0000950170-22-005926.txt : 20220421 0000950170-22-005926.hdr.sgml : 20220421 20220421162648 ACCESSION NUMBER: 0000950170-22-005926 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220421 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220421 DATE AS OF CHANGE: 20220421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FINANCIAL BANKSHARES INC CENTRAL INDEX KEY: 0000036029 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 750944023 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07674 FILM NUMBER: 22841767 BUSINESS ADDRESS: STREET 1: 400 PINE STREET CITY: ABILENE STATE: TX ZIP: 79601 BUSINESS PHONE: 325.627.7167 MAIL ADDRESS: STREET 1: P.O. BOX 701 CITY: ABILENE STATE: TX ZIP: 79604 8-K 1 ffin-20220421.htm 8-K 8-K
false000003602900000360292022-04-212022-04-21

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): April 21, 2022

 

 

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its Charter)

 

 

Texas

0-07674

75-0944023

(State or other jurisdiction of

incorporation or organization)

(Commission
File No.)

(I.R.S. Employer

Identification No.)

 

 

 

400 Pine Street, Abilene, Texas 79601

 

 

(Address of Principal Executive Offices and Zip Code)

 

 

 

 

Registrant’s telephone number (325) 627-7155

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

 

Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))

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 LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

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. ☐

 

 

 

 


ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended March 31, 2022 of First Financial Bankshares, Inc.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

99.1 Press Release dated April 21, 2022

104 Cover page Interactive Data File (embedded within Inline XBRL document)

 


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

FIRST FINANCIAL BANKSHARES, INC.

 

 

(Registrant)

 

 

 

DATE: April 21, 2022

By:

/s/ F. Scott Dueser

 

 

F. SCOTT DUESER

 

 

Chairman, President and Chief Executive Officer

 

 

 

 


EX-99.1 2 ffin-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

For immediate release

For More Information:

James R. Gordon, EVP & Chief Financial Officer

325.627.7155

 

FIRST FINANCIAL BANKSHARES ANNOUNCES FIRST QUARTER 2022 EARNINGS

 

ABILENE, Texas, April 21, 2022 - First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the first quarter of 2022 of $55.97 million compared to earnings of $56.92 million for the same quarter a year ago. Basic and diluted earnings per share were $0.39 for the first quarter of 2022 compared with $0.40 for the same quarter a year ago. As further described below, the results this quarter compared to the prior year included i) an increase in the provision for credit losses of $6.78 million; ii) a $4.88 million decrease in PPP loan origination fees; and iii) a $3.56 million decline in mortgage revenues. Offsetting these items was an increase in net interest income, excluding lower PPP loan origination fees, of $11.50 million from continued balance sheet growth.

 

“Leveraging the new relationships developed and the momentum created over the last two years, we delivered outstanding growth this quarter reflected by overall loan growth, excluding PPP and held-for-sale loans, of $214.25 million, or 16.07 percent annualized, and deposit growth of $433.34 million, or 16.63 percent annualized. We continue our focus on growth, delivering excellence in customer service, improving our digital delivery, investing in our employees, and maximizing shareholder returns. We appreciate the continued support of our customers, shareholders and associates,” said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.

 

Net interest income for the first quarter of 2022 was $95.44 million compared to $88.82 million for the first quarter of 2021. The net interest margin, on a taxable equivalent basis, was 3.22 percent for the first quarter of 2022 compared to 3.55 percent in the first quarter of 2021. The growth in net interest income was driven by higher average interest-earning assets which increased to $12.50 billion for the first quarter of 2022 compared to $10.56 billion a year ago, partially offset by lower PPP loan origination fees which totaled $1.37 million in the first quarter of 2022 compared to $6.25 million in the first quarter of 2021.

 

PPP loan balances totaled $15.74 million at March 31, 2022 compared to $52.79 million and $531.81 million at December 31, 2021 and March 31, 2021, respectively, and accounted for $33.46 million in average balances for the first quarter of 2022 compared to $499.35 million for the first quarter of 2021.

 

The Company recorded a provision for credit losses of $4.78 million for the first quarter of 2022 compared to a provision for credit losses of $2.06 million for the fourth quarter of 2021 and a reversal of provision for credit losses of $2.00 million for the first quarter of 2021. The increase in the Company’s provision for credit losses during the first quarter of 2022 was primarily driven by strong organic loan growth. At March 31, 2022, the allowance for credit losses totaled $66.91 million, or 1.20 percent of loans held-for-investment (“loans” hereafter), compared to $62.97 million at March 31, 2021, or 1.18 percent of loans. Additionally, the reserve for unfunded commitments totaled $7.47 million at March 31, 2022 compared to $6.92 million at March 31, 2021.

 

For the first quarter of 2022, net charge-offs totaled $299 thousand compared to net charge-offs of $131 thousand for the first quarter of 2021. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.52 percent at March 31, 2022, compared with 0.75 percent at March 31, 2021. Classified loans totaled $152.16 million at March 31, 2022, compared to $190.42 million at March 31, 2021.

 

 


Noninterest income for the first quarter of 2022 was $34.88 million compared to $34.87 million for the first quarter of 2021, as a result of the following:

 

Trust fees increased $1.52 million to $9.82 million for the first quarter of 2022 compared to $8.30 million for the first quarter of 2021 driven by the increase in the fair value of trust assets to $8.63 billion at March 31, 2022 compared to $7.54 billion at March 31, 2021.
Service charges on deposits and ATM, interchange, and credit card fees increased $913 thousand and $851 thousand, respectively, for the first quarter of 2022 compared to the first quarter of 2021.
Mortgage income was $6.33 million for the first quarter of 2022 compared to $9.89 million for the first quarter of 2021 due to lower overall origination volumes and margins.
Gains on sales of foreclosed and other assets and securities were $1.11 million during the first quarter of 2022 compared to $1.01 million for the first quarter of 2021.

 

Noninterest expense for the first quarter of 2022 totaled $59.23 million compared to $57.72 million for the first quarter of 2021, as a result of the following:

 

Salary, commissions, and employee benefit costs totaled $34.14 million for the first quarter of 2022, compared to $34.93 million in the first quarter of 2021 reflecting annual merit-based pay increases effective March 1, 2022 offset by lower mortgage compensation expenses of $1.40 million and a decrease of $697 thousand in profit sharing expenses.
Noninterest expenses, excluding salary related costs, increased $2.30 million for the first quarter of 2022 compared to the same period in 2021 due to $600 thousand of foreclosed asset expenses together with increases in FDIC insurance, deposit account charge-offs, interchange processing costs, and loan processing costs.

 

The Company’s efficiency ratio improved to 44.16 percent for the first quarter of 2022 compared to 45.36 percent for the first quarter of 2021.

 

As of March 31, 2022, consolidated total assets were $13.31 billion compared to $12.10 billion at March 31, 2021. Loans totaled $5.57 billion at March 31, 2022, compared with loans of $5.32 billion at March 31, 2021. During the first quarter of 2022, loans, excluding PPP loans, grew $214.25 million, or 16.07 percent annualized. Deposits totaled $11.00 billion at March 31, 2022, compared to $9.41 billion at March 31, 2021, representing an increase of 16.85 percent. Shareholders’ equity was $1.49 billion as of March 31, 2022, compared to $1.76 billion and $1.67 billion at December 31, 2021, and March 31, 2021, respectively, as a result of changes in Other Comprehensive Income ("OCI") due to rate increases during the most recent quarter. The unrealized loss on the security portfolio, net of applicable tax, totaled $209.58 million at March 31, 2022, compared to an unrealized gain of $99.25 million and $117.01 million at December 31, 2021 and March 31, 2021, respectively.

 

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 https://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

 

 

2022

 

 

 

2021

 

 

ASSETS

 

Mar. 31,

 

 

 

Dec. 31,

 

 

 

Sept. 30,

 

 

 

June 30,

 

 

 

Mar. 31,

 

 

Cash and due from banks

$

 

203,187

 

 

$

 

205,053

 

 

$

 

201,901

 

 

$

 

190,061

 

 

$

 

190,350

 

 

Interest-bearing deposits in banks

 

 

394,566

 

 

 

 

323,535

 

 

 

 

359,241

 

 

 

 

654,531

 

 

 

 

893,221

 

 

Investment securities

 

 

6,502,495

 

 

 

 

6,573,179

 

 

 

 

6,119,984

 

 

 

 

5,578,048

 

 

 

 

5,109,631

 

 

Loans, held-for-investment, excluding PPP Loans

 

 

5,550,430

 

 

 

 

5,336,179

 

 

 

 

5,147,160

 

 

 

 

4,984,210

 

 

 

 

4,790,752

 

 

PPP loans

 

 

15,739

 

 

 

 

52,793

 

 

 

 

139,334

 

 

 

 

320,392

 

 

 

 

531,810

 

 

Total loans, held-for-investment

 

 

5,566,169

 

 

 

 

5,388,972

 

 

 

 

5,286,494

 

 

 

 

5,304,602

 

 

 

 

5,322,562

 

 

Allowance for loan losses

 

 

(66,913

)

 

 

 

(63,465

)

 

 

 

(63,370

)

 

 

 

(62,138

)

 

 

 

(62,974

)

 

Net loans, held-for-investment

 

 

5,499,256

 

 

 

 

5,325,507

 

 

 

 

5,223,124

 

 

 

 

5,242,464

 

 

 

 

5,259,588

 

 

Loans, held-for-sale

 

 

27,670

 

 

 

 

37,810

 

 

 

 

47,721

 

 

 

 

61,802

 

 

 

 

65,405

 

 

Premises and equipment, net

 

 

150,168

 

 

 

 

149,764

 

 

 

 

147,516

 

 

 

 

147,655

 

 

 

 

142,415

 

 

Goodwill

 

 

313,481

 

 

 

 

313,481

 

 

 

 

313,481

 

 

 

 

313,481

 

 

 

 

313,481

 

 

Other intangible assets

 

 

2,978

 

 

 

 

3,298

 

 

 

 

3,689

 

 

 

 

4,087

 

 

 

 

4,499

 

 

Other assets

 

 

220,399

 

 

 

 

170,834

 

 

 

 

126,601

 

 

 

 

136,954

 

 

 

 

124,297

 

 

Total assets

$

 

13,314,200

 

 

$

 

13,102,461

 

 

$

 

12,543,258

 

 

$

 

12,329,083

 

 

$

 

12,102,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

 

3,978,724

 

 

$

 

3,780,230

 

 

$

 

3,574,405

 

 

$

 

3,427,038

 

 

$

 

3,350,145

 

 

Interest-bearing deposits

 

 

7,021,101

 

 

 

 

6,786,258

 

 

 

 

6,318,712

 

 

 

 

6,354,656

 

 

 

 

6,063,302

 

 

Total deposits

 

 

10,999,825

 

 

 

 

10,566,488

 

 

 

 

9,893,117

 

 

 

 

9,781,694

 

 

 

 

9,413,447

 

 

Borrowings

 

 

758,595

 

 

 

 

671,152

 

 

 

 

648,679

 

 

 

 

549,969

 

 

 

 

548,604

 

 

Trade date payable

 

 

-

 

 

 

 

-

 

 

 

 

174,236

 

 

 

 

189,838

 

 

 

 

381,871

 

 

Other liabilities

 

 

67,031

 

 

 

 

105,597

 

 

 

 

93,491

 

 

 

 

87,213

 

 

 

 

93,537

 

 

Shareholders' equity

 

 

1,488,749

 

 

 

 

1,759,224

 

 

 

 

1,733,735

 

 

 

 

1,720,369

 

 

 

 

1,665,428

 

 

Total liabilities and shareholders' equity

$

 

13,314,200

 

 

$

 

13,102,461

 

 

$

 

12,543,258

 

 

$

 

12,329,083

 

 

$

 

12,102,887

 

 

 

 

Quarter Ended

 

 

2022

 

 

 

2021

 

 

INCOME STATEMENTS

 

Mar. 31,

 

 

 

Dec. 31,

 

 

 

Sept. 30,

 

 

 

June 30,

 

 

 

Mar. 31,

 

 

Interest income

$

 

97,009

 

 

$

 

95,995

 

 

$

 

97,198

 

 

$

 

92,602

 

 

$

 

90,610

 

 

Interest expense

 

 

1,570

 

 

 

 

1,187

 

 

 

 

1,416

 

 

 

 

1,653

 

 

 

 

1,786

 

 

Net interest income

 

 

95,439

 

 

 

 

94,808

 

 

 

 

95,782

 

 

 

 

90,949

 

 

 

 

88,824

 

 

Provision for credit losses

 

 

4,782

 

 

 

 

2,064

 

 

 

 

-

 

 

 

 

(1,206

)

 

 

 

(1,997

)

 

Net interest income after provisions for credit losses

 

 

90,657

 

 

 

 

92,744

 

 

 

 

95,782

 

 

 

 

92,155

 

 

 

 

90,821

 

 

Noninterest income

 

 

34,881

 

 

 

 

34,903

 

 

 

 

37,726

 

 

 

 

34,673

 

 

 

 

34,874

 

 

Noninterest expense

 

 

59,225

 

 

 

 

61,672

 

 

 

 

62,939

 

 

 

 

59,374

 

 

 

 

57,723

 

 

Net income before income taxes

 

 

66,313

 

 

 

 

65,975

 

 

 

 

70,569

 

 

 

 

67,454

 

 

 

 

67,972

 

 

Income tax expense

 

 

10,341

 

 

 

 

10,638

 

 

 

 

11,641

 

 

 

 

11,075

 

 

 

 

11,054

 

 

Net income

$

 

55,972

 

 

$

 

55,337

 

 

$

 

58,928

 

 

$

 

56,379

 

 

$

 

56,918

 

 

 

PER COMMON SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income - basic

$

 

0.39

 

 

$

 

0.39

 

 

$

 

0.41

 

 

$

 

0.40

 

 

$

 

0.40

 

 

Net income - diluted

 

 

0.39

 

 

 

 

0.39

 

 

 

 

0.41

 

 

 

 

0.39

 

 

 

 

0.40

 

 

Cash dividends declared

 

 

0.15

 

 

 

 

0.15

 

 

 

 

0.15

 

 

 

 

0.15

 

 

 

 

0.13

 

 

Book value

 

 

10.43

 

 

 

 

12.34

 

 

 

 

12.17

 

 

 

 

12.08

 

 

 

 

11.70

 

 

Tangible book value

 

 

8.21

 

 

 

 

10.12

 

 

 

 

9.94

 

 

 

 

9.85

 

 

 

 

9.47

 

 

Market value

 

 

44.12

 

 

 

 

50.84

 

 

 

 

45.95

 

 

 

 

49.13

 

 

 

 

46.73

 

 

Shares outstanding - end of period

 

 

142,704,495

 

 

 

 

142,532,116

 

 

 

 

142,467,687

 

 

 

 

142,359,774

 

 

 

 

142,285,611

 

 

Average outstanding shares - basic

 

 

142,558,743

 

 

 

 

142,437,804

 

 

 

 

142,334,449

 

 

 

 

142,245,555

 

 

 

 

142,146,275

 

 

Average outstanding shares - diluted

 

 

143,302,063

 

 

 

 

143,251,521

 

 

 

 

143,218,920

 

 

 

 

143,164,611

 

 

 

 

143,002,658

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.71

 

%

 

 

1.74

 

%

 

 

1.90

 

%

 

 

1.89

 

%

 

 

2.05

 

%

Return on average equity

 

 

13.53

 

 

 

 

12.63

 

 

 

 

13.43

 

 

 

 

13.38

 

 

 

 

13.83

 

 

Return on average tangible equity

 

 

16.68

 

 

 

 

15.45

 

 

 

 

16.43

 

 

 

 

16.48

 

 

 

 

17.09

 

 

Net interest margin (tax equivalent)

 

 

3.22

 

 

 

 

3.29

 

 

 

 

3.41

 

 

 

 

3.36

 

 

 

 

3.55

 

 

Efficiency ratio

 

 

44.16

 

 

 

 

46.18

 

 

 

 

45.88

 

 

 

 

45.94

 

 

 

 

45.36

 

 

 

 


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

 

 

Quarter Ended

 

 

2022

 

 

 

2021

 

 

ALLOWANCE FOR LOAN LOSSES

 

Mar. 31,

 

 

 

Dec. 31,

 

 

 

Sept. 30,

 

 

 

June 30,

 

 

 

Mar. 31,

 

 

Balance at beginning of period

$

 

63,465

 

 

$

 

63,370

 

 

$

 

62,138

 

 

$

 

62,974

 

 

$

 

66,534

 

 

Loans charged off

 

 

(659

)

 

 

 

(3,067

)

 

 

 

(1,475

)

 

 

 

(392

)

 

 

 

(574

)

 

Loan recoveries

 

 

360

 

 

 

 

783

 

 

 

 

2,707

 

 

 

 

595

 

 

 

 

443

 

 

Net recoveries (charge-offs)

 

 

(299

)

 

 

 

(2,284

)

 

 

 

1,232

 

 

 

 

203

 

 

 

 

(131

)

 

Provision for loan losses

 

 

3,747

 

 

 

 

2,379

 

 

 

 

-

 

 

 

 

(1,039

)

 

 

 

(3,429

)

 

Balance at end of period

$

 

66,913

 

 

$

 

63,465

 

 

$

 

63,370

 

 

$

 

62,138

 

 

$

 

62,974

 

 

 

 

 

ALLOWANCE FOR UNFUNDED COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

$

 

6,436

 

 

$

 

6,751

 

 

$

 

6,751

 

 

$

 

6,918

 

 

$

 

5,486

 

 

Provision for unfunded commitments

 

 

1,035

 

 

 

 

(315

)

 

 

 

-

 

 

 

 

(167

)

 

 

 

1,432

 

 

Balance at end of period

$

 

7,471

 

 

$

 

6,436

 

 

$

 

6,751

 

 

$

 

6,751

 

 

$

 

6,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses /

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

period-end loans held-for-investment

 

 

1.20

 

%

 

 

1.18

 

%

 

 

1.20

 

%

 

 

1.17

 

%

 

 

1.18

 

%

Allowance for loan losses /

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

nonperforming loans

 

 

232.71

 

 

 

 

200.33

 

 

 

 

250.92

 

 

 

 

208.45

 

 

 

 

160.00

 

 

Net charge-offs (recoveries) / average total loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(annualized)

 

 

0.02

 

 

 

 

0.17

 

 

 

 

(0.09

)

 

 

 

(0.02

)

 

 

 

0.01

 

 

 

 

Quarter Ended

 

 

2022

 

 

 

2021

 

 

COMPOSITION OF LOANS HELD-FOR-INVESTMENT

 

Mar. 31,

 

 

 

Dec. 31,

 

 

 

Sept. 30,

 

 

 

June 30,

 

 

 

Mar. 31,

 

 

Commercial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C&I

$

 

822,310

 

 

$

 

784,282

 

 

$

 

680,263

 

 

$

 

662,711

 

 

$

 

646,316

 

 

PPP

 

 

15,739

 

 

 

 

52,793

 

 

 

 

139,334

 

 

 

 

320,392

 

 

 

 

531,810

 

 

Municipal

 

 

191,799

 

 

 

 

177,905

 

 

 

 

165,847

 

 

 

 

179,356

 

 

 

 

176,949

 

 

Total Commercial

 

 

1,029,848

 

 

 

 

1,014,980

 

 

 

 

985,444

 

 

 

 

1,162,459

 

 

 

 

1,355,075

 

 

Agriculture

 

 

82,883

 

 

 

 

98,089

 

 

 

 

98,947

 

 

 

 

95,212

 

 

 

 

90,366

 

 

Real Estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Development

 

 

806,211

 

 

 

 

749,793

 

 

 

 

656,530

 

 

 

 

550,928

 

 

 

 

587,928

 

 

Farm

 

 

225,942

 

 

 

 

217,220

 

 

 

 

203,064

 

 

 

 

185,288

 

 

 

 

162,046

 

 

Non-Owner Occupied CRE

 

 

636,160

 

 

 

 

623,434

 

 

 

 

674,958

 

 

 

 

673,608

 

 

 

 

650,144

 

 

Owner Occupied CRE

 

 

881,181

 

 

 

 

821,653

 

 

 

 

824,231

 

 

 

 

820,055

 

 

 

 

759,906

 

 

Residential

 

 

1,352,162

 

 

 

 

1,334,419

 

 

 

 

1,328,798

 

 

 

 

1,328,474

 

 

 

 

1,254,727

 

 

Total Real Estate

 

 

3,901,656

 

 

 

 

3,746,519

 

 

 

 

3,687,581

 

 

 

 

3,558,353

 

 

 

 

3,414,751

 

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

419,818

 

 

 

 

405,416

 

 

 

 

394,072

 

 

 

 

383,764

 

 

 

 

370,027

 

 

Non-Auto

 

 

131,964

 

 

 

 

123,968

 

 

 

 

120,450

 

 

 

 

104,814

 

 

 

 

92,343

 

 

Total Consumer

 

 

551,782

 

 

 

 

529,384

 

 

 

 

514,522

 

 

 

 

488,578

 

 

 

 

462,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans held-for-investment

$

 

5,566,169

 

 

$

 

5,388,972

 

 

$

 

5,286,494

 

 

$

 

5,304,602

 

 

$

 

5,322,562

 

 

 

SUMMARY OF LOAN CLASSIFICATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Mention

$

 

47,445

 

 

$

 

55,670

 

 

$

 

53,620

 

 

$

 

54,497

 

 

$

 

61,866

 

 

Substandard

 

 

104,715

 

 

 

 

105,515

 

 

 

 

112,151

 

 

 

 

120,497

 

 

 

 

128,550

 

 

Doubtful

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

Total classified loans

$

 

152,160

 

 

$

 

161,185

 

 

$

 

165,771

 

 

$

 

174,994

 

 

$

 

190,416

 

 

 

NONPERFORMING ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$

 

28,723

 

 

$

 

31,652

 

 

$

 

25,210

 

 

$

 

29,786

 

 

$

 

39,333

 

 

Accruing troubled debt restructured loans

 

 

20

 

 

 

 

21

 

 

 

 

22

 

 

 

 

23

 

 

 

 

23

 

 

Accruing loans 90 days past due

 

 

11

 

 

 

 

8

 

 

 

 

23

 

 

 

 

-

 

 

 

 

2

 

 

Total nonperforming loans

 

 

28,754

 

 

 

 

31,681

 

 

 

 

25,255

 

 

 

 

29,809

 

 

 

 

39,358

 

 

Foreclosed assets

 

 

-

 

 

 

 

2,477

 

 

 

 

28

 

 

 

 

305

 

 

 

 

300

 

 

Total nonperforming assets

$

 

28,754

 

 

$

 

34,158

 

 

$

 

25,283

 

 

$