First Financial Bankshares (FFIN) 8-K First Financial Bankshares Announces Fourth Quarter Earnings

Exhibit 99.1

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

FIRST FINANCIAL BANKSHARES ANNOUNCES FOURTH QUARTER EARNINGS

RESULTS AND 33^rd YEAR OF CONSECUTIVE EARNINGS GROWTH

ABILENE, Texas, January 23, 2020 –First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2019 of $41.39 million, up $2.95 million or 7.68 percent when compared with earnings of $38.44 million in the same quarter last year. Basic earnings per share were $0.30 for the fourth quarter of 2019 compared with $0.28 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2019 was $1.70 million, before income tax, resulting from the Company’s completed termination of its defined benefit pension plan (see below for more details).

On April 23, 2019, the Company’s Board of Directors declared atwo-for-one stock split in the form of a 100 percent stock dividend, which was effective June 3, 2019. All share and per share amounts in this earnings release have been restated to reflect this stock split.

Net interest income for the fourth quarter of 2019 was $75.32 million compared with $70.27 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.99 percent for the fourth quarter of 2019 compared to 3.94 percent in the third quarter of 2019 and 4.02 percent in the fourth quarter of 2018. Included in interest income for the fourth quarter of 2019 was $384 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions. Amounts related to discount accretion for the third quarter of 2019 and fourth quarter of 2018 were $415 thousand (or two basis points) and $491 thousand (or two basis points), respectively.

The provision for loan losses was $950 thousand in the fourth quarter of 2019 compared with $450 thousand in the third quarter of 2019 and $1.80 million in the fourth quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.61 percent at December 31, 2019, compared with 0.66 percent at September 30, 2019, and 0.75 percent at December 31, 2018. Classified loans totaled $140.66 million at December 31, 2019, compared to $119.20 million at September 30, 2019, and $126.30 million at December 31, 2018.

Noninterest income increased 10.28 percent in the fourth quarter of 2019 to $27.35 million compared with $24.80 million in the same quarter a year ago. Trust fees were $7.34 million in the fourth quarter of 2019 compared with $6.92 million in the same quarter last year. The fair value of Trust assets managed increased to $6.75 billion from $5.60 billion a year ago. ATM, interchange and credit card fees increased 14.09 percent to $7.94 million compared with $6.96 million in the same quarter last year due to continued growth in the number of debit cards issued. Real estate mortgage fees increased 22.59 percent in the fourth quarter of 2019 to $4.22 million compared with $3.44 million in the same quarter a year ago due to an increase in the volume of loans originated.

Noninterest expense for the fourth quarter of 2019 totaled $51.94 million compared to $48.24 million in the fourth quarter of 2018. The Company’s efficiency ratio in the fourth quarter of 2019 was 49.75 percent compared with 49.69 percent in the same quarter last year. During the fourth quarter of 2019, the Company settled and terminated the remaining portion of its defined benefit pension plan obligation and as a result, recognized $1.70 million, before income tax, in pension settlement expense, a component of noninterest expense. During the fourth quarter of 2018, the Company recorded $1.55 million, before income tax, in pension settlement expense for a partial settlement of this defined benefit pension obligation. Also included in noninterest expense in the fourth quarter of 2019 was a $4.19 million increase in salary and employee benefit costs to $29.94 million compared to $25.75 million in the same quarter a year ago, primarily due to merit-based pay increases and increases in profit sharing expenses. Offsetting these increases in noninterest expenses were reductions in FDIC insurance premiums resulting from credits from prior premiums paid.

For the year ended December 31, 2019, net income increased 9.41 percent to $164.81 million from $150.64 million in 2018, marking 2019 as the 33^rd consecutive year of earnings increases for the Company. Basic earnings per share in 2019 rose to $1.22 from $1.11 in the previous year. Net interest income increased $16.33 million for the year to $289.09 million from $272.76 million a year ago. The provision for loan losses for 2019 totaled $2.97 million compared with $5.67 million in 2018. Noninterest income was $108.43 million in 2019 compared with $101.76 million in 2018. Noninterest expense rose to $196.52 million in 2019 compared with $190.68 million a year ago.

As of December 31, 2019, consolidated assets for the Company totaled $8.26 billion compared with $7.73 billion at December 31, 2018. Loans totaled $4.22 billion at year end compared with loans of $3.98 billion a year ago. Deposits totaled $6.60 billion at December 31, 2019, compared to $6.18 billion a year ago. Shareholders’ equity rose to $1.23 billion at year end compared with $1.05 billion at December 31, 2018.

“We are pleased to report the 33^rd consecutive year of increased earnings for the Company,” said F. Scott Dueser, Chairman, President and CEO. “We are also excited to welcome The Bank & Trust of Bryan/College Station to the First Financial family at the beginning of 2020. As we continue to visit with other potential acquisition candidates, we are working diligently on organically growing loans and deposits while reducing expenses to reward our shareholders, customers and employees even more,” added Dueser.

About First Financial Bankshares

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 78 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Bryan, Burleson, Cisco, Cleburne, Clyde, College Station, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, 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, 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 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
	2019												2018
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
ASSETS
Cash and due from banks	$	231,534		$	198,855		$	178,345		$	176,278		$	207,835
Interest-bearing deposits in banks		47,920			31,410			128,652			197,758			40,812
Interest-bearing time deposits in banks		—			—			960			1,458			1,458
Fed funds sold		3,150			—			700			12,825			—
Investment securities		3,413,317			3,397,156			3,259,492			3,212,812			3,158,777
Loans		4,223,197			4,140,815			4,063,257			4,003,606			3,975,308
Allowance for loan losses		(52,499	)		(51,889	)		(51,820	)		(51,585	)		(51,202	)
Net loans		4,170,698			4,088,926			4,011,437			3,952,021			3,924,106
Premises and equipment		131,022			132,367			134,322			135,321			133,421
Goodwill		171,565			171,565			171,565			171,565			171,565
Other intangible assets		2,102			2,340			2,586			2,850			3,118
Other assets		90,919			91,220			91,234			83,007			90,762
Total assets	$	8,262,227		$	8,113,839		$	7,979,293		$	7,945,895		$	7,731,854
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	2,065,128		$	2,210,997		$	2,167,552		$	2,165,745		$	2,116,107
Interest-bearing deposits		4,538,678			4,186,686			4,202,214			4,184,996			4,064,282
Total deposits		6,603,806			6,397,683			6,369,766			6,350,741			6,180,389
Borrowings		381,356			400,155			362,005			382,711			468,706
Other liabilities		49,868			110,903			82,774			104,921			29,464
Shareholders’ equity		1,227,197			1,205,098			1,164,748			1,107,522			1,053,295
Total liabilities and shareholders’ equity	$	8,262,227		$	8,113,839		$	7,979,293		$	7,945,895		$	7,731,854
	Quarter Ended
	2019												2018
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
INCOME STATEMENTS
Interest income	$	82,123		$	80,591		$	79,576		$	76,901		$	76,481
Interest expense		6,801			7,953			7,961			7,387			6,207
Net interest income		75,322			72,638			71,615			69,514			70,274
Provision for loan losses		950			450			600			965			1,800
Net interest income after provision for loan losses		74,372			72,188			71,015			68,549			68,474
Noninterest income		27,347			28,669			27,976			24,437			24,797
Noninterest expense		51,938			48,910			48,304			47,367			48,235
Net income before income taxes		49,781			51,947			50,687			45,619			45,036
Income tax expense		8,393			8,867			8,594			7,367			6,599
Net income	$	41,388		$	43,080		$	42,093		$	38,252		$	38,437
PER COMMON SHARE DATA
Net income - basic	$	0.30		$	0.32		$	0.31		$	0.28		$	0.28
Net income - diluted		0.30			0.32			0.31			0.28			0.28
Cash dividends declared		0.12			0.12			0.12			0.11			0.11
Book Value		9.03			8.87			8.58			8.16			7.77
Market Value	$	35.10		$	33.33		$	30.79		$	28.89		$	28.85
Shares outstanding - end of period		135,891,755			135,822,456			135,809,224			135,680,420			135,506,266
Average outstanding shares - basic		135,747,381			135,693,901			135,650,599			135,494,254			135,352,408
Average outstanding shares - diluted		136,539,286			136,369,328			136,218,235			136,286,862			136,191,224
PERFORMANCE RATIOS
Return on average assets		2.01	%		2.15	%		2.14	%		2.00	%		2.00	%
Return on average equity		13.56			14.46			15.04			14.51			15.18
Return on average tangible equity		15.83			16.96			17.81			17.34			18.38
Net interest margin (tax equivalent)		3.99			3.94			3.98			4.00			4.02
Efficiency ratio		49.75			47.54			47.71			49.46			49.69
	Year Ended
	Dec. 31,
	2019			2018
INCOME STATEMENTS
Interest income	$	319,192		$	291,690
Interest expense		30,102			18,930
Net interest income		289,090			272,760
Provision for loan losses		2,965			5,665
Net interest income after provision for loan losses		286,125			267,095
Noninterest income		108,428			101,764
Noninterest expense		196,521			190,684
Net income before income taxes		198,032			178,175
Income tax expense		33,220			27,537
Net income	$	164,812		$	150,638
PER COMMON SHARE DATA
Net income - basic	$	1.22		$	1.11
Net income - diluted		1.21			1.11
Cash dividends declared		0.47			0.41
Book Value		9.03			7.77
Market Value	$	35.10		$	28.85
Shares outstanding - end of period		135,891,755			135,506,266
Average outstanding shares - basic		135,647,354			135,218,734
Average outstanding shares - diluted		136,346,019			135,966,028
PERFORMANCE RATIOS
Return on average assets		2.08	%		1.98	%
Return on average equity		14.37			15.37
Return on average tangible equity		16.95			18.65
Net interest margin (tax equivalent)		3.98			3.96
Efficiency ratio		48.61			49.72

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

	Quarter Ended
	2019												2018
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period	$	51,889		$	51,820		$	51,585		$	51,202		$	50,871
Loans charged off		(834	)		(767	)		(1,061	)		(1,464	)		(2,081	)
Loan recoveries		494			386			696			882			612
Net recoveries (charge-offs)		(340	)		(381	)		(365	)		(582	)		(1,469	)
Provision for loan losses		950			450			600			965			1,800
Balance at end of period	$	52,499		$	51,889		$	51,820		$	51,585		$	51,202
Allowance for loan losses /period-end loans		1.24	%		1.25	%		1.28	%		1.29	%		1.29	%
Allowance for loan losses / nonperforming loans		212.02			200.75			190.66			177.41			176.22
Net charge-offs / average loans (annualized)		0.03			0.04			0.04			0.06			0.15
SUMMARY OF LOAN CLASSIFICATION
Special Mention	$	63,371		$	46,300		$	51,490		$	45,275		$	50,379
Substandard		77,284			72,904			74,550			73,158			75,919
Doubtful		—			—			—			—			—
Total classified loans	$	140,655		$	119,204		$	126,040		$	118,433		$	126,298
NONPERFORMING ASSETS
Nonaccrual loans	$	24,582		$	25,717		$	26,408		$	28,508		$	27,534
Accruing troubled debt restructured loans		26			27			471			472			513
Accruing loans 90 days past due		153			104			300			97			1,008
Total nonperforming loans		24,761			25,848			27,179			29,077			29,055
Foreclosed assets		1,009			1,364			681			647			577
Total nonperforming assets	$	25,770		$	27,212		$	27,860		$	29,724		$	29,632
As a % of loans and foreclosed assets		0.61	%		0.66	%		0.69	%		0.74	%		0.75	%
As a % of end of period total assets		0.31			0.34			0.35			0.37			0.38
OIL AND GAS PORTFOLIO INFORMATION
Oil and gas loans	$	119,789		$	122,908		$	107,097		$	107,335		$	113,536
Oil and gas loans as a % of total loans		2.84	%		2.97	%		2.64	%		2.68	%		2.86	%
Classified oil and gas loans		7,041			7,953			3,438			4,255			3,894
Nonaccrual oil and gas loans		481			519			621			669			1,048
Net charge-offs for oil and gas loans		—			—			—			—			—
Allowance for oil and gas loans as a % of oil and gas loans		2.54	%		2.87	%		2.95	%		3.22	%		3.23	%
CAPITAL RATIOS
Common equity Tier 1 capital ratio		20.06	%		20.05	%		20.04	%		19.86	%		19.47	%
Tier 1 capital ratio		20.06			20.05			20.04			19.86			19.47
Total capital ratio		21.13			21.14			21.16			21.00			20.61
Tier 1 leverage		12.60			12.58			12.29			12.08			11.85
Tangible Common Equity Ratio		12.43			12.94			12.31			11.83			11.14
Equity/Assets		14.85			14.85			14.60			13.94			13.62
	Quarter Ended
	2019												2018
	Dec. 31,			Sept. 30,			June 30,			Mar. 31,			Dec. 31,
NONINTEREST INCOME
Trust fees	$	7,344		$	7,051		$	7,027		$	6,979		$	6,915
Service charges on deposits		5,861			5,629			5,374			5,176			5,713
ATM, interchange and credit card fees		7,943			7,728			7,352			6,840			6,962
Real estate mortgage fees		4,216			5,733			4,721			3,474			3,439
Net gain on sale ofavailable-for-sale securities		5			52			676			—			8
Net gain (loss) on sale of foreclosed assets		81			71			53			69			(85	)
Net gain (loss) on sale of assets		78			235			6			—			5
Interest on loan recoveries		277			575			903			338			332
Other noninterest income		1,542			1,595			1,864			1,561			1,508
Total noninterest income	$	27,347		$	28,669		$	27,976		$	24,437		$	24,797
NONINTEREST EXPENSE
Salaries and employee benefits, excluding profit sharing	$	27,175		$	27,030		$	25,510		$	24,960		$	23,908
Cost related to termination of pension plan		1,700			—			—			973			1,546
Profit sharing expense		2,766			1,520			1,884			1,491			1,839
Net occupancy expense		2,784			2,830			2,779			2,763			2,583
Equipment expense		2,043			2,225			2,331			2,453			2,570
FDIC insurance premiums		—			15			538			538			565
ATM, interchange and credit card expenses		2,419			2,627			2,427			2,383			2,589
Legal, tax and professional fees		2,353			2,274			2,302			2,154			2,609
Audit fees		233			341			455			417			291
Printing, stationery and supplies		465			480			502			366			513
Amortization of intangible assets		238			246			264			269			223
Advertising and public relations		1,791			1,745			1,630			1,648			1,805
Operational and other losses		626			507			480			266			337
Software amortization and expense		2,158			1,767			1,783			1,597			1,588
Other noninterest expense		5,187			5,303			5,419			5,089			5,269
Total noninterest expense	$	51,938		$	48,910		$	48,304		$	47,367		$	48,235
TAX EQUIVALENT YIELD ADJUSTMENT	$	1,732		$	1,575		$	1,664		$	1,819		$	1,996
	Year Ended
	Dec. 31,
	2019			2018
NONINTEREST INCOME
Trust fees	$	28,401		$	28,181
Service charges on deposits		22,039			21,663
ATM, interchange and credit card fees		29,863			28,532
Real estate mortgage fees		18,144			15,157
Net gain (loss) on sale ofavailable-for-sale securities		733			1,354
Net gain (loss) on sale of foreclosed assets		274			116
Net gain (loss) on sale of assets		319			(147	)
Interest on loan recoveries		2,092			938
Other noninterest income		6,563			5,970
Total noninterest income	$	108,428		$	101,764
NONINTEREST EXPENSE
Salaries and employee benefits, excluding profit sharing	$	104,675		$	98,140
Cost related to termination of pension plan		2,673			1,546
Profit sharing expense		7,661			7,049
Net occupancy expense		11,156			11,173
Equipment expense		9,052			10,118
FDIC insurance premiums		1,091			2,333
ATM, interchange and credit card expenses		9,856			9,282
Legal, tax and professional fees		9,082			10,141
Audit fees		1,445			1,526
Printing, stationery and supplies		1,812			1,997
Amortization of intangible assets		1,016			1,272
Advertising and public relations		6,813			6,664
Operational and other losses		1,879			2,188
Software amortization and expense		7,305			6,020
Other noninterest expense		21,005			21,235
Total noninterest expense	$	196,521		$	190,684
TAX EQUIVALENT YIELD ADJUSTMENT	$	6,791		$	8,993

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)

	Three Months Ended							Three Months Ended
	Dec. 31, 2019							Sept. 30, 2019
	Average		Tax Equivalent		Yield /			Average		Tax Equivalent		Yield /
	Balance		Interest		Rate			Balance		Interest		Rate
Interest-earning assets:
Fed funds sold	$	1,198	$	6		2.03	%	$	3,006	$	19		2.52	%
Interest-bearing deposits in nonaffiliated banks		54,841		218		1.58			61,465		363		2.34
Taxable securities		2,185,777		14,165		2.59			2,183,930		14,292		2.62
Tax exempt securities		1,243,487		10,695		3.44			1,132,279		10,075		3.56
Loans		4,185,716		58,771		5.57			4,094,235		57,417		5.56
Total interest-earning assets		7,671,019	$	83,855		4.34	%		7,474,915	$	82,166		4.36	%
Noninterest-earning assets		500,924							489,446
Total assets	$	8,171,943						$	7,964,361
Interest-bearing liabilities:
Deposits	$	4,336,063	$	6,052		0.55	%	$	4,156,850	$	7,123		0.68	%
Fed funds purchased and other borrowings		417,316		749		0.71			388,235		830		0.85
Total interest-bearing liabilities		4,753,379	$	6,801		0.57	%		4,545,085	$	7,953		0.69	%
Noninterest-bearing liabilities		2,207,508							2,237,462
Shareholders’ equity		1,211,056							1,181,814
Total liabilities and shareholders’ equity	$	8,171,943						$	7,964,361
Net interest income and margin (tax equivalent)			$	77,054		3.99	%			$	74,213		3.94	%
	Three Months Ended							Three Months Ended
	June 30, 2019							Mar. 31, 2019
	Average		Tax Equivalent		Yield /			Average		Tax Equivalent		Yield /
	Balance		Interest		Rate			Balance		Interest		Rate
Interest-earning assets:
Fed funds sold	$	5,436	$	39		2.88	%	$	4,894	$	34		2.79	%
Interest-bearing deposits in nonaffiliated banks		107,381		628		2.35			100,258		585		2.36
Taxable securities		2,063,497		13,925		2.70			1,924,863		13,289		2.76
Tax exempt securities		1,169,889		10,615		3.63			1,226,457		11,279		3.68
Loans		4,043,055		56,033		5.56			3,973,108		53,534		5.46
Total interest-earning assets		7,389,258	$	81,240		4.41	%		7,229,580	$	78,721		4.42	%
Noninterest-earning assets		487,931							508,368
Total assets	$	7,877,189						$	7,737,948
Interest-bearing liabilities:
Deposits	$	4,196,123	$	7,286		0.70	%	$	4,144,091	$	6,662		0.65	%
Fed funds purchased and other borrowings		378,389		675		0.72			408,641		726		0.72
Total interest-bearing liabilities		4,574,512	$	7,961		0.70	%		4,552,732	$	7,388		0.66	%
Noninterest-bearing liabilities		2,180,361							2,116,080
Shareholders’ equity		1,122,316							1,069,136
Total liabilities and shareholders’ equity	$	7,877,189						$	7,737,948
Net interest income and margin (tax equivalent)			$	73,279		3.98	%			$	71,333		4.00	%
	Three Months Ended
	Dec. 31, 2018
	Average		Tax Equivalent		Yield /
	Balance		Interest		Rate
Interest-earning assets:
Fed funds sold	$	1,620	$	10		2.54	%
Interest-bearing deposits in nonaffiliated banks		41,511		240		2.30
Taxable securities		1,957,638		13,384		2.73
Tax exempt securities		1,206,728		11,482		3.81
Loans		3,918,360		53,361		5.40
Total interest-earning assets		7,125,857	$	78,477		4.37	%
Noninterest-earning assets		493,244
Total assets	$	7,619,101
Interest-bearing liabilities:
Deposits	$	3,961,582	$	5,092		0.51	%
Fed funds purchased and other borrowings		484,054		1,115		0.91
Total interest-bearing liabilities		4,445,636	$	6,207		0.55	%
Noninterest-bearing liabilities		2,169,069
Shareholders’ equity		1,004,396
Total liabilities and shareholders’ equity	$	7,619,101
Net interest income and margin (tax equivalent)			$	72,270		4.02	%
	Year Ended							Year Ended
	Dec. 31, 2019							Dec. 31, 2018
	Average		Tax Equivalent		Yield /			Average		Tax Equivalent		Yield /
	Balance		Interest		Rate			Balance		Interest		Rate
Interest-earning assets:
Fed funds sold	$	3,622	$	98		2.70	%	$	3,347	$	70		2.09	%
Interest-bearing deposits in nonaffiliated banks		80,808		1,794		2.22			87,027		1,561		1.79
Taxable securities		2,090,490		55,670		2.66			1,934,160		50,052		2.59
Tax exempt securities		1,192,908		42,664		3.58			1,262,947		47,501		3.76
Loans		4,074,667		225,757		5.54			3,828,040		201,498		5.26
Total interest-earning assets		7,442,495	$	325,983		4.38	%		7,115,521	$	300,682		4.23	%
Noninterest-earning assets		496,627							491,211
Total assets	$	7,939,122						$	7,606,732
Interest-bearing liabilities:
Deposits	$	4,208,666	$	27,122		0.64	%	$	4,052,614	$	16,945		0.42	%
Fed funds purchased and other short term borrowings		398,142		2,980		0.75			418,977		1,984		0.47
Total interest-bearing liabilities		4,606,808	$	30,102		0.65	%		4,471,591	$	18,929		0.42	%
Noninterest-bearing liabilities		2,185,747							2,154,935
Shareholders’ equity		1,146,567							980,206
Total liabilities and shareholders’ equity	$	7,939,122						$	7,606,732
Net interest income and margin (tax equivalent)			$	295,881		3.98	%			$	281,753		3.96	%