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 19, 2012
FIRST FINANCIAL BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)
Texas | 0-7674 | 75-0944023 | ||
(State or other Jurisdiction of Incorporation) |
(Commission File No.) |
(IRS Employer Identification No.) |
400 Pine Street, Abilene, Texas 79601
(Address of Principal Executive Offices and Zip Code)
Registrants Telephone Number (325) 627-7155
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | 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)) |
ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Attached as an exhibit to this Form 8-K is the earnings release for the quarter ended September 30, 2012 of First Financial Bankshares, Inc.
ITEM 8.01 | OTHER EVENTS |
Attached as an exhibit to this form 8-K is the press release of First Financial Bankshares, Inc. announcing its consolidation of bank charters.
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
99.1 Press Release dated October 18, 2012
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 19, 2012 | By: | /S/ F. Scott Dueser | ||||
F. SCOTT DUESER | ||||||
President and Chief Executive Officer |
Exhibit 99.1
For immediate release | For More Information: | |
J. Bruce Hildebrand, Executive Vice President | ||
325.627.7155 |
FIRST FINANCIAL BANKSHARES ANNOUNCES
THIRD QUARTER EARNINGS RESULTS
ABILENE, Texas, October 18, 2012 First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2012 of $19.80 million, up 9.47 percent compared with earnings of $18.09 million in the same quarter last year. Basic earnings per share were $0.63 for the third quarter of 2012 compared with $0.58 in the same quarter a year ago.
Net interest income increased 2.11 percent to $39.12 million compared with $38.31 million in 2011. The net interest margin, on a taxable equivalent basis, was 4.26 percent compared with 4.62 percent in the same quarter last year and 4.33 percent in the second quarter of this year.
The provision for loan losses was $787 thousand in the third quarter of 2012, compared with $1.35 million in the same quarter last year and $759 thousand in the second quarter of this year. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.53 percent at September 30, 2012, compared with 1.76 percent at June 30, 2012, and 1.60 percent at September 30, 2011. Classified loans totaled $76.48 million at September 30, 2012, compared to $80.86 million at June 30, 2012, and $82.99 million at September 30, 2011.
Noninterest income increased 11.42 percent in the third quarter of 2012 to $15.50 million compared with $13.91 million in the same quarter a year ago. Trust fees increased to $3.72 million in the third quarter of 2012 compared with $3.27 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $2.75 billion from $2.30 billion a year ago. ATM, interchange and credit card fees increased 6.29 percent to $3.77 million compared with $3.54 million in the same quarter last year. Service charges on deposit accounts decreased to $4.34 million during the third quarter of 2012 compared with $4.48 million for the same quarter a year ago, due primarily to decreased customer use of overdraft services. The net gain on securities sold during the third quarter of 2012 totaled $1.48 million compared to $67 thousand in the same quarter of 2011.
Noninterest expense increased in the third quarter of 2012 to $27.20 million from $26.32 million in the same quarter last year. The Companys efficiency ratio in the third quarter of 2012 improved to 46.61 percent compared with 47.48 percent in the same quarter last year.
For the first nine months of 2012, net income increased 9.83 percent to $55.91 million from $50.90 million for the same period a year ago. Basic earnings per share rose to $1.78 in the first nine months of 2012 from $1.62 in the same period last year. Net
interest income increased 1.86 percent to $115.93 million in the first nine months of 2012 from $113.81 million a year ago. The provision for loan losses totaled $2.84 million compared with $5.41 million in the first nine months of the previous year. Noninterest income was $42.26 million in the first nine months of 2012 compared with $38.65 million for the same period a year ago. Noninterest expense rose to $80.42 million in the first nine months of 2012 compared with $78.37 million last year.
As of September 30, 2012, consolidated assets for the Company totaled $4.31 billion compared with $3.94 billion a year ago. Loans grew 15.91 percent and totaled $2.00 billion at quarter end compared with loans of $1.73 billion a year ago. Total deposits were $3.44 billion as of September 30, 2012, which represents an 8.09 percent growth over $3.19 billion a year earlier. Shareholders equity rose to $549.91 million as of September 30, 2012, compared with $499.20 million the prior year.
This was another good quarter for our company, said F. Scott Dueser, Chairman, President and CEO. We continue to see good growth in loans and deposits and continue to pursue acquisition prospects to put our capital to use.
Additionally, the Company announced today that it will consolidate its eleven charters into one charter, effective at the end of the 2012 fiscal year, subject to regulatory approval. Due to regulatory, compliance and technology complexities and the opportunity for additional cost savings, we believe it is time to make this enhancement, stated Scott Dueser. Outside of consolidating the eleven databases, our banks will continue to operate as they do today with local management and board decisions to benefit the customers and communities we serve, added Dueser.
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 11 separately chartered banks with 54 locations in Texas. The bank subsidiaries are First Financial Bank, N.A., Abilene, Albany, Clyde, Moran and Odessa; First Financial Bank, N.A., Eastland, Ranger, Cisco and Rising Star; First Financial Bank, N.A., Cleburne, Burleson, Alvarado, Midlothian and Crowley; First Financial Bank, Hereford; First Financial Bank, Huntsville; First Financial Bank, N.A., Mineral Wells; First Financial Bank, N.A., San Angelo; First Financial Bank, N.A., Southlake, Bridgeport, Boyd, Decatur, Grapevine, Keller and Trophy Club; First Financial Bank, N.A., Stephenville, Granbury, Glen Rose and Acton; First Financial Bank, N.A., Sweetwater, Roby, Trent and Merkel; and First Financial Bank, N.A., Weatherford, Willow Park, Aledo, Brock and Fort Worth. The Company also operates First Financial Trust & Asset Management Company, N.A., with six 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 Companys management, as well as assumptions made beyond information currently available to the Companys 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 Companys 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 Companys reports filed with the Securities and Exchange Commission, which may be obtained under Investor Relations-Documents/Filings on the Companys 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)
Quarter Ended | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||||||||
ASSETS: |
||||||||||||||||||||
Cash and due from banks |
$ | 128,606 | $ | 122,534 | $ | 131,163 | $ | 146,239 | $ | 127,174 | ||||||||||
Interest-bearing deposits in banks |
25,633 | 25,794 | 84,169 | 104,597 | 103,850 | |||||||||||||||
Interest-bearing time deposits in banks |
67,506 | 74,594 | 62,018 | 61,175 | 66,688 | |||||||||||||||
Fed funds sold |
23,400 | 10,100 | 11,200 | | 3,580 | |||||||||||||||
Investment securities |
1,883,864 | 1,963,367 | 1,963,341 | 1,844,998 | 1,732,919 | |||||||||||||||
Loans |
2,003,854 | 1,918,292 | 1,798,867 | 1,786,544 | 1,728,832 | |||||||||||||||
Allowance for loan losses |
(34,932 | ) | (34,747 | ) | (34,529 | ) | (34,315 | ) | (34,301 | ) | ||||||||||
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Net loans |
1,968,922 | 1,883,545 | 1,764,338 | 1,752,229 | 1,694,531 | |||||||||||||||
Premises and equipment |
80,580 | 80,404 | 79,308 | 76,483 | 73,443 | |||||||||||||||
Goodwill |
71,865 | 71,865 | 71,865 | 71,865 | 71,865 | |||||||||||||||
Other intangible assets |
136 | 175 | 213 | 257 | 341 | |||||||||||||||
Other assets |
60,035 | 59,426 | 59,635 | 62,688 | 61,012 | |||||||||||||||
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Total assets |
$ | 4,310,547 | $ | 4,291,804 | $ | 4,227,250 | $ | 4,120,531 | $ | 3,935,403 | ||||||||||
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LIABILITIES AND SHAREHOLDERS EQUITY: |
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Noninterest-bearing deposits |
$ | 1,200,154 | $ | 1,156,238 | $ | 1,125,577 | $ | 1,101,576 | $ | 1,020,953 | ||||||||||
Interest-bearing deposits |
2,244,244 | 2,235,942 | 2,272,495 | 2,233,222 | 2,165,653 | |||||||||||||||
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Total deposits |
3,444,398 | 3,392,180 | 3,398,072 | 3,334,798 | 3,186,606 | |||||||||||||||
Short-term borrowings |
254,480 | 251,428 | 237,567 | 207,756 | 180,790 | |||||||||||||||
Other liabilities |
61,757 | 113,933 | 74,606 | 69,440 | 68,808 | |||||||||||||||
Shareholders equity |
549,912 | 534,263 | 517,005 | 508,537 | 499,199 | |||||||||||||||
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Total liabilities and shareholders equity |
$ | 4,310,547 | $ | 4,291,804 | $ | 4,227,250 | $ | 4,120,531 | $ | 3,935,403 | ||||||||||
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Quarter Ended | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||||||||
INCOME STATEMENTS |
||||||||||||||||||||
Interest income |
$ | 40,287 | $ | 39,911 | $ | 39,797 | $ | 39,888 | $ | 40,164 | ||||||||||
Interest expense |
1,168 | 1,355 | 1,540 | 1,704 | 1,854 | |||||||||||||||
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Net interest income |
39,119 | 38,556 | 38,257 | 38,184 | 38,310 | |||||||||||||||
Provision for loan losses |
787 | 759 | 1,296 | 1,221 | 1,354 | |||||||||||||||
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Net interest income after provision for loan losses |
38,332 | 37,797 | 36,961 | 36,963 | 36,956 | |||||||||||||||
Noninterest income |
15,499 | 13,464 | 13,298 | 12,792 | 13,911 | |||||||||||||||
Noninterest expense |
27,203 | 26,745 | 26,468 | 26,257 | 26,320 | |||||||||||||||
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Net income before income taxes |
26,628 | 24,516 | 23,791 | 23,498 | 24,547 | |||||||||||||||
Income tax expense |
6,828 | 6,165 | 6,035 | 6,032 | 6,460 | |||||||||||||||
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Net income |
$ | 19,800 | $ | 18,351 | $ | 17,756 | $ | 17,466 | $ | 18,087 | ||||||||||
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PER COMMON SHARE DATA |
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Net income - basic |
$ | 0.63 | $ | 0.58 | $ | 0.56 | $ | 0.56 | $ | 0.58 | ||||||||||
Net income - diluted |
0.63 | 0.58 | 0.56 | 0.55 | 0.57 | |||||||||||||||
Cash dividends |
0.25 | 0.25 | 0.24 | 0.24 | 0.24 | |||||||||||||||
Shares outstanding - end of period |
31,488,530 | 31,481,747 | 31,477,483 | 31,459,635 | 31,452,283 | |||||||||||||||
Average outstanding shares - basic |
31,484,375 | 31,478,980 | 31,466,706 | 31,454,197 | 31,451,687 | |||||||||||||||
Average outstanding shares - diluted |
31,502,172 | 31,497,241 | 31,479,743 | 31,489,304 | 31,481,092 | |||||||||||||||
PERFORMANCE RATIOS |
||||||||||||||||||||
Return on average assets |
1.84 | % | 1.75 | % | 1.73 | % | 1.74 | % | 1.87 | % | ||||||||||
Return on average equity |
14.53 | 14.01 | 13.79 | 13.88 | 14.79 | |||||||||||||||
Net interest margin (tax equivalent) |
4.26 | 4.33 | 4.39 | 4.44 | 4.62 | |||||||||||||||
Efficiency ratio |
46.61 | 48.02 | 48.08 | 48.33 | 47.48 |
Nine Months Ended Sept. 30, |
||||||||
2012 | 2011 | |||||||
INCOME STATEMENTS |
||||||||
Interest income |
$ | 119,994 | $ | 120,132 | ||||
Interest expense |
4,063 | 6,320 | ||||||
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Net interest income |
115,931 | 113,812 | ||||||
Provision for loan losses |
2,842 | 5,405 | ||||||
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Net interest income after provision for loan losses |
113,089 | 108,407 | ||||||
Noninterest income |
42,261 | 38,646 | ||||||
Noninterest expense |
80,415 | 78,367 | ||||||
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Net income before income taxes |
74,935 | 68,686 | ||||||
Income tax expense |
19,028 | 17,784 | ||||||
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Net income |
$ | 55,907 | $ | 50,902 | ||||
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PER COMMON SHARE DATA |
||||||||
Net income - basic |
$ | 1.78 | $ | 1.62 | ||||
Net income - diluted |
1.78 | 1.62 | ||||||
Cash dividends |
0.74 | 0.71 | ||||||
Book value |
17.46 | 15.87 | ||||||
Market value |
36.03 | 26.16 | ||||||
Shares outstanding - end of period |
31,488,530 | 31,452,283 | ||||||
Average outstanding shares - basic |
31,476,715 | 31,440,178 | ||||||
Average outstanding shares - diluted |
31,486,707 | 31,488,129 | ||||||
PERFORMANCE RATIOS |
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Return on average assets |
1.78 | % | 1.79 | % | ||||
Return on average equity |
14.12 | 14.65 | ||||||
Net interest margin (tax equivalent) |
4.32 | 4.68 | ||||||
Efficiency ratio |
47.55 | 48.39 |
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||||||||
ALLOWANCE FOR LOAN LOSSES |
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Balance at beginning of period |
$ | 34,747 | $ | 34,529 | $ | 34,315 | $ | 34,301 | $ | 33,406 | ||||||||||
Loans charged off |
(1,064 | ) | (766 | ) | (1,405 | ) | (2,195 | ) | (722 | ) | ||||||||||
Loan recoveries |
462 | 225 | 323 | 988 | 263 | |||||||||||||||
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Net charge-offs |
(602 | ) | (541 | ) | (1,082 | ) | (1,207 | ) | (459 | ) | ||||||||||
Provision for loan losses |
787 | 759 | 1,296 | 1,221 | 1,354 | |||||||||||||||
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Balance at end of period |
$ | 34,932 | $ | 34,747 | $ | 34,529 | $ | 34,315 | $ | 34,301 | ||||||||||
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Allowance for loan losses / period-end loans |
1.74 | % | 1.81 | % | 1.92 | % | 1.92 | % | 1.98 | % | ||||||||||
Allowance for loan losses / nonperforming loans |
143.4 | 130.1 | 164.3 | 171.0 | 194.3 | |||||||||||||||
Net charge-offs / average loans (annualized) |
0.12 | 0.12 | 0.24 | 0.27 | 0.11 | |||||||||||||||
NONPERFORMING ASSETS |
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Nonaccrual loans |
$ | 24,283 | $ | 26,606 | $ | 20,963 | $ | 19,975 | $ | 17,598 | ||||||||||
Accruing loans 90 days past due |
69 | 105 | 53 | 96 | 52 | |||||||||||||||
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Total nonperforming loans |
24,352 | 26,711 | 21,016 | 20,071 | 17,650 | |||||||||||||||
Foreclosed assets |
6,373 | 7,149 | 7,852 | 9,464 | 10,254 | |||||||||||||||
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Total nonperforming assets |
$ | 30,725 | $ | 33,860 | $ | 28,868 | $ | 29,535 | $ | 27,904 | ||||||||||
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As a % of loans and foreclosed assets |
1.53 | % | 1.76 | % | 1.60 | % | 1.64 | % | 1.60 | % | ||||||||||
As a % of end of period total assets |
0.71 | 0.79 | 0.68 | 0.72 | 0.71 | |||||||||||||||
CAPITAL RATIOS |
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Tier 1 risk-based |
17.66 | % | 17.23 | % | 17.73 | % | 17.49 | % | 17.89 | % | ||||||||||
Total risk-based |
18.92 | 18.48 | 18.99 | 18.74 | 19.14 | |||||||||||||||
Tier 1 leverage |
10.49 | 10.36 | 10.31 | 10.33 | 10.45 | |||||||||||||||
Equity to assets |
12.76 | 12.45 | 12.23 | 12.34 | 12.68 | |||||||||||||||
Quarter Ended | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||
Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | ||||||||||||||||
NONINTEREST INCOME |
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Trust fees |
$ | 3,723 | $ | 3,670 | $ | 3,454 | $ | 3,151 | $ | 3,265 | ||||||||||
Service charges on deposits |
4,337 | 4,042 | 3,882 | 4,313 | 4,482 | |||||||||||||||
ATM, interchange and credit card fees |
3,767 | 3,784 | 3,676 | 3,551 | 3,544 | |||||||||||||||
Real estate mortgage fees |
1,495 | 1,218 | 1,050 | 1,013 | 1,056 | |||||||||||||||
Net gain on sale of available-for-sale securities |
1,479 | 382 | 346 | 164 | 67 | |||||||||||||||
Net gain (loss) on sale of foreclosed assets |
(106 | ) | (404 | ) | 6 | (159 | ) | 18 | ||||||||||||
Net gain (loss) on sale of assets |
(32 | ) | 105 | 122 | 43 | 588 | ||||||||||||||
Other noninterest income |
836 | 667 | 762 | 716 | 891 | |||||||||||||||
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Total noninterest income |
$ | 15,499 | $ | 13,464 | $ | 13,298 | $ | 12,792 | $ | 13,911 | ||||||||||
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NONINTEREST EXPENSE |
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Salaries and employee benefits, excluding profit sharing |
$ | 13,502 | $ | 13,304 | $ | 13,186 | $ | 12,753 | $ | 12,790 | ||||||||||
Profit sharing expense |
1,343 | 885 | 1,043 | 1,153 | 1,318 | |||||||||||||||
Net occupancy expense |
1,806 | 1,743 | 1,737 | 1,707 | 1,823 | |||||||||||||||
Equipment expense |
2,269 | 2,144 | 2,108 | 2,008 | 1,970 | |||||||||||||||
FDIC insurance premiums |
563 | 565 | 527 | 517 | 561 | |||||||||||||||
ATM, interchange and credit card expenses |
1,317 | 1,450 | 1,249 | 1,311 | 1,276 | |||||||||||||||
Legal, tax and professional fees |
1,019 | 968 | 1,033 | 994 | 947 | |||||||||||||||
Audit fees |
311 | 283 | 295 | 304 | 305 | |||||||||||||||
Printing, stationery and supplies |
468 | 511 | 505 | 473 | 443 | |||||||||||||||
Amortization of intangible assets |
38 | 38 | 44 | 84 | 101 | |||||||||||||||
Advertising and public relations |
998 | 953 | 942 | 1,105 | 1,033 | |||||||||||||||
Correspondent bank service charges |
220 | 216 | 200 | 198 | 198 | |||||||||||||||
Other noninterest expense |
3,349 | 3,685 | 3,599 | 3,650 | 3,555 | |||||||||||||||
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Total noninterest expense |
$ | 27,203 | $ | 26,745 | $ | 26,468 | $ | 26,257 | $ | 26,320 | ||||||||||
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TAX EQUIVALENT YIELD ADJUSTMENT |
$ | 3,743 | $ | 3,673 | $ | 3,495 | $ | 3,348 | $ | 3,209 | ||||||||||
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Nine Months Ended Sept. 30, |
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2012 | 2011 | |||||||
NONINTEREST INCOME |
||||||||
Trust fees |
$ | 10,848 | $ | 9,520 | ||||
Service charges on deposits |
12,261 | 13,376 | ||||||
ATM, interchange and credit card fees |
11,226 | 10,036 | ||||||
Real estate mortgage fees |
3,763 | 2,930 | ||||||
Net gain on sale of available-for-sale securities |
2,206 | 328 | ||||||
Net gain (loss) on sale of foreclosed assets |
(512 | ) | (1,156 | ) | ||||
Net gain (loss) on sale of assets |
203 | 854 | ||||||
Other noninterest income |
2,266 | 2,758 | ||||||
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Total noninterest income |
$ | 42,261 | $ | 38,646 | ||||
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NONINTEREST EXPENSE |
||||||||
Salaries and employee benefits, excluding profit sharing |
$ | 39,993 | $ | 38,816 | ||||
Profit sharing expense |
3,270 | 3,535 | ||||||
Net occupancy expense |
5,286 | 5,154 | ||||||
Equipment expense |
6,521 | 5,792 | ||||||
FDIC insurance premiums |
1,655 | 2,129 | ||||||
ATM, interchange and credit card expenses |
4,017 | 3,607 | ||||||
Legal, tax and professional fees |
3,020 | 3,217 | ||||||
Audit fees |
889 | 855 | ||||||
Printing, stationery and supplies |
1,483 | 1,359 | ||||||
Amortization of intangible assets |
120 | 317 | ||||||
Advertising and public relations |
2,893 | 2,711 | ||||||
Correspondent bank service charges |
636 | 606 | ||||||
Other noninterest expense |
10,632 | 10,269 | ||||||
|
|
|
|
|||||
Total noninterest expense |
$ | 80,415 | $ | 78,367 | ||||
|
|
|
|
|||||
TAX EQUIVALENT YIELD ADJUSTMENT |
$ | 10,911 | $ | 9,503 | ||||
|
|
|
|
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended Sept. 30, 2012 |
||||||||||||
Average Balance |
Tax Equivalent Interest |
Yield / Rate |
||||||||||
Interest-earning assets: |
||||||||||||
Fed funds sold |
$ | 23,924 | $ | 1 | 0.01 | % | ||||||
Interest-bearing deposits in nonaffiliated banks |
96,878 | 185 | 0.76 | % | ||||||||
Taxable securities |
1,121,465 | 7,480 | 2.67 | % | ||||||||
Tax exempt securities |
795,727 | 9,912 | 4.98 | % | ||||||||
Loans |
1,967,789 | 26,452 | 5.35 | % | ||||||||
|
|
|
|
|
|
|||||||
Total interest-earning assets |
4,005,783 | 44,030 | 4.37 | % | ||||||||
Noninterest-earning assets |
274,379 | |||||||||||
|
|
|||||||||||
Total assets |
$ | 4,280,162 | ||||||||||
|
|
|||||||||||
Interest-bearing liabilities: |
||||||||||||
Deposits |
$ | 2,240,977 | $ | 1,094 | 0.19 | % | ||||||
Fed funds purchased and other short term borrowings |
289,568 | 74 | 0.10 | % | ||||||||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities |
2,530,545 | 1,168 | 0.18 | % | ||||||||
Noninterest-bearing liabilities |
1,207,352 | |||||||||||
Shareholders equity |
542,265 | |||||||||||
|
|
|||||||||||
Total liabilities and shareholders equity |
$ | 4,280,162 | ||||||||||
|
|
|||||||||||
Net interest income and margin (tax equivalent) |
$ | 42,862 | 4.26 | % | ||||||||
|
|
|
|
|||||||||
Nine Months Ended Sept. 30, 2012 |
||||||||||||
Average Balance |
Tax Equivalent Interest |
Yield / Rate |
||||||||||
Interest-earning assets: |
||||||||||||
Fed funds sold |
$ | 11,453 | $ | 9 | 0.10 | % | ||||||
Interest-bearing deposits in nonaffiliated banks |
119,379 | 615 | 0.69 | % | ||||||||
Taxable securities |
1,174,249 | 24,498 | 2.78 | % | ||||||||
Tax exempt securities |
747,614 | 29,150 | 5.20 | % | ||||||||
Loans |
1,867,829 | 76,633 | 5.48 | % | ||||||||
|
|
|
|
|
|
|||||||
Total interest-earning assets |
3,920,524 | 130,905 | 4.46 | % | ||||||||
Noninterest-earning assets |
282,235 | |||||||||||
|
|
|||||||||||
Total assets |
$ | 4,202,759 | ||||||||||
|
|
|||||||||||
Interest-bearing liabilities: |
||||||||||||
Deposits |
$ | 2,251,221 | $ | 3,887 | 0.23 | % | ||||||
Fed funds purchased and other short term borrowings |
257,090 | 176 | 0.09 | % | ||||||||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities |
2,508,311 | 4,063 | 0.22 | % | ||||||||
Noninterest-bearing liabilities |
1,165,450 | |||||||||||
Shareholders equity |
528,998 | |||||||||||
|
|
|||||||||||
Total liabilities and shareholders equity |
$ | 4,202,759 | ||||||||||
|
|
|||||||||||
Net interest income and margin (tax equivalent) |
$ | 126,842 | 4.32 | % | ||||||||
|
|
|
|