First Financial Bankshares Announces First Quarter 2021 Earnings
ABILENE, Texas, April 22, 2021 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the first quarter of 2021 of $56.92 million, up $19.69 million or 52.87 percent, when compared with earnings of $37.23 million in the same quarter a year ago. Diluted earnings per share were $0.40 for the first quarter of 2021 compared with $0.26 in the same quarter a year ago.
"We are extremely pleased that last year we did not look at the pandemic as a hurdle to performance, but we looked at it as an opportunity to be here and serve our customers. This created a great deal of momentum which maximized earnings last year and has rolled right into the first quarter this year. During the quarter, the Company had an organic asset growth of $1.20 billion driven by loan growth of $103.38 million, net of PPP and held-for-sale loans, and deposit growth of $737.63 million while overall asset quality continued to improve. We remain very focused on serving our customers and capitalizing on our growth over the last year," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.
Net interest income for the first quarter of 2021 was $88.82 million, up $7.92 million from $80.90 million for the first quarter of 2020. The net interest margin, on a taxable equivalent basis, was 3.55 percent for the first quarter of 2021 compared to 3.75 percent in the fourth quarter of 2020 and 3.91 percent in the first quarter of 2020. Net interest income was positively impacted by a $2.05 billion increase in average-earning assets to $10.56 billion for the first quarter of 2021 when compared to the same period a year ago. The net interest margin was negatively impacted by the overall level of excess liquidity which totaled $1.08 billion at March 31, 2021 pending investment.
For the first quarter of 2021, interest income included Payroll Protection Program ("PPP") loan fees of $6.25 million compared to $5.67 million for the fourth quarter of 2020. The remainder of the PPP loan deferred fees totaled approximately $16 million at March 31, 2021, including approximately $11 million for 2021 originations, and continue to be amortized over the shorter of the repayment period or the contractual life of 24 to 60 months. Additional information related to the Company's PPP loan balances are included in the following table:
PPP Loans Originated | PPP Loans Outstanding at | ||||||
Number Of | Dollars Of Loans | Number Of | Dollars Of | ||||
PPP Round 1 | 6,530 | $ 703,450,000 | 2,759 | $ 315,879,000 | |||
PPP Round 2 | 2,016 | 216,683,000 | 1,990 | 215,931,000 | |||
PPP Total | 8,546 | $ 920,133,000 | 4,749 | $ 531,810,000 | |||
*PPP loan balances accounted for $499.35 million in average balances for the period.
At March 31, 2021, the Company recorded a negative provision for credit losses during the first quarter of 2021 of $2.00 million. The Company's provision for credit losses in the first quarter of 2021 reflected the continued improvement in the economic outlook for our markets across Texas and overall improvements in asset quality.
During the first quarter of 2021, net charge-offs totaled $131 thousand compared to $1.91 million in the first quarter of 2020. At March 31, 2021, the allowance for credit losses totaled $62.97 million, or 1.18 percent of loans held-for-investment ("loans" hereafter), or 1.31 percent of loans excluding PPP loans, compared to $60.44 million at March 31, 2020, or 1.30 percent of loans. Additionally, the reserve for unfunded commitments totaled $6.92 million at March 31, 2021. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.75 percent at March 31, 2021, compared with 0.87 percent at March 31, 2020. Classified loans totaled $190.42 million at March 31, 2021, compared to $190.35 million at March 31, 2020.
Noninterest income in the first quarter of 2021 rose to $34.87 million from $28.73 million for the first quarter of 2020, as a result of the following:
- Trust fees increased to $8.30 million in the first quarter of 2021 from $7.44 million in the first quarter of 2020. The fair value of trust assets managed increased to $7.54 billion, up 22.55 percent at March 31, 2021 from $6.15 billion at March 31, 2020.
- Service charges on deposits were $4.79 million in the first quarter of 2021 compared with $5.92 million in the first quarter of 2020.
- ATM, interchange and credit card fees increased to $8.68 million in the first quarter of 2021 from $7.40 million in the first quarter of 2020, driven by continued growth in the number of debit cards issued and overall customer utilization.
- Mortgage income increased to $9.89 million compared with $3.85 million in the first quarter of 2020 due to a significant increase in the volume of loans originated.
- Gains on sales of securities and other assets total $1.01 million compared to $2.18 million in the first quarter of 2020.
Noninterest expense for the first quarter of 2021 totaled $57.72 million compared to $55.32 million in the first quarter of 2020, as a result of the following:
- Salary, commissions and employee benefit costs totaled $34.93 million for the first quarter of 2021, compared to $29.64 million in the first quarter of 2020. The increase over the prior year was primarily driven by annual merit-based pay increases, higher mortgage related commissions and increases to incentive compensation based on operating results.
- Noninterest expense in the first quarter of 2020 included merger related costs totaling $3.81 million.
The Company's efficiency ratio was 45.36 percent for the first quarter of 2021 compared to 49.63 percent for the first quarter of 2020.
As of March 31, 2021, consolidated assets for the Company totaled $12.10 billion compared to $9.70 billion at March 31, 2020. Loans totaled $5.32 billion at March 31, 2021, compared with loans of $4.64 billion at March 31, 2020. During the first quarter of 2021, loans, excluding PPP loans, grew $103.38 million or 8.94 percent annualized, from December 31, 2020 balances. Deposits totaled $9.41 billion at March 31, 2021, compared to $7.21 billion at March 31, 2020, driven by organic growth. Shareholders' equity rose to $1.67 billion as of March 31, 2021, compared to $1.53 billion at March 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 | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||
Cash and due from banks | $ | 190,350 | $ | 211,113 | $ | 175,088 | $ | 188,373 | $ | 191,486 | ||||||
Interest-bearing deposits in banks | 893,221 | 517,971 | 58,933 | 196,426 | 76,378 | |||||||||||
Investment securities | 5,109,631 | 4,393,029 | 4,431,280 | 4,118,863 | 4,107,069 | |||||||||||
Loans, held-for-investment | 5,322,562 | 5,171,033 | 5,293,679 | 5,253,067 | 4,639,389 | |||||||||||
Allowance for loan losses | (62,974) | (66,534) | (76,038) | (68,947) | (60,440) | |||||||||||
Net loans, held-for-investment | 5,259,588 | 5,104,499 | 5,217,641 | 5,184,120 | 4,578,949 | |||||||||||
Loans, held-for-sale | 65,405 | 83,969 | 101,055 | 66,370 | 42,034 | |||||||||||
Premises and equipment, net | 142,415 | 142,269 | 141,002 | 138,933 | 139,554 | |||||||||||
Goodwill | 313,481 | 313,481 | 313,481 | 313,481 | 312,842 | |||||||||||
Other intangible assets | 4,499 | 4,911 | 5,394 | 5,884 | 6,392 | |||||||||||
Other assets | 124,297 | 133,258 | 123,778 | 127,367 | 246,387 | |||||||||||
Total assets | $ | 12,102,887 | $ | 10,904,500 | $ | 10,567,652 | $ | 10,339,817 | $ | 9,701,091 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Noninterest-bearing deposits | $ | 3,350,145 | $ | 2,982,697 | $ | 2,950,407 | $ | 2,941,679 | $ | 2,288,597 | ||||||
Interest-bearing deposits | 6,063,302 | 5,693,120 | 5,344,481 | 5,215,963 | 4,921,869 | |||||||||||
Total deposits | 9,413,447 | 8,675,817 | 8,294,888 | 8,157,642 | 7,210,466 | |||||||||||
Borrowings | 548,604 | 430,093 | 503,163 | 449,224 | 857,871 | |||||||||||
Other liabilities | 475,408 | 120,400 | 150,100 | 150,502 | 106,392 | |||||||||||
Shareholders' equity | 1,665,428 | 1,678,190 | 1,619,501 | 1,582,449 | 1,526,362 | |||||||||||
Total liabilities and shareholders' equity | $ | 12,102,887 | $ | 10,904,500 | $ | 10,567,652 | $ | 10,339,817 | $ | 9,701,091 | ||||||
Quarter Ended | ||||||||||||||||
2021 | 2020 | |||||||||||||||
INCOME STATEMENTS | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||
Interest income | $ | 90,610 | $ | 92,457 | $ | 91,373 | $ | 92,197 | $ | 88,100 | ||||||
Interest expense | 1,786 | 1,920 | 2,163 | 2,962 | 7,198 | |||||||||||
Net interest income | 88,824 | 90,537 | 89,210 | 89,235 | 80,902 | |||||||||||
Provision for credit losses | (1,997) | (8,033) | 9,000 | 8,700 | 9,850 | |||||||||||
Net interest income after provisions for credit losses | 90,821 | 98,570 | 80,210 | 80,535 | 71,052 | |||||||||||
Noninterest income | 34,874 | 35,709 | 38,575 | 36,919 | 28,732 | |||||||||||
Noninterest expense | 57,723 | 63,705 | 55,593 | 53,321 | 55,318 | |||||||||||
Net income before income taxes | 67,972 | 70,574 | 63,192 | 64,133 | 44,466 | |||||||||||
Income tax expense | 11,054 | 12,099 | 10,335 | 10,663 | 7,234 | |||||||||||
Net income | $ | 56,918 | $ | 58,475 | $ | 52,857 | $ | 53,470 | $ | 37,232 | ||||||
PER COMMON SHARE DATA | ||||||||||||||||
Net income - basic | $ | 0.40 | $ | 0.41 | $ | 0.37 | $ | 0.38 | $ | 0.26 | ||||||
Net income - diluted | 0.40 | 0.41 | 0.37 | 0.38 | 0.26 | |||||||||||
Cash dividends declared | 0.13 | 0.13 | 0.13 | 0.13 | 0.12 | |||||||||||
Book value | 11.70 | 11.80 | 11.40 | 11.14 | 10.73 | |||||||||||
Tangible book value | 9.47 | 9.57 | 9.15 | 8.89 | 8.48 | |||||||||||
Market value | $ | 46.73 | $ | 36.17 | $ | 27.91 | $ | 28.89 | $ | 26.84 | ||||||
Shares outstanding - end of period | 142,285,611 | 142,161,834 | 142,121,595 | 142,035,396 | 142,314,930 | |||||||||||
Average outstanding shares - basic | 142,146,275 | 142,057,705 | 141,980,707 | 141,973,522 | 142,118,864 | |||||||||||
Average outstanding shares - diluted | 143,002,658 | 142,644,088 | 142,529,242 | 142,454,083 | 142,735,208 | |||||||||||
PERFORMANCE RATIOS | ||||||||||||||||
Return on average assets | 2.05 | % | 2.19 | % | 2.01 | % | 2.06 | % | 1.63 | % | ||||||
Return on average equity | 13.83 | 14.27 | 13.14 | 14.00 | 10.11 | |||||||||||
Return on average tangible equity | 17.09 | 17.74 | 16.41 | 17.67 | 12.89 | |||||||||||
Net interest margin (tax equivalent) | 3.55 | 3.75 | 3.75 | 3.78 | 3.91 | |||||||||||
Efficiency ratio | 45.36 | 49.15 | 42.45 | 41.32 | 49.63 | |||||||||||
FIRST FINANCIAL BANKSHARES, INC. | ||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Quarter Ended | ||||||||||||||||
2021 | 2020 | |||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||
Balance at beginning of period | $ | 66,534 | $ | 76,038 | $ | 68,947 | $ | 60,440 | $ | 52,499 | ||||||
Loans charged off | (574) | (1,339) | (853) | (894) | (2,227) | |||||||||||
Loan recoveries | 443 | 778 | 444 | 701 | 318 | |||||||||||
Net recoveries (charge-offs) | (131) | (561) | (409) | (193) | (1,909) | |||||||||||
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 | (3,429) | (10,002) | 7,500 | 8,700 | 9,850 | |||||||||||
Balance at end of period | $ | 62,974 | $ | 66,534 | $ | 76,038 | $ | 68,947 | $ | 60,440 | ||||||
ALLOWANCE FOR UNFUNDED COMMITMENTS | ||||||||||||||||
Balance at beginning of period | $ | 5,486 | $ | 2,309 | $ | 809 | $ | 809 | $ | 809 | ||||||
Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings | - | 1,208 | - | - | - | |||||||||||
Provision for unfunded commitments | 1,432 | 1,969 | 1,500 | - | - | |||||||||||
Balance at end of period | $ | 6,918 | $ | 5,486 | $ | 2,309 | $ | 809 | $ | 809 | ||||||
Allowance for loan losses / | ||||||||||||||||
period-end loans held-for-investment | 1.18 | % | 1.29 | % | 1.44 | % | 1.31 | % | 1.30 | % | ||||||
Allowance for loan losses / | ||||||||||||||||
nonperforming loans | 160.00 | 155.61 | 177.99 | 174.83 | 153.16 | |||||||||||
Net charge-offs / average total loans | ||||||||||||||||
(annualized) | 0.01 | 0.04 | 0.03 | 0.01 | 0.16 | |||||||||||
SUMMARY OF LOAN CLASSIFICATION | ||||||||||||||||
Special Mention | $ | 61,866 | $ | 56,585 | $ | 66,033 | $ | 63,489 | $ | 87,099 | ||||||
Substandard | 128,550 | 140,866 | 136,010 | 137,408 | 103,249 | |||||||||||
Doubtful | - | - | - | - | - | |||||||||||
Total classified loans | $ | 190,416 | $ | 197,451 | $ | 202,043 | $ | 200,897 | $ | 190,348 | ||||||
NONPERFORMING ASSETS | ||||||||||||||||
Nonaccrual loans | $ | 39,333 | $ | 42,619 | $ | 42,673 | $ | 39,320 | $ | 39,226 | ||||||
Accruing troubled debt restructured loans | 23 | 24 | 25 | 25 | 26 | |||||||||||
Accruing loans 90 days past due | 2 | 113 | 23 | 92 | 209 | |||||||||||
Total nonperforming loans | 39,358 | 42,756 | 42,721 | 39,437 | 39,461 | |||||||||||
Foreclosed assets | 300 | 142 | 331 | 287 | 983 | |||||||||||
Total nonperforming assets | $ | 39,658 | $ | 42,898 | $ | 43,052 | $ | 39,724 | $ | 40,444 | ||||||
As a % of loans held-for-investment and foreclosed assets | 0.75 | % | 0.83 | % | 0.81 | % | 0.76 | % | 0.87 | % | ||||||
As a % of end of period total assets | 0.33 | 0.39 | 0.41 | 0.38 | 0.42 | |||||||||||
OIL AND GAS PORTFOLIO INFORMATION * | ||||||||||||||||
Oil and gas loans | $ | 105,261 | $ | 106,237 | $ | 118,567 | $ | 128,143 | $ | 117,223 | ||||||
Oil and gas loans as a % of total loans held-for-investment | 2.20 | % | 2.27 | % | 2.58 | % | 2.82 | % | 2.53 | % | ||||||
Classified oil and gas loans | 10,079 | 13,298 | 26,823 | 28,366 | 22,032 | |||||||||||
Nonaccrual oil and gas loans | 4,759 | 4,774 | 6,800 | 3,702 | 3,477 | |||||||||||
Net charge-offs for oil and gas loans | 40 | 24 | - | 195 | 606 | |||||||||||
* Excluding PPP loans | ||||||||||||||||
RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION * | ||||||||||||||||
Retail loans | $ | 282,310 | $ | 216,244 | $ | 229,386 | $ | 216,244 | $ | 217,380 | ||||||
Restaurant loans | 51,772 | 48,618 | 39,523 | 46,418 | 25,570 | |||||||||||
Hotel loans | 71,435 | 71,716 | 63,273 | 51,957 | 46,690 | |||||||||||
Other hospitality loans | 24,014 | 21,970 | 26,041 | 23,230 | 8,470 | |||||||||||
Travel loans | 664 | 780 | 801 | 908 | 937 | |||||||||||
Total Retail/Restaurant/Hospitality loans | $ | 430,195 | $ | 359,328 | $ | 359,024 | $ | 338,757 | $ | 299,047 | ||||||
Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment | 8.98 | % | 7.67 | % | 7.82 | % | 7.45 | % | 6.45 | % | ||||||
Classified Retail/Restaurant/Hospitality loans | $ | 45,214 | $ | 31,192 | $ | 28,171 | $ | 15,837 | $ | 5,680 | ||||||
Nonaccrual Retail/Restaurant/Hospitality loans | 6,575 | 5,975 | 5,689 | 5,752 | 867 | |||||||||||
Net Charge-offs for Retail/Restaurant/Hospitality loans | - | 561 | 26 | 178 | 130 | |||||||||||
* Excluding PPP loans | ||||||||||||||||
CAPITAL RATIOS | ||||||||||||||||
Common equity Tier 1 capital ratio | 20.32 | % | 20.79 | % | 20.56 | % | 20.78 | % | 19.55 | % | ||||||
Tier 1 capital ratio | 20.32 | 20.79 | 20.56 | 20.78 | 19.55 | |||||||||||
Total capital ratio | 21.47 | 22.03 | 21.82 | 22.03 | 20.65 | |||||||||||
Tier 1 leverage ratio | 11.55 | 11.86 | 11.65 | 11.25 | 12.49 | |||||||||||
Tangible common equity ratio | 12.35 | 12.71 | 12.61 | 12.00 | 13.09 | |||||||||||
Equity/Assets ratio | 13.76 | 15.39 | 15.33 | 15.30 | 15.73 | |||||||||||
Quarter Ended | ||||||||||||||||
2021 | 2020 | |||||||||||||||
NONINTEREST INCOME | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||
Trust fees | $ | 8,299 | $ | 7,672 | $ | 7,461 | $ | 6,961 | $ | 7,437 | ||||||
Service charges on deposits | 4,793 | 5,330 | 5,009 | 4,318 | 5,915 | |||||||||||
ATM, interchange and credit card fees | 8,677 | 8,376 | 8,644 | 8,049 | 7,400 | |||||||||||
Gain on sale and fees on mortgage loans | 9,894 | 11,116 | 15,228 | 13,676 | 3,852 | |||||||||||
Net gain on sale of available-for-sale securities | 808 | 23 | 36 | 1,512 | 2,062 | |||||||||||
Net gain on sale of foreclosed assets | 55 | 87 | 19 | 52 | 1 | |||||||||||
Net gain (loss) on sale of assets | 145 | 22 | (2) | (24) | 116 | |||||||||||
Interest on loan recoveries | 382 | 235 | 202 | 154 | 265 | |||||||||||
Other noninterest income | 1,821 | 2,848 | 1,978 | 2,221 | 1,684 | |||||||||||
Total noninterest income | $ | 34,874 | $ | 35,709 | $ | 38,575 | $ | 36,919 | $ | 28,732 | ||||||
NONINTEREST EXPENSE | ||||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 32,636 | $ | 34,773 | $ | 32,104 | $ | 28,836 | $ | 28,670 | ||||||
Profit sharing expense | 2,295 | 6,245 | 1,545 | 1,978 | 972 | |||||||||||
Net occupancy expense | 3,147 | 3,067 | 3,193 | 3,101 | 3,027 | |||||||||||
Equipment expense | 2,164 | 2,154 | 2,157 | 2,010 | 2,075 | |||||||||||
FDIC insurance premiums | 701 | 663 | 587 | 463 | 45 | |||||||||||
ATM, interchange and credit card expenses | 2,772 | 2,811 | 2,829 | 2,610 | 2,985 | |||||||||||
Legal, tax and professional fees | 2,726 | 2,302 | 2,615 | 2,931 | 2,921 | |||||||||||
Audit fees | 281 | 407 | 526 | 739 | 411 | |||||||||||
Printing, stationery and supplies | 325 | 449 | 615 | 533 | 566 | |||||||||||
Amortization of intangible assets | 412 | 483 | 490 | 508 | 509 | |||||||||||
Advertising and public relations | 1,388 | 1,600 | 797 | 1,011 | 1,195 | |||||||||||
Operational and other losses | 287 | 537 | 621 | 728 | 576 | |||||||||||
Software amortization and expense | 2,619 | 2,563 | 2,265 | 2,010 | 2,024 | |||||||||||
Other noninterest expense | 5,970 | 5,651 | 5,249 | 5,863 | 9,342 | |||||||||||
Total noninterest expense | $ | 57,723 | $ | 63,705 | $ | 55,593 | $ | 53,321 | $ | 55,318 | ||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 3,547 | $ | 3,355 | $ | 3,170 | $ | 2,902 | $ | 1,834 | ||||||
FIRST FINANCIAL BANKSHARES, INC. | ||||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | |||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Federal funds sold | $ | 1,942 | $ | 3 | 0.58 | % | $ | - | $ | - | - | % | ||||||||||
Interest-bearing deposits in nonaffiliated banks | 637,129 | 159 | 0.10 | 195,637 | 50 | 0.10 | ||||||||||||||||
Taxable securities | 2,251,419 | 10,264 | 1.82 | 2,086,419 | 10,708 | 2.05 | ||||||||||||||||
Tax exempt securities | 2,368,615 | 16,979 | 2.87 | 2,318,912 | 16,733 | 2.89 | ||||||||||||||||
Loans | 5,296,149 | 66,753 | 5.11 | 5,356,229 | 68,321 | 5.07 | ||||||||||||||||
Total interest-earning assets | 10,555,254 | $ | 94,158 | 3.62 | % | 9,957,197 | $ | 95,812 | 3.83 | % | ||||||||||||
Noninterest-earning assets | 700,550 | 674,229 | ||||||||||||||||||||
Total assets | $ | 11,255,804 | $ | 10,631,426 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Deposits | $ | 5,916,237 | $ | 1,696 | 0.12 | % | $ | 5,479,873 | $ | 1,826 | 0.13 | % | ||||||||||
Borrowings | 456,620 | 91 | 0.08 | 428,117 | 94 | 0.09 | ||||||||||||||||
Total interest-bearing liabilities | 6,372,857 | $ | 1,787 | 0.11 | % | 5,907,990 | $ | 1,920 | 0.13 | % | ||||||||||||
Noninterest-bearing liabilities | 3,214,237 | 3,093,637 | ||||||||||||||||||||
Shareholders' equity | 1,668,710 | 1,629,799 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 11,255,804 | $ | 10,631,426 | ||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 92,371 | 3.55 | % | $ | 93,892 | 3.75 | % | ||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||
Sept. 30, 2020 | June 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 | % | $ | 840 | $ | 1 | 0.51 | % | ||||||||||
Interest-bearing deposits in nonaffiliated banks | 223,104 | 59 | 0.10 | 352,628 | 86 | 0.10 | ||||||||||||||||
Taxable securities | 2,187,547 | 12,063 | 2.21 | 2,399,364 | 14,030 | 2.34 | ||||||||||||||||
Tax exempt securities | 2,058,032 | 15,737 | 3.06 | 1,800,339 | 14,733 | 3.27 | ||||||||||||||||
Loans | 5,334,174 | 66,681 | 4.97 | 5,248,052 | 66,249 | 5.08 | ||||||||||||||||
Total interest-earning assets | 9,804,866 | $ | 94,543 | 3.84 | % | 9,801,223 | $ | 95,099 | 3.90 | % | ||||||||||||
Noninterest-earning assets | 671,374 | 663,595 | ||||||||||||||||||||
Total assets | $ | 10,476,240 | $ | 10,464,818 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Deposits | $ | 5,270,600 | $ | 2,064 | 0.16 | % | $ | 5,135,772 | $ | 2,550 | 0.20 | % | ||||||||||
Borrowings | 482,555 | 99 | 0.08 | 877,076 | 412 | 0.19 | ||||||||||||||||
Total interest-bearing liabilities | 5,753,155 | $ | 2,163 | 0.15 | % | 6,012,848 | $ | 2,962 | 0.20 | % | ||||||||||||
Noninterest-bearing liabilities | 3,122,995 | 2,915,461 | ||||||||||||||||||||
Shareholders' equity | 1,600,090 | 1,536,509 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 10,476,240 | $ | 10,464,818 | ||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 92,380 | 3.75 | % | $ | 92,137 | 3.78 | % | ||||||||||||||
Three Months Ended | ||||||||||||||||||||||
Mar. 31, 2020 | ||||||||||||||||||||||
Average | Tax Equivalent | Yield / | ||||||||||||||||||||
Balance | Interest | Rate | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Federal funds sold | $ | 2,712 | $ | 10 | 1.50 | % | ||||||||||||||||
Interest-bearing deposits in nonaffiliated banks | 220,906 | 745 | 1.36 | |||||||||||||||||||
Taxable securities | 2,263,329 | 14,655 | 2.59 | |||||||||||||||||||
Tax exempt securities | 1,346,842 | 11,200 | 3.33 | |||||||||||||||||||
Loans | 4,667,436 | 63,323 | 5.46 | |||||||||||||||||||
Total interest-earning assets | 8,501,225 | $ | 89,933 | 4.25 | % | |||||||||||||||||
Noninterest-earning assets | 692,432 | |||||||||||||||||||||
Total assets | $ | 9,193,657 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Deposits | $ | 4,904,087 | $ | 6,680 | 0.55 | % | ||||||||||||||||
Borrowings | 460,605 | 517 | 0.45 | |||||||||||||||||||
Total interest-bearing liabilities | 5,364,692 | $ | 7,197 | 0.54 | % | |||||||||||||||||
Noninterest-bearing liabilities | 2,348,485 | |||||||||||||||||||||
Shareholders' equity | 1,480,480 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 9,193,657 | ||||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 82,736 | 3.91 | % | ||||||||||||||||||
View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-first-quarter-2021-earnings-301275419.html
SOURCE First Financial Bankshares, Inc.
