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ABILENE, Texas, Oct. 22, 2020 /PRNewswire/ --First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2020 of $52.86 million compared with earnings of $43.08 million for the third quarter of 2019, representing a 22.69 percent increase. Basic and diluted earnings per share were $0.37 for the third quarter of 2020 compared with $0.32 for the third quarter of 2019. All amounts for the three and nine months ended September 30, 2020, include the results of the Company's acquisition of TB&T Bancshares, Inc. and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station, Texas, which was effective January 1, 2020. "We are extremely pleased with our results for the third quarter and year-to-date reflecting our TEXAS STRONG initiative to navigate through the pandemic. Throughout this time, we have kept our doors open to allow our customers to keep their doors open as well. Our approach has proven to be very positive since approximately one-third of the PPP loans were made to prospects and noncustomers who couldn't get them done through their own bank allowing us to grow considerably in loans and deposits as well as trust assets. I am extremely proud of the dedication, hard work and excellent customer service that our 1,450 associates have provided through this time by guiding our customers through the PPP loan process, bringing an unbelievable amount of new business to the Company, and executing a record number of mortgages, all of which has certainly helped our bottom line. As already proven, we are well positioned to navigate through this environment with strong reserves, liquidity, superior capital levels, and a team that doesn't allow pandemics or hurricanes to slow us down. We are optimistic about finishing the year strong and rolling right into 2021," said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. Net interest income for the third quarter of 2020 was $89.21 million, up $16.57 million from net interest income of $72.64 million for the third quarter of 2019. The net interest margin on a tax equivalent basis was 3.75 percent for the quarter compared to 3.94 percent a year ago. Net interest income was positively impacted by a $2.33 billion increase in average-earning assets to $9.80 billion at September 30, 2020, from both organic and acquired growth, partially offset by a 52 basis point decline in the yield on interest-earning assets to 3.84 percent for the quarter; and $1.85 million in accretion from acquired loans this quarter compared to $415 thousand in the same quarter last year. Partially offsetting these amounts was a $5.79 million, or 54 basis points, decrease in funding costs on interest-bearing liabilities from the same quarter a year ago. During the third and second quarters of 2020, the Company recognized $2.83 million each quarter in deferred net loan fees on Paycheck Protection Program ('PPP") loans. PPP loans totaled $703.73 million at September 30, 2020 ($703.48 million and $430.84 million in average balances for the third quarter and year-to-date, respectively). The remainder of the PPP net deferred loan fees totaled $15.97 million at September 30, 2020 and continues to be amortized over the shorter of the repayment period or the contractual life of 24 months. Accounting Standards Update (ASU) 2016-13, "Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("CECL"), became effective for the Company on January 1, 2020. However, the pandemic-related legislation included an option for entities to delay the implementation of CECL until the earlier of the termination date of the national emergency declaration by the President, or December 31, 2020. The Company elected to delay implementation of CECL and has calculated and recorded the provision for credit losses for the quarter and year-to-date under the incurred loss model that existed prior to CECL. The Company is prepared to adopt CECL during the fourth quarter, retroactively effective as of January 1, 2020, which will likely require adjusting previously reported provisions for credit losses in the previous quarters of 2020. The provision for credit losses was $9.00 million in the third quarter of 2020, including $1.50 million related to the provision for unfunded commitments, compared with $450 thousand in the third quarter of 2019. During the third quarter of 2020, net charge-offs totaled $409 thousand compared to $381 thousand in the third quarter of 2019. The Company's provision for credit losses in the third quarter of 2020 continues to reflect uncertainty surrounding the economic impact caused by the pandemic and the decline in oil and gas prices. At September 30, 2020, the allowance for loan losses totaled $76.04 million, or 1.44 percent of loans held-for-investment ("loans" hereafter), or 1.66 percent of loans excluding PPP loans, compared to $51.89 million at September 30, 2019, or 1.27 percent of loans. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.81 percent at September 30, 2020, compared with 0.66 percent at September 30, 2019. Classified loans totaled $202.04 million at September 30, 2020, compared to $119.20 million at September 30, 2019. In mid-March of 2020, the Company began offering deferral and extensions of principle and/or interest payments to selected borrowers on a case-by-case basis. During the third quarter, we provided new or extended existing customers deferrals and extensions on a case-by-case basis considering the current and projected profile of the borrower. At September 30, 2020, the Company had approximately 122 loans totaling $18.65 million in outstanding loans subject to deferral and extension agreements, representing 0.41 percent of outstanding loans, excluding PPP loans compared to 2,200 loans totaling $468.54 million, or 10.30 percent of outstanding loans, excluding PPP loans, at June 30, 2020. At September 30, 2020, loans with oil and gas industry exposure, excluding PPP loans, totaled $118.57 million, or 2.58 percent of outstanding loans, excluding PPP loans. These loans comprised $26.82 million of classified loans including $6.80 million in nonaccrual loans. At September 30, 2020, the Company's allowance for loan loss specific reserves on its oil and gas loan portfolio totaled 8.01 percent of total oil and gas loans, excluding PPP loans, and had net charge-offs totaling $801 thousand for the nine months ended September 30, 2020, respectively. There were no charge-offs associated with oil and gas loans during the third quarter of 2020. In addition, at September 30, 2020, loans in the retail/restaurant/hospitality industries, excluding PPP loans, totaled $359.02 million or 7.82 percent of the Company's outstanding loans, excluding PPP loans. These loans comprised $28.17 million of classified loans including $5.69 million in nonaccrual loans. Net charge-offs related to this portfolio totaled $26 thousand and $334 thousand for the three and nine months ended September 30, 2020, respectively. Noninterest income in the third quarter of 2020 rose to $38.58 million from $28.67 million for the third quarter of 2019, as a result of the following: Trust fees increased to $7.46 million in the third quarter of 2020 from $7.05 million in the third quarter of 2019. The fair value of trust assets managed increased to $6.95 billion, up 9.36 percent at September 30, 2020 from $6.36 billion at September 30, 2019. Service charges on deposits were $5.01 million in the third quarter of 2020 compared with $5.63 million in the third quarter of 2019. The decline in service charge revenue in 2020 when compared to 2019 has primarily been driven by lower overdraft fees in the current year related to the effects of the pandemic and related stimulus programs, although service charge income increased $691 thousand in the third quarter over the second quarter of 2020. ATM, interchange and credit card fees increased to $8.64 million in the third quarter of 2020 from $7.73 million in the third quarter of 2019, driven by continued growth in the number of debit cards issued as well as our Bryan/College Station acquisition. Mortgage income increased to $15.23 million compared with $5.73 million in the third quarter of 2019 due to a significant increase in the volume of loans originated driven by the lower rate environment and the strong housing market in Texas. The Company's mortgage pipeline increased to $235.63 million as of September 30, 2020, when compared to $62.79 million at September 30, 2019. Noninterest expense for the third quarter of 2020 totaled $55.59 million compared to $48.91 million in the third quarter of 2019, as a result of the following: Salary, commissions and employee benefit costs totaled $33.65 million for the third quarter of 2020, compared to $28.55 million in the third quarter of 2019. The increase over the prior year was primarily driven by the Bryan/College Station acquisition, annual merit-based pay increases and higher mortgage related commissions and incentives. The $2.84 million increase in the third quarter of 2020 when compared to the second quarter of 2020 primarily resulted from the $3.62 million one-time deferral of salaries related to PPP loans in the second quarter of 2020 and a $1.30 million increase in mortgage related commissions and incentives partially offset by a decrease in other employee costs. Noninterest expense in the second quarter of 2020 included conversion related costs totaling $583 thousand as a result of the Bryan/College Station acquisition, while no significant conversion related costs were incurred in the third quarters of 2020 and 2019. The Company's efficiency ratio in the third quarter of 2020 was 42.45 percent compared with 47.54 percent in the third quarter of 2019. As of September 30, 2020, consolidated assets for the Company totaled $10.57 billion compared to $8.11 billion at September 30, 2019. Loans totaled $5.29 billion at September 30, 2020, compared with loans of $4.10 billion at September 30, 2019, representing approximately 29 percent growth driven by the Bryan/College Station acquisition, PPP loans and organic growth. Deposits totaled $8.29 billion at September 30, 2020, compared to $6.40 billion at September 30, 2019, representing approximately 30 percent growth driven by organic growth and the acquisition. Noninterest-bearing deposits increased to 35.6 percent of total deposits at September 30, 2020 compared to 34.6 percent at September 30, 2019. Shareholders' equity rose to $1.62 billion as of September 30, 2020, compared to $1.21 billion at September 30, 2019, primarily from the Bryan/College Station acquisition, undistributed earnings and the net increase in the net unrealized gain on investment securities. At September 30, 2020, the Company's capital ratios significantly exceeded all well-capitalized requirements. 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 2020 2019 ASSETS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Cash and due from banks $ 175,088 $ 188,373 $ 191,486 $ 231,534 $ 198,855 Interest-bearing deposits in banks 58,933 196,426 76,378 47,920 31,410 Federal funds sold - - - 3,150 - Investment securities 4,431,280 4,118,863 4,107,069 3,413,317 3,397,156 Loans, held-for-investment 5,293,679 5,253,067 4,639,389 4,194,969 4,100,316 Allowance for loan losses (76,038) (68,947) (60,440) (52,499) (51,889) Net loans, held-for-investment 5,217,641 5,184,120 4,578,949 4,142,470 4,048,427 Loans, held-for-sale 101,055 66,370 42,034 28,228 40,499 Premises and equipment, net 141,002 138,933 139,554 131,022 132,367 Goodwill 313,481 313,481 312,842 171,565 171,565 Other intangible assets 5,394 5,884 6,392 2,102 2,340 Other assets 123,778 127,367 246,387 90,919 91,220 Total assets $ 10,567,652 $ 10,339,817 $ 9,701,091 $ 8,262,227 $ 8,113,839 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing deposits $ 2,950,407 $ 2,941,679 $ 2,288,597 $ 2,065,128 $ 2,210,997 Interest-bearing deposits 5,344,481 5,215,963 4,921,869 4,538,678 4,186,686 Total deposits 8,294,888 8,157,642 7,210,466 6,603,806 6,397,683 Borrowings 503,163 449,224 857,871 381,356 400,155 Other liabilities 150,100 150,502 106,392 49,868 110,903 Shareholders' equity 1,619,501 1,582,449 1,526,362 1,227,197 1,205,098 Total liabilities and shareholders' equity $ 10,567,652 $ 10,339,817 $ 9,701,091 $ 8,262,227 $ 8,113,839 Quarter Ended 2020 2019 INCOME STATEMENTS Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Interest income $ 91,373 $ 92,197 $ 88,100 $ 82,123 $ 80,591 Interest expense 2,163 2,962 7,198 6,801 7,953 Net interest income 89,210 89,235 80,902 75,322 72,638 Provision for loan losses 7,500 8,700 9,850 950 450 Provision for unfunded commitments 1,500 - - - - Net interest income after provisions for credit losses 80,210 80,535 71,052 74,372 72,188 Noninterest income 38,575 36,919 28,732 27,347 28,669 Noninterest expense 55,593 53,321 55,318 51,938 48,910 Net income before income taxes 63,192 64,133 44,466 49,781 51,947 Income tax expense 10,335 10,663 7,234 8,393 8,867 Net income $ 52,857 $ 53,470 $ 37,232 $ 41,388 $ 43,080 PER COMMON SHARE DATA Net income - basic $ 0.37 $ 0.38 $ 0.26 $ 0.30 $ 0.32 Net income - diluted 0.37 0.38 0.26 0.30 0.32 Cash dividends declared 0.13 0.13 0.12 0.12 0.12 Book value 11.40 11.14 10.73 9.03 8.87 Tangible book value 9.15 8.89 8.48 7.75 7.59 Market value $ 27.91 $ 28.89 $ 26.84 $ 35.10 $ 33.33 Shares outstanding - end of period 142,121,595 142,035,396 142,314,930 135,891,755 135,822,456 Average outstanding shares - basic 141,980,707 141,973,522 142,118,864 135,747,381 135,693,901 Average outstanding shares - diluted 142,529,242 142,454,083 142,735,208 136,539,286 136,369,328 PERFORMANCE RATIOS Return on average assets 2.01 % 2.06 % 1.63 % 2.01 % 2.15 % Return on average equity 13.14 14.00 10.11 13.56 14.46 Return on average tangible equity 16.41 17.67 12.89 15.83 16.96 Net interest margin (tax equivalent) 3.75 3.78 3.91 3.99 3.94 Efficiency ratio 42.45 41.32 49.63 49.75 47.54 Nine Months Ended Sept. 30, INCOME STATEMENTS 2020 2019 Interest income $ 271,671 $ 237,069 Interest expense 12,323 23,301 Net interest income 259,348 213,768 Provision for loan losses 26,050 2,015 Provision for unfunded commitments 1,500 - Net interest income after provisions for credit losses 231,798 211,753 Noninterest income 104,226 81,081 Noninterest expense 164,233 144,583 Net income before income taxes 171,791 148,251 Income tax expense 28,233 24,827 Net income $ 143,558 $ 123,424 PER COMMON SHARE DATA Net income - basic $ 1.01 $ 0.91 Net income - diluted 1.01 0.91 Cash dividends declared 0.38 0.35 Book value 11.40 8.87 Tangible book value 9.15 7.59 Market value $ 27.91 $ 33.33 Shares outstanding - end of period 142,121,595 135,822,456 Average outstanding shares - basic 142,023,930 135,613,646 Average outstanding shares - diluted 142,519,448 136,274,342 PERFORMANCE RATIOS Return on average assets 1.91 % 2.10 % Return on average equity 12.46 14.67 Return on average tangible equity 15.71 17.36 Net interest margin (tax equivalent) 3.81 3.97 Efficiency ratio 44.21 48.21 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Quarter Ended 2020 2019 ALLOWANCE FOR LOAN LOSSES Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Balance at beginning of period $ 68,947 $ 60,440 $ 52,499 $ 51,889 $ 51,820 Loans charged off (853) (894) (2,227) (834) (767) Loan recoveries 444 701 318 494 386 Net recoveries (charge-offs) (409) (193) (1,909) (340) (381) Provision for loan losses 7,500 8,700 9,850 950 450 Balance at end of period $ 76,038 $ 68,947 $ 60,440 $ 52,499 $ 51,889 Allowance for loan losses / period-end loans held-for-investment 1.44 % 1.31 % 1.30 % 1.25 % 1.27 % Allowance for loan losses / nonperforming loans 177.99 174.83 153.16 212.02 200.75 Net charge-offs / average total loans (annualized) 0.03 0.01 0.16 0.03 0.04 SUMMARY OF LOAN CLASSIFICATION Special Mention $ 66,033 $ 63,489 $ 87,099 $ 63,371 $ 46,300 Substandard 136,010 137,408 103,249 77,284 72,904 Doubtful - - - - - Total classified loans $ 202,043 $ 200,897 $ 190,348 $ 140,655 $ 119,204 NONPERFORMING ASSETS Nonaccrual loans $ 42,673 $ 39,320 $ 39,226 $ 24,582 $ 25,717 Accruing troubled debt restructured loans 25 25 26 26 27 Accruing loans 90 days past due 23 92 209 153 104 Total nonperforming loans 42,721 39,437 39,461 24,761 25,848 Foreclosed assets 331 287 983 1,009 1,364 Total nonperforming assets $ 43,052 $ 39,724 $ 40,444 $ 25,770 $ 27,212 As a % of loans held-for-investment and foreclosed assets 0.81 % 0.76 % 0.87 % 0.61 % 0.66 % As a % of end of period total assets 0.41 0.38 0.42 0.31 0.34 OIL AND GAS PORTFOLIO INFORMATION * Oil and gas loans $ 118,567 $ 128,143 $ 117,223 $ 119,789 $ 122,908 Oil and gas loans as a % of total loans held-for-investment 2.58 % 2.82 % 2.53 % 2.86 % 3.00 % Classified oil and gas loans 26,823 28,366 22,032 7,041 7,953 Nonaccrual oil and gas loans 6,800 3,702 3,477 481 519 Net charge-offs for oil and gas loans - 195 606 - - Allowance for oil and gas loans as a % of oil and gas loans 8.01 % 4.17 % 4.46 % 2.54 % 2.87 % * Excluding PPP loans RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION * Retail loans $ 229,386 $ 216,244 $ 217,380 Restaurant loans 39,523 46,418 25,570 Hotel loans 63,273 51,957 46,690 Other hospitality loans 26,041 23,230 8,470 Travel loans 801 908 937 Total Retail/Restaurant/Hospitality loans $ 359,024 $ 338,757 $ 299,047 Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment 7.82 % 7.45 % 6.45 % Classified Retail/Restaurant/Hospitality loans $ 28,171 $ 15,837 $ 5,680 Nonaccrual Retail/Restaurant/Hospitality loans 5,689 5,752 867 Net Charge-offs for Retail/Restaurant/Hospitality loans 26 178 130 * Excluding PPP loans CAPITAL RATIOS Common equity Tier 1 capital ratio 20.56 % 20.78 % 19.55 % 20.06 % 20.05 % Tier 1 capital ratio 20.56 20.78 19.55 20.06 20.05 Total capital ratio 21.82 22.03 20.65 21.13 21.14 Tier 1 leverage ratio 11.65 11.25 12.49 12.60 12.58 Tangible common equity ratio 12.61 12.00 13.09 12.43 12.94 Equity/Assets ratio 15.33 15.30 15.73 14.85 14.85 Quarter Ended 2020 2019 NONINTEREST INCOME Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, Trust fees $ 7,461 $ 6,961 $ 7,437 $ 7,344 $ 7,051 Service charges on deposits 5,009 4,318 5,915 5,861 5,629 ATM, interchange and credit card fees 8,644 8,049 7,400 7,943 7,728 Gain on sale and fees on mortgage loans 15,228 13,676 3,852 4,216 5,733 Net gain on sale of available-for-sale securities 36 1,512 2,062 5 52 Net gain (loss) on sale of foreclosed assets 19 52 1 81 71 Net gain (loss) on sale of assets (2) (24) 116 78 235 Interest on loan recoveries 202 154 265 277 575 Other noninterest income 1,978 2,221 1,684 1,542 1,595 Total noninterest income $ 38,575 $ 36,919 $ 28,732 $ 27,347 $ 28,669 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 32,104 $ 28,836 $ 28,670 $ 27,175 $ 27,030 Cost related to termination of pension plan - - - 1,700 - Profit sharing expense 1,545 1,978 972 2,766 1,520 Net occupancy expense 3,193 3,101 3,027 2,784 2,830 Equipment expense 2,157 2,010 2,075 2,043 2,225 FDIC insurance premiums 587 463 45 - 15 ATM, interchange and credit card expenses 2,829 2,610 2,985 2,419 2,627 Legal, tax and professional fees 2,615 2,931 2,921 2,353 2,274 Audit fees 526 739 411 233 341 Printing, stationery and supplies 615 533 566 465 480 Amortization of intangible assets 490 508 509 238 246 Advertising and public relations 797 1,011 1,195 1,791 1,745 Operational and other losses 621 728 576 626 507 Software amortization and expense 2,265 2,010 2,024 2,158 1,767 Other noninterest expense 5,249 5,863 9,342 5,187 5,303 Total noninterest expense $ 55,593 $ 53,321 $ 55,318 $ 51,938 $ 48,910 TAX EQUIVALENT YIELD ADJUSTMENT $ 3,170 $ 2,902 $ 1,834 $ 1,732 $ 1,575 Nine Months Ended Sept. 30, NONINTEREST INCOME 2020 2019 Trust fees $ 21,859 $ 21,057 Service charges on deposits 15,242 16,179 ATM, interchange and credit card fees 24,093 21,920 Gain on sale and fees on mortgage loans 32,756 13,928 Net gain (loss) on sale of available-for-sale securities 3,610 728 Net gain (loss) on sale of foreclosed assets 72 193 Net gain (loss) on sale of assets 90 241 Interest on loan recoveries 621 1,815 Other noninterest income 5,883 5,020 Total noninterest income $ 104,226 $ 81,081 NONINTEREST EXPENSE Salaries, commissions and employee benefits, excluding profit sharing $ 89,610 $ 77,573 Cost related to termination of pension plan - 900 Profit sharing expense 4,495 4,895 Net occupancy expense 9,321 8,372 Equipment expense 6,242 7,009 FDIC insurance premiums 1,095 1,091 ATM, interchange and credit card expenses 8,424 7,437 Legal, tax and professional fees 8,467 6,729 Audit fees 1,676 1,212 Printing, stationery and supplies 1,714 1,348 Amortization of intangible assets 1,507 778 Advertising and public relations 3,003 5,022 Operational and other losses 1,925 1,253 Software amortization and expense 6,299 5,147 Other noninterest expense 20,455 15,817 Total noninterest expense $ 164,233 $ 144,583 TAX EQUIVALENT YIELD ADJUSTMENT $ 7,905 $ 5,058 FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands) Three Months Ended Three Months Ended Sept. 30, 2020 June 30, 2020 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 2,009 $ 3 0.51 % $ 840 $ 1 0.51 % Interest-bearing deposits in nonaffiliated banks 223,104 59 0.10 352,628 86 0.10 Taxable securities 2,187,547 12,063 2.21 2,399,364 14,030 2.34 Tax exempt securities 2,058,032 15,737 3.06 1,800,339 14,733 3.27 Loans 5,334,174 66,681 4.97 5,248,052 66,249 5.08 Total interest-earning assets 9,804,866 $ 94,543 3.84 % 9,801,223 $ 95,099 3.90 % Noninterest-earning assets 671,374 663,595 Total assets $ 10,476,240 $ 10,464,818 Interest-bearing liabilities: Deposits $ 5,270,600 $ 2,064 0.16 % $ 5,135,772 $ 2,550 0.20 % Borrowings 482,555 99 0.08 877,076 412 0.19 Total interest-bearing liabilities 5,753,155 $ 2,163 0.15 % 6,012,848 $ 2,962 0.20 % Noninterest-bearing liabilities 3,122,995 2,915,461 Shareholders' equity 1,600,090 1,536,509 Total liabilities and shareholders' equity $ 10,476,240 $ 10,464,818 Net interest income and margin (tax equivalent) $ 92,380 3.75 % $ 92,137 3.78 % Three Months Ended Three Months Ended Mar. 31 2020 Dec. 31, 2019 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 2,712 $ 10 1.50 % $ 1,198 $ 6 2.03 % Interest-bearing deposits in nonaffiliated banks 220,906 745 1.36 54,841 218 1.58 Taxable securities 2,263,329 14,655 2.59 2,185,777 14,165 2.59 Tax exempt securities 1,346,842 11,200 3.33 1,243,487 10,695 3.44 Loans 4,667,436 63,323 5.46 4,185,716 58,771 5.57 Total interest-earning assets 8,501,225 $ 89,933 4.25 % 7,671,019 $ 83,855 4.34 % Noninterest-earning assets 692,432 500,924 Total assets $ 9,193,657 $ 8,171,943 Interest-bearing liabilities: Deposits $ 4,904,087 $ 6,680 0.55 % $ 4,336,063 $ 6,052 0.55 % Borrowings 460,605 517 0.45 417,316 749 0.71 Total interest-bearing liabilities 5,364,692 $ 7,197 0.54 % 4,753,379 $ 6,801 0.57 % Noninterest-bearing liabilities 2,348,485 2,207,508 Shareholders' equity 1,480,480 1,211,056 Total liabilities and shareholders' equity $ 9,193,657 $ 8,171,943 Net interest income and margin (tax equivalent) $ 82,736 3.91 % $ 77,054 3.99 % Three Months Ended Sept. 30, 2019 Average Tax Equivalent Yield / Balance Interest Rate Interest-earning assets: Federal funds sold $ 3,006 $ 19 2.52 % Interest-bearing deposits in nonaffiliated banks 61,465 363 2.34 Taxable securities 2,183,930 14,292 2.62 Tax exempt securities 1,132,279 10,075 3.56 Loans 4,094,235 57,417 5.56 Total interest-earning assets 7,474,915 $ 82,166 4.36 % Noninterest-earning assets 489,446 Total assets $ 7,964,361 Interest-bearing liabilities: Deposits $ 4,156,850 $ 7,123 0.68 % Borrowings 388,235 830 0.85 Total interest-bearing liabilities 4,545,085 $ 7,953 0.69 % Noninterest-bearing liabilities 2,237,462 Shareholders' equity 1,181,814 Total liabilities and shareholders' equity $ 7,964,361 Net interest income and margin (tax equivalent) $ 74,213 3.94 % Nine Months Ended Nine Months Ended Sept. 30, 2020 Sept. 30, 2019 Average Tax Equivalent Yield / Average Tax Equivalent Yield / Balance Interest Rate Balance Interest Rate Interest-earning assets: Federal funds sold $ 1,854 $ 14 0.99 % $ 4,438 $ 92 2.76 % Interest-bearing deposits in nonaffiliated banks 267,850 889 0.44 89,559 1,575 2.35 Taxable securities 2,283,064 40,748 2.38 2,058,380 41,505 2.69 Tax exempt securities 1,736,250 41,670 3.20 1,175,863 31,968 3.62 Loans 5,084,136 196,255 5.16 4,037,243 166,987 5.53 Total interest-earning assets 9,373,154 $ 279,576 3.98 % 7,365,483 $ 242,127 4.40 % Noninterest-earning assets 673,325 495,179 Total assets $ 10,046,479 $ 7,860,662 Interest-bearing liabilities: Deposits $ 5,104,096 $ 11,293 0.30 % $ 4,165,735 $ 21,071 0.68 % Borrowings 606,291 1,030 0.23 391,680 2,230 0.76 Total interest-bearing liabilities 5,710,387 $ 12,323 0.29 % 4,557,415 $ 23,301 0.68 % Noninterest-bearing liabilities 2,796,843 2,178,412 Shareholders' equity 1,539,249 1,124,835 Total liabilities and shareholders' equity $ 10,046,479 $ 7,860,662 Net interest income and margin (tax equivalent) $ 267,253 3.81 % $ 218,826 3.97 % SOURCE First Financial Bankshares, Inc. Related Links http://www.ffin.com

Answer: First Financial Bankshares Announces Earnings For Third Quarter 2020