First Financial Bankshares, Inc. (NASDAQ: FFIN) Declares 1st Quarter Earnings Results

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The Board of Directors of First Financial Bankshares, Inc. (NASDAQ: FFIN) recently stated earnings for the 1st quarter of 2K19 of $38.25M, up to $3.73M when difference with revenues of $34.52M in the similar quarter last year. Basic earnings per share were $0.56 for the 1st quarter of 2K19 difference with $0.51 in the comparable quarter a year ago.

Net interest income for the 1st quarter of 2K19 was a $69.51M difference with $65.45M in the similar quarter of 2K18. The net interest margin, on a taxable equivalent basis, was 4.00% for the 1st quarter of 2K19 difference to 4.02% in the fourth quarter of 2K18 and 3.88% in the 1st quarter of 2K18.

Included in interest income for the 1st quarter of 2K19 was $466 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions.

The provision for loan losses was $965 thousand in the 1st quarter of 2K19 difference with $1.80M in the fourth quarter of 2K18 and $1.31M in the 1st quarter of 2K18.

Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.74% at March 31, 2K19, the difference with 0.75% at December 31, 2K18, and 0.66% at March 31, 2K18. Classified loans totaled $118.43M at March 31, 2K19, a difference to $126.30M at December 31, 2K18, and $124.06M at March 31, 2K18.

Noninterest income in the 1st quarter of 2K19 rose to $24.44M difference with $24.42M in the similar quarter a year ago. Trust fees raised $75 thousand to $6.98M in the 1st quarter of 2K19 difference with $6.90M in the similar quarter last year, mainly because of continued development in the fair value of Trust assets managed to $6.06B from $5.23B a year ago. Service charges on deposits raised 5.98% to $5.18M difference with $4.88Min the similar quarter a year ago because of continued development in net new accounts.

Real estate mortgage fees raised 18.45% in the 1st quarter of 2K19 to $3.47M difference with $2.93M in the similar quarter a year ago. Offsetting these raised in the 1st quarter of 2K19 was a decline in gain on sale of securities of $1.22M when difference to the similar quarter of 2K18.

Noninterest cost for the 1st quarter of 2K19 totaled $47.37M difference to $47.80M in the 1st quarter of 2K18. The Company’s efficiency ratio in the 1st quarter of 2K19 was 49.46% difference with 51.76% in the similar quarter last year.

The decline in noninterest cost in the 1st quarter of 2K19 when difference to the similar quarter a year ago was mainly related to the Company recording $1.55M in the 1st quarter of 2K18 related to contract termination and conversion costs associated with the Kingwood acquisition. During the 1st quarter of 2K19, salary and employee benefit costs rose to $27.42M difference to $26.20M in the similar quarter a year ago, mainly driven by annual merit-based pay raised and the recognition of $900 thousand resulting from the Company’s continued efforts to terminate its frozen defined benefit pension plan.

As of March 31, 2K19, merged assets for the Company totaled $7.95B difference to $7.73B at December 31, 2K18and $7.57B at March 31, 2K18. Loans totaled $4.00B at quarter end difference with investments of $3.98B at December 31, 2K18, and $3.75B at March 31, 2K18. Deposits totaled $6.35B at March 31, 2K19, a difference to $6.18B at December 31, 2K18, and $6.19B at March 31, 2K18. Shareholders’ equity rose to $1.11B as of March 31, 2K19, the difference with $1.05B at December 31, 2K18, and $969.81M at March 31, 2K18.

“We are happy to report a good 1st quarter for 2K19 with solid earnings performance, in addition to development in loans and deposits,” said F. Scott Dueser, Chairman, President, and C-E-O. “We continue to work meticulously to reduce costs to improve our bottom line while looking for acquisition opportunities to exploit our strong capital position better and increase our return to our shareholders.”

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