First Financial Bankshares Inc 8-K, filed Jan 31, 2022
First Financial Bankshares Inc (FFIN)
About this 8-K
First Financial Bankshares Inc filed this 8-K on January 31, 2022, reporting on events of January 27, 2022.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended December 31, 2021 of First Financial Bankshares, Inc.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
| 99.1 | Press Release dated January 27, 2022 | |
| 104 | Cover page Interactive Data File (embedded within Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| FIRST FINANCIAL BANKSHARES, INC. | ||||||
| (Registrant) | ||||||
| DATE: January 31, 2022 | By: | /s/ F. Scott Dueser | ||||
| F. SCOTT DUESER | ||||||
| Chairman, President and Chief Executive Officer | ||||||
Exhibit 99.1
| For immediate release | For More Information: | |||
| James R. Gordon, EVP & Chief Financial Officer 325.627.7155 |
FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER 2021 EARNINGS
AND 35TH YEAR OF CONSECUTIVE ANNUAL EARNINGS GROWTH
ABILENE, Texas, January 27, 2022 - First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2021 of $55.34 million compared to earnings of $58.48 million for the same quarter a year ago. Basic and diluted earnings per share were $0.39 for the fourth quarter of 2021 compared with $0.41 for the same quarter a year ago.
Earnings for the year ended December 31, 2021 totaled $227.56 million compared to $202.03 million for the year ended December 31, 2020, reflecting an increase of $25.53 million, or 12.64 percent. Basic and diluted earnings per share were $1.60 and $1.59, respectively, for the year ended December 31, 2021 compared with basic and diluted earnings per share of $1.42 for the year ended December 31, 2020.
“Over the last two years, we have remained focused on the execution of our excellence in customer service culture across each of our markets to meet the needs of our customers during these times. Whether it was providing PPP funds, keeping our branches open, accessing the Mainstreet Lending Program, providing access to the mortgage secondary markets, protecting their deposits, or providing capital to grow and expand their business, we remained TEXAS STRONG for our communities. We finished 2021 with outstanding growth reflected by overall loan growth, excluding PPP loans, of $648.81 million, or 13.84 percent, and deposit growth of $1.89 billion, or 21.79 percent. Our continual commitment to customer service supported by our growth provides strong momentum as we begin 2022. We appreciate the continued support of our customers, shareholders and associates,” said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.
Net interest income for the fourth quarter of 2021 was $94.81 million compared to $90.54 million for the fourth quarter of 2020. Average-earning assets increased to $11.89 billion for the fourth quarter of 2021 compared to $9.96 billion a year ago. The net interest margin, on a taxable equivalent basis, was 3.29 percent for the fourth quarter of 2021 compared to 3.75 percent in the fourth quarter of 2020.
Information related to the Company’s Paycheck Protection Program (“PPP”) loans is included in the following table (dollars in thousands):
| PPP Loans Originated |
PPP Amounts as of December 31, 2021 | |||||||||||||||||||||||
| Number of Loans |
Amount | Number of Loans |
Period-End Amount, Net |
Unamortized Fees |
Recognized Fees During the Quarter Ended December 31, 2021 |
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| PPP Round 1 |
6,530 | $ | 703,450 | 37 | $ | 1,970 | $ | 21 | $ | 42 | ||||||||||||||
| PPP Round 2 |
3,179 | 267,423 | 305 | 50,823 | 1,779 | 4,246 | ||||||||||||||||||
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| PPP Total |
9,709 | $ | 970,873 | 342 | $ | 52,793 | $ | 1,800 | $ | 4,288 | ||||||||||||||
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PPP loan balances totaled $52.79 million at December 31, 2021 and accounted for $103.35 million in average balances for the fourth quarter of 2021 and $327.10 million for the year ended December 31, 2021.
The Company recorded a provision for credit losses of $2.06 million for the fourth quarter of 2021 compared to a reversal of provision for credit losses of $8.03 million for the fourth quarter of 2020. At December 31, 2021, the allowance for credit losses totaled $63.47 million, or 1.18 percent of loans held-for-investment (“loans” hereafter), or 1.19 percent of loans, excluding PPP loans, compared to $66.53 million at December 31, 2020, or 1.29 percent of loans, or 1.42 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.44 million at December 31, 2021 compared to $5.49 million at December 31, 2020.
For the fourth quarter of 2021, net charge-offs totaled $2.28 million compared to net charge-offs of $561 thousand for the fourth quarter of 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.63 percent at December 31, 2021, compared with 0.83 percent at December 31, 2020. Classified loans totaled $161.19 million at December 31, 2021, compared to $197.45 million at December 31, 2020.
Noninterest income for the fourth quarter of 2021 was $34.90 million compared to $35.71 million for the fourth quarter of 2020, as a result of the following:
| • | Trust fees increased to $9.67 million for the fourth quarter of 2021 from $7.67 million for the fourth quarter of 2020. The fair value of trust assets managed increased to $8.70 billion at December 31, 2021 compared to $7.51 billion at December 31, 2020. |
| • | Service charges on deposits increased to $5.76 million for the fourth quarter of 2021 compared with $5.33 million for the fourth quarter of 2020. |
| • | ATM, interchange and credit card fees increased to $9.96 million for the fourth quarter of 2021 from $8.38 million for the fourth quarter of 2020, driven by the over 16,000 net new accounts opened in 2021, debit cards issued and overall customer utilization. |
| • | Mortgage income was $6.27 million for the fourth quarter of 2021 compared to $11.12 million for the fourth quarter of 2020 due to lower overall origination volumes and margins. |
| • | Loan interest recoveries during the fourth quarter of 2021 totaled $1.21 million compared to $235 thousand for the fourth quarter of 2020. |
Noninterest expense for the fourth quarter of 2021 totaled $61.67 million compared to $63.71 million for the fourth quarter of 2020, as a result of the following:
| • | Salary, commissions and employee benefit costs totaled $34.98 million for the fourth quarter of 2021, compared to $41.02 million in the fourth quarter of 2020. The decrease over the same quarter in the prior year was driven by decreases in profit sharing expense and incentive compensation accruals in the fourth quarter of 2021 when compared to the same period in 2020. In the fourth quarter of 2020, profit sharing and incentive expenses were higher driven by higher earnings that primarily resulted from the Company’s initial adoption of CECL. Offsetting these decreases were annual merit-based pay increases effective March 1, 2021. |
The Company’s efficiency ratio was 45.84 percent for the year ended December 31, 2021 compared to 45.49 percent for the year ended December 31, 2020.
As of December 31, 2021, consolidated assets for the Company totaled $13.10 billion compared to $10.90 billion at December 31, 2020. Loans totaled $5.39 billion at December 31, 2021, compared with loans of $5.17 billion at December 31, 2020. Excluding PPP loans, loans have grown $648.81 million, or 13.84 percent, from December 31, 2020 balances. Deposits totaled $10.57 billion at December 31, 2021, compared to $8.68 billion at December 31, 2020, representing an increase of 21.79 percent. Shareholders’ equity rose to $1.76 billion as of December 31, 2021, compared to $1.68 billion at December 31, 2020.
About First Financial Bankshares, Inc.
Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, College Station, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with ten locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial, please visit our website at http://www.ffin.com.
####
Certain statements contained herein may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company’s management, as well as assumptions made beyond information currently available to the Company’s management, and may be, but not necessarily are, identified by such words as “expect”, “plan”, “anticipate”, “target”, “forecast” and “goal”. Because such “forward-looking statements” are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company’s expectations include competition from other financial institutions and financial holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; economic impact of oil and gas prices and the pandemic, changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses, and similar variables. Other key risks are described in the Company’s reports filed with the Securities and Exchange Commission, which may be obtained under “Investor Relations-Documents and Filings” on the Company’s Website or by writing or calling the Company at 325.627.7155. Except as otherwise stated in this news announcement, the Company does not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.
FIRST FINANCIAL BANKSHARES, INC.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except share and per share data)
| As of | ||||||||||||||||||||
| 2021 | 2020 | |||||||||||||||||||
| ASSETS | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
| Cash and due from banks |
$ | 205,053 | $ | 201,901 | $ | 190,061 | $ | 190,350 | $ | 211,113 | ||||||||||
| Interest-bearing deposits in banks |
323,535 | 359,241 | 654,531 | 893,221 | 517,971 | |||||||||||||||
| Investment securities |
6,573,179 | 6,119,984 | 5,578,048 | 5,109,631 | 4,393,029 | |||||||||||||||
| Loans, held-for-investment, excluding PPP Loans |
5,336,179 | 5,147,160 | 4,984,210 | 4,790,752 | 4,687,370 | |||||||||||||||
| PPP loans |
52,793 | 139,334 | 320,392 | 531,810 | 483,663 | |||||||||||||||
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| Total loans, held-for-investment |
5,388,972 | 5,286,494 | 5,304,602 | 5,322,562 | 5,171,033 | |||||||||||||||
| Allowance for loan losses |
(63,465 | ) | (63,370 | ) | (62,138 | ) | (62,974 | ) | (66,534 | ) | ||||||||||
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| Net loans, held-for-investment |
5,325,507 | 5,223,124 | 5,242,464 | 5,259,588 | 5,104,499 | |||||||||||||||
| Loans, held-for-sale |
37,810 | 47,721 | 61,802 | 65,405 | 83,969 | |||||||||||||||
| Premises and equipment, net |
149,764 | 147,516 | 147,655 | 142,415 | 142,269 | |||||||||||||||
| Goodwill |
313,481 | 313,481 | 313,481 | 313,481 | 313,481 | |||||||||||||||
| Other intangible assets |
3,298 | 3,689 | 4,087 | 4,499 | 4,911 | |||||||||||||||
| Other assets |
170,834 | 126,601 | 136,954 | 124,297 | 133,258 | |||||||||||||||
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| Total assets |
$ | 13,102,461 | $ | 12,543,258 | $ | 12,329,083 | $ | 12,102,887 | $ | 10,904,500 | ||||||||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Noninterest-bearing deposits |
$ | 3,780,230 | $ | 3,574,405 | $ | 3,427,038 | $ | 3,350,145 | $ | 2,982,697 | ||||||||||
| Interest-bearing deposits |
6,786,258 | 6,318,712 | 6,354,656 | 6,063,302 | 5,693,120 | |||||||||||||||
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| Total deposits |
10,566,488 | 9,893,117 | 9,781,694 | 9,413,447 | 8,675,817 | |||||||||||||||
| Borrowings |
671,152 | 648,679 | 549,969 | 548,604 | 430,093 | |||||||||||||||
| Trade date payable |
— | 174,236 | 189,838 | 381,871 | 14,641 | |||||||||||||||
| Other liabilities |
105,597 | 93,491 | 87,213 | 93,537 | 105,759 | |||||||||||||||
| Shareholders’ equity |
1,759,224 | 1,733,735 | 1,720,369 | 1,665,428 | 1,678,190 | |||||||||||||||
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| Total liabilities and shareholders’ equity |
$ | 13,102,461 | $ | 12,543,258 | $ | 12,329,083 | $ | 12,102,887 | $ | 10,904,500 | ||||||||||
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| Quarter Ended | ||||||||||||||||||||
| 2021 | 2020 | |||||||||||||||||||
| INCOME STATEMENTS | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
| Interest income |
$ | 95,995 | $ | 97,198 | $ | 92,602 | $ | 90,610 | $ | 92,457 | ||||||||||
| Interest expense |
1,187 | 1,416 | 1,653 | 1,786 | 1,920 | |||||||||||||||
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| Net interest income |
94,808 | 95,782 | 90,949 | 88,824 | 90,537 | |||||||||||||||
| Provision for credit losses |
2,064 | — | (1,206 | ) | (1,997 | ) | (8,033 | ) | ||||||||||||
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| Net interest income after provisions for credit losses |
92,744 | 95,782 | 92,155 | 90,821 | 98,570 | |||||||||||||||
| Noninterest income |
34,903 | 37,726 | 34,673 | 34,874 | 35,709 | |||||||||||||||
| Noninterest expense |
61,672 | 62,939 | 59,374 | 57,723 | 63,705 | |||||||||||||||
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| Net income before income taxes |
65,975 | 70,569 | 67,454 | 67,972 | 70,574 | |||||||||||||||
| Income tax expense |
10,638 | 11,641 | 11,075 | 11,054 | 12,099 | |||||||||||||||
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| Net income |
$ | 55,337 | $ | 58,928 | $ | 56,379 | $ | 56,918 | $ | 58,475 | ||||||||||
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| PER COMMON SHARE DATA |
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| Net income - basic |
$ | 0.39 | $ | 0.41 | $ | 0.40 | $ | 0.40 | $ | 0.41 | ||||||||||
| Net income - diluted |
0.39 | 0.41 | 0.39 | 0.40 | 0.41 | |||||||||||||||
| Cash dividends declared |
0.15 | 0.15 | 0.15 | 0.13 | 0.13 | |||||||||||||||
| Book value |
12.34 | 12.17 | 12.08 | 11.70 | 11.80 | |||||||||||||||
| Tangible book value |
10.12 | 9.94 | 9.85 | 9.47 | 9.57 | |||||||||||||||
| Market value |
50.84 | 45.95 | 49.13 | 46.73 | 36.17 | |||||||||||||||
| Shares outstanding - end of period |
142,532,116 | 142,467,687 | 142,359,774 | 142,285,611 | 142,161,834 | |||||||||||||||
| Average outstanding shares - basic |
142,437,804 | 142,334,449 | 142,245,555 | 142,146,275 | 142,057,705 | |||||||||||||||
| Average outstanding shares - diluted |
143,251,521 | 143,218,920 | 143,164,611 | 143,002,658 | 142,644,088 | |||||||||||||||
| PERFORMANCE RATIOS |
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| Return on average assets |
1.74 | % | 1.90 | % | 1.89 | % | 2.05 | % | 2.19 | % | ||||||||||
| Return on average equity |
12.63 | 13.43 | 13.38 | 13.83 | 14.27 | |||||||||||||||
| Return on average tangible equity |
15.45 | 16.43 | 16.48 | 17.09 | 17.74 | |||||||||||||||
| Net interest margin (tax equivalent) |
3.29 | 3.41 | 3.36 | 3.55 | 3.75 | |||||||||||||||
| Efficiency ratio |
46.18 | 45.88 | 45.94 | 45.36 | 49.15 | |||||||||||||||
| Year Ended Dec. 31, |
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| INCOME STATEMENTS | 2021 | 2020 | ||||||||||||||||||
| Interest income |
$ | 376,405 | $ | 364,128 | ||||||||||||||||
| Interest expense |
6,042 | 14,243 | ||||||||||||||||||
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| Net interest income |
370,363 | 349,885 | ||||||||||||||||||
| Provision for credit losses |
(1,139 | ) | 19,517 | |||||||||||||||||
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| Net interest income after provisions for credit losses |
371,502 | 330,368 | ||||||||||||||||||
| Noninterest income |
142,176 | 139,935 | ||||||||||||||||||
| Noninterest expense |
241,708 | 227,938 | ||||||||||||||||||
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| Net income before income taxes |
271,970 | 242,365 | ||||||||||||||||||
| Income tax expense |
44,408 | 40,331 | ||||||||||||||||||
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| Net income |
$ | 227,562 | $ | 202,034 | ||||||||||||||||
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| PER COMMON SHARE DATA |
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| Net income - basic |
$ | 1.60 | $ | 1.42 | ||||||||||||||||
| Net income - diluted |
1.59 | 1.42 | ||||||||||||||||||
| Cash dividends declared |
0.58 | 0.51 | ||||||||||||||||||
| Book Value |
12.34 | 11.80 | ||||||||||||||||||
| Tangible book value |
10.12 | 9.57 | ||||||||||||||||||
| Market Value |
50.84 | 36.17 | ||||||||||||||||||
| Shares outstanding - end of period |
142,532,116 | 142,161,834 | ||||||||||||||||||
| Average outstanding shares - basic |
142,291,939 | 142,032,420 | ||||||||||||||||||
| Average outstanding shares - diluted |
143,134,220 | 142,554,991 | ||||||||||||||||||
| PERFORMANCE RATIOS |
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| Return on average assets |
1.89 | % | 1.98 | % | ||||||||||||||||
| Return on average equity |
13.31 | 12.93 | ||||||||||||||||||
| Return on average tangible equity |
16.35 | 16.25 | ||||||||||||||||||
| Net interest margin (tax equivalent) |
3.40 | 3.79 | ||||||||||||||||||
| Efficiency ratio |
45.84 | 45.49 | ||||||||||||||||||
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
| Quarter Ended | ||||||||||||||||||||
| 2021 | 2020 | |||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||||||||
| ALLOWANCE FOR LOAN LOSSES |
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| Balance at beginning of period |
$ | 63,370 | $ | 62,138 | $ | 62,974 | $ | 66,534 | $ | 76,038 | ||||||||||
| Loans charged off |
(3,067 | ) | (1,475 | ) | (392 | ) | (574 | ) | (1,339 | ) | ||||||||||
| Loan recoveries |
783 | 2,707 | 595 | 443 | 778 | |||||||||||||||
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| Net recoveries (charge-offs) |
(2,284 | ) | 1,232 | 203 | (131 | ) | (561 | ) | ||||||||||||
| Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings |
— | — | — | — | (619 | ) | ||||||||||||||
| Reclassification of credit marks on purchased credit deteriorated (PCD) loans |
— | — | — | — | 1,678 | |||||||||||||||
| Provision for loan losses |
2,379 | — | (1,039 | ) | (3,429 | ) | (10,002 | ) | ||||||||||||
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| Balance at end of period |
$ | 63,465 | $ | 63,370 | $ | 62,138 | $ | 62,974 | $ | 66,534 | ||||||||||
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| ALLOWANCE FOR UNFUNDED COMMITMENTS |
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| Balance at beginning of period |
$ | 6,751 | $ | 6,751 | $ | 6,918 | $ | 5,486 | $ | 2,309 | ||||||||||
| Initial adoption of ASU 2016-13 (CECL) - recorded in retained earnings |
— | — | — | — | 1,208 | |||||||||||||||
| Provision for unfunded commitments |
(315 | ) | — | (167 | ) | 1,432 | 1,969 | |||||||||||||
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| Balance at end of period |
$ | 6,436 | $ | 6,751 | $ | 6,751 | $ | 6,918 | $ | 5,486 | ||||||||||
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| Allowance for loan losses / period-end loans held-for-investment |
1.18 | % | 1.20 | % | 1.17 | % | 1.18 | % | 1.29 | % | ||||||||||
| Allowance for loan losses / nonperforming loans |
200.33 | 250.92 | 208.45 | 160.00 | 155.61 | |||||||||||||||
| Net charge-offs (recoveries) / average total loans (annualized) |
0.17 | (0.09 | ) | (0.02 | ) | 0.01 | 0.04 | |||||||||||||
| Quarter Ended | ||||||||||||||||||||
| 2021 | 2020 | |||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | ||||||||||||||||
| COMPOSITION OF LOANS HELD-FOR-INVESTMENT |
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| Commercial: |
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| C&I |
$ | 784,282 | $ | 680,263 | $ | 662,711 | $ | 646,316 | $ | 647,719 | ||||||||||
| PPP |
52,793 | 139,334 | 320,392 | 531,810 | 483,663 | |||||||||||||||
| Municipal |
177,905 | 165,847 | 179,356 | 176,949 | 181,325 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Commercial |
1,014,980 | 985,444 | 1,162,459 | 1,355,075 | 1,312,707 | |||||||||||||||
| Agriculture |
98,089 | 98,947 | 95,212 | 90,366 | 94,864 | |||||||||||||||
| Real Estate: |
||||||||||||||||||||
| Construction & Development |
749,793 | 656,530 | 550,928 | 587,928 | 553,959 | |||||||||||||||
| Farm |
217,220 | 203,064 | 185,288 | 162,046 | 152,237 | |||||||||||||||
| Non-Owner Occupied CRE |
623,434 | 674,958 | 673,608 | 650,144 | 617,686 | |||||||||||||||
| Owner Occupied CRE |
821,653 | 824,231 | 820,055 | 759,906 | 746,974 | |||||||||||||||
| Residential |
1,334,419 | 1,328,798 | 1,328,474 | 1,254,727 | 1,248,409 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Real Estate |
3,746,519 | 3,687,581 | 3,558,353 | 3,414,751 | 3,319,265 | |||||||||||||||
| Consumer: |
||||||||||||||||||||
| Auto |
405,416 | 394,072 | 383,764 | 370,027 | 353,595 | |||||||||||||||
| Non-Auto |
123,968 | 120,450 | 104,814 | 92,343 | 90,602 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Consumer |
529,384 | 514,522 | 488,578 | 462,370 | 444,197 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total loans held-for-investment |
$ | 5,388,972 | $ | 5,286,494 | $ | 5,304,602 | $ | 5,322,562 | $ | 5,171,033 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| SUMMARY OF LOAN CLASSIFICATION |
||||||||||||||||||||
| Special Mention |
$ | 55,670 | $ | 53,620 | $ | 54,497 | $ | 61,866 | $ | 56,585 | ||||||||||
| Substandard |
105,515 | 112,151 | 120,497 | 128,550 | 140,866 | |||||||||||||||
| Doubtful |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total classified loans |
$ | 161,185 | $ | 165,771 | $ | 174,994 | $ | 190,416 | $ | 197,451 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| NONPERFORMING ASSETS |
||||||||||||||||||||
| Nonaccrual loans |
$ | 31,652 | $ | 25,210 | $ | 29,786 | $ | 39,333 | $ | 42,619 | ||||||||||
| Accruing troubled debt restructured loans |
21 | 22 | 23 | 23 | 24 | |||||||||||||||
| Accruing loans 90 days past due |
8 | 23 | — | 2 | 113 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonperforming loans |
31,681 | 25,255 | 29,809 | 39,358 | 42,756 | |||||||||||||||
| Foreclosed assets |
2,477 | 28 | 305 | 300 | 142 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonperforming assets |
$ | 34,158 | $ | 25,283 | $ | 30,114 | $ | 39,658 | $ | 42,898 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| As a % of loans held-for-investment and foreclosed assets |
0.63 | % | 0.48 | % | 0.57 | % | 0.75 | % | 0.83 | % | ||||||||||
| As a % of end of period total assets |
0.26 | 0.20 | 0.24 | 0.33 | 0.39 | |||||||||||||||
| OIL AND GAS PORTFOLIO INFORMATION * |
||||||||||||||||||||
| Oil and gas loans |
$ | 140,034 | $ | 96,469 | $ | 103,166 | $ | 105,261 | $ | 106,237 | ||||||||||
| Oil and gas loans as a % of total loans held-for-investment |
2.62 | % | 1.87 | % | 2.07 | % | 2.20 | % | 2.27 | % | ||||||||||
| Classified oil and gas loans |
$ | 11,821 | $ | 10,831 | $ | 13,090 | $ | 10,079 | $ | 13,298 | ||||||||||
| Nonaccrual oil and gas loans |
3,701 | 3,058 | 3,986 | 4,759 | 4,774 | |||||||||||||||
| Net charge-offs (recoveries) on oil and gas loans |
— | (71 | ) | 59 | 40 | 24 | ||||||||||||||
| * Excluding PPP loans |
||||||||||||||||||||
| RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION * |
||||||||||||||||||||
| Retail loans |
$ | 375,752 | $ | 348,797 | $ | 326,409 | $ | 282,310 | $ | 216,244 | ||||||||||
| Restaurant loans |
60,894 | 59,031 | 56,997 | 51,772 | 48,618 | |||||||||||||||
| Hotel loans |
62,404 | 60,733 | 71,008 | 71,435 | 71,716 | |||||||||||||||
| Other hospitality loans |
26,438 | 27,369 | 27,929 | 24,014 | 21,970 | |||||||||||||||
| Travel loans |
598 | 593 | 790 | 664 | 780 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total retail/restaurant/hospitality loans |
$ | 526,086 | $ | 496,523 | $ | 483,133 | $ | 430,195 | $ | 359,328 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment |
9.86 | % | 9.65 | % | 9.69 | % | 8.98 | % | 7.67 | % | ||||||||||
| Classified Retail/Restaurant/Hospitality loans |
$ | 32,747 | $ | 34,341 | $ | 43,635 | $ | 45,214 | $ | 31,192 | ||||||||||
| Nonaccrual Retail/Restaurant/Hospitality loans |
1,487 | 1,995 | 5,600 | 6,575 | 5,975 | |||||||||||||||
| Net charge-offs (recoveries) on Retail/Restaurant/Hospitality loans |
42 | (506 | ) | — | — | 561 | ||||||||||||||
| * Excluding PPP loans |
||||||||||||||||||||
| CAPITAL RATIOS |
||||||||||||||||||||
| Common equity Tier 1 capital ratio |
19.35 | % | 19.71 | % | 20.04 | % | 20.32 | % | 20.79 | % | ||||||||||
| Tier 1 capital ratio |
19.35 | 19.71 | 20.04 | 20.32 | 20.79 | |||||||||||||||
| Total capital ratio |
20.34 | 20.76 | 21.12 | 21.47 | 22.03 | |||||||||||||||
| Tier 1 leverage ratio |
11.13 | 11.19 | 11.10 | 11.55 | 11.86 | |||||||||||||||
| Tangible common equity ratio |
11.55 | 11.90 | 11.75 | 12.35 | 12.71 | |||||||||||||||
| Equity/Assets ratio |
13.43 | 13.82 | 13.95 | 13.76 | 15.39 | |||||||||||||||
| Quarter Ended | ||||||||||||||||||||
| 2021 | 2020 | |||||||||||||||||||
| NONINTEREST INCOME | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
| Trust fees |
$ | 9,670 | $ | 9,484 | $ | 8,692 | $ | 8,299 | $ | 7,672 | ||||||||||
| Service charges on deposits |
5,762 | 5,673 | 4,928 | 4,793 | 5,330 | |||||||||||||||
| ATM, interchange and credit card fees |
9,955 | 9,793 | 9,853 | 8,677 | 8,376 | |||||||||||||||
| Gain on sale and fees on mortgage loans |
6,272 | 8,788 | 8,291 | 9,894 | 11,116 | |||||||||||||||
| Net gain on sale of available-for-sale securities |
1 | 1 | 5 | 808 | 23 | |||||||||||||||
| Net gain on sale of foreclosed assets |
107 | 27 | 1 | 55 | 87 | |||||||||||||||
| Net gain (loss) on sale of assets |
(3 | ) | (6 | ) | 74 | 145 | 22 | |||||||||||||
| Interest on loan recoveries |
1,207 | 1,746 | 704 | 382 | 235 | |||||||||||||||
| Other noninterest income |
1,932 | 2,220 | 2,125 | 1,821 | 2,848 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total noninterest income |
$ | 34,903 | $ | 37,726 | $ | 34,673 | $ | 34,874 | $ | 35,709 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| NONINTEREST EXPENSE |
||||||||||||||||||||
| Salaries, commissions and employee benefits, excluding profit sharing |
$ | 31,876 | $ | 34,460 | $ | 32,936 | $ | 32,636 | $ | 34,773 | ||||||||||
| Profit sharing expense |
3,099 | 2,630 | 2,110 | 2,295 | 6,245 | |||||||||||||||
| Net occupancy expense |
3,333 | 3,288 | 3,241 | 3,147 | 3,067 | |||||||||||||||
| Equipment expense |
2,382 | 2,450 | 2,177 | 2,164 | 2,154 | |||||||||||||||
| FDIC insurance premiums |
848 | 815 | 766 | 701 | 663 | |||||||||||||||
| ATM, interchange and credit card expenses |
3,227 | 2,935 | 3,039 | 2,772 | 2,811 | |||||||||||||||
| Legal, tax and professional fees |
2,835 | 2,893 | 3,352 | 2,726 | 2,302 | |||||||||||||||
| Audit fees |
423 | 466 | 430 | 440 | 407 | |||||||||||||||
| Printing, stationery and supplies |
664 | 432 | 489 | 325 | 449 | |||||||||||||||
| Amortization of intangible assets |
391 | 398 | 412 | 412 | 483 | |||||||||||||||
| Advertising and public relations |
1,842 | 1,746 | 1,392 | 1,388 | 1,600 | |||||||||||||||
| Operational and other losses |
1,385 | 1,087 | 534 | 287 | 537 | |||||||||||||||
| Software amortization and expense |
2,817 | 2,855 | 2,829 | 2,619 | 2,563 | |||||||||||||||
| Other noninterest expense |
6,550 | 6,484 | 5,667 | 5,811 | 5,651 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total noninterest expense |
$ | 61,672 | $ | 62,939 | $ | 59,374 | $ | 57,723 | $ | 63,705 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| TAX EQUIVALENT YIELD ADJUSTMENT |
$ | 3,841 | $ | 3,670 | $ | 3,633 | $ | 3,547 | $ | 3,355 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Year Ended Dec. 31, |
||||||||||||||||||||
| NONINTEREST INCOME | 2021 | 2020 | ||||||||||||||||||
| Trust fees |
$ | 36,145 | $ | 29,531 | ||||||||||||||||
| Service charges on deposits |
21,156 | 20,572 | ||||||||||||||||||
| ATM, interchange and credit card fees |
38,278 | 32,469 | ||||||||||||||||||
| Gain on sale and fees on mortgage loans |
33,245 | 43,872 | ||||||||||||||||||
| Net gain (loss) on sale of available-for-sale securities |
815 | 3,633 | ||||||||||||||||||
| Net gain (loss) on sale of foreclosed assets |
190 | 159 | ||||||||||||||||||
| Net gain (loss) on sale of assets |
210 | 112 | ||||||||||||||||||
| Interest on loan recoveries |
4,039 | 856 | ||||||||||||||||||
| Other noninterest income |
8,098 | 8,731 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total noninterest income |
$ | 142,176 | $ | 139,935 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| NONINTEREST EXPENSE |
||||||||||||||||||||
| Salaries, commissions and employee benefits, excluding profit sharing |
$ | 131,908 | $ | 124,383 | ||||||||||||||||
| Profit sharing expense |
10,134 | 10,740 | ||||||||||||||||||
| Net occupancy expense |
13,009 | 12,388 | ||||||||||||||||||
| Equipment expense |
9,173 | 8,396 | ||||||||||||||||||
| FDIC insurance premiums |
3,130 | 1,758 | ||||||||||||||||||
| ATM, interchange and credit card expenses |
11,973 | 11,235 | ||||||||||||||||||
| Legal, tax and professional fees |
11,806 | 10,769 | ||||||||||||||||||
| Audit fees |
1,759 | 2,083 | ||||||||||||||||||
| Printing, stationery and supplies |
1,910 | 2,163 | ||||||||||||||||||
| Amortization of intangible assets |
1,613 | 1,990 | ||||||||||||||||||
| Advertising and public relations |
6,368 | 4,603 | ||||||||||||||||||
| Operational and other losses |
3,293 | 2,462 | ||||||||||||||||||
| Software amortization and expense |
11,120 | 8,862 | ||||||||||||||||||
| Other noninterest expense |
24,512 | 26,106 | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total noninterest expense |
$ | 241,708 | $ | 227,938 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| TAX EQUIVALENT YIELD ADJUSTMENT |
$ | 14,691 | $ | 11,260 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
| Three Months Ended Dec. 31, 2021 |
Three Months Ended Sept. 30, 2021 |
|||||||||||||||||||||||||||
| Average Balance |
Tax Equivalent Interest |
Yield / Rate |
Average Balance |
Tax Equivalent Interest |
Yield / Rate |
|||||||||||||||||||||||
| Interest-earning assets: |
||||||||||||||||||||||||||||
| Federal funds sold |
$ | 82 | $ | — | 0.48 | % | $ | 1,554 | $ | 2 | 0.51 | % | ||||||||||||||||
| Interest-bearing deposits in nonaffiliated banks |
320,102 | 124 | 0.15 | 612,551 | 236 | 0.15 | ||||||||||||||||||||||
| Taxable securities |
3,590,137 | 13,556 | 1.51 | 3,081,215 | 12,122 | 1.57 | ||||||||||||||||||||||
| Tax exempt securities |
2,636,360 | 18,163 | 2.76 | 2,542,606 | 17,701 | 2.78 | ||||||||||||||||||||||
| Loans |
5,347,069 | 67,993 | 5.04 | 5,337,807 | 70,807 | 5.26 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-earning assets |
11,893,750 | $ | 99,836 | 3.33 | % | 11,575,733 | $ | 100,868 | 3.46 | % | ||||||||||||||||||
| Noninterest-earning assets |
726,932 | 705,099 | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Total assets |
$ | 12,620,682 | $ | 12,280,832 | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||||||
| Deposits |
$ | 6,399,343 | $ | 1,110 | 0.07 | % | $ | 6,346,267 | $ | 1,340 | 0.08 | % | ||||||||||||||||
| Borrowings |
639,725 | 77 | 0.05 | 599,934 | 76 | 0.05 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing liabilities |
7,039,068 | $ | 1,187 | 0.07 | % | 6,946,201 | $ | 1,416 | 0.08 | % | ||||||||||||||||||
| Noninterest-bearing deposits |
3,744,848 | 3,490,685 | ||||||||||||||||||||||||||
| Other noninterest-bearing liabilities |
99,091 | 103,446 | ||||||||||||||||||||||||||
| Shareholders’ equity |
1,737,675 | 1,740,500 | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Total liabilities and shareholders’ equity |
$ | 12,620,682 | $ | 12,280,832 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Net interest income and margin (tax equivalent) |
$ | 98,649 | 3.29 | % | $ | 99,452 | 3.41 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Three Months Ended June 30, 2021 |
Three Months Ended Mar. 31, 2021 |
|||||||||||||||||||||||||||
| Average Balance |
Tax Equivalent Interest |
Yield / Rate |
Average Balance |
Tax Equivalent Interest |
Yield / Rate |
|||||||||||||||||||||||
| Interest-earning assets: |
||||||||||||||||||||||||||||
| Federal funds sold |
$ | 3,049 | $ | 4 | 0.54 | % | $ | 1,942 | $ | 3 | 0.58 | % | ||||||||||||||||
| Interest-bearing deposits in nonaffiliated banks |
796,835 | 211 | 0.11 | 637,129 | 159 | 0.10 | ||||||||||||||||||||||
| Taxable securities |
2,656,211 | 11,449 | 1.72 | 2,251,419 | 10,264 | 1.82 | ||||||||||||||||||||||
| Tax exempt securities |
2,461,924 | 17,410 | 2.83 | 2,368,615 | 16,979 | 2.87 | ||||||||||||||||||||||
| Loans |
5,383,781 | 67,161 | 5.00 | 5,296,149 | 66,753 | 5.11 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-earning assets |
11,301,800 | $ | 96,235 | 3.42 | % | 10,555,254 | $ | 94,158 | 3.62 | % | ||||||||||||||||||
| Noninterest-earning assets |
692,282 | 700,550 | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Total assets |
$ | 11,994,082 | $ | 11,255,804 | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||||||
| Deposits |
$ | 6,229,991 | $ | 1,560 | 0.10 | % | $ | 5,916,237 | $ | 1,696 | 0.12 | % | ||||||||||||||||
| Borrowings |
527,669 | 93 | 0.07 | 456,620 | 91 | 0.08 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing liabilities |
6,757,660 | $ | 1,653 | 0.10 | % | 6,372,857 | $ | 1,787 | 0.11 | % | ||||||||||||||||||
| Noninterest-bearing deposits |
3,439,683 | 3,114,656 | ||||||||||||||||||||||||||
| Other noninterest-bearing liabilities |
106,994 | 99,581 | ||||||||||||||||||||||||||
| Shareholders’ equity |
1,689,745 | 1,668,710 | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Total liabilities and shareholders’ equity |
$ | 11,994,082 | $ | 11,255,804 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Net interest income and margin (tax equivalent) |
$ | 94,582 | 3.36 | % | $ | 92,371 | 3.55 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Three Months Ended Dec. 31, 2020 |
||||||||||||||||||||||||||||
| Average Balance |
Tax Equivalent Interest |
Yield / Rate |
||||||||||||||||||||||||||
| Interest-earning assets: |
||||||||||||||||||||||||||||
| Federal funds sold |
$ | — | $ | — | — | % | ||||||||||||||||||||||
| Interest-bearing deposits in nonaffiliated banks |
195,637 | 50 | 0.10 | |||||||||||||||||||||||||
| Taxable securities |
2,086,419 | 10,708 | 2.05 | |||||||||||||||||||||||||
| Tax exempt securities |
2,318,912 | 16,733 | 2.89 | |||||||||||||||||||||||||
| Loans |
5,356,229 | 68,321 | 5.07 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Total interest-earning assets |
9,957,197 | $ | 95,812 | 3.83 | % | |||||||||||||||||||||||
| Noninterest-earning assets |
674,229 | |||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Total assets |
$ | 10,631,426 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||||||
| Deposits |
$ | 5,479,873 | $ | 1,826 | 0.13 | % | ||||||||||||||||||||||
| Borrowings |
428,117 | 94 | 0.09 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Total interest-bearing liabilities |
5,907,990 | $ | 1,920 | 0.13 | % | |||||||||||||||||||||||
| Noninterest-bearing deposits |
2,987,572 | |||||||||||||||||||||||||||
| Other noninterest-bearing liabilities |
106,065 | |||||||||||||||||||||||||||
| Shareholders’ equity |
1,629,799 | |||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| Total liabilities and shareholders’ equity |
$ | 10,631,426 | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Net interest income and margin (tax equivalent) |
$ | 93,892 | 3.75 | % | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Year Ended Dec. 31, 2021 |
Year Ended Dec. 31, 2020 |
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| Average Balance |
Tax Equivalent Interest |
Yield / Rate |
Average Balance |
Tax Equivalent Interest |
Yield / Rate |
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| Interest-earning assets: |
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| Federal funds sold |
$ | 1,651 | $ | 9 | 0.55 | % | $ | 1,388 | $ | 14 | 0.99 | % | ||||||||||||||||
| Interest-bearing deposits in nonaffiliated banks |
590,843 | 730 | 0.12 | 249,698 | 939 | 0.38 | ||||||||||||||||||||||
| Taxable securities |
2,898,924 | 47,390 | 1.63 | 2,233,634 | 51,456 | 2.30 | ||||||||||||||||||||||
| Tax exempt securities |
2,503,220 | 70,253 | 2.81 | 1,882,711 | 58,403 | 3.10 | ||||||||||||||||||||||
| Loans |
5,341,332 | 272,714 | 5.11 | 5,152,531 | 264,576 | 5.13 | ||||||||||||||||||||||
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| Total interest-earning assets |
11,335,970 | $ | 391,096 | 3.45 | % | 9,519,962 | $ | 375,388 | 3.94 | % | ||||||||||||||||||
| Noninterest-earning assets |
706,285 | 673,553 | ||||||||||||||||||||||||||
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| Total assets |
$ | 12,042,255 | $ | 10,193,515 | ||||||||||||||||||||||||
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| Interest-bearing liabilities: |
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| Deposits |
$ | 6,224,621 | $ | 5,704 | 0.09 | % | $ | 5,198,554 | $ | 13,119 | 0.25 | % | ||||||||||||||||
| Borrowings |
556,610 | 338 | 0.06 | 561,505 | 1,124 | 0.20 | ||||||||||||||||||||||
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| Total interest-bearing liabilities |
6,781,231 | $ | 6,042 | 0.09 | % | 5,760,059 | $ | 14,243 | 0.25 | % | ||||||||||||||||||
| Noninterest-bearing deposits |
3,449,313 | 2,782,896 | ||||||||||||||||||||||||||
| Other noninterest-bearing liabilities |
102,279 | 88,550 | ||||||||||||||||||||||||||
| Shareholders’ equity |
1,709,432 | 1,562,010 | ||||||||||||||||||||||||||
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| Total liabilities and shareholders’ equity |
$ | 12,042,255 | $ | 10,193,515 | ||||||||||||||||||||||||
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| Net interest income and margin (tax equivalent) |
$ | 385,054 | 3.40 | % | $ | 361,145 | 3.79 | % | ||||||||||||||||||||
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