ﾌｧｰｽﾄﾌｧｲﾅﾝｼｬﾙﾊﾞﾝｸｼｪｱｰｽﾞの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

     
    CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): April 18, 2024

First Financial Bankshares, Inc.

(Exact name of registrant as specified in its Charter)


Texas	0-07674	75-0944023
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

	400 Pine Street, Abilene, Texas 79601
	(Address of Principal Executive Offices and Zip Code)

	Registrant’s Telephone Number (325) 627-7155

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐		Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	FFIN	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended March 31, 2024 of First Financial Bankshares, Inc.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

99.1 Press Release dated April 18, 2024

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.


		FIRST FINANCIAL BANKSHARES, INC.
		(Registrant)

DATE: April 18, 2024	By:	/s/ F. Scott Dueser
		F. SCOTT DUESER
		Chairman, President and Chief Executive Officer

EX-99.1 2 ffin-ex99_1.htm EX-99.1 EX-99.1

    For immediate release

    For More Information:
Michelle S. Hickox, EVP & Chief Financial Officer  325.627.7155

FIRST FINANCIAL BANKSHARES ANNOUNCES FIRST QUARTER 2024 EARNINGS

ABILENE, Texas, April 18, 2024 - First Financial Bankshares, Inc. (the “Company,” “we,” “us” or “our”) (NASDAQ: FFIN) today reported earnings for the first quarter of 2024 of $53.40 million compared to earnings of $52.57 million for the same quarter a year ago. Basic and diluted earnings per share were $0.37 for both quarters ended March 31, 2024 and 2023, respectively.

As further described below, the results this quarter compared to the same quarter a year ago included (i) an increase in net interest income of $3.96 million, (ii) a decrease in provision for credit losses of $1.97 million, and (iii) an increase in trust fees of $1.53 million. Offsetting these items was an increase in salary and employee benefits expenses of $5.22 million when compared to the same period a year ago.

“Our results were highlighted by an increase in net interest income which was achieved through organic loan and deposit growth during the quarter,” said F. Scott Dueser, our Chairman, President and CEO. “We are also pleased that, as our bond portfolio continues to mature, we have been able to use that cash flow to fund our organic loan growth, bolster our liquidity position and begin to repurchase securities at much higher rates. We remain financially safe, sound and secure which is reflected in our strong regulatory capital ratios, diversified deposit base and access to multiple liquidity sources. We appreciate the continued support of our customers, shareholders and associates,” added Mr. Dueser.

Net interest income for the first quarter of 2024 was $100.24 million compared to $97.51 million for the fourth quarter of 2023 and $96.29 million for the first quarter of 2023. The net interest margin, on a taxable equivalent basis, was 3.34 percent in the first quarter of 2024 compared to 3.33 percent in the fourth quarter of 2023 and 3.34 percent in the first quarter of 2023. Average interest-earning assets were $12.37 billion for the first quarter of 2024 compared to $12.07 billion for the same quarter a year ago.

The Company recorded a provision for credit losses of $808 thousand for the first quarter of 2024 compared to a provision for credit losses of $2.78 million for the first quarter of 2023. At March 31, 2024, the allowance for credit losses totaled $89.56 million, or 1.24 percent of loans held-for-investment (“loans” hereafter), compared to $80.82 million, or 1.23 percent of loans, at March 31, 2023. Additionally, the reserve for unfunded commitments totaled $7.46 million at March 31, 2024 compared to $10.40 million at March 31, 2023.

Net charge-offs totaled $428 thousand for the first quarter of 2024 compared to net recoveries of $277 thousand for the first quarter of 2023. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.51 percent at March 31, 2024, compared with 0.37 percent at March 31, 2023. Classified loans totaled $201.59 million at March 31, 2024, compared to $157.06 million at March 31,2023.

Noninterest income for the first quarter of 2024 was $29.38 million compared to $28.01 million for the first quarter of 2023, due to the following:

•

Trust fees increased to $11.38 million for the first quarter of 2024 compared to $9.85 million for the first quarter of 2023, driven by the increase in market value of trust assets managed to $10.15 billion at March 31, 2024, compared to $9.10 billion at March 31, 2023.

•

Service charges on deposits increased to $6.25 million for the first quarter of 2024 compared with $6.04 million for the first quarter of 2023, driven by the growth of over 2,000 net new accounts opened during the first quarter of 2024.

•

Mortgage income increased to $3.13 million for the first quarter of 2024 compared to $2.97 million for the first quarter of 2023 due to a slight increase in mortgage loans originated.

•

There were no gains on sales of assets, foreclosed assets and securities during the first quarter of 2024 compared to a gain of $976 thousand for the first quarter of 2023.

Noninterest expense for the first quarter of 2024 totaled $63.94 million compared to $57.26 million for the first quarter of 2023, as a result of the following:

•

Salary, commissions, and employee benefit costs increased to $36.68 million for the first quarter of 2024, compared to $31.46 million in the first quarter of 2023 primarily resulting from merit-based and market driven pay increases, an increase of $1.65 million in profit sharing accruals, an increase of $1.29 million in medical insurance expense and an increase of $1.18 million in officer incentive accruals.

•

Noninterest expenses, excluding salary related costs, increased $1.46 million for the first quarter of 2024 compared to the same period in 2023 largely due to increases in software amortization and FDIC insurance fees. An additional $440 thousand was accrued in the first quarter of 2024 for the FDIC special assessment over the Company’s regular accrual.

The Company’s efficiency ratio was 48.37 percent for the first quarter of 2024 compared to 44.93 percent for the first quarter of 2023.

As of March 31, 2024, consolidated total assets were $13.19 billion compared to $13.01 billion at March 31, 2023. Loans totaled $7.23 billion at March 31, 2024, compared with loans of $6.58 billion at March 31, 2023. During the first quarter of 2024, loans grew $80.62 million, or 4.51 percent annualized, when compared to December 31, 2023 balances. Deposits totaled $11.29 billion at March 31, 2024, compared to $10.94 billion at March 31, 2023.

Shareholders’ equity was $1.49 billion as of March 31, 2024, compared to $1.50 billion and $1.37 billion at December 31, 2023, and March 31, 2023, respectively. The unrealized loss on the securities portfolio, net of applicable tax, totaled $441.23 million at March 31, 2024, compared to an unrealized loss of $403.30 million and $458.25 million at December 31, 2023 and March 31, 2023, respectively.

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 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, Keller, Kingwood, Lumberton, 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 & Asset Management Company, N.A., 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, 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		Mar. 31,				Dec. 31,				Sept. 30,				June 30,				Mar. 31,
Cash and due from banks	$		222,464		$		281,354		$		208,277		$		255,018		$		224,875
Interest-bearing demand deposits in banks			365,397				255,237				180,008				23,839				221,336
Federal funds sold			12,300				-				-				-				-
Investment securities			4,658,526				4,732,762				4,652,537				5,066,262				5,298,557
Loans, held-for-investment			7,229,410				7,148,791				6,994,696				6,777,570				6,576,215
Allowance for credit losses			(89,562	)			(88,734	)			(89,714	)			(86,541	)			(80,818	)
Net loans, held-for-investment			7,139,848				7,060,057				6,904,982				6,691,029				6,495,397
Loans, held-for-sale			16,109				14,253				12,229				19,220				11,996
Premises and equipment, net			151,953				151,788				152,936				152,876				153,718
Goodwill			313,481				313,481				313,481				313,481				313,481
Other intangible assets			984				1,141				1,369				1,597				1,825
Other assets			310,096				295,521				351,599				302,115				286,801
Total assets	$		13,191,158		$		13,105,594		$		12,777,418		$		12,825,437		$		13,007,986

LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest-bearing deposits	$		3,348,147		$		3,435,586		$		3,477,553		$		3,578,483		$		3,890,991
Interest-bearing deposits			7,941,661				7,702,714				7,238,970				7,229,077				7,045,427
Total deposits			11,289,808				11,138,300				10,716,523				10,807,560				10,936,418
Repurchase agreements			307,297				381,928				621,791				559,479				608,299
Borrowings			26,803				22,153				129,753				28,177				24,628
Trade date payable			-				-				2,500				-				-
Other liabilities			75,883				64,313				66,741				62,988				65,788
Shareholders' equity			1,491,367				1,498,900				1,240,110				1,367,233				1,372,853
Total liabilities and shareholders' equity	$		13,191,158		$		13,105,594		$		12,777,418		$		12,825,437		$		13,007,986


	Quarter Ended
		2024			2023
INCOME STATEMENTS		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
Interest income	$		149,495	$		142,207	$		135,351	$		129,005	$		121,508
Interest expense			49,253			44,699			41,202			33,139			25,222
Net interest income			100,242			97,508			94,149			95,866			96,286
Provision for credit losses			808			-			2,276			5,573			2,781
Net interest income after provision for credit losses			99,434			97,508			91,873			90,293			93,505
Noninterest income			29,383			21,979			28,070			29,947			28,007
Noninterest expense			63,940			63,474			59,539			57,613			57,256
Net income before income taxes			64,877			56,013			60,404			62,627			64,256
Income tax expense			11,480			10,031			10,848			11,754			11,688
Net income	$		53,397	$		45,982	$		49,556	$		50,873	$		52,568


PER COMMON SHARE DATA
Net income - basic	$	0.37	$	0.32	$	0.35	$	0.36	$	0.37
Net income - diluted		0.37		0.32		0.35		0.36		0.37
Cash dividends declared		0.18		0.18		0.18		0.18		0.17
Book value		10.44		10.50		8.69		9.58		9.62
Tangible book value		8.24		8.30		6.48		7.37		7.41
Market value		32.81		30.30		25.12		28.49		31.90
Shares outstanding - end of period		142,817,159		142,716,939		142,677,069		142,741,196		142,703,531
Average outstanding shares - basic		142,724,674		142,680,263		142,707,260		142,700,805		142,665,646
Average outstanding shares - diluted		143,029,449		143,069,900		143,149,373		143,087,555		143,066,011


PERFORMANCE RATIOS
Return on average assets	1.62	%	1.42	%	1.53	%	1.58	%	1.65	%
Return on average equity	14.43		14.26		14.51		14.89		16.32
Return on average tangible equity	18.29		18.92		18.90		19.33		21.51
Net interest margin (tax equivalent)	3.34		3.33		3.22		3.29		3.34
Efficiency ratio	48.37		51.97		47.62		44.74		44.93

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
		2024				2023
ALLOWANCE FOR LOAN LOSSES		Mar. 31,				Dec. 31,				Sept. 30,				June 30,				Mar. 31,
Balance at beginning of period	$		88,734		$		89,714		$		86,541		$		80,818		$		75,834
Loans charged-off			(850	)			(1,213	)			(1,080	)			(1,118	)			(288	)
Loan recoveries			422				233				432				319				565
Net recoveries (charge-offs)			(428	)			(980	)			(648	)			(799	)			277
Provision for loan losses			1,256				-				3,821				6,522				4,707
Balance at end of period	$		89,562		$		88,734		$		89,714		$		86,541		$		80,818


ALLOWANCE FOR UNFUNDED COMMITMENTS
Balance at beginning of period	$	7,903			$	7,903		$	9,448			$	10,397			$	12,323
Provision for unfunded commitments		(448	)			-			(1,545	)			(949	)			(1,926	)
Balance at end of period	$	7,455			$	7,903		$	7,903			$	9,448			$	10,397

Allowance for loan losses /
period-end loans held-for-investment		1.24		%		1.24	%		1.28		%		1.28		%		1.23		%
Allowance for loan losses /
nonperforming loans		247.48				256.36			229.44				296.13				334.06
Net charge-offs (recoveries) / average total loans
(annualized)		0.02				0.06			0.04				0.05				(0.02	)


	Quarter Ended
		2024			2023
COMPOSITION OF LOANS HELD-FOR-INVESTMENT		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
Commercial:
C&I	$		1,191,516	$		1,164,811	$		1,108,240	$		1,021,863	$		954,686
Municipal			211,013			214,850			218,358			215,977			221,379
Total Commercial			1,402,529			1,379,661			1,326,598			1,237,840			1,176,065
Agricultural			87,882			84,890			81,876			82,032			77,017
Real Estate:
Construction & Development			921,773			963,158			929,570			915,221			921,190
Farm			311,002			344,954			341,052			335,644			307,706
Non-Owner Occupied CRE			853,721			827,969			828,900			811,347			737,117
Owner Occupied CRE			1,032,845			1,037,281			1,002,913			1,011,511			1,043,018
Residential			1,918,573			1,834,593			1,788,913			1,698,679			1,628,841
Total Real Estate			5,037,914			5,007,955			4,891,348			4,772,402			4,637,872
Consumer:
Auto			549,837			521,859			540,382			534,603			537,410
Non-Auto			151,248			154,426			154,492			150,693			147,851
Total Consumer			701,085			676,285			694,874			685,296			685,261

Total loans held-for-investment	$		7,229,410	$		7,148,791	$		6,994,696	$		6,777,570	$		6,576,215


SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	62,623	$	40,834	$	60,939	$	66,960	$	65,141
Substandard		138,964		135,379		118,166		108,179		91,915
Doubtful		-		-		-		-		-
Total classified loans	$	201,587	$	176,213	$	179,105	$	175,139	$	157,056


NONPERFORMING ASSETS
Nonaccrual loans	$	36,157		$	33,609		$	38,812		$	28,672		$	24,171
Accruing loans 90 days past due		33			1,004			289			552			22
Total nonperforming loans		36,190			34,613			39,101			29,224			24,193
Foreclosed assets		1,014			483			597			25			196
Total nonperforming assets	$	37,204		$	35,096		$	39,698		$	29,249		$	24,389

As a % of loans held-for-investment and foreclosed assets		0.51	%		0.49	%		0.57	%		0.43	%		0.37	%
As a % of end of period total assets		0.28			0.27			0.31			0.23			0.19

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	Quarter Ended
		2024			2023
CAPITAL RATIOS		Mar. 31,			Dec. 31,			Sept. 30,			June 30,			Mar. 31,
Common equity Tier 1 capital ratio			18.60	%		18.50	%		18.35	%		18.48	%		18.68	%
Tier 1 capital ratio			18.60			18.50			18.35			18.48			18.68
Total capital ratio			19.70			19.62			19.49			19.62			19.79
Tier 1 leverage ratio			12.12			12.06			12.00			11.81			11.53
Tangible common equity ratio			9.14			9.26			7.42			8.41			8.33
Equity/Assets ratio			11.31			11.44			9.71			10.66			10.55


	Quarter Ended
		2024			2023
NONINTEREST INCOME		Mar. 31,			Dec. 31,				Sept. 30,				June 30,				Mar. 31,
Trust fees	$		11,379	$		10,678		$		10,050		$		9,883		$		9,845
Service charges on deposits			6,246			6,523				6,509				6,310				6,036
Debit card fees			4,891			5,024				5,041				6,720				4,936
Credit card fees			631			631				694				711				609
Gain on sale and fees on mortgage loans			3,128			1,940				3,442				3,534				2,974
Net gain (loss) on sale of available-for-sale securities			-			(6,205	)			(972	)			46				12
Net gain (loss) on sale of foreclosed assets			-			23				(10	)			(1	)			34
Net gain (loss) on sale of assets			-			(101	)			696				-				930
Interest on loan recoveries			555			536				698				475				346
Other noninterest income			2,553			2,930				1,922				2,269				2,285
Total noninterest income	$		29,383	$		21,979		$		28,070		$		29,947		$		28,007


NONINTEREST EXPENSE
Salaries, commissions and employee benefits, excluding profit sharing	$	35,003	$	34,560	$	32,755	$	31,796		$	31,431
Profit sharing expense		1,680		1,193		180		(30	)		30
Net occupancy expense		3,470		3,348		3,565		3,423			3,430
Equipment expense		2,237		2,020		2,200		2,198			2,127
FDIC insurance premiums		1,965		3,105		1,573		1,417			1,654
Debit card expense		3,058		3,229		3,284		3,221			3,199
Legal, tax and professional fees		2,734		3,125		3,007		2,847			2,687
Audit fees		333		587		551		563			540
Printing, stationery and supplies		447		492		512		740			710
Amortization of intangible assets		157		228		228		228			228
Advertising, meals and public relations		1,455		1,146		1,622		1,789			1,475
Operational and other losses		1,154		1,096		959		856			931
Software amortization and expense		3,005		3,017		2,441		2,519			2,311
Other noninterest expense		7,242		6,328		6,662		6,046			6,503
Total noninterest expense	$	63,940	$	63,474	$	59,539	$	57,613		$	57,256

TAX EQUIVALENT YIELD ADJUSTMENT	$	2,573	$	2,649	$	2,823	$	2,950		$	3,131

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


	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									Three Months Ended
	Sept. 30, 2023									June 30, 2023
		Average			Tax Equivalent		Yield /				Average			Tax Equivalent		Yield /
		Balance			Interest		Rate				Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		2,383	$		35		5.79	%	$		2,242	$		30		5.45	%
Interest-bearing demand deposits in nonaffiliated banks			55,231			757		5.44				119,168			1,553		5.23
Taxable securities			3,429,290			19,425		2.27				3,589,381			20,032		2.23
Tax-exempt securities			1,578,660			11,085		2.81				1,653,418			11,799		2.85
Loans			6,894,064			106,872		6.15				6,683,276			98,541		5.91
Total interest-earning assets			11,959,628	$		138,174		4.58	%			12,047,485	$		131,955		4.39	%
Noninterest-earning assets			850,855									842,284
Total assets	$		12,810,483							$		12,889,769
Interest-bearing liabilities:
Deposits	$		7,259,252	$		36,165		1.98	%	$		7,037,677	$		27,629		1.57	%
Repurchase Agreements			567,064			4,518		3.16				570,071			3,949		2.78
Borrowings			54,124			519		3.80				145,000			1,561		4.32
Total interest-bearing liabilities			7,880,440	$		41,202		2.07	%			7,752,748	$		33,139		1.71	%
Noninterest-bearing deposits			3,509,809									3,704,143
Other noninterest-bearing liabilities			65,094									62,227
Shareholders' equity			1,355,140									1,370,651
Total liabilities and shareholders' equity	$		12,810,483							$		12,889,769

Net interest income and margin (tax equivalent)				$		96,972		3.22	%				$		98,816		3.29	%

	Three Months Ended
	Mar. 31, 2023
		Average			Tax Equivalent		Yield /
		Balance			Interest		Rate
Interest-earning assets:
Federal funds sold	$		2,507	$		32		5.12	%
Interest-bearing demand deposits in nonaffiliated banks			143,542			1,618		4.57
Taxable securities			3,672,257			20,782		2.26
Tax-exempt securities			1,750,533			12,743		2.91
Loans			6,500,332			89,464		5.58
Total interest-earning assets			12,069,171	$		124,639		4.19	%
Noninterest-earning assets			863,342
Total assets	$		12,932,513
Interest-bearing liabilities:
Deposits	$		7,080,518	$		21,812		1.25	%
Repurchase Agreements			577,314			3,045		2.14
Borrowings			47,823			365		3.10
Total interest-bearing liabilities			7,705,655	$		25,222		1.33	%
Noninterest-bearing deposits			3,860,472
Other noninterest-bearing liabilities			60,028
Shareholders' equity			1,306,358
Total liabilities and shareholders' equity	$		12,932,513

Net interest income and margin (tax equivalent)				$		99,417		3.34	%