Attached files

file filename
8-K - FORM 8-K - FIRST FINANCIAL BANKSHARES INCd42788d8k.htm

Exhibit 99.1

 

For immediate release For More Information:
J. Bruce Hildebrand, Executive Vice President
325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES

SECOND QUARTER EARNINGS RESULTS

ABILENE, Texas, July 16, 2015 – First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2015 of $25.31 million, up 19.34 percent when compared with earnings of $21.21 million in the same quarter last year. Basic earnings per share were $0.39 for the second quarter of 2015 compared with $0.33 in the same quarter a year ago.

Net interest income for the second quarter of 2015 increased 8.54 percent to $52.34 million compared with $48.22 million in the same period of 2014. The net interest margin, on a taxable equivalent basis, was 4.07 percent compared to 4.11 percent in the first quarter of 2015 and 4.24 percent in the second quarter of 2014. Included in interest income for the second quarter of 2015 was $461 thousand, or four basis points in net interest margin, related to discount accretion from fair value accounting related to the Orange acquisition.

The provision for loan losses was $1.55 million in the second quarter of 2015 compared with $1.29 million in the first quarter of 2015 and $1.12 million in the second quarter of 2014. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.61 percent at June 30, 2015, compared with 0.69 percent at March 31, 2015, and 0.93 percent at June 30, 2014. Classified loans totaled $95.77 million at June 30, 2015, compared to $77.75 million at March 31, 2015, and $79.93 million at June 30, 2014.

Noninterest income increased 12.20 percent in the second quarter of 2015 to $17.81 million compared with $15.87 million in the same quarter a year ago. Trust fees increased to $4.74 million in the second quarter of 2015 compared with $4.55 million in the same quarter last year, due to continued growth in the fair value of Trust assets managed to $3.97 billion from $3.63 billion a year ago. This growth offset a $264 thousand decline in Trust oil and gas fee income in the second quarter of 2015 compared to the same quarter a year ago. ATM, interchange and credit card fees increased 14.54 percent to $5.45 million compared with $4.75 million in the same quarter last year due to continued growth in net new accounts and debit cards. Real estate mortgage fees increased 45.25 percent in the second quarter of 2015 to $1.94 million compared with $1.34 million in the same quarter a year ago primarily resulting from a stronger mortgage market and the Company’s asset purchase of 4Trust Mortgage, Inc. on May 31, 2015.

Noninterest expense for the second quarter of 2015 totaled $35.20 million compared to $35.00 million in the second quarter of 2014. The Company’s efficiency ratio in the second quarter of 2015 was 46.46 percent compared with 50.84 percent in the same quarter last year. Included in noninterest expense in the second quarter of 2014 was $2.39 million related to a litigation settlement and damages sustained in a hail storm in Abilene. Excluding this amount, noninterest expense for the second quarter of 2015 increased approximately $2.59 million over the same quarter a year ago. The increase in the second quarter of 2015 was primarily a result of an increase in salary and employee benefit costs to $19.17 million compared to $17.27 million in the same period a year ago, primarily driven by the addition of employees to staff new branches and compliance-related areas, the addition of 4Trust Mortgage Inc. employees and annual pay increases.

For the first half of 2015, net income increased 13.23 percent to $49.30 million from $43.54 million a year ago. Basic earnings per share rose to $0.77 in the first half of 2015 from $0.68 in the same period last


year. Net interest income increased 8.43 percent to $103.44 million in the first half of 2015 from $95.39 million in the same period a year ago. The provision for loan losses totaled $2.84 million compared with $2.81 million in the first half of the previous year. Noninterest income was $33.71 million in the first half of 2015 compared with $32.28 million a year ago. Noninterest expense rose to $69.15 million in the first half of 2015 compared with $67.45 million during the same period last year.

As of June 30, 2015, consolidated assets for the Company totaled $6.12 billion compared with $5.45 billion a year ago. Loans grew to $2.97 billion at quarter end compared with loans of $2.79 billion a year ago. Deposits totaled $4.73 billion at June 30, 2015, compared to $4.32 billion a year ago. Shareholders’ equity rose to $701.19 million as of June 30, 2015, compared with $640.04 million in the prior year.

“We are pleased to report another solid quarter for our Company,” said F. Scott Dueser, Chairman, President and CEO. “We continue to see good growth in loans and earnings and continue to find more efficient ways to provide exceptional service to our customers. During the quarter, we completed the asset purchase of 4Trust Mortgage, Inc. and we eagerly anticipate the closing of our acquisition of First Bank, N.A., Conroe, Texas. In light of the current depressed oil and gas prices, we continue to monitor our exposure to the oil and gas industry, which has remained at approximately 3%, consistent with the 2014 year-end balances.”

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. FFIN recently announced that they have entered into a definitive agreement to acquire FBC Bancshares, Inc. and its wholly-owned subsidiary, First Bank, N.A., Conroe, Texas. Pending final regulatory and shareholder approval, the acquisition is expected to be finalized on July 31, 2015 and would expand First Financial Bankshares’ growing Texas footprint into the cities of Conroe, Magnolia, Montgomery, Cut and Shoot, Willis and The Woodlands, Texas. 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  
     2015     2014  
     June 30,     Mar. 31,     Dec. 31,     Sept. 30,     June 30,  

ASSETS

          

Cash and due from banks

   $ 149,524      $ 142,233      $ 190,387      $ 149,957      $ 166,237   

Interest-bearing deposits in banks

     18,179        18,275        54,324        83,994        68,331   

Interest-bearing time deposits in banks

     5,456        9,170        17,002        19,234        24,188   

Fed funds sold

     5,720        5,460        8,760        4,785        3,110   

Investment securities

     2,729,408        2,689,640        2,416,297        2,254,316        2,174,396   

Loans

     2,967,768        2,938,707        2,937,991        2,839,696        2,786,644   

Allowance for loan losses

     (38,999     (37,828     (36,824     (36,388     (35,892
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loans

  2,928,769      2,900,879      2,901,167      2,803,308      2,750,752   

Premises and equipment

  104,495      104,358      103,000      101,437      96,619   

Goodwill

  96,632      94,882      94,882      94,882      94,882   

Other intangible assets

  2,407      2,310      2,477      2,547      2,547   

Other assets

  74,646      58,165      59,906      61,351      65,294   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

$ 6,115,236    $ 6,025,372    $ 5,848,202    $ 5,575,811    $ 5,446,356   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Noninterest-bearing deposits

$ 1,574,745    $ 1,600,807    $ 1,570,330    $ 1,505,847    $ 1,445,947   

Interest-bearing deposits

  3,152,674      3,236,200      3,179,925      2,958,517      2,872,511   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

  4,727,419      4,837,007      4,750,255      4,464,364      4,318,458   

Short-term borrowings

  621,155      401,898      367,110      341,909      434,583   

Other liabilities

  65,469      80,219      49,300      110,773      53,279   

Shareholders’ equity

  701,193      706,248      681,537      658,765      640,036   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

$ 6,115,236    $ 6,025,372    $ 5,848,202    $ 5,575,811    $ 5,446,356   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Quarter Ended  
     2015     2014  
     June 30,     Mar. 31,     Dec. 31,     Sept. 30,     June 30,  

INCOME STATEMENTS

          

Interest income

   $ 53,344      $ 52,069      $ 51,121      $ 49,955      $ 49,254   

Interest expense

     1,008        970        1,039        1,069        1,037   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income

  52,336      51,099      50,082      48,886      48,217   

Provision for loan losses

  1,554      1,290      755      896      1,124   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest income after provision for loan losses

  50,782      49,809      49,327      47,990      47,093   

Noninterest income

  17,809      15,897      17,023      17,324      15,872   

Noninterest expense

  35,204      33,943      36,435      34,040      35,002   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income before income taxes

  33,387      31,763      29,915      31,274      27,963   

Income tax expense

  8,080      7,766      7,328      7,843      6,758   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

$ 25,307    $ 23,997    $ 22,587    $ 23,431    $ 21,205   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

PER COMMON SHARE DATA

Net income - basic

$ 0.39    $ 0.37    $ 0.35    $ 0.37    $ 0.33   

Net income - diluted

  0.39      0.37      0.35      0.36      0.33   

Cash dividends declared

  0.16      0.14      0.14      0.14      0.14   

Book Value

  10.93      11.01      10.63      10.28      9.99   

Market Value

$ 34.64    $ 27.64    $ 29.88    $ 27.79    $ 31.37   

Shares outstanding - end of period

  64,156,302      64,142,812      64,089,921      64,065,828      64,053,010   

Average outstanding shares - basic

  64,148,356      64,122,965      64,075,334      64,059,675      64,045,282   

Average outstanding shares - diluted

  64,354,720      64,298,896      64,316,815      64,304,985      64,301,306   

PERFORMANCE RATIOS

Return on average assets

  1.67   1.64   1.57   1.71   1.59

Return on average equity

  14.38      14.00      13.34      14.27      13.46   

Net interest margin (tax equivalent)

  4.07      4.11      4.08      4.18      4.24   

Efficiency ratio

  46.46      47.01      50.58      47.93      50.84   

 

     Six Months Ended  
     June 30,  
     2015     2014  

INCOME STATEMENTS

    

Interest income

   $ 105,413      $ 97,463   

Interest expense

     1,977        2,073   
  

 

 

   

 

 

 

Net interest income

  103,436      95,390   

Provision for loan losses

  2,844      2,814   
  

 

 

   

 

 

 

Net interest income after provision for loan losses

  100,592      92,576   

Noninterest income

  33,707      32,277   

Noninterest expense

  69,151      67,449   
  

 

 

   

 

 

 

Net income before income taxes

  65,148      57,404   

Income tax expense

  15,845      13,863   
  

 

 

   

 

 

 

Net income

$ 49,303    $ 43,541   
  

 

 

   

 

 

 

PER COMMON SHARE DATA

Net income - basic

$ 0.77    $ 0.68   

Net income - diluted

  0.77      0.68   

Cash dividends declared

  0.30      0.27   

Book Value

  10.93      9.99   

Market Value

$ 34.64    $ 31.37   

Shares outstanding - end of period

  64,156,302      64,053,010   

Average outstanding shares - basic

  64,135,731      64,027,776   

Average outstanding shares - diluted

  64,328,672      64,298,525   

PERFORMANCE RATIOS

Return on average assets

  1.66   1.66

Return on average equity

  14.19      14.22   

Net interest margin (tax equivalent)

  4.09      4.28   

Efficiency ratio

  46.73      49.22   


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

 

     Quarter Ended  
     2015     2014  
     June 30,     Mar. 31,     Dec. 31,     Sept. 30,     June 30,  

ALLOWANCE FOR LOAN LOSSES

          

Balance at beginning of period

   $ 37,828      $ 36,824      $ 36,388      $ 35,892      $ 34,693   

Loans charged off

     (943     (509     (670     (614     (302

Loan recoveries

     560        223        351        214        377   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net recoveries (charge-offs)

  (383   (286   (319   (400   75   

Provision for loan losses

  1,554      1,290      755      896      1,124   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at end of period

$ 38,999    $ 37,828    $ 36,824    $ 36,388    $ 35,892   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Allowance for loan losses / period-end loans

  1.31   1.29   1.25   1.28   1.29

Allowance for loan losses / nonperforming loans

  228.20      196.04      178.06      162.77      151.52   

Net charge-offs / average loans (annualized)

  0.05      0.04      0.04      0.06      (0.01

SUMMARY OF LOAN CLASSIFICATION

Special Mention

$ 47,409    $ 30,874    $ 19,453    $ 23,084    $ 20,930   

Substandard

  48,317      46,775      53,388      58,219      58,864   

Doubtful

  43      99      141      87      136   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total classified loans

$ 95,769    $ 77,748    $ 72,982    $ 81,390    $ 79,930   

NONPERFORMING ASSETS

Nonaccrual loans

$ 16,854    $ 18,935    $ 20,195    $ 22,093    $ 23,565   

Accruing troubled debt restructured loans

  172      177      226      —        —     

Accruing loans 90 days past due

  64      184      260      263      123   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming loans

  17,090      19,296      20,681      22,356      23,688   

Foreclosed assets

  1,045      1,081      1,035      1,273      2,342   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming assets

$ 18,135    $ 20,377    $ 21,716    $ 23,629    $ 26,030   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As a % of loans and foreclosed assets

  0.61   0.69   0.74   0.83   0.93

As a % of end of period total assets

  0.30      0.34      0.37      0.42      0.48   

CAPITAL RATIOS

Tier 1 risk-based

  16.25   16.23   16.05   16.07   16.15

Total risk-based

  17.36      17.35      17.16      17.20      17.30   

Tier 1 leverage

  9.84      9.85      9.89      10.10      9.99   

Equity to assets

  11.47      11.72      11.65      11.81      11.75   
     Quarter Ended  
     2015     2014  
     June 30,     Mar. 31,     Dec. 31,     Sept. 30,     June 30,  

NONINTEREST INCOME

          

Trust fees

   $ 4,740      $ 4,731      $ 4,869      $ 4,772      $ 4,549   

Service charges on deposits

     4,021        3,768        4,287        4,402        4,174   

ATM, interchange and credit card fees

     5,445        4,969        5,137        5,093        4,754   

Real estate mortgage fees

     1,942        1,427        1,465        1,813        1,337   

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

     239        5        —          1        (1

Net gain (loss) on sale of foreclosed assets

     (49     30        100        305        47   

Net gain (loss) on sale of assets

     (4     5        (6     (31     44   

Other noninterest income

     1,475        962        1,171        969        968   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total noninterest income

$ 17,809    $ 15,897    $ 17,023    $ 17,324    $ 15,872   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$ 17,865    $ 17,023    $ 16,302    $ 16,354    $ 16,279   

Profit sharing expense

  1,308      1,242      1,516      1,596      995   

Loss from partial settlement of pension plan

  —        —        2,909      —        —     

Net occupancy expense

  2,394      2,197      2,296      2,297      2,273   

Equipment expense

  2,992      2,899      2,695      2,758      2,665   

FDIC insurance premiums

  749      748      689      693      684   

ATM, interchange and credit card expenses

  1,609      1,725      1,875      1,819      1,696   

Legal, tax and professional fees

  1,701      1,697      1,363      1,463      1,208   

Audit fees

  372      381      279      403      367   

Printing, stationery and supplies

  471      596      676      632      554   

Amortization of intangible assets

  72      90      64      62      74   

Advertising and public relations

  1,484      1,353      1,515      1,591      1,465   

Correspondent bank service charges

  225      222      222      222      215   

Other noninterest expense

  3,962      3,770      4,034      4,150      6,527   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total noninterest expense

$ 35,204    $ 33,943    $ 36,435    $ 34,040    $ 35,002   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

TAX EQUIVALENT YIELD ADJUSTMENT

$ 5,635    $ 5,213    $ 4,934    $ 4,814    $ 4,753   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     Six Months Ended  
     June 30,  
     2015     2014  

NONINTEREST INCOME

    

Trust fees

   $ 9,472      $ 9,125   

Service charges on deposits

     7,789        8,221   

ATM, interchange and credit card fees

     10,415        9,197   

Real estate mortgage fees

     3,368        2,361   

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

     244        (5

Net gain (loss) on sale of foreclosed assets

     (19     499   

Net gain (loss) on sale of assets

     1        47   

Other noninterest income

     2,437        2,832   
  

 

 

   

 

 

 

Total noninterest income

$ 33,707    $ 32,277   
  

 

 

   

 

 

 

NONINTEREST EXPENSE

Salaries and employee benefits, excluding profit sharing

$ 34,889    $ 32,476   

Profit sharing expense

  2,549      2,212   

Net occupancy expense

  4,590      4,507   

Equipment expense

  5,891      5,287   

FDIC insurance premiums

  1,498      1,343   

ATM, interchange and credit card expenses

  3,335      3,176   

Legal, tax and professional fees

  3,398      2,481   

Audit fees

  752      735   

Printing, stationery and supplies

  1,067      1,329   

Amortization of intangible assets

  162      148   

Advertising and public relations

  2,837      2,841   

Correspondent bank service charges

  447      443   

Other noninterest expense

  7,736      10,471   
  

 

 

   

 

 

 

Total noninterest expense

$ 69,151    $ 67,449   
  

 

 

   

 

 

 

TAX EQUIVALENT YIELD ADJUSTMENT

$ 10,847    $ 9,383   
  

 

 

   

 

 

 


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

 

     Three Months Ended     Three Months Ended  
     June 30, 2015     Mar. 31, 2015  
     Average      Tax Equivalent      Yield /     Average      Tax Equivalent      Yield /  
     Balance      Interest      Rate     Balance      Interest      Rate  

Interest-earning assets:

                

Fed funds sold

   $ 10,391       $ 10         0.37   $ 6,767       $ 5         0.27

Interest-bearing deposits in nonaffiliated banks

     34,633         40         0.47        89,798         75         0.34   

Taxable securities

     1,425,744         7,398         2.08        1,333,073         7,808         2.34   

Tax exempt securities

     1,294,809         15,108         4.67        1,191,772         13,973         4.69   

Loans

     2,954,502         36,423         4.94        2,931,805         35,420         4.90   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest-earning assets

  5,720,079    $ 58,979      4.14   5,553,215    $ 57,281      4.18

Noninterest-earning assets

  351,223      363,211   
  

 

 

         

 

 

       

Total assets

$ 6,071,302    $ 5,916,426   
  

 

 

         

 

 

       

Interest-bearing liabilities:

Deposits

$ 3,177,999    $ 902      0.11 $ 3,221,552    $ 927      0.12

Fed funds purchased and other short term borrowings

  558,367      106      0.08      388,213      42      0.04   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest-bearing liabilities

  3,736,366    $ 1,008      0.11   3,609,765    $ 969      0.11

Noninterest-bearing liabilities

  1,628,847      1,611,430   

Shareholders’ equity

  706,089      695,231   
  

 

 

         

 

 

       

Total liabilities and shareholders’ equity

$ 6,071,302    $ 5,916,426   
  

 

 

    

 

 

      

 

 

    

 

 

    

Net interest income and margin (tax equivalent)

$ 57,971      4.07 $ 56,312      4.11
     

 

 

    

 

 

      

 

 

    

 

 

 
     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  
     June 30, 2014  
     Average      Tax Equivalent      Yield /  
     Balance      Interest      Rate  

Interest-earning assets:

        

Fed funds sold

   $ 11,310       $ 12         0.41

Interest-bearing deposits in nonaffiliated banks

     48,974         78         0.64   

Taxable securities

     1,159,430         7,091         2.45   

Tax exempt securities

     1,037,608         12,599         4.86   

Loans

     2,748,023         34,227         5.00   
  

 

 

    

 

 

    

 

 

 

Total interest-earning assets

  5,005,345    $ 54,007      4.33

Noninterest-earning assets

  335,651   
  

 

 

       

Total assets

$ 5,340,996   
  

 

 

       

Interest-bearing liabilities:

Deposits

$ 2,867,740    $ 955      0.13

Fed funds purchased and other short term borrowings

  406,913      82      0.08   
  

 

 

    

 

 

    

 

 

 

Total interest-bearing liabilities

  3,274,653    $ 1,037      0.13

Noninterest-bearing liabilities

  1,434,674   

Shareholders’ equity

  631,669   
  

 

 

       

Total liabilities and shareholders’ equity

$ 5,340,996   
  

 

 

    

 

 

    

Net interest income and margin (tax equivalent)

$ 52,970      4.24
     

 

 

    

 

 

 

 

     Six Months Ended     Six Months Ended  
     June 30, 2015     June 30, 2014  
     Average      Tax Equivalent      Yield /     Average      Tax Equivalent      Yield /  
     Balance      Interest      Rate     Balance      Interest      Rate  

Interest-earning assets:

                

Fed funds sold

   $ 8,589       $ 14         0.33   $ 8,530       $ 16         0.39

Interest-bearing deposits in nonaffiliated banks

     62,063         115         0.38        48,842         160         0.66   

Taxable securities

     1,379,664         15,208         2.20        1,140,469         14,175         2.49   

Tax exempt securities

     1,243,575         29,081         4.68        1,015,401         24,817         4.89   

Loans

     2,943,216         71,842         4.92        2,718,910         67,678         5.02   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest-earning assets

  5,637,107    $ 116,260      4.16   4,932,152    $ 106,846      4.37

Noninterest-earning assets

  357,185      343,435   
  

 

 

         

 

 

       

Total assets

$ 5,994,292    $ 5,275,587   
  

 

 

         

 

 

       

Interest-bearing liabilities:

Deposits

$ 3,199,655    $ 1,829      0.12 $ 2,842,600    $ 1,895      0.13

Fed funds purchased and other short term borrowings

  473,760      148      0.06      416,505      178      0.09   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total interest-bearing liabilities

  3,673,415    $ 1,977      0.11   3,259,105    $ 2,073      0.13

Noninterest-bearing liabilities

  1,620,187      1,398,961   

Shareholders’ equity

  700,690      617,521   
  

 

 

         

 

 

       

Total liabilities and shareholders’ equity

$ 5,994,292    $ 5,275,587   
  

 

 

    

 

 

      

 

 

    

 

 

    

Net interest income and margin (tax equivalent)

$ 114,283      4.09 $ 104,773      4.28