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First Financial Bankshares Announces Third Quarter Earnings Results

ABILENE, Texas, Oct. 18, 2018 /PRNewswire/ -- First Financial Bankshares, Inc. (FFIN) today reported earnings for the third quarter of 2018 of $40.05 million, up $10.68 million when compared with earnings of $29.37 million in the same quarter last year.  Basic earnings per share were $0.59 for the third quarter of 2018 compared with $0.44 in the same quarter a year ago. Contributing to the increase in net earnings and earnings per share in the current quarter when compared with the same quarter a year ago were the Kingwood acquisition (see below) and the enactment of the Tax Cuts and Jobs Act which was effective January 1, 2018, and reduced the corporate income tax rate from 35 percent to 21 percent. Without this tax adjustment, net earnings for the third quarter of 2018 would have been $34.88 million with an adjusted basic earnings per share of $0.52.

All amounts for the three and nine months ended September 30, 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 third quarter of 2018 was $69.43 million compared with $59.69 million in the same quarter of 2017. The net interest margin, on a taxable equivalent basis, was 4.01 percent for the third quarter of 2018 compared to 3.92 percent for the second quarter of 2018 and 3.94 percent for the third quarter of 2017. Included in interest income for the third quarter of 2018 was $750 thousand, or four 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 $1.45 million in the third quarter of 2018 compared with $1.11 million in the second quarter of 2018 and $1.42 million in the third quarter of 2017. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent at September 30, 2018, compared with 0.73 percent at June 30, 2018, and 0.63 percent at September 30, 2017. Classified loans totaled $117.52 million at September 30, 2018, compared to $113.73 million at June 30, 2018, and $121.29 million at September 30, 2017.

Noninterest income increased 11.52 percent in the third quarter of 2018 to $27.06 million compared with $24.26 million in the same quarter a year ago. Trust fees increased $1.25 million to $7.29 million in the third quarter of 2018 compared with $6.04 million in the same quarter last year, primarily due to continued growth in Trust assets managed to $5.75 billion from $4.92 billion a year ago. ATM, interchange and credit card fees increased 18.82 percent to $7.53 million compared with $6.34 million in the same quarter last year due to continued growth in debit cards and the Kingwood acquisition. Service charges on deposits increased 11.94 percent to $5.69 million compared with $5.08 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. Real estate mortgage fees increased to $4.83 million in the third quarter of 2018 from $3.89 million in the same quarter a year ago. Offsetting these increases was a decrease in gains on sales of securities to $58 thousand in the third quarter of 2018 compared to $1.08 million in the same quarter a year ago.

Noninterest expense for the third quarter of 2018 totaled $47.51 million compared to $43.96 million in the third quarter of 2017. The Company's efficiency ratio in the third quarter of 2018 was 48.12 percent compared with 48.71 percent in the same quarter last year. The increase in noninterest expense in the third quarter of 2018 was primarily a result of an increase in salary and employee benefit costs to $26.38 million compared to $24.14 million in 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 nine months ended September 30, 2018, net income increased to $112.20 million from $84.23 million for the same period a year ago. Basic earnings per share rose to $1.66 from $1.27 in the same period of 2017. Net interest income increased 15.18 percent to $202.49 million for the nine months ended September 30, 2018, from $175.79 million in the same period a year ago. The provision for loan losses totaled $3.87 million compared with $5.09 million in the same period a year ago. Noninterest income was $76.97 million for the first nine months 2018 compared with $68.72 million in the same period a year ago. Noninterest expense rose to $142.45 million compared with $129.89 million during the same period a year ago.

As of September 30, 2018, consolidated assets for the Company totaled $7.57 billion compared to $7.69 billion at June 30, 2018, and $7.01 billion at September 30, 2017. Loans grew to $3.89 billion at September 30, 2018, compared with loans of $3.86 billion at June 30, 2018 and $3.49 billion at September 30, 2017. Deposits totaled $6.15 billion at September 30, 2018, compared to $6.21 billion at June 30, 2018, and $5.70 billion at September 30, 2017.  Shareholders' equity rose to $995.74 million as of September 30, 2018, compared with $985.63 million at June 30, 2018, and $906.56 million at September 30, 2017. 

"We are pleased to report another quarter of strong earnings growth," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to grow loans and deposits and reduce expenses while looking for acquisition opportunities to utilize our strong capital position and increase returns to our shareholders. In light of the continued increases in interest rates by the Federal Reserve, we are focused 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 is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 72 locations in Texas, following the close of this acquisition, 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,  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 seven 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




Sept. 30, 



June 30, 



Mar. 31, 



 Dec 31,  



 Sept. 30,  


Cash and due from banks


$

164,998


$

178,217


$

130,979


$

209,583


$

177,615


Interest-bearing deposits in banks


34,511



99,499



67,060



162,764



166,820


Interest-bearing time deposits in banks


1,458



1,458



1,458



1,458



1,458


Fed funds sold




-



8,450



-



-



-


Investment securities



3,144,367



3,197,567



3,276,193



3,087,473



2,885,483


Loans




3,885,536



3,855,769



3,747,081



3,500,699



3,491,346



Allowance for loan losses


(50,871)



(49,951)



(49,499)



(48,156)



(47,922)


Net loans




3,834,665



3,805,818



3,697,582



3,452,543



3,443,424


Premises and equipment



130,815



130,366



126,446



124,026



125,668


Goodwill




171,565



171,565



171,565



139,971



139,971


Other intangible assets



3,342



3,620



4,004



1,172



1,384


Other assets




85,510



88,910



92,162



75,725



67,341



Total assets


$

7,571,231


$

7,685,470


$

7,567,449


$

7,254,715


$

7,009,164




















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

2,146,984


$

2,105,953


$

2,111,116


$

2,041,650


$

1,949,174


Interest-bearing deposits



3,998,298



4,104,654



4,079,647



3,921,311



3,748,286



Total deposits



6,145,282



6,210,607



6,190,763



5,962,961



5,697,460


Borrowings




380,760



456,935



372,155



331,000



351,435


Other liabilities




49,450



32,300



34,717



37,986



53,713


Shareholders' equity



995,739



985,628



969,814



922,768



906,556



Total liabilities and shareholders' equity

$

7,571,231


$

7,685,470


$

7,567,449


$

7,254,715


$

7,009,164























Quarter Ended





2018



2017


INCOME STATEMENTS



 Sept 30,  



 June 30,  



Mar. 31, 



 Dec 31,  



 Sept. 30,  


Interest income



$

74,049


$

72,078


$

69,082


$

63,456


$

62,554


Interest expense



4,623



4,467



3,633



2,562



2,866


Net interest income



69,426



67,611



65,449



60,894



59,688


Provision for loan losses



1,450



1,105



1,310



1,440



1,415


Net interest income after provision for loan losses


67,976



66,506



64,139



59,454



58,273


Noninterest income



27,055



25,488



24,423



22,302



24,260


Noninterest expense



47,506



47,144



47,798



44,096



43,964



Net income before income taxes


47,525



44,850



40,764



37,660



38,569


Income tax expense



7,475



7,217



6,245



9,167



9,195


Tax benefit from tax rate change



-



-



-



(7,650)



-



Net income


$

40,050


$

37,633


$

34,519


$

36,143


$

29,374




















PER COMMON SHARE DATA 

















Net income - basic


$

0.59


$

0.56


$

0.51


$

0.55


$

0.44


Net income - diluted



0.59



0.55



0.51



0.54



0.44


Cash dividends declared



0.21



0.21



0.19



0.19



0.19


Book Value




14.71



14.57



14.34



13.93



13.69


Market Value



$

59.10


$

50.90


$

46.30


$

45.05


$

45.20


Shares outstanding - end of period


67,693,586



67,669,658



67,612,760



66,260,444



66,223,957


Average outstanding shares - basic


67,635,058



67,597,275



67,527,010



66,191,995



66,140,518


Average outstanding shares - diluted


68,053,724



67,924,168



67,799,545



66,428,871



66,417,281




















PERFORMANCE RATIOS

















Return on average assets



2.10

%

1.98

%


1.84

%


2.02

%


1.65

%

Return on average equity



16.00



15.53



14.74



15.79



12.95


Return on average tangible equity


19.42



18.94



17.82



18.70



15.38


Net interest margin (tax equivalent)


4.01



3.92



3.88



4.00



3.94


Efficiency ratio




48.12



49.42



51.76



49.37



48.71









































Nine Months Ended













Sept. 30,










INCOME STATEMENTS



2018



2017











Interest income



$

215,209


$

182,519











Interest expense



12,723



6,726











Net interest income



202,486



175,793











Provision for loan losses



3,865



5,090











Net interest income after provision for loan losses


198,621



170,703











Noninterest income



76,966



68,715











Noninterest expense



142,448



129,891












Net income before income taxes


133,139



109,527











Income tax expense



20,937



25,300












Net income


$

112,202


$

84,227





























PER COMMON SHARE DATA 

















Net income - basic


$

1.66


$

1.27











Net income - diluted



1.65



1.27











Cash dividends declared



0.61



0.56











Book Value



14.71



13.69











Market Value


$

59.10


$

45.20











Shares outstanding - end of period


67,693,586



66,223,957











Average outstanding shares - basic


67,586,843



66,104,914











Average outstanding shares - diluted


67,948,420



66,392,210





























PERFORMANCE RATIOS

















Return on average assets



1.97

%

1.62

%










Return on average equity



15.43



12.88











Return on average tangible equity


18.74



15.40











Net interest margin (tax equivalent)


3.94



4.01











Efficiency ratio



49.73



49.22





























 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2018



2017


ALLOWANCE FOR LOAN LOSSES


 Sept. 30,  



June 30, 



Mar. 31, 



 Dec 31,  



 Sept. 30,  


Balance at beginning of period


$

49,951


$

49,499


$

48,156


$

47,922


$

47,410


Loans charged off



(945)



(949)



(471)



(1,440)



(1,180)


Loan recoveries




415



296



504



234



277


Net recoveries (charge-offs)



(530)



(653)



33



(1,206)



(903)


Provision for loan losses



1,450



1,105



1,310



1,440



1,415


Balance at end of period


$

50,871


$

49,951


$

49,499


$

48,156


$

47,922




















Allowance for loan losses /

















     period-end loans



1.31

%


1.30

%


1.32

%


1.38

%


1.37

%

Allowance for loan losses /

















     nonperforming loans



194.25



182.31



209.80



259.11



243.57


Net charge-offs / average loans

















     (annualized)




0.05



0.07



-



0.14



0.10




















SUMMARY OF LOAN CLASSIFICATION
















Special Mention



$

36,450


$

34,557


$

40,079


$

37,079


$

35,237


Substandard




81,073



79,170



83,976



80,131



86,057


Doubtful




-



-



-



-



-



Total classified loans

$

117,523


$

113,727


$

124,055


$

117,210


$

121,294




















NONPERFORMING ASSETS

















Nonaccrual loans


$

25,587


$

26,685


$

22,752


$

17,670


$

18,750


Accruing troubled debt restructured loans


513



514



514



627



668


Accruing loans 90 days past due


88



200



327



288



257



Total nonperforming loans


26,188



27,399



23,593



18,585



19,675


Foreclosed assets



671



705



1,276



1,532



2,401



Total nonperforming assets

$

26,859


$

28,104


$

24,869


$

20,117


$

22,076




















As a % of loans and foreclosed assets


0.69

%


0.73

%


0.66

%


0.57

%


0.63

%

As a % of end of period total assets


0.35



0.37



0.33



0.28



0.31




















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans


$

112,039


$

103,381


$

86,218


$

60,164


$

69,433


Oil and gas loans as a % of total loans


2.88

%

2.68

%


2.30

%


1.72

%


1.99

%

Classified oil and gas loans



4,861



5,001



10,485



20,346



21,817


Nonaccrual oil and gas loans



1,825



1,629



1,460



1,414



1,569


Net charge-offs for oil and gas loans


-



-



-



-



-


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

3.28

%

3.48

%


3.64

%


7.90

%


6.03

%



















CAPITAL RATIOS

















Common equity Tier 1 capital ratio


19.19

%


18.68

%


18.43

%


18.66

%


18.35

%

Tier 1 capital ratio



19.19



18.68



18.43



18.66



18.35


Total capital ratio



20.34



19.81



19.58



19.85



19.54


Tier 1 leverage




11.57



11.14



10.90



11.09



10.84


Equity to assets




13.15



12.82



12.82



12.72



12.93









































Quarter Ended





2018



2017


NONINTEREST INCOME



 Sept. 30,  



 June 30,  



Mar. 31, 



 Dec 31,  



 Sept. 30,  


Trust fees



$

7,291


$

7,070


$

6,904


$

5,891


$

6,040


Service charges on deposits



5,690



5,375



4,884



4,900



5,083


ATM, interchange and credit card fees


7,533



7,041



6,996



6,584



6,340


Real estate mortgage fees



4,834



3,951



2,933



3,613



3,891


Net gain on sale of available-for-sale securities


58



67



1,221



3



1,075


Net gain (loss) on sale of foreclosed assets


84



19



99



(8)



(11)


Net gain (loss) on sale of assets



(61)



-



(91)



(185)



(15)


Interest on loan recoveries



199



289



119



232



405


Other noninterest income



1,427



1,676



1,358



1,272



1,452



Total noninterest income

$

27,055


$

25,488


$

24,423


$

22,302


$

24,260




















NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

24,693


$

24,545


$

24,994


$

22,760


$

23,052


Profit sharing expense



1,684



2,317



1,209



1,661



1,091


Net occupancy expense



2,900



2,806



2,883



2,439



2,711


Equipment expense



3,482



3,440



3,516



3,369



3,294


FDIC insurance premiums



570



632



566



560



561


ATM, interchange and credit card expenses


2,344



2,205



2,143



1,935



2,001


Legal, tax and professional fees



2,417



2,308



2,807



2,580



2,396


Audit  fees




382



439



411



338



356


Printing, stationery and supplies



387



612



486



567



449


Amortization of intangible assets


279



384



387



136



143


Advertising and public relations



1,709



1,576



1,575



1,689



1,527


Operational and other losses



981



305



566



553



1,081


Software amortization and expense


540



479



524



1,056



742


Other noninterest expense



5,138



5,096



5,731



4,453



4,560



Total noninterest expense

$

47,506


$

47,144


$

47,798


$

44,096


$

43,964




















TAX EQUIVALENT YIELD ADJUSTMENT

$

2,242


$

2,289


$

2,467


$

6,125


$

6,312









































Nine Months Ended













Sept. 30,










NONINTEREST INCOME



2018



2017











Trust fees



$

21,265


$

17,804











Service charges on deposits



15,950



14,517











ATM, interchange and credit card fees


21,570



19,102











Real estate mortgage fees



11,718



11,496











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


1,346



1,825











Net gain (loss) on sale of foreclosed assets


201



(42)











Net gain (loss) on sale of assets



(152)



(211)











Interest on loan recoveries



607



896











Other noninterest income



4,461



3,328












Total noninterest income

$

76,966


$

68,715





























NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

74,232


$

67,793











Profit sharing expense



5,210



3,074











Net occupancy expense



8,589



8,081











Equipment expense



10,438



10,397











FDIC insurance premiums



1,768



1,657











ATM, interchange and credit card expenses


6,692



5,517











Legal, tax and professional fees



7,532



7,399











Audit  fees




1,234



1,154











Printing, stationery and supplies



1,485



1,423











Amortization of intangible assets


1,049



477











Advertising and public relations



4,860



4,646











Operational and other losses



1,852



2,639











Software amortization and expense


1,542



2,237











Other noninterest expense



15,965



13,397












Total noninterest expense

$

142,448


$

129,891





























TAX EQUIVALENT YIELD ADJUSTMENT

$

6,997


$

19,371











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


































Three Months Ended




Three Months Ended










Sept. 30, 2018




June 30, 2018











Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /












Balance



Interest



Rate






Balance



Interest



Rate








Interest-earning assets:





























  Fed funds sold



$

3,377


$

19



2.29

%




$

2,228


$

13



2.32

%







  Interest-bearing deposits in nonaffiliated banks


88,118



450



2.03






59,373



258



1.74








  Taxable securities



1,943,125



12,594



2.59






2,007,949



12,719



2.53








  Tax exempt securities



1,213,212



11,459



3.78






1,281,757



12,001



3.75








  Loans




3,845,836



51,769



5.34






3,797,341



49,376



5.22








Total interest-earning assets



7,093,668


$

76,291



4.27

%





7,148,648


$

74,367



4.17

%







Noninterest-earning assets



490,155












486,837















Total assets


$

7,583,823











$

7,635,485












































Interest-bearing liabilities:





























  Deposits



$

4,035,174


$

4,329



0.43

%




$

4,076,522


$

4,005



0.39

%







  Fed funds purchased and other borrowings


399,026



294



0.29






434,239



462



0.43








Total interest-bearing liabilities



4,434,200


$

4,623



0.41

%





4,510,761


$

4,467



0.40

%







Noninterest-bearing liabilities                                                                              

2,156,258












2,152,451














Shareholders' equity



993,365












972,273















Total liabilities and shareholders' equity

$

7,583,823











$

7,635,485












































Net interest income and margin (tax equivalent)




$

71,668



4.01

%







$

69,900



3.92

%








































Three Months Ended




Three Months Ended










Mar. 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



$

6,215


$

27



1.78

%




$

1,192


$

5



1.52

%







  Interest-bearing deposits in nonaffiliated banks


160,399



613



1.55






186,355



645



1.37








  Taxable securities



1,826,391



11,354



2.49






1,562,744



8,977



2.30








  Tax exempt securities



1,352,235



12,559



3.72






1,405,327



16,259



4.63








  Loans




3,748,561



46,995



5.08






3,483,939



43,695



4.98








Total interest-earning assets



7,093,801


$

71,548



4.09

%





6,639,557


$

69,581



4.16

%







Noninterest-earning assets



497,049












441,645















Total assets


$

7,590,850











$

7,081,202












































Interest-bearing liabilities:





























  Deposits



$

4,139,324


$

3,519



0.34

%




$

3,795,808


$

2,465



0.26

%







  Fed funds purchased and other borrowings


357,414



113



0.13






343,683



97



0.11








Total interest-bearing liabilities



4,496,738


$

3,632



0.33

%





4,139,491


$

2,562



0.25

%







Noninterest-bearing liabilities                                                                              

2,144,065












2,033,580














Shareholders' equity



950,047












908,131















Total liabilities and shareholders' equity

$

7,590,850











$

7,081,202












































Net interest income and margin (tax equivalent)




$

67,916



3.88

%







$

67,019



4.00

%








































Three Months Ended






















Sept. 30, 2017























Average



Tax Equivalent



Yield /
























Balance



Interest



Rate




















Interest-earning assets:





























  Fed funds sold



$

2,467


$

9



1.43

%



















  Interest-bearing deposits in nonaffiliated banks


198,322



629



1.26




















  Taxable securities



1,492,246



8,074



2.16




















  Tax exempt securities



1,477,559



16,884



4.57




















  Loans




3,468,524



43,270



4.95




















Total interest-earning assets



6,639,118


$

68,866



4.12

%



















Noninterest-earning assets



431,070



























Total assets


$

7,070,188
























































Interest-bearing liabilities:





























  Deposits



$

3,728,442


$

2,228



0.24

%



















  Fed funds purchased and other borrowings


524,357



638



0.48




















Total interest-bearing liabilities



4,252,799


$

2,866



0.27

%



















Noninterest-bearing liabilities                                                                              

1,917,681


























Shareholders' equity



899,708



























Total liabilities and shareholders' equity

$

7,070,188
























































Net interest income and margin (tax equivalent)




$

66,000



3.94

%




















































Nine Months Ended




Nine Months Ended










Sept. 30, 2018




Sept. 30, 2017











Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /












Balance



Interest



Rate






Balance



Interest



Rate








Interest-earning assets:





























  Fed funds sold



$

3,929


$

60



2.03

%




$

3,738


$

20



0.70

%







  Interest-bearing deposits in nonaffiliated banks


102,365



1,321



1.73






126,207



1,016



1.08








  Taxable securities



1,926,249



36,666



2.54






1,451,712



23,848



2.19








  Tax exempt securities



1,281,892



36,019



3.75






1,511,786



51,859



4.57








  Loans




3,797,602



148,140



5.22






3,419,105



125,147



4.89








Total interest-earning assets



7,112,037


$

222,206



4.18

%





6,512,548


$

201,890



4.14

%







Noninterest-earning assets



489,625












435,367















Total assets


$

7,601,662











$

6,947,915












































Interest-bearing liabilities:





























  Deposits



$

4,083,292


$

11,854



0.39

%




$

3,779,967


$

5,748



0.20

%







  Fed funds purchased and other short term borrowings


397,045



869



0.29






448,773



978



0.29








Total interest-bearing liabilities



4,480,337


$

12,723



0.38

%





4,228,740


$

6,726



0.21

%







Noninterest-bearing liabilities                                                                              

2,149,271












1,844,894














Shareholders' equity



972,054












874,281















Total liabilities and shareholders' equity

$

7,601,662











$

6,947,915












































Net interest income and margin (tax equivalent)




$

209,483



3.94

%







$

195,164



4.01

%





































 

Cision

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