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First Financial Bankshares Announces First Quarter 2021 Earnings

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ABILENE, Texas, April 22, 2021 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the first quarter of 2021 of $56.92 million, up $19.69 million or 52.87 percent, when compared with earnings of $37.23 million in the same quarter a year ago. Diluted earnings per share were $0.40 for the first quarter of 2021 compared with $0.26 in the same quarter a year ago.

"We are extremely pleased that last year we did not look at the pandemic as a hurdle to performance, but we looked at it as an opportunity to be here and serve our customers. This created a great deal of momentum which maximized earnings last year and has rolled right into the first quarter this year. During the quarter, the Company had an organic asset growth of $1.20 billion driven by loan growth of $103.38 million, net of PPP and held-for-sale loans, and deposit growth of $737.63 million while overall asset quality continued to improve. We remain very focused on serving our customers and capitalizing on our growth over the last year," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.

Net interest income for the first quarter of 2021 was $88.82 million, up $7.92 million from $80.90 million for the first quarter of 2020. The net interest margin, on a taxable equivalent basis, was 3.55 percent for the first quarter of 2021 compared to 3.75 percent in the fourth quarter of 2020 and 3.91 percent in the first quarter of 2020. Net interest income was positively impacted by a $2.05 billion increase in average-earning assets to $10.56 billion for the first quarter of 2021 when compared to the same period a year ago. The net interest margin was negatively impacted by the overall level of excess liquidity which totaled $1.08 billion at March 31, 2021 pending investment.

For the first quarter of 2021, interest income included Payroll Protection Program ("PPP") loan fees of $6.25 million compared to $5.67 million for the fourth quarter of 2020. The remainder of the PPP loan deferred fees totaled approximately $16 million at March 31, 2021, including approximately $11 million for 2021 originations, and continue to be amortized over the shorter of the repayment period or the contractual life of 24 to 60 months. Additional information related to the Company's PPP loan balances are included in the following table:


PPP Loans Originated


PPP Loans Outstanding at
March 31, 2021*


Number Of
Loans


Dollars Of Loans


Number Of
Loans


Dollars Of
Loans









PPP Round 1

6,530


$ 703,450,000


2,759


$ 315,879,000









PPP Round 2

2,016


216,683,000


1,990


215,931,000

PPP Total

8,546


$ 920,133,000


4,749


$ 531,810,000

*PPP loan balances accounted for $499.35 million in average balances for the period.

At March 31, 2021, the Company recorded a negative provision for credit losses during the first quarter of 2021 of $2.00 million. The Company's provision for credit losses in the first quarter of 2021 reflected the continued improvement in the economic outlook for our markets across Texas and overall improvements in asset quality.

During the first quarter of 2021, net charge-offs totaled $131 thousand compared to $1.91 million in the first quarter of 2020. At March 31, 2021, the allowance for credit losses totaled $62.97 million, or 1.18 percent of loans held-for-investment ("loans" hereafter), or 1.31 percent of loans excluding PPP loans, compared to $60.44 million at March 31, 2020, or 1.30 percent of loans. Additionally, the reserve for unfunded commitments totaled $6.92 million at March 31, 2021. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.75 percent at March 31, 2021, compared with 0.87 percent at March 31, 2020. Classified loans totaled $190.42 million at March 31, 2021, compared to $190.35 million at March 31, 2020.

Noninterest income in the first quarter of 2021 rose to $34.87 million from $28.73 million for the first quarter of 2020, as a result of the following:

  • Trust fees increased to $8.30 million in the first quarter of 2021 from $7.44 million in the first quarter of 2020. The fair value of trust assets managed increased to $7.54 billion, up 22.55 percent at March 31, 2021 from $6.15 billion at March 31, 2020.

  • Service charges on deposits were $4.79 million in the first quarter of 2021 compared with $5.92 million in the first quarter of 2020.

  • ATM, interchange and credit card fees increased to $8.68 million in the first quarter of 2021 from $7.40 million in the first quarter of 2020, driven by continued growth in the number of debit cards issued and overall customer utilization.

  • Mortgage income increased to $9.89 million compared with $3.85 million in the first quarter of 2020 due to a significant increase in the volume of loans originated.

  • Gains on sales of securities and other assets total $1.01 million compared to $2.18 million in the first quarter of 2020.

Noninterest expense for the first quarter of 2021 totaled $57.72 million compared to $55.32 million in the first quarter of 2020, as a result of the following:

  • Salary, commissions and employee benefit costs totaled $34.93 million for the first quarter of 2021, compared to $29.64 million in the first quarter of 2020. The increase over the prior year was primarily driven by annual merit-based pay increases, higher mortgage related commissions and increases to incentive compensation based on operating results.

  • Noninterest expense in the first quarter of 2020 included merger related costs totaling $3.81 million.

The Company's efficiency ratio was 45.36 percent for the first quarter of 2021 compared to 49.63 percent for the first quarter of 2020.

As of March 31, 2021, consolidated assets for the Company totaled $12.10 billion compared to $9.70 billion at March 31, 2020. Loans totaled $5.32 billion at March 31, 2021, compared with loans of $4.64 billion at March 31, 2020. During the first quarter of 2021, loans, excluding PPP loans, grew $103.38 million or 8.94 percent annualized, from December 31, 2020 balances. Deposits totaled $9.41 billion at March 31, 2021, compared to $7.21 billion at March 31, 2020, driven by organic growth. Shareholders' equity rose to $1.67 billion as of March 31, 2021, compared to $1.53 billion at March 31, 2020.

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 http://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



2021



2020


ASSETS


Mar. 31,



Dec. 31,



Sept. 30,



June 30,



Mar. 31,


Cash and due from banks

$

190,350


$

211,113


$

175,088


$

188,373


$

191,486


Interest-bearing deposits in banks


893,221



517,971



58,933



196,426



76,378


Investment securities


5,109,631



4,393,029



4,431,280



4,118,863



4,107,069


Loans, held-for-investment


5,322,562



5,171,033



5,293,679



5,253,067



4,639,389



Allowance for loan losses


(62,974)



(66,534)



(76,038)



(68,947)



(60,440)


Net loans, held-for-investment


5,259,588



5,104,499



5,217,641



5,184,120



4,578,949


Loans, held-for-sale


65,405



83,969



101,055



66,370



42,034


Premises and equipment, net


142,415



142,269



141,002



138,933



139,554


Goodwill


313,481



313,481



313,481



313,481



312,842


Other intangible assets


4,499



4,911



5,394



5,884



6,392


Other assets


124,297



133,258



123,778



127,367



246,387



Total assets

$

12,102,887


$

10,904,500


$

10,567,652


$

10,339,817


$

9,701,091


















LIABILITIES AND SHAREHOLDERS' EQUITY
















Noninterest-bearing deposits

$

3,350,145


$

2,982,697


$

2,950,407


$

2,941,679


$

2,288,597


Interest-bearing deposits


6,063,302



5,693,120



5,344,481



5,215,963



4,921,869



Total deposits


9,413,447



8,675,817



8,294,888



8,157,642



7,210,466


Borrowings



548,604



430,093



503,163



449,224



857,871


Other liabilities


475,408



120,400



150,100



150,502



106,392


Shareholders' equity


1,665,428



1,678,190



1,619,501



1,582,449



1,526,362



Total liabilities and shareholders' equity

$

12,102,887


$

10,904,500


$

10,567,652


$

10,339,817


$

9,701,091



















Quarter Ended



2021



2020


INCOME STATEMENTS


Mar. 31,



Dec. 31,



Sept. 30,



June 30,



Mar. 31,


Interest income

$

90,610


$

92,457


$

91,373


$

92,197


$

88,100


Interest expense


1,786



1,920



2,163



2,962



7,198


Net interest income


88,824



90,537



89,210



89,235



80,902


Provision for credit losses


(1,997)



(8,033)



9,000



8,700



9,850


Net interest income after provisions for credit losses


90,821



98,570



80,210



80,535



71,052


Noninterest income


34,874



35,709



38,575



36,919



28,732


Noninterest expense


57,723



63,705



55,593



53,321



55,318



Net income before income taxes


67,972



70,574



63,192



64,133



44,466


Income tax expense


11,054



12,099



10,335



10,663



7,234



Net income

$

56,918


$

58,475


$

52,857


$

53,470


$

37,232


















PER COMMON SHARE DATA
















Net income - basic

$

0.40


$

0.41


$

0.37


$

0.38


$

0.26


Net income - diluted


0.40



0.41



0.37



0.38



0.26


Cash dividends declared


0.13



0.13



0.13



0.13



0.12


Book value


11.70



11.80



11.40



11.14



10.73


Tangible book value


9.47



9.57



9.15



8.89



8.48


Market value

$

46.73


$

36.17


$

27.91


$

28.89


$

26.84


Shares outstanding - end of period


142,285,611



142,161,834



142,121,595



142,035,396



142,314,930


Average outstanding shares - basic


142,146,275



142,057,705



141,980,707



141,973,522



142,118,864


Average outstanding shares - diluted


143,002,658



142,644,088



142,529,242



142,454,083



142,735,208


















PERFORMANCE RATIOS
















Return on average assets


2.05

%


2.19

%


2.01

%


2.06

%


1.63

%

Return on average equity


13.83



14.27



13.14



14.00



10.11


Return on average tangible equity


17.09



17.74



16.41



17.67



12.89


Net interest margin (tax equivalent)


3.55



3.75



3.75



3.78



3.91


Efficiency ratio


45.36



49.15



42.45



41.32



49.63


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


















Quarter Ended



2021



2020


ALLOWANCE FOR LOAN LOSSES


Mar. 31,



Dec. 31,



Sept. 30,



June 30,



Mar. 31,


Balance at beginning of period

$

66,534


$

76,038


$

68,947


$

60,440


$

52,499


Loans charged off


(574)



(1,339)



(853)



(894)



(2,227)


Loan recoveries


443



778



444



701



318


Net recoveries (charge-offs)


(131)



(561)



(409)



(193)



(1,909)


Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings


-



(619)



-



-



-


Reclassification of credit marks on purchased credit deteriorated (PCD) loans


-



1,678



-



-



-


Provision for loan losses


(3,429)



(10,002)



7,500



8,700



9,850


Balance at end of period

$

62,974


$

66,534


$

76,038


$

68,947


$

60,440


















ALLOWANCE FOR UNFUNDED COMMITMENTS
















Balance at beginning of period

$

5,486


$

2,309


$

809


$

809


$

809


Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings


-



1,208



-



-



-


Provision for unfunded commitments


1,432



1,969



1,500



-



-


Balance at end of period

$

6,918

...

$

5,486


$

2,309


$

809


$

809


















Allowance for loan losses /
















period-end loans held-for-investment


1.18

%


1.29

%


1.44

%


1.31

%


1.30

%

Allowance for loan losses /
















nonperforming loans


160.00



155.61



177.99



174.83



153.16


Net charge-offs / average total loans
















(annualized)


0.01



0.04



0.03



0.01



0.16


















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

61,866


$

56,585


$

66,033


$

63,489


$

87,099


Substandard


128,550



140,866



136,010



137,408



103,249


Doubtful


-



-



-



-



-



Total classified loans

$

190,416


$

197,451


$

202,043


$

200,897


$

190,348


















NONPERFORMING ASSETS
















Nonaccrual loans

$

39,333


$

42,619


$

42,673


$

39,320


$

39,226


Accruing troubled debt restructured loans


23



24



25



25



26


Accruing loans 90 days past due


2



113



23



92



209



Total nonperforming loans


39,358



42,756



42,721



39,437



39,461


Foreclosed assets


300



142



331



287



983



Total nonperforming assets

$

39,658


$

42,898


$

43,052


$

39,724


$

40,444


















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


0.75

%


0.83

%


0.81

%


0.76

%


0.87

%

As a % of end of period total assets


0.33



0.39



0.41



0.38



0.42


















OIL AND GAS PORTFOLIO INFORMATION *
















Oil and gas loans

$

105,261


$

106,237


$

118,567


$

128,143


$

117,223


Oil and gas loans as a % of total loans held-for-investment


2.20

%


2.27

%


2.58

%


2.82

%


2.53

%

Classified oil and gas loans


10,079



13,298



26,823



28,366



22,032


Nonaccrual oil and gas loans


4,759



4,774



6,800



3,702



3,477


Net charge-offs for oil and gas loans


40



24



-



195



606


* Excluding PPP loans
































RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *
















Retail loans

$

282,310


$

216,244


$

229,386


$

216,244


$

217,380


Restaurant loans


51,772



48,618



39,523



46,418



25,570


Hotel loans


71,435



71,716



63,273



51,957



46,690


Other hospitality loans


24,014



21,970



26,041



23,230



8,470


Travel loans


664



780



801



908



937



Total Retail/Restaurant/Hospitality loans

$

430,195


$

359,328


$

359,024


$

338,757


$

299,047



















Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment


8.98

%


7.67

%


7.82

%


7.45

%


6.45

%

Classified Retail/Restaurant/Hospitality loans

$

45,214


$

31,192


$

28,171


$

15,837


$

5,680


Nonaccrual Retail/Restaurant/Hospitality loans


6,575



5,975



5,689



5,752



867


Net Charge-offs for Retail/Restaurant/Hospitality loans


-



561



26



178



130


* Excluding PPP loans
































CAPITAL RATIOS
















Common equity Tier 1 capital ratio


20.32

%


20.79

%


20.56

%


20.78

%


19.55

%

Tier 1 capital ratio


20.32



20.79



20.56



20.78



19.55


Total capital ratio


21.47



22.03



21.82



22.03



20.65


Tier 1 leverage ratio


11.55



11.86



11.65



11.25



12.49


Tangible common equity ratio


12.35



12.71



12.61



12.00



13.09


Equity/Assets ratio


13.76



15.39



15.33



15.30



15.73



































Quarter Ended



2021



2020


NONINTEREST INCOME


Mar. 31,



Dec. 31,



Sept. 30,



June 30,



Mar. 31,


Trust fees

$

8,299


$

7,672


$

7,461


$

6,961


$

7,437


Service charges on deposits


4,793



5,330



5,009



4,318



5,915


ATM, interchange and credit card fees


8,677



8,376



8,644



8,049



7,400


Gain on sale and fees on mortgage loans


9,894



11,116



15,228



13,676



3,852


Net gain on sale of available-for-sale securities


808



23



36



1,512



2,062


Net gain on sale of foreclosed assets


55



87



19



52



1


Net gain (loss) on sale of assets


145



22



(2)



(24)



116


Interest on loan recoveries


382



235



202



154



265


Other noninterest income


1,821



2,848



1,978



2,221



1,684



Total noninterest income

$

34,874


$

35,709


$

38,575


$

36,919


$

28,732


















NONINTEREST EXPENSE
















Salaries, commissions and employee benefits, excluding profit sharing

$

32,636


$

34,773


$

32,104


$

28,836


$

28,670


Profit sharing expense


2,295



6,245



1,545



1,978



972


Net occupancy expense


3,147



3,067



3,193



3,101



3,027


Equipment expense


2,164



2,154



2,157



2,010



2,075


FDIC insurance premiums


701



663



587



463



45


ATM, interchange and credit card expenses


2,772



2,811



2,829



2,610



2,985


Legal, tax and professional fees


2,726



2,302



2,615



2,931



2,921


Audit fees


281



407



526



739



411


Printing, stationery and supplies


325



449



615



533



566


Amortization of intangible assets


412



483



490



508



509


Advertising and public relations


1,388



1,600



797



1,011



1,195


Operational and other losses


287



537



621



728



576


Software amortization and expense


2,619



2,563



2,265



2,010



2,024


Other noninterest expense


5,970



5,651



5,249



5,863



9,342



Total noninterest expense

$

57,723


$

63,705


$

55,593


$

53,321


$

55,318



















TAX EQUIVALENT YIELD ADJUSTMENT

$

3,547


$

3,355


$

3,170


$

2,902


$

1,834


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)
























Three Months Ended




Three Months Ended


Mar. 31, 2021




Dec. 31, 2020



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

1,942


$

3



0.58

%




$

-


$

-



-

%

Interest-bearing deposits in nonaffiliated banks


637,129



159



0.10






195,637



50



0.10


Taxable securities


2,251,419



10,264



1.82






2,086,419



10,708



2.05


Tax exempt securities


2,368,615



16,979



2.87






2,318,912



16,733



2.89


Loans



5,296,149



66,753



5.11






5,356,229



68,321



5.07


Total interest-earning assets


10,555,254


$

94,158



3.62

%





9,957,197


$

95,812



3.83

%

Noninterest-earning assets


700,550












674,229









Total assets

$

11,255,804











$

10,631,426






























Interest-bearing liabilities:






















Deposits

$

5,916,237


$

1,696



0.12

%




$

5,479,873


$

1,826



0.13

%

Borrowings


456,620



91



0.08






428,117



94



0.09


Total interest-bearing liabilities


6,372,857


$

1,787



0.11

%





5,907,990


$

1,920



0.13

%

Noninterest-bearing liabilities


3,214,237












3,093,637








Shareholders' equity


1,668,710












1,629,799









Total liabilities and shareholders' equity

$

11,255,804











$

10,631,426






























Net interest income and margin (tax equivalent)




$

92,371



3.55

%







$

93,892



3.75

%
























Three Months Ended




Three Months Ended


Sept. 30, 2020




June 30, 2020



Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /




Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















Federal funds sold

$

2,009


$

3



0.51

%




$

840


$

1



0.51

%

Interest-bearing deposits in nonaffiliated banks


223,104



59



0.10






352,628



86



0.10


Taxable securities


2,187,547



12,063



2.21






2,399,364



14,030



2.34


Tax exempt securities


2,058,032



15,737



3.06






1,800,339



14,733



3.27


Loans


5,334,174



66,681



4.97






5,248,052



66,249



5.08


Total interest-earning assets


9,804,866


$

94,543



3.84

%





9,801,223


$

95,099



3.90

%

Noninterest-earning assets


671,374












663,595









Total assets

$

10,476,240











$

10,464,818






























Interest-bearing liabilities:






















Deposits

$

5,270,600


$

2,064



0.16

%




$

5,135,772


$

2,550



0.20

%

Borrowings


482,555



99



0.08






877,076



412



0.19


Total interest-bearing liabilities


5,753,155


$

2,163



0.15

%





6,012,848


$

2,962



0.20

%

Noninterest-bearing liabilities


3,122,995












2,915,461








Shareholders' equity


1,600,090












1,536,509









Total liabilities and shareholders' equity

$

10,476,240











$

10,464,818






























Net interest income and margin (tax equivalent)




$

92,380



3.75

%







$

92,137



3.78

%
























Three Months Ended














Mar. 31, 2020















Average



Tax Equivalent



Yield /
















Balance



Interest



Rate














Interest-earning assets:






















Federal funds sold

$

2,712


$

10



1.50

%













Interest-bearing deposits in nonaffiliated banks


220,906



745



1.36














Taxable securities


2,263,329



14,655



2.59














Tax exempt securities


1,346,842



11,200



3.33














Loans


4,667,436



63,323



5.46














Total interest-earning assets


8,501,225


$

89,933



4.25

%













Noninterest-earning assets


692,432





















Total assets

$

9,193,657










































Interest-bearing liabilities:






















Deposits

$

4,904,087


$

6,680



0.55

%













Borrowings


460,605



517



0.45














Total interest-bearing liabilities


5,364,692


$

7,197



0.54

%













Noninterest-bearing liabilities


2,348,485




















Shareholders' equity


1,480,480





















Total liabilities and shareholders' equity

$

9,193,657










































Net interest income and margin (tax equivalent)




$

82,736



3.91

%













Cision
Cision

View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-first-quarter-2021-earnings-301275419.html

SOURCE First Financial Bankshares, Inc.