• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

First Financial Bankshares Announces Fourth Quarter Earnings Results And 28th Year Of Consecutive Earnings Growth


News provided by

First Financial Bankshares, Inc.

Jan 22, 2015, 04:18 ET

Share this article

Share this article


ABILENE, Texas, Jan. 22, 2015 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2014 of $22.59 million, up 6.35 percent compared with earnings of $21.24 million in the same quarter last year.  Basic earnings per share were $0.35 for the fourth quarter of 2014 compared with $0.33 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2014 was $2.91 million, before income tax, resulting from the Company's partial settlement of its frozen defined benefit pension plan (see below for more details).

Net interest income for the fourth quarter of 2014 increased 7.26 percent to $50.08 million compared with $46.69 million in the same quarter of 2013. The net interest margin, on a taxable equivalent basis, was 4.08 percent compared to 4.18 percent in the third quarter of 2014 and 4.27 percent in the same quarter last year. Included in interest income for the fourth quarter of 2014 was $325 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 $755 thousand in the fourth quarter of 2014 compared with $896 thousand in the third quarter of 2014 and $1.17 million in the fourth quarter of 2013. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.74 percent at December 31, 2014, compared with 0.83 percent at September 30, 2014, and 1.16 percent at December 31, 2013.  Classified loans totaled $72.98 million at December 31, 2014, compared to $81.39 million at September 30, 2014, and $84.24 million at December 31, 2013.

Noninterest income increased 7.80 percent in the fourth quarter of 2014 to $17.02 million compared with $15.79 million in the same quarter a year ago. Trust fees increased $436 thousand to $4.87 million in the fourth quarter of 2014 compared with $4.43 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $3.76 billion from $3.36 billion a year ago. ATM, interchange and credit card fees increased 15.80 percent to $5.14 million compared with $4.44 million in the same quarter last year due to a large growth in net new accounts and debit cards.

Noninterest expense for the fourth quarter of 2014 totaled $36.44 million compared to $33.10 million in the fourth quarter of 2013. During the fourth quarter of 2014, the Company offered settlement of its pension obligation to plan participants who no longer are employed by the Company. As a result of the partial settlement of the plan, the Company recognized $2.91 million, before income tax, in pension expense, a component of noninterest expense. The effect of this transaction was relatively neutral to shareholders' equity since the recorded pension obligation associated with plan participants who accepted the settlement closely approximated the amount offered to such plan participants and the amount recognized in pension expense had been previously recognized as unrealized losses in other comprehensive earnings. As a result, the Company paid $10.63 million out of pension plan assets, or approximately 43% of the total outstanding obligation balance, to plan participants and the number of participants was reduced by 335, or 44%. The Company's investment risk and administrative expense associated with the Company's pension plan should be significantly reduced going forward.

The Company's efficiency ratio in the fourth quarter of 2014 was 50.58 percent compared with 49.42 percent in the same quarter last year. The increase in the efficiency ratio in the fourth quarter of 2014 primarily resulted from the pension settlement described above.

For the year, net income increased 13.56 percent to $89.56 million from $78.87 million in 2013, marking 2014 as the 28th consecutive year of earnings increases for the Company. Basic earnings per share in 2014 rose to $1.40 from $1.24 in the previous year.

Net interest income increased 12.81 percent for the year to $194.36 million from $172.28 million a year ago. The provision for loan losses for 2014 totaled $4.47 million compared with $3.75 million in 2013. Noninterest income was $66.62 million in 2014 compared with $62.05 million in 2013. Noninterest expense rose to $137.93 million in 2014 compared with $126.01 million a year ago.

As of December 31, 2014, consolidated assets for the Company totaled $5.85 billion compared with $5.22 billion a year ago. Loans totaled $2.94 billion at year end compared with loans of $2.69 billion a year ago. Total deposits grew 14.88 percent to $4.75 billion at December 31, 2014, compared to $4.14 billion a year ago.  Shareholders' equity rose to $681.54 million as of December 31, 2014, compared with $587.65 million in the prior year. 

"We are extremely pleased to report the 28th consecutive year of increased earnings for the Company," said F. Scott Dueser, Chairman, President and CEO. "We are also pleased to report the Company's significant growth in loans and deposits in 2014, growing our balance sheet $626 million, all from organic growth. We owe this success to the tireless efforts of our personnel and the tremendous support of our directors and our customers. Going forward, we will continue to search for additional opportunities to maximize our efficiencies and increase shareholder value."

"We also realize the recent volatility in the stock market due to oil and gas prices is at the forefront of the minds of our shareholders. We are painted with the same broad brush as all Texas banks from an oil and gas standpoint, but we have limited direct exposure. In fact, loans directly tied to the oil and gas industry only account for approximately three percent (3%) of the Company's loan portfolio at December 31, 2014. We believe we can continue to achieve earnings growth despite the current situation surrounding the oil and gas industry as we believe that our markets are more diversified, and therefore resilient, than during prior periods of significant declines in oil and gas prices," added F. Scott Dueser, Chairman, President and CEO.

On April 22, 2014, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 2, 2014.  All share and per share amounts in this earnings release have been restated to reflect this stock split.

All amounts for the quarters and years ended on December 31, 2014 and 2013 include the results of the Company's acquisition of Orange Savings Bank, SSB, Orange, Texas, which was effective on May 31, 2013. As of the acquisition date, Orange had total loans of $293.29 million and total deposits of $385.95 million.

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






2014



2013



ASSETS




 Dec. 31,  



 Sept. 30,  



 June 30,  



Mar. 31, 



Dec. 31, 



Cash and due from banks


$

190,387


$

149,957


$

166,237


$

160,469


$

183,084



Interest-bearing deposits in banks


54,324



83,994



68,331



3,772



25,498



Interest-bearing time deposits in banks


17,002



19,234



24,188



30,026



31,917



Fed funds sold




8,760



4,785



3,110



3,620



3,430



Investment securities



2,416,297



2,254,316



2,174,396



2,163,599



2,058,407



Loans




2,937,991



2,839,696



2,786,644



2,698,717



2,689,448



          Allowance for loan losses


(36,824)



(36,388)



(35,892)



(34,693)



(33,900)



Net loans




2,901,167



2,803,308



2,750,752



2,664,024



2,655,548



Premises and equipment



103,000



101,437



96,619



95,406



95,505



Goodwill




94,882



94,882



94,882



94,882



94,882



Other intangible assets



2,477



2,547



2,547



2,600



2,603



Other assets




59,906



61,351



65,294



62,629



71,334



          Total assets

$

5,848,202


$

5,575,811


$

5,446,356


$

5,281,027


$

5,222,208






















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits


$

1,570,330


$

1,505,847


$

1,445,947


$

1,389,331


$

1,362,184



Interest-bearing deposits



3,179,925



2,958,517



2,872,511



2,844,950



2,772,891



          Total deposits



4,750,255



4,464,364



4,318,458



4,234,281



4,135,075



Short-term borrowings



367,110



341,909



434,583



383,220



463,888



Other liabilities




49,300



110,773



53,279



46,960



35,598



Shareholders' equity



681,537



658,765



640,036



616,566



587,647



          Total liabilities and shareholders' equity

$

5,848,202


$

5,575,811


$

5,446,356


$

5,281,027


$

5,222,208

























Quarter Ended






2014



2013



INCOME STATEMENTS



 Dec. 31,  



 Sept. 30,  



 June 30,  



Mar. 31, 



Dec. 31, 



Interest income


$

51,121


$

49,955


$

49,254


$

48,209


$

47,756



Interest expense



1,039



1,069



1,037



1,036



1,066



Net interest income



50,082



48,886



48,217



47,173



46,690



Provision for loan losses



755



896



1,124



1,690



1,171



Net interest income after provision for loan losses

49,327



47,990



47,093



45,483



45,519





Noninterest income



17,023



17,324



15,872



16,405



15,792



Noninterest expense



36,435



34,040



35,002



32,448



33,096



          Net income before income taxes


29,915



31,274



27,963



29,440



28,215



Income tax expense



7,328



7,843



6,758



7,104



6,977



          Net income

$

22,587


$

23,431


$

21,205


$

22,336


$

21,238






















PER COMMON SHARE DATA 


















Net income - basic


$

0.35


$

0.37


$

0.33


$

0.35


$

0.33



Net income - diluted



0.35



0.36



0.33



0.35



0.33



Cash dividends declared



0.14



0.14



0.14



0.13



0.13



Book Value




10.63



10.28



9.99



9.63



9.18



Market Value



$

29.88


$

27.79


$

31.37


$

30.90


$

33.06



Shares outstanding - end of period


64,089,921



64,065,828



64,053,010



64,039,234



63,984,994



Average outstanding shares - basic


64,075,334



64,059,675



64,045,282



64,010,076



63,965,876



Average outstanding shares - diluted


64,316,815



64,304,985



64,301,306



64,212,018



64,192,458






















PERFORMANCE RATIOS


















Return on average assets



1.57

%


1.71

%


1.59

%


1.74

%


1.65

%


Return on average equity



13.34



14.27



13.46



15.02



14.47



Net interest margin (tax equivalent)


4.08



4.18



4.24



4.32



4.27



Efficiency ratio




50.58



47.93



50.84



47.57



49.42









Year Ended







Dec. 31,

INCOME STATEMENTS






2014



2013


Interest income





$

198,539


$

176,369


Interest expense






4,181



4,088


Net interest income






194,358



172,281


Provision for loan losses






4,465



3,753


Net interest income after provision for loan losses



189,893



168,528




Noninterest income






66,624



62,052


Noninterest expense






137,925



126,012


          Net income before income taxes





118,592



104,568


Income tax expense






29,033



25,700


          Net income




$

89,559


$

78,868














PER COMMON SHARE DATA 











Net income - basic





$

1.40


$

1.24


Net income - diluted






1.39



1.24


Cash dividends declared






0.55



0.52


Book Value







10.63



9.18


Market Value






$

29.88


$

33.06


Shares outstanding - end of period





64,089,921



63,984,994


Average outstanding shares - basic





64,047,803



63,575,948


Average outstanding shares - diluted





64,308,535



63,856,764














PERFORMANCE RATIOS











Return on average assets






1.65

%


1.64

%

Return on average equity






14.00



13.75


Net interest margin (tax equivalent)





4.20



4.22


Efficiency ratio







49.24



50.19


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)






















Quarter Ended





2014



2013


ALLOWANCE FOR LOAN LOSSES


Dec. 31, 



Sept. 30, 



June 30, 



Mar. 31, 



Dec. 31, 


Balance at beginning of period


$

36,388


$

35,892


$

34,693


$

33,900


$

34,800


Loans charged off



(670)



(614)



(302)



(1,297)



(1,294)


Loan recoveries



351



214



377



400



311


Net recoveries (charge-offs)



(319)



(400)



75



(897)



(983)


Provision for loan losses



755



896



1,124



1,690



1,171


Transfer of off balance sheet exposure to other liabilities


-



-



-



-



(1,088)



Balance at end of period


$

36,824


$

36,388


$

35,892


$

34,693


$

33,900




















Allowance for loan losses /

















     period-end loans



1.25

%


1.28

%


1.29

%


1.29

%


1.26

%

Allowance for loan losses /

















     nonperforming loans



178.06



162.77



151.52



140.23



120.82


Net charge-offs / average loans

















     (annualized)



0.04



0.06



(0.01)



0.14



0.15






































NONPERFORMING ASSETS

















Nonaccrual loans


$

20,195


$

22,093


$

23,565


$

24,710


$

27,926


Accruing troubled debt restructured loans


226



-



-



-



-


Accruing loans 90 days past due


260



263



123



30



133


          Total nonperforming loans


20,681



22,356



23,688



24,740



28,059


Foreclosed assets



1,035



1,273



2,342



2,813



3,069


          Total nonperforming assets

$

21,716


$

23,629


$

26,030


$

27,553


$

31,128




















As a % of loans and foreclosed assets


0.74

%


0.83

%


0.93

%


1.02

%


1.16

%

As a % of end of period total assets


0.37



0.42



0.48



0.52



0.60




















CAPITAL RATIOS

















Tier 1 risk-based



16.05

%


16.07

%


16.15

%


16.24

%


15.82

%

Total risk-based



17.16



17.20



17.30



17.39



16.92


Tier 1 leverage




9.89



10.10



9.99



9.95



9.84


Equity to assets



11.65



11.81



11.75



11.68



11.25









































Quarter Ended





2014



2013


NONINTEREST INCOME



Dec. 31, 



 Sept. 30,  



 June 30,  



Mar. 31, 



Dec. 31, 


Trust fees



$

4,869


$

4,772


$

4,549


$

4,576


$

4,433


Service charges on deposits



4,287



4,402



4,174



4,047



4,537


ATM, interchange and credit card fees


5,137



5,093



4,754



4,443



4,436


Real estate mortgage fees



1,465



1,813



1,337



1,024



1,200


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

-



1



(1)



(4)



-




Net gain (loss) on sale of foreclosed assets


100



305



47



452



111


Net gain (loss) on sale of assets


(6)



(31)



44



3



6


Other noninterest income



1,171



969



968



1,864



1,069


          Total noninterest income

$

17,023


$

17,324


$

15,872


$

16,405


$

15,792




















NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing

$

16,302


$

16,354


$

16,279


$

16,197


$

15,690




Profit sharing expense



1,516



1,596



995



1,217



1,942


Loss from partial settlement of pension plan


2,909



-



-



-



-


Net occupancy expense



2,296



2,297



2,273



2,234



2,101


Equipment expense



2,695



2,758



2,665



2,622



2,527


FDIC insurance premiums



689



693



684



659



636


ATM, interchange and credit card expenses


1,875



1,819



1,696



1,480



1,499


Legal, tax and professional fees


1,363



1,463



1,208



1,273



1,248


Audit  fees




279



403



367



369



506


Printing, stationery and supplies


676



632



554



775



562


Amortization of intangible assets


64



62



74



75



77


Advertising and public relations



1,515



1,591



1,465



1,375



1,495


Correspondent bank service charges


222



222



215



228



241


Other noninterest expense



4,034



4,150



6,527



3,944



4,572


          Total noninterest expense

$

36,435


$

34,040


$

35,002


$

32,448


$

33,096




















TAX EQUIVALENT YIELD ADJUSTMENT

$

4,934


$

4,814


$

4,753


$

4,629


$

4,490








Year Ended







Dec. 31,

NONINTEREST INCOME






2014



2013


Trust fees






$

18,766


$

16,317


Service charges on deposits






16,910



17,546


ATM, interchange and credit card fees





19,427



16,750


Real estate mortgage fees






5,639



6,349


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


(4)



147




Net gain (loss) on sale of foreclosed assets





904



(152)


Net gain (loss) on sale of assets





10



183


Other noninterest income






4,972



4,912


          Total noninterest income




$

66,624


$

62,052














NONINTEREST EXPENSE











Salaries and employee benefits, excluding profit sharing

$

65,132


$

60,843




Profit sharing expense






5,324



5,686


Loss from partial settlement of pension plan





2,909



-


Net occupancy expense






9,100



8,095


Equipment expense






10,740



9,673


FDIC insurance premiums






2,725



2,418


ATM, interchange and credit card expenses





6,870



5,660


Legal, tax and professional fees





5,307



5,029


Audit  fees







1,418



1,558


Printing, stationery and supplies





2,637



2,066


Amortization of intangible assets





275



197


Advertising and public relations






5,946



4,833


Correspondent bank service charges





887



915


Other noninterest expense






18,655



19,039


          Total noninterest expense




$

137,925


$

126,012














TAX EQUIVALENT YIELD ADJUSTMENT




$

19,130


$

16,723


FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




























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




Three Months Ended




June 30, 2014




Mar. 31, 2014





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold


$

11,310


$

12



0.41

%




$

5,718


$

5



0.35

%

  Interest-bearing deposits in nonaffiliated banks

48,974



78



0.64






48,708



82



0.68




  Taxable securities



1,159,430



7,091



2.45






1,121,296



7,084



2.53


  Tax exempt securities



1,037,608



12,599



4.86






992,947



12,218



4.92


  Loans




2,748,023



34,227



5.00






2,689,474



33,450



5.04


Total interest-earning assets



5,005,345


$

54,007



4.33

%





4,858,143


$

52,839



4.41

%

Noninterest-earning assets



335,651












351,309








          Total assets

$

5,340,996











$

5,209,452
































Interest-bearing liabilities:























  Deposits



$

2,867,740


$

955



0.13

%




$

2,817,181


$

941



0.14

%

  Fed funds purchased and other short term borrowings

406,913



82



0.08






426,204



96



0.09




Total interest-bearing liabilities



3,274,653


$

1,037



0.13

%





3,243,385


$

1,037



0.13

%

Noninterest-bearing liabilities                                                                              

1,434,674












1,362,852










Shareholders' equity



631,669












603,215








          Total liabilities and shareholders' equity

$

5,340,996











$

5,209,452
































Net interest income and margin (tax equivalent)




$

52,970



4.24

%







$

51,802



4.32

%






Three Months Ended




Dec. 31, 2013





Average



Tax Equivalent



Yield /






Balance



Interest



Rate


Interest-earning assets:











  Fed funds sold


$

7,177


$

7



0.40

%

  Interest-bearing deposits in nonaffiliated banks

44,421



89



0.79




  Taxable securities



1,094,256



6,687



2.44


  Tax exempt securities



958,278



11,817



4.93


  Loans




2,650,834



33,645



5.04


Total interest-earning assets



4,754,966


$

52,245



4.36

%

Noninterest-earning assets



344,927








Total assets

$

5,099,893




















Interest-bearing liabilities:











  Deposits



$

2,696,123


$

950



0.14

%

  Fed funds purchased and other short term borrowings

454,573



115



0.10




Total interest-bearing liabilities



3,150,696


$

1,065



0.13

%

Noninterest-bearing liabilities                                                                              


1,366,726










Shareholders' equity



582,471








Total liabilities and shareholders' equity

$

5,099,893




















Net interest income and margin (tax equivalent)




$

51,180



4.27

%






Year Ended




Year Ended




Dec. 31, 2014




Dec. 31, 2013





Average



Tax Equivalent



Yield /






Average



Tax Equivalent



Yield /






Balance



Interest



Rate






Balance



Interest



Rate


Interest-earning assets:























  Fed funds sold


$

8,412


$

31



0.37

%




$

12,653


$

44



0.35

%

  Interest-bearing deposits in nonaffiliated banks

66,681



339



0.51






69,169



465



0.67




  Taxable securities



1,173,725



28,402



2.42






1,052,453



25,505



2.42


  Tax exempt securities



1,045,304



50,657



4.85






911,472



44,143



4.84


  Loans




2,786,011



138,240



4.96






2,431,872



122,935



5.06


Total interest-earning assets



5,080,133


$

217,669



4.28

%





4,477,619


$

193,092



4.31

%

Noninterest-earning assets



348,450












321,641








          Total assets

$

5,428,583











$

4,799,260
































Interest-bearing liabilities:























  Deposits



$

2,905,734


$

3,883



0.13

%




$

2,513,674


$

3,709



0.15

%

  Fed funds purchased and other short term borrowings


397,738



298



0.07






400,545



379



0.09




Total interest-bearing liabilities



3,303,472


$

4,181



0.13

%





2,914,219


$

4,088



0.14

%

Noninterest-bearing liabilities                                                                              

1,485,367












1,311,656










Shareholders' equity



639,744












573,385








          Total liabilities and shareholders' equity

$

5,428,583











$

4,799,260
































Net interest income and margin (tax equivalent)




$

213,488



4.20

%







$

189,004



4.22

%



SOURCE First Financial Bankshares, Inc.

Related Links

http://www.ffin.com

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.