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Press Release

First Financial Bankshares Announces Second Quarter 2019 Earnings Results

Company Release - 7/18/2019 4:05 PM ET

ABILENE, Texas, July 18, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2019 of $42.09 million, up $4.46 million when compared with earnings of $37.63 million in the same quarter last year.  Basic earnings per share were $0.31 for the second quarter of 2019 compared with $0.28 in the same quarter a year ago.

On April 23, 2019, 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 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 second quarter of 2019 was $71.62 million compared with $67.61 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.98 percent in the second quarter of 2019 compared to 4.00 percent in the first quarter of 2019 and 3.92 percent in the second quarter of 2018. Included in interest income for the second quarter of 2019 was $402 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions.  

The provision for loan losses was $600 thousand in the second quarter of 2019 compared with $965 thousand in the first quarter of 2019 and $1.11 million in the second quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent at June 30, 2019, compared with 0.74 percent at March 31, 2019, and 0.73 percent at June 30, 2018. Classified loans totaled $126.04 million at June 30, 2019, compared to $118.43 million at March 31, 2019, and $113.73 million at June 30, 2018.

Noninterest income increased 9.76 percent in the second quarter of 2019 to $27.98 million compared with $25.49 million in the same quarter a year ago. Trust fees were $7.03 million in the second quarter of 2019 compared with $7.07 million in the same quarter last year. The fair value of Trust assets managed increased to $6.19 billion from $5.40 billion a year ago; however, the income from this growth was offset by lower mineral fees. ATM, interchange and credit card fees increased 4.42 percent to $7.35 million compared with $7.04 million in the same quarter last year due to continued growth in debit cards. Real estate mortgage fees increased 19.49 percent in the second quarter of 2019 to $4.72 million compared with $3.95 million in the same quarter a year ago.

Noninterest expense for the second quarter of 2019 totaled $48.30 million compared to $47.14 million in the second quarter of 2018. The Company's efficiency ratio in the second quarter of 2019 was 47.71 percent compared with 49.42 percent in the same quarter last year. The increase in noninterest expense in the second quarter of 2019 was primarily a result of an increase in salary and employee benefit costs to $27.39 million compared to $26.86 million in the same quarter a year ago, primarily driven by annual merit-based pay increases and rising medical insurance costs.

For the first half of 2019, net income increased to $80.34 million from $72.15 million for the same period a year ago. Basic earnings per share rose to $0.59 in the first half of 2019 from $0.53 in the same period of 2018. Net interest income increased to $141.13 million in the first half of 2019 from $133.06 million in the same period a year ago. The provision for loan losses totaled $1.57 million compared with $2.42 million in the first half of the previous year. Noninterest income was $52.41 million in the first half of 2019 compared with $49.91 million in the same period of 2018. Noninterest expense rose to $95.67 million in the first half of 2019 compared with $94.94 million during the same period last year.

As of June 30, 2019, consolidated assets for the Company totaled $7.98 billion compared to $7.95 billion at March 31, 2019, and $7.69 billion at June 30, 2018. Loans totaled $4.06 billion at June 30, 2019, compared with loans of $4.00 billion at March 31, 2019, and $3.86 billion at June 30, 2018. Deposits totaled $6.37 billion at June 30, 2019, compared to $6.35 billion at March 31, 2019, and $6.21 billion at June 30, 2018. Shareholders' equity rose to $1.16 billion as of June 30, 2019, compared with $1.11 billion at March 31, 2019, and $985.63 million at June 30, 2018. 

"We are pleased to report increased earnings and steady organic loan growth this quarter," said F. Scott Dueser, Chairman, President and CEO. "In the second half of the year, we will continue to pursue opportunities for acquisitions and focus on growing loans and deposits, cutting costs and increasing our bottom line."

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 73 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, 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, Spring, 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 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




2019



2018


ASSETS


 June 30, 



 Mar. 31, 



 Dec. 31,  



Sept. 30, 



June 30, 


Cash and due from banks

$

178,345


$

176,278


$

207,835


$

164,998


$

178,217


Interest-bearing deposits in banks


128,652



197,758



40,812



34,511



99,499


Interest-bearing time deposits in banks


960



1,458



1,458



1,458



1,458


Fed funds sold


700



12,825



-



-



8,450


Investment securities


3,259,492



3,212,812



3,158,777



3,144,367



3,197,567


Loans


4,063,257



4,003,606



3,975,308



3,885,536



3,855,769



Allowance for loan losses


(51,820)



(51,585)



(51,202)



(50,871)



(49,951)


Net loans


4,011,437



3,952,021



3,924,106



3,834,665



3,805,818


Premises and equipment


134,322



135,321



133,421



130,815



130,366


Goodwill


171,565



171,565



171,565



171,565



171,565


Other intangible assets


2,586



2,850



3,118



3,342



3,620


Other assets


91,234



83,007



90,762



85,510



88,910



Total assets

$

7,979,293


$

7,945,895


$

7,731,854


$

7,571,231


$

7,685,470



















LIABILITIES AND SHAREHOLDERS'  EQUITY
















Noninterest-bearing deposits

$

2,167,552


$

2,165,745


$

2,116,107


$

2,146,984


$

2,105,953


Interest-bearing deposits


4,202,214



4,184,996



4,064,282



3,998,298



4,104,654



Total deposits


6,369,766



6,350,741



6,180,389



6,145,282



6,210,607


Borrowings


362,005



382,711



468,706



380,760



456,935


Other liabilities


82,774



104,921



29,464



49,450



32,300


Shareholders' equity


1,164,748



1,107,522



1,053,295



995,739



985,628



Total liabilities and shareholders' equity

$

7,979,293


$

7,945,895


$

7,731,854


$

7,571,231


$

7,685,470





















Quarter Ended




2019



2018


INCOME STATEMENTS


 June 30,  



 Mar. 31,  



 Dec. 31,  



 Sept. 30,  



 June 30,  


Interest income

$

79,576


$

76,901


$

76,481


$

74,049


$

72,078


Interest expense


7,961



7,387



6,207



4,623



4,467


Net interest income


71,615



69,514



70,274



69,426



67,611


Provision for loan losses


600



965



1,800



1,450



1,105


Net interest income after provision for loan losses


71,015



68,549



68,474



67,976



66,506


Noninterest income


27,976



24,437



24,797



27,055



25,488


Noninterest expense


48,304



47,367



48,235



47,506



47,144



Net income before income taxes


50,687



45,619



45,036



47,525



44,850


Income tax expense


8,594



7,367



6,599



7,475



7,217



Net income

$

42,093


$

38,252


$

38,437


$

40,050


$

37,633



















PER COMMON SHARE DATA 
















Net income - basic

$

0.31


$

0.28


$

0.28


$

0.30


$

0.28


Net income - diluted


0.31



0.28



0.28



0.29



0.28


Cash dividends declared


0.12



0.11



0.11



0.11



0.11


Book Value


8.58



8.16



7.77



7.35



7.28


Market Value

$

30.79


$

28.89


$

28.85


$

29.55


$

25.45


Shares outstanding - end of period


135,809,224



135,680,420



135,506,266



135,387,172



135,339,316


Average outstanding shares - basic


135,650,599



135,494,254



135,352,408



135,270,116



135,194,550


Average outstanding shares - diluted


136,218,235



136,286,862



136,191,224



136,107,448



135,848,336



















PERFORMANCE RATIOS
















Return on average assets


2.14

%

2.00

%


2.00

%

2.10

%


1.98

%

Return on average equity


15.04



14.51



15.18



16.00



15.53


Return on average tangible equity


17.81



17.34



18.38



19.42



18.94


Net interest margin (tax equivalent)


3.98



4.00



4.02



4.01



3.92


Efficiency ratio


47.71



49.46



49.69



48.12



49.42






































Six Months Ended












June 30,










INCOME STATEMENTS


2019



2018











Interest income

$

156,477


$

141,160











Interest expense


15,348



8,100











Net interest income


141,129



133,060











Provision for loan losses


1,565



2,415











Net interest income after provision for loan losses


139,564



130,645











Noninterest income


52,413



49,912











Noninterest expense


95,673



94,943












Net income before income taxes


96,304



85,614











Income tax expense


15,959



13,462












Net income

$

80,345


$

72,152




























PER COMMON SHARE DATA 
















Net income - basic

$

0.59


$

0.53











Net income - diluted


0.59



0.53











Cash dividends declared


0.23



0.20











Book Value


8.58



7.28











Market Value

$

30.79


$

25.45











Shares outstanding - end of period


135,809,224



135,339,316











Average outstanding shares - basic


135,572,859



135,124,672











Average outstanding shares - diluted


136,195,811



135,735,930




























PERFORMANCE RATIOS
















Return on average assets


2.08

%

1.91

%










Return on average equity


14.78



15.14











Return on average tangible equity


17.58



18.39











Net interest margin (tax equivalent)


3.99



3.90











Efficiency ratio


48.56



50.57











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)




















Quarter Ended




2019



2018


ALLOWANCE FOR LOAN LOSSES


 June 30, 



 Mar. 31, 



 Dec. 31,  



 Sept. 30,  



June 30, 


Balance at beginning of period

$

51,585


$

51,202


$

50,871


$

49,951


$

49,499


Loans charged off


(1,061)



(1,464)



(2,081)



(945)



(949)


Loan recoveries


696



882



612



415



296


Net recoveries (charge-offs)


(365)



(582)



(1,469)



(530)



(653)


Provision for loan losses


600



965



1,800



1,450



1,105


Balance at end of period

$

51,820


$

51,585


$

51,202


$

50,871


$

49,951



















Allowance for loan losses / period-end loans


1.28

%


1.29

%


1.29

%


1.31

%


1.30

%

Allowance for loan losses / nonperforming loans


190.66



177.41



176.22



194.25



182.31


Net charge-offs / average loans (annualized)


0.04



0.06



0.15



0.05



0.07



















SUMMARY OF LOAN CLASSIFICATION
















Special Mention

$

51,490


$

45,275


$

50,379


$

36,450


$

34,557


Substandard


74,550



73,158



75,919



81,073



79,170


Doubtful


-



-



-



-



-



Total classified loans

$

126,040


$

118,433


$

126,298


$

117,523


$

113,727



















NONPERFORMING ASSETS
















Nonaccrual loans

$

26,408


$

28,508


$

27,534


$

25,587


$

26,685


Accruing troubled debt restructured loans


471



472



513



513



514


Accruing loans 90 days past due


300



97



1,008



88



200



Total nonperforming loans


27,179



29,077



29,055



26,188



27,399


Foreclosed assets


681



647



577



671



705



Total nonperforming assets

$

27,860


$

29,724


$

29,632


$

26,859


$

28,104



















As a % of loans and foreclosed assets


0.69

%


0.74

%


0.75

%


0.69

%


0.73

%

As a % of end of period total assets


0.35



0.37



0.38



0.35



0.37



















OIL AND GAS PORTFOLIO INFORMATION
















Oil and gas loans

$

107,097


$

107,335


$

113,536


$

112,039


$

103,381


Oil and gas loans as a % of total loans


2.64

%

2.68

%


2.86

%

2.88

%


2.68

%

Classified oil and gas loans


3,438



4,255



3,894



4,861



5,001


Nonaccrual oil and gas loans


621



669



1,048



1,825



1,629


Net charge-offs for oil and gas loans


-



-



-



-



-


Allowance for oil and gas loans as a % of oil and gas loans


2.95

%

3.22

%


3.23

%

3.28

%


3.48

%


















CAPITAL RATIOS
















Common equity Tier 1 capital ratio


20.04

%


19.86

%


19.47

%


19.19

%


18.68

%

Tier 1 capital ratio


20.04



19.86



19.47



19.19



18.68


Total capital ratio


21.16



21.00



20.61



20.34



19.81


Tier 1 leverage


12.29



12.08



11.85



11.57



11.14


Equity to assets


14.60



13.94



13.62



13.15



12.82






































Quarter Ended




2019



2018


NONINTEREST INCOME


 June 30,  



 Mar. 31,  



 Dec. 31,  



 Sept. 30,  



 June 30,  


Trust fees

$

7,027


$

6,979


$

6,915


$

7,291


$

7,070


Service charges on deposits


5,374



5,176



5,713



5,690



5,375


ATM, interchange and credit card fees


7,352



6,840



6,962



7,533



7,041


Real estate mortgage fees


4,721



3,474



3,439



4,834



3,951


Net gain on sale of available-for-sale securities


676



-



8



58



67


Net gain (loss) on sale of foreclosed assets


53



69



(85)



84



19


Net gain (loss) on sale of assets


6



-



5



(61)



-


Interest on loan recoveries


903



338



332



199



289


Other noninterest income


1,864



1,561



1,508



1,427



1,676



Total noninterest income

$

27,976


$

24,437


$

24,797


$

27,055


$

25,488



















NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$

25,510


$

25,033


$

23,908


$

24,693


$

24,545


Loss from partial settlement of pension plan


-



900



1,546



-



-


Profit sharing expense


1,884



1,491



1,839



1,684



2,317


Net occupancy expense


2,779



2,763



2,583



2,900



2,806


Equipment expense


2,827



3,127



3,403



3,482



3,440


FDIC insurance premiums


538



538



565



570



632


ATM, interchange and credit card expenses


2,427



2,383



2,589



2,344



2,205


Legal, tax and professional fees


2,302



2,154



2,609



2,417



2,308


Audit fees


455



417



291



382



439


Printing, stationery and supplies


502



366



513



387



612


Amortization of intangible assets


264



269



223



279



384


Advertising and public relations


1,630



1,648



1,805



1,709



1,576


Operational and other losses


480



266



337



981



305


Software amortization and expense


1,287



923



755



540



479


Other noninterest expense


5,419



5,089



5,269



5,138



5,096



Total noninterest expense

$

48,304


$

47,367


$

48,235


$

47,506


$

47,144



















TAX EQUIVALENT YIELD ADJUSTMENT

$

1,664


$

1,819


$

1,996


$

2,242


$

2,289






































Six Months Ended












June 30,










NONINTEREST INCOME


2019



2018











Trust fees

$

14,006


$

13,975











Service charges on deposits


10,550



10,259











ATM, interchange and credit card fees


14,192



14,037











Real estate mortgage fees


8,195



6,884











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


676



1,288











Net gain (loss) on sale of foreclosed assets


122



118











Net gain (loss) on sale of assets


6



(91)











Interest on loan recoveries


1,241



408











Other noninterest income


3,425



3,034












Total noninterest income

$

52,413


$

49,912




























NONINTEREST EXPENSE
















Salaries and employee benefits, excluding profit sharing

$

50,543


$

49,539











Loss from partial settlement of pension plan


900



-











Profit sharing expense


3,375



3,526











Net occupancy expense


5,542



5,689











Equipment expense


5,954



6,957











FDIC insurance premiums


1,076



1,199











ATM, interchange and credit card expenses


4,810



4,348











Legal, tax and professional fees


4,457



5,115











Audit  fees


872



851











Printing, stationery and supplies


868



1,098











Amortization of intangible assets


532



771











Advertising and public relations


3,278



3,151











Operational and other losses


746



871











Software amortization and expense


2,210



1,003











Other noninterest expense


10,510



10,825












Total noninterest expense

$

95,673


$

94,943




























TAX EQUIVALENT YIELD ADJUSTMENT

$

3,484


$

4,755











 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)


























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


Three Months Ended




Dec. 31, 2018


Sept. 30, 2018





Average



Tax Equivalent



Yield /




Average



Tax Equivalent



Yield /






Balance



Interest



Rate




Balance



Interest



Rate


Interest-earning assets:





















  Fed funds sold


$

1,620


$

10



2.54

%


$

3,377


$

19



2.29

%

  Interest-bearing deposits in nonaffiliated banks



41,511



240



2.30




88,118



450



2.03


  Taxable securities



1,957,638



13,384



2.73




1,943,125



12,594



2.59


  Tax exempt securities



1,206,728



11,482



3.81




1,213,212



11,459



3.78


  Loans



3,918,360



53,361



5.40




3,845,836



51,769



5.34


Total interest-earning assets



7,125,857


$

78,477



4.37

%



7,093,668


$

76,291



4.27

%

Noninterest-earning assets



493,244










490,155









Total assets


$

7,619,101









$

7,583,823






























Interest-bearing liabilities:





















  Deposits


$

3,961,582


$

5,092



0.51

%


$

4,035,174


$

4,329



0.43

%

  Fed funds purchased and other borrowings



484,054



1,115



0.91




399,026



294



0.29


Total interest-bearing liabilities



4,445,636


$

6,207



0.55

%



4,434,200


$

4,623



0.41

%

Noninterest-bearing liabilities                                                                              

2,169,069










2,156,258








Shareholders' equity



1,004,396










993,365









Total liabilities and shareholders' equity


$

7,619,101









$

7,583,823






























Net interest income and margin (tax equivalent)





$

72,270



4.02

%





$

71,668



4.01

%


























Three Months Ended














June 30, 2018















Average



Tax Equivalent



Yield /
















Balance



Interest



Rate












Interest-earning assets:





















  Fed funds sold


$

2,228


$

13



2.32

%











  Interest-bearing deposits in nonaffiliated banks



59,373



258



1.74












  Taxable securities



2,007,949



12,719



2.53












  Tax exempt securities



1,281,757



12,001



3.75












  Loans



3,797,341



49,376



5.22












Total interest-earning assets



7,148,648


$

74,367



4.17

%











Noninterest-earning assets



486,837



















Total assets


$

7,635,485








































Interest-bearing liabilities:





















  Deposits


$

4,076,522


$

4,005



0.39

%











  Fed funds purchased and other borrowings



434,239



462



0.43












Total interest-bearing liabilities



4,510,761


$

4,467



0.40

%











Noninterest-bearing liabilities                                                                              

2,152,451


















Shareholders' equity



972,273



















Total liabilities and shareholders' equity


$

7,635,485








































Net interest income and margin (tax equivalent)





$

69,900



3.92

%




































Six Months Ended


Six Months Ended




June 30, 2019


June 30, 2018





Average



Tax Equivalent



Yield /




Average



Tax Equivalent



Yield /






Balance



Interest



Rate




Balance



Interest



Rate


Interest-earning assets:





















  Fed funds sold


$

5,166


$

73



2.84

%


$

4,210


$

40



1.92

%

  Interest-bearing deposits in nonaffiliated banks



103,839



1,213



2.35




109,607



871



1.60


  Taxable securities



1,994,563



27,213



2.73




1,917,671



24,073



2.51


  Tax exempt securities



1,198,016



21,893



3.65




1,316,801



24,560



3.73


  Loans



4,008,275



109,569



5.51




3,773,085



96,371



5.15


Total interest-earning assets



7,309,859


$

159,961



4.41

%



7,121,374


$

145,915



4.13

%

Noninterest-earning assets



498,094










489,356









Total assets


$

7,807,953









$

7,610,730






























Interest-bearing liabilities:





















  Deposits


$

4,170,250


$

13,947



0.67

%


$

4,107,750


$

7,524



0.37

%

  Fed funds purchased and other short term borrowings



393,432



1,401



0.72




396,039



576



0.29


Total interest-bearing liabilities



4,563,682


$

15,348



0.68

%



4,503,789


$

8,100



0.36

%

Noninterest-bearing liabilities                                                                              

2,148,398










2,145,719








Shareholders' equity



1,095,873










961,222









Total liabilities and shareholders' equity


$

7,807,953









$

7,610,730






























Net interest income and margin (tax equivalent)





$

144,613



3.99

%





$

137,815



3.90

%

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2019-earnings-results-300887653.html

SOURCE First Financial Bankshares, Inc.

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