FIRST FINANCIAL BANKSHARES, INC. ABILENE, Texas, Jan. 26, 2017 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2016 of $26.67 million, up 5.85 percent compared with earnings of $25.19 million in the same quarter last year. Basic earnings per share were $0.40 for the fourth quarter of 2016 compared with $0.38 in the same quarter a year ago.
All amounts for the fourth quarter and year ended December 31, 2016, include the results of the asset purchase of 4Trust Mortgage, Inc. on May 31, 2015, and the acquisition of First Bank, N.A., Conroe, Texas, on July 31, 2015. As of the acquisition date, First Bank had total gross loans of $252.46 million and total deposits of $356.75 million.
Net interest income for the fourth quarter of 2016 was $56.54 million compared with $58.00 million in the same quarter of 2015. The net interest margin, on a taxable equivalent basis, was 4.01 percent for the fourth quarter of 2016 compared to 4.04 percent in the third quarter of 2016 and 4.16 percent in the fourth quarter of 2015. Included in interest income for the fourth quarter of 2016 was $500 thousand, or three basis points in net interest margin, related to discount accretion from fair value accounting related to the Conroe and Orange acquisitions.
The provision for loan losses was $1.99 million in the fourth quarter of 2016 compared with $3.83 million in the third quarter of 2016 and $4.18 million in the fourth quarter of 2015. The continued provision for loan losses in 2016 reflects the continuing higher levels of nonperforming and classified assets, gross charge-offs, as well as the economic effects related to the oil and gas industry. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.86 percent at December 31, 2016, compared with 1.04 percent at September 30, 2016, and 0.89 percent at December 31, 2015. Classified loans totaled $127.80 million at December 31, 2016, compared to $126.60 million at September 30, 2016, and $149.43 million at December 31, 2015.
At December 31, 2016, loans with oil and gas industry exposure totaled 2.32 percent of gross loans. These loans comprised $32.52 million of the classified loan totals and $4.09 million of the nonperforming loan totals. In addition, $105 thousand in net charge-offs was related to these oil and gas loans for the quarter ended December 31, 2016. At December 31, 2016, the Company's allowance for loan loss reserve specific to its total oil and gas loan portfolio totaled 6.28 percent of total oil and gas loans.
Noninterest income increased 12.66 percent in the fourth quarter of 2016 to $21.72 million compared with $19.28 million in the same quarter a year ago. Trust fees increased $228 thousand to $5.19 million in the fourth quarter of 2016 compared with $4.96 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $4.37 billion from $3.87 billion a year ago. ATM, interchange and credit card fees increased 13.08 percent to $6.39 million compared with $5.65 million in the same quarter last year due to continued growth in net new accounts and debit cards. Real estate mortgage fees increased 37.21 percent in the fourth quarter of 2016 to $4.24 million compared with $3.09 million in the same quarter a year ago.
Noninterest expense for the fourth quarter of 2016 totaled $41.99 million compared to $40.34 million in the fourth quarter of 2015. The Company's efficiency ratio in the fourth quarter of 2016 was 49.61 percent compared with 48.38 percent in the same quarter last year. The increase in noninterest expense in the fourth quarter of 2016 was primarily a result of increases in employee benefit costs, including a $498 thousand increase in medical insurance costs and a $327 thousand increase in pension plan expense when compared to the same quarter in 2015. Also included in noninterest expense for the fourth quarter of 2016 was $267 thousand, before income tax, resulting from the Company's partial settlement of its frozen defined benefit pension plan. The Company offered a similar settlement of its pension obligation to plan participants who are no longer employed by the Company in the fourth quarter on 2014.
The Company's effective income tax rate for the quarters ended December 31, 2016, September 30, 2016, and December 31, 2015, were 22.20 percent, 22.52 percent and 23.11 percent, respectively. The lower rate in the fourth quarter of 2016 is due to a $360 thousand income tax credit from the sale and partial donation of one of our branch buildings in Orange, Texas to a municipality. The Company will lease back the facility in 2017 while a new, state-of-the-art branch building is being constructed to better serve our customers.
For the year ended December 31, 2016, net income increased 4.38 percent to $104.77 million from $100.38 million in 2015, marking 2016 as the 30(th) consecutive year of earnings increases for the Company. Basic earnings per share in 2016 rose to $1.59 from $1.55 in the previous year.
Net interest income increased 4.28 percent for the year to $226.84 million from $217.54 million a year ago. The provision for loan losses for 2016 totaled $10.21 million compared with $9.69 million in 2015. Noninterest income was $85.13 million in 2016 compared with $73.43 million in 2015. Noninterest expense rose to $165.83 million in 2016 compared with $149.46 million a year ago.
As of December 31, 2016, consolidated assets for the Company totaled $6.81 billion compared with $6.67 billion at December 31, 2015. Loans totaled $3.38 billion at year end compared with loans of $3.35 billion a year ago. Deposits totaled $5.48 billion at December 31, 2016, compared to $5.19 billion a year ago. Shareholders' equity rose to $837.89 million at year end compared with $804.99 million at December 31, 2015.
"We are pleased to report the 30(th) consecutive year of increased earnings for the Company despite continued low interest rates, commodity prices, and oil and gas prices," 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."
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 69 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, 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 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
-----
2016 2015
---- ----
ASSETS Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Cash and due from banks $204,782 $166,981 $135,092 $139,995 $179,140
Interest-bearing deposits in banks 48,574 117,334 67,746 22,993 89,936
Interest-bearing time deposits in banks 1,707 1,707 2,427 2,427 3,495
Fed funds sold 3,130 3,400 2,960 2,660 3,810
Investment securities 2,860,958 2,729,159 2,795,493 2,763,185 2,734,177
Loans 3,384,205 3,369,384 3,309,388 3,299,207 3,350,593
Allowance for loan losses (45,779) (45,298) (45,060) (44,072) (41,877)
Net loans 3,338,426 3,324,086 3,264,328 3,255,135 3,308,716
Premises and equipment 122,685 122,725 122,326 118,208 115,712
Goodwill 139,971 139,971 139,971 139,971 139,971
Other intangible assets 3,632 3,758 3,959 4,198 4,478
Other assets 86,066 77,615 80,688 76,413 85,635
------ ------ ------ ------ ------
Total assets $6,809,931 $6,686,736 $6,614,990 $6,525,185 $6,665,070
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $1,717,722 $1,702,993 $1,644,812 $1,654,271 $1,745,952
Interest-bearing deposits 3,760,817 3,532,471 3,411,477 3,409,536 3,444,217
--------- --------- --------- --------- ---------
Total deposits 5,478,539 5,235,464 5,056,289 5,063,807 5,190,169
Borrowings 445,770 513,759 556,924 525,340 615,675
Other liabilities 47,737 69,569 135,619 97,430 54,240
Shareholders' equity 837,885 867,944 866,158 838,608 804,986
------- ------- ------- ------- -------
Total liabilities and shareholders'
equity $6,809,931 $6,686,736 $6,614,990 $6,525,185 $6,665,070
Quarter Ended
-------------
2016 2015
---- ----
INCOME STATEMENTS Dec 31, Sept. 30, June 30, Mar. 31, Dec 31,
------- --------- -------- -------- -------
Interest income $57,979 $58,093 $57,881 $58,335 $59,047
Interest expense 1,443 1,366 1,330 1,312 1,046
----- ----- ----- ----- -----
Net interest income 56,536 56,727 56,551 57,023 58,001
Provision for loan losses 1,993 3,833 2,058 2,328 4,177
----- ----- ----- ----- -----
Net interest income after provision for
loan losses 54,543 52,894 54,493 54,695 53,824
Noninterest income 21,721 22,152 21,438 19,821 19,280
Noninterest expense 41,990 42,003 40,756 41,081 40,342
------ ------ ------ ------ ------
Net income before income taxes 34,274 33,043 35,175 33,435 32,762
Income tax expense 7,608 7,440 8,366 7,739 7,570
----- ----- ----- ----- -----
Net income $26,666 $25,603 $26,809 $25,696 $25,192
PER COMMON SHARE DATA
Net income - basic $0.40 $0.39 $0.41 $0.39 $0.38
Net income - diluted 0.40 0.39 0.41 0.39 0.38
Cash dividends declared 0.18 0.18 0.18 0.16 0.16
Book Value 12.68 13.14 13.11 12.70 12.20
Market Value $45.20 $36.44 $32.79 $29.58 $30.17
Shares outstanding - end of period 66,094,695 66,063,285 66,059,912 66,043,442 65,990,234
Average outstanding shares - basic 66,037,447 66,023,069 66,016,562 65,974,559 65,940,127
Average outstanding shares - diluted 66,307,119 66,147,202 66,138,275 66,118,998 66,105,098
PERFORMANCE RATIOS
Return on average assets 1.59% 1.54% 1.65% 1.58% 1.53%
Return on average equity 12.44 11.72 12.76 12.55 12.54
Net interest margin (tax equivalent) 4.01 4.04 4.12 4.15 4.16
Efficiency ratio 49.61 49.33 48.43 49.52 48.38
Year Ended
Dec 31,
-------
INCOME STATEMENTS 2016 2015
---- ----
Interest income $232,288 $221,623
Interest expense 5,451 4,088
----- -----
Net interest income 226,837 217,535
Provision for loan losses 10,212 9,685
------ -----
Net interest income after
provision for loan losses 216,625 207,850
Noninterest income 85,132 73,432
Noninterest expense 165,830 149,464
------- -------
Net income before income taxes 135,927 131,818
Income tax expense 31,153 31,437
------ ------
Net income $104,774 $100,381
PER COMMON SHARE DATA
Net income - basic $1.59 $1.55
Net income - diluted 1.59 1.54
Cash dividends declared 0.70 0.62
Book Value 12.68 12.20
Market Value $45.20 $30.17
Shares outstanding -end of
period 66,094,695 65,990,234
Average outstanding shares
-basic 66,013,004 64,892,934
Average outstanding shares
-diluted 66,102,886 65,068,030
PERFORMANCE RATIOS
Return on average assets 1.59% 1.61%
Return on average equity 12.36 13.60
Net interest margin (tax
equivalent) 4.08 4.12
Efficiency ratio 49.22 47.61
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended
-------------
2016 2015
---- ----
ALLOWANCE FOR LOAN LOSSES Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Balance at beginning of period $45,298 $45,060 $44,072 $41,877 $40,420
Loans charged off (1,774) (4,372) (1,888) (1,782) (3,110)
Loan recoveries 262 777 818 1,649 390
--- --- --- ----- ---
Net recoveries (charge-offs) (1,512) (3,595) (1,070) (133) (2,720)
Provision for loan losses 1,993 3,833 2,058 2,328 4,177
Balance at end of period $45,779 $45,298 $45,060 $44,072 $41,877
Allowance for loan losses /period-end
loans
1.35% 1.34% 1.36% 1.34% 1.25%
Allowance for loan losses /
nonperforming loans
161.44 131.04 112.36 156.24 143.70
Net charge-offs /average loans
(annualized)
0.18 0.43 0.13 0.02 0.33
SUMMARY OF LOAN CLASSIFICATION
Special Mention $24,787 $25,488 $26,125 $31,486 $40,576
Substandard 103,015 101,110 106,540 110,657 108,813
Doubtful - 2 - - 37
--- --- --- --- ---
Total classified loans $127,802 $126,600 $132,665 $142,143 $149,426
NONPERFORMING ASSETS
Nonaccrual loans $27,371 $33,712 $38,904 $27,175 $28,601
Accruing troubled debt restructured
loans 701 750 961 973 199
Accruing loans 90 days past due 284 107 237 59 341
--- --- --- --- ---
Total nonperforming loans 28,356 34,569 40,102 28,207 29,141
Foreclosed assets 644 369 285 821 627
--- --- --- --- ---
Total nonperforming assets $29,000 $34,938 $40,387 $29,028 $29,768
As a % of loans and foreclosed assets 0.86% 1.04% 1.22% 0.88% 0.89%
As a % of end of period total assets 0.43 0.52 0.61 0.44 0.45
OIL AND GAS PORTFOLIO INFORMATION
Oil and gas loans $78,483 $86,785 $87,857 $92,058 $96,712
Oil and gas loans as a % of total loans 2.32% 2.58% 2.65% 2.79% 2.89%
Classified oil and gas loans 32,518 31,541 32,674 36,402 34,506
Nonaccrual oil and gas loans 4,092 5,140 5,763 4,917 5,404
Net charge-offs for oil and gas loans 105 104 419 517 1,370
Allowance for oil and gas loans as a %
of oil and gas loans 6.28% 5.60% 6.57% 7.37% 6.35%
CAPITAL RATIOS
Common equity Tier 1 capital ratio 17.30% 17.11% 16.64% 16.46% 15.90%
Tier 1 capital ratio 17.30 17.11 16.64 16.46 15.90
Total capital ratio 18.45 18.28 17.79 17.60 16.97
Tier 1 leverage 10.71 10.60 10.50 10.23 9.96
Equity to assets 12.30 12.98 13.09 12.85 12.08
Quarter Ended
-------------
2016 2015
---- ----
NONINTEREST INCOME Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Trust fees $5,189 $5,066 $4,726 $4,655 $4,961
Service charges on deposits 4,773 4,796 4,404 4,413 4,730
ATM, interchange and credit card fees 6,390 6,000 5,840 5,680 5,651
Real estate mortgage fees 4,237 4,697 4,013 3,139 3,088
Net gain on sale of available-for-sale
securities 117 239 912 2 51
Net gain (loss) on sale of foreclosed
assets 112 (10) 278 76 528
Net gain (loss) on sale of assets (103) (168) (74) 513 (809)
Interest on loan recoveries 141 709 629 633 216
Other noninterest income 865 823 710 710 864
Total noninterest income $21,721 $22,152 $21,438 $19,821 $19,280
NONINTEREST EXPENSE
Salaries and employee
benefits, excluding profit
sharing $21,742 $22,193 $22,038 $21,545 $20,647
Profit sharing expense 1,329 738 109 1,045 1,265
Loss from partial settlement of pension
plan 267 - - - -
Net occupancy expense 2,534 2,672 2,583 2,631 2,674
Equipment expense 3,293 3,420 3,386 3,380 3,218
FDIC insurance premiums 525 513 818 824 837
ATM, interchange and credit card
expenses 1,879 1,859 1,806 1,687 1,540
Legal, tax and professional fees 2,386 2,389 2,108 2,209 2,037
Audit fees 331 413 400 449 359
Printing, stationery and supplies 590 536 464 503 617
Amortization of intangible assets 168 172 199 199 199
Advertising and public relations 1,574 1,729 1,537 1,444 1,481
Correspondent bank service charges 238 240 239 247 239
Other noninterest expense 5,134 5,129 5,069 4,918 5,229
----- ----- ----- -----
Total noninterest expense $41,990 $42,003 $40,756 $41,081 $40,342
TAX EQUIVALENT YIELD
ADJUSTMENT $6,391 $6,271 $6,168 $6,115 $6,111
Year Ended
Dec. 31,
--------
NONINTEREST INCOME 2016 2015
---- ----
Trust fees $19,636 $19,252
Service charges on deposits 18,386 17,171
ATM, interchange and credit card fees 23,910 21,860
Real estate mortgage fees 16,086 10,409
Net gain (loss) on sale of available-
for-sale securities 1,270 432
Net gain (loss) on sale of foreclosed
assets 456 538
Net gain (loss) on sale of assets 168 (820)
Interest on loan recoveries 2,112 1,050
Other noninterest income 3,108 3,540
Total noninterest income $85,132 $73,432
NONINTEREST EXPENSE
Salaries and employee benefits,
excluding profit sharing $87,518 $75,544
Profit sharing expense 3,221 5,455
Loss from partial settlement of
pension plan 267 -
Net occupancy expense 10,420 10,314
Equipment expense 13,479 12,222
FDIC insurance premiums 2,680 3,153
ATM, interchange and credit card
expenses 7,231 6,384
Legal, tax and professional fees 9,092 6,934
Audit fees 1,593 1,555
Printing, stationery and supplies 2,093 2,278
Amortization of intangible assets 738 561
Advertising and public relations 6,284 5,883
Correspondent bank service charges 964 925
Other noninterest expense 20,250 18,256
------ ------
Total noninterest expense $165,830 $149,464
TAX EQUIVALENT YIELD ADJUSTMENT $24,942 $22,942
======= =======
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended Three Months Ended
Dec. 31, 2016 Sept. 30, 2016
------------- --------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $4,703 $5 0.42% $4,596 $4 0.33%
Interest-bearing deposits in nonaffiliated banks 85,907 116 0.54 69,285 95 0.55
Taxable securities 1,281,717 6,459 2.02 1,305,103 6,775 2.08
Tax exempt securities 1,489,463 16,958 4.55 1,478,719 16,541 4.47
Loans 3,374,652 40,831 4.81 3,349,458 40,948 4.86
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,236,442 $64,369 4.11% 6,207,161 $64,363 4.13%
Noninterest-earning assets 434,629 428,239
------- -------
Total assets $6,671,071 $6,635,400
Interest-bearing liabilities:
Deposits $3,580,489 $1,305 0.14% $3,460,208 $1,111 0.13%
Fed funds purchased and other borrowings 488,240 137 0.11 569,883 254 0.18
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,068,729 $1,442 0.14% 4,030,091 $1,365 0.13%
Noninterest-bearing liabilities 1,749,320 1,736,071
Shareholders' equity 853,022 869,238
------- -------
Total liabilities and shareholders' equity $6,671,071 $6,635,400
Net interest income and margin (tax equivalent) $62,927 4.01% $62,998 4.04%
======= ==== ======= ====
Three Months Ended Three Months Ended
June 30, 2016 Mar. 31, 2016
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $5,701 $6 0.44% $7,534 $9 0.50%
Interest-bearing deposits in nonaffiliated banks 37,159 57 0.61 40,239 51 0.51
Taxable securities 1,349,325 7,130 2.11 1,323,606 7,262 2.19
Tax exempt securities 1,439,575 16,446 4.57 1,428,178 16,326 4.57
Loans 3,295,557 40,410 4.93 3,312,664 40,802 4.95
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,127,317 $64,049 4.20% 6,112,221 $64,450 4.24%
Noninterest-earning assets 416,414 432,862
------- -------
Total assets $6,543,731 $6,545,083
Interest-bearing liabilities:
Deposits $3,388,572 $1,033 0.12% $3,445,622 $1,052 0.12%
Fed funds purchased and other borrowings 587,981 297 0.20 562,569 260 0.19
------- --- ---- ------- --- ----
Total interest-bearing liabilities 3,976,553 $1,330 0.14% 4,008,191 $1,312 0.13%
Noninterest-bearing liabilities 1,722,037 1,713,122
Shareholders' equity 845,141 823,770
------- -------
Total liabilities and shareholders' equity $6,543,731 $6,545,083
Net interest income and margin (tax equivalent) $62,719 4.12% $63,138 4.15%
======= ==== ======= ====
Three Months Ended
Dec. 31, 2015
-------------
Average Tax Equivalent Yield /
Balance Interest Rate
------- -------- ----
Interest-earning assets:
Fed funds sold $5,769 $4 0.31%
Interest-bearing deposits in nonaffiliated banks 32,937 33 0.40
Taxable securities 1,352,555 7,170 2.12
Tax exempt securities 1,408,410 16,305 4.63
Loans 3,309,685 41,646 4.99
--------- ------ ----
Total interest-earning assets 6,109,356 $65,158 4.23%
Noninterest-earning assets 427,018
-------
Total assets $6,536,374
Interest-bearing liabilities:
Deposits $3,391,514 $882 0.10%
Fed funds purchased and other borrowings 575,861 164 0.11
------- --- ----
Total interest-bearing liabilities 3,967,375 $1,046 0.10%
Noninterest-bearing liabilities 1,772,060
Shareholders' equity 796,939
-------
Total liabilities and shareholders' equity $6,536,374
Net interest income and margin (tax equivalent) $64,112 4.16%
======= ====
Year Ended Year Ended
Dec. 31, 2016 Dec. 31, 2015
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $5,628 $24 0.43% $7,814 $27 0.35%
Interest-bearing deposits in nonaffiliated banks 58,254 318 0.55 49,686 181 0.36
Taxable securities 1,314,820 27,626 2.10 1,371,110 29,673 2.16
Tax exempt securities 1,459,121 66,268 4.54 1,318,531 61,407 4.66
Loans 3,333,241 162,994 4.89 3,090,538 153,277 4.96
--------- ------- ---- --------- ------- ----
Total interest-earning assets 6,171,064 $257,230 4.17% 5,837,679 $244,565 4.19%
Noninterest-earning assets 428,055 386,125
------- -------
Total assets $6,599,119 $6,223,804
Interest-bearing liabilities:
Deposits $3,469,005 $4,504 0.13% $3,272,150 $3,642 0.11%
Fed funds purchased and other short term borrowings 552,041 947 0.17 524,365 446 0.08
------- --- ---- ------- --- ----
Total interest-bearing liabilities 4,021,046 $5,451 0.14% 3,796,515 $4,088 0.11%
Noninterest-bearing liabilities 1,730,207 1,689,000
Shareholders' equity 847,866 738,289
------- -------
Total liabilities and shareholders' equity $6,599,119 $6,223,804
Net interest income and margin (tax equivalent) $251,779 4.08% $240,477 4.12%
======== ==== ======== ====
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-fourth-quarter-earnings-results-and-30th-year-of-consecutive-earnings-growth-300397643.html
SOURCE First Financial Bankshares, Inc.
