First Financial Bankshares Reports First Quarter 2001 Earnings

Apr 16, 2001, 01:00 ET from First Financial Bankshares, Inc.

    ABILENE, Texas, April 16 /PRNewswire/ --
 First Financial Bankshares, Inc. (Nasdaq:   FFIN) today reported record
 quarterly earnings of $7.0 million for the three months ended March 31, 2001,
 an increase of 3.8 percent over earnings of $6.7 million for the same period
 in 2000.  Earnings per share rose to $0.71, up 4.4 percent as compared to
 $0.68 for the first quarter of 2000.
     As of March 31, 2001, consolidated assets of First Financial Bankshares,
 Inc. totaled $1.784 billion, up from $1.708 billion a year earlier.  Loans at
 March 31, 2001, totaled $868.8 million, up by $61.0 million, or 7.6 percent,
 from the same period in 2000.  Total deposits were $1.541 billion, as compared
 to $1.500 billion the year before.  Shareholders' equity amounted to
 $201.9 million at March 31, 2001, an increase of $19.5 million over the prior
 year.
     Commenting on the Company's operations, President and Chief Executive
 Officer F. Scott Dueser, stated, "Our lower earnings growth for the first
 quarter resulted primarily from a decrease in our net interest margin
 attributable to recent interest rate reductions; however, with projected lower
 funding costs, we expect our net interest margin to improve during the
 remainder of 2001."
     Affiliated banks of the Company include First National Bank of Abilene;
 First Financial Bank, National Association; Eastland National Bank; Hereford
 State Bank; San Angelo National Bank; Texas National Bank, Southlake;
 Stephenville Bank & Trust Co.; First National Bank, Sweetwater; and
 Weatherford National Bank.
     Stock of First Financial Bankshares, Inc. is listed on The Nasdaq Stock
 Market under the trading symbol FFIN and is held by more than
 3,000 shareholders.  The Annual Meeting of Shareholders of the Company will be
 held April 24, 2001, at 10:30 a.m. in the Abilene Civic Center.
 
 
                           FIRST FINANCIAL BANKSHARES, INC.
                     CONSOLIDATED FINANCIAL SUMMARY  (UNAUDITED)
                        (In thousands, except per share data)
 
                                                            March 31,
                                                     2001              2000
     ASSETS:
     Cash and due from banks                       $77,829           $80,496
     Fed funds sold                                137,035            69,772
     Investment securities                         625,614           670,863
     Loans                                         868,839           807,752
       Allowance for loan losses                     9,575             9,286
     Net loans                                     859,264           798,466
     Premises and equipment                         39,720            41,017
     Goodwill                                       18,105            19,746
     Other assets                                   26,513            28,063
       Total Assets                             $1,784,080        $1,708,423
 
     LIABILITIES AND SHAREHOLDERS' EQUITY:
     Noninterest-bearing deposits                 $338,893          $328,122
     Interest-bearing deposits                   1,202,155         1,171,468
       Total deposits                            1,541,048         1,499,590
     Repurchase agreements                          25,441            13,109
     Other liabilities                              15,715            13,311
     Shareholders' equity                          201,876           182,413
       Total Liabilities and Shareholders'
        Equity                                  $1,784,080        $1,708,423
 
 
                                                       Three Months Ended
                                                            March 31,
     INCOME STATEMENTS                               2001              2000
 
     Interest income                               $29,946           $28,259
     Interest expense                               13,027            11,284
     Net interest income                            16,919            16,975
     Provision for loan losses                         366               741
     Net interest income after
       Provision for loan losses                    16,553            16,234
     Noninterest income                              6,647             6,467
     Net gain on securities transactions                54               ---
     Noninterest expense                            13,155            12,940
       Net Income before income taxes               10,099             9,761
     Income tax expense                              3,095             3,014
       Net Income                                   $7,004            $6,747
 
     PER COMMON SHARE DATA
     Net income - basic                              $0.71             $0.68
     Net income - diluted                             0.71              0.68
     Cash dividends                                   0.33              0.30
     Book value                                      20.50             18.29
     Market value                                    33.25             26.25
 
     PERFORMANCE RATIOS
     Return on average assets                         1.63 %            1.60 %
     Return on average equity                        14.50             15.18
     Net interest margin (tax equivalent)             4.51              4.64
     Efficiency ratio                                54.18             53.61
 
 
                           FIRST FINANCIAL BANKSHARES, INC.
                         SELECTED FINANCIAL DATA (UNAUDITED)
                        (In thousands, except per share data)
 
                                    2001                   2000
                                  Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
 
     ALLOWANCE FOR LOAN LOSSES
     Balance at beginning of
      period                       $9,888   $9,516   $9,588   $9,286   $8,938
     Loans charged off               (960)    (823)    (870)    (573)    (726)
     Loan recoveries                  281      383      372      455      333
     Net (charge-offs) recoveries    (679)    (440)    (498)    (118)    (393)
     Provision for loan losses        366      812      426      420      741
     Balance at end of period      $9,575   $9,888   $9,516   $9,588   $9,286
 
     Allowance for loan losses /
          period-end loans           1.10 %   1.15 %   1.13 %   1.18 %   1.15 %
     Allowance for loan losses /
          nonperforming loans       270.3    278.8    395.8    582.5    485.7
     Net charge-offs / average
      loans
          (annualized)               0.32     0.20     0.16     0.13     0.20
 
     NONPERFORMING ASSETS
     Nonaccrual loans               3,128    3,512    1,803    1,020    1,101
     Accruing loans 90 days past
      due                              61       34      187       90      126
          Total nonperforming
           loans                    3,189    3,546    1,990    1,110    1,227
     Foreclosed assets                402      546      414      535      685
          Total nonperforming
           assets                  $3,591   $4,092   $2,404   $1,645   $1,912
 
     As a % of loans and
      foreclosed assets              0.41 %   0.48 %   0.29 %   0.20 %   0.24 %
 
     CAPITAL RATIOS
     Tier 1 Risk-based              18.18 %  18.14 %  17.94 %  18.06 %  17.62 %
     Total Risk-based               19.14    19.14    18.93    19.08    18.60
     Tier 1 Leverage                10.43    10.63    10.39    10.22     9.93
     Equity to assets               11.32    11.18    11.17    11.13    10.68
 
 

SOURCE First Financial Bankshares, Inc.
    ABILENE, Texas, April 16 /PRNewswire/ --
 First Financial Bankshares, Inc. (Nasdaq:   FFIN) today reported record
 quarterly earnings of $7.0 million for the three months ended March 31, 2001,
 an increase of 3.8 percent over earnings of $6.7 million for the same period
 in 2000.  Earnings per share rose to $0.71, up 4.4 percent as compared to
 $0.68 for the first quarter of 2000.
     As of March 31, 2001, consolidated assets of First Financial Bankshares,
 Inc. totaled $1.784 billion, up from $1.708 billion a year earlier.  Loans at
 March 31, 2001, totaled $868.8 million, up by $61.0 million, or 7.6 percent,
 from the same period in 2000.  Total deposits were $1.541 billion, as compared
 to $1.500 billion the year before.  Shareholders' equity amounted to
 $201.9 million at March 31, 2001, an increase of $19.5 million over the prior
 year.
     Commenting on the Company's operations, President and Chief Executive
 Officer F. Scott Dueser, stated, "Our lower earnings growth for the first
 quarter resulted primarily from a decrease in our net interest margin
 attributable to recent interest rate reductions; however, with projected lower
 funding costs, we expect our net interest margin to improve during the
 remainder of 2001."
     Affiliated banks of the Company include First National Bank of Abilene;
 First Financial Bank, National Association; Eastland National Bank; Hereford
 State Bank; San Angelo National Bank; Texas National Bank, Southlake;
 Stephenville Bank & Trust Co.; First National Bank, Sweetwater; and
 Weatherford National Bank.
     Stock of First Financial Bankshares, Inc. is listed on The Nasdaq Stock
 Market under the trading symbol FFIN and is held by more than
 3,000 shareholders.  The Annual Meeting of Shareholders of the Company will be
 held April 24, 2001, at 10:30 a.m. in the Abilene Civic Center.
 
 
                           FIRST FINANCIAL BANKSHARES, INC.
                     CONSOLIDATED FINANCIAL SUMMARY  (UNAUDITED)
                        (In thousands, except per share data)
 
                                                            March 31,
                                                     2001              2000
     ASSETS:
     Cash and due from banks                       $77,829           $80,496
     Fed funds sold                                137,035            69,772
     Investment securities                         625,614           670,863
     Loans                                         868,839           807,752
       Allowance for loan losses                     9,575             9,286
     Net loans                                     859,264           798,466
     Premises and equipment                         39,720            41,017
     Goodwill                                       18,105            19,746
     Other assets                                   26,513            28,063
       Total Assets                             $1,784,080        $1,708,423
 
     LIABILITIES AND SHAREHOLDERS' EQUITY:
     Noninterest-bearing deposits                 $338,893          $328,122
     Interest-bearing deposits                   1,202,155         1,171,468
       Total deposits                            1,541,048         1,499,590
     Repurchase agreements                          25,441            13,109
     Other liabilities                              15,715            13,311
     Shareholders' equity                          201,876           182,413
       Total Liabilities and Shareholders'
        Equity                                  $1,784,080        $1,708,423
 
 
                                                       Three Months Ended
                                                            March 31,
     INCOME STATEMENTS                               2001              2000
 
     Interest income                               $29,946           $28,259
     Interest expense                               13,027            11,284
     Net interest income                            16,919            16,975
     Provision for loan losses                         366               741
     Net interest income after
       Provision for loan losses                    16,553            16,234
     Noninterest income                              6,647             6,467
     Net gain on securities transactions                54               ---
     Noninterest expense                            13,155            12,940
       Net Income before income taxes               10,099             9,761
     Income tax expense                              3,095             3,014
       Net Income                                   $7,004            $6,747
 
     PER COMMON SHARE DATA
     Net income - basic                              $0.71             $0.68
     Net income - diluted                             0.71              0.68
     Cash dividends                                   0.33              0.30
     Book value                                      20.50             18.29
     Market value                                    33.25             26.25
 
     PERFORMANCE RATIOS
     Return on average assets                         1.63 %            1.60 %
     Return on average equity                        14.50             15.18
     Net interest margin (tax equivalent)             4.51              4.64
     Efficiency ratio                                54.18             53.61
 
 
                           FIRST FINANCIAL BANKSHARES, INC.
                         SELECTED FINANCIAL DATA (UNAUDITED)
                        (In thousands, except per share data)
 
                                    2001                   2000
                                  Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
 
     ALLOWANCE FOR LOAN LOSSES
     Balance at beginning of
      period                       $9,888   $9,516   $9,588   $9,286   $8,938
     Loans charged off               (960)    (823)    (870)    (573)    (726)
     Loan recoveries                  281      383      372      455      333
     Net (charge-offs) recoveries    (679)    (440)    (498)    (118)    (393)
     Provision for loan losses        366      812      426      420      741
     Balance at end of period      $9,575   $9,888   $9,516   $9,588   $9,286
 
     Allowance for loan losses /
          period-end loans           1.10 %   1.15 %   1.13 %   1.18 %   1.15 %
     Allowance for loan losses /
          nonperforming loans       270.3    278.8    395.8    582.5    485.7
     Net charge-offs / average
      loans
          (annualized)               0.32     0.20     0.16     0.13     0.20
 
     NONPERFORMING ASSETS
     Nonaccrual loans               3,128    3,512    1,803    1,020    1,101
     Accruing loans 90 days past
      due                              61       34      187       90      126
          Total nonperforming
           loans                    3,189    3,546    1,990    1,110    1,227
     Foreclosed assets                402      546      414      535      685
          Total nonperforming
           assets                  $3,591   $4,092   $2,404   $1,645   $1,912
 
     As a % of loans and
      foreclosed assets              0.41 %   0.48 %   0.29 %   0.20 %   0.24 %
 
     CAPITAL RATIOS
     Tier 1 Risk-based              18.18 %  18.14 %  17.94 %  18.06 %  17.62 %
     Total Risk-based               19.14    19.14    18.93    19.08    18.60
     Tier 1 Leverage                10.43    10.63    10.39    10.22     9.93
     Equity to assets               11.32    11.18    11.17    11.13    10.68
 
 SOURCE  First Financial Bankshares, Inc.