First Financial Bankshares, Inc. FFIN

NAS: FFIN | ISIN: US32020R1095   16/07/2024
34,16 USD (+6,19%)
(+6,19%)   16/07/2024

First Financial Bankshares Announces Second Quarter 2023 Earnings

ABILENE, Texas, July 20, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $50.87 million for the second quarter of 2023 compared to earnings of $60.49 million for the same quarter a year ago. Basic and diluted earnings per share were $0.36 for the second quarter of 2023 compared with $0.42 for the second quarter of 2022.

As further described below, the results this quarter when compared to the same quarter a year ago included (i) a $2.92 million decrease in net interest income, (ii) a $3.15 million decrease in debit card fees, (iii) a $2.19 million decrease in mortgage revenues, (iv) a $1.60 million decrease in gains on sale of available for sale securities, and (v) a $1.17 million decrease in interest recoveries on charged off loans. Offsetting these decreases in income was a $1.34 million decrease in profit sharing expense.

"We are pleased with the strong, organic loan growth, our consistent deposit base and the continued growth in net new accounts which was over 4,000 accounts during the quarter. While we continue to experience rising interest expense costs, we have been able to mitigate some of the impact on the net interest margin by investing our bond portfolio cash flows into our higher yielding loan portfolio. In addition, our outlook for mortgage activity has improved with our new team of experienced mortgage lenders in the Bryan, College Station region and increased activity as home buyers seem to have become more accustomed to higher rates," said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc. "Looking forward, we plan to continue to grow loans and deposits, maintain our strong capital position, manage interest rate risk and reduce expenses. To cut expenses, I have made the personal decision to forgo awards of stock options, restricted stock grants, performance stock grants and my annual bonus for 2023.  I am a firm believer that cost savings should start with the CEO. As always, we appreciate the continued support of our customers, shareholders, and associates," Dueser added.

Net interest income for the second quarter of 2023 was $95.87 million compared to $98.78 million for the second quarter of 2022. The net interest margin, on a taxable equivalent basis, was 3.29 percent for the second quarter of 2023 compared to 3.34 percent for the first quarter of 2023 and 3.30 percent in the second quarter of 2022. Average interest-earning assets were $12.05 billion for the second quarter of 2023 compared to $12.49 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $5.57 million for the second quarter of 2023 compared to a provision for credit losses of $5.35 million for the second quarter of 2022. At June 30, 2023, the allowance for credit losses totaled $86.54 million, or 1.28 percent of loans held-for-investment ("loans" hereafter), compared to $71.93 million at June 30, 2022, or 1.22 percent of loans. Additionally, the reserve for unfunded commitments totaled $9.45 million at June 30, 2023 compared to $8.72 million at June 30, 2022.

For the second quarter of 2023, net charge-offs totaled $799 thousand compared to net recoveries of $916 thousand for the second quarter of 2022. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.43 percent at both June 30, 2023, and June 30, 2022. Classified loans totaled $175.14 million at June 30, 2023, compared to $152.67 million at June 30, 2022.

Noninterest income for the second quarter of 2023 was $29.95 million compared to $37.32 million for the second quarter of 2022, largely due to the following:

  • Debit card fees decreased by $3.15 million for the second quarter of 2023 compared to the same quarter a year ago. The decrease was due to the impact of becoming subject to regulations that limit debit card interchange revenue ("Durbin Amendment") effective at the start of third quarter last year. Accordingly, the second quarter of 2023 is the last quarter that will be impacted for comparability purposes to the prior year as a result of the Company becoming subject to the Durbin Amendment.
  • Mortgage income declined to $3.53 million for the second quarter of 2023 compared to $5.73 million for the second quarter of 2022 due to lower overall origination volume and margins primarily because of the significant increase in mortgage interest rates.
  • Available for sale securities were sold in the second quarter last year for gain on sales of $1.65 million. Securities sales activity in subsequent quarters in 2022 and in the second quarter of 2023 did not generate similar gains.
  • Recoveries of interest on previously charged-off or nonaccrual loans totaled $475 thousand for the second quarter of 2023 compared to $1.65 million for the second quarter of 2022, which was a larger than normal amount.
  • Service charges on deposits increased to $6.31 million for the second quarter of 2023 compared with $6.04 million for the second quarter of 2022, driven by the growth in net new accounts.

Noninterest expense for the second quarter of 2023 totaled $57.61 million compared to $58.33 million for the second quarter of 2022, as a result of the following:

  • Salary, commissions, and employee benefit costs decreased to $31.77 million for the second quarter of 2023, compared to $33.15 million in the second quarter of 2022 primarily resulting from a decrease of $1.34 million in profit sharing expense and $428 thousand in mortgage incentives.
  • Noninterest expenses, excluding salary related costs, increased $661 thousand for the second quarter of 2023 compared to the same period in 2022 largely due to an increase of $513 thousand in FDIC insurance fees.

The Company's efficiency ratio was 44.74 percent for the second quarter of 2023 compared to 41.61 percent for the second quarter of 2022. The increase was driven by the decrease in non-interest income from the prior year.

As of June 30, 2023, consolidated total assets were $12.83 billion compared to $13.26 billion at June 30, 2022. Loans totaled $6.78 billion at June 30, 2023, compared with loans of $5.88 billion at June 30, 2022.  During the second quarter of 2023, loans grew $201.37 million, or 12.28 percent annualized, when compared to March 31, 2023 balances. Deposits totaled $10.81 billion at June 30, 2023, compared to $11.12 billion at June 30, 2022.  

Shareholders' equity was $1.37 billion as of June 30, 2023, compared to $1.37 billion and $1.33 billion at March 31, 2023, and June 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 $490.28 million at June 30, 2023, compared to unrealized losses of $458.25 million at March 31, 2023 and $400.51 million at June 30, 2022.

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 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.

 

FIRST FINANCIAL BANKSHARES, INC.
CONSOLIDATED FINANCIAL SUMMARY  (UNAUDITED)
(In thousands, except share and per share data)



As of



2023



2022


ASSETS


June 30,



 Mar. 31,



 Dec. 31,



 Sept. 30,



 June 30,


Cash and due from banks

$

255,018


$

224,875


$

293,286


$

227,298


$

242,665


Interest-bearing demand deposits in banks


23,839



221,336



37,392



138,484



222,899


Investment securities


5,066,262



5,298,557



5,474,359



5,745,443



6,215,036


Loans, held-for-investment, excluding PPP Loans

6,777,429



6,576,060



6,441,699



6,255,286



5,876,281


PPP loans


141



155



169



202



2,301


Total loans, held-for-investment


6,777,570



6,576,215



6,441,868



6,255,488



5,878,582


Allowance for credit losses


(86,541)



(80,818)



(75,834)



(74,108)



(71,932)


Net loans, held-for-investment


6,691,029



6,495,397



6,366,034



6,181,380



5,806,650


Loans, held-for-sale


19,220



11,996



11,965



18,815



26,445


Premises and equipment, net


152,876



153,718



152,973



152,646



149,280


Goodwill


313,481



313,481



313,481



313,481



313,481


Other intangible assets


1,597



1,825



2,053



2,352



2,658


Other assets


302,115



286,801



322,523



330,445



281,098


Total assets

$

12,825,437


$

13,007,986


$

12,974,066


$

13,110,344


$

13,260,212


















LIABILITIES AND SHAREHOLDERS'  EQUITY














Noninterest-bearing deposits

$

3,578,483


$

3,890,991


$

4,061,788


$

4,200,792


$

4,104,034


Interest-bearing deposits


7,229,077



7,045,427



6,943,719



6,941,326



7,018,949


Total deposits


10,807,560



10,936,418



11,005,507



11,142,118



11,122,983


Borrowings


587,656



632,927



642,507



774,581



768,364


Other liabilities


62,988



65,788



60,315



61,030



39,847


Shareholders' equity


1,367,233



1,372,853



1,265,737



1,132,615



1,329,018


Total liabilities and shareholders' equity

$

12,825,437


$

13,007,986


$

12,974,066


$

13,110,344


$

13,260,212



















Quarter Ended



2023



2022


INCOME STATEMENTS


June 30,



 Mar. 31,



 Dec. 31,



 Sept. 30,



 June 30,


Interest income

$

129,005


$

121,508


$

121,137


$

112,728


$

101,981


Interest expense


33,139



25,222



17,100



9,572



3,199


Net interest income


95,866



96,286



104,037



103,156



98,782


Provision for credit losses


5,573



2,781



4,075



3,221



5,350


Net interest income after provision for credit losses

90,293



93,505



99,962



99,935



93,432


Noninterest income


29,947



28,007



28,524



30,943



37,317


Noninterest expense


57,613



57,256



57,778



59,442



58,333


Net income before income taxes


62,627



64,256



70,708



71,436



72,416


Income tax expense


11,754



11,688



12,040



12,095



11,922


Net income

$

50,873


$

52,568


$

58,668


$

59,341


$

60,494


















PER COMMON SHARE DATA
















Net income - basic

$

0.36


$

0.37


$

0.41


$

0.42


$

0.42


Net income - diluted


0.36



0.37



0.41



0.41



0.42


Cash dividends declared


0.18



0.17



0.17



0.17



0.17


Book value


9.58



9.62



8.87



7.94



9.32


Tangible book value


7.37



7.41



6.66



5.73



7.10


Market value


28.49



31.90



34.40



41.83



39.27


Shares outstanding - end of period


142,741,196



142,703,531



142,657,871



142,628,163



142,586,601


Average outstanding shares - basic


142,700,805



142,665,646



142,619,632



142,524,500



142,682,251


Average outstanding shares - diluted


143,087,555



143,066,011



143,071,538



143,126,088



143,238,669


































PERFORMANCE RATIOS
















Return on average assets


1.58


%

1.65

%

1.76

%

1.76

%

1.82

%

Return on average equity


14.89



16.32



19.87



17.31



17.26


Return on average tangible equity


19.33



21.51



27.20



22.55



22.27


Net interest margin (tax equivalent)*


3.29



3.34



3.47



3.38



3.30


Efficiency ratio*


44.74



44.93



42.39



43.10



41.61


*Calculations have been adjusted to remove effect of TEFRA disallowance

 


Six Months Ended


June 30,

INCOME STATEMENTS


2023



2022


Interest income

$

250,513


$

198,990


Interest expense


58,361



4,769


Net interest income


192,152



194,221


Provision for credit losses


8,354



10,132


Net interest income after provisions for credit losses

183,798



184,089


Noninterest income


57,954



72,198


Noninterest expense


114,869



117,558


Net income before income taxes


126,883



138,729


Income tax expense


23,442



22,263


Net income

$

103,441


$

116,466









PER COMMON SHARE DATA







Net income - basic

$

0.72


$

0.82


Net income - diluted


0.72



0.81


Cash dividends declared


0.35



0.32


Book value


9.58



9.32


Tangible book value


7.37



7.10


Market value

$

28.49


$

39.27


Shares outstanding - end of period


142,741,196



142,586,601


Average outstanding shares - basic


142,683,322



142,620,838


Average outstanding shares - diluted


143,027,503



143,273,391









PERFORMANCE RATIOS







Return on average assets


1.62

%

1.77

%

Return on average equity


15.58



15.24


Return on average tangible equity


20.38



19.18


Net interest margin (tax equivalent)*


3.32



3.26


Efficiency ratio*


44.84



42.86


*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


June 30,



 Mar. 31,



 Dec. 31,



 Sept. 30,



 June 30,


Balance at beginning of period

$

80,818


$

75,834


$

74,108


$

71,932


$

66,913


Loans charged-off


(1,118)



(288)



(1,225)



(293)



(275)


Loan recoveries


319



565



320



1,409



1,191


Net recoveries (charge-offs)


(799)



277



(905)



1,116



916


Provision for loan losses


6,522



4,707



2,631



1,060



4,103


Balance at end of period

$

86,541


$

80,818


$

75,834


$

74,108


$

71,932


















ALLOWANCE FOR UNFUNDED COMMITMENTS














Balance at beginning of period

$

10,397


$

12,323


$

10,879


$

8,718


$

7,471


Provision for unfunded commitments


(949)



(1,926)



1,444



2,161



1,247


Balance at end of period

$

9,448


$

10,397


$

12,323


$

10,879


$

8,718


















Allowance for loan losses /
















period-end loans held-for-investment


1.28


%

1.23

%


1.18

%


1.18

%


1.22

%

Allowance for loan losses /
















nonperforming loans


296.13



334.06



311.75



301.02



281.90


Net charge-offs (recoveries) / average total loans














(annualized)


0.05



(0.02)



0.06



(0.07)



(0.06)



































Quarter Ended



2023



2022


COMPOSITION OF LOANS HELD-FOR-INVESTMENT

June 30,



 Mar. 31,



 Dec. 31,



 Sept. 30,



 June 30,


Commercial:
















C&I

$

1,021,722


$

954,531


$

917,148


$

871,133


$

837,627


PPP


141



155



169



202



2,301


Municipal


215,977



221,379



221,090



214,852



200,577


Total Commercial


1,237,840



1,176,065



1,138,407



1,086,187



1,040,505


Agricultural


82,032



77,017



76,947



76,937



90,420


Real Estate:
















Construction & Development


915,221



921,190



959,426



938,051



928,644


Farm


335,644



307,706



306,322



268,139



250,028


Non-Owner Occupied CRE


811,347



737,117



732,089



717,738



636,432


Owner Occupied CRE


1,011,511



1,043,018



954,400



945,665



909,899


Residential


1,698,679



1,628,841



1,575,758



1,536,180



1,412,125


Total Real Estate


4,772,402



4,637,872



4,527,995



4,405,773



4,137,128


Consumer:
















Auto


534,603



537,410



550,635



538,798



468,147


Non-Auto


150,693



147,851



147,884



147,793



142,382


Total Consumer


685,296



685,261



698,519



686,591



610,529


















Total loans held-for-investment

$

6,777,570


$

6,576,215


$

6,441,868


$

6,255,488


$

5,878,582


















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

66,960


$

65,141


$

49,382


$

43,149


$

46,512


Substandard


108,179



91,915



101,316



100,568



106,156


Doubtful


-



-



-



-



-


Total classified loans

$

175,139


$

157,056


$

150,698


$

143,717


$

152,668


















NONPERFORMING ASSETS
















Nonaccrual loans

$

28,672


$

24,171


$

24,325


$

24,604


$

25,495


Accruing loans 90 days past due


552



22



-



15



22


Total nonperforming loans


29,224



24,193



24,325



24,619



25,517


Foreclosed assets


25



196



-



-



-


Total nonperforming assets

$

29,249


$

24,389


$

24,325


$

24,619


$

25,517


















As a % of loans held-for-investment and foreclosed assets

0.43


%

0.37

%


0.38

%


0.39

%


0.43

%

As a % of end of period total assets


0.23



0.19



0.19



0.19



0.19


 


Quarter Ended



2023



2022


CAPITAL RATIOS


June 30,



 Mar. 31,



 Dec. 31,



 Sept. 30,



 June 30,


Common equity Tier 1 capital ratio


18.48


%

18.68

%


18.22

%


18.03

%


18.50

%

Tier 1 capital ratio


18.48



18.68



18.22



18.03



18.50


Total capital ratio


19.62



19.79



19.29



19.07



19.54


Tier 1 leverage ratio


11.81



11.53



10.96



10.79



10.65


Tangible common equity ratio


8.41



8.33



7.51



6.38



7.83


Equity/Assets ratio


10.66



10.55



9.76



8.64



10.02



















Quarter Ended



2023



2022


NONINTEREST INCOME


 June 30,



 Mar. 31,



 Dec. 31,



 Sept. 30,



 June 30,


Trust fees

$

9,883


$

9,845


$

10,122


$

10,314


$

9,742


Service charges on deposits


6,310



6,036



6,397



6,399



6,038


Debit card fees


6,720



4,936



5,899



5,587



9,868


Credit card fees


711



609



632



651



700


Gain on sale and fees on mortgage loans


3,534



2,974



2,904



4,070



5,728


Net gain on sale of available-for-sale securities

46



12



131



334



1,648


Net gain (loss) on sale of foreclosed assets


(1)



34



-



349



18


Net gain (loss) on sale of assets


-



930



(2)



526



6


Interest on loan recoveries


475



346



244



664



1,649


Other noninterest income


2,269



2,285



2,197



2,049



1,920


Total noninterest income

$

29,947


$

28,007


$

28,524


$

30,943


$

37,317


















NONINTEREST EXPENSE
















Salaries, commissions and employee benefits, excluding profit sharing

$

31,796


$

31,431


$

32,391


$

33,129


$

31,840


Profit sharing expense


(30)



30



565



763



1,307


Net occupancy expense


3,423



3,430



3,350



3,440



3,292


Equipment expense


2,198



2,127



2,053



2,396



2,346


FDIC insurance premiums


1,417



1,654



1,021



917



904


Debit card expense


3,221



3,199



3,054



3,013



3,200


Legal, tax and professional fees


2,847



2,687



2,814



2,604



2,513


Audit fees


563



540



451



451



450


Printing, stationery and supplies


740



710



473



600



501


Amortization of intangible assets


228



228



299



306



320


Advertising, meals and public relations


1,789



1,475



1,646



1,692



1,554


Operational and other losses


856



931



982



869



782


Software amortization and expense


2,519



2,311



2,420



2,564



2,522


Other noninterest expense


6,046



6,503



6,259



6,698



6,802


Total noninterest expense

$

57,613


$

57,256


$

57,778


$

59,442


$

58,333


















TAX EQUIVALENT YIELD ADJUSTMENT *

$

2,950


$

3,131


$

3,751


$

3,807


$

4,083


*Calculations have been adjusted to remove effect of TEFRA disallowance










 


Six Months Ended


June 30,

NONINTEREST INCOME


2023



2022

Trust fees

$

19,728


$

19,559

Service charges on deposits


12,346



11,744

Debit card fees


11,656



18,795

Credit card fees


1,320



1,301

Gain on sale and fees on mortgage loans


6,508



12,061

Net gain on sale of available-for-sale securities

58



1,679

Net gain on sale of foreclosed assets


33



1,102

Net gain (loss) on sale of assets


930



(4)

Interest on loan recoveries


821



1,932

Other noninterest income


4,554



4,029

Total noninterest income

$

57,954


$

72,198







NONINTEREST EXPENSE






Salaries, commissions and employee benefits, excluding profit sharing

$

63,227


$

64,380

Profit sharing expense


-



2,905

Net occupancy expense


6,853



6,517

Equipment expense


4,325



4,603

FDIC insurance premiums


3,071



1,773

Debit card expense


6,420



6,164

Legal, tax and professional fees


5,534



5,470

Audit fees


1,103



901

Printing, stationery and supplies


1,450



1,041

Amortization of intangible assets


456



640

Advertising, meals and public relations


3,264



3,047

Operational and other losses


1,787



1,378

Software amortization and expense


4,830



4,979

Other noninterest expense


12,549



13,760

Total noninterest expense

$

114,869


$

117,558







TAX EQUIVALENT YIELD ADJUSTMENT *

$

6,080


$

7,866

*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


June 30, 2023




Mar. 31, 2023



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

2,242


$

30



5.45

%



$

2,507


$

32



5.12

%

Interest-bearing demand deposits in nonaffiliated banks

119,168



1,553



5.23






143,542



1,618



4.57


Taxable securities


3,589,381



20,032



2.23






3,672,257



20,782



2.26


Tax-exempt securities


1,653,418



11,799



2.85






1,750,533



12,743



2.91


Loans


6,683,276



98,541



5.91






6,500,332



89,464



5.58


Total interest-earning assets


12,047,485


$

131,955



4.39

%




12,069,171


$

124,639



4.19

%

Noninterest-earning assets


842,284












863,342








Total assets

$

12,889,769











$

12,932,513








Interest-bearing liabilities:






















Deposits

$

7,037,677


$

27,629



1.57

%



$

7,080,518


$

21,812



1.25

%

Borrowings


715,071



5,510



3.09






625,137



3,410



2.21


Total interest-bearing liabilities


7,752,748


$

33,139



1.71

%




7,705,655


$

25,222



1.33

%

Noninterest-bearing deposits


3,704,143












3,860,472








Other noninterest-bearing liabilities                                                                             

62,227












60,028








Shareholders' equity


1,370,651












1,306,358








Total liabilities and shareholders' equity

$

12,889,769











$

12,932,513






























Net interest income and margin (tax equivalent)



$

98,816



3.29

%






$

99,417



3.34

%
























Three Months Ended




Three Months Ended


Dec. 31, 2022




Sept. 30, 2022



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

3,165


$

36



4.57

%



$

3,107


$

19



2.49

%

Interest-bearing demand deposits in nonaffiliated banks

160,200



1,579



3.91






248,929



1,413



2.25


Taxable securities


3,761,206



21,152



2.25






4,039,107



20,799



2.06


Tax-exempt securities


2,001,185



15,740



3.15






2,164,829



16,423



3.03


Loans


6,391,703



86,381



5.36






6,082,649



77,880



5.08


Total interest-earning assets


12,317,459


$

124,888



4.02

%




12,538,621


$

116,534



3.69

%

Noninterest-earning assets


891,972












833,980








Total assets

$

13,209,431











$

13,372,601








Interest-bearing liabilities:






















Deposits

$

6,871,315


$

13,123



0.76

%



$

7,004,478


$

8,787



0.50

%

Borrowings


927,250



3,977



1.70






768,096



784



0.40


Total interest-bearing liabilities


7,798,565


$

17,100



0.87

%




7,772,574


$

9,571



0.49

%

Noninterest-bearing deposits


4,179,494












4,178,675








Other noninterest-bearing liabilities                                                                             

60,085












61,320








Shareholders' equity


1,171,287












1,360,032








Total liabilities and shareholders' equity

$

13,209,431











$

13,372,601






























Net interest income and margin (tax equivalent)*


$

107,788



3.47

%






$

106,963



3.38

%

 


Three Months Ended


June 30, 2022



Average



Tax Equivalent



Yield /




Balance



Interest



Rate


Interest-earning assets:










Federal funds sold

$

1,466


$

5



1.45

%

Interest-bearing demand deposits in nonaffiliated banks

288,784



547



0.76


Taxable securities


4,101,751



19,151



1.87


Tax-exempt securities


2,376,324



17,873



3.01


Loans


5,720,804



68,488



4.80


Total interest-earning assets


12,489,129


$

106,064



3.41

%

Noninterest-earning assets


825,711








Total assets

$

13,314,840








Interest-bearing liabilities:










Deposits

$

7,049,041


$

2,967



0.17

%

Borrowings


730,477



232



0.13


Total interest-bearing liabilities


7,779,518


$

3,199



0.16

%

Noninterest-bearing deposits


4,064,207








Other noninterest-bearing liabilities                                                                             

65,475








Shareholders' equity


1,405,640








Total liabilities and shareholders' equity

$

13,314,840


















Net interest income and margin (tax equivalent)*


$

102,865



3.30

%

 


Six Months Ended




Six Months Ended


June 30, 2023




June 30, 2022



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

2,374


$

62



5.28

%



$

1,241


$

7



1.07

%

Interest-bearing deposits in nonaffiliated banks

131,288



3,172



4.87






230,700



641



0.56


Taxable securities


3,630,591



40,815



2.25






4,166,490



36,974



1.77


Tax exempt securities


1,701,707



24,542



2.88






2,493,523



35,980



2.89


Loans


6,592,310



188,002



5.75






5,604,815



133,254



4.79


Total interest-earning assets


12,058,270


$

256,593



4.29

%




12,496,769


$

206,856



3.34

%

Noninterest-earning assets


852,753












785,486








Total assets

$

12,911,023











$

13,282,255








Interest-bearing liabilities:






















Deposits

$

7,058,979


$

49,441



1.41

%



$

6,973,967


$

4,336



0.13

%

Borrowings


670,352



8,920



2.68






755,755



433



0.12


Total interest-bearing liabilities


7,729,331


$

58,361



1.52

%




7,729,722


$

4,769



0.12

%

Noninterest-bearing deposits


3,781,876












3,946,483








Other noninterest-bearing liabilities                                                                             

61,134












65,239








Shareholders' equity


1,338,682












1,540,811








Total liabilities and shareholders' equity

$

12,911,023











$

13,282,255






























Net interest income and margin (tax equivalent)*


$

198,232



3.32

%






$

202,087



3.26

%

*Calculations have been adjusted to remove effect of TEFRA disallowance
















 

Cision View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2023-earnings-301882539.html

SOURCE First Financial Bankshares, Inc.

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