveries) on Retail/Restaurant/Hospitality loans		42			(506	)		—			—			561
* Excluding PPP loans

CAPITAL RATIOS
Common equity Tier 1 capital ratio		19.35	%		19.71	%		20.04	%		20.32	%		20.79	%
Tier 1 capital ratio		19.35			19.71			20.04			20.32			20.79
Total capital ratio		20.34			20.76			21.12			21.47			22.03
Tier 1 leverage ratio		11.13			11.19			11.10			11.55			11.86
Tangible common equity ratio		11.55			11.90			11.75			12.35			12.71
Equity/Assets ratio		13.43			13.82			13.95			13.76			15.39


	Quarter Ended
	2021										2020
NONINTEREST INCOME	Dec. 31,			Sept. 30,			June 30,		Mar. 31,		Dec. 31,
Trust fees	$	9,670		$	9,484		$	8,692	$	8,299	$	7,672
Service charges on deposits		5,762			5,673			4,928		4,793		5,330
ATM, interchange and credit card fees		9,955			9,793			9,853		8,677		8,376
Gain on sale and fees on mortgage loans		6,272			8,788			8,291		9,894		11,116
Net gain on sale of available-for-sale securities		1			1			5		808		23
Net gain on sale of foreclosed assets		107			27			1		55		87
Net gain (loss) on sale of assets		(3	)		(6	)		74		145		22
Interest on loan recoveries		1,207			1,746			704		382		235
Other noninterest income		1,932			2,220			2,125		1,821		2,848

Total noninterest income	$	34,903		$	37,726		$	34,673	$	34,874	$	35,709

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	31,876		$	34,460		$	32,936	$	32,636	$	34,773
Profit sharing expense		3,099			2,630			2,110		2,295		6,245
Net occupancy expense		3,333			3,288			3,241		3,147		3,067
Equipment expense		2,382			2,450			2,177		2,164		2,154
FDIC insurance premiums		848			815			766		701		663
ATM, interchange and credit card expenses		3,227			2,935			3,039		2,772		2,811
Legal, tax and professional fees		2,835			2,893			3,352		2,726		2,302
Audit fees		423			466			430		440		407
Printing, stationery and supplies		664			432			489		325		449
Amortization of intangible assets		391			398			412		412		483
Advertising and public relations		1,842			1,746			1,392		1,388		1,600
Operational and other losses		1,385			1,087			534		287		537
Software amortization and expense		2,817			2,855			2,829		2,619		2,563
Other noninterest expense		6,550			6,484			5,667		5,811		5,651

Total noninterest expense	$	61,672		$	62,939		$	59,374	$	57,723	$	63,705

TAX EQUIVALENT YIELD ADJUSTMENT	$	3,841		$	3,670		$	3,633	$	3,547	$	3,355


	Year Ended Dec. 31,
NONINTEREST INCOME	2021			2020
Trust fees	$	36,145		$	29,531
Service charges on deposits		21,156			20,572
ATM, interchange and credit card fees		38,278			32,469
Gain on sale and fees on mortgage loans		33,245			43,872
Net gain (loss) on sale of available-for-sale securities		815			3,633
Net gain (loss) on sale of foreclosed assets		190			159
Net gain (loss) on sale of assets		210			112
Interest on loan recoveries		4,039			856
Other noninterest income		8,098			8,731

Total noninterest income	$	142,176		$	139,935

NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	131,908		$	124,383
Profit sharing expense		10,134			10,740
Net occupancy expense		13,009			12,388
Equipment expense		9,173			8,396
FDIC insurance premiums		3,130			1,758
ATM, interchange and credit card expenses		11,973			11,235
Legal, tax and professional fees		11,806			10,769
Audit fees		1,759			2,083
Printing, stationery and supplies		1,910			2,163
Amortization of intangible assets		1,613			1,990
Advertising and public relations		6,368			4,603
Operational and other losses		3,293			2,462
Software amortization and expense		11,120			8,862
Other noninterest expense		24,512			26,106

Total noninterest expense	$	241,708		$	227,938

TAX EQUIVALENT YIELD ADJUSTMENT	$	14,691		$	11,260

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Three Months Ended Dec. 31, 2021							Three Months Ended Sept. 30, 2021
	Average Balance		Tax Equivalent Interest		Yield / Rate			Average Balance		Tax Equivalent Interest		Yield / Rate
Interest-earning assets:
Federal funds sold	$	82	$	—		0.48	%	$	1,554	$	2		0.51	%
Interest-bearing deposits in nonaffiliated banks		320,102		124		0.15			612,551		236		0.15
Taxable securities		3,590,137		13,556		1.51			3,081,215		12,122		1.57
Tax exempt securities		2,636,360		18,163		2.76			2,542,606		17,701		2.78
Loans		5,347,069		67,993		5.04			5,337,807		70,807		5.26

Total interest-earning assets		11,893,750	$	99,836		3.33	%		11,575,733	$	100,868		3.46	%
Noninterest-earning assets		726,932							705,099

Total assets	$	12,620,682						$	12,280,832

Interest-bearing liabilities:
Deposits	$	6,399,343	$	1,110		0.07	%	$	6,346,267	$	1,340		0.08	%
Borrowings		639,725		77		0.05			599,934		76		0.05

Total interest-bearing liabilities		7,039,068	$	1,187		0.07	%		6,946,201	$	1,416		0.08	%
Noninterest-bearing deposits		3,744,848							3,490,685
Other noninterest-bearing liabilities		99,091							103,446
Shareholders’ equity		1,737,675							1,740,500

Total liabilities and shareholders’ equity	$	12,620,682						$	12,280,832

Net interest income and margin (tax equivalent)			$	98,649		3.29	%			$	99,452		3.41	%


	Three Months Ended June 30, 2021							Three Months Ended Mar. 31, 2021
	Average Balance		Tax Equivalent Interest		Yield / Rate			Average Balance		Tax Equivalent Interest		Yield / 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 deposits		3,439,683							3,114,656
Other noninterest-bearing liabilities		106,994							99,581
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 Dec. 31, 2020
	Average Balance		Tax Equivalent Interest		Yield / Rate
Interest-earning assets:
Federal funds sold	$	—	$	—		—	%
Interest-bearing deposits in nonaffiliated banks		195,637		50		0.10
Taxable securities		2,086,419		10,708		2.05
Tax exempt securities		2,318,912		16,733		2.89
Loans		5,356,229		68,321		5.07

Total interest-earning assets		9,957,197	$	95,812		3.83	%
Noninterest-earning assets		674,229

Total assets	$	10,631,426

Interest-bearing liabilities:
Deposits	$	5,479,873	$	1,826		0.13	%
Borrowings		428,117		94		0.09

Total interest-bearing liabilities		5,907,990	$	1,920		0.13	%
Noninterest-bearing deposits		2,987,572
Other noninterest-bearing liabilities		106,065
Shareholders’ equity		1,629,799

Total liabilities and shareholders’ equity	$	10,631,426

Net interest income and margin (tax equivalent)			$	93,892		3.75	%


	Year Ended Dec. 31, 2021							Year Ended Dec. 31, 2020
	Average Balance		Tax Equivalent Interest		Yield / Rate			Average Balance		Tax Equivalent Interest		Yield / Rate
Interest-earning assets:
Federal funds sold	$	1,651	$	9		0.55	%	$	1,388	$	14		0.99	%
Interest-bearing deposits in nonaffiliated banks		590,843		730		0.12			249,698		939		0.38
Taxable securities		2,898,924		47,390		1.63			2,233,634		51,456		2.30
Tax exempt securities		2,503,220		70,253		2.81			1,882,711		58,403		3.10
Loans		5,341,332		272,714		5.11			5,152,531		264,576		5.13

Total interest-earning assets		11,335,970	$	391,096		3.45	%		9,519,962	$	375,388		3.94	%
Noninterest-earning assets		706,285							673,553

Total assets	$	12,042,255						$	10,193,515

Interest-bearing liabilities:
Deposits	$	6,224,621	$	5,704		0.09	%	$	5,198,554	$	13,119		0.25	%
Borrowings		556,610		338		0.06			561,505		1,124		0.20

Total interest-bearing liabilities		6,781,231	$	6,042		0.09	%		5,760,059	$	14,243		0.25	%
Noninterest-bearing deposits		3,449,313							2,782,896
Other noninterest-bearing liabilities		102,279							88,550
Shareholders’ equity		1,709,432							1,562,010

Total liabilities and shareholders’ equity	$	12,042,255						$	10,193,515

Net interest income and margin (tax equivalent)			$	385,054		3.40	%			$	361,145		3.79	%