Company Announcements

FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER 2022 EARNINGS AND 36TH YEAR OF CONSECUTIVE ANNUAL EARNINGS GROWTH

ABILENE, Texas , Jan. 19, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $58.67 million for the fourth quarter of 2022 compared to earnings of $55.34 million for the same quarter a year ago. Basic and diluted earnings per share were $0.41 for the fourth quarter of 2022 compared with $0.39 for the same quarter a year ago.

Earnings for the year ended December 31, 2022, totaled $234.48 million compared to $227.56 million for the year ended December 31, 2021, reflecting an increase of $6.91 million, or 3.04 percent. Basic and diluted earnings per share were $1.64 for the year ended December 31, 2022, compared with basic and diluted earnings per share of $1.60 and $1.59, respectively, for the year ended December 31, 2021. Included in earnings for the year ended December 31, 2022, when compared to the year ended December 31, 2021, were (i) an increase in net interest income of $31.05 million which included a decrease in PPP loan origination fees and interest income of $24.90 million when compared to the prior year; (ii) an increase in the provision for credit losses of $18.57 million; (iii) a decrease in mortgage revenues of $14.21 million; (iv) a decrease in debit card revenues of $5.63 million and (v) a decrease in profit sharing expenses of $5.90 million.

"We are extremely pleased with both our quarterly and annual results representing our 36th consecutive year of annual earnings growth. We finished 2022 with growth in loans, excluding PPP and held-for-sale loans, of $1.11 billion and growth in deposits of $439.02 million which was primarily driven by an increase of over 10,500 net new accounts during the year. During the fourth quarter, we were able to take advantage of lower interest rates on the longer part of the curve and sell $273.83 million of securities with lower yields and redeploy those dollars into our higher earning loan portfolio," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. "As a result of the hard work and dedication of our board, officers and employees, we were able to overcome some significant headwinds in 2022 which included declines in PPP, mortgage and debit card revenues and increased provision expenses. In light of the continued increases in interest rates by the Federal Reserve, we continue to focus on loan and deposit pricing that better aligns with our competitive environment. As we enter 2023, we remain focused on serving our customers and delivering solid results while actively managing the impact of the current interest rate, regulatory and economic environments. We appreciate the continued support of our customers, shareholders and associates." Mr. Dueser added.

Net interest income for the fourth quarter of 2022 was $104.04 million compared to $94.81 million for the fourth quarter of 2021. The net interest margin, on a taxable equivalent basis, was 3.36 percent for the fourth quarter of 2022, compared to 3.32 percent for the third quarter of 2022, and 3.29 percent for the fourth quarter of 2021. The growth in net interest income was driven by higher average interest-earning assets which increased to $12.32 billion for the fourth quarter of 2022 compared to $11.89 billion in the same quarter a year ago, partially offset by lower PPP loan origination fees and interest income which totaled $16 thousand in the fourth quarter of 2022 compared to $4.57 million in the fourth quarter of 2021. PPP loan balances totaled $169 thousand at December 31, 2022 compared to $52.79 million at December 31, 2021.

The Company recorded a provision for credit losses of $4.08 million for the fourth quarter of 2022 compared to a provision for credit losses of $2.06 million for the fourth quarter of 2021. The Company's provision for credit losses the fourth quarter of 2022 continued to be driven by strong organic loan growth, increases in unfunded commitments and a slight decline in the projected economic forecast metrics. At December 31, 2022, the allowance for credit losses totaled $75.83 million, or 1.18 percent of loans held-for-investment ("Loans"), compared to $63.47 million at December 31, 2021, or 1.18 percent of loans. Additionally, the reserve for unfunded commitments totaled $12.32 million at December 31, 2022 compared to $6.44 million at December 31, 2021 due to the increase in unfunded commitments and a decline in the projected economic forecast in the Company's construction and development portfolio.

For the fourth quarter of 2022, net charge-offs totaled $905 thousand compared to net charge-offs of $2.28 million for the fourth quarter of 2021. Nonperforming assets as a percentage of Loans and foreclosed assets totaled 0.38 percent at December 31, 2022, compared with 0.63 percent at December 31, 2021.  Classified loans totaled $150.70 million at December 31, 2022, compared to $161.19 million at December 31, 2021.

Noninterest income for the fourth quarter of 2022 was $28.52 million compared to $34.90 million for the fourth quarter of 2021, as a result of the following:

  • Trust fees increased to $10.12 million for the fourth quarter of 2022 compared to $9.67 million for the fourth quarter of 2021, driven by the continued increase in oil and gas revenue. At December 31, 2022, the fair value of trust assets managed was $8.75 billion.
  • Service charges on deposits increased to $6.40 million for the fourth quarter of 2022 compared with $5.76 million for the fourth quarter of 2021, driven by more than 10,500 net new accounts opened in 2022.
  • Debit card fees decreased by $3.45 million for the fourth quarter of 2022 compared to the same quarter a year ago. The decrease was due the impact of becoming subject to regulations imposed by the Federal Reserve that limits debit card interchange revenue ("Durbin Amendment") which became effective for the Company as of July 1, 2022, and is consistent with our prior disclosures.
  • Mortgage income declined to $2.90 million for the fourth quarter of 2022 compared to $6.27 million for the fourth quarter of 2021 due to lower overall origination volumes and margins as a result of the changes in interest rates.
  • Recoveries of interest on previously charged-off or nonaccrual loans totaled $244 thousand for the fourth quarter of 2022 compared to $1.21 million for the fourth quarter of 2021.
  • Gains on sales of securities and other assets were $129 thousand during the fourth quarter of 2022 compared to $105 thousand for the fourth quarter of 2021.

Noninterest expense for the fourth quarter of 2022 totaled $57.78 million compared to $61.67 million for the fourth quarter of 2021, as a result of the following:

  • Salary, commissions and employee benefit costs totaled $32.96 million for the fourth quarter of 2022, compared to $34.98 million in the fourth quarter of 2021 reflecting annual merit-based and market driven pay increases offset by lower mortgage compensation expenses of $1.22 million and a decrease of $2.53 million in profit sharing expenses.

The Company's efficiency ratio improved to 43.30 percent for the year ended December 31, 2022 compared to 45.84 percent for the year ended December 31, 2021.

As of December 31, 2022, consolidated assets for the Company totaled $12.97 billion compared to $13.10 billion at December 31, 2021. Loans totaled $6.44 billion at December 31, 2022, compared with Loans of $5.39 billion at December 31, 2021. Excluding PPP and held-for-sale loans, Loans grew $186.41 million, or 11.82 percent during the fourth quarter of 2022, and $1.11 billion, or 20.72 percent when compared to December 31, 2021 balances. Deposits totaled $11.01 billion at December 31, 2022, compared to $10.57 billion at December 31, 2021.

During the fourth quarter of 2022, the Company sold $273.83 million of securities classified as available-for-sale with an average book yield of 3.16 percent. The proceeds from the sales of these securities were largely used to fund organic loan growth during the quarter. As of December 31, 2022, cash flows from the security portfolio of $540.28 million are projected over the next twelve months.

Shareholders' equity was $1.27 billion as of December 31, 2022, compared to $1.76 billion at December 31, 2021, as a result of changes in other comprehensive income ("OCI") due to increasing interest rates over the last year. The unrealized loss on the available-for-sale investment securities portfolio, net of applicable tax, totaled $535.23 million at December 31, 2022, compared to an unrealized loss of $632.42 million at September 30, 2022, and an unrealized gain of $99.25 million at December 31, 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 79 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Lumberton, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with ten locations and First Technology Services, Inc., a technology operating company.

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

Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect," "plan," "anticipate," "target," "forecast," 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


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 


Cash and due from banks

$

293,286


$

227,298


$

242,665


$

203,187


$

205,053


Interest-bearing demand deposits in banks


37,392



138,484



222,899



394,566



323,535


Investment securities


5,474,359



5,745,443



6,215,036



6,502,495



6,573,179


Loans, held-for-investment, excluding PPP Loans


6,441,699



6,255,286



5,876,281



5,550,430



5,336,179


PPP loans


169



202



2,301



15,739



52,793


Total loans, held-for-investment


6,441,868



6,255,488



5,878,582



5,566,169



5,388,972


Allowance for credit losses


(75,834)



(74,108)



(71,932)



(66,913)



(63,465)


Net loans, held-for-investment 


6,366,034



6,181,380



5,806,650



5,499,256



5,325,507


Loans, held-for-sale


11,965



18,815



26,445



27,670



37,810


Premises and equipment, net


152,973



152,646



149,280



150,168



149,764


Goodwill


313,481



313,481



313,481



313,481



313,481


Other intangible assets


2,053



2,352



2,658



2,978



3,298


Other assets


322,523



330,445



281,098



220,399



170,834


Total assets

$

12,974,066


$

13,110,344


$

13,260,212


$

13,314,200


$

13,102,461


















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits

$

4,061,788


$

4,200,792


$

4,104,034


$

3,978,724


$

3,780,230


Interest-bearing deposits


6,943,719



6,941,326



7,018,949



7,021,101



6,786,258


Total deposits


11,005,507



11,142,118



11,122,983



10,999,825



10,566,488


Borrowings


642,507



774,581



768,364



758,595



671,152


Other liabilities


60,315



61,030



39,847



67,031



105,597


Shareholders' equity


1,265,737



1,132,615



1,329,018



1,488,749



1,759,224


Total liabilities and shareholders' equity

$

12,974,066


$

13,110,344


$

13,260,212


$

13,314,200


$

13,102,461



















Quarter Ended



2022



2021


INCOME STATEMENTS


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 


Interest income

$

121,137


$

112,728


$

101,981


$

97,009


$

95,995


Interest expense


17,100



9,572



3,199



1,570



1,187


Net interest income


104,037



103,156



98,782



95,439



94,808


Provision for credit losses


4,075



3,221



5,350



4,782



2,064


Net interest income after provision for credit losses


99,962



99,935



93,432



90,657



92,744


Noninterest income


28,524



30,943



37,317



34,881



34,903


Noninterest expense


57,778



59,442



58,333



59,225



61,672


Net income before income taxes


70,708



71,436



72,416



66,313



65,975


Income tax expense


12,040



12,095



11,922



10,341



10,638


Net income

$

58,668


$

59,341


$

60,494


$

55,972


$

55,337


















PER COMMON SHARE DATA 
















Net income - basic

$

0.41


$

0.42


$

0.42


$

0.39


$

0.39


Net income - diluted


0.41



0.41



0.42



0.39



0.39


Cash dividends declared


0.17



0.17



0.17



0.15



0.15


Book value


8.87



7.94



9.32



10.43



12.34


Tangible book value


6.66



5.73



7.10



8.21



10.12


Market value


34.40



41.83



39.27



44.12



50.84


Shares outstanding - end of period


142,657,871



142,628,163



142,586,601



142,704,495



142,532,116


Average outstanding shares - basic


142,619,632



142,524,500



142,682,251



142,558,743



142,437,804


Average outstanding shares - diluted


143,071,538



143,126,088



143,238,669



143,302,063



143,251,521


































PERFORMANCE RATIOS
















Return on average assets


1.76

%


1.76

%


1.82

%


1.71

%


1.74

%

Return on average equity


19.87



17.31



17.26



13.53



12.63


Return on average tangible equity


27.20



22.55



22.27



16.68



15.45


Net interest margin (tax equivalent)


3.36



3.32



3.28



3.22



3.29


Efficiency ratio


43.52



43.76



41.83



44.16



46.18


 


Year Ended



 Dec. 31, 


INCOME STATEMENTS


2022



2021


Interest income

$

432,854


$

376,405


Interest expense


31,440



6,042


Net interest income


401,414



370,363


Provision for credit losses


17,427



(1,139)


Net interest income after provision for credit losses


383,987



371,502


Noninterest income


131,665



142,176


Noninterest expense


234,778



241,708


Net income before income taxes


280,874



271,970


Income tax expense


46,399



44,408


Net income

$

234,475


$

227,562









PER COMMON SHARE DATA 







Net income - basic

$

1.64


$

1.60


Net income - diluted


1.64



1.59


Cash dividends declared


0.66



0.58


Book value


8.87



12.34


Tangible book value


6.66



10.12


Market value

$

34.40


$

50.84


Shares outstanding - end of period


142,657,871



142,532,116


Average outstanding shares - basic


142,596,252



142,291,939


Average outstanding shares - diluted


143,207,899



143,134,220









PERFORMANCE RATIOS







Return on average assets


1.76

%


1.89

%

Return on average equity


16.72



13.31


Return on average tangible equity


21.59



16.35


Net interest margin (tax equivalent)


3.29



3.40


Efficiency ratio


43.30



45.84


 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)



















Quarter Ended



2022



2021



ALLOWANCE FOR LOAN LOSSES


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 



Balance at beginning of period

$

74,108


$

71,932


$

66,913


$

63,465


$

63,370



Loans charged-off


(1,225)



(293)



(275)



(659)



(3,067)



Loan recoveries


320



1,409



1,191



360



783



Net recoveries (charge-offs)


(905)



1,116



916



(299)



(2,284)



Provision for loan losses


2,631



1,060



4,103



3,747



2,379



Balance at end of period

$

75,834


$

74,108


$

71,932


$

66,913


$

63,465




















ALLOWANCE FOR UNFUNDED COMMITMENTS

















Balance at beginning of period

$

10,879


$

8,718


$

7,471


$

6,436


$

6,751



Provision for unfunded commitments


1,444



2,161



1,247



1,035



(315)



Balance at end of period

$

12,323


$

10,879


$

8,718


$

7,471


$

6,436




















Allowance for loan losses /

















period-end loans held-for-investment


1.18

%


1.18

%


1.22

%


1.20

%


1.18

%


Allowance for loan losses /

















nonperforming loans


311.75



301.02



281.90



232.71



200.33



Net charge-offs (recoveries) / average total loans

















(annualized)


0.06



(0.07)



(0.06)



0.02



0.17



 


Quarter Ended


2022



2021


COMPOSITION OF LOANS HELD-FOR-INVESTMENT


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 


Commercial:
















C&I

$

917,148


$

871,133


$

837,627


$

822,310


$

784,282


PPP


169



202



2,301



15,739



52,793


Municipal


221,090



214,852



200,577



191,799



177,905


Total Commercial


1,138,407



1,086,187



1,040,505



1,029,848



1,014,980


Agricultural


76,947



76,937



90,420



82,883



98,089


Real Estate:
















Construction & Development


959,426



938,051



928,644



806,211



749,793


Farm


306,322



268,139



250,028



225,942



217,220


Non-Owner Occupied CRE


732,089



717,738



636,432



636,160



623,434


Owner Occupied CRE


954,400



945,665



909,899



881,181



821,653


Residential


1,575,758



1,536,180



1,412,125



1,352,162



1,334,419


Total Real Estate


4,527,995



4,405,773



4,137,128



3,901,656



3,746,519


Consumer:
















Auto


550,635



538,798



468,147



419,818



405,416


Non-Auto


147,884



147,793



142,382



131,964



123,968


Total Consumer


698,519



686,591



610,529



551,782



529,384


















Total loans held-for-investment

$

6,441,868


$

6,255,488


$

5,878,582


$

5,566,169


$

5,388,972


















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

49,382


$

43,149


$

46,512


$

47,445


$

55,670


Substandard


101,316



100,568



106,156



104,715



105,515


Doubtful


-



-



-



-



-


Total classified loans

$

150,698


$

143,717


$

152,668


$

152,160


$

161,185


















NONPERFORMING ASSETS
















Nonaccrual loans

$

24,306


$

24,585


$

25,475


$

28,723


$

31,652


Accruing troubled debt restructured loans


19



19



20



20



21


Accruing loans 90 days past due


-



15



22



11



8


Total nonperforming loans


24,325



24,619



25,517



28,754



31,681


Foreclosed assets


-



-



-



-



2,477


Total nonperforming assets

$

24,325


$

24,619


$

25,517


$

28,754


$

34,158


















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


0.38

%


0.39

%


0.43

%


0.52

%


0.63

%

As a % of end of period total assets


0.19



0.19



0.19



0.22



0.26



































Quarter Ended


2022



2021


CAPITAL RATIOS


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 


Common equity Tier 1 capital ratio


18.22

%


18.03

%


18.50

%


19.00

%


19.35

%

Tier 1 capital ratio


18.22



18.03



18.50



19.00



19.35


Total capital ratio


19.29



19.07



19.54



20.01



20.34


Tier 1 leverage ratio


10.96



10.79



10.65



10.78



11.13


Tangible common equity ratio


7.51



6.38



7.83



9.02



11.28


Equity/Assets ratio


9.76



8.64



10.02



11.18



13.43



















Quarter Ended


2022



2021


NONINTEREST INCOME


 Dec. 31, 



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31, 


Trust fees

$

10,122


$

10,314


$

9,742


$

9,817


$

9,670


Service charges on deposits


6,397



6,399



6,038



5,706



5,762


Debit card fees


5,899



5,587



9,868



8,926



9,353


Credit card fees


632



651



700



602



602


Gain on sale and fees on mortgage loans


2,904



4,070



5,728



6,333



6,272


Net gain on sale of available-for-sale securities


131



334



1,648



31



1


Net gain on sale of foreclosed assets


-



349



18



1,084



107


Net gain (loss) on sale of assets


(2)



526



6



(10)



(3)


Interest on loan recoveries


244



664



1,649



283



1,207


Other noninterest income


2,197



2,049



1,920



2,109



1,932


Total noninterest income

$

28,524


$

30,943


$

37,317


$

34,881


$

34,903


















NONINTEREST EXPENSE
















Salaries, commissions and employee benefits, excluding profit sharing

$

32,391


$

33,129


$

31,840


$

32,540


$

31,876


Profit sharing expense


565



763



1,307



1,598



3,099


Net occupancy expense


3,350



3,440



3,292



3,225



3,333


Equipment expense


2,053



2,396



2,346



2,257



2,382


FDIC assessment fees


1,021



917



904



869



848


Debit card expense


3,054



3,013



3,200



2,964



3,221


Legal, tax and professional fees


2,814



2,604



2,513



2,957



2,835


Audit fees


451



451



450



451



423


Printing, stationery and supplies


473



600



501



540



664


Amortization of intangible assets


299



306



320



320



391


Advertising, meals and public relations


1,646



1,692



1,554



1,493



1,842


Operational and other losses


982



869



782



596



1,385


Software amortization and expense


2,420



2,564



2,522



2,457



2,817


Other noninterest expense


6,259



6,698



6,802



6,958



6,556


Total noninterest expense

$

57,778


$

59,442


$

58,333


$

59,225


$

61,672


















TAX EQUIVALENT YIELD ADJUSTMENT

$

187


$

1,737


$

3,366


$

3,782


$

3,841


 


Year Ended


 Dec. 31, 

NONINTEREST INCOME


2022



2021

Trust fees

$

39,995


$

36,145

Service charges on deposits


24,540



21,156

Debit card fees


30,280



35,905

Credit card fees


2,585



2,373

Gain on sale and fees on mortgage loans


19,035



33,245

Net gain on sale of available-for-sale securities


2,144



815

Net gain on sale of foreclosed assets


1,451



190

Net gain (loss) on sale of assets


520



210

Interest on loan recoveries


2,840



4,039

Other noninterest income


8,275



8,098

Total noninterest income

$

131,665


$

142,176







NONINTEREST EXPENSE






Salaries, commissions and employee benefits, excluding profit sharing

$

129,900


$

131,908

Profit sharing expense


4,233



10,134

Net occupancy expense


13,307



13,009

Equipment expense


9,052



9,173

FDIC assessment fees


3,711



3,130

Debit card expense


12,231



11,957

Legal, tax and professional fees


10,888



11,806

Audit fees


1,803



1,759

Printing, stationery and supplies


2,114



1,910

Amortization of intangible assets


1,245



1,613

Advertising, meals and public relations


6,385



6,368

Operational and other losses


3,229



3,293

Software amortization and expense


9,963



11,120

Other noninterest expense


26,717



24,528

Total noninterest expense

$

234,778


$

241,708







TAX EQUIVALENT YIELD ADJUSTMENT

$

9,071


$

14,691

 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)
























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



12,231



2.44






2,164,829



14,382



2.66


Loans


6,391,703



86,326



5.36






6,082,649



77,851



5.08


Total interest-earning assets


12,317,459


$

121,324



3.91

%





12,538,621


$

114,464



3.62

%

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)




$

104,224



3.36

%







$

104,893



3.32

%
























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 demand 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


Dec. 31, 2021



Average



Tax Equivalent



Yield /




Balance



Interest



Rate


Interest-earning assets:










Federal funds sold

$

82


$

-



0.48

%

Interest-bearing demand deposits in nonaffiliated banks


320,102



124



0.15


Taxable securities


3,590,137



13,556



1.51


Tax-exempt securities


2,636,360



18,163



2.76


Loans


5,347,069



67,993



5.04


Total interest-earning assets


11,893,750


$

99,836



3.33

%

Noninterest-earning assets


726,932








Total assets

$

12,620,682








Interest-bearing liabilities:










Deposits

$

6,399,343


$

1,110



0.07

%

Borrowings


639,725



77



0.05


Total interest-bearing liabilities


7,039,068


$

1,187



0.07

%

Noninterest-bearing deposits


3,744,848








Other noninterest-bearing liabilities                                                                              

99,091








Shareholders' equity


1,737,675








Total liabilities and shareholders' equity

$

12,620,682


















Net interest income and margin (tax equivalent)




$

98,649



3.29

%

 


Year Ended




Year Ended


Dec. 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

$

2,196


$

63



2.85

%




$

1,651


$

9



0.55

%

Interest-bearing demand deposits in nonaffiliated banks


217,525



3,633



1.67






590,843



730



0.12


Taxable securities


4,032,228



78,924



1.96






2,898,924



47,390



1.63


Tax-exempt securities


2,286,578



61,886



2.71






2,503,220



70,253



2.81


Loans


5,923,594



297,420



5.02






5,341,332



272,714



5.11


Total interest-earning assets


12,462,121


$

441,926



3.55

%





11,335,970


$

391,096



3.45

%

Noninterest-earning assets


824,550












706,285








Total assets

$

13,286,671











$

12,042,255








Interest-bearing liabilities:






















Deposits

$

6,955,783


$

26,246



0.38

%




$

6,224,621


$

5,704



0.09

%

Borrowings


802,091



5,195



0.65






556,610



338



0.06


Total interest-bearing liabilities


7,757,874


$

31,441



0.41

%





6,781,231


$

6,042



0.09

%

Noninterest-bearing deposits


4,063,740












3,449,313








Other noninterest-bearing liabilities                                                                              

62,953












102,279








Shareholders' equity


1,402,104












1,709,432








Total liabilities and shareholders' equity

$

13,286,671











$

12,042,255






























Net interest income and margin (tax equivalent)




$

410,485



3.29

%







$

385,054



3.40

%

 

 

Cision View original content:https://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-2022-earnings-and-36th-year-of-consecutive-annual-earnings-growth-301726203.html

SOURCE First Financial Bankshares, Inc.