|
18.07.2019 22:05:00
|
First Financial Bankshares Announces Second Quarter 2019 Earnings Results
ABILENE, Texas, July 18, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2019 of $42.09 million, up $4.46 million when compared with earnings of $37.63 million in the same quarter last year. Basic earnings per share were $0.31 for the second quarter of 2019 compared with $0.28 in the same quarter a year ago.
On April 23, 2019, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 3, 2019. All share and per share amounts in this earnings release have been restated to reflect this stock split.
Net interest income for the second quarter of 2019 was $71.62 million compared with $67.61 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.98 percent in the second quarter of 2019 compared to 4.00 percent in the first quarter of 2019 and 3.92 percent in the second quarter of 2018. Included in interest income for the second quarter of 2019 was $402 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions.
The provision for loan losses was $600 thousand in the second quarter of 2019 compared with $965 thousand in the first quarter of 2019 and $1.11 million in the second quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent at June 30, 2019, compared with 0.74 percent at March 31, 2019, and 0.73 percent at June 30, 2018. Classified loans totaled $126.04 million at June 30, 2019, compared to $118.43 million at March 31, 2019, and $113.73 million at June 30, 2018.
Noninterest income increased 9.76 percent in the second quarter of 2019 to $27.98 million compared with $25.49 million in the same quarter a year ago. Trust fees were $7.03 million in the second quarter of 2019 compared with $7.07 million in the same quarter last year. The fair value of Trust assets managed increased to $6.19 billion from $5.40 billion a year ago; however, the income from this growth was offset by lower mineral fees. ATM, interchange and credit card fees increased 4.42 percent to $7.35 million compared with $7.04 million in the same quarter last year due to continued growth in debit cards. Real estate mortgage fees increased 19.49 percent in the second quarter of 2019 to $4.72 million compared with $3.95 million in the same quarter a year ago.
Noninterest expense for the second quarter of 2019 totaled $48.30 million compared to $47.14 million in the second quarter of 2018. The Company's efficiency ratio in the second quarter of 2019 was 47.71 percent compared with 49.42 percent in the same quarter last year. The increase in noninterest expense in the second quarter of 2019 was primarily a result of an increase in salary and employee benefit costs to $27.39 million compared to $26.86 million in the same quarter a year ago, primarily driven by annual merit-based pay increases and rising medical insurance costs.
For the first half of 2019, net income increased to $80.34 million from $72.15 million for the same period a year ago. Basic earnings per share rose to $0.59 in the first half of 2019 from $0.53 in the same period of 2018. Net interest income increased to $141.13 million in the first half of 2019 from $133.06 million in the same period a year ago. The provision for loan losses totaled $1.57 million compared with $2.42 million in the first half of the previous year. Noninterest income was $52.41 million in the first half of 2019 compared with $49.91 million in the same period of 2018. Noninterest expense rose to $95.67 million in the first half of 2019 compared with $94.94 million during the same period last year.
As of June 30, 2019, consolidated assets for the Company totaled $7.98 billion compared to $7.95 billion at March 31, 2019, and $7.69 billion at June 30, 2018. Loans totaled $4.06 billion at June 30, 2019, compared with loans of $4.00 billion at March 31, 2019, and $3.86 billion at June 30, 2018. Deposits totaled $6.37 billion at June 30, 2019, compared to $6.35 billion at March 31, 2019, and $6.21 billion at June 30, 2018. Shareholders' equity rose to $1.16 billion as of June 30, 2019, compared with $1.11 billion at March 31, 2019, and $985.63 million at June 30, 2018.
"We are pleased to report increased earnings and steady organic loan growth this quarter," said F. Scott Dueser, Chairman, President and CEO. "In the second half of the year, we will continue to pursue opportunities for acquisitions and focus on growing loans and deposits, cutting costs and increasing our bottom line."
About First Financial Bankshares:
Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 73 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with eight locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial Bankshares, please visit our website at http://www.ffin.com.
Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as "expect", "plan", "anticipate", "target", "forecast" and "goal". Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company's reports filed with the Securities and Exchange Commission, which may be obtained under "Investor Relations-Documents/Filings" on the Company's Web site or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
FIRST FINANCIAL BANKSHARES, INC. | ||||||||||||||||
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED) | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
As of | ||||||||||||||||
2019 | 2018 | |||||||||||||||
ASSETS | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||
Cash and due from banks | $ | 178,345 | $ | 176,278 | $ | 207,835 | $ | 164,998 | $ | 178,217 | ||||||
Interest-bearing deposits in banks | 128,652 | 197,758 | 40,812 | 34,511 | 99,499 | |||||||||||
Interest-bearing time deposits in banks | 960 | 1,458 | 1,458 | 1,458 | 1,458 | |||||||||||
Fed funds sold | 700 | 12,825 | - | - | 8,450 | |||||||||||
Investment securities | 3,259,492 | 3,212,812 | 3,158,777 | 3,144,367 | 3,197,567 | |||||||||||
Loans | 4,063,257 | 4,003,606 | 3,975,308 | 3,885,536 | 3,855,769 | |||||||||||
Allowance for loan losses | (51,820) | (51,585) | (51,202) | (50,871) | (49,951) | |||||||||||
Net loans | 4,011,437 | 3,952,021 | 3,924,106 | 3,834,665 | 3,805,818 | |||||||||||
Premises and equipment | 134,322 | 135,321 | 133,421 | 130,815 | 130,366 | |||||||||||
Goodwill | 171,565 | 171,565 | 171,565 | 171,565 | 171,565 | |||||||||||
Other intangible assets | 2,586 | 2,850 | 3,118 | 3,342 | 3,620 | |||||||||||
Other assets | 91,234 | 83,007 | 90,762 | 85,510 | 88,910 | |||||||||||
Total assets | $ | 7,979,293 | $ | 7,945,895 | $ | 7,731,854 | $ | 7,571,231 | $ | 7,685,470 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
Noninterest-bearing deposits | $ | 2,167,552 | $ | 2,165,745 | $ | 2,116,107 | $ | 2,146,984 | $ | 2,105,953 | ||||||
Interest-bearing deposits | 4,202,214 | 4,184,996 | 4,064,282 | 3,998,298 | 4,104,654 | |||||||||||
Total deposits | 6,369,766 | 6,350,741 | 6,180,389 | 6,145,282 | 6,210,607 | |||||||||||
Borrowings | 362,005 | 382,711 | 468,706 | 380,760 | 456,935 | |||||||||||
Other liabilities | 82,774 | 104,921 | 29,464 | 49,450 | 32,300 | |||||||||||
Shareholders' equity | 1,164,748 | 1,107,522 | 1,053,295 | 995,739 | 985,628 | |||||||||||
Total liabilities and shareholders' equity | $ | 7,979,293 | $ | 7,945,895 | $ | 7,731,854 | $ | 7,571,231 | $ | 7,685,470 | ||||||
Quarter Ended | ||||||||||||||||
2019 | 2018 | |||||||||||||||
INCOME STATEMENTS | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||
Interest income | $ | 79,576 | $ | 76,901 | $ | 76,481 | $ | 74,049 | $ | 72,078 | ||||||
Interest expense | 7,961 | 7,387 | 6,207 | 4,623 | 4,467 | |||||||||||
Net interest income | 71,615 | 69,514 | 70,274 | 69,426 | 67,611 | |||||||||||
Provision for loan losses | 600 | 965 | 1,800 | 1,450 | 1,105 | |||||||||||
Net interest income after provision for loan losses | 71,015 | 68,549 | 68,474 | 67,976 | 66,506 | |||||||||||
Noninterest income | 27,976 | 24,437 | 24,797 | 27,055 | 25,488 | |||||||||||
Noninterest expense | 48,304 | 47,367 | 48,235 | 47,506 | 47,144 | |||||||||||
Net income before income taxes | 50,687 | 45,619 | 45,036 | 47,525 | 44,850 | |||||||||||
Income tax expense | 8,594 | 7,367 | 6,599 | 7,475 | 7,217 | |||||||||||
Net income | $ | 42,093 | $ | 38,252 | $ | 38,437 | $ | 40,050 | $ | 37,633 | ||||||
PER COMMON SHARE DATA | ||||||||||||||||
Net income - basic | $ | 0.31 | $ | 0.28 | $ | 0.28 | $ | 0.30 | $ | 0.28 | ||||||
Net income - diluted | 0.31 | 0.28 | 0.28 | 0.29 | 0.28 | |||||||||||
Cash dividends declared | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 | |||||||||||
Book Value | 8.58 | 8.16 | 7.77 | 7.35 | 7.28 | |||||||||||
Market Value | $ | 30.79 | $ | 28.89 | $ | 28.85 | $ | 29.55 | $ | 25.45 | ||||||
Shares outstanding - end of period | 135,809,224 | 135,680,420 | 135,506,266 | 135,387,172 | 135,339,316 | |||||||||||
Average outstanding shares - basic | 135,650,599 | 135,494,254 | 135,352,408 | 135,270,116 | 135,194,550 | |||||||||||
Average outstanding shares - diluted | 136,218,235 | 136,286,862 | 136,191,224 | 136,107,448 | 135,848,336 | |||||||||||
PERFORMANCE RATIOS | ||||||||||||||||
Return on average assets | 2.14 | % | 2.00 | % | 2.00 | % | 2.10 | % | 1.98 | % | ||||||
Return on average equity | 15.04 | 14.51 | 15.18 | 16.00 | 15.53 | |||||||||||
Return on average tangible equity | 17.81 | 17.34 | 18.38 | 19.42 | 18.94 | |||||||||||
Net interest margin (tax equivalent) | 3.98 | 4.00 | 4.02 | 4.01 | 3.92 | |||||||||||
Efficiency ratio | 47.71 | 49.46 | 49.69 | 48.12 | 49.42 | |||||||||||
Six Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
INCOME STATEMENTS | 2019 | 2018 | ||||||||||||||
Interest income | $ | 156,477 | $ | 141,160 | ||||||||||||
Interest expense | 15,348 | 8,100 | ||||||||||||||
Net interest income | 141,129 | 133,060 | ||||||||||||||
Provision for loan losses | 1,565 | 2,415 | ||||||||||||||
Net interest income after provision for loan losses | 139,564 | 130,645 | ||||||||||||||
Noninterest income | 52,413 | 49,912 | ||||||||||||||
Noninterest expense | 95,673 | 94,943 | ||||||||||||||
Net income before income taxes | 96,304 | 85,614 | ||||||||||||||
Income tax expense | 15,959 | 13,462 | ||||||||||||||
Net income | $ | 80,345 | $ | 72,152 | ||||||||||||
PER COMMON SHARE DATA | ||||||||||||||||
Net income - basic | $ | 0.59 | $ | 0.53 | ||||||||||||
Net income - diluted | 0.59 | 0.53 | ||||||||||||||
Cash dividends declared | 0.23 | 0.20 | ||||||||||||||
Book Value | 8.58 | 7.28 | ||||||||||||||
Market Value | $ | 30.79 | $ | 25.45 | ||||||||||||
Shares outstanding - end of period | 135,809,224 | 135,339,316 | ||||||||||||||
Average outstanding shares - basic | 135,572,859 | 135,124,672 | ||||||||||||||
Average outstanding shares - diluted | 136,195,811 | 135,735,930 | ||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||
Return on average assets | 2.08 | % | 1.91 | % | ||||||||||||
Return on average equity | 14.78 | 15.14 | ||||||||||||||
Return on average tangible equity | 17.58 | 18.39 | ||||||||||||||
Net interest margin (tax equivalent) | 3.99 | 3.90 | ||||||||||||||
Efficiency ratio | 48.56 | 50.57 | ||||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | ||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
(In thousands) | ||||||||||||||||
Quarter Ended | ||||||||||||||||
2019 | 2018 | |||||||||||||||
ALLOWANCE FOR LOAN LOSSES | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||
Balance at beginning of period | $ | 51,585 | $ | 51,202 | $ | 50,871 | $ | 49,951 | $ | 49,499 | ||||||
Loans charged off | (1,061) | (1,464) | (2,081) | (945) | (949) | |||||||||||
Loan recoveries | 696 | 882 | 612 | 415 | 296 | |||||||||||
Net recoveries (charge-offs) | (365) | (582) | (1,469) | (530) | (653) | |||||||||||
Provision for loan losses | 600 | 965 | 1,800 | 1,450 | 1,105 | |||||||||||
Balance at end of period | $ | 51,820 | $ | 51,585 | $ | 51,202 | $ | 50,871 | $ | 49,951 | ||||||
Allowance for loan losses / period-end loans | 1.28 | % | 1.29 | % | 1.29 | % | 1.31 | % | 1.30 | % | ||||||
Allowance for loan losses / nonperforming loans | 190.66 | 177.41 | 176.22 | 194.25 | 182.31 | |||||||||||
Net charge-offs / average loans (annualized) | 0.04 | 0.06 | 0.15 | 0.05 | 0.07 | |||||||||||
SUMMARY OF LOAN CLASSIFICATION | ||||||||||||||||
Special Mention | $ | 51,490 | $ | 45,275 | $ | 50,379 | $ | 36,450 | $ | 34,557 | ||||||
Substandard | 74,550 | 73,158 | 75,919 | 81,073 | 79,170 | |||||||||||
Doubtful | - | - | - | - | - | |||||||||||
Total classified loans | $ | 126,040 | $ | 118,433 | $ | 126,298 | $ | 117,523 | $ | 113,727 | ||||||
NONPERFORMING ASSETS | ||||||||||||||||
Nonaccrual loans | $ | 26,408 | $ | 28,508 | $ | 27,534 | $ | 25,587 | $ | 26,685 | ||||||
Accruing troubled debt restructured loans | 471 | 472 | 513 | 513 | 514 | |||||||||||
Accruing loans 90 days past due | 300 | 97 | 1,008 | 88 | 200 | |||||||||||
Total nonperforming loans | 27,179 | 29,077 | 29,055 | 26,188 | 27,399 | |||||||||||
Foreclosed assets | 681 | 647 | 577 | 671 | 705 | |||||||||||
Total nonperforming assets | $ | 27,860 | $ | 29,724 | $ | 29,632 | $ | 26,859 | $ | 28,104 | ||||||
As a % of loans and foreclosed assets | 0.69 | % | 0.74 | % | 0.75 | % | 0.69 | % | 0.73 | % | ||||||
As a % of end of period total assets | 0.35 | 0.37 | 0.38 | 0.35 | 0.37 | |||||||||||
OIL AND GAS PORTFOLIO INFORMATION | ||||||||||||||||
Oil and gas loans | $ | 107,097 | $ | 107,335 | $ | 113,536 | $ | 112,039 | $ | 103,381 | ||||||
Oil and gas loans as a % of total loans | 2.64 | % | 2.68 | % | 2.86 | % | 2.88 | % | 2.68 | % | ||||||
Classified oil and gas loans | 3,438 | 4,255 | 3,894 | 4,861 | 5,001 | |||||||||||
Nonaccrual oil and gas loans | 621 | 669 | 1,048 | 1,825 | 1,629 | |||||||||||
Net charge-offs for oil and gas loans | - | - | - | - | - | |||||||||||
Allowance for oil and gas loans as a % of oil and gas loans | 2.95 | % | 3.22 | % | 3.23 | % | 3.28 | % | 3.48 | % | ||||||
CAPITAL RATIOS | ||||||||||||||||
Common equity Tier 1 capital ratio | 20.04 | % | 19.86 | % | 19.47 | % | 19.19 | % | 18.68 | % | ||||||
Tier 1 capital ratio | 20.04 | 19.86 | 19.47 | 19.19 | 18.68 | |||||||||||
Total capital ratio | 21.16 | 21.00 | 20.61 | 20.34 | 19.81 | |||||||||||
Tier 1 leverage | 12.29 | 12.08 | 11.85 | 11.57 | 11.14 | |||||||||||
Equity to assets | 14.60 | 13.94 | 13.62 | 13.15 | 12.82 | |||||||||||
Quarter Ended | ||||||||||||||||
2019 | 2018 | |||||||||||||||
NONINTEREST INCOME | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | |||||||||||
Trust fees | $ | 7,027 | $ | 6,979 | $ | 6,915 | $ | 7,291 | $ | 7,070 | ||||||
Service charges on deposits | 5,374 | 5,176 | 5,713 | 5,690 | 5,375 | |||||||||||
ATM, interchange and credit card fees | 7,352 | 6,840 | 6,962 | 7,533 | 7,041 | |||||||||||
Real estate mortgage fees | 4,721 | 3,474 | 3,439 | 4,834 | 3,951 | |||||||||||
Net gain on sale of available-for-sale securities | 676 | - | 8 | 58 | 67 | |||||||||||
Net gain (loss) on sale of foreclosed assets | 53 | 69 | (85) | 84 | 19 | |||||||||||
Net gain (loss) on sale of assets | 6 | - | 5 | (61) | - | |||||||||||
Interest on loan recoveries | 903 | 338 | 332 | 199 | 289 | |||||||||||
Other noninterest income | 1,864 | 1,561 | 1,508 | 1,427 | 1,676 | |||||||||||
Total noninterest income | $ | 27,976 | $ | 24,437 | $ | 24,797 | $ | 27,055 | $ | 25,488 | ||||||
NONINTEREST EXPENSE | ||||||||||||||||
Salaries and employee benefits, excluding profit sharing | $ | 25,510 | $ | 25,033 | $ | 23,908 | $ | 24,693 | $ | 24,545 | ||||||
Loss from partial settlement of pension plan | - | 900 | 1,546 | - | - | |||||||||||
Profit sharing expense | 1,884 | 1,491 | 1,839 | 1,684 | 2,317 | |||||||||||
Net occupancy expense | 2,779 | 2,763 | 2,583 | 2,900 | 2,806 | |||||||||||
Equipment expense | 2,827 | 3,127 | 3,403 | 3,482 | 3,440 | |||||||||||
FDIC insurance premiums | 538 | 538 | 565 | 570 | 632 | |||||||||||
ATM, interchange and credit card expenses | 2,427 | 2,383 | 2,589 | 2,344 | 2,205 | |||||||||||
Legal, tax and professional fees | 2,302 | 2,154 | 2,609 | 2,417 | 2,308 | |||||||||||
Audit fees | 455 | 417 | 291 | 382 | 439 | |||||||||||
Printing, stationery and supplies | 502 | 366 | 513 | 387 | 612 | |||||||||||
Amortization of intangible assets | 264 | 269 | 223 | 279 | 384 | |||||||||||
Advertising and public relations | 1,630 | 1,648 | 1,805 | 1,709 | 1,576 | |||||||||||
Operational and other losses | 480 | 266 | 337 | 981 | 305 | |||||||||||
Software amortization and expense | 1,287 | 923 | 755 | 540 | 479 | |||||||||||
Other noninterest expense | 5,419 | 5,089 | 5,269 | 5,138 | 5,096 | |||||||||||
Total noninterest expense | $ | 48,304 | $ | 47,367 | $ | 48,235 | $ | 47,506 | $ | 47,144 | ||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 1,664 | $ | 1,819 | $ | 1,996 | $ | 2,242 | $ | 2,289 | ||||||
Six Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
NONINTEREST INCOME | 2019 | 2018 | ||||||||||||||
Trust fees | $ | 14,006 | $ | 13,975 | ||||||||||||
Service charges on deposits | 10,550 | 10,259 | ||||||||||||||
ATM, interchange and credit card fees | 14,192 | 14,037 | ||||||||||||||
Real estate mortgage fees | 8,195 | 6,884 | ||||||||||||||
Net gain (loss) on sale of available-for-sale securities | 676 | 1,288 | ||||||||||||||
Net gain (loss) on sale of foreclosed assets | 122 | 118 | ||||||||||||||
Net gain (loss) on sale of assets | 6 | (91) | ||||||||||||||
Interest on loan recoveries | 1,241 | 408 | ||||||||||||||
Other noninterest income | 3,425 | 3,034 | ||||||||||||||
Total noninterest income | $ | 52,413 | $ | 49,912 | ||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||
Salaries and employee benefits, excluding profit sharing | $ | 50,543 | $ | 49,539 | ||||||||||||
Loss from partial settlement of pension plan | 900 | - | ||||||||||||||
Profit sharing expense | 3,375 | 3,526 | ||||||||||||||
Net occupancy expense | 5,542 | 5,689 | ||||||||||||||
Equipment expense | 5,954 | 6,957 | ||||||||||||||
FDIC insurance premiums | 1,076 | 1,199 | ||||||||||||||
ATM, interchange and credit card expenses | 4,810 | 4,348 | ||||||||||||||
Legal, tax and professional fees | 4,457 | 5,115 | ||||||||||||||
Audit fees | 872 | 851 | ||||||||||||||
Printing, stationery and supplies | 868 | 1,098 | ||||||||||||||
Amortization of intangible assets | 532 | 771 | ||||||||||||||
Advertising and public relations | 3,278 | 3,151 | ||||||||||||||
Operational and other losses | 746 | 871 | ||||||||||||||
Software amortization and expense | 2,210 | 1,003 | ||||||||||||||
Other noninterest expense | 10,510 | 10,825 | ||||||||||||||
Total noninterest expense | $ | 95,673 | $ | 94,943 | ||||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT | $ | 3,484 | $ | 4,755 | ||||||||||||
FIRST FINANCIAL BANKSHARES, INC. | |||||||||||||||||||||
SELECTED FINANCIAL DATA (UNAUDITED) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
June 30, 2019 | Mar. 31, 2019 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Fed funds sold | $ | 5,436 | $ | 39 | 2.88 | % | $ | 4,894 | $ | 34 | 2.79 | % | |||||||||
Interest-bearing deposits in nonaffiliated banks | 107,381 | 628 | 2.35 | 100,258 | 585 | 2.36 | |||||||||||||||
Taxable securities | 2,063,497 | 13,925 | 2.70 | 1,924,863 | 13,289 | 2.76 | |||||||||||||||
Tax exempt securities | 1,169,889 | 10,615 | 3.63 | 1,226,457 | 11,279 | 3.68 | |||||||||||||||
Loans | 4,043,055 | 56,033 | 5.56 | 3,973,108 | 53,534 | 5.46 | |||||||||||||||
Total interest-earning assets | 7,389,258 | $ | 81,240 | 4.41 | % | 7,229,580 | $ | 78,721 | 4.42 | % | |||||||||||
Noninterest-earning assets | 487,931 | 508,368 | |||||||||||||||||||
Total assets | $ | 7,877,189 | $ | 7,737,948 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 4,196,123 | $ | 7,286 | 0.70 | % | $ | 4,144,091 | $ | 6,662 | 0.65 | % | |||||||||
Fed funds purchased and other borrowings | 378,389 | 675 | 0.72 | 408,641 | 726 | 0.72 | |||||||||||||||
Total interest-bearing liabilities | 4,574,512 | $ | 7,961 | 0.70 | % | 4,552,732 | $ | 7,388 | 0.66 | % | |||||||||||
Noninterest-bearing liabilities | 2,180,361 | 2,116,080 | |||||||||||||||||||
Shareholders' equity | 1,122,316 | 1,069,136 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 7,877,189 | $ | 7,737,948 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 73,279 | 3.98 | % | $ | 71,333 | 4.00 | % | |||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||
Dec. 31, 2018 | Sept. 30, 2018 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Fed funds sold | $ | 1,620 | $ | 10 | 2.54 | % | $ | 3,377 | $ | 19 | 2.29 | % | |||||||||
Interest-bearing deposits in nonaffiliated banks | 41,511 | 240 | 2.30 | 88,118 | 450 | 2.03 | |||||||||||||||
Taxable securities | 1,957,638 | 13,384 | 2.73 | 1,943,125 | 12,594 | 2.59 | |||||||||||||||
Tax exempt securities | 1,206,728 | 11,482 | 3.81 | 1,213,212 | 11,459 | 3.78 | |||||||||||||||
Loans | 3,918,360 | 53,361 | 5.40 | 3,845,836 | 51,769 | 5.34 | |||||||||||||||
Total interest-earning assets | 7,125,857 | $ | 78,477 | 4.37 | % | 7,093,668 | $ | 76,291 | 4.27 | % | |||||||||||
Noninterest-earning assets | 493,244 | 490,155 | |||||||||||||||||||
Total assets | $ | 7,619,101 | $ | 7,583,823 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 3,961,582 | $ | 5,092 | 0.51 | % | $ | 4,035,174 | $ | 4,329 | 0.43 | % | |||||||||
Fed funds purchased and other borrowings | 484,054 | 1,115 | 0.91 | 399,026 | 294 | 0.29 | |||||||||||||||
Total interest-bearing liabilities | 4,445,636 | $ | 6,207 | 0.55 | % | 4,434,200 | $ | 4,623 | 0.41 | % | |||||||||||
Noninterest-bearing liabilities | 2,169,069 | 2,156,258 | |||||||||||||||||||
Shareholders' equity | 1,004,396 | 993,365 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 7,619,101 | $ | 7,583,823 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 72,270 | 4.02 | % | $ | 71,668 | 4.01 | % | |||||||||||||
Three Months Ended | |||||||||||||||||||||
June 30, 2018 | |||||||||||||||||||||
Average | Tax Equivalent | Yield / | |||||||||||||||||||
Balance | Interest | Rate | |||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Fed funds sold | $ | 2,228 | $ | 13 | 2.32 | % | |||||||||||||||
Interest-bearing deposits in nonaffiliated banks | 59,373 | 258 | 1.74 | ||||||||||||||||||
Taxable securities | 2,007,949 | 12,719 | 2.53 | ||||||||||||||||||
Tax exempt securities | 1,281,757 | 12,001 | 3.75 | ||||||||||||||||||
Loans | 3,797,341 | 49,376 | 5.22 | ||||||||||||||||||
Total interest-earning assets | 7,148,648 | $ | 74,367 | 4.17 | % | ||||||||||||||||
Noninterest-earning assets | 486,837 | ||||||||||||||||||||
Total assets | $ | 7,635,485 | |||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 4,076,522 | $ | 4,005 | 0.39 | % | |||||||||||||||
Fed funds purchased and other borrowings | 434,239 | 462 | 0.43 | ||||||||||||||||||
Total interest-bearing liabilities | 4,510,761 | $ | 4,467 | 0.40 | % | ||||||||||||||||
Noninterest-bearing liabilities | 2,152,451 | ||||||||||||||||||||
Shareholders' equity | 972,273 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 7,635,485 | |||||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 69,900 | 3.92 | % | |||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, 2019 | June 30, 2018 | ||||||||||||||||||||
Average | Tax Equivalent | Yield / | Average | Tax Equivalent | Yield / | ||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Fed funds sold | $ | 5,166 | $ | 73 | 2.84 | % | $ | 4,210 | $ | 40 | 1.92 | % | |||||||||
Interest-bearing deposits in nonaffiliated banks | 103,839 | 1,213 | 2.35 | 109,607 | 871 | 1.60 | |||||||||||||||
Taxable securities | 1,994,563 | 27,213 | 2.73 | 1,917,671 | 24,073 | 2.51 | |||||||||||||||
Tax exempt securities | 1,198,016 | 21,893 | 3.65 | 1,316,801 | 24,560 | 3.73 | |||||||||||||||
Loans | 4,008,275 | 109,569 | 5.51 | 3,773,085 | 96,371 | 5.15 | |||||||||||||||
Total interest-earning assets | 7,309,859 | $ | 159,961 | 4.41 | % | 7,121,374 | $ | 145,915 | 4.13 | % | |||||||||||
Noninterest-earning assets | 498,094 | 489,356 | |||||||||||||||||||
Total assets | $ | 7,807,953 | $ | 7,610,730 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Deposits | $ | 4,170,250 | $ | 13,947 | 0.67 | % | $ | 4,107,750 | $ | 7,524 | 0.37 | % | |||||||||
Fed funds purchased and other short term borrowings | 393,432 | 1,401 | 0.72 | 396,039 | 576 | 0.29 | |||||||||||||||
Total interest-bearing liabilities | 4,563,682 | $ | 15,348 | 0.68 | % | 4,503,789 | $ | 8,100 | 0.36 | % | |||||||||||
Noninterest-bearing liabilities | 2,148,398 | 2,145,719 | |||||||||||||||||||
Shareholders' equity | 1,095,873 | 961,222 | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 7,807,953 | $ | 7,610,730 | |||||||||||||||||
Net interest income and margin (tax equivalent) | $ | 144,613 | 3.99 | % | $ | 137,815 | 3.90 | % | |||||||||||||
View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2019-earnings-results-300887653.html
SOURCE First Financial Bankshares, Inc.
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Letzte Top-Ranking Nachrichten
Nachrichten
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.