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First Financial Bankshares Announces First Quarter Earnings Results


News provided by

First Financial Bankshares, Inc.

Apr 16, 2015, 04:01 ET

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ABILENE, Texas, April 16, 2015 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the first quarter of 2015 of $24.00 million, up 7.44 percent when compared with earnings of $22.34 million in the same quarter last year.  Basic earnings per share were $0.37 for the first quarter of 2015 compared with $0.35 in the same quarter a year ago.

Net interest income for the first quarter of 2015 increased 8.32 percent to $51.10 million compared with $47.17 million in the same period of 2014. The net interest margin, on a taxable equivalent basis, was 4.11 percent compared to 4.08 percent in the fourth quarter of 2014 and 4.32 percent in the first quarter of 2014. Included in interest income for the first quarter of 2015 was $489 thousand, or three basis points in net interest margin, related to discount accretion from fair value accounting related to the Orange and Huntsville acquisitions.   

The provision for loan losses was $1.29 million in the first quarter of 2015 compared with $755 thousand in the fourth quarter of 2014 and $1.69 million in the first quarter of 2014. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent at March 31, 2015, compared with 0.74 percent at December 31, 2014, and 1.02 percent at March 31, 2014.  Classified loans totaled $77.75 million at March 31, 2015, compared to $72.98 million at December 31, 2014, and $81.56 million at March 31, 2014.

Noninterest income decreased 3.10 percent in the first quarter of 2015 to $15.90 million compared with $16.41 million in the same quarter a year ago. Included in noninterest income in the first quarter of 2014 was a $605 thousand gain from the settlement of a bank owned life insurance contract and a gain on sale of foreclosed assets of $452 thousand compared to only $30 thousand in the first quarter of 2015. Trust fees increased to $4.73 million in the first quarter of 2015 compared with $4.58 million in the same quarter last year, due to continued growth in the fair value of Trust assets managed to $3.85 billion from $3.47 billion a year ago. This growth offset a $241 thousand decline in Trust oil and gas fee income in the first quarter of 2015 compared to the same quarter a year ago.  ATM, interchange and credit card fees increased 11.84 percent to $4.97 million compared with $4.44 million in the same quarter last year due to continued growth in net new accounts and debit cards. Real estate mortgage fees increased 39.36 percent in the first quarter of 2015 to $1.43 million compared with $1.02 million in the same quarter a year ago.

Noninterest expense for the first quarter of 2015 totaled $33.94 million compared to $32.45 million in the first quarter of 2014. The Company's efficiency ratio in the first quarter of 2015 was 47.01 percent compared with 47.57 percent in the same quarter last year. The increase in noninterest expense in the first quarter of 2015 was primarily a result of an increase in salary and employee benefit costs to $18.27 million compared to $17.41 million in the same period a year ago, primarily driven by the addition of employees to staff new branches, compliance-related areas and annual pay increases.

As of March 31, 2015, consolidated assets for the Company totaled $6.03 billion compared with $5.28 billion a year ago. Loans totaled $2.94 billion at quarter end compared with loans of $2.70 billion a year ago. Total deposits grew 14.23 percent to $4.84 billion at March 31, 2015, compared to $4.23 billion a year ago.  Shareholders' equity rose to $706.25 million as of March 31, 2015, compared with $616.57 million in the prior year. 

"We are pleased to report another successful quarter for our company and continue to work to grow and improve our efficiencies," said F. Scott Dueser, Chairman, President and CEO. "We are very excited about the additions of our newest proposed acquisition, First Bank, N.A., Conroe, Texas, and the asset purchase agreement of 4Trust Mortgage, Inc. We believe these additions to the First Financial family fit well into our footprint and continues our strategy to buy well-run banks and companies in high growth areas, which bring good earnings opportunities. In light of the current depressed oil and gas prices, we continue to monitor our direct 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. 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


ASSETS



Mar. 31, 



 Dec. 31,  



 Sept. 30,  



 June 30,  



Mar. 31, 


Cash and due from banks


$

142,233


$

190,387


$

149,957


$

166,237


$

160,469


Interest-bearing deposits in banks



18,275



54,324



83,994



68,331



3,772


Interest-bearing time deposits in banks



9,170



17,002



19,234



24,188



30,026


Fed funds sold



5,460



8,760



4,785



3,110



3,620


Investment securities



2,689,640



2,416,297



2,254,316



2,174,396



2,163,599


Loans



2,938,707



2,937,991



2,839,696



2,786,644



2,698,717



Allowance for loan losses



(37,828)



(36,824)



(36,388)



(35,892)



(34,693)


Net loans



2,900,879



2,901,167



2,803,308



2,750,752



2,664,024


Premises and equipment



104,358



103,000



101,437



96,619



95,406


Goodwill



94,882



94,882



94,882



94,882



94,882


Other intangible assets



2,310



2,477



2,547



2,547



2,600


Other assets



58,165



59,906



61,351



65,294



62,629



Total assets


$

6,025,372


$

5,848,202


$

5,575,811


$

5,446,356


$

5,281,027




















LIABILITIES AND SHAREHOLDERS'  EQUITY

















Noninterest-bearing deposits


$

1,600,807


$

1,570,330


$

1,505,847


$

1,445,947


$

1,389,331


Interest-bearing deposits



3,236,200



3,179,925



2,958,517



2,872,511



2,844,950



Total deposits



4,837,007



4,750,255



4,464,364



4,318,458



4,234,281


Short-term borrowings



401,898



367,110



341,909



434,583



383,220


Other liabilities



80,219



49,300



110,773



53,279



46,960


Shareholders' equity



706,248



681,537



658,765



640,036



616,566



Total liabilities and shareholders' equity


$

6,025,372


$

5,848,202


$

5,575,811


$

5,446,356


$

5,281,027























Quarter Ended





2015



2014


INCOME STATEMENTS



Mar. 31, 



 Dec. 31,  



 Sept. 30,  



 June 30,  



Mar. 31, 


Interest income


$

52,069


$

51,121


$

49,955


$

49,254


$

48,209


Interest expense



970



1,039



1,069



1,037



1,036


Net interest income



51,099



50,082



48,886



48,217



47,173


Provision for loan losses



1,290



755



896



1,124



1,690


Net interest income after provision for loan losses



49,809



49,327



47,990



47,093



45,483


Noninterest income



15,897



17,023



17,324



15,872



16,405


Noninterest expense



33,943



36,435



34,040



35,002



32,448



Net income before income taxes



31,763



29,915



31,274



27,963



29,440


Income tax expense



7,766



7,328



7,843



6,758



7,104



Net income


$

23,997


$

22,587


$

23,431


$

21,205


$

22,336




















PER COMMON SHARE DATA 

















Net income - basic


$

0.37


$

0.35


$

0.37


$

0.33


$

0.35


Net income - diluted



0.37



0.35



0.36



0.33



0.35


Cash dividends declared



0.14



0.14



0.14



0.14



0.13


Book Value



11.01



10.63



10.28



9.99



9.63


Market Value


$

27.64


$

29.88


$

27.79


$

31.37


$

30.90


Shares outstanding - end of period



64,142,812



64,089,921



64,065,828



64,053,010



64,039,234


Average outstanding shares - basic



64,122,965



64,075,334



64,059,675



64,045,282



64,010,076


Average outstanding shares - diluted



64,298,896



64,316,815



64,304,985



64,301,306



64,212,018




















PERFORMANCE RATIOS

















Return on average assets



1.64

%


1.57

%


1.71

%


1.59

%


1.74

%

Return on average equity



14.00



13.34



14.27



13.46



15.02


Net interest margin (tax equivalent)



4.11



4.08



4.18



4.24



4.32


Efficiency ratio



47.01



50.58



47.93



50.84



47.57


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




















Quarter Ended




2015



2014


ALLOWANCE FOR LOAN LOSSES



Mar. 31, 



Dec. 31, 



Sept. 30, 



June 30, 



Mar. 31, 


Balance at beginning of period


$

36,824


$

36,388


$

35,892


$

34,693


$

33,900


Loans charged off



(509)



(670)



(614)



(302)



(1,297)


Loan recoveries



223



351



214



377



400


Net recoveries (charge-offs)



(286)



(319)



(400)



75



(897)


Provision for loan losses



1,290



755



896



1,124



1,690


Balance at end of period


$

37,828


$

36,824


$

36,388


$

35,892


$

34,693



















Allowance for loan losses /

















     period-end loans



1.29

%


1.25

%


1.28

%


1.29

%


1.29

%

Allowance for loan losses /

















     nonperforming loans



196.04



178.06



162.77



151.52



140.23


Net charge-offs / average loans

















     (annualized)



0.04



0.04



0.06



(0.01)



0.14




































NONPERFORMING ASSETS

















Nonaccrual loans


$

18,935


$

20,195


$

22,093


$

23,565


$

24,710


Accruing troubled debt restructured loans



177



226



-



-



-


Accruing loans 90 days past due



184



260



263



123



30



Total nonperforming loans



19,296



20,681



22,356



23,688



24,740


Foreclosed assets



1,081



1,035



1,273



2,342



2,813



Total nonperforming assets


$

20,377


$

21,716


$

23,629


$

26,030


$

27,553



















As a % of loans and foreclosed assets



0.69

%


0.74

%


0.83

%


0.93

%


1.02

%

As a % of end of period total assets



0.34



0.37



0.42



0.48



0.52



















CAPITAL RATIOS

















Tier 1 risk-based



16.23

%


16.05

%


16.07

%


16.15

%


16.24

%

Total risk-based



17.35



17.16



17.20



17.30



17.39


Tier 1 leverage



9.85



9.89



10.10



9.99



9.95


Equity to assets



11.72



11.65



11.81



11.75



11.68






































Quarter Ended




2015



2014


NONINTEREST INCOME



Mar. 31, 



Dec. 31, 



 Sept. 30,  



 June 30,  



Mar. 31, 


Trust fees


$

4,731


$

4,869


$

4,772


$

4,549


$

4,576


Service charges on deposits



3,768



4,287



4,402



4,174



4,047


ATM, interchange and credit card fees



4,969



5,137



5,093



4,754



4,443


Real estate mortgage fees



1,427



1,465



1,813



1,337



1,024


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



5



-



1



(1)



(4)


Net gain (loss) on sale of foreclosed assets



30



100



305



47



452


Net gain (loss) on sale of assets



5



(6)



(31)



44



3


Other noninterest income



962



1,171



969



968



1,864



Total noninterest income


$

15,897


$

17,023


$

17,324


$

15,872


$

16,405




















NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing


$

17,023


$

16,302


$

16,354


$

16,279


$

16,197


Profit sharing expense



1,242



1,516



1,596



995



1,217


Loss from partial settlement of pension plan



-



2,909



-



-



-


Net occupancy expense



2,197



2,296



2,297



2,273



2,234


Equipment expense



2,899



2,695



2,758



2,665



2,622


FDIC insurance premiums



748



689



693



684



659


ATM, interchange and credit card expenses



1,725



1,875



1,819



1,696



1,480


Legal, tax and professional fees



1,697



1,363



1,463



1,208



1,273


Audit  fees



381



279



403



367



369


Printing, stationery and supplies



596



676



632



554



775


Amortization of intangible assets



90



64



62



74



75


Advertising and public relations



1,353



1,515



1,591



1,465



1,375


Correspondent bank service charges



222



222



222



215



228


Other noninterest expense



3,770



4,034



4,150



6,527



3,944



Total noninterest expense


$

33,943


$

36,435


$

34,040


$

35,002


$

32,448




















TAX EQUIVALENT YIELD ADJUSTMENT


$

5,213


$

4,934


$

4,814


$

4,753


$

4,629


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


























Three Months Ended




Three Months Ended



Mar. 31, 2015




Dec. 31, 2014




Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /





Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold


$

6,767


$

5



0.27

%




$

5,975


$

4



0.30

%

  Interest-bearing deposits in nonaffiliated banks



89,798



75



0.34






118,244



110



0.37


  Taxable securities



1,333,073



7,808



2.34






1,246,632



7,370



2.36


  Tax exempt securities



1,191,772



13,973



4.69






1,091,723



13,078



4.79


  Loans



2,931,805



35,420



4.90






2,889,951



35,492



4.87


Total interest-earning assets



5,553,215


$

57,281



4.18

%





5,352,525


$

56,054



4.15

%

Noninterest-earning assets



363,211












358,395









Total assets


$

5,916,426











$

5,710,920































Interest-bearing liabilities:























  Deposits


$

3,221,552


$

927



0.12

%




$

3,043,612


$

989



0.13

%

  Fed funds purchased and other short term borrowings



388,213



42



0.04






373,785



49



0.05


Total interest-bearing liabilities



3,609,765


$

969



0.11

%





3,417,397


$

1,038



0.12

%

Noninterest-bearing liabilities                                                                              



1,611,430












1,621,819








Shareholders' equity



695,231












671,704









Total liabilities and shareholders' equity


$

5,916,426











$

5,710,920
































Net interest income and margin (tax equivalent)





$

56,312



4.11

%







$

55,016



4.08

%




























Three Months Ended




Three Months Ended




Sept. 30, 2014




June 30, 2014





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold


$

10,619


$

11



0.40

%




$

11,310


$

12



0.41

%

  Interest-bearing deposits in nonaffiliated banks



50,213



69



0.55






48,974



78



0.64


  Taxable securities



1,166,248



6,856



2.35






1,159,430



7,091



2.45


  Tax exempt securities



1,057,715



12,763



4.83






1,037,608



12,599



4.86


  Loans



2,814,083



35,070



4.94






2,748,023



34,227



5.00


Total interest-earning assets



5,098,878


$

54,769



4.26

%





5,005,345


$

54,007



4.33

%

Noninterest-earning assets



348,369












335,651









Total assets


$

5,447,247











$

5,340,996
































Interest-bearing liabilities:























  Deposits


$

2,892,065


$

999



0.14

%




$

2,867,740


$

955



0.13

%

  Fed funds purchased and other short term borrowings



384,768



70



0.07






406,913



82



0.08


Total interest-bearing liabilities



3,276,833


$

1,069



0.13

%





3,274,653


$

1,037



0.13

%

Noninterest-bearing liabilities                                                                              



1,518,907












1,434,674








Shareholders' equity



651,507












631,669









Total liabilities and shareholders' equity


$

5,447,247











$

5,340,996
































Net interest income and margin (tax equivalent)





$

53,700



4.18

%







$

52,970



4.24

%




























Three Months Ended
















Mar. 31, 2014

















Average



Tax Equivalent



Yield /


















Balance



Interest



Rate














Interest-earning assets:























  Fed funds sold


$

5,718


$

5



0.35

%













  Interest-bearing deposits in nonaffiliated banks



48,708



82



0.68














  Taxable securities



1,121,296



7,084



2.53














  Tax exempt securities



992,947



12,218



4.92














  Loans



2,689,474



33,450



5.04














Total interest-earning assets



4,858,143


$

52,839



4.41

%













Noninterest-earning assets



351,309





















Total assets


$

5,209,452












































Interest-bearing liabilities:























  Deposits


$

2,817,181


$

941



0.14

%













  Fed funds purchased and other short term borrowings



426,204



96



0.09














Total interest-bearing liabilities



3,243,385


$

1,037



0.13

%













Noninterest-bearing liabilities                                                                              



1,362,852




















Shareholders' equity



603,215





















Total liabilities and shareholders' equity


$

5,209,452












































Net interest income and margin (tax equivalent)





$

51,802



4.32

%













SOURCE First Financial Bankshares, Inc.

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