First Financial Bankshares Inc.

10/17/2024 | Press release | Distributed by Public on 10/17/2024 15:20

FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2024 EARNINGS Form 8 K

FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER 2024 EARNINGS

ABILENE, Texas, October 17, 2024 - First Financial Bankshares, Inc. (the "Company," "we," "us" or "our") (NASDAQ: FFIN) today reported earnings of $55.31 million for the third quarter of 2024 compared to earnings of $52.49 million for the second quarter of 2024 and $49.56 million for the same quarter a year ago. Diluted earnings per share were $0.39 for the third quarter of 2024 compared with $0.37 for the second quarter of 2024 and $0.35 for the third quarter of 2023.

"We are pleased with the results for the quarter which saw continued growth in loans, deposits and net interest income, resulting in increased earnings over third quarter last year of 11.61 percent," said F. Scott Dueser, Chairman, CEO and President of First Financial Bankshares, Inc. "We are encouraged about the remainder of the year and we are committed to our continued focus on excellent customer service by building relationships and supporting our communities. As always, we appreciate the commitment of customers, shareholders, and employees."

Net interest income for the third quarter of 2024 was $107.11 million compared to $103.27 million in the second quarter of 2024 and $94.15 million for the third quarter of 2023. The net interest margin, on a taxable equivalent basis, was 3.50 percent for the third quarter of 2024 compared to 3.48 percent for the second quarter of 2024 and 3.22 percent in the third quarter of 2023. Average interest-earning assets were $12.48 billion for the third quarter of 2024 compared to $11.96 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $6.12 million for the third quarter of 2024 compared to a provision for credit losses of $5.89 million and $2.28 million for the second quarter of 2024 and third quarter of 2023, respectively. On September 30, 2024, the allowance for credit losses totaled $99.94 million, or 1.29 percent of loans held-for-investment ("loans" hereafter), compared to $89.71 million, or 1.28 percent of loans at September 30, 2023. Additionally, the reserve for unfunded commitments totaled $8.00 million at September 30, 2024 compared to $7.90 million at September 30, 2023.

For the third quarter of 2024, net charge-offs totaled $786 thousand compared to net charge-offs of $648 thousand for the third quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.83 percent on September 30, 2024, compared to 0.81 percent at June 30, 2024 and 0.57 percent at September 30, 2023. Classified loans totaled $229.92 million on September 30, 2024, compared to $219.26 million at June 30, 2024 and $179.11 million at September 30, 2023.

Noninterest income for the third quarter of 2024 was $32.36 million compared to $28.07 million for the third quarter of 2023. Notable changes for the third quarter of 2024 when compared to the same quarter a year ago are as follows:

•
Trust fee income increased $1.64 million, or 16.36 percent, compared to the third quarter of 2023. Trust revenue has increased primarily due to growth in assets under management to $10.86 billion at September 30, 2024 compared to $9.02 billion at September 30, 2023, and additionally from increases in oil and gas related fees.
•
Available-for-sale securities totaling $113.13 million with an average book yield of 3.53 percent were sold in the third quarter of 2023 resulting in a loss on sales of securities of $972 thousand. There were no securities sales in the third quarter 2024.
•
Recoveries of interest on previously charged-off or nonaccrual loans totaled $1.36 million for the third quarter of 2024 compared to $698 thousand for the third quarter of 2023.
•
Debit card fees increased by $487 thousand for the third quarter of 2024 when compared to the same quarter a year ago primarily due to the continued increase in the number of debit cards issued.
•
Mortgage income declined to $3.36 million for the third quarter of 2024 compared to $3.44 million for the third quarter of 2023 due to stagnant overall origination volume primarily because of the level of mortgage interest rates.

Noninterest expense for the third quarter of 2024 totaled $66.01 million compared to $59.54 million for the third quarter of 2023. Notable changes for the third quarter of 2024 when compared to the same quarter a year ago are as follows:

•
Salary, commissions, and employee benefit costs increased to $37.50 million for the third quarter of 2024, compared to $32.94 million in the third quarter of 2023. The increase from the prior year is related primarily to increases of $2.06 million in profit sharing expense, and $288 thousand in officer bonus and incentive accruals related to annualized earnings growth. Additionally, officer and employee salaries increased for additions to the middle market lending team and the audit and risk departments as well as merit-based pay increases over the prior year.
•
Noninterest expenses, excluding salary related costs, increased $1.91 million for the third quarter of 2024 compared to the same period in 2023 is largely due to increases in software amortization and expense and legal, tax and professional fees.

The Company's efficiency ratio was 46.45 percent for the third quarter of 2024 compared to 47.62 percent for the third quarter of 2023. The decrease from the same period in the prior year is primarily due to the increase in net interest income.

As of September 30, 2024, consolidated total assets were $13.58 billion compared to $12.78 billion at September 30, 2023. Loans totaled $7.72 billion at September 30, 2024, compared with loans of $6.99 billion at September 30, 2023. During the third quarter of 2024, loans grew $203.46 million, or 10.76 percent annualized, when compared to June 30, 2024 balances. Deposits and Repurchase Agreements totaled $11.81 billion at September 30, 2024, compared to $11.34 billion at September 30, 2023. During the third quarter of 2024, Deposits and Repurchase Agreements grew $265.31 million, or 9.14 percent annualized, when compared to June 30, 2024 balances.

Shareholders' equity was $1.66 billion as of September 30, 2024, compared to $1.52 billion and $1.24 billion at June 30, 2024, and September 30, 2023, respectively, primarily as a result of changes in Other Comprehensive Income ("OCI") due to the decrease in unrealized losses in the bond portfolio related to lower long-term interest rates. The unrealized loss on the securities portfolio, net of applicable tax, totaled $329.82 million at September 30, 2024, compared to an unrealized loss of $441.56 million at June 30, 2024 and $639.93 million at September 30, 2023.

About First Financial Bankshares, Inc.

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that through its wholly-owned subsidiary, First Financial Bank, operates multiple banking regions with 79 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, Franklin, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Lumberton, 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, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust and Asset Management Company, with nine 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," "project," 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

2024

2023

ASSETS

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Cash and due from banks

$

296,188

$

263,262

$

222,464

$

281,354

$

208,277

Interest-bearing demand deposits in banks

287,476

103,315

365,397

255,237

180,008

Federal funds sold

-

2,800

12,300

-

-

Investment securities

4,612,299

4,573,024

4,658,526

4,732,762

4,652,537

Loans, held-for-investment

7,723,191

7,519,733

7,229,410

7,148,791

6,994,696

Allowance for credit losses

(99,936

)

(95,170

)

(89,562

)

(88,734

)

(89,714

)

Net loans, held-for-investment

7,623,255

7,424,563

7,139,848

7,060,057

6,904,982

Loans, held-for-sale

20,114

19,668

16,109

14,253

12,229

Premises and equipment, net

151,204

153,075

151,953

151,788

152,936

Goodwill

313,481

313,481

313,481

313,481

313,481

Other intangible assets

671

828

984

1,141

1,369

Other assets

278,244

310,059

310,096

295,521

351,599

Total assets

$

13,582,932

$

13,164,075

$

13,191,158

$

13,105,594

$

12,777,418

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$

3,303,143

$

3,289,032

$

3,348,147

$

3,435,586

$

3,477,553

Interest-bearing deposits

8,452,718

8,120,125

7,941,661

7,702,714

7,238,970

Total deposits

11,755,861

11,409,157

11,289,808

11,138,300

10,716,523

Repurchase agreements

57,557

138,950

307,297

381,928

621,791

Borrowings

25,978

23,703

26,803

22,153

129,753

Trade date payable

5,416

-

-

-

2,500

Other liabilities

75,929

73,239

75,883

64,313

66,741

Shareholders' equity

1,662,191

1,519,026

1,491,367

1,498,900

1,240,110

Total liabilities and shareholders' equity

$

13,582,932

$

13,164,075

$

13,191,158

$

13,105,594

$

12,777,418

Quarter Ended

2024

2023

INCOME STATEMENTS

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Interest income

$

159,958

$

153,673

$

149,495

$

142,207

$

135,351

Interest expense

52,849

50,400

49,253

44,699

41,202

Net interest income

107,109

103,273

100,242

97,508

94,149

Provision for credit losses

6,123

5,888

808

-

2,276

Net interest income after provision for credit losses

100,986

97,385

99,434

97,508

91,873

Noninterest income

32,362

31,268

29,383

21,979

28,070

Noninterest expense

66,012

65,012

63,940

63,474

59,539

Net income before income taxes

67,336

63,641

64,877

56,013

60,404

Income tax expense

12,028

11,156

11,480

10,031

10,848

Net income

$

55,308

$

52,485

$

53,397

$

45,982

$

49,556

PER COMMON SHARE DATA

Net income - basic

$

0.39

$

0.37

$

0.37

$

0.32

$

0.35

Net income - diluted

0.39

0.37

0.37

0.32

0.35

Cash dividends declared

0.18

0.18

0.18

0.18

0.18

Book value

11.63

10.63

10.44

10.50

8.69

Tangible book value

9.43

8.43

8.24

8.30

6.48

Market value

37.01

29.53

32.81

30.30

25.12

Shares outstanding - end of period

142,906,070

142,848,909

142,817,159

142,716,939

142,677,069

Average outstanding shares - basic

142,853,215

142,814,363

142,724,674

142,680,263

142,707,260

Average outstanding shares - diluted

143,188,857

143,088,930

143,029,449

143,069,900

143,149,373

PERFORMANCE RATIOS

Return on average assets

1.66

%

1.61

%

1.62

%

1.42

%

1.53

%

Return on average equity

14.00

14.43

14.43

14.26

14.51

Return on average tangible equity

17.49

18.38

18.29

18.92

18.90

Net interest margin (tax equivalent)

3.50

3.48

3.34

3.33

3.22

Efficiency ratio

46.45

47.41

48.37

51.97

47.62

Nine Months Ended

Sept. 30,

INCOME STATEMENTS

2024

2023

Interest income

$

463,126

$

385,864

Interest expense

152,502

99,563

Net interest income

310,624

286,301

Provision for credit losses

12,817

10,631

Net interest income after provisions for credit losses

297,807

275,670

Noninterest income

93,012

86,025

Noninterest expense

194,965

174,407

Net income before income taxes

195,854

187,288

Income tax expense

34,664

34,291

Net income

$

161,190

$

152,997

PER COMMON SHARE DATA

Net income - basic

$

1.13

$

1.07

Net income - diluted

1.13

1.07

Cash dividends declared

0.54

0.53

Book value

11.63

8.69

Tangible book value

9.43

6.48

Market value

$

37.01

$

25.12

Shares outstanding - end of period

142,906,070

142,677,069

Average outstanding shares - basic

142,797,621

142,691,389

Average outstanding shares - diluted

143,159,652

143,042,858

PERFORMANCE RATIOS

Return on average assets

1.63

%

1.59

%

Return on average equity

14.28

15.22

Return on average tangible equity

18.04

19.88

Net interest margin (tax equivalent)

3.44

3.28

Efficiency ratio

47.39

45.75

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2024

2023

ALLOWANCE FOR LOAN LOSSES

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Balance at beginning of period

$

95,170

$

89,562

$

88,734

$

89,714

$

86,541

Loans charged-off

(1,279

)

(702

)

(850

)

(1,213

)

(1,080

)

Loan recoveries

493

400

422

233

432

Net recoveries (charge-offs)

(786

)

(302

)

(428

)

(980

)

(648

)

Provision for loan losses

5,552

5,910

1,256

-

3,821

Balance at end of period

$

99,936

$

95,170

$

89,562

$

88,734

$

89,714

ALLOWANCE FOR UNFUNDED COMMITMENTS

Balance at beginning of period

$

7,433

$

7,455

$

7,903

$

7,903

$

9,448

Provision for unfunded commitments

571

(22

)

(448

)

-

(1,545

)

Balance at end of period

$

8,004

$

7,433

$

7,455

$

7,903

$

7,903

Allowance for loan losses /

period-end loans held-for-investment

1.29

%

1.27

%

1.24

%

1.24

%

1.28

%

Allowance for loan losses /

nonperforming loans

156.44

157.20

247.48

256.36

229.44

Net charge-offs (recoveries) / average total loans

(annualized)

0.04

0.02

0.02

0.06

0.04

As of

2024

2023

COMPOSITION OF LOANS HELD-FOR-INVESTMENT

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Commercial:

C&I

$

1,175,774

$

1,141,990

$

1,191,516

$

1,164,811

$

1,108,240

Municipal

333,732

359,124

211,013

214,850

218,358

Total Commercial

1,509,506

1,501,114

1,402,529

1,379,661

1,326,598

Agricultural

83,269

86,186

87,882

84,890

81,876

Real Estate:

Construction & Development

1,013,810

986,394

921,773

963,158

929,570

Farm

315,720

318,597

311,002

344,954

341,052

Non-Owner Occupied CRE

825,928

815,713

853,721

827,969

828,900

Owner Occupied CRE

1,086,750

1,049,715

1,032,845

1,037,281

1,002,913

Residential

2,112,196

1,990,604

1,918,573

1,834,593

1,788,913

Total Real Estate

5,354,404

5,161,023

5,037,914

5,007,955

4,891,348

Consumer:

Auto

618,103

615,192

549,837

521,859

540,382

Non-Auto

157,909

156,218

151,248

154,426

154,492

Total Consumer

776,012

771,410

701,085

676,285

694,874

Total loans held-for-investment

$

7,723,191

$

7,519,733

$

7,229,410

$

7,148,791

$

6,994,696

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$

41,362

$

57,864

$

62,623

$

40,834

$

60,939

Substandard

188,561

161,399

138,964

135,379

118,166

Doubtful

-

-

-

-

-

Total classified loans

$

229,923

$

219,263

$

201,587

$

176,213

$

179,105

NONPERFORMING ASSETS

Nonaccrual loans

$

63,378

$

60,311

$

36,157

$

33,609

$

38,812

Accruing loans 90 days past due

504

231

33

1,004

289

Total nonperforming loans

63,882

60,542

36,190

34,613

39,101

Foreclosed assets

535

647

1,014

483

597

Total nonperforming assets

$

64,417

$

61,189

$

37,204

$

35,096

$

39,698

As a % of loans held-for-investment and foreclosed assets

0.83

%

0.81

%

0.51

%

0.49

%

0.57

%

As a % of end of period total assets

0.47

0.46

0.28

0.27

0.31

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Quarter Ended

2024

2023

CAPITAL RATIOS

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Common equity Tier 1 capital ratio

18.83

%

18.42

%

18.60

%

18.50

%

18.35

%

Tier 1 capital ratio

18.83

18.42

18.60

18.50

18.35

Total capital ratio

20.03

19.55

19.70

19.62

19.49

Tier 1 leverage ratio

12.53

12.40

12.12

12.06

12.00

Tangible common equity ratio

10.16

9.38

9.14

9.26

7.42

Equity/Assets ratio

12.24

11.54

11.31

11.44

9.71

Quarter Ended

2024

2023

NONINTEREST INCOME

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30,

Trust fees

$

11,694

$

11,714

$

11,379

$

10,678

$

10,050

Service charges on deposits

6,428

6,009

6,246

6,523

6,509

Debit card fees

5,528

5,145

4,891

5,024

5,041

Credit card fees

617

672

631

631

694

Gain on sale and fees on mortgage loans

3,359

3,687

3,128

1,940

3,442

Net gain (loss) on sale of available-for-sale securities

-

-

-

(6,205

)

(972

)

Net gain (loss) on sale of foreclosed assets

(30

)

(58

)

-

23

(10

)

Net gain (loss) on sale of assets

267

2

-

(101

)

696

Interest on loan recoveries

1,359

664

555

536

698

Other noninterest income

3,140

3,433

2,553

2,930

1,922

Total noninterest income

$

32,362

$

31,268

$

29,383

$

21,979

$

28,070

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

$

35,262

$

35,569

$

35,003

$

34,560

$

32,755

Profit sharing expense

2,235

1,903

1,680

1,193

180

Net occupancy expense

3,738

3,618

3,470

3,348

3,565

Equipment expense

2,291

2,233

2,237

2,020

2,200

FDIC insurance premiums

1,514

1,508

1,965

3,105

1,573

Debit card expense

3,248

3,242

3,058

3,229

3,284

Legal, tax and professional fees

3,865

3,809

2,734

3,125

3,007

Audit fees

582

453

333

587

551

Printing, stationery and supplies

199

425

447

492

512

Amortization of intangible assets

157

157

157

228

228

Advertising, meals and public relations

1,466

1,466

1,455

1,146

1,622

Operational and other losses

955

769

1,154

1,096

959

Software amortization and expense

3,712

3,158

3,005

3,017

2,441

Other noninterest expense

6,788

6,702

7,242

6,328

6,662

Total noninterest expense

$

66,012

$

65,012

$

63,940

$

63,474

$

59,539

TAX EQUIVALENT YIELD ADJUSTMENT

2,628

$

2,572

$

2,573

$

2,649

$

2,823

Nine Months Ended

Sept. 30,

NONINTEREST INCOME

2024

2023

Trust fees

$

34,787

$

29,778

Service charges on deposits

18,683

18,855

Debit card fees

15,564

16,697

Credit card fees

1,920

2,014

Gain on sale and fees on mortgage loans

10,174

9,950

Net gain on sale of available-for-sale securities

-

(914

)

Net gain on sale of foreclosed assets

(88

)

23

Net gain (loss) on sale of assets

269

1,626

Interest on loan recoveries

2,578

1,519

Other noninterest income

9,125

6,477

Total noninterest income

$

93,012

$

86,025

NONINTEREST EXPENSE

Salaries, commissions and employee benefits, excluding profit sharing

$

105,834

$

95,982

Profit sharing expense

5,818

180

Net occupancy expense

10,826

10,418

Equipment expense

6,761

6,525

FDIC insurance premiums

4,987

4,644

Debit card expense

9,548

9,704

Legal, tax and professional fees

10,408

8,541

Audit fees

1,368

1,654

Printing, stationery and supplies

1,071

1,962

Amortization of intangible assets

471

684

Advertising, meals and public relations

4,387

4,886

Operational and other losses

2,878

2,746

Software amortization and expense

9,875

7,271

Other noninterest expense

20,733

19,210

Total noninterest expense

$

194,965

$

174,407

TAX EQUIVALENT YIELD ADJUSTMENT

$

7,773

$

8,903

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

Three Months Ended

Three Months Ended

Sept. 30, 2024

June 30, 2024

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

$

2,901

$

43

5.84

%

$

5,160

$

74

5.81

%

Interest-bearing demand deposits in nonaffiliated banks

200,756

2,716

5.38

159,707

2,292

5.77

Taxable securities

3,211,490

19,866

2.47

3,250,684

19,912

2.45

Tax-exempt securities

1,418,214

9,742

2.75

1,404,706

9,730

2.77

Loans

7,643,238

130,220

6.78

7,405,297

124,237

6.75

Total interest-earning assets

12,476,599

$

162,587

5.18

%

12,225,554

$

156,245

5.14

%

Noninterest-earning assets

817,757

855,719

Total assets

$

13,294,356

$

13,081,273

Interest-bearing liabilities:

Deposits

$

8,240,938

$

51,994

2.51

%

$

8,020,247

$

48,414

2.43

%

Repurchase Agreements

100,892

740

2.92

212,590

1,895

3.59

Borrowings

24,670

116

1.87

22,932

91

1.60

Total interest-bearing liabilities

8,366,500

$

52,850

2.51

%

8,255,769

$

50,400

2.46

%

Noninterest-bearing deposits

3,279,486

3,289,906

Other noninterest-bearing liabilities

76,274

72,464

Shareholders' equity

1,572,096

1,463,134

Total liabilities and shareholders' equity

$

13,294,356

$

13,081,273

Net interest income and margin (tax equivalent)

$

109,737

3.50

%

$

105,845

3.48

%

Three Months Ended

Three Months Ended

Mar. 31, 2024

Dec. 31, 2023

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

$

3,923

$

57

5.85

%

$

1,768

$

25

5.72

%

Interest-bearing demand deposits in nonaffiliated banks

344,969

4,657

5.43

145,839

1,961

5.33

Taxable securities

3,376,324

19,952

2.36

3,317,114

19,686

2.37

Tax-exempt securities

1,434,505

9,794

2.73

1,410,148

10,188

2.89

Loans

7,205,424

117,608

6.56

7,052,463

112,996

6.36

Total interest-earning assets

12,365,145

$

152,068

4.95

%

11,927,332

$

144,856

4.82

%

Noninterest-earning assets

864,885

886,811

Total assets

$

13,230,030

$

12,814,143

Interest-bearing liabilities:

Deposits

$

7,878,094

$

45,250

2.31

%

$

7,371,260

$

39,225

2.11

%

Repurchase Agreements

317,439

2,562

3.25

558,592

4,627

3.29

Borrowings

132,963

1,441

4.36

78,066

847

4.30

Total interest-bearing liabilities

8,328,496

$

49,253

2.38

%

8,007,918

$

44,699

2.21

%

Noninterest-bearing deposits

3,346,757

3,461,544

Other noninterest-bearing liabilities

66,134

65,524

Shareholders' equity

1,488,643

1,279,157

Total liabilities and shareholders' equity

$

13,230,030

$

12,814,143

Net interest income and margin (tax equivalent)

$

102,815

3.34

%

$

100,157

3.33

%

Three Months Ended

Sept. 30, 2023

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

$

2,383

$

35

5.79

%

Interest-bearing demand deposits in nonaffiliated banks

55,231

757

5.44

Taxable securities

3,429,290

19,425

2.27

Tax-exempt securities

1,578,660

11,085

2.81

Loans

6,894,064

106,872

6.15

Total interest-earning assets

11,959,628

$

138,174

4.58

%

Noninterest-earning assets

850,855

Total assets

$

12,810,483

Interest-bearing liabilities:

Deposits

$

7,259,252

$

36,165

1.98

%

Repurchase Agreements

567,064

4,518

3.16

Borrowings

54,124

519

3.80

Total interest-bearing liabilities

7,880,440

$

41,202

2.07

%

Noninterest-bearing deposits

3,509,809

Other noninterest-bearing liabilities

65,094

Shareholders' equity

1,355,140

Total liabilities and shareholders' equity

$

12,810,483

Net interest income and margin (tax equivalent)

$

96,972

3.22

%

Nine Months Ended

Nine Months Ended

Sept. 30, 2024

Sept. 30, 2023

Average

Tax Equivalent

Yield /

Average

Tax Equivalent

Yield /

Balance

Interest

Rate

Balance

Interest

Rate

Interest-earning assets:

Federal funds sold

$

3,990

$

174

5.83

%

$

2,377

$

97

5.45

%

Interest-bearing deposits in nonaffiliated banks

235,018

9,664

5.49

105,657

3,929

4.97

Taxable securities

3,279,251

59,730

2.43

3,562,753

60,240

2.25

Tax exempt securities

1,419,138

29,266

2.75

1,660,241

35,626

2.86

Loans

7,418,808

372,066

6.70

6,694,000

294,875

5.89

Total interest-earning assets

12,356,205

$

470,900

5.09

%

12,025,028

$

394,767

4.39

%

Noninterest-earning assets

846,019

852,113

Total assets

$

13,202,224

$

12,877,141

Interest-bearing liabilities:

Deposits

$

8,047,136

$

145,661

2.42

%

$

7,126,471

$

85,606

1.61

%

Repurchase Agreements

209,907

5,197

3.31

571,445

11,512

2.69

Borrowings

60,058

1,645

3.66

82,339

2,445

3.97

Total interest-bearing liabilities

8,317,101

$

152,503

2.45

%

7,780,255

$

99,563

1.71

%

Noninterest-bearing deposits

3,305,289

3,690,190

Other noninterest-bearing liabilities

71,642

62,468

Shareholders' equity

1,508,192

1,344,228

Total liabilities and shareholders' equity

$

13,202,224

$

12,877,141

Net interest income and margin (tax equivalent)

$

318,397

3.44

%

$

295,204

3.28

%