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First Financial Bankshares Announces Fourth Quarter 2020 Earnings And 34th Year Of Consecutive Annual Earnings Growth

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ABILENE, Texas , Jan. 28, 2021 /PRNewswire/ --  First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2020 of $58.48 million , or $0.41 per diluted share, compared with earnings of $41.39 million , or $0.30 per diluted share, for the fourth quarter of 2019, representing a $17.09 million , or 41.28 percent, increase.  

Earnings for the year ended December 31, 2020 totaled $202.03 million , or $1.42 per diluted share, compared to $164.81 million , or $1.21 per diluted share, for the year ended December 31, 2019 , representing a $37.22 million , or 22.58 percent increase.

All amounts for the fourth quarter and year ended December 31, 2020 , include the results of the Company's acquisition of TB&T Bancshares, Inc. and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station, Texas , which was effective January 1, 2020 .

"We are extremely pleased with both our quarterly and annual results representing our 34 th consecutive year of annual earnings growth.  During 2020, in the face of the pandemic, two hurricanes and one tornado, we stayed Texas Strong, kept our doors open and served our customers and communities while keeping our associates safe. Because of this, the Company had organic asset growth of $1.9 billion , excluding the $775 million acquisition of The Bank & Trust of Bryan/College Station . We originated $704 million in PPP loans, $1.21 billion in secondary market mortgage loans for over 4,000 families across Texas and grew trust assets managed to $7.51 billion . In 2020, we recorded annual earnings of $202.03 million and ended the year with strong momentum and are very optimistic about our outlook for 2021," said F. Scott Dueser , Chairman, President and CEO of First Financial Bankshares, Inc.

Net interest income for the fourth quarter of 2020 was $90.54 million , up $15.22 million , from $75.32 million for the fourth quarter of 2019. The net interest margin, on a tax equivalent basis, was 3.75 percent for the quarter compared to 3.99 percent a year ago and 3.75 percent from last quarter.  Net interest income was positively impacted by a $2.29 billion increase in average-earning assets to $9.96 billion for the fourth quarter of 2020 when compared to the same period a year ago.  For the fourth quarter of 2020, interest income included Payroll Protection Program ("PPP") loan fees of $5.67 million compared to $2.83 million for the third quarter of 2020, and accretion from acquired loans of $571 thousand compared to $384 thousand in the same quarter last year and $1.85 million for the third quarter of 2020.  

During the fourth quarter of 2020, $220.34 million of PPP loans were forgiven and the remaining PPP loans totaled $483.66 million at December 31, 2020 ( $624.15 million and $479.43 million in average balances for the fourth quarter and year-to-date, respectively). The remainder of the PPP loan deferred fees totaled $11.27 million at December 31, 2020 and continue to be amortized over the shorter of the repayment period or the contractual life of 24 months.

The Company initially elected to delay implementation of CECL, and calculated and recorded the provision for credit losses through the nine-months ended September 30, 2020 under the incurred loss model. The Company elected to adopt CECL, effective as of January 1, 2020 , through a transition charge to retained earnings of $589 thousand ( $466 thousand net of applicable income taxes).

At December 31, 2020 , the Company calculated the allowance for credit losses utilizing the CECL methodology which resulted in a net reversal of provision for credit losses during the fourth quarter of 2020 of $8.03 million , comprised of a reversal of provision for loan losses of $10.00 million and a provision for unfunded commitments of $1.97 million . The Company's provision for credit losses in the fourth quarter of 2020 reflected the improved economic outlook for our markets across Texas and general improvement in overall asset quality.  During the fourth quarter of 2020, net charge-offs totaled $561 thousand compared to $340 thousand in the fourth quarter of 2019. At December 31, 2020 , the allowance for credit losses totaled $66.53 million , or 1.29 percent of loans held-for-investment ("loans" hereafter), or 1.42 percent of loans excluding PPP loans, compared to $52.50 million at December 31, 2019 , or 1.25 percent of loans. Additionally, the reserve for unfunded commitments totaled $5.49 million at December 31, 2020 compared to $809 thousand at December 31 , 2019.  Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.83 percent at December 31, 2020 , compared with 0.61 percent at December 31, 2019 . Classified loans totaled $197.45 million at December 31, 2020 , compared to $140.66 million at December 31, 2019 .  

During 2020, the Company offered deferral and extensions of principal and/or interest payments to selected borrowers on a case-by-case basis, considering the current and projected profile of the borrower.  At December 31, 2020 , the Company had approximately 59 loans totaling $2.69 million subject to deferral and extension agreements compared to 122 loans totaling $18.65 million at September 30, 2020 .

At December 31, 2020 , loans with oil and gas industry exposure totaled $106.24 million , or 2.27 percent of outstanding loans, excluding PPP loans. These loans comprised $13.30 million of classified loans including $4.77 million in nonaccrual loans. Net charge-offs related to this portfolio totaled $825 thousand for the year ended December 31, 2020 .

In addition, at December 31, 2020 , loans in the retail/restaurant/hospitality industries totaled $359.33 million , or 7.67 percent, of the Company's outstanding loans, excluding PPP loans. These loans comprised $31.19 million of classified loans, including $5.98 million in nonaccrual loans.  Net charge-offs related to this portfolio totaled $895 thousand for the year ended December 31, 2020 .

Noninterest income in the fourth quarter of 2020 rose to $35.71 million from $27.35 million for the fourth quarter of 2019, as a result of the following:

  • Trust fees increased to $7.67 million in the fourth quarter of 2020 from $7.34 million in the fourth quarter of 2019. The fair value of trust assets managed increased to $7.51 billion , up 11.33 percent at December 31, 2020 from $6.75 billion at December 31, 2019 .

  • Service charges on deposits were $5.33 million in the fourth quarter of 2020 compared with $5.86 million in the fourth quarter of 2019.

  • ATM, interchange and credit card fees increased to $8.38 million in the fourth quarter of 2020 from $7.94 million in the fourth quarter of 2019, driven by continued growth in the number of debit cards issued and customer utilization.

  • Mortgage income increased to $11.12 million compared with $4.22 million in the fourth quarter of 2019 due to a significant increase in the volume of loans originated. The Company's mortgage pipeline increased to $198.46 million at December 31, 2020 , when compared to $45.46 million at December 31, 2019 .

  • The Company originated seven loans totaling $141.95 million ( $7.10 million retained on the balance sheet, net of the 95% participations sold to the Federal Reserve), in Main Street Lending loans and recognized fees of $1.07 million during the fourth quarter ( $1.40 million for the year), which are included in other noninterest income.

Noninterest expense for the fourth quarter of 2020 totaled $63.71 million compared to $51.94 million in the fourth quarter of 2019, as a result of the following:

  • Salary, commissions and employee benefit costs totaled $41.02 million for the fourth quarter of 2020, compared to $31.64 million in the fourth quarter of 2019. The increase over the prior year was primarily driven by the acquisition, annual merit-based pay increases, higher mortgage related commissions, and increases in the fourth quarter of 2020 to incentive compensation based on the overall 2020 operating results. Additionally, the fourth quarter of 2019 included $1.70 million charge related to the termination of an acquired pension plan.

  • Noninterest expense in the fourth quarter of 2020 included merger related costs totaling $475 thousand , and $4.88 million for the year ended December 31, 2020 , as a result of The Bank & Trust acquisition, while no significant conversion related costs were incurred in the fourth quarter or year ended December 31, 2019 .

The Company's efficiency ratio was 45.49 percent for 2020 compared to 48.61 percent for 2019.

As of December 31, 2020 , consolidated assets for the Company totaled $10.90 billion compared to $8.26 billion at December 31, 2019 . Loans totaled $5.17 billion at December 31, 2020 , compared with loans of $4.19 billion at December 31 , 2019.  During the fourth quarter of 2020, loans, excluding PPP loans, grew $97.42 million , or 8.44 percent annualized, from September 30, 2020 balances. Deposits totaled $8.68 billion at December 31, 2020 , compared to $6.60 billion at December 31, 2019 , driven by organic growth and the acquisition.

Shareholders' equity rose to $1.68 billion as of December 31, 2020 , compared to $1.23 billion at December 31, 2019 , primarily from The Bank & Trust acquisition, undistributed earnings and the net increase in the net unrealized gain on investment securities while tangible book value per common share increased to $9.57 at December 31, 2020 compared to $7.75 at December 31, 2019 , representing a 23.48 percent increase. At December 31, 2020 , the Company's capital ratios significantly exceeded all well-capitalized requirements.

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





2020



2019


ASSETS




 Dec. 31,  



 Sept. 30, 



 June 30, 



 Mar. 31, 



 Dec. 31,  


Cash and due from banks


$

211,113


$

175,088


$

188,373


$

191,486


$

231,534


Interest-bearing deposits in banks


517,971



58,933



196,426



76,378



47,920


Federal funds sold



-



-



-



-



3,150


Investment securities



4,393,029



4,431,280



4,118,863



4,107,069



3,413,317


Loans, held-for-investment



5,171,033



5,293,679



5,253,067



4,639,389



4,194,969



Allowance for loan losses


(66,534)



(76,038)



(68,947)



(60,440)



(52,499)


Net loans, held-for-investment 



5,104,499



5,217,641



5,184,120



4,578,949



4,142,470


Loans, held-for-sale



83,969



101,055



66,370



42,034



28,228


Premises and equipment, net



142,269



141,002



138,933



139,554



131,022


Goodwill




313,481



313,481



313,481



312,842



171,565


Other intangible assets



4,911



5,394



5,884



6,392



2,102


Other assets




133,258



123,778



127,367



246,387



90,919



Total assets


$

10,904,500


$

10,567,652


$

10,339,817


$

9,701,091


$

8,262,227




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

2,982,697


$

2,950,407


$

2,941,679


$

2,288,597


$

2,065,128


Interest-bearing deposits



5,693,120



5,344,481



5,215,963



4,921,869



4,538,678



Total deposits



8,675,817



8,294,888



8,157,642



7,210,466



6,603,806


Borrowings




430,093



503,163



449,224



857,871



381,356


Other liabilities




120,400



150,100



150,502



106,392



49,868


Shareholders' equity



1,678,190



1,619,501



1,582,449



1,526,362



1,227,197



Total liabilities and shareholders' equity

$

10,904,500


$

10,567,652


$

10,339,817


$

9,701,091


$

8,262,227























Quarter Ended





2020



2019


INCOME STATEMENTS



 Dec. 31,  



 Sept. 30,  



 June 30,  



 Mar. 31, 



 Dec. 31,  


Interest income



$

92,457


$

91,373


$

92,197


$

88,100


$

82,123


Interest expense



1,920



2,163



2,962



7,198



6,801


Net interest income



90,537



89,210



89,235



80,902



75,322


Provision for credit losses



(8,033)



9,000



8,700



9,850



950


Net interest income after provisions for credit losses


98,570



80,210



80,535



71,052



74,372


Noninterest income



35,709



38,575



36,919



28,732



27,347


Noninterest expense



63,705



55,593



53,321



55,318



51,938



Net income before income taxes


70,574



63,192



64,133



44,466



49,781


Income tax expense



12,099



10,335



10,663



7,234



8,393



Net income


$

58,475


$

52,857


$

53,470


$

37,232


$

41,388




















PER COMMON SHARE DATA 

















Net income - basic


$

0.41


$

0.37


$

0.38


$

0.26


$

0.30


Net income - diluted



0.41



0.37



0.38



0.26



0.30


Cash dividends declared



0.13



0.13



0.13



0.12



0.12


Book value




11.80



11.40



11.14



10.73



9.03


Tangible book value



9.57



9.15



8.89



8.48



7.75


Market value



$

36.17


$

27.91


$

28.89


$

26.84


$

35.10


Shares outstanding - end of period


142,161,834



142,121,595



142,035,396



142,314,930



135,891,755


Average outstanding shares - basic


142,057,705



141,980,707



141,973,522



142,118,864



135,747,381


Average outstanding shares - diluted


142,644,088



142,529,242



142,454,083



142,735,208



136,539,286




















PERFORMANCE RATIOS

















Return on average assets



2.19

%


2.01

%


2.06

%


1.63

%


2.01

%

Return on average equity



14.27



13.14



14.00



10.11



13.56


Return on average tangible equity


17.74



16.41



17.67



12.89



15.83


Net interest margin (tax equivalent)


3.75



3.75



3.78



3.91



3.99


Efficiency ratio




49.15



42.45



41.32



49.63



49.75









































Year Ended













Dec. 31,










INCOME STATEMENTS



2020



2019











Interest income



$

364,128


$

319,192











Interest expense



14,243



30,102











Net interest income



349,885



289,090











Provision for credit losses



19,517



2,965











Net interest income after provisions for credit losses


330,368



286,125











Noninterest income



139,935



108,428











Noninterest expense



227,938



196,521












Net income before income taxes


242,365



198,032











Income tax expense



40,331



33,220












Net income


$

202,034


$

164,812





























PER COMMON SHARE DATA 

















Net income - basic


$

1.42


$

1.22











Net income - diluted



1.42



1.21











Cash dividends declared



0.51



0.47











Book value




11.80



9.03











Tangible book value



9.57



7.75











Market value



$

36.17


$

35.10











Shares outstanding - end of period


142,161,834



135,891,755











Average outstanding shares - basic


142,032,420



135,647,354











Average outstanding shares - diluted


142,544,991



136,346,019





























PERFORMANCE RATIOS

















Return on average assets



1.98

%


2.08

%










Return on average equity



12.93



14.37











Return on average tangible equity


16.25



16.95











Net interest margin (tax equivalent)


3.79



3.98











Efficiency ratio




45.49



48.61











FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2020



2019


ALLOWANCE FOR LOAN LOSSES


Dec. 31,



Sept. 30,



June 30,



Mar. 31,



Dec. 31,


Balance at beginning of period


$

76,038


$

68,947


$

60,440


$

52,499


$

51,889


Loans charged off



(1,339)



(853)



(894)



(2,227)



(834)


Loan recoveries




778



444



701



318



494


Net recoveries (charge-offs)



(561)



(409)



(193)



(1,909)



(340)


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



(10,002)



7,500



8,700



9,850



950


Balance at end of period


$

66,534


$

76,038


$

68,947


$

60,440


$

52,499




















ALLOWANCE FOR UNFUNDED COMMITMENTS
















Balance at beginning of period


$

2,309


$

809


$

809


$

809


$

809


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


1,208



-



-



-



-


Provision for unfunded commitments


1,969



1,500



-



-



-


Balance at end of period


$

5,486


$

2,309


$

809


$

809


$

809




















Allowance for loan losses /

















period-end loans held-for-investment


1.29

%


1.44

%


1.31

%


1.30

%


1.25

%

Allowance for loan losses /

















nonperforming loans



155.61



177.99



174.83



153.16



212.02


Net charge-offs / average total loans
















(annualized)




0.04



0.03



0.01



0.16



0.03




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention



$

56,585


$

66,033


$

63,489


$

87,099


$

63,371


Substandard




140,866



136,010



137,408



103,249



77,284


Doubtful




-



-



-



-



-



Total classified loans

$

197,451


$

202,043


$

200,897


$

190,348


$

140,655




















NONPERFORMING ASSETS

















Nonaccrual loans


$

42,619


$

42,673


$

39,320


$

39,226


$

24,582


Accruing troubled debt restructured loans


24



25



25



26



26


Accruing loans 90 days past due


113



23



92



209



153



Total nonperforming loans


42,756



42,721



39,437



39,461



24,761


Foreclosed assets



142



331



287



983



1,009



Total nonperforming assets

$

42,898


$

43,052


$

39,724


$

40,444


$

25,770




















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


0.83

%


0.81

%


0.76

%


0.87

%


0.61

%

As a % of end of period total assets


0.39



0.41



0.38



0.42



0.31




















OIL AND GAS PORTFOLIO INFORMATION *
















Oil and gas loans


$

106,237


$

118,567


$

128,143


$

117,223


$

119,789


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


2.27

%


2.58

%


2.82

%


2.53

%


2.86

%

Classified oil and gas loans



13,298



26,823



28,366



22,032



7,041


Nonaccrual oil and gas loans



4,774



6,800



3,702



3,477



481


Net charge-offs for oil and gas loans


24



-



195



606



-


* Excluding PPP loans



































RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *
















Retail loans



$

216,244


$

229,386


$

216,244


$

217,380





Restaurant loans



48,618



39,523



46,418



25,570





Hotel loans




71,716



63,273



51,957



46,690





Other hospitality loans



21,970



26,041



23,230



8,470





Travel loans




780



801



908



937






Total Retail/Restaurant/Hospitality loans

$

359,328


$

359,024


$

338,757


$

299,047























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

7.67

%


7.82

%


7.45

%


6.45

%




Classified Retail/Restaurant/Hospitality loans

$

31,192


$

28,171


$

15,837


$

5,680





Nonaccrual Retail/Restaurant/Hospitality loans


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


20.79

%


20.56

%


20.78

%


19.55

%


20.06

%

Tier 1 capital ratio



20.79



20.56



20.78



19.55



20.06


Total capital ratio



22.03



21.82



22.03



20.65



21.13


Tier 1 leverage ratio



11.86



11.65



11.25



12.49



12.60


Tangible common equity ratio



12.71



12.61



12.00



13.09



12.43


Equity/Assets ratio



15.39



15.33



15.30



15.73



14.85









































Quarter Ended





2020



2019


NONINTEREST INCOME



Dec. 31,



Sept. 30,



June 30,



Mar. 31,



Dec. 31,


Trust fees



$

7,672


$

7,461


$

6,961


$

7,437


$

7,344


Service charges on deposits



5,330



5,009



4,318



5,915



5,861


ATM, interchange and credit card fees


8,376



8,644



8,049



7,400



7,943


Gain on sale and fees on mortgage loans


11,116



15,228



13,676



3,852



4,216


Net gain on sale of available-for-sale securities


23



36



1,512



2,062



5


Net gain (loss) on sale of foreclosed assets


87



19



52



1



81


Net gain (loss) on sale of assets



22



(2)



(24)



116



78


Interest on loan recoveries



235



202



154



265



277


Other noninterest income



2,848



1,978



2,221



1,684



1,542



Total noninterest income

$

35,709


$

38,575


$

36,919


$

28,732


$

27,347




















NONINTEREST EXPENSE

















Salaries, commissions and employee benefits, excluding profit sharing

$

34,773


$

32,104


$

28,836


$

28,670


$

27,175


Cost related to termination of pension plan


-



-



-



-



1,700


Profit sharing expense



6,245



1,545



1,978



972



2,766


Net occupancy expense



3,067



3,193



3,101



3,027



2,784


Equipment expense



2,154



2,157



2,010



2,075



2,043


FDIC insurance premiums



663



587



463



45



-


ATM, interchange and credit card expenses


2,811



2,829



2,610



2,985



2,419


Legal, tax and professional fees



2,302



2,615



2,931



2,921



2,353


Audit fees




407



526



739



411



233


Printing, stationery and supplies



449



615



533



566



465


Amortization of intangible assets


483



490



508



509



238


Advertising and public relations



1,600



797



1,011



1,195



1,791


Operational and other losses



537



621



728



576



626


Software amortization and expense


2,563



2,265



2,010



2,024



2,158


Other noninterest expense



5,651



5,249



5,863



9,342



5,187



Total noninterest expense

$

63,705


$

55,593


$

53,321


$

55,318


$

51,938




















TAX EQUIVALENT YIELD ADJUSTMENT

$

3,355


$

3,170


$

2,902


$

1,834


$

1,732









































Year Ended













Dec. 31,










NONINTEREST INCOME



2020



2019











Trust fees



$

29,531


$

28,401











Service charges on deposits



20,572



22,039











ATM, interchange and credit card fees


32,469



29,863











Gain on sale and fees on mortgage loans


43,872



18,144











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


3,633



733











Net gain (loss) on sale of foreclosed assets


159



274











Net gain (loss) on sale of assets



112



319











Interest on loan recoveries



856



2,092











Other noninterest income



8,731



6,563












Total noninterest income

$

139,935


$

108,428





























NONINTEREST EXPENSE

















Salaries, commissions and employee benefits, excluding profit sharing

$

124,383


$

104,675











Cost related to termination of pension plan


-



2,673











Profit sharing expense



10,740



7,661











Net occupancy expense



12,388



11,156











Equipment expense



8,396



9,052











FDIC insurance premiums



1,758



1,091











ATM, interchange and credit card expenses


11,235



9,856











Legal, tax and professional fees



10,769



9,082











Audit fees




2,083



1,445











Printing, stationery and supplies



2,163



1,812











Amortization of intangible assets


1,990



1,016











Advertising and public relations



4,603



6,813











Operational and other losses



2,462



1,879











Software amortization and expense


8,862



7,305











Other noninterest expense



26,106



21,005












Total noninterest expense

$

227,938


$

196,521





























TAX EQUIVALENT YIELD ADJUSTMENT

$

11,260


$

6,791











FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




























Three Months Ended




Three Months Ended




Dec. 31, 2020




Sept. 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

%

Interest-bearing deposits in nonaffiliated banks


195,637



50



0.10






223,104



59



0.10


Taxable securities



2,086,419



10,708



2.05






2,187,547



12,063



2.21


Tax exempt securities



2,318,912



16,733



2.89






2,058,032



15,737



3.06


Loans




5,356,229



68,321



5.07






5,334,174



66,681



4.97


Total interest-earning assets



9,957,197


$

95,812



3.83

%





9,804,866


$

94,543



3.84

%

Noninterest-earning assets



674,229












671,374









Total assets


$

10,631,426











$

10,476,240
































Interest-bearing liabilities:























Deposits



$

5,479,873


$

1,826



0.13

%




$

5,270,600


$

2,064



0.16

%

Borrowings




428,117



94



0.09






482,555



99



0.08


Total interest-bearing liabilities



5,907,990


$

1,920



0.13

%





5,753,155


$

2,163



0.15

%

Noninterest-bearing liabilities

3,093,637












3,122,995








Shareholders' equity



1,629,799












1,600,090









Total liabilities and shareholders' equity

$

10,631,426











$

10,476,240
































Net interest income and margin (tax equivalent)




$

93,892



3.75

%







$

92,380



3.75

%




























Three Months Ended




Three Months Ended




June 30, 2020




Mar. 31, 2020





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























Federal funds sold


$

840


$

1



0.51

%




$

2,712


$

10



1.50

%

Interest-bearing deposits in nonaffiliated banks


352,628



86



0.10






220,906



745



1.36


Taxable securities



2,399,364



14,030



2.34






2,263,329



14,655



2.59


Tax exempt securities



1,800,339



14,733



3.27






1,346,842



11,200



3.33


Loans




5,248,052



66,249



5.08






4,667,436



63,323



5.46


Total interest-earning assets



9,801,223


$

95,099



3.90

%





8,501,225


$

89,933



4.25

%

Noninterest-earning assets



663,595












692,432









Total assets


$

10,464,818











$

9,193,657
































Interest-bearing liabilities:























Deposits



$

5,135,772


$

2,550



0.20

%




$

4,904,087


$

6,680



0.55

%

Borrowings




877,076



412



0.19






460,605



517



0.45


Total interest-bearing liabilities



6,012,848


$

2,962



0.20

%





5,364,692


$

7,197



0.54

%

Noninterest-bearing liabilities

2,915,461












2,348,485








Shareholders' equity



1,536,509












1,480,480









Total liabilities and shareholders' equity

$

10,464,818











$

9,193,657
































Net interest income and margin (tax equivalent)




$

92,137



3.78

%







$

82,736



3.91

%




























Three Months Ended
















Dec. 31, 2019

















Average



Tax Equivalent



Yield /


















Balance



Interest



Rate














Interest-earning assets:























Federal funds sold


$

1,198


$

6



2.03

%













Interest-bearing deposits in nonaffiliated banks


54,841



218



1.58














Taxable securities



2,185,777



14,165



2.59














Tax exempt securities



1,243,487



10,695



3.44














Loans




4,185,716



58,771



5.57














Total interest-earning assets



7,671,019


$

83,855



4.34

%













Noninterest-earning assets



500,924





















Total assets


$

8,171,943












































Interest-bearing liabilities:























Deposits



$

4,336,063


$

6,052



0.55

%













Borrowings




417,316



749



0.71














Total interest-bearing liabilities



4,753,379


$

6,801



0.57

%













Noninterest-bearing liabilities

2,207,508




















Shareholders' equity



1,211,056





















Total liabilities and shareholders' equity

$

8,171,943












































Net interest income and margin (tax equivalent)




$

77,054



3.99

%
































































Year Ended




Year Ended




Dec. 31, 2020




Dec. 31, 2019





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























Federal funds sold


$

1,388


$

14



0.99

%




$

3,622


$

98



2.70

%

Interest-bearing deposits in nonaffiliated banks


249,698



939



0.38






80,808



1,794



2.22


Taxable securities



2,233,634



51,456



2.30






2,090,490



55,670



2.66


Tax exempt securities



1,882,711



58,403



3.10






1,192,908



42,664



3.58


Loans




5,152,531



264,576



5.13






4,074,667



225,757



5.54


Total interest-earning assets



9,519,962


$

375,388



3.94

%





7,442,495


$

325,983



4.38

%

Noninterest-earning assets



673,553












496,627









Total assets


$

10,193,515











$

7,939,122
































Interest-bearing liabilities:























Deposits



$

5,198,554


$

13,119



0.25

%




$

4,208,666


$

27,122



0.64

%

Borrowings




561,505



1,124



0.20






398,142



2,980



0.75


Total interest-bearing liabilities



5,760,059


$

14,243



0.25

%





4,606,808


$

30,102



0.65

%

Noninterest-bearing liabilities

2,871,446












2,185,747








Shareholders' equity



1,562,010












1,146,567









Total liabilities and shareholders' equity

$

10,193,515











$

7,939,122
































Net interest income and margin (tax equivalent)




$

361,145



3.79

%







$

295,881



3.98

%

Cision
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SOURCE First Financial Bankshares, Inc.