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2

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 September 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 November 2, 2022

Common Stock, $0.01 par value per share

 

142,641,666

 

 

 

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

 

 

42

 

 

 

 

 

 

3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

 

57

 

 

 

 

 

 

4.

 

Controls and Procedures

 

 

58

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

1.

 

Legal Proceedings

 

 

59

 

 

 

 

 

 

1A.

 

Risk Factors

 

 

59

 

 

 

 

 

 

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

 

59

 

 

 

 

 

 

3.

 

Defaults Upon Senior Securities

 

 

59

 

 

 

 

 

 

4.

 

Mine Safety Disclosures

 

 

59

 

 

 

 

 

 

5.

 

Other Information

 

 

59

 

 

 

 

 

 

6.

 

Exhibits

 

 

60

 

 

 

 

 

 

 

 

Signatures

 

 

61

 

 

 

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 September 30, 2022 and 2021 (unaudited), and December 31, 2021, and the consolidated statements of earnings, comprehensive earnings (loss) and shareholders’ equity for the three and nine-months ended September 30, 2022 and 2021 (unaudited), and the consolidated statements of cash flows for the nine-months ended September 30, 2022 and 2021 (unaudited) and notes to consolidated financial statements (unaudited), follow on pages 4 through 41.

3

 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CASH AND DUE FROM BANKS

 

$

227,298

 

 

$

201,901

 

 

$

205,053

 

INTEREST-BEARING DEMAND DEPOSITS IN BANKS

 

 

138,484

 

 

 

359,241

 

 

 

323,535

 

Total cash and cash equivalents

 

 

365,782

 

 

 

561,142

 

 

 

528,588

 

SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of
   these securities was $6,546,471, $5,981,374 and $6,447,510 as of
    September 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

5,745,443

 

 

 

6,119,984

 

 

 

6,573,179

 

LOANS:

 

 

 

 

 

 

 

 

 

Held-for-investment, excluding PPP loans

 

 

6,255,286

 

 

 

5,147,160

 

 

 

5,336,179

 

PPP loans

 

 

202

 

 

 

139,334

 

 

 

52,793

 

Total loans held-for-investment

 

 

6,255,488

 

 

 

5,286,494

 

 

 

5,388,972

 

Less—allowance for credit losses

 

 

(74,108

)

 

 

(63,370

)

 

 

(63,465

)

 Net loans held-for-investment

 

 

6,181,380

 

 

 

5,223,124

 

 

 

5,325,507

 

Held-for-sale ($15,892, $46,081 and $34,122 at fair value at
      September 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

18,815

 

 

 

47,721

 

 

 

37,810

 

BANK PREMISES AND EQUIPMENT, net

 

 

152,646

 

 

 

147,516

 

 

 

149,764

 

INTANGIBLE ASSETS, net

 

 

315,833

 

 

 

317,170

 

 

 

316,779

 

OTHER ASSETS

 

 

330,445

 

 

 

126,601

 

 

 

170,834

 

  Total assets

 

$

13,110,344

 

 

$

12,543,258

 

 

$

13,102,461

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

NONINTEREST-BEARING DEPOSITS

 

$

4,200,792

 

 

$

3,574,405

 

 

$

3,780,230

 

INTEREST-BEARING DEPOSITS

 

 

6,941,326

 

 

 

6,318,712

 

 

 

6,786,258

 

Total deposits

 

 

11,142,118

 

 

 

9,893,117

 

 

 

10,566,488

 

BORROWINGS

 

 

774,581

 

 

 

648,679

 

 

 

671,152

 

TRADE DATE PAYABLE

 

 

—

 

 

 

174,236

 

 

 

—

 

OTHER LIABILITIES

 

 

61,030

 

 

 

93,491

 

 

 

105,597

 

Total liabilities

 

 

11,977,729

 

 

 

10,809,523

 

 

 

11,343,237

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

COMMON STOCK — ($0.01 par value, authorized 200,000,000 shares;
   142,628,163, 142,467,687 and 142,532,116 shares issued at
   September 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

1,426

 

 

 

1,425

 

 

 

1,425

 

CAPITAL SURPLUS

 

 

676,067

 

 

 

675,139

 

 

 

676,871

 

RETAINED EARNINGS

 

 

1,087,543

 

 

 

947,724

 

 

 

981,675

 

TREASURY STOCK (shares at cost: 933,152, 937,803 and 936,897 at
   September 30, 2022 and 2021, and December 31, 2021, respectively)

 

 

(10,907

)

 

 

(9,876

)

 

 

(10,090

)

DEFERRED COMPENSATION

 

 

10,907

 

 

 

9,876

 

 

 

10,090

 

ACCUMULATED OTHER COMPREHENSIVE EARNINGS (LOSS), net

 

 

(632,421

)

 

 

109,447

 

 

 

99,253

 

Total shareholders’ equity

 

 

1,132,615

 

 

 

1,733,735

 

 

 

1,759,224

 

  Total liabilities and shareholders’ equity

 

$

13,110,344

 

 

$

12,543,258

 

 

$

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 September 30,

 

 

Nine-Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

77,523

 

 

$

70,588

 

 

$

210,180

 

 

$

203,902

 

Interest on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

20,799

 

 

 

12,122

 

 

 

57,772

 

 

 

33,834

 

Exempt from federal income tax

 

 

12,974

 

 

 

14,249

 

 

 

41,686

 

 

 

42,058

 

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

 

 

1,432

 

 

 

239

 

 

 

2,080

 

 

 

616

 

Total interest income

 

 

112,728

 

 

 

97,198

 

 

 

311,718

 

 

 

280,410

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

8,788

 

 

 

1,340

 

 

 

13,123

 

 

 

4,595

 

Interest on borrowings

 

 

784

 

 

 

76

 

 

 

1,217

 

 

 

260

 

Total interest expense

 

 

9,572

 

 

 

1,416

 

 

 

14,340

 

 

 

4,855

 

Net interest income

 

 

103,156

 

 

 

95,782

 

 

 

297,378

 

 

 

275,555

 

PROVISION FOR CREDIT LOSSES

 

 

3,221

 

 

 

—

 

 

 

13,353

 

 

 

(3,203

)

Net interest income after provision for credit losses

 

 

99,935

 

 

 

95,782

 

 

 

284,025