Company Announcements

FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2022 EARNINGS

ABILENE, Texas , July 21, 2022 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings of $60.49 million for the second quarter of 2022 compared to earnings of $56.38 million for the same quarter a year ago. Basic and diluted earnings per share were $0.42 for the second quarter of 2022 compared with $0.40 and $0.39, respectively, for the second quarter of 2021. Through July 20, 2022, the Company has repurchased 244,559 shares of its common stock at an average price of $38.61. Currently, the Company has 4.75 million shares remaining under the share repurchase authorization through July 31, 2023.

As further described below, the results this quarter compared to the same quarter a year ago included (i) an increase in the provision for credit losses of $6.56 million; (ii) a $4.93 million decrease in PPP loan origination fees; and (iii) a $2.56 million decrease in mortgage revenues. Offsetting these items were the following increases (i) in net interest income, excluding lower PPP loan origination fees, of $12.76 million from continued balance sheet growth; (ii) in gains on the sale of investment securities of $1.64 million; and (iii) in interest on loan recoveries of $945 thousand.

"We have been able to keep the momentum that was created from the movement of non-customers to our bank during the pandemic. Our results reflect outstanding growth this quarter reflected by overall loan growth, excluding PPP and held-for-sale loans, of $325.85 million, or 23.5 percent annualized, and deposit growth of $123.16 million, or 4.49 percent annualized, with the addition of over 6,500 net new accounts year-to-date," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. "We are excited about our results this quarter while actively monitoring changes in interest rates and the overall economic environment. We are prepared for the opportunities ahead as the Texas economy continues to be strong and resilient.  We appreciate the continued support of our customers, shareholders and associates," Dueser added.

Net interest income for the second quarter of 2022 was $98.78 million compared to $90.95 million for the second quarter of 2021. The net interest margin, on a taxable equivalent basis, was 3.28 percent for the second quarter of 2022 compared to 3.22 percent for the first quarter of 2022 and 3.36 percent in the second quarter of 2021. The growth in net interest income was driven by higher average interest-earning assets which increased to $12.49 billion for the second quarter of 2022 compared to $11.30 billion a year ago, partially offset by lower PPP loan origination fees which totaled $313 thousand in the second quarter of 2022 compared to $5.24 million in the second quarter of 2021. PPP loan balances totaled $2.30 million at June 30, 2022.

The Company recorded a provision for credit losses of $5.35 million for the second quarter of 2022 compared to a reversal of provision for credit losses of $1.21 million for the second quarter of 2021. The increase in the Company's provision for credit losses during the second quarter of 2022 was primarily driven by strong organic loan growth and a slight decline in the projected economic forecast. At June 30, 2022, the allowance for credit losses totaled $71.93 million, or 1.22 percent of loans held-for-investment ("loans" hereafter), compared to $62.14 million at June 30, 2021, or 1.17 percent of loans. Additionally, the reserve for unfunded commitments totaled $8.72 million at June 30, 2022 compared to $6.75 million at June 30, 2021.

For the second quarter of 2022, net recoveries totaled $916 thousand compared to net recoveries of $203 thousand for the second quarter of 2021. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.43 percent at June 30, 2022, compared with 0.57 percent at June 30, 2021.  Classified loans totaled $152.67 million at June 30, 2022, compared to $174.99 million at June 30, 2021.

Noninterest income for the second quarter of 2022 was $37.32 million compared to $34.67 million for the second quarter of 2021, representing a net increase of $2.64 million from the following:

  • Trust fees increased $1.05 million to $9.74 million for the second quarter of 2022 compared to $8.69 million for the second quarter of 2021 driven mainly by the continued increase in oil and gas revenue.
  • Service charges on deposits increased $1.11 million for the second quarter of 2022 compared to the second quarter of 2021 primarily due to the continued increase in net new accounts.
  • ATM, interchange, and credit card fees increased $715 thousand for the second quarter of 2022 compared to the same quarter a year ago primary due to an increase in debit cards issued. Effective July 1, 2022, the Company became subject to regulations imposed by the Federal Reserve that will reduce future interchange revenue (aka. "Durbin Amendment").
  • Mortgage income was $5.73 million for the second quarter of 2022 compared to $8.29 million for the second quarter of 2021 due to lower overall origination volumes and margins.
  • Recoveries of interest on previously charged-off or nonaccrual loans totaled $1.65 million for the second quarter of 2022 compared to $704 thousand for the second quarter of 2021.
  • Gains on sales of securities were $1.65 million during the second quarter of 2022 compared to $5 thousand for the second quarter of 2021.

Noninterest expense for the second quarter of 2022 totaled $58.33 million compared to $59.37 million for the second quarter of 2021, as a result of the following:

  • Salary, commissions, and employee benefit costs totaled $33.15 million for the second quarter of 2022, compared to $35.05 million in the second quarter of 2021 reflecting annual merit-based and market driven pay increases effective March 1, 2022 offset by lower mortgage compensation expenses of $1.49 million and a decrease of $803 thousand in profit sharing expenses.
  • Noninterest expenses, excluding salary related costs, increased $858 thousand for the second quarter of 2022 compared to the same period in 2021, primarily related to increases in FDIC insurance, deposit account charge-offs, interchange processing costs, and loan processing costs.

The Company's efficiency ratio improved to 41.83 percent for the second quarter of 2022 compared to 45.94 percent for the second quarter of 2021.

As of June 30, 2022, consolidated total assets were $13.26 billion compared to $12.33 billion at June 30, 2021. Loans totaled $5.88 billion at June 30, 2022, compared with loans of $5.30 billion at June 30, 2021.  Loans, excluding PPP loans, grew $325.85 million for the second quarter of 2022 and $540.10 million for the first half of 2022. Deposits totaled $11.12 billion at June 30, 2022, compared to $9.78 billion at June 30, 2021.

Shareholders' equity was $1.33 billion as of June 30, 2022, compared to $1.49 billion and $1.72 billion at March 31, 2022, and June 30, 2021, respectively, as a result of changes in other comprehensive income ("OCI") due to increasing interest rates over the last two quarters. The unrealized loss on the available-for-sale investment securities portfolio, net of applicable tax, totaled $400.51 million at June 30, 2022, compared to an unrealized loss of $209.58 million at March 31, 2022 and an unrealized gain of $136.49 million at June 30, 2021.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with ten locations and First Technology Services, Inc., a technology operating company.

The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at 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


 June 30, 



 Mar. 31, 



 Dec. 31, 



 Sept. 30, 



 June 30, 


Cash and due from banks

$

242,665


$

203,187


$

205,053


$

201,901


$

190,061


Interest-bearing deposits in banks


222,899



394,566



323,535



359,241



654,531


Investment securities


6,215,036



6,502,495



6,573,179



6,119,984



5,578,048


Loans, held-for-investment, excluding PPP Loans


5,876,281



5,550,430



5,336,179



5,147,160



4,984,210


PPP loans


2,301



15,739



52,793



139,334



320,392


Total loans, held-for-investment


5,878,582



5,566,169



5,388,972



5,286,494



5,304,602


Allowance for loan losses


(71,932)



(66,913)



(63,465)



(63,370)



(62,138)


Net loans, held-for-investment 


5,806,650



5,499,256



5,325,507



5,223,124



5,242,464


Loans, held-for-sale


26,445



27,670



37,810



47,721



61,802


Premises and equipment, net


149,280



150,168



149,764



147,516



147,655


Goodwill


313,481



313,481



313,481



313,481



313,481


Other intangible assets


2,658



2,978



3,298



3,689



4,087


Other assets


281,098



220,399



170,834



126,601



136,954


Total assets

$

13,260,212


$

13,314,200


$

13,102,461


$

12,543,258


$

12,329,083


















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits

$

4,104,034


$

3,978,724


$

3,780,230


$

3,574,405


$

3,427,038


Interest-bearing deposits


7,018,949



7,021,101



6,786,258



6,318,712



6,354,656


Total deposits


11,122,983



10,999,825



10,566,488



9,893,117



9,781,694


Borrowings


768,364



758,595



671,152



648,679



549,969


Trade date payable


-



-



-



174,236



189,838


Other liabilities


39,847



67,031



105,597



93,491



87,213


Shareholders' equity


1,329,018



1,488,749



1,759,224



1,733,735



1,720,369


Total liabilities and shareholders' equity

$

13,260,212


$

13,314,200


$

13,102,461


$

12,543,258


$

12,329,083



















Quarter Ended



2022



2021


INCOME STATEMENTS


 June 30, 



 Mar. 31, 



 Dec. 31,  



 Sept. 30,  



 June 30, 


Interest income

$

101,981


$

97,009


$

95,995


$

97,198


$

92,602


Interest expense


3,199



1,570



1,187



1,416



1,653


Net interest income


98,782



95,439



94,808



95,782



90,949


Provision for credit losses


5,350



4,782



2,064



-



(1,206)


Net interest income after provisions for credit losses


93,432



90,657



92,744



95,782



92,155


Noninterest income


37,317



34,881



34,903



37,726



34,673


Noninterest expense


58,333



59,225



61,672



62,939



59,374


Net income before income taxes


72,416



66,313



65,975



70,569



67,454


Income tax expense


11,922



10,341



10,638



11,641



11,075


Net income

$

60,494


$

55,972


$

55,337


$

58,928


$

56,379


















PER COMMON SHARE DATA 
















Net income - basic

$

0.42


$

0.39


$

0.39


$

0.41


$

0.40


Net income - diluted


0.42



0.39



0.39



0.41



0.39


Cash dividends declared


0.17



0.15



0.15



0.15



0.15


Book value


9.32



10.43



12.34



12.17



12.08


Tangible book value


7.10



8.21



10.12



9.94



9.85


Market value


39.27



44.12



50.84



45.95



49.13


Shares outstanding - end of period


142,586,601



142,704,495



142,532,116



142,467,687



142,359,774


Average outstanding shares - basic


142,682,251



142,558,743



142,437,804



142,334,449



142,245,555


Average outstanding shares - diluted


143,238,669



143,302,063



143,251,521



143,218,920



143,164,611


































PERFORMANCE RATIOS
















Return on average assets


1.82

%


1.71

%


1.74

%


1.90

%


1.89

%

Return on average equity


17.26



13.53



12.63



13.43



13.38


Return on average tangible equity


22.27



16.68



15.45



16.43



16.48


Net interest margin (tax equivalent)


3.28



3.22



3.29



3.41



3.36


Efficiency ratio


41.83



44.16



46.18



45.88



45.94



































Six Months Ended











June 30,










INCOME STATEMENTS


2022



2021











Interest income

$

198,990


$

183,212











Interest expense


4,769



3,439











Net interest income


194,221



179,773











Provision for credit losses


10,132



(3,203)











Net interest income after provisions for credit losses


184,089



182,976











Noninterest income


72,198



69,548











Noninterest expense


117,558



117,098











Net income before income taxes


138,729



135,426











Income tax expense


22,263



22,129











Net income

$

116,466


$

113,297



























PER COMMON SHARE DATA 
















Net income - basic

$

0.82


$

0.80











Net income - diluted


0.81



0.79











Cash dividends declared


0.32



0.28











Book value


9.32



12.08











Tangible book value


7.10



9.85











Market value

$

39.27


$

49.13











Shares outstanding - end of period


142,586,601



142,359,774











Average outstanding shares - basic


142,620,838



142,196,190











Average outstanding shares - diluted


143,273,391



143,102,608



























PERFORMANCE RATIOS
















Return on average assets


1.77

%


1.97

%










Return on average equity


15.24



13.61











Return on average tangible equity


19.18



16.78











Net interest margin (tax equivalent)


3.25



3.45











Efficiency ratio


42.97



45.65



























 

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


















Quarter Ended



2022



2021


ALLOWANCE FOR LOAN LOSSES


 June 30, 



 Mar. 31, 



 Dec. 31, 



 Sept. 30, 



 June 30, 


Balance at beginning of period

$

66,913


$

63,465


$

63,370


$

62,138


$

62,974


Loans charged off


(275)



(659)



(3,067)



(1,475)



(392)


Loan recoveries


1,191



360



783



2,707



595


Net recoveries (charge-offs)


916



(299)



(2,284)



1,232



203


Provision for loan losses


4,103



3,747



2,379



-



(1,039)


Balance at end of period

$

71,932


$

66,913


$

63,465


$

63,370


$

62,138


















ALLOWANCE FOR UNFUNDED COMMITMENTS
















Balance at beginning of period

$

7,471


$

6,436


$

6,751


$

6,751


$

6,918


Provision for unfunded commitments


1,247



1,035



(315)



-



(167)


Balance at end of period

$

8,718


$

7,471


$

6,436


$

6,751


$

6,751


















Allowance for loan losses /
















period-end loans held-for-investment


1.22

%


1.20

%


1.18

%


1.20

%


1.17

%

Allowance for loan losses /
















nonperforming loans


281.90



232.71



200.33



250.92



208.45


Net charge-offs (recoveries) / average total loans
















(annualized)


(0.06)



0.02



0.17



(0.09)



(0.02)



































Quarter Ended



2022



2021


COMPOSITION OF LOANS HELD-FOR-INVESTMENT


 June 30, 



 Mar. 31, 



 Dec. 31, 



 Sept. 30, 



 June 30, 


Commercial:
















C&I

$

837,627


$

822,310


$

784,282


$

680,263


$

662,711


PPP


2,301



15,739



52,793



139,334



320,392


Municipal


200,577



191,799



177,905



165,847



179,356


Total Commercial


1,040,505



1,029,848



1,014,980



985,444



1,162,459


Agriculture


90,420



82,883



98,089



98,947



95,212


Real Estate:
















Construction & Development


928,644



806,211



749,793



656,530



550,928


Farm


250,028



225,942



217,220



203,064



185,288


Non-Owner Occupied CRE


636,432



636,160



623,434



674,958



673,608


Owner Occupied CRE


909,899



881,181



821,653



824,231



820,055


Residential


1,412,125



1,352,162



1,334,419



1,328,798



1,328,474


Total Real Estate


4,137,128



3,901,656



3,746,519



3,687,581



3,558,353


Consumer:
















Auto


468,147



419,818



405,416



394,072



383,764


Non-Auto


142,382



131,964



123,968



120,450



104,814


Total Consumer


610,529



551,782



529,384



514,522



488,578


















Total loans held-for-investment

$

5,878,582


$

5,566,169


$

5,388,972


$

5,286,494


$

5,304,602


















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

46,512


$

47,445


$

55,670


$

53,620


$

54,497


Substandard


106,156



104,715



105,515



112,151



120,497


Doubtful


-



-



-



-



-


Total classified loans

$

152,668


$

152,160


$

161,185


$

165,771


$

174,994


















NONPERFORMING ASSETS
















Nonaccrual loans

$

25,475


$

28,723


$

31,652


$

25,210


$

29,786


Accruing troubled debt restructured loans


20



20



21



22



23


Accruing loans 90 days past due


22



11



8



23



-


Total nonperforming loans


25,517



28,754



31,681



25,255



29,809


Foreclosed assets


-



-



2,477



28



305


Total nonperforming assets

$

25,517


$

28,754


$

34,158


$

25,283


$

30,114


















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


0.43

%


0.52

%


0.63

%


0.48

%


0.57

%

As a % of end of period total assets


0.19



0.22



0.26



0.20



0.24



































Quarter Ended



2022



2021


CAPITAL RATIOS


 June 30,  



 Mar. 31, 



 Dec. 31,  



 Sept. 30,  



 June 30,  


Common equity Tier 1 capital ratio


18.50

%


19.00

%


19.35

%


19.71

%


20.04

%

Tier 1 capital ratio


18.50



19.00



19.35



19.71



20.04


Total capital ratio


19.54



20.01



20.34



20.76



21.12


Tier 1 leverage ratio


10.65



10.78



11.13



11.19



11.10


Tangible common equity ratio


7.83



9.02



11.28



11.59



11.68


Equity/Assets ratio


10.02



11.18



13.43



13.82



13.95



















Quarter Ended



2022



2021


NONINTEREST INCOME


 June 30,  



 Mar. 31, 



 Dec. 31,  



 Sept. 30,  



 June 30,  


Trust fees

$

9,742


$

9,817


$

9,670


$

9,484


$

8,692


Service charges on deposits


6,038



5,706



5,762



5,673



4,928


ATM, interchange and credit card fees


10,568



9,528



9,955



9,793



9,853


Gain on sale and fees on mortgage loans


5,728



6,333



6,272



8,788



8,291


Net gain on sale of available-for-sale securities


1,648



31



1



1



5


Net gain on sale of foreclosed assets


18



1,084



107



27



1


Net gain (loss) on sale of assets


6



(10)



(3)



(6)



74


Interest on loan recoveries


1,649



283



1,207



1,746



704


Other noninterest income


1,920



2,109



1,932



2,220



2,125


Total noninterest income

$

37,317


$

34,881


$

34,903


$

37,726


$

34,673


















NONINTEREST EXPENSE
















Salaries, commissions and employee benefits, excluding profit sharing

$

31,840


$

32,540


$

31,876


$

34,460


$

32,936


Profit sharing expense


1,307



1,598



3,099



2,630



2,110


Net occupancy expense


3,292



3,225



3,333



3,288



3,241


Equipment expense


2,346



2,257



2,382



2,450



2,177


FDIC insurance premiums


904



869



848



815



766


ATM, interchange and credit card expenses


3,201



2,968



3,227



2,935



3,039


Legal, tax and professional fees


2,513



2,957



2,835



2,893



3,352


Audit fees


450



451



423



466



430


Printing, stationery and supplies


501



540



664



432



489


Amortization of intangible assets


320



320



391



398



412


Advertising, meals and public relations


1,554



1,493



1,842



1,746



1,392


Operational and other losses


782



596



1,385



1,087



534


Software amortization and expense


2,522



2,457



2,817



2,855



2,829


Other noninterest expense


6,801



6,954



6,550



6,484



5,667


Total noninterest expense

$

58,333


$

59,225


$

61,672


$

62,939


$

59,374


















TAX EQUIVALENT YIELD ADJUSTMENT

$

3,366


$

3,782


$

3,841


$

3,670


$

3,633



































Six Months Ended











June 30,










NONINTEREST INCOME


2022



2021











Trust fees

$

19,559


$

16,991











Service charges on deposits


11,744



9,721











ATM, interchange and credit card fees


20,096



18,530











Gain on sale and fees on mortgage loans


12,061



18,185











Net gain on sale of available-for-sale securities


1,679



813











Net gain on sale of foreclosed assets


1,102



56











Net gain (loss) on sale of assets


(4)



219











Interest on loan recoveries


1,932



1,086











Other noninterest income


4,029



3,947











Total noninterest income

$

72,198


$

69,548



























NONINTEREST EXPENSE
















Salaries, commissions and employee benefits, excluding profit sharing

$

64,380


$

65,572











Profit sharing expense


2,905



4,405











Net occupancy expense


6,517



6,388











Equipment expense


4,603



4,341











FDIC insurance premiums


1,773



1,467











ATM, interchange and credit card expenses


6,169



5,811











Legal, tax and professional fees


5,470



6,078











Audit fees


901



870











Printing, stationery and supplies


1,041



814











Amortization of intangible assets


640



824











Advertising, meals and public relations


3,047



2,780











Operational and other losses


1,378



821











Software amortization and expense


4,979



5,448











Other noninterest expense


13,755



11,479











Total noninterest expense

$

117,558


$

117,098



























TAX EQUIVALENT YIELD ADJUSTMENT

$

7,148


$

7,180



























 

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)
























Three Months Ended




Three Months Ended


June 30, 2022




Mar. 31, 2022



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

1,466


$

5



1.45

%




$

1,015


$

1



0.52

%

Interest-bearing deposits in nonaffiliated banks


288,784



547



0.76






171,970



94



0.22


Taxable securities


4,101,751



19,151



1.87






4,231,949



17,823



1.68


Tax exempt securities


2,376,324



17,166



2.89






2,612,025



18,107



2.77


Loans


5,720,804



68,478



4.80






5,487,538



64,766



4.79


Total interest-earning assets


12,489,129


$

105,347



3.38

%





12,504,497


$

100,791



3.27

%

Noninterest-earning assets


825,711












744,810








Total assets

$

13,314,840











$

13,249,307








Interest-bearing liabilities:






















Deposits

$

7,049,041


$

2,967



0.17

%




$

6,898,059


$

1,369



0.08

%

Borrowings


730,477



232



0.13






781,314



201



0.10


Total interest-bearing liabilities


7,779,518


$

3,199



0.16

%





7,679,373


$

1,570



0.08

%

Noninterest-bearing deposits


4,064,207












3,827,451








Other noninterest-bearing liabilities                                                                              

65,475












64,999








Shareholders' equity


1,405,640












1,677,484








Total liabilities and shareholders' equity

$

13,314,840











$

13,249,307






























Net interest income and margin (tax equivalent)




$

102,148



3.28

%







$

99,221



3.22

%
























Three Months Ended




Three Months Ended


Dec. 31, 2021




Sept. 30, 2021



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

82


$

-



0.48

%




$

1,554


$

2



0.51

%

Interest-bearing deposits in nonaffiliated banks


320,102



124



0.15






612,551



236



0.15


Taxable securities


3,590,137



13,556



1.51






3,081,215



12,122



1.57


Tax exempt securities


2,636,360



18,163



2.76






2,542,606



17,701



2.78


Loans


5,347,069



67,993



5.04






5,337,807



70,807



5.26


Total interest-earning assets


11,893,750


$

99,836



3.33

%





11,575,733


$

100,868



3.46

%

Noninterest-earning assets


726,932












705,099








Total assets

$

12,620,682











$

12,280,832








Interest-bearing liabilities:






















Deposits

$

6,399,343


$

1,110



0.07

%




$

6,346,267


$

1,340



0.08

%

Borrowings


639,725



77



0.05






599,934



76



0.05


Total interest-bearing liabilities


7,039,068


$

1,187



0.07

%





6,946,201


$

1,416



0.08

%

Noninterest-bearing deposits


3,744,848












3,490,685








Other noninterest-bearing liabilities                                                                              

99,091












103,446








Shareholders' equity


1,737,675












1,740,500








Total liabilities and shareholders' equity

$

12,620,682











$

12,280,832






























Net interest income and margin (tax equivalent)




$

98,649



3.29

%







$

99,452



3.41

%
























Three Months Ended














June 30, 2021















Average



Tax Equivalent



Yield /
















Balance



Interest



Rate














Interest-earning assets:






















Federal funds sold

$

3,049


$

4



0.54

%













Interest-bearing deposits in nonaffiliated banks


796,835



211



0.11














Taxable securities


2,656,211



11,449



1.72














Tax exempt securities


2,461,924



17,410



2.83














Loans


5,383,781



67,161



5.00














Total interest-earning assets


11,301,800


$

96,235



3.42

%













Noninterest-earning assets


692,282




















Total assets

$

11,994,082




















Interest-bearing liabilities:






















Deposits

$

6,229,991


$

1,560



0.10

%













Borrowings


527,669



93



0.07














Total interest-bearing liabilities


6,757,660


$

1,653



0.10

%













Noninterest-bearing deposits


3,439,683




















Other noninterest-bearing liabilities                                                                              

106,994




















Shareholders' equity


1,689,745




















Total liabilities and shareholders' equity

$

11,994,082










































Net interest income and margin (tax equivalent)




$

94,582



3.36

%




































Six Months Ended




Six Months Ended


June 30, 2022




June 30, 2021



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

1,241


$

7



1.07

%




$

2,499


$

7



0.56

%

Interest-bearing deposits in nonaffiliated banks


230,700



641



0.56






717,423



370



0.10


Taxable securities


4,166,490



36,974



1.77






2,454,933



21,712



1.77


Tax exempt securities


2,493,523



35,273



2.83






2,415,527



34,389



2.85


Loans


5,604,815



133,243



4.79






5,340,207



133,914



5.06


Total interest-earning assets


12,496,769


$

206,138



3.33

%





10,930,589


$

190,392



3.51

%

Noninterest-earning assets


785,486












696,393








Total assets

$

13,282,255











$

11,626,982








Interest-bearing liabilities:






















Deposits

$

6,973,967


$

4,336



0.13

%




$

6,073,981


$

3,255



0.11

%

Borrowings


755,755



433



0.12






492,341



184



0.08


Total interest-bearing liabilities


7,729,722


$

4,769



0.12

%





6,566,322


$

3,439



0.11

%

Noninterest-bearing deposits


3,946,483












3,278,067








Other noninterest-bearing liabilities                                                                              

65,239












103,307








Shareholders' equity


1,540,811












1,679,286








Total liabilities and shareholders' equity

$

13,282,255











$

11,626,982






























Net interest income and margin (tax equivalent)




$

201,369



3.25

%







$

186,953



3.45

%













































 

Cision View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2022-earnings-301591314.html

SOURCE First Financial Bankshares, Inc.