d166331d8k.htm

Exhibit 99.1


For immediate release		For More Information:
		James R. Gordon, EVP & Chief Financial Officer
		325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES SECOND QUARTER 2021 EARNINGS

ABILENE, Texas, July 22, 2021 - First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2021 of $56.38 million compared to earnings of $53.47 million for the same quarter a year ago. Basic and diluted earnings per share were $0.40 and $0.39, respectively, for the second quarter of 2021 compared with $0.38 and $0.38 respectively, for the same quarter a year ago.

“During the second quarter, we produced strong operating results as we moved beyond the pandemic. As the economy in Texas continues to quickly recover from the pandemic, we were able to capitalize on the growth that we experienced over the past year. Our strong momentum produced net organic loan growth, excluding PPP loans, of $193.46 million for the quarter and $296.84 million year-to-date while customer deposits have grown $1.11 billion year-to-date. We will continue to build relationships, serve our communities across Texas, and remain focused on growth over the last half of 2021. 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 second quarter of 2021 was $90.95 million compared to $89.24 million for the second quarter of 2020. Average-earning assets increased to $11.30 billion for the second quarter of 2021 compared to $9.80 billion a year ago. The net interest margin, on a taxable equivalent basis, was 3.36 percent for the second quarter of 2021 compared to 3.78 percent in the second quarter of 2020. Our continued deposit growth produced higher levels of short-term liquidity and investment securities balances.

Information related to the Company’s Paycheck Protection Program (“PPP”) loans are included in the following table (dollars in thousands):


	PPP Loans Originated				PPP Amounts as of June 30, 2021
	Number of Loans		Amount		Number of Loans		Period-End Amount, Net		Unamortized Fees		Recognized Fees During the Quarter Ended June 30, 2021
PPP Round 1		6,530	$	703,450		724	$	72,595	$	1,107	$	3,912
PPP Round 2		3,179		267,423		2,997		247,797		12,615		1,326

PPP Total		9,709	$	970,873		3,721	$	320,392	$	13,722	$	5,238

PPP loan balances accounted for $482.00 million in average balances for the second quarter of 2021 compared to $499.35 million in the first quarter of 2021. Remaining unamortized fees continue to be amortized over the shorter of the repayment period or the contractual life of 24 to 60 months.

The Company recorded a negative provision for credit losses of $1.21 million for the second quarter of 2021 compared to a provision for credit losses of $8.70 million for the second quarter of 2020. The Company’s provision for credit losses for the second quarter of 2021 reflected the continued improvement in the economic outlook for our markets across Texas and overall improvements in asset quality.

For the second quarter of 2021, net recoveries totaled $203 thousand compared to net charge-offs of $193 thousand for the second quarter of 2020. At June 30, 2021, the allowance for credit losses totaled $62.14 million, or 1.17 percent of loans held-for-investment (“loans” hereafter), or 1.25 percent of loans, excluding PPP loans, compared to $68.95 million at June 30, 2020, or 1.31 percent of loans, or 1.52 percent of loans, excluding PPP loans. Additionally, the reserve for unfunded commitments totaled $6.75 million at June 30, 2021 compared to $809 thousand at June 30, 2020. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.57 percent at June 30, 2021, compared with 0.76 percent at June 30, 2020. Classified loans totaled $174.99 million at June 30, 2021, compared to $200.90 million at June 30, 2020.

Noninterest income in the second quarter of 2021 was $34.67 million compared to $36.92 million in the second quarter of 2020, as a result of the following:

•

Trust fees increased to $8.69 million in the second quarter of 2021 from $6.96 million in the second quarter of 2020. The fair value of trust assets managed increased to $8.06 billion at June 30, 2021 compared to $6.78 billion at June 30, 2020.

•

Service charges on deposits were $4.93 million in the second quarter of 2021 compared with $4.32 million in the second quarter of 2020.

•

ATM, interchange and credit card fees increased to $9.85 million in the second quarter of 2021 from $8.05 million in the second quarter of 2020, driven by continued growth in the number of debit cards issued and overall customer utilization.

•

Mortgage income was $8.29 million in the second quarter of 2021 compared to $13.68 million in the second quarter of 2020 due to lower overall pipeline volumes.

•

Gains on sales of securities and other assets totalled $80 thousand in the second quarter of 2021 compared to $1.54 million in the second quarter of 2020.

Noninterest expense for the second quarter of 2021 totaled $59.37 million compared to $53.32 million in the second quarter of 2020, as a result of the following:

•

Salary, commissions and employee benefit costs totaled $35.05 million for the second quarter of 2021, compared to $30.81 million in the second quarter of 2020. The increase over the prior year was primarily driven by the deferral of $3.62 million of PPP loan orgination costs during the quarter ended June 30, 2020 combined with increases effective March 1, 2021 from annual merit-based pay and incentive compensation during the quarter ended June 30, 2021.

The Company’s efficiency ratio was 45.94 percent for the second quarter of 2021 compared to 41.32 percent for the second quarter of 2020.

As of June 30, 2021, consolidated assets for the Company totaled $12.33 billion compared to $10.34 billion at June 30, 2020. Loans totaled $5.30 billion at June 30, 2021, compared with loans of $5.25 billion at June 30, 2020. Excluding PPP loans, loans have grown $434.26 million or 9.5 percent, from June 30, 2020 balances. Deposits totaled $9.78 billion at June 30, 2021, compared to $8.16 billion at June 30, 2020, driven by organic growth. Shareholders’ equity rose to $1.72 billion as of June 30, 2021, compared to $1.58 billion at June 30, 2020.

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 http://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
ASSETS	2021						2020
ASSETS	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Cash and due from banks	$	190,061		$	190,350		$	211,113		$	175,088		$	188,373
Interest-bearing deposits in banks		654,531			893,221			517,971			58,933			196,426
Investment securities		5,578,048			5,109,631			4,393,029			4,431,280			4,118,863
Loans, held-for-investment, excluding PPP Loans		4,984,210			4,790,752			4,687,370			4,589,948			4,549,950
PPP Loans		320,392			531,810			483,663			703,731			703,117
Allowance for loan losses		(62,138	)		(62,974	)		(66,534	)		(76,038	)		(68,947	)

Net loans, held-for-investment		5,242,464			5,259,588			5,104,499			5,217,641			5,184,120
Loans, held-for-sale		61,802			65,405			83,969			101,055			66,370
Premises and equipment, net		147,655			142,415			142,269			141,002			138,933
Goodwill		313,481			313,481			313,481			313,481			313,481
Other intangible assets		4,087			4,499			4,911			5,394			5,884
Other assets		136,954			124,297			133,258			123,778			127,367

Total assets	$	12,329,083		$	12,102,887		$	10,904,500		$	10,567,652		$	10,339,817


LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$	3,427,038		$	3,350,145		$	2,982,697		$	2,950,407		$	2,941,679
Interest-bearing deposits		6,354,656			6,063,302			5,693,120			5,344,481			5,215,963

Total deposits		9,781,694			9,413,447			8,675,817			8,294,888			8,157,642
Borrowings		549,969			548,604			430,093			503,163			449,224
Trade Date Payable		189,838			381,871			14,641			53,730			33,553
Other liabilities		87,213			93,537			105,759			96,370			116,949
Shareholders' equity		1,720,369			1,665,428			1,678,190			1,619,501			1,582,449

Total liabilities and shareholders' equity	$	12,329,083		$	12,102,887		$	10,904,500		$	10,567,652		$	10,339,817


	Quarter Ended
INCOME STATEMENTS	2021						2020
INCOME STATEMENTS	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Interest income	$	92,602		$	90,610		$	92,457		$	91,373		$	92,197
Interest expense		1,653			1,786			1,920			2,163			2,962

Net interest income		90,949			88,824			90,537			89,210			89,235
Provision for credit losses		(1,206	)		(1,997	)		(8,033	)		9,000			8,700

Net interest income after provisions for credit losses		92,155			90,821			98,570			80,210			80,535
Noninterest income		34,673			34,874			35,709			38,575			36,919
Noninterest expense		59,374			57,723			63,705			55,593			53,321

Net income before income taxes		67,454			67,972			70,574			63,192			64,133
Income tax expense		11,075			11,054			12,099			10,335			10,663

Net income	$	56,379		$	56,918		$	58,475		$	52,857		$	53,470


PER COMMON SHARE DATA
Net income—basic	$	0.40		$	0.40		$	0.41		$	0.37		$	0.38
Net income—diluted		0.39			0.40			0.41			0.37			0.38
Cash dividends declared		0.15			0.13			0.13			0.13			0.13
Book value		12.08			11.70			11.80			11.40			11.14
Tangible book value		9.85			9.47			9.57			9.15			8.89
Market value	$	49.13		$	46.73		$	36.17		$	27.91		$	28.89
Shares outstanding—end of period		142,359,774			142,285,611			142,161,834			142,121,595			142,035,396
Average outstanding shares—basic		142,245,555			142,146,275			142,057,705			141,980,707			141,973,522
Average outstanding shares—diluted		143,164,611			143,002,658			142,644,088			142,529,242			142,454,083

PERFORMANCE RATIOS
Return on average assets		1.89	%		2.05	%		2.19	%		2.01	%		2.06	%
Return on average equity		13.38			13.83			14.27			13.14			14.00
Return on average tangible equity		16.48			17.09			17.74			16.41			17.67
Net interest margin (tax equivalent)		3.36			3.55			3.75			3.75			3.78
Efficiency ratio		45.94			45.36			49.15			42.45			41.32


INCOME STATEMENTS	Six Months Ended June 30,
INCOME STATEMENTS	2021			2020
Interest income	$	183,212		$	180,297
Interest expense		3,439			10,159

Net interest income		179,773			170,138
Provision for loan losses		(3,203	)		18,550

Net interest income after provision for loan losses		182,976			151,588
Noninterest income		69,548			65,651
Noninterest expense		117,098			108,640

Net income before income taxes		135,426			108,599
Income tax expense		22,129			17,898

Net income	$	113,297		$	90,701


PER COMMON SHARE DATA
Net income—basic	$	0.80		$	0.64
Net income—diluted		0.79			0.64
Cash dividends declared		0.28			0.25
Book Value		12.08			11.14
Tangible book value		9.85			8.89
Market Value	$	49.13		$	28.89
Shares outstanding—end of period		142,359,774			142,035,396
Average outstanding shares—basic		142,196,190			142,045,779
Average outstanding shares—diluted		143,102,608			142,519,308

PERFORMANCE RATIOS
Return on average assets		1.97	%		1.86	%
Return on average equity		13.61			12.09
Return on average tangible equity		16.78			15.33
Net interest margin (tax equivalent)		3.45			3.84
Efficiency ratio		45.65			45.17

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
ALLOWANCE FOR LOAN LOSSES	2021						2020
ALLOWANCE FOR LOAN LOSSES	June 30,			Mar. 31,			Dec. 31,			Sept. 30,			June 30,
Balance at beginning of period	$	62,974		$	66,534		$	76,038		$	68,947		$	60,440
Loans charged off		(392	)		(574	)		(1,339	)		(853	)		(894	)
Loan recoveries		595			443			778			444			701

Net recoveries (charge-offs)		203			(131	)		(561	)		(409	)		(193	)
Initial adoption of ASU 2016-13 (CECL)—recorded in retained earnings		—			—			(619	)		—			—
Reclassification of credit marks on purchased credit deteriorated (PCD) loans		—			—			1,678			—			—
Provision for loan losses		(1,039	)		(3,429	)		(10,002	)		7,500			8,700

Balance at end of period	$	62,138		$	62,974		$	66,534		$	76,038		$	68,947


ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	6,918		$	5,486		$	2,309		$	809		$	809
Initial adoption of ASU 2016-13 (CECL)—recorded in retained earnings		—			—			1,208			—			—
Provision for unfunded commitments		(167	)		1,432			1,969			1,500			—

Balance at end of period	$	6,751		$	6,918		$	5,486		$	2,309		$	809

Allowance for loan losses / period-end loans held-for-investment		1.17	%		1.18	%		1.29	%		1.44	%		1.31	%
Allowance for loan losses / nonperforming loans		208.45			160.00			155.61			177.99			174.83
Net charge-offs (recoveries) / average total loans (annualized)		(0.02	)		0.01			0.04			0.03			0.01

SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	54,497		$	61,866		$	56,585		$	66,033		$	63,489
Substandard		120,497			128,550			140,866			136,010			137,408
Doubtful		—			—			—			—			—

Total classified loans	$	174,994		$	190,416		$	197,451		$	202,043		$	200,897


NONPERFORMING ASSETS
Nonaccrual loans	$	29,786		$	39,333		$	42,619		$	42,673		$	39,320
Accruing troubled debt restructured loans		23			23			24			25			25
Accruing loans 90 days past due		—			2			113			23			92

Total nonperforming loans		29,809			39,358			42,756			42,721			39,437
Foreclosed assets		305			300			142			331			287

Total nonperforming assets	$	30,114		$	39,658		$	42,898		$	43,052		$	39,724

As a % of loans held-for-investment and foreclosed assets		0.57	%		0.75	%		0.83	%		0.81	%		0.76	%
As a % of end of period total assets		0.24			0.33			0.39			0.41			0.38

OIL AND GAS PORTFOLIO INFORMATION *
Oil and gas loans	$	103,166		$	105,261		$	106,237		$	118,567		$	128,143
Oil and gas loans as a % of total loans held-for-investment		2.07	%		2.20	%		2.27	%		2.58	%		2.82	%
Classified oil and gas loans		13,090			10,079			13,298			26,823			28,366
Nonaccrual oil and gas loans		3,986			4,759			4,774			6,800			3,702
Net charge-offs for oil and gas loans		59			40			24			—			195
* Excluding PPP loans

RETAIL/RESTAURANT/HOSPITALITY PORTFOLIO INFORMATION *
Retail loans	$	326,409		$	282,310		$	216,244		$	229,386		$	216,244
Restaurant loans		56,997			51,772			48,618			39,523			46,418
Hotel loans		71,008			71,435			71,716			63,273			51,957
Other hospitality loans		27,929			24,014			21,970			26,041			23,230
Travel loans		790			664			780			801			908

Total Retail/Restaurant/Hospitality loans	$	483,133		$	430,195		$	359,328		$	359,024		$	338,757

Retail/Restaurant/Hospitality loans as a % of total loans held-for-investment		9.69	%		8.98	%		7.67	%		7.82	%		7.45	%
Classified Retail/Restaurant/Hospitality loans	$	43,635		$	45,214		$	31,192		$	28,171		$	15,837
Nonaccrual Retail/Restaurant/Hospitality loans		5,600			6,575			5,975			5,689			5,752
Net Charge-offs for Retail/Restaurant/Hospitality loans		—			—			561			26			178
* Excluding PPP loans

CAPITAL RATIOS
Common equity Tier 1 capital ratio		20.04	%		20.32	%		20.79	%		20.56	%		20.78	%
Tier 1 capital ratio		20.04			20.32			20.79			20.56			20.78
Total capital ratio		21.12			21.47			22.03			21.82			22.03
Tier 1 leverage ratio		11.10			11.55			11.86			11.65			11.25
Tangible common equity ratio		11.75			12.35			12.71			12.61			12.00
Equity/Assets ratio		13.95			13.76			15.39			15.33			15.30


	Quarter Ended
NONINTEREST INCOME	2021				2020
NONINTEREST INCOME	June 30,		Mar. 31,		Dec. 31,		Sept. 30,			June 30,
Trust fees	$	8,692	$	8,299	$	7,672	$	7,461		$	6,961
Service charges on deposits		4,928		4,793		5,330		5,009			4,318
ATM, interchange and credit card fees		9,853		8,677		8,376		8,644			8,049
Gain on sale and fees on mortgage loans		8,291		9,894		11,116		15,228			13,676
Net gain on sale of available-for-sale securities		5		808		23		36			1,512
Net gain on sale of foreclosed assets		1		55		87		19			52
Net gain (loss) on sale of assets		74		145		22		(2	)		(24	)
Interest on loan recoveries		704		382		235		202			154
Other noninterest income		2,125		1,821		2,848		1,978			2,221

Total noninterest income	$	34,673	$	34,874	$	35,709	$	38,575		$	36,919


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	32,936	$	32,636	$	34,773	$	32,104		$	28,836
Profit sharing expense		2,110		2,295		6,245		1,545			1,978
Net occupancy expense		3,241		3,147		3,067		3,193			3,101
Equipment expense		2,177		2,164		2,154		2,157			2,010
FDIC insurance premiums		766		701		663		587			463
ATM, interchange and credit card expenses		3,039		2,772		2,811		2,829			2,610
Legal, tax and professional fees		3,352		2,726		2,302		2,615			2,931
Audit fees		430		440		407		526			739
Printing, stationery and supplies		489		325		449		615			533
Amortization of intangible assets		412		412		483		490			508
Advertising and public relations		1,392		1,388		1,600		797			1,011
Operational and other losses		534		287		537		621			728
Software amortization and expense		2,829		2,619		2,563		2,265			2,010
Other noninterest expense		5,667		5,811		5,651		5,249			5,863

Total noninterest expense	$	59,374	$	57,723	$	63,705	$	55,593		$	53,321


TAX EQUIVALENT YIELD ADJUSTMENT	$	3,633	$	3,547	$	3,355	$	3,170		$	2,902


	Six Months Ended
NONINTEREST INCOME	June 30,
NONINTEREST INCOME	2021		2020
Trust fees	$	16,991	$	14,398
Service charges on deposits		9,721		10,233
ATM, interchange and credit card fees		18,530		15,449
Gain on sale and fees on mortgage loans		18,185		17,528
Net gain (loss) on sale of available-for-sale securities		813		3,574
Net gain (loss) on sale of foreclosed assets		56		53
Net gain (loss) on sale of assets		219		92
Interest on loan recoveries		1,086		419
Other noninterest income		3,947		3,905

Total noninterest income	$	69,548	$	65,651


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	65,572	$	57,506
Profit sharing expense		4,405		2,950
Net occupancy expense		6,388		6,128
Equipment expense		4,341		4,085
FDIC insurance premiums		1,467		508
ATM, interchange and credit card expenses		5,811		5,595
Legal, tax and professional fees		6,078		5,852
Audit fees		870		1,150
Printing, stationery and supplies		814		1,099
Amortization of intangible assets		824		1,017
Advertising and public relations		2,780		2,206
Operational and other losses		821		1,304
Software amortization and expense		5,448		4,034
Other noninterest expense		11,479		15,206

Total noninterest expense	$	117,098	$	108,640


TAX EQUIVALENT YIELD ADJUSTMENT	$	7,180	$	4,735

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Three Months Ended							Three Months Ended
	June 30, 2021							Mar. 31, 2021
	Average Balance		Tax Equivalent Interest		Yield / Rate			Average Balance		Tax Equivalent Interest		Yield / Rate
Interest-earning assets:
Federal funds sold	$	3,049	$	4		0.54	%	$	1,942	$	3		0.58	%
Interest-bearing deposits in nonaffiliated banks		796,835		211		0.11			637,129		159		0.10
Taxable securities		2,656,211		11,449		1.72			2,251,419		10,264		1.82
Tax exempt securities		2,461,924		17,410		2.83			2,368,615		16,979		2.87
Loans		5,383,781		67,161		5.00			5,296,149		66,753		5.11

Total interest-earning assets		11,301,800	$	96,235		3.42	%		10,555,254	$	94,158		3.62	%
Noninterest-earning assets		692,282							700,550

Total assets	$	11,994,082						$	11,255,804

Interest-bearing liabilities:
Deposits	$	6,229,991	$	1,560		0.10	%	$	5,916,237	$	1,696		0.12	%
Borrowings		527,669		93		0.07			456,620		91		0.08

Total interest-bearing liabilities		6,757,660	$	1,653		0.10	%		6,372,857	$	1,787		0.11	%
Noninterest-bearing liabilities		3,546,677							3,214,237
Shareholders' equity		1,689,745							1,668,710

Total liabilities and shareholders' equity	$	11,994,082						$	11,255,804

Net interest income and margin (tax equivalent)			$	94,582		3.36	%			$	92,371		3.55	%


	Three Months Ended							Three Months Ended
	Dec. 31, 2020							Sept. 30, 2020
	Average Balance		Tax Equivalent Interest		Yield / Rate			Average Balance		Tax Equivalent Interest		Yield / Rate
Interest-earning assets:
Federal funds sold	$	—	$	—		—	%	$	2,009	$	3		0.51	%
Interest-bearing deposits in nonaffiliated banks		195,637		50		0.10			223,104		59		0.10
Taxable securities		2,086,419		10,708		2.05			2,187,547		12,063		2.21
Tax exempt securities		2,318,912		16,733		2.89			2,058,032		15,737		3.06
Loans		5,356,229		68,321		5.07			5,334,174		66,681		4.97

Total interest-earning assets		9,957,197	$	95,812		3.83	%		9,804,866	$	94,543		3.84	%
Noninterest-earning assets		674,229							671,374

Total assets	$	10,631,426						$	10,476,240

Interest-bearing liabilities:
Deposits	$	5,479,873	$	1,826		0.13	%	$	5,270,600	$	2,064		0.16	%
Borrowings		428,117		94		0.09			482,555		99		0.08

Total interest-bearing liabilities		5,907,990	$	1,920		0.13	%		5,753,155	$	2,163		0.15	%
Noninterest-bearing liabilities		3,093,637							3,122,995
Shareholders' equity		1,629,799							1,600,090

Total liabilities and shareholders' equity	$	10,631,426						$	10,476,240

Net interest income and margin (tax equivalent)			$	93,892		3.75	%			$	92,380		3.75	%


	Three Months Ended
	June 30, 2020
	Average Balance		Tax Equivalent Interest		Yield / Rate
Interest-earning assets:
Federal funds sold	$	840	$	1		0.51	%
Interest-bearing deposits in nonaffiliated banks		352,628		86		0.10
Taxable securities		2,399,364		14,030		2.34
Tax exempt securities		1,800,339		14,733		3.27
Loans		5,248,052		66,249		5.08

Total interest-earning assets		9,801,223	$	95,099		3.90	%
Noninterest-earning assets		663,595

Total assets	$	10,464,818

Interest-bearing liabilities:
Deposits	$	5,135,772	$	2,550		0.20	%
Borrowings		877,076		412		0.19

Total interest-bearing liabilities		6,012,848	$	2,962		0.20	%
Noninterest-bearing liabilities		2,915,461
Shareholders' equity		1,536,509

Total liabilities and shareholders' equity	$	10,464,818

Net interest income and margin (tax equivalent)			$	92,137		3.78	%


	Six Months Ended							Six Months Ended
	June 30, 2021							June 30, 2020
	Average Balance		Tax Equivalent Interest		Yield / Rate			Average Balance		Tax Equivalent Interest		Yield / Rate
Interest-earning assets:
Federal funds sold	$	2,499	$	7		0.56	%	$	1,776	$	11		1.26	%
Interest-bearing deposits in nonaffiliated banks		717,423		370		0.10			290,469		831		0.58
Taxable securities		2,454,933		21,712		1.77			2,331,347		28,685		2.46
Tax exempt securities		2,415,527		34,389		2.85			1,573,591		25,933		3.30
Loans		5,340,207		133,914		5.06			4,957,744		129,572		5.26

Total interest-earning assets		10,930,589	$	190,392		3.51	%		9,154,927	$	185,032		4.06	%
Noninterest-earning assets		696,393							674,311

Total assets	$	11,626,982						$	9,829,238

Interest-bearing liabilities:
Deposits	$	6,073,981	$	3,255		0.11	%	$	5,019,929	$	9,231		0.37	%
Borrowings		492,341		184		0.08			668,840		928		0.28

Total interest-bearing liabilities		6,566,322	$	3,439		0.11	%		5,688,769	$	10,159		0.36	%
Noninterest-bearing liabilities		3,381,374							2,631,974
Shareholders' equity		1,679,286							1,508,495

Total liabilities and shareholders' equity	$	11,626,982						$	9,829,238

Net interest income and margin (tax equivalent)			$	186,953		3.45	%			$	174,873		3.84	%