ABILENE,
Texas, April 20, 2023 /PRNewswire/ -- First
Financial Bankshares, Inc. (the "Company," "we," "us" or
"our") (NASDAQ: FFIN) today reported earnings for the first
quarter of 2023 of $52.57 million
compared to earnings of $55.97
million for the same quarter a year ago. Basic and
diluted earnings per share were $0.37
for the first quarter of
2023 compared with $0.39 for the same quarter a year ago.
As further described below, the results this quarter compared to
the same quarter a year ago included (i) a decrease in debit card
fees of $3.99 million, (ii) a
decrease in mortgage revenues of $3.36
million and (iii) an increase in FDIC assessment fees of
$785 thousand. Offsetting these items
was (i) a decrease in the provision for credit losses of
$2.00 million and (ii) a decrease in
salary and employee benefits expenses of $2.68 million.
"We are pleased with our results that were highlighted by strong
organic loan growth with only a small contraction in deposits
during the quarter. In light of the historical increase in
interest rates by the Federal Reserve, we continue to focus on loan
and deposit pricing that aligns with our competitive environment.
While funding costs have increased, we continue to have
opportunities to reinvest bond cash flows into our higher yielding
loan portfolio," said F. Scott
Dueser, Chairman, President and CEO of First Financial
Bankshares, Inc. "Additionally, the financial strength of our
Company is reflected in our strong regulatory capital ratios,
diversified deposit base and access to multiple liquidity sources.
We are steadfast in our commitment to remaining safe, sound and
secure. We appreciate the continued support of our customers,
shareholders and associates," added Mr. Dueser.
Net interest income for the first quarter of 2023 was
$96.29 million compared to
$95.44 million for the first
quarter of 2022. The net interest margin, on a taxable
equivalent basis, was
3.34 percent for the first quarter of 2023 compared
to 3.22 percent in the first
quarter of 2022. Average interest-earning assets were
$12.07 billion for the first quarter
of 2023 compared to $12.50
billion a year ago.
The Company recorded a
provision for credit losses of $2.78 million for the first quarter
of 2023 compared to a provision for credit losses of
$4.78 million for the first quarter
of 2022. At March 31, 2023, the
allowance for credit losses totaled $80.82
million, or 1.23 percent of loans held-for-investment
("loans" hereafter), compared to $66.91
million, or 1.20 percent of loans, at March 31, 2022. Additionally, the reserve for
unfunded commitments totaled $10.40
million at March 31, 2023
compared to $7.47 million at
March 31, 2022.
Net recoveries totaled $277
thousand in the first quarter 2023 compared to net
charge-offs of $299
thousand for the first
quarter of 2022. Nonperforming assets
as a percentage of loans and foreclosed assets totaled 0.37 percent at March
31, 2023, compared with 0.52 percent at March 31, 2022. Classified loans totaled
$157.06 million at March 31,
2023, compared to $152.16 million at March
31, 2022.
Noninterest income for the first quarter of 2023 was
$28.01 million compared to
$34.88 million for
the first quarter of 2022, due to the
following:
- Service charges on deposits increased to $6.04 million for the first quarter of 2023
compared with $5.71 million for the
first quarter of 2022, driven by the growth of over 4,300 net new
accounts opened during the first quarter of 2023.
- Debit card fees decreased by $3.99
million for the first quarter of 2023 compared to the same
quarter a year ago. The decrease was due the impact of becoming
subject to regulations that limit debit card interchange revenue
("Durbin Amendment") which became effective for the Company as of
July 1, 2022.
- Mortgage income declined to $2.97
million for the first quarter of 2023 compared to
$6.33 million for the first quarter
of 2022 due to lower overall origination volumes and margins
primarily because of the increase in mortgage interest rates.
- Gains on sales of assets, foreclosed assets and securities were
$976 thousand during the first
quarter of 2023 compared to $1.11
million for the first quarter of 2022.
Noninterest expense for the first quarter of 2023 totaled
$57.26 million compared to
$59.23 million for the first
quarter of 2022, as a result of the following:
- Salary, commissions, and employee benefit costs decreased to
$31.46 million for the first quarter
of 2023, compared to $34.14 million
in the first quarter of 2022 primarily resulting from a decrease of
$1.57 million in profit sharing
expense and $781 thousand in mortgage
incentives.
- Noninterest expenses, excluding salary related costs, increased
$708 thousand for the first quarter
of 2023 compared to the same period in 2022 largely due to an
increase of $785 thousand in FDIC
insurance fees.
The Company's efficiency ratio was 44.93 percent
for the first quarter of 2023 compared to 44.16
percent for the first quarter of 2022. The increase was
driven by the decrease in non-interest income from the prior
year.
As of March 31, 2023, consolidated
total assets were $13.01 billion
compared to $13.31 billion at
March 31, 2022. Loans totaled
$6.58 billion at March 31, 2023, compared with loans of
$5.57 billion at March 31, 2022. During the first quarter of 2023,
loans grew $134.35 million, or 8.46
percent annualized, when compared to December 31, 2022 balances. Deposits totaled
$10.94 billion at March 31, 2023, compared to $11.00 billion at March
31, 2022.
During the first quarter of 2023, the Company sold $135.86 million of securities classified as
available-for-sale with an average book yield of 2.92 percent. The
proceeds from the sales of these securities were largely used to
fund organic loan growth during the quarter. As of March 31, 2023, cash flows from maturities in the
security portfolio of $599.43 million
are projected over the next twelve months.
Shareholders' equity was $1.37
billion as of March 31, 2023,
compared to $1.27 billion and
$1.49 billion at December 31, 2022, and March 31, 2022, respectively, primarily as a
result of changes in Other Comprehensive Income ("OCI") due to
interest rate changes over the past year. The unrealized loss on
the securities portfolio, net of applicable tax, totaled
$458.25 million at March 31, 2023, compared to an unrealized loss of
$535.23 million and $209.58 million at December 31, 2022 and March 31, 2022, respectively.
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 79 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, Lumberton, 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 https://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,"
"project," 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
|
|
|
2023
|
|
|
2022
|
|
ASSETS
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
Cash and due from
banks
|
$
|
224,875
|
|
$
|
293,286
|
|
$
|
227,298
|
|
$
|
242,665
|
|
$
|
203,187
|
|
Interest-bearing demand
deposits in banks
|
|
221,336
|
|
|
37,392
|
|
|
138,484
|
|
|
222,899
|
|
|
394,566
|
|
Investment
securities
|
|
5,298,557
|
|
|
5,474,359
|
|
|
5,745,443
|
|
|
6,215,036
|
|
|
6,502,495
|
|
Loans,
held-for-investment, excluding PPP Loans
|
|
6,576,060
|
|
|
6,441,699
|
|
|
6,255,286
|
|
|
5,876,281
|
|
|
5,550,430
|
|
PPP loans
|
|
155
|
|
|
169
|
|
|
202
|
|
|
2,301
|
|
|
15,739
|
|
Total loans,
held-for-investment
|
|
6,576,215
|
|
|
6,441,868
|
|
|
6,255,488
|
|
|
5,878,582
|
|
|
5,566,169
|
|
Allowance for credit
losses
|
|
(80,818)
|
|
|
(75,834)
|
|
|
(74,108)
|
|
|
(71,932)
|
|
|
(66,913)
|
|
Net loans,
held-for-investment
|
|
6,495,397
|
|
|
6,366,034
|
|
|
6,181,380
|
|
|
5,806,650
|
|
|
5,499,256
|
|
Loans,
held-for-sale
|
|
11,996
|
|
|
11,965
|
|
|
18,815
|
|
|
26,445
|
|
|
27,670
|
|
Premises and equipment,
net
|
|
153,718
|
|
|
152,973
|
|
|
152,646
|
|
|
149,280
|
|
|
150,168
|
|
Goodwill
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
|
313,481
|
|
Other intangible
assets
|
|
1,825
|
|
|
2,053
|
|
|
2,352
|
|
|
2,658
|
|
|
2,978
|
|
Other assets
|
|
286,801
|
|
|
322,523
|
|
|
330,445
|
|
|
281,098
|
|
|
220,399
|
|
Total assets
|
$
|
13,007,986
|
|
$
|
12,974,066
|
|
$
|
13,110,344
|
|
$
|
13,260,212
|
|
$
|
13,314,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
$
|
3,890,991
|
|
$
|
4,061,788
|
|
$
|
4,200,792
|
|
$
|
4,104,034
|
|
$
|
3,978,724
|
|
Interest-bearing
deposits
|
|
7,045,427
|
|
|
6,943,719
|
|
|
6,941,326
|
|
|
7,018,949
|
|
|
7,021,101
|
|
Total
deposits
|
|
10,936,418
|
|
|
11,005,507
|
|
|
11,142,118
|
|
|
11,122,983
|
|
|
10,999,825
|
|
Borrowings
|
|
632,927
|
|
|
642,507
|
|
|
774,581
|
|
|
768,364
|
|
|
758,595
|
|
Other
liabilities
|
|
65,788
|
|
|
60,315
|
|
|
61,030
|
|
|
39,847
|
|
|
67,031
|
|
Shareholders'
equity
|
|
1,372,853
|
|
|
1,265,737
|
|
|
1,132,615
|
|
|
1,329,018
|
|
|
1,488,749
|
|
Total liabilities and
shareholders' equity
|
$
|
13,007,986
|
|
$
|
12,974,066
|
|
$
|
13,110,344
|
|
$
|
13,260,212
|
|
$
|
13,314,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
2023
|
|
|
2022
|
|
INCOME
STATEMENTS
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
Interest
income
|
$
|
121,508
|
|
$
|
121,137
|
|
$
|
112,728
|
|
$
|
101,981
|
|
$
|
97,009
|
|
Interest
expense
|
|
25,222
|
|
|
17,100
|
|
|
9,572
|
|
|
3,199
|
|
|
1,570
|
|
Net interest
income
|
|
96,286
|
|
|
104,037
|
|
|
103,156
|
|
|
98,782
|
|
|
95,439
|
|
Provision for credit
losses
|
|
2,781
|
|
|
4,075
|
|
|
3,221
|
|
|
5,350
|
|
|
4,782
|
|
Net interest income
after provision for credit losses
|
|
93,505
|
|
|
99,962
|
|
|
99,935
|
|
|
93,432
|
|
|
90,657
|
|
Noninterest
income
|
|
28,007
|
|
|
28,524
|
|
|
30,943
|
|
|
37,317
|
|
|
34,881
|
|
Noninterest
expense
|
|
57,256
|
|
|
57,778
|
|
|
59,442
|
|
|
58,333
|
|
|
59,225
|
|
Net income before
income taxes
|
|
64,256
|
|
|
70,708
|
|
|
71,436
|
|
|
72,416
|
|
|
66,313
|
|
Income tax
expense
|
|
11,688
|
|
|
12,040
|
|
|
12,095
|
|
|
11,922
|
|
|
10,341
|
|
Net income
|
$
|
52,568
|
|
$
|
58,668
|
|
$
|
59,341
|
|
$
|
60,494
|
|
$
|
55,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
0.37
|
|
$
|
0.41
|
|
$
|
0.42
|
|
$
|
0.42
|
|
$
|
0.39
|
|
Net income -
diluted
|
|
0.37
|
|
|
0.41
|
|
|
0.41
|
|
|
0.42
|
|
|
0.39
|
|
Cash dividends
declared
|
|
0.17
|
|
|
0.17
|
|
|
0.17
|
|
|
0.17
|
|
|
0.15
|
|
Book value
|
|
9.62
|
|
|
8.87
|
|
|
7.94
|
|
|
9.32
|
|
|
10.43
|
|
Tangible book
value
|
|
7.41
|
|
|
6.66
|
|
|
5.73
|
|
|
7.10
|
|
|
8.21
|
|
Market value
|
|
31.90
|
|
|
34.40
|
|
|
41.83
|
|
|
39.27
|
|
|
44.12
|
|
Shares outstanding -
end of period
|
|
142,703,531
|
|
|
142,657,871
|
|
|
142,628,163
|
|
|
142,586,601
|
|
|
142,704,495
|
|
Average outstanding
shares - basic
|
|
142,665,646
|
|
|
142,619,632
|
|
|
142,524,500
|
|
|
142,682,251
|
|
|
142,558,743
|
|
Average outstanding
shares - diluted
|
|
143,066,011
|
|
|
143,071,538
|
|
|
143,126,088
|
|
|
143,238,669
|
|
|
143,302,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.65
|
%
|
|
1.76
|
%
|
|
1.76
|
%
|
|
1.82
|
%
|
|
1.71
|
%
|
Return on average
equity
|
|
16.32
|
|
|
19.87
|
|
|
17.31
|
|
|
17.26
|
|
|
13.53
|
|
Return on average
tangible equity
|
|
21.51
|
|
|
27.20
|
|
|
22.55
|
|
|
22.27
|
|
|
16.68
|
|
Net interest margin
(tax equivalent)*
|
|
3.34
|
|
|
3.47
|
|
|
3.38
|
|
|
3.30
|
|
|
3.22
|
|
Efficiency
ratio*
|
|
44.93
|
|
|
42.39
|
|
|
43.10
|
|
|
41.61
|
|
|
44.16
|
|
*Calculations have
been adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANKSHARES, INC.
|
SELECTED FINANCIAL
DATA (UNAUDITED)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
2023
|
|
|
2022
|
|
ALLOWANCE FOR LOAN
LOSSES
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
Balance at beginning of
period
|
$
|
75,834
|
|
$
|
74,108
|
|
$
|
71,932
|
|
$
|
66,913
|
|
$
|
63,465
|
|
Loans
charged-off
|
|
(288)
|
|
|
(1,225)
|
|
|
(293)
|
|
|
(275)
|
|
|
(659)
|
|
Loan
recoveries
|
|
565
|
|
|
320
|
|
|
1,409
|
|
|
1,191
|
|
|
360
|
|
Net recoveries
(charge-offs)
|
|
277
|
|
|
(905)
|
|
|
1,116
|
|
|
916
|
|
|
(299)
|
|
Provision for loan
losses
|
|
4,707
|
|
|
2,631
|
|
|
1,060
|
|
|
4,103
|
|
|
3,747
|
|
Balance at end of
period
|
$
|
80,818
|
|
$
|
75,834
|
|
$
|
74,108
|
|
$
|
71,932
|
|
$
|
66,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR
UNFUNDED COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
|
12,323
|
|
$
|
10,879
|
|
$
|
8,718
|
|
$
|
7,471
|
|
$
|
6,436
|
|
Provision for unfunded
commitments
|
|
(1,926)
|
|
|
1,444
|
|
|
2,161
|
|
|
1,247
|
|
|
1,035
|
|
Balance at end of
period
|
$
|
10,397
|
|
$
|
12,323
|
|
$
|
10,879
|
|
$
|
8,718
|
|
$
|
7,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-end loans
held-for-investment
|
|
1.23
|
%
|
|
1.18
|
%
|
|
1.18
|
%
|
|
1.22
|
%
|
|
1.20
|
%
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
334.06
|
|
|
311.75
|
|
|
301.02
|
|
|
281.90
|
|
|
232.71
|
|
Net charge-offs
(recoveries) / average total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)
|
|
(0.02)
|
|
|
0.06
|
|
|
(0.07)
|
|
|
(0.06)
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
2023
|
|
|
2022
|
|
COMPOSITION OF LOANS
HELD-FOR-INVESTMENT
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C&I
|
$
|
954,531
|
|
$
|
917,148
|
|
$
|
871,133
|
|
$
|
837,627
|
|
$
|
822,310
|
|
PPP
|
|
155
|
|
|
169
|
|
|
202
|
|
|
2,301
|
|
|
15,739
|
|
Municipal
|
|
221,379
|
|
|
221,090
|
|
|
214,852
|
|
|
200,577
|
|
|
191,799
|
|
Total
Commercial
|
|
1,176,065
|
|
|
1,138,407
|
|
|
1,086,187
|
|
|
1,040,505
|
|
|
1,029,848
|
|
Agricultural
|
|
77,017
|
|
|
76,947
|
|
|
76,937
|
|
|
90,420
|
|
|
82,883
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
Development
|
|
921,190
|
|
|
959,426
|
|
|
938,051
|
|
|
928,644
|
|
|
806,211
|
|
Farm
|
|
307,706
|
|
|
306,322
|
|
|
268,139
|
|
|
250,028
|
|
|
225,942
|
|
Non-Owner Occupied
CRE
|
|
737,117
|
|
|
732,089
|
|
|
717,738
|
|
|
636,432
|
|
|
636,160
|
|
Owner Occupied
CRE
|
|
1,043,018
|
|
|
954,400
|
|
|
945,665
|
|
|
909,899
|
|
|
881,181
|
|
Residential
|
|
1,628,841
|
|
|
1,575,758
|
|
|
1,536,180
|
|
|
1,412,125
|
|
|
1,352,162
|
|
Total Real
Estate
|
|
4,637,872
|
|
|
4,527,995
|
|
|
4,405,773
|
|
|
4,137,128
|
|
|
3,901,656
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
537,410
|
|
|
550,635
|
|
|
538,798
|
|
|
468,147
|
|
|
419,818
|
|
Non-Auto
|
|
147,851
|
|
|
147,884
|
|
|
147,793
|
|
|
142,382
|
|
|
131,964
|
|
Total
Consumer
|
|
685,261
|
|
|
698,519
|
|
|
686,591
|
|
|
610,529
|
|
|
551,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held-for-investment
|
$
|
6,576,215
|
|
$
|
6,441,868
|
|
$
|
6,255,488
|
|
$
|
5,878,582
|
|
$
|
5,566,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF LOAN
CLASSIFICATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Mention
|
$
|
65,141
|
|
$
|
49,382
|
|
$
|
43,149
|
|
$
|
46,512
|
|
$
|
47,445
|
|
Substandard
|
|
91,915
|
|
|
101,316
|
|
|
100,568
|
|
|
106,156
|
|
|
104,715
|
|
Doubtful
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total classified
loans
|
$
|
157,056
|
|
$
|
150,698
|
|
$
|
143,717
|
|
$
|
152,668
|
|
$
|
152,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
24,171
|
|
$
|
24,325
|
|
$
|
24,604
|
|
$
|
25,495
|
|
$
|
28,743
|
|
Accruing loans 90 days
past due
|
|
22
|
|
|
-
|
|
|
15
|
|
|
22
|
|
|
11
|
|
Total nonperforming
loans
|
|
24,193
|
|
|
24,325
|
|
|
24,619
|
|
|
25,517
|
|
|
28,754
|
|
Foreclosed
assets
|
|
196
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total nonperforming
assets
|
$
|
24,389
|
|
$
|
24,325
|
|
$
|
24,619
|
|
$
|
25,517
|
|
$
|
28,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of loans
held-for-investment and foreclosed assets
|
|
0.37
|
%
|
|
0.38
|
%
|
|
0.39
|
%
|
|
0.43
|
%
|
|
0.52
|
%
|
As a % of end of period
total assets
|
|
0.19
|
|
|
0.19
|
|
|
0.19
|
|
|
0.19
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
2023
|
|
|
2022
|
|
CAPITAL
RATIOS
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
Common equity Tier 1
capital ratio
|
|
18.68
|
%
|
|
18.22
|
%
|
|
18.03
|
%
|
|
18.50
|
%
|
|
19.00
|
%
|
Tier 1 capital
ratio
|
|
18.68
|
|
|
18.22
|
|
|
18.03
|
|
|
18.50
|
|
|
19.00
|
|
Total capital
ratio
|
|
19.79
|
|
|
19.29
|
|
|
19.07
|
|
|
19.54
|
|
|
20.01
|
|
Tier 1 leverage
ratio
|
|
11.53
|
|
|
10.96
|
|
|
10.79
|
|
|
10.65
|
|
|
10.78
|
|
Tangible common equity
ratio
|
|
8.33
|
|
|
7.51
|
|
|
6.38
|
|
|
7.83
|
|
|
9.02
|
|
Equity/Assets
ratio
|
|
10.55
|
|
|
9.76
|
|
|
8.64
|
|
|
10.02
|
|
|
11.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
2023
|
|
|
2022
|
|
NONINTEREST
INCOME
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
Trust fees
|
$
|
9,845
|
|
$
|
10,122
|
|
$
|
10,314
|
|
$
|
9,742
|
|
$
|
9,817
|
|
Service charges on
deposits
|
|
6,036
|
|
|
6,397
|
|
|
6,399
|
|
|
6,038
|
|
|
5,706
|
|
Debit card
fees
|
|
4,936
|
|
|
5,899
|
|
|
5,587
|
|
|
9,868
|
|
|
8,926
|
|
Credit card
fees
|
|
609
|
|
|
632
|
|
|
651
|
|
|
700
|
|
|
602
|
|
Gain on sale and fees
on mortgage loans
|
|
2,974
|
|
|
2,904
|
|
|
4,070
|
|
|
5,728
|
|
|
6,333
|
|
Net gain on sale of
available-for-sale securities
|
|
12
|
|
|
131
|
|
|
334
|
|
|
1,648
|
|
|
31
|
|
Net gain on sale of
foreclosed assets
|
|
34
|
|
|
-
|
|
|
349
|
|
|
18
|
|
|
1,084
|
|
Net gain (loss) on sale
of assets
|
|
930
|
|
|
(2)
|
|
|
526
|
|
|
6
|
|
|
(10)
|
|
Interest on loan
recoveries
|
|
346
|
|
|
244
|
|
|
664
|
|
|
1,649
|
|
|
283
|
|
Other noninterest
income
|
|
2,285
|
|
|
2,197
|
|
|
2,049
|
|
|
1,920
|
|
|
2,109
|
|
Total noninterest
income
|
$
|
28,007
|
|
$
|
28,524
|
|
$
|
30,943
|
|
$
|
37,317
|
|
$
|
34,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
31,431
|
|
$
|
32,391
|
|
$
|
33,129
|
|
$
|
31,840
|
|
$
|
32,540
|
|
Profit sharing
expense
|
|
30
|
|
|
565
|
|
|
763
|
|
|
1,307
|
|
|
1,598
|
|
Net occupancy
expense
|
|
3,430
|
|
|
3,350
|
|
|
3,440
|
|
|
3,292
|
|
|
3,225
|
|
Equipment
expense
|
|
2,127
|
|
|
2,053
|
|
|
2,396
|
|
|
2,346
|
|
|
2,257
|
|
FDIC assessment
fees
|
|
1,654
|
|
|
1,021
|
|
|
917
|
|
|
904
|
|
|
869
|
|
Debit card
expense
|
|
3,199
|
|
|
3,054
|
|
|
3,013
|
|
|
3,200
|
|
|
2,964
|
|
Legal, tax and
professional fees
|
|
2,687
|
|
|
2,814
|
|
|
2,604
|
|
|
2,513
|
|
|
2,957
|
|
Audit fees
|
|
540
|
|
|
451
|
|
|
451
|
|
|
450
|
|
|
451
|
|
Printing, stationery
and supplies
|
|
710
|
|
|
473
|
|
|
600
|
|
|
501
|
|
|
540
|
|
Amortization of
intangible assets
|
|
228
|
|
|
299
|
|
|
306
|
|
|
320
|
|
|
320
|
|
Advertising, meals and
public relations
|
|
1,475
|
|
|
1,646
|
|
|
1,692
|
|
|
1,554
|
|
|
1,493
|
|
Operational and other
losses
|
|
931
|
|
|
982
|
|
|
869
|
|
|
782
|
|
|
596
|
|
Software amortization
and expense
|
|
2,311
|
|
|
2,420
|
|
|
2,564
|
|
|
2,522
|
|
|
2,457
|
|
Other noninterest
expense
|
|
6,503
|
|
|
6,259
|
|
|
6,698
|
|
|
6,802
|
|
|
6,958
|
|
Total noninterest
expense
|
$
|
57,256
|
|
$
|
57,778
|
|
$
|
59,442
|
|
$
|
58,333
|
|
$
|
59,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD
ADJUSTMENT*
|
$
|
3,131
|
|
$
|
3,751
|
|
$
|
3,807
|
|
$
|
4,083
|
|
$
|
3,782
|
|
*Calculations have
been adjusted to remove effect of TEFRA disallowance
|
FIRST FINANCIAL
BANKSHARES, INC.
|
SELECTED FINANCIAL
DATA (UNAUDITED)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
Mar. 31,
2023
|
|
|
|
Dec. 31,
2022
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,507
|
|
$
|
32
|
|
|
5.12
|
%
|
|
|
|
$
|
3,165
|
|
$
|
36
|
|
|
4.57
|
%
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
143,542
|
|
|
1,618
|
|
|
4.57
|
|
|
|
|
|
160,200
|
|
|
1,579
|
|
|
3.91
|
|
Taxable
securities
|
|
3,672,257
|
|
|
20,782
|
|
|
2.26
|
|
|
|
|
|
3,761,206
|
|
|
21,152
|
|
|
2.25
|
|
Tax-exempt
securities
|
|
1,750,533
|
|
|
12,743
|
|
|
2.91
|
|
|
|
|
|
2,001,185
|
|
|
15,740
|
|
|
3.15
|
|
Loans
|
|
6,500,332
|
|
|
89,464
|
|
|
5.58
|
|
|
|
|
|
6,391,703
|
|
|
86,381
|
|
|
5.36
|
|
Total interest-earning
assets
|
|
12,069,171
|
|
$
|
124,639
|
|
|
4.19
|
%
|
|
|
|
|
12,317,459
|
|
$
|
124,888
|
|
|
4.02
|
%
|
Noninterest-earning
assets
|
|
863,342
|
|
|
|
|
|
|
|
|
|
|
|
891,972
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,932,513
|
|
|
|
|
|
|
|
|
|
|
$
|
13,209,431
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,080,518
|
|
$
|
21,812
|
|
|
1.25
|
%
|
|
|
|
$
|
6,871,315
|
|
$
|
13,123
|
|
|
0.76
|
%
|
Borrowings
|
|
625,137
|
|
|
3,410
|
|
|
2.21
|
|
|
|
|
|
927,250
|
|
|
3,977
|
|
|
1.70
|
|
Total interest-bearing
liabilities
|
|
7,705,655
|
|
$
|
25,222
|
|
|
1.33
|
%
|
|
|
|
|
7,798,565
|
|
$
|
17,100
|
|
|
0.87
|
%
|
Noninterest-bearing
deposits
|
|
3,860,472
|
|
|
|
|
|
|
|
|
|
|
|
4,179,494
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
|
60,028
|
|
|
|
|
|
|
|
|
|
|
|
60,085
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,306,358
|
|
|
|
|
|
|
|
|
|
|
|
1,171,287
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,932,513
|
|
|
|
|
|
|
|
|
|
|
$
|
13,209,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
99,417
|
|
|
3.34
|
%
|
|
|
|
|
|
|
$
|
107,788
|
|
|
3.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Three Months
Ended
|
|
Sept. 30,
2022
|
|
|
|
June 30,
2022
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
3,107
|
|
$
|
19
|
|
|
2.49
|
%
|
|
|
|
$
|
1,466
|
|
$
|
5
|
|
|
1.45
|
%
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
248,929
|
|
|
1,413
|
|
|
2.25
|
|
|
|
|
|
288,784
|
|
|
547
|
|
|
0.76
|
|
Taxable
securities
|
|
4,039,107
|
|
|
20,799
|
|
|
2.06
|
|
|
|
|
|
4,101,751
|
|
|
19,151
|
|
|
1.87
|
|
Tax-exempt
securities
|
|
2,164,829
|
|
|
16,423
|
|
|
3.03
|
|
|
|
|
|
2,376,324
|
|
|
17,873
|
|
|
3.01
|
|
Loans
|
|
6,082,649
|
|
|
77,880
|
|
|
5.08
|
|
|
|
|
|
5,720,804
|
|
|
68,488
|
|
|
4.80
|
|
Total interest-earning
assets
|
|
12,538,621
|
|
$
|
116,534
|
|
|
3.69
|
%
|
|
|
|
|
12,489,129
|
|
$
|
106,064
|
|
|
3.41
|
%
|
Noninterest-earning
assets
|
|
833,980
|
|
|
|
|
|
|
|
|
|
|
|
825,711
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,372,601
|
|
|
|
|
|
|
|
|
|
|
$
|
13,314,840
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,004,478
|
|
$
|
8,787
|
|
|
0.50
|
%
|
|
|
|
$
|
7,049,041
|
|
$
|
2,967
|
|
|
0.17
|
%
|
Borrowings
|
|
768,096
|
|
|
784
|
|
|
0.40
|
|
|
|
|
|
730,477
|
|
|
232
|
|
|
0.13
|
|
Total interest-bearing
liabilities
|
|
7,772,574
|
|
$
|
9,571
|
|
|
0.49
|
%
|
|
|
|
|
7,779,518
|
|
$
|
3,199
|
|
|
0.16
|
%
|
Noninterest-bearing
deposits
|
|
4,178,675
|
|
|
|
|
|
|
|
|
|
|
|
4,064,207
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
|
61,320
|
|
|
|
|
|
|
|
|
|
|
|
65,475
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,360,032
|
|
|
|
|
|
|
|
|
|
|
|
1,405,640
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,372,601
|
|
|
|
|
|
|
|
|
|
|
$
|
13,314,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
106,963
|
|
|
3.38
|
%
|
|
|
|
|
|
|
$
|
102,865
|
|
|
3.30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
1,015
|
|
$
|
1
|
|
|
0.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
171,970
|
|
|
94
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
4,231,949
|
|
|
17,823
|
|
|
1.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt
securities
|
|
2,612,025
|
|
|
18,107
|
|
|
2.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
5,487,538
|
|
|
64,766
|
|
|
4.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
12,504,497
|
|
$
|
100,791
|
|
|
3.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
744,810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,249,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
6,898,059
|
|
$
|
1,369
|
|
|
0.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
781,314
|
|
|
201
|
|
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
7,679,373
|
|
$
|
1,570
|
|
|
0.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
3,827,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
|
64,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,677,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,249,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
99,221
|
|
|
3.22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Calculations have
been adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-first-quarter-2023-earnings-301803548.html
SOURCE First Financial Bankshares, Inc.