FIRST FINANCIAL BANKSHARES, INC. ABILENE, Texas, Jan. 22, 2015 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2014 of $22.59 million, up 6.35 percent compared with earnings of $21.24 million in the same quarter last year. Basic earnings per share were $0.35 for the fourth quarter of 2014 compared with $0.33 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2014 was $2.91 million, before income tax, resulting from the Company's partial settlement of its frozen defined benefit pension plan (see below for more details).
Net interest income for the fourth quarter of 2014 increased 7.26 percent to $50.08 million compared with $46.69 million in the same quarter of 2013. The net interest margin, on a taxable equivalent basis, was 4.08 percent compared to 4.18 percent in the third quarter of 2014 and 4.27 percent in the same quarter last year. Included in interest income for the fourth quarter of 2014 was $325 thousand, or three basis points in net interest margin, related to discount accretion from fair value accounting related to the Orange and Huntsville acquisitions.
The provision for loan losses was $755 thousand in the fourth quarter of 2014 compared with $896 thousand in the third quarter of 2014 and $1.17 million in the fourth quarter of 2013. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.74 percent at December 31, 2014, compared with 0.83 percent at September 30, 2014, and 1.16 percent at December 31, 2013. Classified loans totaled $72.98 million at December 31, 2014, compared to $81.39 million at September 30, 2014, and $84.24 million at December 31, 2013.
Noninterest income increased 7.80 percent in the fourth quarter of 2014 to $17.02 million compared with $15.79 million in the same quarter a year ago. Trust fees increased $436 thousand to $4.87 million in the fourth quarter of 2014 compared with $4.43 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $3.76 billion from $3.36 billion a year ago. ATM, interchange and credit card fees increased 15.80 percent to $5.14 million compared with $4.44 million in the same quarter last year due to a large growth in net new accounts and debit cards.
Noninterest expense for the fourth quarter of 2014 totaled $36.44 million compared to $33.10 million in the fourth quarter of 2013. During the fourth quarter of 2014, the Company offered settlement of its pension obligation to plan participants who no longer are employed by the Company. As a result of the partial settlement of the plan, the Company recognized $2.91 million, before income tax, in pension expense, a component of noninterest expense. The effect of this transaction was relatively neutral to shareholders' equity since the recorded pension obligation associated with plan participants who accepted the settlement closely approximated the amount offered to such plan participants and the amount recognized in pension expense had been previously recognized as unrealized losses in other comprehensive earnings. As a result, the Company paid $10.63 million out of pension plan assets, or approximately 43% of the total outstanding obligation balance, to plan participants and the number of participants was reduced by 335, or 44%. The Company's investment risk and administrative expense associated with the Company's pension plan should be significantly reduced going forward.
The Company's efficiency ratio in the fourth quarter of 2014 was 50.58 percent compared with 49.42 percent in the same quarter last year. The increase in the efficiency ratio in the fourth quarter of 2014 primarily resulted from the pension settlement described above.
For the year, net income increased 13.56 percent to $89.56 million from $78.87 million in 2013, marking 2014 as the 28(th) consecutive year of earnings increases for the Company. Basic earnings per share in 2014 rose to $1.40 from $1.24 in the previous year.
Net interest income increased 12.81 percent for the year to $194.36 million from $172.28 million a year ago. The provision for loan losses for 2014 totaled $4.47 million compared with $3.75 million in 2013. Noninterest income was $66.62 million in 2014 compared with $62.05 million in 2013. Noninterest expense rose to $137.93 million in 2014 compared with $126.01 million a year ago.
As of December 31, 2014, consolidated assets for the Company totaled $5.85 billion compared with $5.22 billion a year ago. Loans totaled $2.94 billion at year end compared with loans of $2.69 billion a year ago. Total deposits grew 14.88 percent to $4.75 billion at December 31, 2014, compared to $4.14 billion a year ago. Shareholders' equity rose to $681.54 million as of December 31, 2014, compared with $587.65 million in the prior year.
"We are extremely pleased to report the 28(th) consecutive year of increased earnings for the Company," said F. Scott Dueser, Chairman, President and CEO. "We are also pleased to report the Company's significant growth in loans and deposits in 2014, growing our balance sheet $626 million, all from organic growth. We owe this success to the tireless efforts of our personnel and the tremendous support of our directors and our customers. Going forward, we will continue to search for additional opportunities to maximize our efficiencies and increase shareholder value."
"We also realize the recent volatility in the stock market due to oil and gas prices is at the forefront of the minds of our shareholders. We are painted with the same broad brush as all Texas banks from an oil and gas standpoint, but we have limited direct exposure. In fact, loans directly tied to the oil and gas industry only account for approximately three percent (3%) of the Company's loan portfolio at December 31, 2014. We believe we can continue to achieve earnings growth despite the current situation surrounding the oil and gas industry as we believe that our markets are more diversified, and therefore resilient, than during prior periods of significant declines in oil and gas prices," added F. Scott Dueser, Chairman, President and CEO.
On April 22, 2014, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 2, 2014. All share and per share amounts in this earnings release have been restated to reflect this stock split.
All amounts for the quarters and years ended on December 31, 2014 and 2013 include the results of the Company's acquisition of Orange Savings Bank, SSB, Orange, Texas, which was effective on May 31, 2013. As of the acquisition date, Orange had total loans of $293.29 million and total deposits of $385.95 million.
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 12 banking regions with 62 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Mauriceville, Merkel, Midlothian, Mineral Wells, Moran, New Waverly, Newton, Odessa, Orange, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake, Stephenville, Sweetwater, Trent, Trophy Club, Vidor, Waxahachie, Weatherford and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with eight 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 Bankshares, 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; 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/Filings" on the Company's Web site 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
-----
2014 2013
---- ----
ASSETS Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Cash and due from banks $190,387 $149,957 $166,237 $160,469 $183,084
Interest-bearing deposits in banks 54,324 83,994 68,331 3,772 25,498
Interest-bearing time deposits in banks 17,002 19,234 24,188 30,026 31,917
Fed funds sold 8,760 4,785 3,110 3,620 3,430
Investment securities 2,416,297 2,254,316 2,174,396 2,163,599 2,058,407
Loans 2,937,991 2,839,696 2,786,644 2,698,717 2,689,448
Allowance for loan losses (36,824) (36,388) (35,892) (34,693) (33,900)
------- ------- ------- ------- -------
Net loans 2,901,167 2,803,308 2,750,752 2,664,024 2,655,548
Premises and equipment 103,000 101,437 96,619 95,406 95,505
Goodwill 94,882 94,882 94,882 94,882 94,882
Other intangible assets 2,477 2,547 2,547 2,600 2,603
Other assets 59,906 61,351 65,294 62,629 71,334
------ ------ ------ ------ ------
Total assets $5,848,202 $5,575,811 $5,446,356 $5,281,027 $5,222,208
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits $1,570,330 $1,505,847 $1,445,947 $1,389,331 $1,362,184
Interest-bearing deposits 3,179,925 2,958,517 2,872,511 2,844,950 2,772,891
--------- --------- --------- --------- ---------
4,750,255 4,464,364 4,318,458 4,234,281 4,135,075
Total deposits
Short-term borrowings 367,110 341,909 434,583 383,220 463,888
Other liabilities 49,300 110,773 53,279 46,960 35,598
Shareholders' equity 681,537 658,765 640,036 616,566 587,647
------- ------- ------- ------- -------
Total liabilities and
shareholders' equity $5,848,202 $5,575,811 $5,446,356 $5,281,027 $5,222,208
Quarter Ended
-------------
2014 2013
---- ----
INCOME STATEMENTS Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Interest income $51,121 $49,955 $49,254 $48,209 $47,756
Interest expense 1,039 1,069 1,037 1,036 1,066
----- ----- ----- ----- -----
Net interest income 50,082 48,886 48,217 47,173 46,690
Provision for loan losses 755 896 1,124 1,690 1,171
--- --- ----- ----- -----
Net interest income after provision for
loan losses 49,327 47,990 47,093 45,483 45,519
Noninterest income 17,023 17,324 15,872 16,405 15,792
Noninterest expense 36,435 34,040 35,002 32,448 33,096
------ ------ ------ ------ ------
Net income before income taxes 29,915 31,274 27,963 29,440 28,215
Income tax expense 7,328 7,843 6,758 7,104 6,977
----- ----- ----- ----- -----
Net income $22,587 $23,431 $21,205 $22,336 $21,238
PER COMMON SHARE DATA
Net income - basic $0.35 $0.37 $0.33 $0.35 $0.33
Net income - diluted 0.35 0.36 0.33 0.35 0.33
Cash dividends declared 0.14 0.14 0.14 0.13 0.13
Book Value 10.63 10.28 9.99 9.63 9.18
Market Value $29.88 $27.79 $31.37 $30.90 $33.06
Shares outstanding - end of period 64,089,921 64,065,828 64,053,010 64,039,234 63,984,994
Average outstanding shares - basic 64,075,334 64,059,675 64,045,282 64,010,076 63,965,876
Average outstanding shares - diluted 64,316,815 64,304,985 64,301,306 64,212,018 64,192,458
PERFORMANCE RATIOS
Return on average assets 1.57% 1.71% 1.59% 1.74% 1.65%
Return on average equity 13.34 14.27 13.46 15.02 14.47
Net interest margin (tax equivalent) 4.08 4.18 4.24 4.32 4.27
Efficiency ratio 50.58 47.93 50.84 47.57 49.42
Year Ended
Dec. 31,
--------
INCOME
STATEMENTS 2014 2013
---- ----
Interest income $198,539 $176,369
Interest expense 4,181 4,088
----- -----
Net interest
income 194,358 172,281
Provision for
loan losses 4,465 3,753
----- -----
Net interest income after
provision for loan losses 189,893 168,528
Noninterest
income 66,624 62,052
Noninterest
expense 137,925 126,012
------- -------
Net income before
income taxes 118,592 104,568
Income tax
expense 29,033 25,700
------ ------
Net income $89,559 $78,868
======= =======
PER COMMON SHARE
DATA
Net income -
basic $1.40 $1.24
Net income -
diluted 1.39 1.24
Cash dividends
declared 0.55 0.52
Book Value 10.63 9.18
Market
Value $29.88 $33.06
Shares outstanding -
end of period 64,089,921 63,984,994
Average outstanding
shares -basic 64,047,803 63,575,948
Average outstanding
shares -diluted 64,308,535 63,856,764
PERFORMANCE
RATIOS
Return on
average assets 1.65% 1.64%
Return on
average equity 14.00 13.75
Net interest margin
(tax equivalent) 4.20 4.22
Efficiency
ratio 49.24 50.19
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended
-------------
2014 2013
---- ----
ALLOWANCE FOR LOAN LOSSES Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Balance at beginning of period $36,388 $35,892 $34,693 $33,900 $34,800
Loans charged off (670) (614) (302) (1,297) (1,294)
Loan recoveries 351 214 377 400 311
--- --- --- --- ---
Net recoveries (charge-offs) (319) (400) 75 (897) (983)
Provision for loan losses 755 896 1,124 1,690 1,171
Transfer of off balance sheet exposure to other
liabilities - - - - (1,088)
Balance at end of period $36,824 $36,388 $35,892 $34,693 $33,900
======= ======= ======= ======= =======
Allowance for loan losses /
period-end loans 1.25% 1.28% 1.29% 1.29% 1.26%
Allowance for loan losses /
nonperforming loans 178.06 162.77 151.52 140.23 120.82
Net charge-offs / average loans
(annualized) 0.04 0.06 (0.01) 0.14 0.15
NONPERFORMING ASSETS
Nonaccrual loans $20,195 $22,093 $23,565 $24,710 $27,926
Accruing troubled debt restructured loans 226 - - - -
Accruing loans 90 days past due 260 263 123 30 133
--- --- --- --- ---
Total nonperforming loans 20,681 22,356 23,688 24,740 28,059
Foreclosed assets 1,035 1,273 2,342 2,813 3,069
----- ----- ----- ----- -----
Total nonperforming assets $21,716 $23,629 $26,030 $27,553 $31,128
As a % of loans and foreclosed assets 0.74% 0.83% 0.93% 1.02% 1.16%
As a % of end of period total assets 0.37 0.42 0.48 0.52 0.60
CAPITAL RATIOS
Tier 1 risk-based 16.05% 16.07% 16.15% 16.24% 15.82%
Total risk-based 17.16 17.20 17.30 17.39 16.92
Tier 1 leverage 9.89 10.10 9.99 9.95 9.84
Equity to assets 11.65 11.81 11.75 11.68 11.25
Quarter Ended
-------------
2014 2013
---- ----
NONINTEREST INCOME Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
-------- --------- -------- -------- --------
Trust fees $4,869 $4,772 $4,549 $4,576 $4,433
Service charges on deposits 4,287 4,402 4,174 4,047 4,537
ATM, interchange and credit card fees 5,137 5,093 4,754 4,443 4,436
Real estate mortgage fees 1,465 1,813 1,337 1,024 1,200
Net gain (loss) on sale of available-for-sale
securities - 1 (1) (4) -
Net gain (loss) on sale of foreclosed assets 100 305 47 452 111
Net gain (loss) on sale of assets (6) (31) 44 3 6
Other noninterest income 1,171 969 968 1,864 1,069
Total noninterest income $17,023 $17,324 $15,872 $16,405 $15,792
NONINTEREST EXPENSE
$
$
$
Salaries and employee benefits,
excluding profit sharing $16,302 16,354 $16,279 16,197 15,690
Profit sharing expense 1,516 1,596 995 1,217 1,942
Loss from partial settlement of pension plan 2,909 - - - -
Net occupancy expense 2,296 2,297 2,273 2,234 2,101
Equipment expense 2,695 2,758 2,665 2,622 2,527
FDIC insurance premiums 689 693 684 659 636
ATM, interchange and credit card expenses 1,875 1,819 1,696 1,480 1,499
Legal, tax and professional fees 1,363 1,463 1,208 1,273 1,248
Audit fees 279 403 367 369 506
Printing, stationery and supplies 676 632 554 775 562
Amortization of intangible assets 64 62 74 75 77
Advertising and public relations 1,515 1,591 1,465 1,375 1,495
Correspondent bank service charges 222 222 215 228 241
Other noninterest expense 4,034 4,150 6,527 3,944 4,572
----- ----- ----- ----- -----
Total noninterest expense $36,435 $34,040 $35,002 $32,448 $33,096
TAX EQUIVALENT YIELD ADJUSTMENT $4,934 $4,814 $4,753 $4,629 $4,490
Year Ended
Dec. 31,
--------
NONINTEREST
INCOME 2014 2013
---- ----
Trust
fees $18,766 $16,317
Service charges
on deposits 16,910 17,546
ATM, interchange and
credit card fees 19,427 16,750
Real estate
mortgage fees 5,639 6,349
Net gain (loss) on sale of available-
for-sale securities (4) 147
Net gain (loss) on sale
of foreclosed assets 904 (152)
Net gain (loss) on sale
of assets 10 183
Other
noninterest
income 4,972 4,912
Total noninterest income $66,624 $62,052
======= =======
NONINTEREST
EXPENSE
$
Salaries and employee benefits,
excluding profit sharing $65,132 60,843
Profit sharing
expense 5,324 5,686
Loss from partial
settlement of pension
plan 2,909 -
Net occupancy
expense 9,100 8,095
Equipment
expense 10,740 9,673
FDIC insurance
premiums 2,725 2,418
ATM, interchange and
credit card expenses 6,870 5,660
Legal, tax and
professional fees 5,307 5,029
Audit
fees 1,418 1,558
Printing, stationery and
supplies 2,637 2,066
Amortization of
intangible assets 275 197
Advertising and
public
relations 5,946 4,833
Correspondent bank
service charges 887 915
Other
noninterest
expense 18,655 19,039
------ ------
Total noninterest
expense $137,925 $126,012
======== ========
TAX EQUIVALENT YIELD
ADJUSTMENT $19,130 $16,723
======= =======
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended Three Months Ended
Dec. 31, 2014 Sept. 30, 2014
------------- --------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $5,975 $4 0.30% $10,619 $11 0.40%
Interest-bearing deposits in nonaffiliated banks 118,244 110 0.37 50,213 69 0.55
Taxable securities 1,246,632 7,370 2.36 1,166,248 6,856 2.35
Tax exempt securities 1,091,723 13,078 4.79 1,057,715 12,763 4.83
Loans 2,889,951 35,492 4.87 2,814,083 35,070 4.94
--------- ------ ---- --------- ------ ----
Total interest-earning assets 5,352,525 $56,054 4.15% 5,098,878 $54,769 4.26%
Noninterest-earning assets 358,395 348,369
------- -------
Total assets $5,710,920 $5,447,247
Interest-bearing liabilities:
Deposits $3,043,612 $989 0.13% $2,892,065 $999 0.14%
Fed funds purchased and other short term borrowings 373,785 49 0.05 384,768 70 0.07
--- ---- ------- --- ----
Total interest-bearing liabilities 3,417,397 $1,038 0.12% 3,276,833 $1,069 0.13%
Noninterest-bearing liabilities 1,621,819 1,518,907
Shareholders' equity 671,704 651,507
------- -------
Total liabilities and shareholders' equity $5,710,920 $5,447,247
Net interest income and margin (tax equivalent) $55,016 4.08% $53,700 4.18%
======= ==== ======= ====
Three Months Ended Three Months Ended
June 30, 2014 Mar. 31, 2014
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $11,310 $12 0.41% $5,718 $5 0.35%
Interest-bearing deposits in nonaffiliated banks 48,974 78 0.64 48,708 82 0.68
Taxable securities 1,159,430 7,091 2.45 1,121,296 7,084 2.53
Tax exempt securities 1,037,608 12,599 4.86 992,947 12,218 4.92
Loans 2,748,023 34,227 5.00 2,689,474 33,450 5.04
--------- ------ ---- --------- ------ ----
Total interest-earning assets 5,005,345 $54,007 4.33% 4,858,143 $52,839 4.41%
Noninterest-earning assets 335,651 351,309
------- -------
Total assets $5,340,996 $5,209,452
Interest-bearing liabilities:
Deposits $2,867,740 $955 0.13% $2,817,181 $941 0.14%
Fed funds purchased and other short term borrowings 406,913 82 0.08 426,204 96 0.09
------- --- ---- ------- --- ----
Total interest-bearing liabilities 3,274,653 $1,037 0.13% 3,243,385 $1,037 0.13%
Noninterest-bearing liabilities 1,434,674 1,362,852
Shareholders' equity 631,669 603,215
------- -------
Total liabilities and shareholders' equity $5,340,996 $5,209,452
Net interest income and margin (tax equivalent) $52,970 4.24% $51,802 4.32%
======= ==== ======= ====
Three Months Ended
Dec. 31, 2013
-------------
Average Tax Equivalent Yield /
Balance Interest Rate
------- -------- ----
Interest-earning assets:
Fed funds sold $7,177 $7 0.40%
Interest-bearing deposits in nonaffiliated banks 44,421 89 0.79
Taxable securities 1,094,256 6,687 2.44
Tax exempt securities 958,278 11,817 4.93
Loans 2,650,834 33,645 5.04
--------- ------ ----
Total interest-earning assets 4,754,966 $52,245 4.36%
Noninterest-earning assets 344,927
-------
Total assets $5,099,893
Interest-bearing liabilities:
Deposits $2,696,123 $950 0.14%
Fed funds purchased and other short term borrowings 454,573 115 0.10
------- --- ----
Total interest-bearing liabilities 3,150,696 $1,065 0.13%
Noninterest-bearing liabilities 1,366,726
Shareholders' equity 582,471
-------
Total liabilities and shareholders' equity $5,099,893
$
51,180
Net interest income and margin (tax equivalent) 4.27%
====
Year Ended Year Ended
Dec. 31, 2014 Dec. 31, 2013
------------- -------------
Average Tax Equivalent Yield / Average Tax Equivalent Yield /
Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ----
Interest-earning assets:
Fed funds sold $8,412 $31 0.37% $12,653 $44 0.35%
Interest-bearing deposits in nonaffiliated banks 66,681 339 0.51 69,169 465 0.67
Taxable securities 1,173,725 28,402 2.42 1,052,453 25,505 2.42
Tax exempt securities 1,045,304 50,657 4.85 911,472 44,143 4.84
Loans 2,786,011 138,240 4.96 2,431,872 122,935 5.06
--------- ------- ---- --------- ------- ----
Total interest-earning assets 5,080,133 $217,669 4.28% 4,477,619 $193,092 4.31%
Noninterest-earning assets 348,450 321,641
------- -------
Total assets $5,428,583 $4,799,260
Interest-bearing liabilities:
Deposits $2,905,734 $3,883 0.13% $2,513,674 $3,709 0.15%
Fed funds purchased and other short term borrowings 397,738 298 0.07 400,545 379 0.09
------- --- ---- ------- --- ----
Total interest-bearing liabilities 3,303,472 $4,181 0.13% 2,914,219 $4,088 0.14%
Noninterest-bearing liabilities 1,485,367 1,311,656
Shareholders' equity 639,744 573,385
------- -------
Total liabilities and shareholders' equity $5,428,583 $4,799,260
Net interest income and margin (tax equivalent) $213,488 4.20% $189,004 4.22%
======== ==== ======== ====
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SOURCE First Financial Bankshares, Inc.
