Texas | 0-7674 | 75-0944023 | ||
(State or other Jurisdiction of Incorporation) |
(Commission File No.) | (IRS Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 203.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13 e-4 (c)) |
FIRST FINANCIAL BANKSHARES, INC. (Registrant) |
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DATE: July 21, 2011 | By: | /S/ F. Scott Dueser | ||
F. SCOTT DUESER | ||||
President and Chief Executive Officer |
For immediate release |
For More Information: J. Bruce Hildebrand, Executive Vice President 325.627.7155 |
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June 30, | ||||||||
2011 | 2010 | |||||||
ASSETS: |
||||||||
Cash and due from banks |
$ | 106,500 | $ | 100,460 | ||||
Interest-bearing deposits in banks |
193,088 | 139,521 | ||||||
Fed funds sold |
3,195 | 225 | ||||||
Investment securities |
1,646,655 | 1,413,555 | ||||||
Loans |
1,719,415 | 1,519,672 | ||||||
Allowance for loan losses |
(33,406 | ) | (28,954 | ) | ||||
Net loans |
1,686,009 | 1,490,718 | ||||||
Premises and equipment |
72,550 | 66,888 | ||||||
Goodwill |
71,864 | 62,112 | ||||||
Other intangible assets |
443 | 728 | ||||||
Other assets |
60,711 | 61,388 | ||||||
Total assets |
$ | 3,841,015 | $ | 3,335,595 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY: |
||||||||
Noninterest-bearing deposits |
$ | 989,271 | $ | 782,166 | ||||
Interest-bearing deposits |
2,130,170 | 1,924,062 | ||||||
Total deposits |
3,119,441 | 2,706,228 | ||||||
Short-term borrowings |
192,364 | 159,480 | ||||||
Other liabilities |
51,505 | 38,889 | ||||||
Shareholders equity |
477,705 | 430,998 | ||||||
Total liabilities and shareholders equity |
$ | 3,841,015 | $ | 3,335,595 | ||||
Quarter Ended | ||||||||||||||||||||
2011 | 2010 | |||||||||||||||||||
June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
||||||||||||||||||||
Balance at beginning of
period |
$ | 32,501 | $ | 31,106 | $ | 30,013 | $ | 28,954 | $ | 28,750 | ||||||||||
Loans charged off |
(1,396 | ) | (1,010 | ) | (1,240 | ) | (1,178 | ) | (2,970 | ) | ||||||||||
Loan recoveries |
377 | 278 | 341 | 249 | 201 | |||||||||||||||
Net charge-offs |
(1,019 | ) | (732 | ) | (899 | ) | (929 | ) | (2,769 | ) | ||||||||||
Provision for loan losses |
1,924 | 2,127 | 1,992 | 1,988 | 2,973 | |||||||||||||||
Balance at end of period |
$ | 33,406 | $ | 32,501 | $ | 31,106 | $ | 30,013 | $ | 28,954 | ||||||||||
Allowance for loan losses
/
period-end loans |
1.94 | % | 1.93 | % | 1.84 | % | 1.95 | % | 1.91 | % | ||||||||||
Allowance for loan losses
/
nonperforming loans |
179.6 | 210.6 | 176.3 | 211.7 | 203.3 | |||||||||||||||
Net charge-offs / average
loans
(annualized) |
0.24 | 0.18 | 0.22 | 0.24 | 0.73 | |||||||||||||||
NONPERFORMING ASSETS |
||||||||||||||||||||
Nonaccrual loans |
$ | 18,599 | $ | 15,411 | $ | 15,445 | $ | 14,110 | $ | 14,240 | ||||||||||
Accruing loans 90 days
past due |
6 | 23 | 2,196 | 69 | 1 | |||||||||||||||
Total nonperforming
loans |
18,605 | 15,434 | 17,641 | 14,179 | 14,241 | |||||||||||||||
Foreclosed assets |
8,778 | 8,872 | 8,309 | 8,217 | 8,306 | |||||||||||||||
Total nonperforming
assets |
$ | 27,383 | $ | 24,306 | $ | 25,950 | $ | 22,396 | $ | 22,547 | ||||||||||
As a % of loans and
foreclosed assets |
1.58 | % | 1.44 | % | 1.53 | % | 1.45 | % | 1.48 | % | ||||||||||
As a % of end of period
total assets |
0.71 | 0.63 | 0.69 | 0.65 | 0.68 | |||||||||||||||
CAPITAL RATIOS |
||||||||||||||||||||
Tier 1 Risk-based |
17.97 | % | 17.60 | % | 17.01 | % | 18.19 | % | 18.22 | % | ||||||||||
Total Risk-based |
19.22 | 18.86 | 18.26 | 19.45 | 19.48 | |||||||||||||||
Tier 1 Leverage |
10.22 | 10.03 | 10.28 | 10.89 | 10.63 | |||||||||||||||
Equity to assets |
12.44 | 11.92 | 11.70 | 13.08 | 12.92 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||
NONINTEREST INCOME |
||||||||||||||||||||
Gain on securities transactions, net |
42 | 72 | 261 | 72 | ||||||||||||||||
Trust fees |
3,211 | 2,672 | 6,254 | 5,198 | ||||||||||||||||
Service charges on deposits |
4,520 | 5,293 | 8,894 | 10,152 | ||||||||||||||||
Real estate mortgage fees |
941 | 857 | 1,874 | 1,417 | ||||||||||||||||
Net gain (loss) on sale of foreclosed assets |
(1,111 | ) | 59 | (1,174 | ) | 70 | ||||||||||||||
ATM, interchange and credit card fees |
3,415 | 2,830 | 6,491 | 5,341 | ||||||||||||||||
Other noninterest income |
876 | 787 | 2,136 | 1,430 | ||||||||||||||||
Total Noninterest Income |
$ | 11,894 | $ | 12,570 | $ | 24,736 | $ | 23,680 | ||||||||||||
NONINTEREST EXPENSE |
||||||||||||||||||||
Salaries and employee benefits, excluding
profit sharing |
$ | 12,916 | $ | 11,762 | $ | 26,027 | $ | 23,679 | ||||||||||||
Profit sharing expense |
1,092 | 1,079 | 2,216 | 1,819 | ||||||||||||||||
Net occupancy expense |
1,685 | 1,561 | 3,332 | 3,139 | ||||||||||||||||
Equipment expense |
1,951 | 1,853 | 3,822 | 3,690 | ||||||||||||||||
Printing, stationery and supplies |
489 | 428 | 916 | 857 | ||||||||||||||||
ATM and credit card expenses |
1,183 | 866 | 2,330 | 1,750 | ||||||||||||||||
Audit fees |
276 | 220 | 549 | 497 | ||||||||||||||||
Legal, tax and professional fees |
1,077 | 874 | 2,328 | 1,755 | ||||||||||||||||
FDIC Insurance premiums |
597 | 990 | 1,568 | 1,978 | ||||||||||||||||
Correspondent bank service charges |
208 | 181 | 408 | 372 | ||||||||||||||||
Advertising and public relations |
870 | 785 | 1,678 | 1,485 | ||||||||||||||||
Amortization of intangible assets |
105 | 153 | 216 | 312 | ||||||||||||||||
Other noninterest expense |
3,439 | 3,199 | 6,658 | 5,956 | ||||||||||||||||
Total Noninterest Expense |
$ | 25,888 | $ | 23,951 | $ | 52,048 | $ | 47,289 | ||||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT |
$ | 3,145 | $ | 2,642 | $ | 6,294 | $ | 5,233 | ||||||||||||
Three Months Ended | ||||||||||||
June 30, 2011 | ||||||||||||
Average | Tax Equivalent | Yield / | ||||||||||
Balance | Interest | Rate | ||||||||||
Interest-earning assets: |
||||||||||||
Fed funds sold |
$ | 5,844 | $ | | | % | ||||||
Interest-bearing deposits in nonaffiliated banks |
174,540 | 318 | 0.73 | % | ||||||||
Taxable securities |
1,098,432 | 9,831 | 3.58 | % | ||||||||
Tax exempt securities |
552,635 | 8,309 | 6.01 | % | ||||||||
Loans |
1,699,004 | 24,928 | 5.88 | % | ||||||||
Total interest-earning assets |
3,530,455 | 43,386 | 4.93 | % | ||||||||
Noninterest-earning assets |
269,341 | |||||||||||
Total assets |
$ | 3,799,796 | ||||||||||
Interest-bearing liabilities: |
||||||||||||
Deposits |
$ | 2,150,790 | $ | 2,014 | 0.38 | % | ||||||
Fed funds purchased and other short term borrowings |
192,154 | 51 | 0.11 | % | ||||||||
Total interest-bearing liabilities |
2,342,944 | 2,065 | 0.35 | % | ||||||||
Noninterest-bearing liabilities |
993,189 | |||||||||||
Shareholders equity |
463,663 | |||||||||||
Total liabilities and shareholders equity |
$ | 3,799,796 | ||||||||||
Net interest income and margin (tax equivalent) |
$ | 41,321 | 4.69 | % | ||||||||
Six Months Ended | ||||||||||||
June 30, 2011 | ||||||||||||
Average | Tax Equivalent | Yield / | ||||||||||
Balance | Interest | Rate | ||||||||||
Interest-earning assets: |
||||||||||||
Fed funds sold |
$ | 5,270 | $ | 1 | 0.02 | % | ||||||
Interest-bearing deposits in nonaffiliated banks |
187,571 | 684 | 0.74 | % | ||||||||
Taxable securities |
1,074,587 | 19,424 | 3.62 | % | ||||||||
Tax exempt securities |
547,815 | 16,636 | 6.07 | % | ||||||||
Loans |
1,688,156 | 49,517 | 5.92 | % | ||||||||
Total interest-earning assets |
3,503,399 | 86,262 | 4.97 | % | ||||||||
Noninterest-earning assets |
273,996 | |||||||||||
Total assets |
$ | 3,777,395 | ||||||||||
Interest-bearing liabilities: |
||||||||||||
Deposits |
$ | 2,159,892 | $ | 4,364 | 0.41 | % | ||||||
Fed funds purchased and other short term borrowings |
191,065 | 102 | 0.11 | % | ||||||||
Total interest-bearing liabilities |
2,350,957 | 4,466 | 0.38 | % | ||||||||
Noninterest-bearing liabilities |
972,199 | |||||||||||
Shareholders equity |
454,239 | |||||||||||
Total liabilities and shareholders equity |
$ | 3,777,395 | ||||||||||
Net interest income and margin (tax equivalent) |
$ | 81,796 | 4.71 | % | ||||||||