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2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
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☐ |
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)
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Texas |
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75-0944023 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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400 Pine Street, Abilene, Texas |
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79601 |
(Address of principal executive offices) |
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(Zip Code) |
(325) 627-7155
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.01 par value |
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FFIN |
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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.
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Large accelerated filer |
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☒ |
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Accelerated filer |
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☐ |
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Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging growth company |
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☐ |
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:
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Class |
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Outstanding at November 2, 2022 |
Common Stock, $0.01 par value per share |
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142,641,666 |
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
2
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
The consolidated balance sheets of First Financial Bankshares, Inc. and Subsidiaries (the “Company” or “we”) at September 30, 2022 and 2021 (unaudited), and December 31, 2021, and the consolidated statements of earnings, comprehensive earnings (loss) and shareholders’ equity for the three and nine-months ended September 30, 2022 and 2021 (unaudited), and the consolidated statements of cash flows for the nine-months ended September 30, 2022 and 2021 (unaudited) and notes to consolidated financial statements (unaudited), follow on pages 4 through 41.
3
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
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September 30, |
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December 31, |
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2022 |
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2021 |
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2021 |
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(Unaudited) |
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ASSETS |
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CASH AND DUE FROM BANKS |
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$ |
227,298 |
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$ |
201,901 |
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$ |
205,053 |
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INTEREST-BEARING DEMAND DEPOSITS IN BANKS |
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138,484 |
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359,241 |
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323,535 |
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Total cash and cash equivalents |
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365,782 |
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561,142 |
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528,588 |
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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) |
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5,745,443 |
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6,119,984 |
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6,573,179 |
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LOANS: |
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Held-for-investment, excluding PPP loans |
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6,255,286 |
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5,147,160 |
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5,336,179 |
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PPP loans |
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202 |
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139,334 |
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52,793 |
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Total loans held-for-investment |
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6,255,488 |
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5,286,494 |
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5,388,972 |
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Less—allowance for credit losses |
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(74,108 |
) |
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(63,370 |
) |
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(63,465 |
) |
Net loans held-for-investment |
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6,181,380 |
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5,223,124 |
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5,325,507 |
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Held-for-sale ($15,892, $46,081 and $34,122 at fair value at September 30, 2022 and 2021, and December 31, 2021, respectively) |
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18,815 |
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47,721 |
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37,810 |
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BANK PREMISES AND EQUIPMENT, net |
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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 |
|