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 17, 2013
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, 2013 of First Financial Bankshares, Inc.
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
99.1 Press Release dated October 17, 2013
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 17, 2013 | 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 17, 2013 First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2013 of $19.56 million compared with earnings of $19.80 million in the same quarter last year. Basic earnings per share were $0.61 for the third quarter of 2013 compared with $0.63 in the same quarter a year ago. Included in noninterest expense in the third quarter of 2013 were technology contract termination and conversion costs totaling $3.40 million, before income tax, related to the Companys recent acquisition of Orange Savings Bank, SSB.
All amounts for the third quarter and first nine months of 2013 include the results of the Companys acquisition of Orange Savings Bank, SSB, Orange, Texas, which was effective on May 31, 2013. As of the acquisition date, Orange had total loans of $293.29 million and total deposits of $385.95 million.
Net interest income increased 16.29 percent to $45.49 million for the third quarter of 2013 compared with $39.12 million in the same quarter of 2012. The net interest margin, on a taxable equivalent basis, was 4.25 percent compared with 4.26 percent in the same quarter last year and 4.18 percent in the second quarter of this year.
The provision for loan losses was $1.35 million in the third quarter of 2013 compared with $787 thousand in the same quarter last year and $832 thousand in the second quarter of this year, primarily due to continued loan growth. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.09 percent at September 30, 2013, compared with 1.20 percent at June 30, 2013, and 1.53 percent at September 30, 2012. Classified loans totaled $81.67 million at September 30, 2013, compared to $87.83 million at June 30, 2013, and $76.48 million at September 30, 2012. The increase in dollar amount of classified loans from prior year amounts was primarily a result of the Orange Savings Bank, SSB acquisition.
Noninterest income increased 10.17 percent in the third quarter of 2013 to $17.08 million compared with $15.50 million in the same quarter a year ago. Trust fees increased to $4.14 million in the third quarter of 2013 compared with $3.72 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $3.20 billion from $2.75 billion a year ago. ATM, interchange and credit card fees increased 16.91 percent to $4.40 million compared with $3.77 million in the same quarter last year. Service charges on deposit accounts increased to $4.80 million during the third quarter of 2013 compared with $4.34 million in the same quarter a year ago. Real estate mortgage income increased to $2.01 million compared with $1.50 million in the same quarter a year ago. The net loss on securities sold during the third quarter of 2013 totaled $108 thousand compared to a gain of $1.48 million in the same quarter of 2012.
Noninterest expense increased in the third quarter of 2013 to $35.53 million from $27.20 million in the same quarter last year. The Companys efficiency ratio in the third quarter of 2013 was 53.10 percent compared with 46.61 percent in the same quarter last year. Included in noninterest expense in the third quarter of 2013 were technology contract termination and conversion costs totaling $3.40 million related to the Companys recent acquisition of Orange Savings Bank, SSB (discussed above). Also included in noninterest expense in the third quarter of 2013 were salary and employee benefit costs of $17.50 million compared to $14.85 million in the same quarter a year ago, primarily from the increase in personnel from the Orange acquisition. Legal, tax and professional fees increased to $1.58 million compared to $1.02 million in the same quarter a year ago.
For the first nine months of 2013, net income increased 3.08 percent to $57.63 million from $55.91 million for the same period a year ago. Basic earnings per share rose to $1.82 in the first nine months of 2013 from $1.78 in the same period last year. Net interest income increased 8.33 percent to $125.59 million in the first nine months of 2013 from $115.93 million in the same period a year ago. The provision for loan losses totaled $2.58 million compared with $2.84 million in the first nine months of the previous year. Noninterest income was $46.26 million in the first nine months of 2013 compared with $42.26 million for the same period a year ago. Noninterest expense rose to $92.92 million in the first nine months of 2013 compared with $80.42 million last year.
As of September 30, 2013, consolidated assets for the Company totaled $5.08 billion compared with $4.31 billion a year ago. Loans totaled $2.61 billion at quarter end, after approximately $50.00 million of short-term participations paid off, compared with loans of $2.00 billion a year ago. Total deposits were $4.00 billion as of September 30, 2013, versus $3.44 billion a year earlier. Shareholders equity rose to $568.24 million as of September 30, 2013, compared with $549.91 million the prior year.
We were very pleased with the earnings performance this quarter, especially in light of the $3.40 million expense tied to the purchase accounting to terminate the Orange technology contract and conversion costs. We continue to see solid growth in loans and deposits throughout the Company, and the recent acquisition of Orange has contributed nicely to the bottom line on a monthly basis, said F. Scott Dueser, Chairman, President and CEO. We are having numerous conversations and are continuing to pursue additional acquisition opportunities to maximize our shareholders return.
About First Financial Bankshares
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 12 banking regions with 60 locations in Texas including Abilene, Acton, Albany, Aledo, Alvarado, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Decatur, Eastland, Fort Worth, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Mauriceville, Merkel, Midlothian, Mineral Wells, Moran, Newton, Odessa, Orange, Port Arthur, Ranger, Rising Star, Roby, San Angelo, Southlake,
Stephenville, Sweetwater, Trent, Trophy Club, Vidor, Waxahachie, Weatherford and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with seven 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)
As of | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
ASSETS: | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||||||
Cash and due from banks |
$ | 164,666 | $ | 138,087 | $ | 113,958 | $ | 207,018 | $ | 128,606 | ||||||||||
Interest-bearing deposits in banks |
48,634 | 6,624 | 20,065 | 139,676 | 25,633 | |||||||||||||||
Interest-bearing time deposits in banks |
34,352 | 39,350 | 45,172 | 49,005 | 67,506 | |||||||||||||||
Fed funds sold |
14,300 | 16,025 | 3,175 | 14,045 | 23,400 | |||||||||||||||
Investment securities |
1,976,101 | 1,975,490 | 1,959,054 | 1,820,096 | 1,883,864 | |||||||||||||||
Loans |
2,614,809 | 2,578,883 | 2,138,137 | 2,088,623 | 2,003,854 | |||||||||||||||
Allowance for loan losses |
(34,800 | ) | (34,099 | ) | (34,672 | ) | (34,839 | ) | (34,932 | ) | ||||||||||
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Net loans |
2,580,009 | 2,544,784 | 2,103,465 | 2,053,784 | 1,968,922 | |||||||||||||||
Premises and equipment |
94,676 | 94,808 | 86,265 | 84,122 | 80,580 | |||||||||||||||
Goodwill |
94,882 | 94,882 | 71,865 | 71,865 | 71,865 | |||||||||||||||
Other intangible assets |
2,547 | 2,366 | 98 | 108 | 136 | |||||||||||||||
Other assets |
65,468 | 70,189 | 52,863 | 62,293 | 60,035 | |||||||||||||||
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Total assets |
$ | 5,075,635 | $ | 4,982,605 | $ | 4,455,980 | $ | 4,502,012 | $ | 4,310,547 | ||||||||||
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LIABILITIES AND SHAREHOLDERS' EQUITY: |
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Noninterest-bearing deposits |
$ | 1,371,835 | $ | 1,305,049 | $ | 1,237,840 | $ | 1,311,708 | $ | 1,200,154 | ||||||||||
Interest-bearing deposits |
2,628,722 | 2,612,540 | 2,312,286 | 2,320,876 | 2,244,244 | |||||||||||||||
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Total deposits |
4,000,557 | 3,917,589 | 3,550,126 | 3,632,584 | 3,444,398 | |||||||||||||||
Short-term borrowings |
466,500 | 431,575 | 263,345 | 259,697 | 254,480 | |||||||||||||||
Other liabilities |
40,337 | 57,577 | 78,257 | 52,768 | 61,757 | |||||||||||||||
Shareholders' equity |
568,241 | 575,864 | 564,252 | 556,963 | 549,912 | |||||||||||||||
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Total liabilities and shareholders' equity |
$ | 5,075,635 | $ | 4,982,605 | $ | 4,455,980 | $ | 4,502,012 | $ | 4,310,547 | ||||||||||
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Quarter Ended | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
INCOME STATEMENTS | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||||||
Interest income |
$ | 46,655 | $ | 42,446 | $ | 39,575 | $ | 39,801 | $ | 40,287 | ||||||||||
Interest expense |
1,164 | 946 | 904 | 1,049 | 1,168 | |||||||||||||||
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Net interest income |
45,491 | 41,500 | 38,671 | 38,752 | 39,119 | |||||||||||||||
Provision for loan losses |
1,349 | 832 | 401 | 642 | 787 | |||||||||||||||
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Net interest income after provision for loan losses |
44,142 | 40,668 | 38,270 | 38,110 | 38,332 | |||||||||||||||
Noninterest income |
17,075 | 15,153 | 13,960 | 14,948 | 15,499 | |||||||||||||||
Noninterest expense |
35,534 | 29,911 | 27,471 | 28,633 | 27,203 | |||||||||||||||
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Net income before income taxes |
25,683 | 25,910 | 24,759 | 24,425 | 26,628 | |||||||||||||||
Income tax expense |
6,121 | 6,420 | 6,182 | 6,107 | 6,828 | |||||||||||||||
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Net income |
$ | 19,562 | $ | 19,490 | $ | 18,577 | $ | 18,318 | $ | 19,800 | ||||||||||
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PER COMMON SHARE DATA |
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Net income - basic |
$ | 0.61 | $ | 0.62 | $ | 0.59 | $ | 0.58 | $ | 0.63 | ||||||||||
Net income - diluted |
0.61 | 0.61 | 0.59 | 0.58 | 0.63 | |||||||||||||||
Cash dividends declared |
0.26 | 0.26 | 0.25 | 0.25 | 0.25 | |||||||||||||||
Shares outstanding - end of period |
31,977,670 | 31,967,424 | 31,519,973 | 31,496,881 | 31,488,530 | |||||||||||||||
Average outstanding shares - basic |
31,970,405 | 31,683,355 | 31,507,975 | 31,490,402 | 31,484,375 | |||||||||||||||
Average outstanding shares - diluted |
32,121,771 | 31,809,840 | 31,601,364 | 31,530,907 | 31,502,172 | |||||||||||||||
PERFORMANCE RATIOS |
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Return on average assets |
1.56 | % | 1.67 | % | 1.71 | % | 1.68 | % | 1.84 | % | ||||||||||
Return on average equity |
13.64 | 13.53 | 13.41 | 13.09 | 14.53 | |||||||||||||||
Net interest margin (tax equivalent) |
4.25 | 4.18 | 4.19 | 4.17 | 4.26 | |||||||||||||||
Efficiency ratio |
53.10 | 49.25 | 48.68 | 49.86 | 46.61 | |||||||||||||||
Nine Months Ended Sept. 30, |
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INCOME STATEMENTS | 2013 | 2012 | ||||||||||||||||||
Interest income |
$ | 128,605 | $ | 119,994 | ||||||||||||||||
Interest expense |
3,014 | 4,063 | ||||||||||||||||||
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Net interest income |
125,591 | 115,931 | ||||||||||||||||||
Provision for loan losses |
2,582 | 2,842 | ||||||||||||||||||
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Net interest income after provision for loan losses |
123,009 | 113,089 | ||||||||||||||||||
Noninterest income |
46,260 | 42,261 | ||||||||||||||||||
Noninterest expense |
92,917 | 80,415 | ||||||||||||||||||
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Net income before income taxes |
76,352 | 74,935 | ||||||||||||||||||
Income tax expense |
18,723 | 19,028 | ||||||||||||||||||
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Net income |
$ | 57,629 | $ | 55,907 | ||||||||||||||||
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PER COMMON SHARE DATA |
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Net income - basic |
$ | 1.82 | $ | 1.78 | ||||||||||||||||
Net income - diluted |
1.81 | 1.78 | ||||||||||||||||||
Cash dividends |
0.77 | 0.74 | ||||||||||||||||||
Book Value |
17.77 | 17.46 | ||||||||||||||||||
Market Value |
58.85 | 36.03 | ||||||||||||||||||
Shares outstanding - end of period |
31,977,670 | 31,488,530 | ||||||||||||||||||
Average outstanding shares - basic |
31,722,272 | 31,476,715 | ||||||||||||||||||
Average outstanding shares - diluted |
31,853,294 | 31,486,707 | ||||||||||||||||||
PERFORMANCE RATIOS |
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Return on average assets |
1.64 | % | 1.78 | % | ||||||||||||||||
Return on average equity |
13.53 | 14.12 | ||||||||||||||||||
Net interest margin (tax equivalent) |
4.21 | 4.32 | ||||||||||||||||||
Efficiency ratio |
50.47 | 47.55 |
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Quarter Ended | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||||||
Balance at beginning of period |
$ | 34,099 | $ | 34,672 | $ | 34,839 | $ | 34,932 | $ | 34,747 | ||||||||||
Loans charged off |
(944 | ) | (1,570 | ) | (823 | ) | (1,119 | ) | (1,064 | ) | ||||||||||
Loan recoveries |
297 | 165 | 255 | 384 | 462 | |||||||||||||||
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Net charge-offs |
(647 | ) | (1,405 | ) | (568 | ) | (735 | ) | (602 | ) | ||||||||||
Provision for loan losses |
1,348 | 832 | 401 | 642 | 787 | |||||||||||||||
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Balance at end of period |
$ | 34,800 | $ | 34,099 | $ | 34,672 | $ | 34,839 | $ | 34,932 | ||||||||||
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Allowance for loan losses / period-end loans |
*1.33 | % | *1.32 | % | 1.62 | % | 1.67 | % | 1.74 | % | ||||||||||
Allowance for loan losses / nonperforming loans |
152.21 | 128.75 | 153.87 | 159.10 | 143.45 | |||||||||||||||
Net charge-offs / average loans (annualized) |
0.10 | 0.24 | 0.11 | 0.14 | 0.12 | |||||||||||||||
* Reflects the impact of loans acquired in the Orange Savings Bank, SSB acquisition, which were initially recorded at fair value with no allocated allowance for loan losses. | ||||||||||||||||||||
NONPERFORMING ASSETS |
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Nonaccrual loans |
$ | 22,809 | $ | 26,297 | $ | 22,509 | $ | 21,800 | $ | 24,283 | ||||||||||
Accruing loans 90 days past due |
54 | 187 | 24 | 97 | 69 | |||||||||||||||
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Total nonperforming loans |
22,863 | 26,484 | 22,533 | 21,897 | 24,352 | |||||||||||||||
Foreclosed assets |
5,672 | 4,589 | 3,185 | 3,565 | 6,373 | |||||||||||||||
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Total nonperforming assets |
$ | 28,535 | $ | 31,073 | $ | 25,718 | $ | 25,462 | $ | 30,725 | ||||||||||
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As a % of loans and foreclosed assets |
1.09 | % | 1.20 | % | 1.20 | % | 1.22 | % | 1.53 | % | ||||||||||
As a % of end of period total assets |
0.56 | 0.62 | 0.58 | 0.57 | 0.71 | |||||||||||||||
CAPITAL RATIOS |
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Tier 1 risk-based |
15.37 | % | 15.20 | % | 17.54 | % | 17.43 | % | 17.66 | % | ||||||||||
Total risk-based |
16.49 | 16.31 | 18.80 | 18.68 | 18.92 | |||||||||||||||
Tier 1 leverage |
9.77 | 10.32 | 10.69 | 10.60 | 10.49 | |||||||||||||||
Equity to assets |
11.20 | 11.56 | 12.66 | 12.37 | 12.76 | |||||||||||||||
Quarter Ended | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
NONINTEREST INCOME | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | Sept. 30, | |||||||||||||||
Trust fees |
$ | 4,138 | $ | 3,953 | $ | 3,793 | $ | 3,616 | $ | 3,723 | ||||||||||
Service charges on deposits |
4,798 | 4,316 | 3,895 | 4,432 | 4,337 | |||||||||||||||
ATM, interchange and credit card fees |
4,404 | 4,181 | 3,729 | 3,961 | 3,767 | |||||||||||||||
Real estate mortgage fees |
2,008 | 1,686 | 1,384 | 1,331 | 1,495 | |||||||||||||||
Net gain (loss) on sale of available-for-sale securities |
(108 | ) | 33 | 222 | 565 | 1,479 | ||||||||||||||
Net gain (loss) on sale of foreclosed assets |
36 | 17 | (316 | ) | 162 | (106 | ) | |||||||||||||
Net gain (loss) on sale of assets |
9 | 1 | 168 | 5 | (32 | ) | ||||||||||||||
Other noninterest income |
1,790 | 966 | 1,085 | 876 | 836 | |||||||||||||||
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Total noninterest income |
$ | 17,075 | $ | 15,153 | $ | 13,960 | $ | 14,948 | $ | 15,499 | ||||||||||
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NONINTEREST EXPENSE |
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Salaries and employee benefits, excluding profit sharing |
$ | 16,024 | $ | 14,968 | $ | 14,101 | $ | 13,565 | $ | 13,502 | ||||||||||
Profit sharing expense |
1,477 | 1,183 | 1,079 | 1,441 | 1,343 | |||||||||||||||
Net occupancy expense |
2,164 | 2,064 | 1,766 | 1,790 | 1,806 | |||||||||||||||
Equipment expense |
2,490 | 2,380 | 2,281 | 2,269 | 2,269 | |||||||||||||||
FDIC insurance premiums |
640 | 568 | 572 | 565 | 563 | |||||||||||||||
ATM, interchange and credit card expenses |
1,474 | 1,347 | 1,340 | 1,432 | 1,317 | |||||||||||||||
Legal, tax and professional fees |
1,576 | 1,272 | 993 | 1,162 | 1,019 | |||||||||||||||
Audit fees |
368 | 351 | 334 | 323 | 311 | |||||||||||||||
Printing, stationery and supplies |
534 | 498 | 472 | 487 | 468 | |||||||||||||||
Amortization of intangible assets |
77 | 33 | 10 | 28 | 38 | |||||||||||||||
Advertising and public relations |
1,245 | 1,100 | 994 | 1,085 | 998 | |||||||||||||||
Correspondent bank service charges |
250 | 222 | 202 | 220 | 220 | |||||||||||||||
Other noninterest expense |
7,215 | 3,925 | 3,327 | 4,266 | 3,349 | |||||||||||||||
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Total noninterest expense |
$ | 35,534 | $ | 29,911 | $ | 27,471 | $ | 28,633 | $ | 27,203 | ||||||||||
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TAX EQUIVALENT YIELD ADJUSTMENT |
$ | 4,358 | $ | 4,082 | $ | 3,795 | $ | 3,727 | $ | 3,743 | ||||||||||
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Nine Months Ended Sept. 30, |
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NONINTEREST INCOME | 2013 | 2012 | ||||||||||||||||||
Trust fees |
$ | 11,884 | $ | 10,848 | ||||||||||||||||
Service charges on deposits |
13,009 | 12,261 | ||||||||||||||||||
ATM, interchange and credit card fees |
12,315 | 11,226 | ||||||||||||||||||
Real estate mortgage fees |
5,149 | 3,763 | ||||||||||||||||||
Net gain on sale of available-for-sale securities |
147 | 2,206 | ||||||||||||||||||
Net gain (loss) on sale of foreclosed assets |
(263 | ) | (512 | ) | ||||||||||||||||
Net gain (loss) on sale of assets |
177 | 203 | ||||||||||||||||||
Other noninterest income |
3,842 | 2,266 | ||||||||||||||||||
|
|
|
|
|||||||||||||||||
Total Noninterest Income |
$ | 46,260 | $ | 42,261 | ||||||||||||||||
|
|
|
|
|||||||||||||||||
NONINTEREST EXPENSE |
||||||||||||||||||||
Salaries and employee benefits, excluding profit sharing |
$ | 45,093 | $ | 39,993 | ||||||||||||||||
Profit sharing expense |
3,738 | 3,270 | ||||||||||||||||||
Net occupancy expense |
5,995 | 5,286 | ||||||||||||||||||
Equipment expense |
7,146 | 6,521 | ||||||||||||||||||
FDIC Insurance premiums |
1,781 | 1,655 | ||||||||||||||||||
ATM, interchange and credit card expenses |
4,161 | 4,017 | ||||||||||||||||||
Legal, tax and professional fees |
3,846 | 3,020 | ||||||||||||||||||
Audit fees |
1,052 | 889 | ||||||||||||||||||
Printing, stationery and supplies |
1,504 | 1,483 | ||||||||||||||||||
Amortization of intangible assets |
120 | 120 | ||||||||||||||||||
Advertising and public relations |
3,339 | 2,893 | ||||||||||||||||||
Correspondent bank service charges |
674 | 636 | ||||||||||||||||||
Other noninterest expense |
14,468 | 10,632 | ||||||||||||||||||
|
|
|
|
|||||||||||||||||
Total Noninterest Expense |
$ | 92,917 | $ | 80,415 | ||||||||||||||||
|
|
|
|
|||||||||||||||||
TAX EQUIVALENT YIELD ADJUSTMENT |
$ | 12,235 | $ | 10,911 | ||||||||||||||||
|
|
|
|
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands)
Three Months Ended Sept. 30, 2013 |
||||||||||||
Average Balance |
Tax Equivalent Interest |
Yield / Rate |
||||||||||
Interest-earning assets: |
||||||||||||
Fed funds sold |
$ | 13,611 | $ | 14 | 0.42 | % | ||||||
Interest-bearing deposits in nonaffiliated banks |
49,434 | 95 | 0.76 | |||||||||
Taxable securities |
1,011,050 | 6,130 | 2.43 | |||||||||
Tax exempt securities |
943,623 | 11,441 | 4.85 | |||||||||
Loans |
2,636,253 | 33,333 | 5.02 | |||||||||
|
|
|
|
|
|
|||||||
Total interest-earning assets |
4,653,971 | 51,013 | 4.35 | |||||||||
Noninterest-earning assets |
334,521 | |||||||||||
|
|
|||||||||||
Total assets |
$ | 4,988,492 | ||||||||||
|
|
|||||||||||
Interest-bearing liabilities: |
||||||||||||
Deposits |
$ | 2,631,862 | $ | 1,038 | 0.16 | % | ||||||
Fed funds purchased and other short term borrowings |
457,914 | 126 | 0.11 | |||||||||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities |
3,089,776 | 1,164 | 0.15 | |||||||||
Noninterest-bearing liabilities |
1,329,582 | |||||||||||
Shareholders' equity |
569,134 | |||||||||||
|
|
|||||||||||
Total liabilities and shareholders' equity |
$ | 4,988,492 | ||||||||||
|
|
|||||||||||
|
|
|||||||||||
Net interest income and margin (tax equivalent) |
$ | 49,849 | 4.25 | % | ||||||||
|
|
|
|
|||||||||
Nine Months Ended Sept. 30, 2013 |
||||||||||||
Average Balance |
Tax Equivalent Interest |
Yield / Rate |
||||||||||
Interest-earning assets: |
||||||||||||
Fed funds sold |
$ | 10,932 | $ | 28 | 0.35 | % | ||||||
Interest-bearing deposits in nonaffiliated banks |
77,543 | 376 | 0.65 | |||||||||
Taxable securities |
1,038,679 | 18,818 | 2.42 | |||||||||
Tax exempt securities |
895,778 | 32,327 | 4.81 | |||||||||
Loans |
2,359,216 | 89,291 | 5.06 | |||||||||
|
|
|
|
|
|
|||||||
Total interest-earning assets |
4,382,148 | 140,840 | 4.30 | |||||||||
Noninterest-earning assets |
312,933 | |||||||||||
|
|
|||||||||||
Total assets |
$ | 4,695,081 | ||||||||||
|
|
|||||||||||
Interest-bearing liabilities: |
||||||||||||
Deposits |
$ | 2,453,370 | $ | 2,758 | 0.15 | % | ||||||
Fed funds purchased and other short term borrowings |
378,775 | 256 | 0.09 | |||||||||
|
|
|
|
|
|
|||||||
Total interest-bearing liabilities |
2,832,145 | 3,014 | 0.14 | |||||||||
Noninterest-bearing liabilities |
1,293,373 | |||||||||||
Shareholders' equity |
569,563 | |||||||||||
|
|
|||||||||||
Total liabilities and shareholders' equity |
$ | 4,695,081 | ||||||||||
|
|
|||||||||||
|
|
|||||||||||
Net interest income and margin (tax equivalent) |
$ | 137,826 | 4.21 | % | ||||||||
|
|
|
|