Item 5. Market for Registrant’s Common Equity
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our common stock, par value $0.01 per share, is traded on the Nasdaq Global Select Market under the trading symbol FFIN. See “Item 8—Financial Statements and Supplementary Data—Quarterly Financial Data” for the high, low and closing sales prices as reported by the Nasdaq Global Select Market for our common stock for the periods indicated.
Record Holders
As of February 1, 2021, we had 1,015 registered shareholders of record with our stock transfer agent.
Dividends
See “Item 8—Financial Statements and Supplementary Data—Quarterly Results of Operations” for the frequency and amount of cash dividends paid by us. Also, see “Item 1 – Business – Supervision and Regulation – Payment of Dividends” and “Item 7 – Management’s Discussion and Analysis of the Financial Condition and Results of Operations – Liquidity – Dividends” for restrictions on our present or future ability to pay dividends, particularly those restrictions arising under federal and state banking laws.
Equity Compensation Plans
See “Item 12 – Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters”.
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PERFORMANCE GRAPH
The following performance graph compares cumulative total shareholder returns for our common stock, the Russell 3000 Index, and the SNL Bank Index, which is a banking index prepared by SNL Financial LC and is comprised of banks with $5 billion to $10 billion in total assets, for a five-year period (December 31, 2015 to December 31, 2020). The performance graph assumes $100 invested in our common stock at its closing price on December 31, 2015, and in each of the Russell 3000 Index and the SNL Bank Index on the same date. The performance graph also assumes the reinvestment of all dividends. The dates on the performance graph represent the last trading day of each year indicated. The amounts noted on the performance graph have been adjusted to give effect to all stock splits and stock dividends.
First Financial Bankshares, Inc
.
Period Ending
Index
12/31/15
12/31/16
12/31/17
12/31/18
12/31/19
12/31/20
First Financial Bankshares, Inc.
100.00
152.85
155.07
201.53
248.81
260.80
Russell 3000 Index
100.00
112.74
136.56
129.40
169.54
204.95
SNL Bank $5B-$10B
Index
100.00
143.27
142.73
129.17
160.06
145.37
Source: S&P Global Market Intelligence
© 2021
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ITEM 6.
SELECTED FINANCIAL DATA
The selected financial data presented below as of and for the years ended December 31, 2020, 2019, 2018, 2017, and 2016, have been derived from our audited consolidated financial statements. The data set forth below may not be fully comparable from period to period due to acquisitions in 2020 and 2018 and changes in accounting, including the allowance for credit losses in 2020 (see Notes 1, 3 and 21 to the Notes to Consolidated Financial Statements for further information). The selected financial data should be read in conjunction with “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and accompanying notes presented elsewhere in this Form 10-K.
The results of operations presented below are not necessarily indicative of the results of operations that may be achieved in the future. Management’s Discussion and Analysis of Financial Condition and Results of Operations incorporates information required to be disclosed by the SEC’s Industry Guide 3, “Statistical Disclosure by Bank Holding Companies.”
Year Ended December 31,
2020
2019
2018
2017
2016
(dollars in thousands, except per share data)
Summary Income Statement Information:
Interest income
$
364,128
$
319,192
$
291,690
$
245,975
$
232,288
Interest expense
14,243
30,102
18,930
9,288
5,451
Net interest income
349,885
289,090
272,760
236,687
226,837
Provision for credit losses
19,517
2,965
5,665
6,530
10,212
Noninterest income
139,935
108,428
101,764
91,017
85,132
Noninterest expense
227,938
196,521
190,684
173,986
165,830
Earnings before income taxes
242,365
198,032
178,175
147,188
135,927
Income tax expense
40,331
33,220
27,537
26,817
31,153
Net earnings
$
202,034
$
164,812
$
150,638
$
120,371
$
104,774
Per Share Data:
Earnings per share, basic
$
1.42
$
1.22
$
1.11
$
0.91
$
0.80
Earnings per share, diluted
1.42
1.21
1.11
0.91
0.80
Cash dividends declared
0.51
0.47
0.41
0.38
0.35
Book value at period-end
11.80
9.03
7.77
6.97
6.34
Earnings performance ratios:
Return on average assets
1.98
%
2.08
%
1.98
%
1.72
%
1.59
%
Return on average equity
12.93
14.37
15.37
13.63
12.36
Dividend payout ratio
35.88
38.31
36.84
41.24
44.14
Summary Balance Sheet Data (Period-end):
Securities
$
4,393,029
$
3,413,317
$
3,158,777
$
3,087,473
$
2,860,958
Loans, held-for-investment
5,171,033
4,194,969
3,953,636
3,485,569
3,357,307
Total assets
10,904,500
8,262,227
7,731,854
7,254,715
6,809,931
Deposits
8,675,817
6,603,806
6,180,389
5,962,961
5,478,539
Total liabilities
9,226,310
7,035,030
6,678,559
6,331,947
5,972,046
Total shareholders’ equity
1,678,190
1,227,197
1,053,295
922,768
837,885
Asset quality ratios:
Allowance for credit losses/period-end
loans held-for-investment
1.29
%
1.25
%
1.30
%
1.38
%
1.36
%
Nonperforming assets/period-end
loans held-for-investment
plus foreclosed assets
0.83
0.61
0.75
0.58
0.86
Net charge offs/average loans
0.06
0.04
0.07
0.12
0.19
Capital ratios:
Average shareholders’ equity/average assets
15.32
%
14.44
%
12.89
%
12.65
%
12.85
%
Leverage ratio (1)
11.86
12.60
11.85
11.09
10.71
Tier 1 risk-based capital (2)
20.79
20.06
19.47
18.66
17.30
Common equity tier 1 capital (3)
20.79
20.06
19.47
18.66
17.30
Total risk-based capital (4)
22.03
21.13
20.61
19.85
18.45
(1)
Calculated by dividing at period-end,
shareholders’ equity (before accumulated other comprehensive earnings/loss) less intangible assets by fourth quarter average assets less intangible assets.
(2)
Calculated by dividing at period-end,
shareholders’ equity (before accumulated other comprehensive earnings/loss) less intangible assets by risk-adjusted assets.
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(3)
Calculated by dividing at period-end,
shareholders’ equity (before accumulated other comprehensive earnings/loss) less intangible assets by risk-adjusted assets.
(4)
Calculated by dividing at period-end,
shareholders’ equity (before accumulated other comprehensive earnings/loss) less intangible assets plus allowance for loan losses to the extent allowed under regulatory guidelines by risk-adjusted assets.