Business
First Financial Bankshares Announces Third Quarter 2021 Earnings
ABILENE, Texas, Oct. 21, 2021 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2021 of $58.93
About this update from First Financial Bankshares, Inc.
[{"type":"text","content":"ABILENE, Texas, Oct. 21, 2021 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2021 of $58.93 million compared to earnings of $52.86 million for the same quarter a year ago. Basic and diluted earnings per share were $0.41 for the third quarter of 2021 compared with $0.37 for the same quarter a year ago.\n\"During the third quarter, we produced strong operating results driven by organic growth reflecting the increasing strength of our markets. The continued recovery of the Texas economy produced net loan growth, excluding PPP loans, of $162.95 million for the quarter and our overall credit metrics continued to improve. Additionally, customer deposits grew $111.42 million during the quarter driven by net deposit account openings of 13,774 year-to-date. We are focused on closing out 2021 with strong growth as we serve our communities across Texas. We appreciate the continued support of our customers, shareholders and associates,\" said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc. \nNet interest income for the third quarter of 2021 was $95.78 million compared to $89.21 million for the third quarter of 2020. Average-earning assets increased to $11.58 billion for the third quarter of 2021 compared to $9.80 billion a year ago. The net interest margin, on a taxable equivalent basis, was 3.41 percent for the third quarter of 2021 compared to 3.75 percent in the third quarter of 2020. \nInformation related to the Company's Paycheck Protection Program (\"PPP\") loans is included in the following table (dollars in thousands):\nPPP Loans Originated\nPPP Amounts as of September 30, 2021\nNumber of Loans\nAmount\nNumber\nof Loans\nPeriod-End Amount, Net\nUnamortized Fees\nRecognized Fees During the Quarter Ended September 30, 2021\nPPP Round 1\n6,530\n$ 703,450\n51\n$ 4,324\n$ 63\n$ 1,044\nPPP Round 2\n3,179\n267,423\n1,298\n135,010\n6,025\n6,590\nPPP Total\n9,709\n$ 970,873\n1,349\n$ 139,334\n$ 6,088\n$ 7,634\nPPP loan balances declined $181.06 million from June 30, 2021 and accounted for $229.81 million in average balances for the third quarter of 2021 compared to $482.00 in the second 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. \nThe ...