-----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, WqPeZcSTtN2Ly56Y9ziYueTyAno0GVX4+UpxQGQoY7samFPt7C2xqJMTZKtYVeuC AhYE1nbXxW/W88I9fCf2ew== 0000036029-03-000035.txt : 20031016 0000036029-03-000035.hdr.sgml : 20031016 20031016161909 ACCESSION NUMBER: 0000036029-03-000035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031016 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031016 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: 03944052 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 oct20038k.txt FFIN FORM 8-K OCT. 2003 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): October 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 (325) 627-7155 ITEM 9. Regulation FD Disclosure Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended September 30, 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: October 16, 2003 By: /S/ F. Scott Dueser ------------------------------------- F. SCOTT DUESER President and Chief Executive Officer EXHIBIT For immediate release, Thursday, October 16, 2003.......Abilene, Texas FIRST FINANCIAL BANKSHARES ANNOUNCES THIRD QUARTER EARNINGS First Financial Bankshares, Inc. today reported quarterly earnings of $9.1 million for the third quarter of 2003 as compared to $8.7 million for the same period last year, a 4.8 % increase. Earnings per share for the quarter amounted to $0.59 as compared to $0.56 for the third quarter of 2002, a 5.4 % increase. For the nine months ended September 30, 2003, net income totaled $26.8 million as compared to $25.4 million for the same period in 2002. Earnings per share for the nine months of 2003 amounted to $1.73 as compared to $1.65 for the same period last year. Net income and earnings per share for the nine months of 2003 represented increases of 5.4% and 4.8%, respectively. Contributing factors to the Company's earnings improvement for the third quarter were an increase in real estate mortgage loan fees of $458 thousand, gains from the sale of real estate of $702 thousand and $419 thousand less in provisions for loan losses. As of September 30, 2003, consolidated assets for the Company totaled $2.070 billion, compared to $1.953 billion a year earlier. Loans decreased slightly from $950.3 million at September 30, 2002 to $948.5 million at September 30, 2003, primarily from the sale of student loans in the second quarter of 2003. Total deposits were $1.788 billion compared to $1.673 billion in 2002. Shareholders' equity at September 30, 2003, amounted to $249.1 million versus $237.9 million the prior year. F. Scott Dueser, President and Chief Executive Officer, stated, "We were pleased to continue to grow our asset base and to report a good earnings increase for the quarter and nine months. During the third quarter, compressed interest margins continued to decrease our net interest income; however, the decrease was offset by lower loan loss provisions, an increase in real estate mortgage fees, income from the sale of two properties and expense control. First Financial Bankshares, Inc., headquartered in Abilene, Texas, operates 10 separately-chartered Texas banks with 28 locations. The Company is listed on The Nasdaq Stock Market under the trading symbol FFIN. ***** 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)
September 30, ------------------------------- 2003 2002 -------------- -------------- ASSETS: Cash and due from banks $ 112,016 $ 103,071 Fed funds sold 30,750 52,575 Investment securities 900,585 775,435 Loans 948,521 950,292 Allowance for loan losses (11,462) (11,530) -------------- -------------- Net loans 937,059 938,762 Premises and equipment 42,844 40,982 Intangible assets 24,769 24,611 Other assets 21,836 17,652 -------------- -------------- Total assets $ 2,069,859 $ 1,953,088 ============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY: Noninterest-bearing deposits $ 446,796 $ 419,554 Interest-bearing deposits 1,341,547 1,252,968 -------------- -------------- Total deposits 1,788,343 1,672,522 Repurchase agreements 13,934 28,466 Other liabilities 18,493 14,176 Shareholders' equity 249,089 237,924 -------------- -------------- Total liabilities and shareholders' equity $ 2,069,859 $ 1,953,088 ============== ==============
Three Months Ended Nine Months Ended September 30, September 30, ----------------------------- ------------------------------- INCOME STATEMENTS 2003 2002 2003 2002 ------------- ------------- -------------- -------------- Interest income $ 23,209 $ 26,052 $ 71,556 $ 78,683 Interest expense 4,097 5,818 13,302 19,137 ------------- ------------- -------------- -------------- Net interest income 19,112 20,234 58,254 59,546 Provision for loan losses 233 652 969 1,561 ------------- ------------- -------------- -------------- Net interest income after provision for loan losses 18,879 19,582 57,285 57,985 Net gain on sale of student loans 17 311 1,839 626 Net gain on real estate and other assets 702 10 728 10 Real estate mortgage fees 984 526 2,483 1,317 Other noninterest income 7,153 6,942 21,381 20,235 Noninterest expense 14,905 14,903 45,531 43,835 ------------- ------------- -------------- -------------- Net income before income taxes 12,830 12,468 38,185 36,338 Income tax expense 3,716 3,768 11,400 10,937 ------------- ------------- -------------- -------------- Net income $ 9,114 $ 8,700 $ 26,785 $ 25,401 ============= ============= ============== ============== PER COMMON SHARE DATA Net income - basic $ 0.59 $ 0.56 $ 1.73 $ 1.65 Net income - diluted 0.59 0.56 1.73 1.64 Cash dividends 0.31 0.28 0.90 0.80 Book value 16.10 15.40 Market value 36.96 29.15 PERFORMANCE RATIOS Return on average assets 1.78 % 1.80 % 1.78 % 1.79 % Return on average equity 14.69 14.85 14.70 15.22 Net interest margin (tax equivalent) 4.35 4.83 4.38 4.74 Efficiency ratio 51.27 51.44 51.99 51.88
FIRST FINANCIAL BANKSHARES, INC. SELECTED FINANCIAL DATA (UNAUDITED) (In thousands, except per share data)
2003 2002 -------------------------------------------- ------------------------------- Sept. 30, June 30, March 31, Dec. 31, Sept. 30, ------------ ------------- ------------- -------------- --------------- ALLOWANCE FOR LOAN LOSSES Balance at beginning of period $ 11,523 $ 11,363 $ 11,219 $ 11,530 $ 11,120 Loans charged off (526) (347) (902) (1,291) (413) Loan recoveries 232 281 535 171 171 ------------ ------------- ------------- -------------- -------------- Net (charge-offs) recoveries (294) (66) (367) (1,120) (242) Provision for loan losses 233 226 511 809 652 ------------ ------------- ------------- -------------- -------------- Balance at end of period $ 11,462 $ 11,523 $ 11,363 $ 11,219 $ 11,530 ============ ============= ============= ============== ============== Allowance for loan losses / period-end loans 1.21 % 1.25 % 1.19 % 1.16 % 1.21 % Allowance for loan losses / nonperforming loans 711.1 823.7 589.4 300.8 263.5 Net charge-offs / average loans (annualized) 0.12 0.03 0.15 0.46 0.10 NONPERFORMING ASSETS Nonaccrual loans $ 1,552 $ 1,299 $ 1,829 $ 3,716 $ 4,288 Accruing loans 90 days past due 60 100 99 14 87 ------------ ------------- ------------- -------------- -------------- Total nonperforming loans 1,612 1,399 1,928 3,730 4,375 Foreclosed assets 1,411 1,445 1,345 536 1,024 ------------ ------------- ------------- -------------- -------------- Total nonperforming assets $ 3,023 $ 2,844 $ 3,273 $ 4,266 $ 5,399 ============ ============= ============= ============== ============== As a % of loans and foreclosed assets 0.32 % 0.31 % 0.34 % 0.44 % 0.57 % CAPITAL RATIOS Tier 1 Risk-based 19.14 % 19.16 % 19.33 % 18.42 % 18.51 % Total Risk-based 20.17 20.22 20.40 19.47 19.58 Tier 1 Leverage 10.55 10.46 10.35 10.51 10.51 Equity to assets 12.03 12.38 12.03 11.98 12.18
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