ABILENE,
Texas, Oct. 19, 2023 /PRNewswire/ -- First
Financial Bankshares, Inc. (the "Company," "we," "us" or
"our") (NASDAQ: FFIN) today reported earnings of $49.56 million for the third quarter of 2023
compared to earnings of $50.87
million for the second quarter of 2023 and $59.34 million for the same quarter a year ago.
Diluted earnings per share were $0.35
for the third quarter of 2023 compared with $0.36 for the second quarter of 2023 and
$0.41 for the third quarter of 2022.
During the third quarter of 2023, the Company repurchased 101,337
shares of its common stock at an average price of $26.99. Currently, the Company has 4.90 million
shares remaining under the share repurchase authorization through
July 31, 2024.
"Due to our strong liquidity, capital levels and some banks who
don't have the liquidity to serve their loan customers, we have had
the ability to add good loan and deposit customers at favorable
terms in the current environment," said F. Scott Dueser, Chairman, CEO and President of
First Financial Bankshares, Inc. "We are encouraged that deposit
balances have remained fairly stable this year and we continue to
have significant net new account growth. Moving forward, we will
continue our disciplined approach of managing our balance sheet,
reducing expenses and maximizing efficiencies. The monthly
maturities off our bond and loan portfolios are providing us with
the needed liquidity to grow loans which will improve our interest
income as we go forward. As always, we appreciate the continued
support of our customers, shareholders, and associates," Dueser
added.
Net interest income for the third quarter of 2023 was
$94.15 million compared to
$95.87 million in the second quarter
of 2023 and $103.16 million for the
third quarter of 2022. The net interest margin, on a taxable
equivalent basis, was 3.22 percent for the third quarter of 2023
compared to 3.29 percent for the second quarter of 2023 and 3.38
percent in the third quarter of 2022. Average interest-earning
assets were $11.96 billion for the
third quarter of 2023 compared to $12.54
billion for the same quarter a year ago.
The Company recorded a provision for credit losses of
$2.28 million for the third quarter
of 2023 compared to a provision for credit losses of $3.22 million for the third quarter of 2022. At
September 30, 2023, the allowance for
credit losses totaled $89.71 million,
or 1.28 percent of loans held-for-investment ("loans" hereafter),
compared to $74.11 million at
September 30, 2022, or 1.18 percent
of loans. Additionally, the reserve for unfunded commitments
totaled $7.90 million at September 30, 2023 compared to $10.88 million at September 30, 2022.
For the third quarter of 2023, net charge-offs totaled
$648 thousand compared to net
recoveries of $1.12 million for the
third quarter of 2022. Nonperforming assets as a percentage of
loans and foreclosed assets totaled 0.57 percent at September 30, 2023, compared to 0.39 percent at
September 30, 2022. Classified loans
totaled $179.11 million at
September 30, 2023, compared to
$143.72 million at September 30, 2022.
Noninterest income for the third quarter of 2023 was
$28.07 million compared to
$30.94 million for the third quarter
of 2022, largely due to the following:
- Debit card fees decreased by $546
thousand for the third quarter of 2023 compared to the same
quarter a year ago. The decrease was due to the recognition of
$988 thousand of volume incentive
income in the third quarter of 2022 compared to $375 thousand in the third quarter of 2023.
- Mortgage income declined to $3.44
million for the third quarter of 2023 compared to
$4.07 million for the third quarter
of 2022 due to lower overall origination volume and margins
primarily because of the continued increase in mortgage interest
rates.
- Available-for-sale securities totaling $113.13 million with an average book yield of
3.53 percent were sold in the third quarter of 2023 resulting in a
loss on sales of securities of $972
thousand compared to a gain on sales of securities of
$334 thousand in the third quarter of
2022. The proceeds from the sales of these securities are being
used to fund organic loan growth that is yielding around 8 percent,
resulting in an anticipated earn back period of less than 6
months.
- Recoveries of interest on previously charged-off or nonaccrual
loans totaled $698 thousand for the
third quarter of 2023 compared to $664
thousand for the third quarter of 2022.
- Service charges on deposits increased to $6.51 million for the third quarter of 2023
compared with $6.40 million for the
third quarter of 2022, driven by the growth in net new
accounts.
Noninterest expense for the third quarter of 2023 totaled
$59.54 million compared to
$59.44 million for the third quarter
of 2022, with the following variances:
- Salary, commissions, and employee benefit costs decreased to
$32.94 million for the third quarter
of 2023, compared to $33.89 million
in the third quarter of 2022 primarily resulting from a decrease of
$583 thousand in profit sharing
expense and $121 thousand in mortgage
incentives.
- Noninterest expenses, excluding salary related costs, increased
$1.05 million for the third quarter
of 2023 compared to the same period in 2022 largely due to an
increase of $656 thousand in FDIC
insurance fees and an increase of $403
thousand in legal and professional fees.
The Company's efficiency ratio was 47.62 percent
for the third quarter of 2023 compared to 43.10
percent for the third quarter of 2022. The increase was driven
by the decrease in net interest income from the prior year.
As of September 30, 2023,
consolidated total assets were $12.78
billion compared to $13.11
billion at September 30, 2022.
Loans totaled $6.99 billion at
September 30, 2023, compared with
loans of $6.26 billion at
September 30, 2022. During the
third quarter of 2023, loans grew $217.14
million, or 12.71 percent annualized, when compared to
June 30, 2023 balances. Deposits
totaled $10.72 billion at
September 30, 2023, compared to
$11.14 billion at September 30, 2022.
Shareholders' equity was $1.24
billion as of September 30,
2023, compared to $1.37
billion and $1.13 billion at
June 30, 2023, and September 30, 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
$639.93 million at September 30, 2023, compared to an unrealized
loss of $490.28 million at
June 30, 2023 and $632.42 million at September 30, 2022.
About First Financial Bankshares, Inc.
Headquartered in Abilene,
Texas, First Financial Bankshares is a financial holding
company that through its wholly-owned subsidiary, First Financial
Bank, N.A., operates multiple banking regions with 80 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,
Franklin, Fulshear, Glen
Rose, Granbury,
Grapevine, Hereford, Huntsville, Lumberton, 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 and
Asset Management Company, N.A., with nine 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.
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FIRST FINANCIAL
BANKSHARES, INC.
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CONSOLIDATED
FINANCIAL SUMMARY (UNAUDITED)
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(In thousands,
except share and per share data)
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As of
|
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2023
|
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2022
|
|
ASSETS
|
|
Sept.
30,
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|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
Cash and due from
banks
|
$
|
208,277
|
|
$
|
255,018
|
|
$
|
224,875
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|
$
|
293,286
|
|
$
|
227,298
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|
Interest-bearing demand
deposits in banks
|
|
180,008
|
|
|
23,839
|
|
|
221,336
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|
|
37,392
|
|
|
138,484
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|
Investment
securities
|
|
4,652,537
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|
|
5,066,262
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|
|
5,298,557
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|
|
5,474,359
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|
|
5,745,443
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|
Loans,
held-for-investment, excluding PPP Loans
|
|
6,994,574
|
|
|
6,777,429
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|
|
6,576,060
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|
|
6,441,699
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|
|
6,255,286
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|
PPP loans
|
|
122
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|
|
141
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|
|
155
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|
|
169
|
|
|
202
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|
Total loans,
held-for-investment
|
|
6,994,696
|
|
|
6,777,570
|
|
|
6,576,215
|
|
|
6,441,868
|
|
|
6,255,488
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|
Allowance for credit
losses
|
|
(89,714)
|
|
|
(86,541)
|
|
|
(80,818)
|
|
|
(75,834)
|
|
|
(74,108)
|
|
Net loans,
held-for-investment
|
|
6,904,982
|
|
|
6,691,029
|
|
|
6,495,397
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|
|
6,366,034
|
|
|
6,181,380
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|
Loans,
held-for-sale
|
|
12,229
|
|
|
19,220
|
|
|
11,996
|
|
|
11,965
|
|
|
18,815
|
|
Premises and equipment,
net
|
|
152,936
|
|
|
152,876
|
|
|
153,718
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|
|
152,973
|
|
|
152,646
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|
Goodwill
|
|
313,481
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|
|
313,481
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|
|
313,481
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|
|
313,481
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|
|
313,481
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Other intangible
assets
|
|
1,369
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|
|
1,597
|
|
|
1,825
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|
|
2,053
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|
|
2,352
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Other assets
|
|
351,599
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|
|
302,115
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|
|
286,801
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|
|
322,523
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|
|
330,445
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Total assets
|
$
|
12,777,418
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|
$
|
12,825,437
|
|
$
|
13,007,986
|
|
$
|
12,974,066
|
|
$
|
13,110,344
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|
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|
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LIABILITIES AND
SHAREHOLDERS' EQUITY
|
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Noninterest-bearing
deposits
|
$
|
3,477,553
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|
$
|
3,578,483
|
|
$
|
3,890,991
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|
$
|
4,061,788
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|
$
|
4,200,792
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Interest-bearing
deposits
|
|
7,238,970
|
|
|
7,229,077
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|
7,045,427
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|
|
6,943,719
|
|
|
6,941,326
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Total
deposits
|
|
10,716,523
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|
10,807,560
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10,936,418
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|
11,005,507
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|
|
11,142,118
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Borrowings
|
|
751,544
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|
|
587,656
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|
|
632,927
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|
|
642,507
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|
|
774,581
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|
Trade date
payable
|
|
2,500
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|
|
-
|
|
|
-
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|
|
-
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|
|
-
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|
Other
liabilities
|
|
66,741
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|
|
62,988
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|
|
65,788
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|
|
60,315
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|
|
61,030
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|
Shareholders'
equity
|
|
1,240,110
|
|
|
1,367,233
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|
|
1,372,853
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|
|
1,265,737
|
|
|
1,132,615
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Total liabilities and
shareholders' equity
|
$
|
12,777,418
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|
$
|
12,825,437
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|
$
|
13,007,986
|
|
$
|
12,974,066
|
|
$
|
13,110,344
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|
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|
Quarter
Ended
|
|
|
2023
|
|
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2022
|
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INCOME
STATEMENTS
|
|
Sept.
30,
|
|
|
June
30,
|
|
|
Mar.
31,
|
|
|
Dec.
31,
|
|
|
Sept.
30,
|
|
Interest
income
|
$
|
135,351
|
|
$
|
129,005
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|
$
|
121,508
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|
$
|
121,137
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|
$
|
112,728
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|
Interest
expense
|
|
41,202
|
|
|
33,139
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|
|
25,222
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|
|
17,100
|
|
|
9,572
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|
Net interest
income
|
|
94,149
|
|
|
95,866
|
|
|
96,286
|
|
|
104,037
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|
|
103,156
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Provision for credit
losses
|
|
2,276
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|
|
5,573
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|
|
2,781
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|
|
4,075
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|
|
3,221
|
|
Net interest income
after provision for credit losses
|
|
91,873
|
|
|
90,293
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|
|
93,505
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|
|
99,962
|
|
|
99,935
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|
Noninterest
income
|
|
28,070
|
|
|
29,947
|
|
|
28,007
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|
|
28,524
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|
|
30,943
|
|
Noninterest
expense
|
|
59,539
|
|
|
57,613
|
|
|
57,256
|
|
|
57,778
|
|
|
59,442
|
|
Net income before
income taxes
|
|
60,404
|
|
|
62,627
|
|
|
64,256
|
|
|
70,708
|
|
|
71,436
|
|
Income tax
expense
|
|
10,848
|
|
|
11,754
|
|
|
11,688
|
|
|
12,040
|
|
|
12,095
|
|
Net income
|
$
|
49,556
|
|
$
|
50,873
|
|
$
|
52,568
|
|
$
|
58,668
|
|
$
|
59,341
|
|
|
|
|
|
|
|
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|
|
|
|
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|
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|
|
PER COMMON SHARE
DATA
|
|
|
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|
|
|
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|
|
Net income -
basic
|
$
|
0.35
|
|
$
|
0.36
|
|
$
|
0.37
|
|
$
|
0.41
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|
$
|
0.42
|
|
Net income -
diluted
|
|
0.35
|
|
|
0.36
|
|
|
0.37
|
|
|
0.41
|
|
|
0.41
|
|
Cash dividends
declared
|
|
0.18
|
|
|
0.18
|
|
|
0.17
|
|
|
0.17
|
|
|
0.17
|
|
Book value
|
|
8.69
|
|
|
9.58
|
|
|
9.62
|
|
|
8.87
|
|
|
7.94
|
|
Tangible book
value
|
|
6.48
|
|
|
7.37
|
|
|
7.41
|
|
|
6.66
|
|
|
5.73
|
|
Market value
|
|
25.12
|
|
|
28.49
|
|
|
31.90
|
|
|
34.40
|
|
|
41.83
|
|
Shares outstanding -
end of period
|
|
142,677,069
|
|
|
142,741,196
|
|
|
142,703,531
|
|
|
142,657,871
|
|
|
142,628,163
|
|
Average outstanding
shares - basic
|
|
142,707,260
|
|
|
142,700,805
|
|
|
142,665,646
|
|
|
142,619,632
|
|
|
142,524,500
|
|
Average outstanding
shares - diluted
|
|
143,149,373
|
|
|
143,087,555
|
|
|
143,066,011
|
|
|
143,071,538
|
|
|
143,126,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.53
|
%
|
|
1.58
|
%
|
|
1.65
|
%
|
|
1.76
|
%
|
|
1.76
|
%
|
Return on average
equity
|
|
14.51
|
|
|
14.89
|
|
|
16.32
|
|
|
19.87
|
|
|
17.31
|
|
Return on average
tangible equity
|
|
18.90
|
|
|
19.33
|
|
|
21.51
|
|
|
27.20
|
|
|
22.55
|
|
Net interest margin
(tax equivalent)*
|
|
3.22
|
|
|
3.29
|
|
|
3.34
|
|
|
3.47
|
|
|
3.38
|
|
Efficiency
ratio*
|
|
47.62
|
|
|
44.74
|
|
|
44.93
|
|
|
42.39
|
|
|
43.10
|
|
*Calculations have been
adjusted to remove effect of TEFRA disallowance
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Sept.
30,
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENTS
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
385,864
|
|
$
|
311,718
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
99,563
|
|
|
14,340
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
286,301
|
|
|
297,378
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
10,631
|
|
|
13,353
|
|
|
|
|
|
|
|
|
|
|
Net interest income
after provisions for credit losses
|
|
275,670
|
|
|
284,025
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
86,025
|
|
|
103,141
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expense
|
|
174,407
|
|
|
177,000
|
|
|
|
|
|
|
|
|
|
|
Net income before
income taxes
|
|
187,288
|
|
|
210,166
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
34,291
|
|
|
34,359
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
152,997
|
|
$
|
175,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income -
basic
|
$
|
1.07
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
Net income -
diluted
|
|
1.07
|
|
|
1.23
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared
|
|
0.53
|
|
|
0.49
|
|
|
|
|
|
|
|
|
|
|
Book value
|
|
8.69
|
|
|
7.94
|
|
|
|
|
|
|
|
|
|
|
Tangible book
value
|
|
6.48
|
|
|
5.73
|
|
|
|
|
|
|
|
|
|
|
Market value
|
$
|
25.12
|
|
$
|
41.83
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding -
end of period
|
|
142,677,069
|
|
|
142,628,163
|
|
|
|
|
|
|
|
|
|
|
Average outstanding
shares - basic
|
|
142,691,389
|
|
|
142,588,373
|
|
|
|
|
|
|
|
|
|
|
Average outstanding
shares - diluted
|
|
143,042,858
|
|
|
143,246,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.59
|
%
|
|
1.77
|
%
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
|
15.22
|
|
|
15.88
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity
|
|
19.88
|
|
|
20.20
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(tax equivalent)*
|
|
3.28
|
|
|
3.30
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio*
|
|
45.75
|
|
|
42.94
|
|
|
|
|
|
|
|
|
|
|
*Calculation has 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
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
Balance at beginning of
period
|
$
|
86,541
|
|
$
|
80,818
|
|
$
|
75,834
|
|
$
|
74,108
|
|
$
|
71,932
|
|
Loans
charged-off
|
|
(1,080)
|
|
|
(1,118)
|
|
|
(288)
|
|
|
(1,225)
|
|
|
(293)
|
|
Loan
recoveries
|
|
432
|
|
|
319
|
|
|
565
|
|
|
320
|
|
|
1,409
|
|
Net recoveries
(charge-offs)
|
|
(648)
|
|
|
(799)
|
|
|
277
|
|
|
(905)
|
|
|
1,116
|
|
Provision for loan
losses
|
|
3,821
|
|
|
6,522
|
|
|
4,707
|
|
|
2,631
|
|
|
1,060
|
|
Balance at end of
period
|
$
|
89,714
|
|
$
|
86,541
|
|
$
|
80,818
|
|
$
|
75,834
|
|
$
|
74,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR UNFUNDED
COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
|
9,448
|
|
$
|
10,397
|
|
$
|
12,323
|
|
$
|
10,879
|
|
$
|
8,718
|
|
Provision for unfunded
commitments
|
|
(1,545)
|
|
|
(949)
|
|
|
(1,926)
|
|
|
1,444
|
|
|
2,161
|
|
Balance at end of
period
|
$
|
7,903
|
|
$
|
9,448
|
|
$
|
10,397
|
|
$
|
12,323
|
|
$
|
10,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period-end loans
held-for-investment
|
|
1.28
|
%
|
|
1.28
|
%
|
|
1.23
|
%
|
|
1.18
|
%
|
|
1.18
|
%
|
Allowance for loan
losses /
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonperforming
loans
|
|
229.44
|
|
|
296.13
|
|
|
334.06
|
|
|
311.75
|
|
|
301.02
|
|
Net charge-offs
(recoveries) / average total loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(annualized)
|
|
0.04
|
|
|
0.05
|
|
|
(0.02)
|
|
|
0.06
|
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2023
|
|
|
2022
|
|
COMPOSITION OF LOANS
HELD-FOR-INVESTMENT
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C&I
|
$
|
1,108,118
|
|
$
|
1,021,722
|
|
$
|
954,531
|
|
$
|
917,148
|
|
$
|
871,133
|
|
PPP
|
|
122
|
|
|
141
|
|
|
155
|
|
|
169
|
|
|
202
|
|
Municipal
|
|
218,358
|
|
|
215,977
|
|
|
221,379
|
|
|
221,090
|
|
|
214,852
|
|
Total
Commercial
|
|
1,326,598
|
|
|
1,237,840
|
|
|
1,176,065
|
|
|
1,138,407
|
|
|
1,086,187
|
|
Agricultural
|
|
81,876
|
|
|
82,032
|
|
|
77,017
|
|
|
76,947
|
|
|
76,937
|
|
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction &
Development
|
|
929,570
|
|
|
915,221
|
|
|
921,190
|
|
|
959,426
|
|
|
938,051
|
|
Farm
|
|
341,052
|
|
|
335,644
|
|
|
307,706
|
|
|
306,322
|
|
|
268,139
|
|
Non-Owner Occupied
CRE
|
|
828,900
|
|
|
811,347
|
|
|
737,117
|
|
|
732,089
|
|
|
717,738
|
|
Owner Occupied
CRE
|
|
1,002,913
|
|
|
1,011,511
|
|
|
1,043,018
|
|
|
954,400
|
|
|
945,665
|
|
Residential
|
|
1,788,913
|
|
|
1,698,679
|
|
|
1,628,841
|
|
|
1,575,758
|
|
|
1,536,180
|
|
Total Real
Estate
|
|
4,891,348
|
|
|
4,772,402
|
|
|
4,637,872
|
|
|
4,527,995
|
|
|
4,405,773
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
540,382
|
|
|
534,603
|
|
|
537,410
|
|
|
550,635
|
|
|
538,798
|
|
Non-Auto
|
|
154,492
|
|
|
150,693
|
|
|
147,851
|
|
|
147,884
|
|
|
147,793
|
|
Total
Consumer
|
|
694,874
|
|
|
685,296
|
|
|
685,261
|
|
|
698,519
|
|
|
686,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
held-for-investment
|
$
|
6,994,696
|
|
$
|
6,777,570
|
|
$
|
6,576,215
|
|
$
|
6,441,868
|
|
$
|
6,255,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF LOAN CLASSIFICATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Mention
|
$
|
60,939
|
|
$
|
66,960
|
|
$
|
65,141
|
|
$
|
49,382
|
|
$
|
43,149
|
|
Substandard
|
|
118,166
|
|
|
108,179
|
|
|
91,915
|
|
|
101,316
|
|
|
100,568
|
|
Doubtful
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total classified
loans
|
$
|
179,105
|
|
$
|
175,139
|
|
$
|
157,056
|
|
$
|
150,698
|
|
$
|
143,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
|
38,812
|
|
$
|
28,672
|
|
$
|
24,171
|
|
$
|
24,325
|
|
$
|
24,604
|
|
Accruing loans 90 days
past due
|
|
289
|
|
|
552
|
|
|
22
|
|
|
-
|
|
|
15
|
|
Total nonperforming
loans
|
|
39,101
|
|
|
29,224
|
|
|
24,193
|
|
|
24,325
|
|
|
24,619
|
|
Foreclosed
assets
|
|
597
|
|
|
25
|
|
|
196
|
|
|
-
|
|
|
-
|
|
Total nonperforming
assets
|
$
|
39,698
|
|
$
|
29,249
|
|
$
|
24,389
|
|
$
|
24,325
|
|
$
|
24,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As a % of loans
held-for-investment and foreclosed assets
|
|
0.57
|
%
|
|
0.43
|
%
|
|
0.37
|
%
|
|
0.38
|
%
|
|
0.39
|
%
|
As a % of end of period
total assets
|
|
0.31
|
|
|
0.23
|
|
|
0.19
|
|
|
0.19
|
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2023
|
|
|
2022
|
|
CAPITAL RATIOS
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
Common equity Tier 1
capital ratio
|
|
18.35
|
%
|
|
18.48
|
%
|
|
18.68
|
%
|
|
18.22
|
%
|
|
18.03
|
%
|
Tier 1 capital
ratio
|
|
18.35
|
|
|
18.48
|
|
|
18.68
|
|
|
18.22
|
|
|
18.03
|
|
Total capital
ratio
|
|
19.49
|
|
|
19.62
|
|
|
19.79
|
|
|
19.29
|
|
|
19.07
|
|
Tier 1 leverage
ratio
|
|
12.00
|
|
|
11.81
|
|
|
11.53
|
|
|
10.96
|
|
|
10.79
|
|
Tangible common equity
ratio
|
|
7.42
|
|
|
8.41
|
|
|
8.33
|
|
|
7.51
|
|
|
6.38
|
|
Equity/Assets
ratio
|
|
9.71
|
|
|
10.66
|
|
|
10.55
|
|
|
9.76
|
|
|
8.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
2023
|
|
|
2022
|
|
NONINTEREST INCOME
|
|
Sept. 30,
|
|
|
June 30,
|
|
|
Mar. 31,
|
|
|
Dec. 31,
|
|
|
Sept. 30,
|
|
Trust fees
|
$
|
10,050
|
|
$
|
9,883
|
|
$
|
9,845
|
|
$
|
10,122
|
|
$
|
10,314
|
|
Service charges on
deposits
|
|
6,509
|
|
|
6,310
|
|
|
6,036
|
|
|
6,397
|
|
|
6,399
|
|
Debit card
fees
|
|
5,041
|
|
|
6,720
|
|
|
4,936
|
|
|
5,899
|
|
|
5,587
|
|
Credit card
fees
|
|
694
|
|
|
711
|
|
|
609
|
|
|
632
|
|
|
651
|
|
Gain on sale and fees
on mortgage loans
|
|
3,442
|
|
|
3,534
|
|
|
2,974
|
|
|
2,904
|
|
|
4,070
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
(972)
|
|
|
46
|
|
|
12
|
|
|
131
|
|
|
334
|
|
Net gain (loss) on sale
of foreclosed assets
|
|
(10)
|
|
|
(1)
|
|
|
34
|
|
|
-
|
|
|
349
|
|
Net gain (loss) on sale
of assets
|
|
696
|
|
|
-
|
|
|
930
|
|
|
(2)
|
|
|
526
|
|
Interest on loan
recoveries
|
|
698
|
|
|
475
|
|
|
346
|
|
|
244
|
|
|
664
|
|
Other noninterest
income
|
|
1,922
|
|
|
2,269
|
|
|
2,285
|
|
|
2,197
|
|
|
2,049
|
|
Total noninterest
income
|
$
|
28,070
|
|
$
|
29,947
|
|
$
|
28,007
|
|
$
|
28,524
|
|
$
|
30,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
32,755
|
|
$
|
31,796
|
|
$
|
31,431
|
|
$
|
32,391
|
|
$
|
33,129
|
|
Profit sharing
expense
|
|
180
|
|
|
(30)
|
|
|
30
|
|
|
565
|
|
|
763
|
|
Net occupancy
expense
|
|
3,565
|
|
|
3,423
|
|
|
3,430
|
|
|
3,350
|
|
|
3,440
|
|
Equipment
expense
|
|
2,200
|
|
|
2,198
|
|
|
2,127
|
|
|
2,053
|
|
|
2,396
|
|
FDIC insurance
premiums
|
|
1,573
|
|
|
1,417
|
|
|
1,654
|
|
|
1,021
|
|
|
917
|
|
Debit card
expense
|
|
3,284
|
|
|
3,221
|
|
|
3,199
|
|
|
3,054
|
|
|
3,013
|
|
Legal, tax and
professional fees
|
|
3,007
|
|
|
2,847
|
|
|
2,687
|
|
|
2,814
|
|
|
2,604
|
|
Audit fees
|
|
551
|
|
|
563
|
|
|
540
|
|
|
451
|
|
|
451
|
|
Printing, stationery
and supplies
|
|
512
|
|
|
740
|
|
|
710
|
|
|
473
|
|
|
600
|
|
Amortization of
intangible assets
|
|
228
|
|
|
228
|
|
|
228
|
|
|
299
|
|
|
306
|
|
Advertising, meals and
public relations
|
|
1,622
|
|
|
1,789
|
|
|
1,475
|
|
|
1,646
|
|
|
1,692
|
|
Operational and other
losses
|
|
959
|
|
|
856
|
|
|
931
|
|
|
982
|
|
|
869
|
|
Software amortization
and expense
|
|
2,441
|
|
|
2,519
|
|
|
2,311
|
|
|
2,420
|
|
|
2,564
|
|
Other noninterest
expense
|
|
6,662
|
|
|
6,046
|
|
|
6,503
|
|
|
6,259
|
|
|
6,698
|
|
Total noninterest
expense
|
$
|
59,539
|
|
$
|
57,613
|
|
$
|
57,256
|
|
$
|
57,778
|
|
$
|
59,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD ADJUSTMENT
*
|
$
|
2,823
|
|
$
|
2,950
|
|
$
|
3,131
|
|
$
|
3,751
|
|
$
|
3,807
|
|
*Calculations have been
adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
Sept.
30,
|
|
|
NONINTEREST
INCOME
|
|
2023
|
|
|
2022
|
|
|
Trust fees
|
$
|
29,778
|
|
$
|
29,873
|
|
|
Service charges on
deposits
|
|
18,855
|
|
|
18,143
|
|
|
Debit card
fees
|
|
16,697
|
|
|
24,381
|
|
|
Credit card
fees
|
|
2,014
|
|
|
1,953
|
|
|
Gain on sale and fees
on mortgage loans
|
|
9,950
|
|
|
16,131
|
|
|
Net gain (loss) on sale
of available-for-sale securities
|
|
(914)
|
|
|
2,013
|
|
|
Net gain on sale of
foreclosed assets
|
|
23
|
|
|
1,451
|
|
|
Net gain on sale of
assets
|
|
1,626
|
|
|
522
|
|
|
Interest on loan
recoveries
|
|
1,519
|
|
|
2,596
|
|
|
Other noninterest
income
|
|
6,477
|
|
|
6,078
|
|
|
Total noninterest
income
|
$
|
86,025
|
|
$
|
103,141
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE
|
|
|
|
|
|
|
|
Salaries, commissions
and employee benefits, excluding profit sharing
|
$
|
95,982
|
|
$
|
97,509
|
|
|
Profit sharing
expense
|
|
180
|
|
|
3,668
|
|
|
Net occupancy
expense
|
|
10,418
|
|
|
9,957
|
|
|
Equipment
expense
|
|
6,525
|
|
|
6,999
|
|
|
FDIC insurance
premiums
|
|
4,644
|
|
|
2,690
|
|
|
Debit card
expense
|
|
9,704
|
|
|
9,177
|
|
|
Legal, tax and
professional fees
|
|
8,541
|
|
|
8,074
|
|
|
Audit fees
|
|
1,654
|
|
|
1,352
|
|
|
Printing, stationery
and supplies
|
|
1,962
|
|
|
1,641
|
|
|
Amortization of
intangible assets
|
|
684
|
|
|
946
|
|
|
Advertising, meals and
public relations
|
|
4,886
|
|
|
4,739
|
|
|
Operational and other
losses
|
|
2,746
|
|
|
2,247
|
|
|
Software amortization
and expense
|
|
7,271
|
|
|
7,543
|
|
|
Other noninterest
expense
|
|
19,210
|
|
|
20,458
|
|
|
Total noninterest
expense
|
$
|
174,407
|
|
$
|
177,000
|
|
|
|
|
|
|
|
|
|
|
TAX EQUIVALENT YIELD
ADJUSTMENT *
|
$
|
8,903
|
|
$
|
11,671
|
|
|
*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
|
|
Sept. 30,
2023
|
|
|
|
June 30,
2023
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,383
|
|
$
|
35
|
|
|
5.79
|
%
|
|
|
|
$
|
2,242
|
|
$
|
30
|
|
|
5.45
|
%
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
55,231
|
|
|
757
|
|
|
5.44
|
|
|
|
|
|
119,168
|
|
|
1,553
|
|
|
5.23
|
|
Taxable
securities
|
|
3,429,290
|
|
|
19,425
|
|
|
2.27
|
|
|
|
|
|
3,589,381
|
|
|
20,032
|
|
|
2.23
|
|
Tax-exempt
securities
|
|
1,578,660
|
|
|
11,085
|
|
|
2.81
|
|
|
|
|
|
1,653,418
|
|
|
11,799
|
|
|
2.85
|
|
Loans
|
|
6,894,064
|
|
|
106,872
|
|
|
6.15
|
|
|
|
|
|
6,683,276
|
|
|
98,541
|
|
|
5.91
|
|
Total interest-earning
assets
|
|
11,959,628
|
|
$
|
138,174
|
|
|
4.58
|
%
|
|
|
|
|
12,047,485
|
|
$
|
131,955
|
|
|
4.39
|
%
|
Noninterest-earning
assets
|
|
850,855
|
|
|
|
|
|
|
|
|
|
|
|
842,284
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,810,483
|
|
|
|
|
|
|
|
|
|
|
$
|
12,889,769
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,259,252
|
|
$
|
36,165
|
|
|
1.98
|
%
|
|
|
|
$
|
7,037,677
|
|
$
|
27,629
|
|
|
1.57
|
%
|
Borrowings
|
|
621,188
|
|
|
5,037
|
|
|
3.22
|
|
|
|
|
|
715,071
|
|
|
5,510
|
|
|
3.09
|
|
Total interest-bearing
liabilities
|
|
7,880,440
|
|
$
|
41,202
|
|
|
2.07
|
%
|
|
|
|
|
7,752,748
|
|
$
|
33,139
|
|
|
1.71
|
%
|
Noninterest-bearing
deposits
|
|
3,509,809
|
|
|
|
|
|
|
|
|
|
|
|
3,704,143
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
65,094
|
|
|
|
|
|
|
|
|
|
|
|
62,227
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,355,140
|
|
|
|
|
|
|
|
|
|
|
|
1,370,651
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,810,483
|
|
|
|
|
|
|
|
|
|
|
$
|
12,889,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)
|
|
|
|
$
|
96,972
|
|
|
3.22
|
%
|
|
|
|
|
|
|
$
|
98,816
|
|
|
3.29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sept. 30,
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
3,107
|
|
$
|
19
|
|
|
2.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits in nonaffiliated banks
|
|
248,929
|
|
|
1,413
|
|
|
2.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
securities
|
|
4,039,107
|
|
|
20,799
|
|
|
2.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt
securities
|
|
2,164,829
|
|
|
16,423
|
|
|
3.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
6,082,649
|
|
|
77,880
|
|
|
5.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets
|
|
12,538,621
|
|
$
|
116,534
|
|
|
3.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets
|
|
833,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
13,372,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,004,478
|
|
$
|
8,787
|
|
|
0.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
768,096
|
|
|
784
|
|
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing
liabilities
|
|
7,772,574
|
|
$
|
9,571
|
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits
|
|
4,178,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
61,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,360,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
13,372,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
106,963
|
|
|
3.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
Nine Months
Ended
|
|
Sept. 30,
2023
|
|
|
|
Sept. 30,
2022
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
|
|
Average
|
|
|
Tax
Equivalent
|
|
|
Yield
/
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
|
|
|
Balance
|
|
|
Interest
|
|
|
Rate
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
sold
|
$
|
2,377
|
|
$
|
97
|
|
|
5.45
|
%
|
|
|
|
$
|
1,870
|
|
$
|
26
|
|
|
1.87
|
%
|
Interest-bearing
deposits in nonaffiliated banks
|
|
105,657
|
|
|
3,929
|
|
|
4.97
|
|
|
|
|
|
236,843
|
|
|
2,054
|
|
|
1.16
|
|
Taxable
securities
|
|
3,562,753
|
|
|
60,240
|
|
|
2.25
|
|
|
|
|
|
4,123,562
|
|
|
57,772
|
|
|
1.87
|
|
Tax exempt
securities
|
|
1,660,241
|
|
|
35,626
|
|
|
2.86
|
|
|
|
|
|
2,382,754
|
|
|
52,403
|
|
|
2.93
|
|
Loans
|
|
6,694,000
|
|
|
294,875
|
|
|
5.89
|
|
|
|
|
|
5,765,844
|
|
|
211,134
|
|
|
4.90
|
|
Total interest-earning
assets
|
|
12,025,028
|
|
$
|
394,767
|
|
|
4.39
|
%
|
|
|
|
|
12,510,873
|
|
$
|
323,389
|
|
|
3.46
|
%
|
Noninterest-earning
assets
|
|
852,113
|
|
|
|
|
|
|
|
|
|
|
|
801,828
|
|
|
|
|
|
|
|
Total assets
|
$
|
12,877,141
|
|
|
|
|
|
|
|
|
|
|
$
|
13,312,701
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
$
|
7,126,471
|
|
$
|
85,606
|
|
|
1.61
|
%
|
|
|
|
$
|
6,984,249
|
|
$
|
13,124
|
|
|
0.25
|
%
|
Borrowings
|
|
653,784
|
|
|
13,957
|
|
|
2.85
|
|
|
|
|
|
759,913
|
|
|
1,216
|
|
|
0.21
|
|
Total interest-bearing
liabilities
|
|
7,780,255
|
|
$
|
99,563
|
|
|
1.71
|
%
|
|
|
|
|
7,744,162
|
|
$
|
14,340
|
|
|
0.25
|
%
|
Noninterest-bearing
deposits
|
|
3,690,190
|
|
|
|
|
|
|
|
|
|
|
|
4,024,731
|
|
|
|
|
|
|
|
Other
noninterest-bearing
liabilities
|
62,468
|
|
|
|
|
|
|
|
|
|
|
|
63,919
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
1,344,228
|
|
|
|
|
|
|
|
|
|
|
|
1,479,889
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
12,877,141
|
|
|
|
|
|
|
|
|
|
|
$
|
13,312,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin (tax equivalent)*
|
|
|
|
$
|
295,204
|
|
|
3.28
|
%
|
|
|
|
|
|
|
$
|
309,049
|
|
|
3.30
|
%
|
*Calculations have been
adjusted to remove effect of TEFRA disallowance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-third-quarter-2023-earnings-301962555.html
SOURCE First Financial Bankshares, Inc.