FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2023 EARNINGS

ABILENE, Texas, Oct. 19, 2023 /PRNewswire/ -- First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $49.56 million for the third quarter of 2023 compared to earnings of $50.87 million for the second quarter of 2023 and $59.34 million for the same quarter a year ago. Diluted earnings per share were $0.35 for the third quarter of 2023 compared with $0.36 for the second quarter of 2023 and $0.41 for the third quarter of 2022. During the third quarter of 2023, the Company repurchased 101,337 shares of its common stock at an average price of $26.99. Currently, the Company has 4.90 million shares remaining under the share repurchase authorization through July 31, 2024.

"Due to our strong liquidity, capital levels and some banks who don't have the liquidity to serve their loan customers, we have had the ability to add good loan and deposit customers at favorable terms in the current environment," said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc. "We are encouraged that deposit balances have remained fairly stable this year and we continue to have significant net new account growth. Moving forward, we will continue our disciplined approach of managing our balance sheet, reducing expenses and maximizing efficiencies. The monthly maturities off our bond and loan portfolios are providing us with the needed liquidity to grow loans which will improve our interest income as we go forward. As always, we appreciate the continued support of our customers, shareholders, and associates," Dueser added.

Net interest income for the third quarter of 2023 was $94.15 million compared to $95.87 million in the second quarter of 2023 and $103.16 million for the third quarter of 2022. The net interest margin, on a taxable equivalent basis, was 3.22 percent for the third quarter of 2023 compared to 3.29 percent for the second quarter of 2023 and 3.38 percent in the third quarter of 2022. Average interest-earning assets were $11.96 billion for the third quarter of 2023 compared to $12.54 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $2.28 million for the third quarter of 2023 compared to a provision for credit losses of $3.22 million for the third quarter of 2022. At September 30, 2023, the allowance for credit losses totaled $89.71 million, or 1.28 percent of loans held-for-investment ("loans" hereafter), compared to $74.11 million at September 30, 2022, or 1.18 percent of loans. Additionally, the reserve for unfunded commitments totaled $7.90 million at September 30, 2023 compared to $10.88 million at September 30, 2022.

For the third quarter of 2023, net charge-offs totaled $648 thousand compared to net recoveries of $1.12 million for the third quarter of 2022. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.57 percent at September 30, 2023, compared to 0.39 percent at September 30, 2022. Classified loans totaled $179.11 million at September 30, 2023, compared to $143.72 million at September 30, 2022.

Noninterest income for the third quarter of 2023 was $28.07 million compared to $30.94 million for the third quarter of 2022, largely due to the following:

• Debit card fees decreased by $546 thousand for the third quarter of 2023 compared to the same quarter a year ago. The decrease was due to the recognition of $988 thousand of volume incentive income in the third quarter of 2022 compared to $375 thousand in the third quarter of 2023.

• Mortgage income declined to $3.44 million for the third quarter of 2023 compared to $4.07 million for the third quarter of 2022 due to lower overall origination volume and margins primarily because of the continued increase in mortgage interest rates.

• Available-for-sale securities totaling $113.13 million with an average book yield of 3.53 percent were sold in the third quarter of 2023 resulting in a loss on sales of securities of $972 thousand compared to a gain on sales of securities of $334 thousand in the third quarter of 2022. The proceeds from the sales of these securities are being used to fund organic loan growth that is yielding around 8 percent, resulting in an anticipated earn back period of less than 6 months.

• Recoveries of interest on previously charged-off or nonaccrual loans totaled $698 thousand for the third quarter of 2023 compared to $664 thousand for the third quarter of 2022.

• Service charges on deposits increased to $6.51 million for the third quarter of 2023 compared with $6.40 million for the third quarter of 2022, driven by the growth in net new accounts.

Noninterest expense for the third quarter of 2023 totaled $59.54 million compared to $59.44 million for the third quarter of 2022, with the following variances:

• Salary, commissions, and employee benefit costs decreased to $32.94 million for the third quarter of 2023, compared to $33.89 million in the third quarter of 2022 primarily resulting from a decrease of $583 thousand in profit sharing expense and $121 thousand in mortgage incentives.

• Noninterest expenses, excluding salary related costs, increased $1.05 million for the third quarter of 2023 compared to the same period in 2022 largely due to an increase of $656 thousand in FDIC insurance fees and an increase of $403 thousand in legal and professional fees.

The Company's efficiency ratio was 47.62 percent for the third quarter of 2023 compared to 43.10 percent for the third quarter of 2022. The increase was driven by the decrease in net interest income from the prior year.

As of September 30, 2023, consolidated total assets were $12.78 billion compared to $13.11 billion at September 30, 2022. Loans totaled $6.99 billion at September 30, 2023, compared with loans of $6.26 billion at September 30, 2022.  During the third quarter of 2023, loans grew $217.14 million, or 12.71 percent annualized, when compared to June 30, 2023 balances. Deposits totaled $10.72 billion at September 30, 2023, compared to $11.14 billion at September 30, 2022.

Shareholders' equity was $1.24 billion as of September 30, 2023, compared to $1.37 billion and $1.13 billion at June 30, 2023, and September 30, 2022, respectively, primarily as a result of changes in Other Comprehensive Income ("OCI") due to interest rate changes over the past year. The unrealized loss on the securities portfolio, net of applicable tax, totaled $639.93 million at September 30, 2023, compared to an unrealized loss of $490.28 million at June 30, 2023 and $632.42 million at September 30, 2022.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, N.A., operates multiple banking regions with 80 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, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Lumberton, 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 and Asset Management Company, N.A., with nine locations and First Technology Services, Inc., a technology operating company.

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

Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect," "plan," "anticipate," "target," "forecast," "project," 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
	2023										2022
ASSETS		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Cash and due from banks	$	208,277		$	255,018		$	224,875		$	293,286		$	227,298
Interest-bearing demand deposits in banks		180,008			23,839			221,336			37,392			138,484
Investment securities		4,652,537			5,066,262			5,298,557			5,474,359			5,745,443
Loans, held-for-investment, excluding PPP Loans		6,994,574			6,777,429			6,576,060			6,441,699			6,255,286
PPP loans		122			141			155			169			202
Total loans, held-for-investment		6,994,696			6,777,570			6,576,215			6,441,868			6,255,488
Allowance for credit losses		(89,714)			(86,541)			(80,818)			(75,834)			(74,108)
Net loans, held-for-investment		6,904,982			6,691,029			6,495,397			6,366,034			6,181,380
Loans, held-for-sale		12,229			19,220			11,996			11,965			18,815
Premises and equipment, net		152,936			152,876			153,718			152,973			152,646
Goodwill		313,481			313,481			313,481			313,481			313,481
Other intangible assets		1,369			1,597			1,825			2,053			2,352
Other assets		351,599			302,115			286,801			322,523			330,445
Total assets	$	12,777,418		$	12,825,437		$	13,007,986		$	12,974,066		$	13,110,344
LIABILITIES AND SHAREHOLDERS'  EQUITY
Noninterest-bearing deposits	$	3,477,553		$	3,578,483		$	3,890,991		$	4,061,788		$	4,200,792
Interest-bearing deposits		7,238,970			7,229,077			7,045,427			6,943,719			6,941,326
Total deposits		10,716,523			10,807,560			10,936,418			11,005,507			11,142,118
Borrowings		751,544			587,656			632,927			642,507			774,581
Trade date payable		2,500			-			-			-			-
Other liabilities		66,741			62,988			65,788			60,315			61,030
Shareholders' equity		1,240,110			1,367,233			1,372,853			1,265,737			1,132,615
Total liabilities and shareholders' equity	$	12,777,418		$	12,825,437		$	13,007,986		$	12,974,066		$	13,110,344
	Quarter Ended
		2023									2022
INCOME STATEMENTS		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Interest income	$	135,351		$	129,005		$	121,508		$	121,137		$	112,728
Interest expense		41,202			33,139			25,222			17,100			9,572
Net interest income		94,149			95,866			96,286			104,037			103,156
Provision for credit losses		2,276			5,573			2,781			4,075			3,221
Net interest income after provision for credit losses		91,873			90,293			93,505			99,962			99,935
Noninterest income		28,070			29,947			28,007			28,524			30,943
Noninterest expense		59,539			57,613			57,256			57,778			59,442
Net income before income taxes		60,404			62,627			64,256			70,708			71,436
Income tax expense		10,848			11,754			11,688			12,040			12,095
Net income	$	49,556		$	50,873		$	52,568		$	58,668		$	59,341
PER COMMON SHARE DATA
Net income - basic	$	0.35		$	0.36		$	0.37		$	0.41		$	0.42
Net income - diluted		0.35			0.36			0.37			0.41			0.41
Cash dividends declared		0.18			0.18			0.17			0.17			0.17
Book value		8.69			9.58			9.62			8.87			7.94
Tangible book value		6.48			7.37			7.41			6.66			5.73
Market value		25.12			28.49			31.90			34.40			41.83
Shares outstanding - end of period		142,677,069			142,741,196			142,703,531			142,657,871			142,628,163
Average outstanding shares - basic		142,707,260			142,700,805			142,665,646			142,619,632			142,524,500
Average outstanding shares - diluted		143,149,373			143,087,555			143,066,011			143,071,538			143,126,088
PERFORMANCE RATIOS
Return on average assets		1.53	%		1.58	%		1.65	%		1.76	%		1.76	%
Return on average equity		14.51			14.89			16.32			19.87			17.31
Return on average tangible equity		18.90			19.33			21.51			27.20			22.55
Net interest margin (tax equivalent)*		3.22			3.29			3.34			3.47			3.38
Efficiency ratio*		47.62			44.74			44.93			42.39			43.10
*Calculations have been adjusted to remove effect of TEFRA disallowance
	Nine Months Ended
	Sept. 30,
INCOME STATEMENTS		2023			2022
Interest income	$	385,864		$	311,718
Interest expense		99,563			14,340
Net interest income		286,301			297,378
Provision for credit losses		10,631			13,353
Net interest income after provisions for credit losses		275,670			284,025
Noninterest income		86,025			103,141
Noninterest expense		174,407			177,000
Net income before income taxes		187,288			210,166
Income tax expense		34,291			34,359
Net income	$	152,997		$	175,807
PER COMMON SHARE DATA
Net income - basic	$	1.07		$	1.23
Net income - diluted		1.07			1.23
Cash dividends declared		0.53			0.49
Book value		8.69			7.94
... Tangible book value		6.48			5.73
Market value	$	25.12		$	41.83
Shares outstanding - end of period		142,677,069			142,628,163
Average outstanding shares - basic		142,691,389			142,588,373
Average outstanding shares - diluted		143,042,858			143,246,768
PERFORMANCE RATIOS
Return on average assets		1.59	%		1.77	%
Return on average equity		15.22			15.88
Return on average tangible equity		19.88			20.20
Net interest margin (tax equivalent)*		3.28			3.30
Efficiency ratio*		45.75			42.94
*Calculation has been adjusted to remove effect of TEFRA disallowance

 

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
	Quarter Ended
					2023						2022
ALLOWANCE FOR LOAN LOSSES		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Balance at beginning of period	$	86,541		$	80,818		$	75,834		$	74,108		$	71,932
Loans charged-off		(1,080)			(1,118)			(288)			(1,225)			(293)
Loan recoveries		432			319			565			320			1,409
Net recoveries (charge-offs)		(648)			(799)			277			(905)			1,116
Provision for loan losses		3,821			6,522			4,707			2,631			1,060
Balance at end of period	$	89,714		$	86,541		$	80,818		$	75,834		$	74,108
ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	9,448		$	10,397		$	12,323		$	10,879		$	8,718
Provision for unfunded commitments		(1,545)			(949)			(1,926)			1,444			2,161
Balance at end of period	$	7,903		$	9,448		$	10,397		$	12,323		$	10,879
Allowance for loan losses /
period-end loans held-for-investment		1.28	%		1.28	%		1.23	%		1.18	%		1.18	%
Allowance for loan losses /
nonperforming loans		229.44			296.13			334.06			311.75			301.02
Net charge-offs (recoveries) / average total loans
(annualized)		0.04			0.05			(0.02)			0.06			(0.07)
	Quarter Ended
		2023									2022
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Commercial:
C&I	$	1,108,118		$	1,021,722		$	954,531		$	917,148		$	871,133
PPP		122			141			155			169			202
Municipal		218,358			215,977			221,379			221,090			214,852
Total Commercial		1,326,598			1,237,840			1,176,065			1,138,407			1,086,187
Agricultural		81,876			82,032			77,017			76,947			76,937
Real Estate:
Construction & Development		929,570			915,221			921,190			959,426			938,051
Farm		341,052			335,644			307,706			306,322			268,139
Non-Owner Occupied CRE		828,900			811,347			737,117			732,089			717,738
Owner Occupied CRE		1,002,913			1,011,511			1,043,018			954,400			945,665
Residential		1,788,913			1,698,679			1,628,841			1,575,758			1,536,180
Total Real Estate		4,891,348			4,772,402			4,637,872			4,527,995			4,405,773
Consumer:
Auto		540,382			534,603			537,410			550,635			538,798
Non-Auto		154,492			150,693			147,851			147,884			147,793
Total Consumer		694,874			685,296			685,261			698,519			686,591
Total loans held-for-investment	$	6,994,696		$	6,777,570		$	6,576,215		$	6,441,868		$	6,255,488
SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	60,939		$	66,960		$	65,141		$	49,382		$	43,149
Substandard		118,166			108,179			91,915			101,316			100,568
Doubtful		-			-			-			-			-
Total classified loans	$	179,105		$	175,139		$	157,056		$	150,698		$	143,717
NONPERFORMING ASSETS
Nonaccrual loans	$	38,812		$	28,672		$	24,171		$	24,325		$	24,604
Accruing loans 90 days past due		289			552			22			-			15
Total nonperforming loans		39,101			29,224			24,193			24,325			24,619
Foreclosed assets		597			25			196			-			-
Total nonperforming assets	$	39,698		$	29,249		$	24,389		$	24,325		$	24,619
As a % of loans held-for-investment and foreclosed assets		0.57	%		0.43	%		0.37	%		0.38	%		0.39	%
As a % of end of period total assets		0.31			0.23			0.19			0.19			0.19
	Quarter Ended
		2023									2022
CAPITAL RATIOS		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Common equity Tier 1 capital ratio		18.35	%		18.48	%		18.68	%		18.22	%		18.03	%
Tier 1 capital ratio		18.35			18.48			18.68			18.22			18.03
Total capital ratio		19.49			19.62			19.79			19.29			19.07
Tier 1 leverage ratio		12.00			11.81			11.53			10.96			10.79
Tangible common equity ratio		7.42			8.41			8.33			7.51			6.38
Equity/Assets ratio		9.71			10.66			10.55			9.76			8.64
	Quarter Ended
		2023									2022
NONINTEREST INCOME		Sept. 30,			June 30,			Mar. 31,			Dec. 31,			Sept. 30,
Trust fees	$	10,050		$	9,883		$	9,845		$	10,122		$	10,314
Service charges on deposits		6,509			6,310			6,036			6,397			6,399
Debit card fees		5,041			6,720			4,936			5,899			5,587
Credit card fees		694			711			609			632			651
Gain on sale and fees on mortgage loans		3,442			3,534			2,974			2,904			4,070
Net gain (loss) on sale of available-for-sale securities		(972)			46			12			131			334
Net gain (loss) on sale of foreclosed assets		(10)			(1)			34			-			349
Net gain (loss) on sale of assets		696			-			930			(2)			526
Interest on loan recoveries		698			475			346			244			664
Other noninterest income		1,922			2,269			2,285			2,197			2,049
Total noninterest income	$	28,070		$	29,947		$	28,007		$	28,524		$	30,943
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	32,755		$	31,796		$	31,431		$	32,391		$	33,129
Profit sharing expense		180			(30)			30			565			763
Net occupancy expense		3,565			3,423			3,430			3,350			3,440
Equipment expense		2,200			2,198			2,127			2,053			2,396
FDIC insurance premiums		1,573			1,417			1,654			1,021			917
Debit card expense		3,284			3,221			3,199			3,054			3,013
Legal, tax and professional fees		3,007			2,847			2,687			2,814			2,604
Audit fees		551			563			540			451			451
Printing, stationery and supplies		512			740			710			473			600
Amortization of intangible assets		228			228			228			299			306
Advertising, meals and public relations		1,622			1,789			1,475			1,646			1,692
Operational and other losses		959			856			931			982			869
Software amortization and expense		2,441			2,519			2,311			2,420			2,564
Other noninterest expense		6,662			6,046			6,503			6,259			6,698
Total noninterest expense	$	59,539		$	57,613		$	57,256		$	57,778		$	59,442
TAX EQUIVALENT YIELD ADJUSTMENT *	$	2,823		$	2,950		$	3,131		$	3,751		$	3,807
*Calculations have been adjusted to remove effect of TEFRA disallowance

 

	Nine Months Ended
		Sept. 30,
NONINTEREST INCOME		2023			2022
Trust fees	$	29,778		$	29,873
Service charges on deposits		18,855			18,143
Debit card fees		16,697			24,381
Credit card fees		2,014			1,953
Gain on sale and fees on mortgage loans		9,950			16,131
Net gain (loss) on sale of available-for-sale securities		(914)			2,013
Net gain on sale of foreclosed assets		23			1,451
Net gain on sale of assets		1,626			522
Interest on loan recoveries		1,519			2,596
Other noninterest income		6,477			6,078
Total noninterest income	$	86,025		$	103,141
NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	95,982		$	97,509
Profit sharing expense		180			3,668
Net occupancy expense		10,418			9,957
Equipment expense		6,525			6,999
FDIC insurance premiums		4,644			2,690
Debit card expense		9,704			9,177
Legal, tax and professional fees		8,541			8,074
Audit fees		1,654			1,352
Printing, stationery and supplies		1,962			1,641
Amortization of intangible assets		684			946
Advertising, meals and public relations		4,886			4,739
Operational and other losses		2,746			2,247
Software amortization and expense		7,271			7,543
Other noninterest expense		19,210			20,458
Total noninterest expense	$	174,407		$	177,000
TAX EQUIVALENT YIELD ADJUSTMENT *	$	8,903		$	11,671
*Calculations have been adjusted to remove effect of TEFRA disallowance

 

FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
	Three Months Ended												Three Months Ended
	Sept. 30, 2023												June 30, 2023
		Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
		Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold	$	2,383		$	35			5.79	%				$	2,242		$	30			5.45	%
Interest-bearing demand deposits in nonaffiliated banks		55,231			757			5.44						119,168			1,553			5.23
Taxable securities		3,429,290			19,425			2.27						3,589,381			20,032			2.23
Tax-exempt securities		1,578,660			11,085			2.81						1,653,418			11,799			2.85
Loans		6,894,064			106,872			6.15						6,683,276			98,541			5.91
Total interest-earning assets		11,959,628		$	138,174			4.58	%					12,047,485		$	131,955			4.39	%
Noninterest-earning assets		850,855												842,284
Total assets	$	12,810,483											$	12,889,769
Interest-bearing liabilities:
Deposits	$	7,259,252		$	36,165			1.98	%				$	7,037,677		$	27,629			1.57	%
Borrowings		621,188			5,037			3.22						715,071			5,510			3.09
Total interest-bearing liabilities		7,880,440		$	41,202			2.07	%					7,752,748		$	33,139			1.71	%
Noninterest-bearing deposits		3,509,809												3,704,143
Other noninterest-bearing liabilities		65,094												62,227
Shareholders' equity		1,355,140												1,370,651
Total liabilities and shareholders' equity	$	12,810,483											$	12,889,769
Net interest income and margin (tax equivalent)				$	96,972			3.22	%							$	98,816			3.29	%
	Three Months Ended												Three Months Ended
	Mar. 31, 2023												Dec. 31, 2022
		Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
		Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold	$	2,507		$	32			5.12	%				$	3,165		$	36			4.57	%
Interest-bearing demand deposits in nonaffiliated banks		143,542			1,618			4.57						160,200			1,579			3.91
Taxable securities		3,672,257			20,782			2.26						3,761,206			21,152			2.25
Tax-exempt securities		1,750,533			12,743			2.91						2,001,185			15,740			3.15
Loans		6,500,332			89,464			5.58						6,391,703			86,381			5.36
Total interest-earning assets		12,069,171		$	124,639			4.19	%					12,317,459		$	124,888			4.02	%
Noninterest-earning assets		863,342												891,972
Total assets	$	12,932,513											$	13,209,431
Interest-bearing liabilities:
Deposits	$	7,080,518		$	21,812			1.25	%				$	6,871,315		$	13,123			0.76	%
Borrowings		625,137			3,410			2.21						927,250			3,977			1.70
Total interest-bearing liabilities		7,705,655		$	25,222			1.33	%					7,798,565		$	17,100			0.87	%
Noninterest-bearing deposits		3,860,472												4,179,494
Other noninterest-bearing liabilities		60,028												60,085
Shareholders' equity		1,306,358												1,171,287
Total liabilities and shareholders' equity	$	12,932,513											$	13,209,431
Net interest income and margin (tax equivalent)*				$	99,417			3.34	%							$	107,788			3.47	%

 

	Three Months Ended
	Sept. 30, 2022
		Average			Tax Equivalent			Yield /
		Balance			Interest			Rate
Interest-earning assets:
Federal funds sold	$	3,107		$	19			2.49	%
Interest-bearing demand deposits in nonaffiliated banks		248,929			1,413			2.25
Taxable securities		4,039,107			20,799			2.06
Tax-exempt securities		2,164,829			16,423			3.03
Loans		6,082,649			77,880			5.08
Total interest-earning assets		12,538,621		$	116,534			3.69	%
Noninterest-earning assets		833,980
Total assets	$	13,372,601
Interest-bearing liabilities:
Deposits	$	7,004,478		$	8,787			0.50	%
Borrowings		768,096			784			0.40
Total interest-bearing liabilities		7,772,574		$	9,571			0.49	%
Noninterest-bearing deposits		4,178,675
Other noninterest-bearing liabilities		61,320
Shareholders' equity		1,360,032
Total liabilities and shareholders' equity	$	13,372,601
Net interest income and margin (tax equivalent)*				$	106,963			3.38	%
	Nine Months Ended												Nine Months Ended
	Sept. 30, 2023												Sept. 30, 2022
		Average			Tax Equivalent			Yield /						Average			Tax Equivalent			Yield /
		Balance			Interest			Rate						Balance			Interest			Rate
Interest-earning assets:
Federal funds sold	$	2,377		$	97			5.45	%				$	1,870		$	26			1.87	%
Interest-bearing deposits in nonaffiliated banks		105,657			3,929			4.97						236,843			2,054			1.16
Taxable securities		3,562,753			60,240			2.25						4,123,562			57,772			1.87
Tax exempt securities		1,660,241			35,626			2.86						2,382,754			52,403			2.93
Loans		6,694,000			294,875			5.89						5,765,844			211,134			4.90
Total interest-earning assets		12,025,028		$	394,767			4.39	%					12,510,873		$	323,389			3.46	%
Noninterest-earning assets		852,113												801,828
Total assets	$	12,877,141											$	13,312,701
Interest-bearing liabilities:
Deposits	$	7,126,471		$	85,606			1.61	%				$	6,984,249		$	13,124			0.25	%
Borrowings		653,784			13,957			2.85						759,913			1,216			0.21
Total interest-bearing liabilities		7,780,255		$	99,563			1.71	%					7,744,162		$	14,340			0.25	%
Noninterest-bearing deposits		3,690,190												4,024,731
Other noninterest-bearing liabilities		62,468												63,919
Shareholders' equity		1,344,228												1,479,889
Total liabilities and shareholders' equity	$	12,877,141											$	13,312,701
Net interest income and margin (tax equivalent)*				$	295,204			3.28	%							$	309,049			3.30	%
*Calculations have been adjusted to remove effect of TEFRA disallowance

 

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SOURCE First Financial Bankshares, Inc.