ABILENE, Texas, April 21, 2022 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ:FFIN) today reported earnings for the first quarter of 2022 of $55.97 million compared to earnings of $56.92 million for the same quarter a year ago. Basic and diluted earnings per share were $0.39 for the first quarter of 2022 compared with $0.40 for the same quarter a year ago. As further described below, the results this quarter compared to the prior year included i) an increase in the provision for credit losses of $6.78 million; ii) a $4.88 million decrease in PPP loan origination fees; and (iii) a $3.56 million decline in mortgage revenues. Offsetting these items was an increase in net interest income, excluding lower PPP loan origination fees, of $11.50 million from continued balance sheet growth.
"Leveraging the new relationships developed and the momentum created over the last two years, we delivered outstanding growth this quarter reflected by overall loan growth, excluding PPP and held-for-sale loans, of $214.25 million, or 16.07 percent annualized, and deposit growth of $433.34 million, or 16.63 percent annualized. We continue our focus on growth, delivering excellence in customer service, improving our digital delivery, investing in our employees, and maximizing shareholder returns. We appreciate the continued support of our customers, shareholders and associates," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.
Net interest income for the first quarter of 2022 was $95.44 million compared to $88.82 million for the first quarter of 2021. The net interest margin, on a taxable equivalent basis, was 3.22 percent for the first quarter of 2022 compared to 3.55 percent in the first quarter of 2021. The growth in net interest income was driven by higher average interest-earning assets which increased to $12.50 billion for the first quarter of 2022 compared to $10.56 billion a year ago, partially offset by lower PPP loan origination fees which totaled $1.37 million in the first quarter of 2022 compared to $6.25 million in the first quarter of 2021.
PPP loan balances totaled $15.74 million at March 31, 2022 compared to $52.79 million and $531.81 million at December 31, 2021 and March 31, 2021, respectively, and accounted for $33.46 million in average balances for the first quarter of 2022 compared to $499.35 million for the first quarter of 2021.
The Company recorded a provision for credit losses of $4.78 million for the first quarter of 2022 compared to a provision for credit losses of $2.06 million for the fourth quarter of 2021 and a reversal of provision for credit losses of $2.00 million for the first quarter of 2021. The increase in the Company's provision for credit losses during the first quarter of 2022 was primarily driven by strong organic loan growth. At March 31, 2022, the allowance for credit losses totaled $66.91 million, or 1.20 percent of loans held-for-investment ("loans" hereafter), compared to $62.97 million at March 31, 2021, or 1.18 percent of loans. Additionally, the reserve for unfunded commitments totaled $7.47 million at March 31, 2022 compared to $6.92 million at March 31, 2021.
For the first quarter of 2022, net charge-offs totaled $299 thousand compared to net charge-offs of $131 thousand for the first quarter of 2021. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.52 percent at March 31, 2022, compared with 0.75 percent at March 31, 2021. Classified loans totaled $152.16 million at March 31, 2022, compared to $190.42 million at March 31, 2021.
Noninterest income for the first quarter of 2022 was $34.88 million compared to $34.87 million for the first quarter of 2021, as a result of the following:
- Trust fees increased $1.52 million to $9.82 million for the first quarter of 2022 compared to $8.30 million for the first quarter of 2021 driven by the increase in the fair value of trust assets to $8.63 billion at March 31, 2022 compared to $7.54 billion at March 31, 2021.
- Service charges on deposits and ATM, interchange, and credit card fees increased $913 thousand and $851 thousand, respectively, for the first quarter of 2022 compared to the first quarter of 2021.
- Mortgage income was $6.33 million for the first quarter of 2022 compared to $9.89 million for the first quarter of 2021 due to lower overall origination volumes and margins.
- Gains on sales of foreclosed and other assets and securities were $1.11 million during the first quarter of 2022 compared to $1.01 million for the first quarter of 2021.
Noninterest expense for the first quarter of 2022 totaled $59.23 million compared to $57.72 million for the first quarter of 2021, as a result of the following:
- Salary, commissions, and employee benefit costs totaled $34.14 million for the first quarter of 2022, compared to $34.93 million in the first quarter of 2021 reflecting annual merit-based pay increases effective March 1, 2022 offset by lower mortgage compensation expenses of $1.40 million and a decrease of $697 thousand in profit sharing expenses.
- Noninterest expenses, excluding salary related costs, increased $2.30 million for the first quarter of 2022 compared to the same period in 2021 due to $600 thousand of foreclosed asset expenses together with increases in FDIC insurance, deposit account charge-offs, interchange processing costs, and loan processing costs.
The Company's efficiency ratio improved to 44.16 percent for the first quarter of 2022 compared to 45.36 percent for the first quarter of 2021.
As of March 31, 2022, consolidated total assets were $13.31 billion compared to $12.10 billion at March 31, 2021. Loans totaled $5.57 billion at March 31, 2022, compared with loans of $5.32 billion at March 31, 2021. During the first quarter of 2022, loans, excluding PPP loans, grew $214.25 million, or 16.07 percent annualized. Deposits totaled $11.00 billion at March 31, 2022, compared to $9.41 billion at March 31, 2021, representing an increase of 16.85 percent. Shareholders' equity was $1.49 billion as of March 31, 2022, compared to $1.76 billion and $1.67 billion at December 31, 2021, and March 31, 2021, respectively, as a result of changes in Other Comprehensive Income ("OCI") due to rate increases during the most recent quarter. The unrealized loss on the security portfolio, net of applicable tax, totaled $209.58 million at March 31, 2022, compared to an unrealized gain of $99.25 million and $117.01 million at December 31, 2021 and March 31, 2021, respectively.
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 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," 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 | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
ASSETS | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | ||||||||||||||||||
Cash and due from banks | $ | 203,187 | $ | 205,053 | $ | 201,901 | $ | 190,061 | $ | 190,350 | |||||||||||||
Interest-bearing deposits in banks | 394,566 | 323,535 | 359,241 | 654,531 | 893,221 | ||||||||||||||||||
Investment securities | 6,502,495 | 6,573,179 | 6,119,984 | 5,578,048 | 5,109,631 | ||||||||||||||||||
Loans, held-for-investment, excluding PPP Loans | 5,550,430 | 5,336,179 | 5,147,160 | 4,984,210 | 4,790,752 | ||||||||||||||||||
PPP loans | 15,739 | 52,793 | 139,334 | 320,392 | 531,810 | ||||||||||||||||||
Total loans, held-for-investment | 5,566,169 | 5,388,972 | 5,286,494 | 5,304,602 | 5,322,562 | ||||||||||||||||||
Allowance for loan losses | (66,913) | (63,465) | (63,370) | (62,138) | (62,974) | ||||||||||||||||||
Net loans, held-for-investment | 5,499,256 | 5,325,507 | 5,223,124 | 5,242,464 | 5,259,588 | ||||||||||||||||||
Loans, held-for-sale | 27,670 | 37,810 | 47,721 | 61,802 | 65,405 | ||||||||||||||||||
Premises and equipment, net | 150,168 | 149,764 | 147,516 | 147,655 | 142,415 | ||||||||||||||||||
Goodwill | 313,481 | 313,481 | 313,481 | 313,481 | 313,481 | ||||||||||||||||||
Other intangible assets | 2,978 | 3,298 | 3,689 | 4,087 | 4,499 | ||||||||||||||||||
Other assets | 220,399 | 170,834 | 126,601 | 136,954 | 124,297 | ||||||||||||||||||
Total assets | $ | 13,314,200 | $ | 13,102,461 | $ | 12,543,258 | $ | 12,329,083 | $ | 12,102,887 | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Noninterest-bearing deposits | $ | 3,978,724 | $ | 3,780,230 | $ | 3,574,405 | $ | 3,427,038 | $ | 3,350,145 | |||||||||||||
Interest-bearing deposits | 7,021,101 | 6,786,258 | 6,318,712 | 6,354,656 | 6,063,302 | ||||||||||||||||||
Total deposits | 10,999,825 | 10,566,488 | 9,893,117 | 9,781,694 | 9,413,447 | ||||||||||||||||||
Borrowings | 758,595 | 671,152 | 648,679 | 549,969 | 548,604 | ||||||||||||||||||
Trade date payable | - | - | 174,236 | 189,838 | 381,871 | ||||||||||||||||||
Other liabilities | 67,031 | 105,597 | 93,491 | 87,213 | 93,537 | ||||||||||||||||||
Shareholders' equity | 1,488,749 | 1,759,224 | 1,733,735 | 1,720,369 | 1,665,428 | ||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,314,200 | $ | 13,102,461 | $ | 12,543,258 | $ | 12,329,083 | $ | 12,102,887 | |||||||||||||
Quarter Ended | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
INCOME STATEMENTS | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | ||||||||||||||||||
Interest income | $ | 97,009 | $ | 95,995 | $ | 97,198 | $ | 92,602 | $ | 90,610 | |||||||||||||
Interest expense | 1,570 | 1,187 | 1,416 | 1,653 | 1,786 | ||||||||||||||||||
Net interest income | 95,439 | 94,808 | 95,782 | 90,949 | 88,824 | ||||||||||||||||||
Provision for credit losses | 4,782 | 2,064 | - | (1,206) | (1,997) | ||||||||||||||||||
Net interest income after provisions for credit losses | 90,657 | 92,744 | 95,782 | 92,155 | 90,821 | ||||||||||||||||||
Noninterest income | 34,881 | 34,903 | 37,726 | 34,673 | 34,874 | ||||||||||||||||||
Noninterest expense | 59,225 | 61,672 | 62,939 | 59,374 | 57,723 | ||||||||||||||||||
Net income before income taxes | 66,313 | 65,975 | 70,569 | 67,454 | 67,972 | ||||||||||||||||||
Income tax expense | 10,341 | 10,638 | 11,641 | 11,075 | 11,054 | ||||||||||||||||||
Net income | $ | 55,972 | $ | 55,337 | $ | 58,928 | $ | 56,379 | $ | 56,918 | |||||||||||||
PER COMMON SHARE DATA | |||||||||||||||||||||||
Net income - basic | $ | 0.39 | $ | 0.39 | $ | 0.41 | $ | 0.40 | $ | 0.40 | |||||||||||||
Net income - diluted | 0.39 | 0.39 | 0.41 | 0.39 | 0.40 | ||||||||||||||||||
Cash dividends declared | 0.15 | 0.15 | 0.15 | 0.15 | 0.13 | ||||||||||||||||||
Book value | 10.43 | 12.34 | 12.17 | 12.08 | 11.70 | ||||||||||||||||||
Tangible book value | 8.21 | 10.12 | 9.94 | 9.85 | 9.47 | ||||||||||||||||||
Market value | 44.12 | 50.84 | 45.95 | 49.13 | 46.73 | ||||||||||||||||||
Shares outstanding - end of period | 142,704,495 | 142,532,116 | 142,467,687 | 142,359,774 | 142,285,611 | ||||||||||||||||||
Average outstanding shares - basic | 142,558,743 | 142,437,804 | 142,334,449 | 142,245,555 | 142,146,275 | ||||||||||||||||||
Average outstanding shares - diluted | 143,302,063 | 143,251,521 | 143,218,920 | 143,164,611 | 143,002,658 | ||||||||||||||||||
PERFORMANCE RATIOS | |||||||||||||||||||||||
Return on average assets | 1.71 | % | 1.74 | % | 1.90 | % | 1.89 | % | 2.05 | % | |||||||||||||
Return on average equity | 13.53 | 12.63 | 13.43 | 13.38 | 13.83 | ||||||||||||||||||
Return on average tangible equity | 16.68 | 15.45 | 16.43 | 16.48 | 17.09 | ||||||||||||||||||
Net interest margin (tax equivalent) | 3.22 | 3.29 | 3.41 | 3.36 | 3.55 | ||||||||||||||||||
Efficiency ratio | 44.16 | 46.18 | 45.88 | 45.94 | 45.36 | ||||||||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | ||||||||||||||||||
Balance at beginning of period | $ | 63,465 | $ | 63,370 | $ | 62,138 | $ | 62,974 | $ | 66,534 | |||||||||||||
Loans charged off | (659) | (3,067) | (1,475) | (392) | (574) | ||||||||||||||||||
Loan recoveries | 360 | 783 | 2,707 | 595 | 443 | ||||||||||||||||||
Net recoveries (charge-offs) | (299) | (2,284) | 1,232 | 203 | (131) | ||||||||||||||||||
Provision for loan losses | 3,747 | 2,379 | - | (1,039) | (3,429) | ||||||||||||||||||
Balance at end of period | $ | 66,913 | $ | 63,465 | $ | 63,370 | $ | 62,138 | $ | 62,974 | |||||||||||||
ALLOWANCE FOR UNFUNDED COMMITMENTS | |||||||||||||||||||||||
Balance at beginning of period | $ | 6,436 | $ | 6,751 | $ | 6,751 | $ | 6,918 | $ | 5,486 | |||||||||||||
Provision for unfunded commitments | 1,035 | (315) | - | (167) | 1,432 | ||||||||||||||||||
Balance at end of period | $ | 7,471 | $ | 6,436 | $ | 6,751 | $ | 6,751 | $ | 6,918 | |||||||||||||
Allowance for loan losses / | |||||||||||||||||||||||
period-end loans held-for-investment | 1.20 | % | 1.18 | % | 1.20 | % | 1.17 | % | 1.18 | % | |||||||||||||
Allowance for loan losses / | |||||||||||||||||||||||
nonperforming loans | 232.71 | 200.33 | 250.92 | 208.45 | 160.00 | ||||||||||||||||||
Net charge-offs (recoveries) / average total loans | |||||||||||||||||||||||
(annualized) | 0.02 | 0.17 | (0.09) | (0.02) | 0.01 | ||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
COMPOSITION OF LOANS HELD-FOR-INVESTMENT | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | ||||||||||||||||||
Commercial: | |||||||||||||||||||||||
C&I | $ | 822,310 | $ | 784,282 | $ | 680,263 | $ | 662,711 | $ | 646,316 | |||||||||||||
PPP | 15,739 | 52,793 | 139,334 | 320,392 | 531,810 | ||||||||||||||||||
Municipal | 191,799 | 177,905 | 165,847 | 179,356 | 176,949 | ||||||||||||||||||
Total Commercial | 1,029,848 | 1,014,980 | 985,444 | 1,162,459 | 1,355,075 | ||||||||||||||||||
Agriculture | 82,883 | 98,089 | 98,947 | 95,212 | 90,366 | ||||||||||||||||||
Real Estate: | |||||||||||||||||||||||
Construction & Development | 806,211 | 749,793 | 656,530 | 550,928 | 587,928 | ||||||||||||||||||
Farm | 225,942 | 217,220 | 203,064 | 185,288 | 162,046 | ||||||||||||||||||
Non-Owner Occupied CRE | 636,160 | 623,434 | 674,958 | 673,608 | 650,144 | ||||||||||||||||||
Owner Occupied CRE | 881,181 | 821,653 | 824,231 | 820,055 | 759,906 | ||||||||||||||||||
Residential | 1,352,162 | 1,334,419 | 1,328,798 | 1,328,474 | 1,254,727 | ||||||||||||||||||
Total Real Estate | 3,901,656 | 3,746,519 | 3,687,581 | 3,558,353 | 3,414,751 | ||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Auto | 419,818 | 405,416 | 394,072 | 383,764 | 370,027 | ||||||||||||||||||
Non-Auto | 131,964 | 123,968 | 120,450 | 104,814 | 92,343 | ||||||||||||||||||
Total Consumer | 551,782 | 529,384 | 514,522 | 488,578 | 462,370 | ||||||||||||||||||
Total loans held-for-investment | $ | 5,566,169 | $ | 5,388,972 | $ | 5,286,494 | $ | 5,304,602 | $ | 5,322,562 | |||||||||||||
SUMMARY OF LOAN CLASSIFICATION | |||||||||||||||||||||||
Special Mention | $ | 47,445 | $ | 55,670 | $ | 53,620 | $ | 54,497 | $ | 61,866 | |||||||||||||
Substandard | 104,715 | 105,515 | 112,151 | 120,497 | 128,550 | ||||||||||||||||||
Doubtful | - | - | - | - | - | ||||||||||||||||||
Total classified loans | $ | 152,160 | $ | 161,185 | $ | 165,771 | $ | 174,994 | $ | 190,416 | |||||||||||||
NONPERFORMING ASSETS | |||||||||||||||||||||||
Nonaccrual loans | $ | 28,723 | $ | 31,652 | $ | 25,210 | $ | 29,786 | $ | 39,333 | |||||||||||||
Accruing troubled debt restructured loans | 20 | 21 | 22 | 23 | 23 | ||||||||||||||||||
Accruing loans 90 days past due | 11 | 8 | 23 | - | 2 | ||||||||||||||||||
Total nonperforming loans | 28,754 | 31,681 | 25,255 | 29,809 | 39,358 | ||||||||||||||||||
Foreclosed assets | - | 2,477 | 28 | 305 | 300 | ||||||||||||||||||
Total nonperforming assets | $ | 28,754 | $ | 34,158 | $ | 25,283 | $ | 30,114 | $ | 39,658 | |||||||||||||
As a % of loans held-for-investment and foreclosed assets | 0.52 | % | 0.63 | % | 0.48 | % | 0.57 | % | 0.75 | % | |||||||||||||
As a % of end of period total assets | 0.22 | 0.26 | 0.20 | 0.24 | 0.33 | ||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
CAPITAL RATIOS | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | ||||||||||||||||||
Common equity Tier 1 capital ratio | 19.00 | % | 19.35 | % | 19.71 | % | 20.04 | % | 20.32 | % | |||||||||||||
Tier 1 capital ratio | 19.00 | 19.35 | 19.71 | 20.04 | 20.32 | ||||||||||||||||||
Total capital ratio | 20.01 | 20.34 | 20.76 | 21.12 | 21.47 | ||||||||||||||||||
Tier 1 leverage ratio | 10.78 | 11.13 | 11.19 | 11.10 | 11.55 | ||||||||||||||||||
Tangible common equity ratio | 10.52 | 11.55 | 11.90 | 11.75 | 12.35 | ||||||||||||||||||
Equity/Assets ratio | 11.18 | 13.43 | 13.82 | 13.95 | 13.76 | ||||||||||||||||||
Quarter Ended | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
NONINTEREST INCOME | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | ||||||||||||||||||
Trust fees | $ | 9,817 | $ | 9,670 | $ | 9,484 | $ | 8,692 | $ | 8,299 | |||||||||||||
Service charges on deposits | 5,706 | 5,762 | 5,673 | 4,928 | 4,793 | ||||||||||||||||||
ATM, interchange and credit card fees | 9,528 | 9,955 | 9,793 | 9,853 | 8,677 | ||||||||||||||||||
Gain on sale and fees on mortgage loans | 6,333 | 6,272 | 8,788 | 8,291 | 9,894 | ||||||||||||||||||
Net gain on sale of available-for-sale securities | 31 | 1 | 1 | 5 | 808 | ||||||||||||||||||
Net gain on sale of foreclosed assets | 1,084 | 107 | 27 | 1 | 55 | ||||||||||||||||||
Net gain (loss) on sale of assets | (10) | (3) | (6) | 74 | 145 | ||||||||||||||||||
Interest on loan recoveries | 283 | 1,207 | 1,746 | 704 | 382 | ||||||||||||||||||
Other noninterest income | 2,109 | 1,932 | 2,220 | 2,125 | 1,821 | ||||||||||||||||||
Total noninterest income | $ | 34,881 | $ | 34,903 | $ | 37,726 | $ | 34,673 | $ | 34,874 | |||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||
Salaries, commissions and employee benefits, excluding profit sharing | $ | 32,540 | $ | 31,876 | $ | 34,460 | $ | 32,936 | $ | 32,636 | |||||||||||||
Profit sharing expense | 1,598 | 3,099 | 2,630 | 2,110 | 2,295 | ||||||||||||||||||
Net occupancy expense | 3,225 | 3,333 | 3,288 | 3,241 | 3,147 | ||||||||||||||||||
Equipment expense | 2,257 | 2,382 | 2,450 | 2,177 | 2,164 | ||||||||||||||||||
FDIC insurance premiums | 869 | 848 | 815 | 766 | 701 | ||||||||||||||||||
ATM, interchange and credit card expenses | 2,968 | 3,227 | 2,935 | 3,039 | 2,772 | ||||||||||||||||||
Legal, tax and professional fees | 2,957 | 2,835 | 2,893 | 3,352 | 2,726 | ||||||||||||||||||
Audit fees | 451 | 423 | 466 | 430 | 440 | ||||||||||||||||||
Printing, stationery and supplies | 540 | 664 | 432 | 489 | 325 | ||||||||||||||||||
Amortization of intangible assets | 320 | 391 | 398 | 412 | 412 | ||||||||||||||||||
Advertising and public relations | 1,493 | 1,842 | 1,746 | 1,392 | 1,388 | ||||||||||||||||||
Operational and other losses | 596 | 1,385 | 1,087 | 534 | 287 | ||||||||||||||||||
Software amortization and expense | 2,457 | 2,817 | 2,855 | 2,829 | 2,619 | ||||||||||||||||||
Other noninterest expense | 6,954 | 6,550 | 6,484 | 5,667 | 5,811 | ||||||||||||||||||
Total noninterest expense | $ | 59,225 | $ | 61,672 | $ | 62,939 | $ | 59,374 | $ | 57,723 | |||||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 3,782 | $ | 3,841 | $ | 3,670 | $ | 3,633 | $ | 3,547 | |||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Federal funds sold | $ | 1,015 | $ | 1 | 0.52 | % | $ | 82 | $ | - | 0.48 | % | |||||||||||
Interest-bearing deposits in nonaffiliated banks | 171,970 | 94 | 0.22 | 320,102 | 124 | 0.15 | |||||||||||||||||
Taxable securities | 4,231,949 | 17,823 | 1.68 | 3,590,137 | 13,556 | 1.51 | |||||||||||||||||
Tax exempt securities | 2,612,025 | 18,107 | 2.77 | 2,636,360 | 18,163 | 2.76 | |||||||||||||||||
Loans | 5,487,538 | 64,766 | 4.79 | 5,347,069 | 67,993 | 5.04 | |||||||||||||||||
Total interest-earning assets | 12,504,497 | $ | 100,791 | 3.27 | % | 11,893,750 | $ | 99,836 | 3.33 | % | |||||||||||||
Noninterest-earning assets | 744,810 | 726,932 | |||||||||||||||||||||
Total assets | $ | 13,249,307 | $ | 12,620,682 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | 6,898,059 | $ | 1,369 | 0.08 | % | $ | 6,399,343 | $ | 1,110 | 0.07 | % | |||||||||||
Borrowings | 781,314 | 201 | 0.10 | 639,725 | 77 | 0.05 | |||||||||||||||||
Total interest-bearing liabilities | 7,679,373 | $ | 1,570 | 0.08 | % | 7,039,068 | $ | 1,187 | 0.07 | % | |||||||||||||
Noninterest-bearing deposits | 3,827,451 | 3,744,848 | |||||||||||||||||||||
Other noninterest-bearing liabilities | 64,999 | 99,091 | |||||||||||||||||||||
Shareholders' equity | 1,677,484 | 1,737,675 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 13,249,307 | $ | 12,620,682 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 99,221 | 3.22 | % | $ | 98,649 | 3.29 | % | |||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
Sept. 30, 2021 | June 30, 2021 | ||||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||
Federal funds sold | $ | 1,554 | $ | 2 | 0.51 | % | $ | 3,049 | $ | 4 | 0.54 | % | |||||||||||
Interest-bearing deposits in nonaffiliated banks | 612,551 | 236 | 0.15 | 796,835 | 211 | 0.11 | |||||||||||||||||
Taxable securities | 3,081,215 | 12,122 | 1.57 | 2,656,211 | 11,449 | 1.72 | |||||||||||||||||
Tax exempt securities | 2,542,606 | 17,701 | 2.78 | 2,461,924 | 17,410 | 2.83 | |||||||||||||||||
Loans | 5,337,807 | 70,807 | 5.26 | 5,383,781 | 67,161 | 5.00 | |||||||||||||||||
Total interest-earning assets | 11,575,733 | $ | 100,868 | 3.46 | % | 11,301,800 | $ | 96,235 | 3.42 | % | |||||||||||||
Noninterest-earning assets | 705,099 | 692,282 | |||||||||||||||||||||
Total assets | $ | 12,280,832 | $ | 11,994,082 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | 6,346,267 | $ | 1,340 | 0.08 | % | $ | 6,229,991 | $ | 1,560 | 0.10 | % | |||||||||||
Borrowings | 599,934 | 76 | 0.05 | 527,669 | 93 | 0.07 | |||||||||||||||||
Total interest-bearing liabilities | 6,946,201 | $ | 1,416 | 0.08 | % | 6,757,660 | $ | 1,653 | 0.10 | % | |||||||||||||
Noninterest-bearing deposits | 3,490,685 | 3,439,683 | |||||||||||||||||||||
Other noninterest-bearing liabilities | 103,446 | 106,994 | |||||||||||||||||||||
Shareholders' equity | 1,740,500 | 1,689,745 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 12,280,832 | $ | 11,994,082 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 99,452 | 3.41 | % | $ | 94,582 | 3.36 | % | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Mar. 31, 2021 | |||||||||||||||||||||||
Average | Tax Equivalent | Yield / | |||||||||||||||||||||
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 | ||||||||||||||||||||
Taxable securities | 2,251,419 | 10,264 | 1.82 | ||||||||||||||||||||
Tax exempt securities | 2,368,615 | 16,979 | 2.87 | ||||||||||||||||||||
Loans | 5,296,149 | 66,753 | 5.11 | ||||||||||||||||||||
Total interest-earning assets | 10,555,254 | $ | 94,158 | 3.62 | % | ||||||||||||||||||
Noninterest-earning assets | 700,550 | ||||||||||||||||||||||
Total assets | $ | 11,255,804 | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Deposits | $ | 5,916,237 | $ | 1,696 | 0.12 | % | |||||||||||||||||
Borrowings | 456,620 | 91 | 0.08 | ||||||||||||||||||||
Total interest-bearing liabilities | 6,372,857 | $ | 1,787 | 0.11 | % | ||||||||||||||||||
Noninterest-bearing deposits | 3,114,656 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 99,581 | ||||||||||||||||||||||
Shareholders' equity | 1,668,710 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 11,255,804 | |||||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 92,371 | 3.55 | % | |||||||||||||||||||
View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-first-quarter-2022-earnings-301530547.html
SOURCE First Financial Bankshares, Inc.