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First Financial Bankshares Announces Fourth Quarter Earnings Results And 32nd Year Of Consecutive Earnings Growth

ABILENE, Texas, Jan. 24, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (FFIN) today reported earnings for the fourth quarter of 2018 of $38.44 million, up $2.29 million when compared with earnings of $36.14 million in the same quarter last year. Basic earnings per share were $0.57 for the fourth quarter of 2018 compared with $0.55 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2018 was $1.55 million, before income tax, resulting from the Company's partial settlement of its frozen defined benefit pension plan (see below for more details). Additionally, the Company recorded a $322 thousand prior year income tax benefit in the fourth quarter of 2018 resulting from refinements in the re-measurement of its deferred tax balance related to the Tax Cuts and Jobs Act which lowered the Company's corporate income tax rate to 21% from 35% at the end of 2017.

All amounts for the three months and year ended December 31, 2018, include the results of the Company's acquisition of Commercial Bancshares, Inc. and its wholly-owned subsidiary, Commercial State Bank, Kingwood, Texas, which was effective January 1, 2018. As of the acquisition date, Commercial State Bank had total assets of approximately $390.20 million, total loans of approximately $271.50 million and total deposits of approximately $345.90 million.

Net interest income for the fourth quarter of 2018 was $70.27 million compared with $60.89 million in the same quarter of 2017. The net interest margin, on a taxable equivalent basis, was 4.02 percent for the fourth quarter of 2018 compared to 4.01 percent in the third quarter of 2018 and 4.00 percent in the fourth quarter of 2017. Included in interest income for the fourth quarter of 2018 was $491 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions.  

The provision for loan losses was $1.80 million in the fourth quarter of 2018 compared with $1.45 million in the third quarter of 2018 and $1.44 million in the fourth quarter of 2017. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.75 percent at December 31, 2018, compared with 0.69 percent at September 30, 2018, and 0.57 percent at December 31, 2017. Classified loans totaled $126.30 million at December 31, 2018, compared to $117.52 million at September 30, 2018, and $117.21 million at December 31, 2017.

Noninterest income increased 11.19 percent in the fourth quarter of 2018 to $24.80 million compared with $22.30 million in the same quarter a year ago. Trust fees increased $1.02 million to $6.92 million in the fourth quarter of 2018 compared with $5.89 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $5.60 billion from $5.13 billion a year ago. ATM, interchange and credit card fees increased 5.74 percent to $6.96 million compared with $6.58 million in the same quarter last year due to continued growth in debit cards and the Kingwood acquisition. Service charges on deposits increased 16.59 percent to $5.71 million compared with $4.90 million in the same quarter a year ago, primarily due to continued growth in net new accounts, product and pricing changes made to better align the Company's account offerings and the Kingwood acquisition.

Noninterest expense for the fourth quarter of 2018 totaled $48.24 million compared to $44.10 million in the fourth quarter of 2017. The Company's efficiency ratio in the fourth quarter of 2018 was 49.69 percent compared with 49.37 percent in the same quarter last year. During the fourth quarter of 2018, the Company settled the portion of its pension obligation for plan participants no longer employed by the Company that are in payout. As a result of the partial settlement of the plan, the Company recognized $1.55 million, before income tax, in settlement loss, a component of noninterest expense. Also included in noninterest expense in the fourth quarter of 2018 was a $1.33 million increase in salary and employee benefit costs to $25.75 million compared to $24.42 million the same quarter a year ago, primarily driven by the Kingwood acquisition, annual merit based pay increases and an increase in profit sharing expenses.

For the year ended December 31, 2018, net income increased $30.27 million to $150.64 million from $120.37 million in 2017, marking 2018 as the 32nd consecutive year of earnings increases for the Company. Basic earnings per share in 2018 rose to $2.23 from $1.82 in the previous year. Net interest income increased $36.07 million for the year to $272.76 million from $236.69 million a year ago. The provision for loan losses for 2018 totaled $5.67 million compared with $6.53 million in 2017. Noninterest income was $101.76 million in 2018 compared with $91.02 million in 2017. Noninterest expense rose to $190.68 million in 2018 compared with $173.99 million a year ago.

As of December 31, 2018, consolidated assets for the Company totaled $7.73 billion compared with $7.25 billion at December 31, 2017. Loans totaled $3.98 billion at year end compared with loans of $3.50 billion a year ago. Deposits totaled $6.18 billion at December 31, 2018, compared to $5.96 billion a year ago.  Shareholders' equity rose to $1.05 billion at year end compared with $922.77 million at December 31, 2017. 

"We are pleased to report the 32nd consecutive year of increased earnings for the Company, which does not just happen. It comes from the hard work and dedication of our board, officers and employees," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits, reduce expenses to improve our bottom line while continuing to look for acquisition opportunities to better utilize our strong capital position and increase our return to our shareholders. In light of the continued increases in interest rates by the Federal Reserve, we continue to focus on increasing loan and deposit rates to better align with our competitive environment," added Dueser.

About First Financial Bankshares

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 73 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, 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, Spring, 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 eight 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 Bankshares, 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; 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/Filings" on the Company's Web site 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





2018



2017


ASSETS




 Dec. 31,  



Sept. 30, 



June 30, 



Mar. 31, 



 Dec. 31,  


Cash and due from banks


$

207,835


$

164,998


$

178,217


$

130,979


$

209,583


Interest-bearing deposits in banks


40,812



34,511



99,499



67,060



162,764


Interest-bearing time deposits in banks


1,458



1,458



1,458



1,458



1,458


Fed funds sold




-



-



8,450



-



-


Investment securities



3,158,777



3,144,367



3,197,567



3,276,193



3,087,473


Loans




3,975,308



3,885,536



3,855,769



3,747,081



3,500,699



Allowance for loan losses


(51,202)



(50,871)



(49,951)



(49,499)



(48,156)


Net loans




3,924,106



3,834,665



3,805,818



3,697,582



3,452,543


Premises and equipment



133,421



130,815



130,366



126,446



124,026


Goodwill




171,565



171,565



171,565



171,565



139,971


Other intangible assets



3,118



3,342



3,620



4,004



1,172


Other assets




90,762



85,510



88,910



92,162



75,725



Total assets


$

7,731,854


$

7,571,231


$

7,685,470


$

7,567,449


$

7,254,715




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

2,116,107


$

2,146,984


$

2,105,953


$

2,111,116


$

2,041,650


Interest-bearing deposits



4,064,282



3,998,298



4,104,654



4,079,647



3,921,311



Total deposits



6,180,389



6,145,282



6,210,607



6,190,763



5,962,961


Borrowings




468,706



380,760



456,935



372,155



331,000


Other liabilities




29,464



49,450



32,300



34,717



37,986


Shareholders' equity



1,053,295



995,739



985,628



969,814



922,768



Total liabilities and shareholders' equity

$

7,731,854


$

7,571,231


$

7,685,470


$

7,567,449


$

7,254,715























Quarter Ended





2018



2017


INCOME STATEMENTS



 Dec. 31,  



 Sept 30,  



 June 30,  



Mar. 31, 



 Dec. 31,  


Interest income



$

76,481


$

74,049


$

72,078


$

69,082


$

63,456


Interest expense




6,207



4,623



4,467



3,633



2,562


Net interest income



70,274



69,426



67,611



65,449



60,894


Provision for loan losses



1,800



1,450



1,105



1,310



1,440


Net interest income after provision for loan losses


68,474



67,976



66,506



64,139



59,454


Noninterest income



24,797



27,055



25,488



24,423



22,302


Noninterest expense



48,235



47,506



47,144



47,798



44,096



Net income before income taxes


45,036



47,525



44,850



40,764



37,660


Income tax expense



6,599



7,475



7,217



6,245



1,517



Net income


$

38,437


$

40,050


$

37,633


$

34,519


$

36,143




















PER COMMON SHARE DATA 

















Net income - basic


$

0.57


$

0.59


$

0.56


$

0.51


$

0.55


Net income - diluted



0.56



0.59



0.55



0.51



0.54


Cash dividends declared



0.21



0.21



0.21



0.19



0.19


Book Value




15.55



14.71



14.57



14.34



13.93


Market Value



$

57.69


$

59.10


$

50.90


$

46.30


$

45.05


Shares outstanding - end of period


67,753,133



67,693,586



67,669,658



67,612,760



66,260,444


Average outstanding shares - basic


67,676,204



67,635,058



67,597,275



67,527,010



66,191,995


Average outstanding shares - diluted


68,095,612



68,053,724



67,924,168



67,799,545



66,428,871




















PERFORMANCE RATIOS

















Return on average assets



2.00

%


2.10

%


1.98

%


1.84

%


2.02

%

Return on average equity



15.18



16.00



15.53



14.74



15.79


Return on average tangible equity


18.38



19.42



18.94



17.82



18.70


Net interest margin (tax equivalent)


4.02



4.01



3.92



3.88



4.00


Efficiency ratio




49.69



48.12



49.42



51.76



49.37







Year Ended




Dec. 31, 

INCOME STATEMENTS



2018



2017


Interest income



$

291,690


$

245,975


Interest expense




18,930



9,288


Net interest income



272,760



236,687


Provision for loan losses



5,665



6,530


Net interest income after provision for loan losses


267,095



230,157


Noninterest income



101,764



91,017


Noninterest expense



190,684



173,986



Net income before income taxes


178,175



147,188


Income tax expense



27,537



26,817



Net income


$

150,638


$

120,371











PER COMMON SHARE DATA 








Net income - basic


$

2.23


$

1.82


Net income - diluted



2.22



1.81


Cash dividends declared



0.82



0.75


Book Value




15.55



13.93


Market Value



$

57.69


$

45.05


Shares outstanding - end of period


67,753,133



66,260,444


Average outstanding shares - basic


67,609,367



66,126,863


Average outstanding shares - diluted


67,983,014



66,324,330











PERFORMANCE RATIOS








Return on average assets



1.98

%


1.72

%

Return on average equity



15.37



13.63


Return on average tangible equity


18.65



16.26


Net interest margin (tax equivalent)


3.96



4.01


Efficiency ratio




49.72



49.26


 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2018



2017


ALLOWANCE FOR LOAN LOSSES


 Dec. 31,  



 Sept. 30,  



June 30, 



Mar. 31, 



 Dec. 31,  


Balance at beginning of period


$

50,871


$

49,951


$

49,499


$

48,156


$

47,922


Loans charged off



(2,081)



(945)



(949)



(471)



(1,440)


Loan recoveries




612



415



296



504



234


Net recoveries (charge-offs)



(1,469)



(530)



(653)



33



(1,206)


Provision for loan losses



1,800



1,450



1,105



1,310



1,440


Balance at end of period


$

51,202


$

50,871


$

49,951


$

49,499


$

48,156




















Allowance for loan losses /

















     period-end loans



1.29

%


1.31

%


1.30

%


1.32

%


1.38

%

Allowance for loan losses /

















     nonperforming loans



176.22



194.25



182.31



209.80



259.11


Net charge-offs / average loans

















     (annualized)




0.15



0.05



0.07



-



0.14




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention



$

50,379


$

36,450


$

34,557


$

40,079


$

37,079


Substandard




75,919



81,073



79,170



83,976



80,131


Doubtful




-



-



-



-



-



Total classified loans

$

126,298


$

117,523


$

113,727


$

124,055


$

117,210




















NONPERFORMING ASSETS

















Nonaccrual loans


$

27,534


$

25,587


$

26,685


$

22,752


$

17,670


Accruing troubled debt restructured loans


513



513



514



514



627


Accruing loans 90 days past due



1,008



88



200



327



288



Total nonperforming loans


29,055



26,188



27,399



23,593



18,585


Foreclosed assets



577



671



705



1,276



1,532



Total nonperforming assets

$

29,632


$

26,859


$

28,104


$

24,869


$

20,117




















As a % of loans and foreclosed assets


0.75

%


0.69

%


0.73

%


0.66

%


0.57

%

As a % of end of period total assets


0.38



0.35



0.37



0.33



0.28




















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans


$

113,536


$

112,039


$

103,381


$

86,218


$

60,164


Oil and gas loans as a % of total loans


2.86

%


2.88

%


2.68

%


2.30

%


1.72

%

Classified oil and gas loans



3,894



4,861



5,001



10,485



20,346


Nonaccrual oil and gas loans



1,048



1,825



1,629



1,460



1,414


Net charge-offs for oil and gas loans


-



-



-



-



-


Allowance for oil and gas loans as a % of oil and gas loans

3.23

%


3.28

%


3.48

%


3.64

%


7.90

%



















CAPITAL RATIOS

















Common equity Tier 1 capital ratio


19.47

%


19.19

%


18.68

%


18.43

%


18.66

%

Tier 1 capital ratio



19.47



19.19



18.68



18.43



18.66


Total capital ratio



20.61



20.34



19.81



19.58



19.85


Tier 1 leverage




11.85



11.57



11.14



10.90



11.09


Equity to assets




13.62



13.15



12.82



12.82



12.72









































Quarter Ended





2018



2017


NONINTEREST INCOME



 Dec. 31,  



 Sept. 30,  



 June 30,  



Mar. 31, 



 Dec. 31,  


Trust fees



$

6,915


$

7,291


$

7,070


$

6,904


$

5,891


Service charges on deposits



5,713



5,690



5,375



4,884



4,900


ATM, interchange and credit card fees


6,962



7,533



7,041



6,996



6,584


Real estate mortgage fees



3,439



4,834



3,951



2,933



3,613


Net gain on sale of available-for-sale securities


8



58



67



1,221



3


Net gain (loss) on sale of foreclosed assets


(85)



84



19



99



(8)


Net gain (loss) on sale of assets



5



(61)



-



(91)



(185)


Interest on loan recoveries



332



199



289



119



232


Other noninterest income



1,508



1,427



1,676



1,358



1,272



Total noninterest income

$

24,797


$

27,055


$

25,488


$

24,423


$

22,302




















NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

23,908


$

24,693


$

24,545


$

24,994


$

22,760


Loss from partial settlement of pension plan


1,546



-



-



-



-


Profit sharing expense



1,839



1,684



2,317



1,209



1,661


Net occupancy expense



2,583



2,900



2,806



2,883



2,439


Equipment expense



3,403



3,482



3,440



3,516



3,369


FDIC insurance premiums



565



570



632



566



560


ATM, interchange and credit card expenses


2,589



2,344



2,205



2,143



1,935


Legal, tax and professional fees



2,609



2,417



2,308



2,807



2,580


Audit fees




291



382



439



411



338


Printing, stationery and supplies



513



387



612



486



567


Amortization of intangible assets



223



279



384



387



136


Advertising and public relations



1,805



1,709



1,576



1,575



1,689


Operational and other losses



337



981



305



566



553


Software amortization and expense


755



540



479



524



1,056


Other noninterest expense



5,269



5,138



5,096



5,731



4,453



Total noninterest expense

$

48,235


$

47,506


$

47,144


$

47,798


$

44,096




















TAX EQUIVALENT YIELD ADJUSTMENT

$

1,996


$

2,242


$

2,289


$

2,467


$

6,125









































Year Ended













Dec. 31, 










NONINTEREST INCOME



2018



2017











Trust fees



$

28,181


$

23,694











Service charges on deposits



21,663



19,416











ATM, interchange and credit card fees


28,532



25,686











Real estate mortgage fees



15,157



15,109











Net gain (loss) on sale of available-for-sale securities


1,354



1,828











Net gain (loss) on sale of foreclosed assets


116



(50)











Net gain (loss) on sale of assets



(147)



(396)











Interest on loan recoveries



938



1,128











Other noninterest income



5,970



4,602












Total noninterest income

$

101,764


$

91,017





























NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

98,140


$

90,552











Loss from partial settlement of pension plan


1,546



-











Profit sharing expense



7,049



4,735











Net occupancy expense



11,173



10,521











Equipment expense



13,841



13,765











FDIC insurance premiums



2,333



2,217











ATM, interchange and credit card expenses


9,282



7,452











Legal, tax and professional fees



10,141



9,980











Audit fees




1,526



1,492











Printing, stationery and supplies



1,997



1,989











Amortization of intangible assets



1,272



613











Advertising and public relations



6,664



6,334











Operational and other losses



2,188



3,192











Software amortization and expense


2,297



3,295











Other noninterest expense



21,235



17,849












Total noninterest expense

$

190,684


$

173,986





























TAX EQUIVALENT YIELD ADJUSTMENT

$

8,993


$

25,495











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




























Three Months Ended




Three Months Ended




Dec. 31, 2018




Sept. 30, 2018





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold



$

1,620


$

10



2.54

%




$

3,377


$

19



2.29

%

  Interest-bearing deposits in nonaffiliated banks


41,511



240



2.30






88,118



450



2.03


  Taxable securities



1,957,638



13,384



2.73






1,943,125



12,594



2.59


  Tax exempt securities



1,206,728



11,482



3.81






1,213,212



11,459



3.78


  Loans




3,918,360



53,361



5.40






3,845,836



51,769



5.34


Total interest-earning assets



7,125,857


$

78,477



4.37

%





7,093,668


$

76,291



4.27

%

Noninterest-earning assets



493,244












490,155









Total assets


$

7,619,101











$

7,583,823
































Interest-bearing liabilities:























  Deposits



$

3,961,582


$

5,092



0.51

%




$

4,035,174


$

4,329



0.43

%

  Fed funds purchased and other borrowings


484,054



1,115



0.91






399,026



294



0.29


Total interest-bearing liabilities



4,445,636


$

6,207



0.55

%





4,434,200


$

4,623



0.41

%

Noninterest-bearing liabilities                                                                              

2,169,069












2,156,258








Shareholders' equity



1,004,396












993,365









Total liabilities and shareholders' equity

$

7,619,101











$

7,583,823
































Net interest income and margin (tax equivalent)




$

72,270



4.02

%







$

71,668



4.01

%




























Three Months Ended




Three Months Ended




June 30, 2018




Mar. 31, 2018





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold



$

2,228


$

13



2.32

%




$

6,215


$

27



1.78

%

  Interest-bearing deposits in nonaffiliated banks


59,373



258



1.74






160,399



613



1.55


  Taxable securities



2,007,949



12,719



2.53






1,826,391



11,354



2.49


  Tax exempt securities



1,281,757



12,001



3.75






1,352,235



12,559



3.72


  Loans




3,797,341



49,376



5.22






3,748,561



46,995



5.08


Total interest-earning assets



7,148,648


$

74,367



4.17

%





7,093,801


$

71,548



4.09

%

Noninterest-earning assets



486,837












497,049









Total assets


$

7,635,485











$

7,590,850
































Interest-bearing liabilities:























  Deposits



$

4,076,522


$

4,005



0.39

%




$

4,139,324


$

3,519



0.34

%

  Fed funds purchased and other borrowings


434,239



462



0.43






357,414



113



0.13


Total interest-bearing liabilities



4,510,761


$

4,467



0.40

%





4,496,738


$

3,632



0.33

%

Noninterest-bearing liabilities                                                                              

2,152,451












2,144,065








Shareholders' equity



972,273












950,047









Total liabilities and shareholders' equity

$

7,635,485











$

7,590,850
































Net interest income and margin (tax equivalent)




$

69,900



3.92

%







$

67,916



3.88

%





Three Months Ended




Dec. 31, 2017





Average



Tax Equivalent



Yield /






Balance



Interest



Rate


Interest-earning assets:










  Fed funds sold


$

1,192


$

5



1.52

%

  Interest-bearing deposits in nonaffiliated banks

186,355



645



1.37


  Taxable securities



1,562,744



8,977



2.30


  Tax exempt securities


1,405,327



16,259



4.63


  Loans



3,483,939



43,695



4.98


Total interest-earning assets


6,639,557


$

69,581



4.16

%

Noninterest-earning assets


441,645









Total assets


$

7,081,202




















Interest-bearing liabilities:










  Deposits


$

3,795,808


$

2,465



0.26

%

  Fed funds purchased and other borrowings


343,683



97



0.11


Total interest-bearing liabilities


4,139,491


$

2,562



0.25

%

Noninterest-bearing liabilities                                                                              

2,033,580








Shareholders' equity



908,131









Total liabilities and shareholders' equity

$

7,081,202




















Net interest income and margin (tax equivalent)



$

67,019



4.00

%





Year Ended




Year Ended




Dec. 31, 2018




Dec. 31, 2017





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:






















  Fed funds sold


$

3,347


$

70



2.09

%




$

3,096


$

24



0.78

%

  Interest-bearing deposits in nonaffiliated banks

87,027



1,561



1.79






141,368



1,660



1.17


  Taxable securities



1,934,160



50,052



2.59






1,479,698



32,825



2.22


  Tax exempt securities


1,262,947



47,501



3.76






1,484,952



68,118



4.59


  Loans



3,828,040



201,498



5.26






3,435,447



168,843



4.91


Total interest-earning assets


7,115,521


$

300,682



4.23

%





6,544,561


$

271,470



4.15

%

Noninterest-earning assets


491,211












436,950









Total assets


$

7,606,732











$

6,981,511
































Interest-bearing liabilities:






















  Deposits


$

4,052,614


$

16,945



0.42

%




$

3,783,960


$

8,213



0.22

%

  Fed funds purchased and other short term borrowings

418,977



1,984



0.47






422,285



1,075



0.25


Total interest-bearing liabilities


4,471,591


$

18,929



0.42

%





4,206,245


$

9,288



0.22

%

Noninterest-bearing liabilities                                                                              

2,154,935












1,892,453








Shareholders' equity



980,206












882,813









Total liabilities and shareholders' equity

$

7,606,732











$

6,981,511
































Net interest income and margin (tax equivalent)



$

281,753



3.96

%







$

262,182



4.01

%

 

Cision

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