-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K4Cblg7BsuMQF1uRCyhDqEGC1HL4UzhpdqUcnD0eMUOsFMkGhJNZD0V0LQPlCkRP 0sOOUyVP2M1IyF/zXp6MYg== 0000036029-03-000008.txt : 20030417 0000036029-03-000008.hdr.sgml : 20030417 20030417151204 ACCESSION NUMBER: 0000036029-03-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030416 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030417 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FINANCIAL BANKSHARES INC CENTRAL INDEX KEY: 0000036029 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 750944023 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07674 FILM NUMBER: 03654207 BUSINESS ADDRESS: STREET 1: 400 PINE STREET STREET 2: P.O. BOX 701 CITY: ABILENE STATE: TX ZIP: 79601 BUSINESS PHONE: 915.627.7167 MAIL ADDRESS: STREET 1: P.O. BOX 701 CITY: ABILENE STATE: TX ZIP: 79604 8-K 1 apr20038k.txt FIRST FINANCIAL BANKSHARES, INC.- APR 16, 2003-8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of Earliest Event Reported): April 16, 2003 FIRST FINANCIAL BANKSHARES, INC. -------------------------------- (Exact Name of Registrant as Specified in its Charter) Texas 0-7674 75-0944023 - ---------------------- --------------------- ------------------- (State of Incorporation) (Commission File No.) (IRS Employer Identification No.) 400 Pine Street, Abilene, Texas 79601 ------------------------------------- (Address of Principal Executive Offices and Zip Code) Registrant's Telephone Number (915) 627-7155 ITEM 9. Regulation FD Disclosure Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended March 31, 2003 of First Financial Bankshares, Inc. The information contained in this report on Form 8-K is being furnished pursuant to Item 12 of Form 8-K as directed by the U. S. Securities and Exchange Commission. SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST FINANCIAL BANKSHARES, INC. (Registrant) DATE: April 16, 2003 By: /S/ F. SCOTT DUESER ------------------------------------- F. SCOTT DUESER President and Chief Executive Officer EXHIBIT For immediate release, Wednesday, April 16, 2003....... First Financial Bankshares, Inc. today reported quarterly earnings of $8.4 million for the three months ended March 31, 2003, an increase of 3.3 percent over earnings of $8.2 million for the same period in 2002. Earnings per share amounted to $0.68, up 3.0 percent as compared to $0.66 for the first quarter of 2002. As of March 31, 2003, consolidated assets of First Financial Bankshares, Inc. totaled $1.996 billion, up from $1.885 billion a year earlier. Loans at March 31, 2003, totaled $955.7 million, up by $15.1 million, or 1.6 percent, from the same period in 2002. Total deposits were $1.723 billion, as compared to $1.630 billion the year before. Shareholders' equity amounted to $240.2 million at March 31, 2003, an increase of $23.0 million over the prior year. Commenting on the Company's operations, President and Chief Executive Officer F. Scott Dueser stated, "We are very pleased with the Company's first quarter 2003 results especially in light of tightening interest margins and uncertain economic times currently being experienced." First Financial Bankshares, Inc., headquartered in Abilene, Texas, is the holding company of 10 Texas banks, operating from 28 locations. The banks are First National Bank of Abilene; First Financial Bank, National Association (Cleburne); Eastland National Bank; Hereford State Bank; City National Bank, Mineral Wells; San Angelo National Bank; First Financial Bank, National Association (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 3,500 shareholders. The Annual Meeting of Shareholders of the Company will be held April 22, 2003, at 10:30 a.m. in the Abilene Civic Center. ***** The numbers contained within this release are unaudited. 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 per share data)
March 31, ------------------------------ 2003 2002 ------------- -------------- ASSETS: Cash and due from banks $ 96,292 $ 75,983 Fed funds sold 17,875 66,600 Investment securities 850,308 718,394 Loans 955,650 940,581 Allowance for loan losse 11,363 10,858 ------------- -------------- Net loans 944,287 929,723 Premises and equipment 41,084 42,000 Goodwill and intangible assets 24,837 24,678 Other assets 21,722 27,706 ------------- -------------- Total assets $ 1,996,405 $ 1,885,084 ============= ============== LIABILITIES AND SHAREHOLDERS' EQUITY: Noninterest-bearing deposits $ 431,521 $ 379,903 Interest-bearing deposits 1,291,884 1,250,011 ------------- -------------- Total deposits 1,723,405 1,629,914 Repurchase agreements 12,490 23,367 Other liabilities 20,312 14,585 Shareholders' equity 240,198 217,218 ------------- -------------- Total liabilities and shareholders' equity $ 1,996,405 $ 1,885,084 ============= ============== Three Months Ended March 31, ------------------------------ INCOME STATEMENTS 2003 2002 ------------- -------------- Interest income $ 24,589 $ 26,473 Interest expense 4,718 7,073 ------------- -------------- Net interest income 19,871 19,400 Provision for loan losses 511 399 ------------- -------------- Net interest income after provision for loan losses 19,360 19,001 Noninterest income 7,836 6,925 Noninterest expense 15,112 14,234 ------------- -------------- Net income before income taxes 12,084 11,692 Income tax expense 3,634 3,513 ------------- -------------- Net income $ 8,450 $ 8,179 ============= ============== PER COMMON SHARE DATA Net income - basic $ 0.68 $ 0.66 Net income - diluted 0.68 0.66 Cash dividends 0.35 0.30 Book value 19.42 17.60 Market value 35.50 33.21 PERFORMANCE RATIOS Return on average assets 1.72 % 1.76 % Return on average equity 14.49 15.50 Net interest margin (tax equivalent) 4.64 4.79 Efficiency ratio 52.51 52.31
FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands, except per share data)
2002 Qtr. Ended --------------------------------------------------------------- Mar. 31, 2003 Dec. 31, Sept. 30, June 30, March 31, -------------- -------------- -------------- -------------- --------------- ALLOWANCE FOR LOAN LOSSES Balance at beginning of period $ 11,219 $ 11,530 $ 11,120 $ 10,858 $ 10,602 Loans charged off (902) (1,291) (413) (449) (434) Loan recoveries 535 171 171 201 291 -------------- -------------- -------------- -------------- --------------- Net (charge-offs) recoveries (367) (1,120) (242) (248) (143) Provision for loan losses 511 809 652 510 399 -------------- -------------- -------------- -------------- --------------- Balance at end of period $ 11,363 $ 11,219 $ 11,530 $ 11,120 $ 10,858 Allowance for loan losses / period-end loans 1.19 % 1.16 % 1.21 % 1.19 % 1.15 % Allowance for loan losses / nonperforming loans 589.4 300.8 263.5 271.6 224.9 Net charge-offs / average loans (annualized) 0.15 0.46 0.10 0.09 0.06 NONPERFORMING ASSETS Nonaccrual loans 1,829 3,716 4,288 4,036 4,782 Accruing loans 90 days past due 99 14 87 58 45 -------------- -------------- -------------- -------------- --------------- Total nonperforming loans 1,928 3,730 4,375 4,094 4,827 Foreclosed assets 1,345 536 1,024 1,021 808 -------------- -------------- -------------- -------------- --------------- Total nonperforming assets $ 3,273 $ 4,266 $ 5,399 $ 5,115 $ 5,635 ============== ============== ============== ============== =============== As a % of loans and foreclosed assets 0.34 % 0.44 % 0.57 % 0.55 % 0.60 % CAPITAL RATIOS Tier 1 Risk-based 19.33 % 18.42 % 18.51 % 18.22 % 17.63 % Total Risk-based 20.40 19.47 19.58 19.26 18.64 Tier 1 Leverage 10.35 10.51 10.51 10.37 10.22 Equity to assets 12.03 11.98 12.18 11.92 11.52
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