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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 September 30, 2021

 

☐

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 0-7674

 

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, anon-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, 2021

Common Stock, $0.01 par value per share

 

142,473,153

 

 

 

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

 

Item

 

 

 

 

Page

 

 

1.

 

Consolidated Financial Statements - Unaudited

 

 

3

 

 

 

 

Consolidated Balance Sheets – Unaudited

 

 

4

 

 

 

 

Consolidated Statements of Earnings – Unaudited

 

 

5

 

 

 

 

Consolidated Statements of Comprehensive Earnings – 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

 

 

39

 

 

 

 

 

 

3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

 

56

 

 

 

 

 

 

4.

 

Controls and Procedures

 

 

56

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

1.

 

Legal Proceedings

 

 

57

 

 

 

 

 

 

1A.

 

Risk Factors

 

 

57

 

 

 

 

 

 

2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

 

57

 

 

 

 

 

 

3.

 

Defaults Upon Senior Securities

 

 

57

 

 

 

 

 

 

4.

 

Mine Safety Disclosures

 

 

57

 

 

 

 

 

 

5.

 

Other Information

 

 

57

 

 

 

 

 

 

6.

 

Exhibits

 

 

58

 

 

 

 

 

 

 

 

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 September 30, 2021 and 2020 (unaudited) and December 31, 2020, and the consolidated statements of earnings, comprehensive earnings and shareholders’ equity for the three and nine-months ended September 30, 2021 and 2020 (unaudited), and the consolidated statements of cash flows for the nine-months ended September 30, 2021 and 2020 (unaudited) and notes to consolidated financial statements (unaudited), follow on pages 4 through 38.

3

 

FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CASH AND DUE FROM BANKS

 

$

201,901

 

 

$

175,088

 

 

$

211,113

 

INTEREST-BEARING DEMAND DEPOSITS IN BANKS

 

 

359,241

 

 

 

58,933

 

 

 

517,971

 

Total cash and cash equivalents

 

 

561,142

 

 

 

234,021

 

 

 

729,084

 

SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of
   these securities was $5,981,374, $4,238,624 and $4,177,179 as of
   September 30, 2021 and 2020 and December 31, 2020, respectively)

 

 

6,119,984

 

 

 

4,431,280

 

 

 

4,393,029

 

LOANS:

 

 

 

 

 

 

 

 

 

Held-for-investment, excluding PPP loans

 

 

5,147,160

 

 

 

4,589,948

 

 

 

4,687,370

 

PPP loans

 

 

139,334

 

 

 

703,731

 

 

 

483,663

 

Total loans held-for-investments

 

 

5,286,494

 

 

 

5,293,679

 

 

 

5,171,033

 

Less—allowance for credit losses

 

 

(63,370

)

 

 

(76,038

)

 

 

(66,534

)

Net loans held-for-investment

 

 

5,223,124

 

 

 

5,217,641

 

 

 

5,104,499

 

Held-for-sale ($46,081, $94,666 and $79,585 at fair value at
      September 30, 2021 and 2020 and December 31, 2020, respectively)

 

 

47,721

 

 

 

101,055

 

 

 

83,969

 

BANK PREMISES AND EQUIPMENT, net

 

 

147,516

 

 

 

141,002

 

 

 

142,269

 

INTANGIBLE ASSETS, net

 

 

317,170

 

 

 

318,875

 

 

 

318,392

 

OTHER ASSETS

 

 

126,601

 

 

 

123,778

 

 

 

133,258

 

Total assets

 

$

12,543,258

 

 

$

10,567,652

 

 

$

10,904,500

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

NONINTEREST-BEARING DEPOSITS

 

$

3,574,405

 

 

$

2,950,407

 

 

$

2,982,697

 

INTEREST-BEARING DEPOSITS

 

 

6,318,712

 

 

 

5,344,481

 

 

 

5,693,120

 

Total deposits

 

 

9,893,117

 

 

 

8,294,888

 

 

 

8,675,817

 

DIVIDENDS PAYABLE

 

 

21,380

 

 

 

18,476

 

 

 

18,484

 

BORROWINGS

 

 

648,679

 

 

 

503,163

 

 

 

430,093

 

TRADE DATE PAYABLES

 

 

174,236

 

 

 

53,730

 

 

 

14,641

 

OTHER LIABILITIES

 

 

72,111

 

 

 

77,894

 

 

 

87,275

 

Total liabilities

 

 

10,809,523

 

 

 

8,948,151

 

 

 

9,226,310

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

 

COMMON STOCK — ($0.01 par value, authorized 200,000,000 shares;
   142,467,687, 142,121,595 and 142,161,834 shares issued at
   September 30, 2021 and 2020 and December 31, 2020, respectively)

 

 

1,425

 

 

 

1,421

 

 

 

1,422

 

CAPITAL SURPLUS

 

 

675,139

 

 

 

668,815

 

 

 

669,644

 

RETAINED EARNINGS

 

 

947,724

 

 

 

797,202

 

 

 

836,729

 

TREASURY STOCK (shares at cost: 937,803, 934,859 and 938,591 at
   September 30, 2021 and 2020 and December 31, 2020, respectively)

 

 

(9,876

)

 

 

(8,780

)

 

 

(9,126

)

DEFERRED COMPENSATION

 

 

9,876

 

 

 

8,780

 

 

 

9,126

 

ACCUMULATED OTHER COMPREHENSIVE EARNINGS, net

 

 

109,447

 

 

 

152,063

 

 

 

170,395

 

Total shareholders’ equity

 

 

1,733,735

 

 

 

1,619,501

 

 

 

1,678,190

 

Total liabilities and shareholders’ equity

 

$

12,543,258

 

 

$

10,567,652

 

 

$

10,904,500

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

70,588

 

 

$

66,372

 

 

$

203,902

 

 

$

195,299

 

Interest on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

12,122

 

 

 

12,063

 

 

 

33,834

 

 

 

40,748

 

Exempt from federal income tax

 

 

14,249

 

 

 

12,877

 

 

 

42,058

 

 

 

34,721

 

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

 

 

239

 

 

 

61

 

 

 

616

 

 

 

903

 

Total interest income

 

 

97,198

 

 

 

91,373

 

 

 

280,410

 

 

 

271,671

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

1,340

 

 

 

2,063

 

 

 

4,595

 

 

 

11,293

 

Other

 

 

76

 

 

 

100

 

 

 

260

 

 

 

1,030

 

Total interest expense

 

 

1,416

 

 

 

2,163

 

 

 

4,855

 

 

 

12,323

 

Net interest income

 

 

95,782

 

 

 

89,210

 

 

 

275,555

 

 

 

259,348

 

PROVISION FOR CREDIT LOSSES

 

 

—

 

 

 

9,000

 

 

 

(3,203

)

 

 

27,550

 

Net interest income after provisions for credit losses

 

 

95,782

 

 

 

80,210

 

 

 

278,758

 

 

 

231,798

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Trust fees

 

 

9,484

 

 

 

7,461

 

 

 

26,475

 

 

 

21,859

 

Service charges on deposit accounts

 

 

5,673

 

 

 

5,009

 

 

 

15,394

 

 

 

15,242

 

ATM, interchange and credit card fees

 

 

9,793

 

 

 

8,644

 

 

 

28,323

 

 

 

24,093

 

Gain on sale and fees on mortgage loans

 

 

8,788

 

 

 

15,228

 

 

 

26,973

 

 

 

32,756

 

Net gain on sale of available-for-sale securities

 

 

1

 

 

 

36

 

 

 

814

 

 

 

3,610

 

Net gain on sale of foreclosed assets

 

 

27

 

 

 

19

 

 

 

83

 

 

 

72

 

Net gain (loss) on sale of assets

 

 

(6

)

 

 

(2

)

 

 

213

 

 

 

90

 

Interest on loan recoveries

 

 

1,746

 

 

 

202

 

 

 

2,832

 

 

 

621

 

Other

 

 

2,220

 

 

 

1,978

 

 

 

6,166

 

 

 

5,883

 

Total noninterest income

 

 

37,726

 

 

 

38,575

 

 

 

107,273

 

 

 

104,226

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, commissions and employee benefits

 

 

37,090

 

 

 

33,649

 

 

 

107,067

 

 

 

94,105

 

Net occupancy expense

 

 

3,288

 

 

 

3,193

 

 

 

9,676

 

 

 

9,321

 

Equipment expense

 

 

2,450

 

 

 

2,157

 

 

 

6,791

 

 

 

6,242

 

FDIC insurance premiums

 

 

815

 

 

 

587

 

 

 

2,282

 

 

 

1,095

 

ATM, interchange and credit card expenses

 

 

2,935

 

 

 

2,829

 

 

 

8,746

 

 

 

8,424

 

Professional and service fees

 

 

2,406

 

 

 

2,237

 

 

 

6,936

 

 

 

7,327

 

Printing, stationery and supplies

 

 

432

 

 

 

615

 

 

 

1,246

 

 

 

1,714

 

Operational and other losses

 

 

1,087

 

 

 

621

 

 

 

1,908

 

 

 

1,925

 

Software amortization and expense

 

 

2,855

 

 

 

2,265

 

 

 

8,303

 

 

 

6,299

 

Amortization of intangible assets

 

 

398

 

 

 

490

 

 

 

1,222

 

 

 

1,507

 

Other

 

 

9,183

 

 

 

6,950

 

 

 

25,859

 

 

 

26,274

 

Total noninterest expense

 

 

62,939