FIRST FINANCIAL BANKSHARES, INC. ABILENE, Texas, Jan. 28, 2016 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2015 of $25.19 million, up 11.53 percent compared with earnings of $22.59 million in the same quarter last year. Basic earnings per share were $0.38 for the fourth quarter of 2015 compared with $0.35 in the same quarter a year ago.
All amounts for the fourth quarter and year ended December 31, 2015, 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 2015 increased 15.81 percent to $58.00 million compared with $50.08 million in the same quarter of 2014. The net interest margin, on a taxable equivalent basis, was 4.16 percent compared to 4.13 percent in the third quarter of 2015 and 4.08 percent in the same quarter last year. Included in interest income for the fourth quarter of 2015 was $761 thousand, or five 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 $4.18 million in the fourth quarter of 2015 compared with $2.66 million in the third quarter of 2015 and $755 thousand in the fourth quarter of 2014. The continued provision for loan losses in 2015 and 2014 reflects the overall growth in loans and continued levels of nonperforming and classified assets, including those related to the oil and gas industry. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.89 percent at December 31, 2015, compared with 0.69 percent at September 30, 2015, and 0.74 percent at December 31, 2014. Classified loans totaled $149.43 million at December 31, 2015, compared to $112.12 million at September 30, 2015, and $72.98 million at December 31, 2014. At December 31, 2015, loans with oil and gas industry exposure totaled 2.9% of gross loans, down slightly from 2014 year-end balances. These loans comprised $34.51 million of the classified loan totals and $5.40 million of the nonperforming loan totals. In addition, $1.37 million in charge offs was related to these oil and gas loans for the quarter ended December 31, 2015.
Noninterest income increased 13.26 percent in the fourth quarter of 2015 to $19.28 million compared with $17.02 million in the same quarter a year ago. Trust fees increased $92 thousand to $4.96 million in the fourth quarter of 2015 compared with $4.87 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $3.87 billion from $3.76 billion a year ago. This growth offset a $392 thousand decline in Trust oil and gas fee income in the fourth quarter of 2015 compared to the same quarter a year ago. ATM, interchange and credit card fees increased 10.01 percent to $5.65 million compared with $5.14 million in the same quarter last year due to continued growth in net new accounts and debit cards. Real estate mortgage fees increased 84.25 percent in the fourth quarter of 2015 to $3.09 million compared with $1.68 million in the same quarter a year ago, primarily resulting from a stronger mortgage market and the asset purchase of 4Trust Mortgage, Inc. Included in noninterest income in the fourth quarter of 2015 was a loss on sale of assets totaling $809 thousand, primarily due to an impairment charge on our Orange branch office related to our pending sale/gift in 2016 to the City of Orange. This transaction will allow us to construct a smaller, state-of-the-art facility to better serve our customers.
Noninterest expense for the fourth quarter of 2015 totaled $40.34 million compared to $36.44 million in the fourth quarter of 2014. The Company's efficiency ratio in the fourth quarter of 2015 was 48.38 percent compared with 50.58 percent in the same quarter last year. The increase in noninterest expense in the fourth quarter of 2015 was primarily a result of an increase in salary and employee benefit costs, primarily driven by the addition of employees in compliance-related areas, the addition of 4Trust Mortgage Inc. and First Bank employees and annual pay increases. In addition, legal, tax and professional fees for the fourth quarter of 2015 increased $674 thousand over the same quarter in 2014, primarily related to increased legal fees.
For the year ended December 31, 2015, net income increased 12.08 percent to $100.38 million from $89.56 million in 2014, marking 2015 as the 29(th) consecutive year of earnings increases for the Company. Basic earnings per share in 2015 rose to $1.55 from $1.40 in the previous year.
Net interest income increased 11.92 percent for the year to $217.54 million from $194.36 million a year ago. The provision for loan losses for 2015 totaled $9.69 million compared with $4.47 million in 2014. Noninterest income was $73.43 million in 2015 compared with $66.62 million in 2014. Noninterest expense rose to $149.46 million in 2015 compared with $137.93 million a year ago.
As of December 31, 2015, consolidated assets for the Company totaled $6.67 billion compared with $5.85 billion a year ago. Loans totaled $3.35 billion at year end compared with loans of $2.94 billion a year ago. Total deposits grew 9.26 percent to $5.19 billion at December 31, 2015, compared to $4.75 billion a year ago. Shareholders' equity rose to $804.99 million as of December 31, 2015, compared with $681.54 million in the prior year.
"We are proud to report the 29(th) consecutive year of increased earnings and note that the Company surpassed $100 million in net income for the first time in its history," said F. Scott Dueser, Chairman, President and CEO. "We owe this success to the tireless efforts of our personnel and the tremendous support of our directors and our customers. Going forward, we will continue to search for opportunities to maximize our efficiencies and increase shareholder value. In light of the current depressed oil and gas prices, we continue to be more aggressive in closely monitoring our loans to ensure that we have adequate loan loss reserves."
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 70 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 nine locations and First Technology Services, Inc., a technology operating company.
The Company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial 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
-----
2015 2014
---- ----
ASSETS Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Cash and due from banks $179,140 $133,340 $149,524 $142,233 $190,387
Interest-bearing deposits in banks 89,936 4,268 18,179 18,275 54,324
Interest-bearing time deposits in banks 3,495 4,491 5,456 9,170 17,002
Fed funds sold 3,810 2,790 5,720 5,460 8,760
Investment securities 2,734,177 2,737,639 2,729,408 2,689,640 2,416,297
Loans 3,350,593 3,288,422 2,967,768 2,938,707 2,937,991
Allowance for
loan losses (41,877) (40,420) (38,999) (37,828) (36,824)
Net loans 3,308,716 3,248,002 2,928,769 2,900,879 2,901,167
Premises and equipment 115,712 116,803 104,495 104,358 103,000
Goodwill 139,971 139,655 96,632 94,882 94,882
Other intangible assets 4,478 4,641 2,407 2,310 2,477
Other assets 85,635 76,016 74,646 58,165 59,906
------ ------ ------ ------ ------
Total assets $6,665,070 $6,467,645 $6,115,236 $6,025,372 $5,848,202
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $1,745,952 $1,720,383 $1,574,745 $1,600,807 $1,570,330
Interest-bearing deposits 3,444,217 3,376,900 3,152,674 3,236,200 3,179,925
--------- --------- --------- --------- ---------
Total deposits 5,190,169 5,097,283 4,727,419 4,837,007 4,750,255
Borrowings 615,675 500,903 621,155 401,898 367,110
Other liabilities 54,240 77,425 65,469 80,219 49,300
Shareholders' equity 804,986 792,034 701,193 706,248 681,537
------- ------- ------- ------- -------
Total
liabilities and
shareholders'
equity $6,665,070 $6,467,645 $6,115,236 $6,025,372 $5,848,202
Quarter Ended
-------------
2015 2014
---- ----
INCOME STATEMENTS Dec 31, Sept. 30, June 30, Mar. 31, Dec. 31,
------- --------- -------- -------- --------
Interest income $59,047 $57,163 $53,344 $52,069 $51,121
Interest expense 1,046 1,065 1,008 970 1,039
----- ----- ----- --- -----
Net interest income 58,001 56,098 52,336 51,099 50,082
Provision for loan losses 4,177 2,664 1,554 1,290 755
----- ----- ----- ----- ---
Net interest income after provision for loan losses 53,824 53,434 50,782 49,809 49,327
Noninterest income 19,280 20,446 17,809 15,897 17,023
Noninterest expense 40,342 39,973 35,204 33,943 36,435
------ ------ ------ ------ ------
Net income
before income
taxes 32,762 33,907 33,387 31,763 29,915
Income tax expense 7,570 8,021 8,080 7,766 7,328
----- ----- ----- ----- -----
Net income $25,192 $25,886 $25,307 $23,997 $22,587
PER COMMON SHARE DATA
Net income - basic $0.38 $0.40 $0.39 $0.37 $0.35
Net income - diluted 0.38 0.40 0.39 0.37 0.35
Cash dividends declared 0.16 0.16 0.16 0.14 0.14
Book Value 12.20 12.01 10.93 11.01 10.63
Market Value $30.17 $31.78 $34.64 $27.64 $29.88
Shares outstanding - end of period 65,990,234 65,942,155 64,156,302 64,142,812 64,089,921
Average outstanding shares - basic 65,940,127 65,335,457 64,148,356 64,122,965 64,075,334
Average outstanding shares - diluted 66,105,098 65,501,697 64,354,720 64,298,896 64,316,815
PERFORMANCE RATIOS
Return on average assets 1.53% 1.61% 1.67% 1.64% 1.57%
Return on average equity 12.54 13.63 14.38 14.00 13.34
Net interest margin (tax equivalent) 4.16 4.13 4.07 4.11 4.08
Efficiency ratio 48.38 48.44 46.46 47.01 50.58
Year Ended
Dec 31,
-------
INCOME STATEMENTS 2015 2014
---- ----
Interest income $221,623 $198,539
Interest expense 4,088 4,181
----- -----
Net interest income 217,535 194,358
Provision for loan losses 9,685 4,465
----- -----
Net interest income after provision for loan losses 207,850 189,893
Noninterest income 73,432 66,624
Noninterest expense 149,464 137,925
------- -------
Net income
before income
taxes 131,818 118,592
Income tax expense 31,437 29,033
------ ------
Net income $100,381 $89,559
PER COMMON SHARE DATA
Net income - basic $1.55 $1.40
Net income - diluted 1.54 1.39
Cash dividends declared 0.62 0.55
Book Value 12.20 10.63
Market Value $30.17 $29.88
Shares outstanding - end of period 65,990,234 64,089,921
Average outstanding shares - basic 64,892,934 64,047,803
Average outstanding shares - diluted 65,068,030 64,308,535
PERFORMANCE RATIOS
Return on average assets 1.61% 1.65%
Return on average equity 13.60 14.00
Net interest margin (tax equivalent) 4.12 4.20
Efficiency ratio 47.61 49.24
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended
-------------
2015 2014
---- ----
ALLOWANCE FOR LOAN LOSSES Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Balance at beginning of period $40,420 $38,999 $37,828 $36,824 $36,388
Loans charged off (3,110) (1,477) (943) (509) (670)
Loan recoveries 390 234 560 223 351
--- --- --- --- ---
Net recoveries (charge-offs) (2,720) (1,243) (383) (286) (319)
Provision for loan losses 4,177 2,664 1,554 1,290 755
Balance at end of period $41,877 $40,420 $38,999 $37,828 $36,824
======= ======= ======= ======= =======
Allowance for loan losses /
period-end loans 1.25% 1.23% 1.31% 1.29% 1.25%
Allowance for loan losses /
nonperforming loans 143.70 183.39 228.20 196.04 178.06
Net charge-offs / average loans
(annualized) 0.33 0.16 0.05 0.04 0.04
SUMMARY OF LOAN CLASSIFICATION
Special Mention $40,576 $43,284 $47,409 $30,874 $19,453
Substandard 108,813 68,772 48,317 46,775 53,388
Doubtful 37 62 43 99 141
--- --- --- --- ---
Total
classified
loans $149,426 $112,118 $95,769 $77,748 $72,982
NONPERFORMING ASSETS
Nonaccrual loans $28,601 $21,788 $16,854 $18,935 $20,195
Accruing troubled debt restructured loans 199 204 172 177 226
Accruing loans 90 days past due 341 49 64 184 260
--- --- --- --- ---
Total
nonperforming
loans 29,141 22,041 17,090 19,296 20,681
Foreclosed assets 627 701 1,045 1,081 1,035
--- --- ----- ----- -----
Total
nonperforming
assets $29,768 $22,742 $18,135 $20,377 $21,716
As a % of loans and foreclosed assets 0.89% 0.69% 0.61% 0.69% 0.74%
As a % of end of period total assets 0.45 0.35 0.30 0.34 0.37
CAPITAL RATIOS
Tier 1 risk-based 15.90% 15.73% 16.25% 16.23% 16.05%
Total risk-based 16.97 16.78 17.36 17.35 17.16
Tier 1 leverage 9.96 9.96 9.84 9.85 9.89
Equity to assets 12.08 12.25 11.47 11.72 11.65
Quarter Ended
-------------
2015 2014
---- ----
NONINTEREST INCOME Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Trust fees $4,961 $4,818 $4,740 $4,731 $4,869
Service charges on deposits 4,730 4,653 4,021 3,768 4,287
ATM, interchange and credit card fees 5,651 5,794 5,445 4,969 5,137
Real estate mortgage fees 3,088 3,742 2,098 1,482 1,676
Net gain (loss) on sale of available-for-sale securities 51 136 239 5 -
Net gain (loss) on sale of foreclosed assets 528 28 (49) 30 100
Net gain (loss) on sale of assets (809) (11) (4) 5 (6)
Other noninterest income 1,080 1,286 1,319 907 960
Total
noninterest
income $19,280 $20,446 $17,809 $15,897 $17,023
NONINTEREST EXPENSE
Salaries and employee benefits, excluding profit sharing $20,647 $20,007 $17,865 $17,023 $16,302
Profit sharing expense 1,265 1,641 1,308 1,242 1,516
Loss from partial settlement of pension plan - - - - 2,909
Net occupancy expense 2,674 3,050 2,394 2,197 2,296
Equipment expense 3,218 3,114 2,992 2,899 2,695
FDIC insurance premiums 837 819 749 748 689
ATM, interchange and credit card expenses 1,540 1,509 1,609 1,725 1,875
Legal, tax and professional fees 2,037 1,497 1,701 1,697 1,363
Audit fees 359 444 372 381 279
Printing, stationery and supplies 617 594 471 596 676
Amortization of intangible assets 199 200 72 90 64
Advertising and public relations 1,481 1,564 1,484 1,353 1,515
Correspondent bank service charges 239 238 225 222 222
Other noninterest expense 5,229 5,296 3,962 3,770 4,034
----- ----- ----- ----- -----
Total
noninterest
expense $40,342 $39,973 $35,204 $33,943 $36,435
TAX EQUIVALENT YIELD ADJUSTMENT $6,111 $5,984 $5,635 $5,213 $4,934
====== ====== ====== ====== ======
Year Ended
Dec. 31,
--------
NONINTEREST INCOME 2015 2014
---- ----
Trust fees $19,252 $18,766
Service charges on deposits 17,171 16,910
ATM, interchange and credit card fees 21,860 19,427
Real estate mortgage fees 10,409 6,511
Net gain (loss) on sale of available-for-sale securities 432 (4)
Net gain (loss) on sale of foreclosed assets 538 904
Net gain (loss) on sale of assets (820) 10
Other noninterest income 4,590 4,100
Total
noninterest
income $73,432 $66,624
NONINTEREST EXPENSE
Salaries and employee benefits, excluding profit sharing $75,544 $65,132
Profit sharing expense 5,455 5,324
Loss from partial settlement of pension plan - 2,909
Net occupancy expense 10,314 9,100
Equipment expense 12,222 10,740
FDIC insurance premiums 3,153 2,725
ATM, interchange and credit card expenses 6,384 6,870
Legal, tax and professional fees 6,934 5,307
Audit fees 1,555 1,418
Printing, stationery and supplies 2,278 2,637
Amortization of intangible assets 561 275
Advertising and public relations 5,883 5,946
Correspondent bank service charges 925 887
Other noninterest expense 18,256 18,655
------ ------
Total
noninterest
expense $149,464 $137,925
TAX EQUIVALENT YIELD ADJUSTMENT $22,942 $19,130
======= =======
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended Three Months Ended
Dec. 31, 2015 Sept. 30, 2015
------------- --------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $5,769 $4 0.31% $8,334 $8 0.40%
Interest-bearing deposits in nonaffiliated banks 32,937 33 0.40 42,083 33 0.31
Taxable securities 1,352,555 7,170 2.12 1,372,834 7,296 2.13
Tax exempt securities 1,408,410 16,305 4.63 1,376,119 16,021 4.66
Loans 3,309,685 41,646 4.99 3,161,229 39,789 4.99
--------- ------ ---- --------- ------ ----
Total interest-earning assets 6,109,356 $65,158 4.23% 5,960,599 $63,147 4.20%
Noninterest-earning assets 427,018 402,174
------- -------
Total assets $6,536,374 $6,362,773
Interest-bearing liabilities:
Deposits $3,391,514 $882 0.10% $3,295,411 $932 0.11%
Fed funds purchased and other borrowings 575,861 164 0.11 572,431 133 0.09
------- --- ---- ------- --- ----
Total interest-bearing liabilities 3,967,375 $1,046 0.10% 3,867,842 $1,065 0.11%
Noninterest-bearing liabilities 1,772,060 1,741,319
Shareholders' equity 796,939 753,612
------- -------
Total liabilities and
shareholders' equity $6,536,374 $6,362,773
Net interest income and margin (tax equivalent) $64,112 4.16% $62,082 4.13%
======= ==== ======= ====
Three Months Ended Three Months Ended
June 30, 2015 Mar. 31, 2015
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $10,391 $10 0.37% $6,767 $5 0.27%
Interest-bearing deposits in nonaffiliated banks 34,633 40 0.47 89,798 75 0.34
Taxable securities 1,425,744 7,398 2.08 1,333,073 7,808 2.34
Tax exempt securities 1,294,809 15,108 4.67 1,191,772 13,973 4.69
Loans 2,954,502 36,423 4.94 2,931,805 35,420 4.90
--------- ------ ---- --------- ------ ----
Total interest-earning assets 5,720,079 $58,979 4.14% 5,553,215 $57,281 4.18%
Noninterest-earning assets 351,223 363,211
------- -------
Total assets $6,071,302 $5,916,426
Interest-bearing liabilities:
Deposits $3,177,999 $902 0.11% $3,221,552 $927 0.12%
Fed funds purchased and other borrowings 558,367 106 0.08 388,213 42 0.04
------- --- ---- ------- --- ----
Total interest-bearing liabilities 3,736,366 $1,008 0.11% 3,609,765 $969 0.11%
Noninterest-bearing liabilities 1,628,847 1,611,430
Shareholders' equity 706,089 695,231
------- -------
Total liabilities and
shareholders' equity $6,071,302 $5,916,426
Net interest income and margin (tax equivalent) $57,971 4.07% $56,312 4.11%
======= ==== ======= ====
Three Months Ended
Dec. 31, 2014
-------------
Average Tax Equivalent Yield /
Balance Interest Rate
------- -------- ----
Interest-earning assets:
Fed funds sold $5,975 $4 0.30%
Interest-bearing deposits in nonaffiliated banks 118,244 110 0.37
Taxable securities 1,246,632 7,370 2.36
Tax exempt securities 1,091,723 13,078 4.79
Loans 2,889,951 35,492 4.87
--------- ------ ----
Total interest-earning assets 5,352,525 $56,054 4.15%
Noninterest-earning assets 358,395
-------
Total assets $5,710,920
Interest-bearing liabilities:
Deposits $3,043,612 $989 0.13%
Fed funds purchased and other borrowings 373,785 49 0.05
------- --- ----
Total interest-bearing liabilities 3,417,397 $1,038 0.12%
Noninterest-bearing liabilities 1,621,819
Shareholders' equity 671,704
-------
Total liabilities and
shareholders' equity $5,710,920
Net interest income and margin (tax equivalent) $55,016 4.08%
======= ====
Year Ended Year Ended
Dec. 31, 2015 Dec. 31, 2014
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $7,814 $27 0.35% $8,412 $31 0.37%
Interest-bearing deposits in nonaffiliated banks 49,686 181 0.36 66,681 339 0.51
Taxable securities 1,371,110 29,673 2.16 1,173,725 28,402 2.42
Tax exempt securities 1,318,531 61,407 4.66 1,045,304 50,657 4.85
Loans 3,090,538 153,277 4.96 2,786,011 138,240 4.96
--------- ------- ---- --------- ------- ----
Total interest-earning assets 5,837,679 $244,565 4.19% 5,080,133 $217,669 4.28%
Noninterest-earning assets 386,125 348,450
------- -------
Total assets $6,223,804 $5,428,583
Interest-bearing liabilities:
Deposits $3,272,150 $3,642 0.11% $2,905,734 $3,883 0.13%
Fed funds purchased and other borrowings 524,365 446 0.08 397,738 298 0.07
------- --- ---- ------- --- ----
Total interest-bearing liabilities 3,796,515 $4,088 0.11% 3,303,472 $4,181 0.13%
Noninterest-bearing liabilities 1,689,000 1,485,367
Shareholders' equity 738,289 639,744
------- -------
Total liabilities and
shareholders' equity $6,223,804 $5,428,583
Net interest income and margin (tax equivalent) $240,477 4.12% $213,488 4.20%
======== ==== ======== ====
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SOURCE First Financial Bankshares, Inc.
