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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2022

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission file number 0-07674

 

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Texas

 

75-0944023

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

400 Pine Street, Abilene, Texas

 

79601

(Address of principal executive offices)

 

(Zip Code)

 

(325) 627-7155

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.01 par value

 

FFIN

 

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2of the Exchange Act.

 

 

 

 

 

 

 

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Act). Yes No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

 

 

 

Class

 

Outstanding at August 2, 2022

Common Stock, $0.01 par value per share

 

142,542,554

 

 


 

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

 

Item

 

 

 

 

Page

 

 

1.

 

Financial Statements

 

 

3

 

 

 

 

Consolidated Balance Sheets – Unaudited

 

 

4

 

 

 

 

Consolidated Statements of Earnings – Unaudited

 

 

5

 

 

 

 

Consolidated Statements of Comprehensive Earnings (Loss) – Unaudited

 

 

6

 

 

 

 

Consolidated Statements of Shareholders’ Equity – Unaudited

 

 

7

 

 

 

 

Consolidated Statements of Cash Flows – Unaudited

 

 

9

 

 

 

 

Notes to Consolidated Financial Statements – Unaudited

 

 

10

 

 

 

 

 

 

2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

41

 

 

 

 

 

 

3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

 

56

 

 

 

 

 

 

4.

 

Controls and Procedures

 

 

57

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

1.

 

Legal Proceedings

 

 

58

 

 

 

 

 

 

1A.

 

Risk Factors

 

 

58

 

 

 

 

 

 

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

 

58

 

 

 

 

 

 

3.

 

Defaults Upon Senior Securities

 

 

58

 

 

 

 

 

 

4.

 

Mine Safety Disclosures

 

 

58

 

 

 

 

 

 

5.

 

Other Information

 

 

58

 

 

 

 

 

 

6.

 

Exhibits

 

 

59

 

 

 

 

 

 

 

 

Signatures

 

 

60

 

 

 

2


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

The consolidated balance sheets of First Financial Bankshares, Inc. and Subsidiaries (the “Company” or “we”) at June 30, 2022 and 2021, (unaudited) and December 31, 2021, and the consolidated statements of earnings, comprehensive earnings and shareholders’ equity for the three and six-months ended June 30, 2022 and 2021 (unaudited), and the consolidated statements of cash flows for the six-months ended June 30, 2022 and 2021 (unaudited) and notes to consolidated financial statements (unaudited), follow on pages 4 through 40.

3


 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CASH AND DUE FROM BANKS

 

$

242,665

 

 

$

190,061

 

 

$

205,053

 

INTEREST-BEARING DEMAND DEPOSITS IN BANKS

 

 

222,899

 

 

 

654,531

 

 

 

323,535

 

Total cash and cash equivalents

 

 

465,564

 

 

 

844,592

 

 

 

528,588

 

SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of
   these securities was $
6,722,336, $5,405,189 and $6,447,510 as of
    June 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

6,215,036

 

 

 

5,578,048

 

 

 

6,573,179

 

LOANS:

 

 

 

 

 

 

 

 

 

Held-for-investment, excluding PPP loans

 

 

5,876,281

 

 

 

4,984,210

 

 

 

5,336,179

 

PPP loans

 

 

2,301

 

 

 

320,392

 

 

 

52,793

 

Total loans held-for-investment

 

 

5,878,582

 

 

 

5,304,602

 

 

 

5,388,972

 

Less—allowance for credit losses

 

 

(71,932

)

 

 

(62,138

)

 

 

(63,465

)

 Net loans held-for-investment

 

 

5,806,650

 

 

 

5,242,464

 

 

 

5,325,507

 

Held-for-sale ($23,848, $56,257 and $34,122 at fair value at
      June 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

26,445

 

 

 

61,802

 

 

 

37,810

 

BANK PREMISES AND EQUIPMENT, net

 

 

149,280

 

 

 

147,655

 

 

 

149,764

 

INTANGIBLE ASSETS, net

 

 

316,139

 

 

 

317,568

 

 

 

316,779

 

OTHER ASSETS

 

 

281,098

 

 

 

136,954

 

 

 

170,834

 

  Total assets

 

$

13,260,212

 

 

$

12,329,083

 

 

$

13,102,461

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

NONINTEREST-BEARING DEPOSITS

 

$

4,104,034

 

 

$

3,427,038

 

 

$

3,780,230

 

INTEREST-BEARING DEPOSITS

 

 

7,018,949

 

 

 

6,354,656

 

 

 

6,786,258

 

Total deposits

 

 

11,122,983

 

 

 

9,781,694

 

 

 

10,566,488

 

BORROWINGS

 

 

768,364

 

 

 

549,969

 

 

 

671,152

 

TRADE DATE PAYABLE

 

 

 

 

 

189,838

 

 

 

 

OTHER LIABILITIES

 

 

39,847

 

 

 

87,213

 

 

 

105,597

 

Total liabilities

 

 

11,931,194

 

 

 

10,608,714

 

 

 

11,343,237

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

COMMON STOCK — ($0.01 par value, authorized 200,000,000 shares;
   
142,586,601, 142,359,774 and 142,532,116 shares issued at
   June 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

1,426

 

 

 

1,424

 

 

 

1,425

 

CAPITAL SURPLUS

 

 

675,653

 

 

 

672,288

 

 

 

676,871

 

RETAINED EARNINGS

 

 

1,052,453

 

 

 

910,171

 

 

 

981,675

 

TREASURY STOCK (shares at cost: 937,924, 938,629 and 936,897 at
   June 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

(10,656

)

 

 

(9,641

)

 

 

(10,090

)

DEFERRED COMPENSATION

 

 

10,656

 

 

 

9,641

 

 

 

10,090

 

ACCUMULATED OTHER COMPREHENSIVE EARNINGS (LOSS), net

 

 

(400,514

)

 

 

136,486

 

 

 

99,253

 

Total shareholders’ equity

 

 

1,329,018

 

 

 

1,720,369

 

 

 

1,759,224

 

  Total liabilities and shareholders’ equity

 

$

13,260,212

 

 

$

12,329,083

 

 

$

13,102,461

 

 

See notes to consolidated financial statements.

4


 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS—(UNAUDITED)

(Dollars in thousands, except per share amounts)

 

 

 

Three-Months Ended June 30,

 

 

Six-Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

68,158

 

 

$

66,879

 

 

$

132,656

 

 

$

133,314

 

Interest on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

19,151

 

 

 

11,449

 

 

 

36,974

 

 

 

21,712

 

Exempt from federal income tax

 

 

14,120

 

 

 

14,060

 

 

 

28,712

 

 

 

27,809

 

Interest on federal funds sold and interest-bearing demand
   deposits in banks

 

 

552

 

 

 

214

 

 

 

648

 

 

 

377

 

Total interest income

 

 

101,981

 

 

 

92,602

 

 

 

198,990

 

 

 

183,212

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,966

 

 

 

1,560

 

 

 

4,336

 

 

 

3,255

 

Other

 

 

233

 

 

 

93

 

 

 

433

 

 

 

184

 

Total interest expense

 

 

3,199

 

 

 

1,653

 

 

 

4,769

 

 

 

3,439

 

Net interest income

 

 

98,782

 

 

 

90,949

 

 

 

194,221

 

 

 

179,773

 

PROVISION FOR CREDIT LOSSES

 

 

5,350

 

 

 

(1,206

)

 

 

10,132

 

 

 

(3,203

)

Net interest income after provision for credit losses

 

 

93,432

 

 

 

92,155

 

 

 

184,089

 

 

 

182,976

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

9,742

 

 

 

8,692

 

 

 

19,559

 

 

 

16,991

 

Service charges on deposit accounts

 

 

6,038

 

 

 

4,928

 

 

 

11,744

 

 

 

9,721

 

ATM, interchange and credit card fees