First Financial Bankshares Announces Fourth Quarter Earnings Results And 32nd Year Of Consecutive Earnings Growth

January 24, 2019 16:05

ABILENE, Texas, Jan. 24, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2018 of $38.44 million, up $2.29 million when compared with earnings of $36.14 million in the same quarter last year. Basic earnings per share were $0.57 for the fourth quarter of 2018 compared with $0.55 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2018 was $1.55 million, before income tax, resulting from the Company's partial settlement of its frozen defined benefit pension plan (see below for more details). Additionally, the Company recorded a $322 thousand prior year income tax benefit in the fourth quarter of 2018 resulting from refinements in the re-measurement of its deferred tax balance related to the Tax Cuts and Jobs Act which lowered the Company's corporate income tax rate to 21% from 35% at the end of 2017.

All amounts for the three months and year ended December 31, 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 fourth quarter of 2018 was $70.27 million compared with $60.89 million in the same quarter of 2017. The net interest margin, on a taxable equivalent basis, was 4.02 percent for the fourth quarter of 2018 compared to 4.01 percent in the third quarter of 2018 and 4.00 percent in the fourth quarter of 2017. Included in interest income for the fourth quarter of 2018 was $491 thousand, or two 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 $1.80 million in the fourth quarter of 2018 compared with $1.45 million in the third quarter of 2018 and $1.44 million in the fourth quarter of 2017. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.75 percent at December 31, 2018, compared with 0.69 percent at September 30, 2018, and 0.57 percent at December 31, 2017. Classified loans totaled $126.30 million at December 31, 2018, compared to $117.52 million at September 30, 2018, and $117.21 million at December 31, 2017.

Noninterest income increased 11.19 percent in the fourth quarter of 2018 to $24.80 million compared with $22.30 million in the same quarter a year ago. Trust fees increased $1.02 million to $6.92 million in the fourth quarter of 2018 compared with $5.89 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $5.60 billion from $5.13 billion a year ago. ATM, interchange and credit card fees increased 5.74 percent to $6.96 million compared with $6.58 million in the same quarter last year due to continued growth in debit cards and the Kingwood acquisition. Service charges on deposits increased 16.59 percent to $5.71 million compared with $4.90 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.

Noninterest expense for the fourth quarter of 2018 totaled $48.24 million compared to $44.10 million in the fourth quarter of 2017. The Company's efficiency ratio in the fourth quarter of 2018 was 49.69 percent compared with 49.37 percent in the same quarter last year. During the fourth quarter of 2018, the Company settled the portion of its pension obligation for plan participants no longer employed by the Company that are in payout. As a result of the partial settlement of the plan, the Company recognized $1.55 million, before income tax, in settlement loss, a component of noninterest expense. Also included in noninterest expense in the fourth quarter of 2018 was a $1.33 million increase in salary and employee benefit costs to $25.75 million compared to $24.42 million 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 year ended December 31, 2018, net income increased $30.27 million to $150.64 million from $120.37 million in 2017, marking 2018 as the 32^nd consecutive year of earnings increases for the Company. Basic earnings per share in 2018 rose to $2.23 from $1.82 in the previous year. Net interest income increased $36.07 million for the year to $272.76 million from $236.69 million a year ago. The provision for loan losses for 2018 totaled $5.67 million compared with $6.53 million in 2017. Noninterest income was $101.76 million in 2018 compared with $91.02 million in 2017. Noninterest expense rose to $190.68 million in 2018 compared with $173.99 million a year ago.

As of December 31, 2018, consolidated assets for the Company totaled $7.73 billion compared with $7.25 billion at December 31, 2017. Loans totaled $3.98 billion at year end compared with loans of $3.50 billion a year ago. Deposits totaled $6.18 billion at December 31, 2018, compared to $5.96 billion a year ago. Shareholders' equity rose to $1.05 billion at year end compared with $922.77 million at December 31, 2017.

"We are pleased to report the 32^nd consecutive year of increased earnings for the Company, which does not just happen. It comes from the hard work and dedication of our board, officers and employees," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits, reduce expenses to improve our bottom line while continuing to look for acquisition opportunities to better utilize our strong capital position and increase our return to our shareholders. In light of the continued increases in interest rates by the Federal Reserve, we continue to focus 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 Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 73 locations in Texas, 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, Spring, 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 eight 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			Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Cash and due from banks		$	207,835		$	164,998		$	178,217		$	130,979		$	209,583
Interest-bearing deposits in banks			40,812			34,511			99,499			67,060			162,764
Interest-bearing time deposits in banks			1,458			1,458			1,458			1,458			1,458
Fed funds sold			-			-			8,450			-			-
Investment securities			3,158,777			3,144,367			3,197,567			3,276,193			3,087,473
Loans			3,975,308			3,885,536			3,855,769			3,747,081			3,500,699
	Allowance for loan losses		(51,202)			(50,871)			(49,951)			(49,499)			(48,156)
Net loans			3,924,106			3,834,665			3,805,818			3,697,582			3,452,543
Premises and equipment			133,421			130,815			130,366			126,446			124,026
Goodwill			171,565			171,565			171,565			171,565			139,971
Other intangible assets			3,118			3,342			3,620			4,004			1,172
Other assets			90,762			85,510			88,910			92,162			75,725
	Total assets	$	7,731,854		$	7,571,231		$	7,685,470		$	7,567,449		$	7,254,715

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits		$	2,116,107		$	2,146,984		$	2,105,953		$	2,111,116		$	2,041,650
Interest-bearing deposits			4,064,282			3,998,298			4,104,654			4,079,647			3,921,311
	Total deposits		6,180,389			6,145,282			6,210,607			6,190,763			5,962,961
Borrowings			468,706			380,760			456,935			372,155			331,000
Other liabilities			29,464			49,450			32,300			34,717			37,986
Shareholders' equity			1,053,295			995,739			985,628			969,814			922,768
	Total liabilities and shareholders' equity	$	7,731,854		$	7,571,231		$	7,685,470		$	7,567,449		$	7,254,715

		Quarter Ended
			2018												2017
INCOME STATEMENTS			Dec. 31,			Sept 30,			June 30,			Mar. 31,			Dec. 31,
Interest income		$	76,481		$	74,049		$	72,078		$	69,082		$	63,456
Interest expense			6,207			4,623			4,467			3,633			2,562
Net interest income			70,274			69,426			67,611			65,449			60,894
Provision for loan losses			1,800			1,450			1,105			1,310			1,440
Net interest income after provision for loan losses			68,474			67,976			66,506			64,139			59,454
Noninterest income			24,797			27,055			25,488			24,423			22,302
Noninterest expense			48,235			47,506			47,144			47,798			44,096
	Net income before income taxes		45,036			47,525			44,850			40,764			37,660
Income tax expense			6,599			7,475			7,217			6,245			1,517
	Net income	$	38,437		$	40,050		$	37,633		$	34,519		$	36,143

PER COMMON SHARE DATA
Net income - basic		$	0.57		$	0.59		$	0.56		$	0.51		$	0.55
Net income - diluted			0.56			0.59			0.55			0.51			0.54
Cash dividends declared			0.21			0.21			0.21			0.19			0.19
Book Value			15.55			14.71			14.57			14.34			13.93
Market Value		$	57.69		$	59.10		$	50.90		$	46.30		$	45.05
Shares outstanding - end of period			67,753,133			67,693,586			67,669,658			67,612,760			66,260,444
Average outstanding shares - basic			67,676,204			67,635,058			67,597,275			67,527,010			66,191,995
Average outstanding shares - diluted			68,095,612			68,053,724			67,924,168			67,799,545			66,428,871

PERFORMANCE RATIOS
Return on average assets			2.00	%		2.10	%		1.98	%		1.84	%		2.02	%
Return on average equity			15.18			16.00			15.53			14.74			15.79
Return on average tangible equity			18.38			19.42			18.94			17.82			18.70
Net interest margin (tax equivalent)			4.02			4.01			3.92			3.88			4.00
Efficiency ratio			49.69			48.12			49.42			51.76			49.37

		Year Ended
		Dec. 31,
INCOME STATEMENTS			2018			2017
Interest income		$	291,690		$	245,975
Interest expense			18,930			9,288
Net interest income			272,760			236,687
Provision for loan losses			5,665			6,530
Net interest income after provision for loan losses			267,095			230,157
Noninterest income			101,764			91,017
Noninterest expense			190,684			173,986
	Net income before income taxes		178,175			147,188
Income tax expense			27,537			26,817
	Net income	$	150,638		$	120,371

PER COMMON SHARE DATA
Net income - basic		$	2.23		$	1.82
Net income - diluted			2.22			1.81
Cash dividends declared			0.82			0.75
Book Value			15.55			13.93
Market Value		$	57.69		$	45.05
Shares outstanding - end of period			67,753,133			66,260,444
Average outstanding shares - basic			67,609,367			66,126,863
Average outstanding shares - diluted			67,983,014			66,324,330

PERFORMANCE RATIOS
Return on average assets			1.98	%		1.72	%
Return on average equity			15.37			13.63
Return on average tangible equity			18.65			16.26
Net interest margin (tax equivalent)			3.96			4.01
Efficiency ratio			49.72			49.26

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

		Quarter Ended
			2018												2017
ALLOWANCE FOR LOAN LOSSES			Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Balance at beginning of period		$	50,871		$	49,951		$	49,499		$	48,156		$	47,922
Loans charged off			(2,081)			(945)			(949)			(471)			(1,440)
Loan recoveries			612			415			296			504			234
Net recoveries (charge-offs)			(1,469)			(530)			(653)			33			(1,206)
Provision for loan losses			1,800			1,450			1,105			1,310			1,440
Balance at end of period		$	51,202		$	50,871		$	49,951		$	49,499		$	48,156

Allowance for loan losses /
period-end loans			1.29	%		1.31	%		1.30	%		1.32	%		1.38	%
Allowance for loan losses /
nonperforming loans			176.22			194.25			182.31			209.80			259.11
Net charge-offs / average loans
(annualized)			0.15			0.05			0.07			-			0.14

SUMMARY OF LOAN CLASSIFICATION
Special Mention		$	50,379		$	36,450		$	34,557		$	40,079		$	37,079
Substandard			75,919			81,073			79,170			83,976			80,131
Doubtful			-			-			-			-			-
	Total classified loans	$	126,298		$	117,523		$	113,727		$	124,055		$	117,210

NONPERFORMING ASSETS
Nonaccrual loans		$	27,534		$	25,587		$	26,685		$	22,752		$	17,670
Accruing troubled debt restructured loans			513			513			514			514			627
Accruing loans 90 days past due			1,008			88			200			327			288
	Total nonperforming loans		29,055			26,188			27,399			23,593			18,585
Foreclosed assets			577			671			705			1,276			1,532
	Total nonperforming assets	$	29,632		$	26,859		$	28,104		$	24,869		$	20,117

As a % of loans and foreclosed assets			0.75	%		0.69	%		0.73	%		0.66	%		0.57	%
As a % of end of period total assets			0.38			0.35			0.37			0.33			0.28

OIL AND GAS PORTFOLIO INFORMATION
Oil and gas loans		$	113,536		$	112,039		$	103,381		$	86,218		$	60,164
Oil and gas loans as a % of total loans			2.86	%		2.88	%		2.68	%		2.30	%		1.72	%
Classified oil and gas loans			3,894			4,861			5,001			10,485			20,346
Nonaccrual oil and gas loans			1,048			1,825			1,629			1,460			1,414
Net charge-offs for oil and gas loans			-			-			-			-			-
Allowance for oil and gas loans as a % of oil and gas loans			3.23	%		3.28	%		3.48	%		3.64	%		7.90	%

CAPITAL RATIOS
Common equity Tier 1 capital ratio			19.47	%		19.19	%		18.68	%		18.43	%		18.66	%
Tier 1 capital ratio			19.47			19.19			18.68			18.43			18.66
Total capital ratio			20.61			20.34			19.81			19.58			19.85
Tier 1 leverage			11.85			11.57			11.14			10.90			11.09
Equity to assets			13.62			13.15			12.82			12.82			12.72


		Quarter Ended
			2018												2017
NONINTEREST INCOME			Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
Trust fees		$	6,915		$	7,291		$	7,070		$	6,904		$	5,891
Service charges on deposits			5,713			5,690			5,375			4,884			4,900
ATM, interchange and credit card fees			6,962			7,533			7,041			6,996			6,584
Real estate mortgage fees			3,439			4,834			3,951			2,933			3,613
Net gain on sale of available-for-sale securities			8			58			67			1,221			3
Net gain (loss) on sale of foreclosed assets			(85)			84			19			99			(8)
Net gain (loss) on sale of assets			5			(61)			-			(91)			(185)
Interest on loan recoveries			332			199			289			119			232
Other noninterest income			1,508			1,427			1,676			1,358			1,272
	Total noninterest income	$	24,797		$	27,055		$	25,488		$	24,423		$	22,302

NONINTEREST EXPENSE
Salaries and employee benefits, excluding profit sharing		$	23,908		$	24,693		$	24,545		$	24,994		$	22,760
Loss from partial settlement of pension plan			1,546			-			-			-			-
Profit sharing expense			1,839			1,684			2,317			1,209			1,661
Net occupancy expense			2,583			2,900			2,806			2,883			2,439
Equipment expense			3,403			3,482			3,440			3,516			3,369
FDIC insurance premiums			565			570			632			566			560
ATM, interchange and credit card expenses			2,589			2,344			2,205			2,143			1,935
Legal, tax and professional fees			2,609			2,417			2,308			2,807			2,580
Audit fees			291			382			439			411			338
Printing, stationery and supplies			513			387			612			486			567
Amortization of intangible assets			223			279			384			387			136
Advertising and public relations			1,805			1,709			1,576			1,575			1,689
Operational and other losses			337			981			305			566			553
Software amortization and expense			755			540			479			524			1,056
Other noninterest expense			5,269			5,138			5,096			5,731			4,453
	Total noninterest expense	$	48,235		$	47,506		$	47,144		$	47,798		$	44,096

TAX EQUIVALENT YIELD ADJUSTMENT		$	1,996		$	2,242		$	2,289		$	2,467		$	6,125


		Year Ended
		Dec. 31,
NONINTEREST INCOME			2018			2017
Trust fees		$	28,181		$	23,694
Service charges on deposits			21,663			19,416
ATM, interchange and credit card fees			28,532			25,686
Real estate mortgage fees			15,157			15,109
Net gain (loss) on sale of available-for-sale securities			1,354			1,828
Net gain (loss) on sale of foreclosed assets			116			(50)
Net gain (loss) on sale of assets			(147)			(396)
Interest on loan recoveries			938			1,128
Other noninterest income			5,970			4,602
	Total noninterest income	$	101,764		$	91,017

NONINTEREST EXPENSE
Salaries and employee benefits, excluding profit sharing		$	98,140		$	90,552
Loss from partial settlement of pension plan			1,546			-
Profit sharing expense			7,049			4,735
Net occupancy expense			11,173			10,521
Equipment expense			13,841			13,765
FDIC insurance premiums			2,333			2,217
ATM, interchange and credit card expenses			9,282			7,452
Legal, tax and professional fees			10,141			9,980
Audit fees			1,526			1,492
Printing, stationery and supplies			1,997			1,989
Amortization of intangible assets			1,272			613
Advertising and public relations			6,664			6,334
Operational and other losses			2,188			3,192
Software amortization and expense			2,297			3,295
Other noninterest expense			21,235			17,849
	Total noninterest expense	$	190,684		$	173,986

TAX EQUIVALENT YIELD ADJUSTMENT		$	8,993		$	25,495

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)

		Three Months Ended						Three Months Ended
		Dec. 31, 2018						Sept. 30, 2018
			Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
			Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Fed funds sold		$	1,620	$	10	2.54	%	$	3,377	$	19	2.29	%
Interest-bearing deposits in nonaffiliated banks			41,511		240	2.30			88,118		450	2.03
Taxable securities			1,957,638		13,384	2.73			1,943,125		12,594	2.59
Tax exempt securities			1,206,728		11,482	3.81			1,213,212		11,459	3.78
Loans			3,918,360		53,361	5.40			3,845,836		51,769	5.34
Total interest-earning assets			7,125,857	$	78,477	4.37	%		7,093,668	$	76,291	4.27	%
Noninterest-earning assets			493,244						490,155
	Total assets	$	7,619,101					$	7,583,823

Interest-bearing liabilities:
Deposits		$	3,961,582	$	5,092	0.51	%	$	4,035,174	$	4,329	0.43	%
Fed funds purchased and other borrowings			484,054		1,115	0.91			399,026		294	0.29
Total interest-bearing liabilities			4,445,636	$	6,207	0.55	%		4,434,200	$	4,623	0.41	%
Noninterest-bearing liabilities			2,169,069						2,156,258
Shareholders' equity			1,004,396						993,365
	Total liabilities and shareholders' equity	$	7,619,101					$	7,583,823

Net interest income and margin (tax equivalent)				$	72,270	4.02	%			$	71,668	4.01	%

		Three Months Ended						Three Months Ended
		June 30, 2018						Mar. 31, 2018
			Average		Tax Equivalent	Yield /			Average		Tax Equivalent	Yield /
			Balance		Interest	Rate			Balance		Interest	Rate
Interest-earning assets:
Fed funds sold		$	2,228	$	13	2.32	%	$	6,215	$	27	1.78	%
Interest-bearing deposits in nonaffiliated banks			59,373		258	1.74			160,399		613	1.55
Taxable securities			2,007,949		12,719	2.53			1,826,391		11,354	2.49
Tax exempt securities			1,281,757		12,001	3.75			1,352,235		12,559	3.72
Loans			3,797,341		49,376	5.22			3,748,561		46,995	5.08
Total interest-earning assets			7,148,648	$	74,367	4.17	%		7,093,801	$	71,548	4.09	%
Noninterest-earning assets			486,837						497,049
	Total assets	$	7,635,485					$	7,590,850

Interest-bearing liabilities:
Deposits		$	4,076,522	$	4,005	0.39	%	$	4,139,324	$	3,519	0.34	%
Fed funds purchased and other borrowings			434,239		462	0.43			357,414		113	0.13
Total interest-bearing liabilities			4,510,761	$	4,467	0.40	%		4,496,738	$	3,632	0.33	%
Noninterest-bearing liabilities			2,152,451						2,144,065
Shareholders' equity			972,273						950,047
	Total liabilities and shareholders' equity	$	7,635,485					$	7,590,850

Net interest income and margin (tax equivalent)				$	69,900	3.92	%			$	67,916	3.88	%

		Three Months Ended
		Dec. 31, 2017
			Average		Tax Equivalent	Yield /
			Balance		Interest	Rate
Interest-earning assets:
Fed funds sold		$	1,192	$	5	1.52	%
Interest-bearing deposits in nonaffiliated banks			186,355		645	1.37
Taxable securities			1,562,744		8,977	2.30
Tax exempt securities			1,405,327		16,259	4.63
Loans			3,483,939		43,695	4.98
Total interest-earning assets			6,639,557	$	69,581	4.16	%
Noninterest-earning assets			441,645
	Total assets	$	7,081,202

Interest-bearing liabilities:
Deposits		$	3,795,808	$	2,465	0.26	%
Fed funds purchased and other borrowings			343,683		97	0.11
Total interest-bearing liabilities			4,139,491	$	2,562	0.25	%
Noninterest-bearing liabilities			2,033,580
Shareholders' equity			908,131
	Total liabilities and shareholders' equity	$	7,081,202

Net interest income and margin (tax equivalent)				$	67,019	4.00	%

		Year Ended						Year Ended
		Dec. 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		$	3,347	$	70	2.09	%	$	3,096	$	24	0.78	%
Interest-bearing deposits in nonaffiliated banks			87,027		1,561	1.79			141,368		1,660	1.17
Taxable securities			1,934,160		50,052	2.59			1,479,698		32,825	2.22
Tax exempt securities			1,262,947		47,501	3.76			1,484,952		68,118	4.59
Loans			3,828,040		201,498	5.26			3,435,447		168,843	4.91
Total interest-earning assets			7,115,521	$	300,682	4.23	%		6,544,561	$	271,470	4.15	%
Noninterest-earning assets			491,211						436,950
	Total assets	$	7,606,732					$	6,981,511

Interest-bearing liabilities:
Deposits		$	4,052,614	$	16,945	0.42	%	$	3,783,960	$	8,213	0.22	%
Fed funds purchased and other short term borrowings			418,977		1,984	0.47			422,285		1,075	0.25
Total interest-bearing liabilities			4,471,591	$	18,929	0.42	%		4,206,245	$	9,288	0.22	%
Noninterest-bearing liabilities			2,154,935						1,892,453
Shareholders' equity			980,206						882,813
	Total liabilities and shareholders' equity	$	7,606,732					$	6,981,511

Net interest income and margin (tax equivalent)				$	281,753	3.96	%			$	262,182	4.01	%

View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-earnings-results-and-32nd-year-of-consecutive-earnings-growth-300784023.html

SOURCE First Financial Bankshares, Inc.

First Financial Bankshares Announces Fourth Quarter Earnings Results And 32nd Year Of Consecutive Earnings Growth

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