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First Financial Bankshares Announces Fourth Quarter Earnings Results And 27th Year Of Consecutive Earnings Growth

ABILENE, Texas, Jan. 23, 2014 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2013 of $21.24 million, up 15.94 percent compared with earnings of $18.32 million in the same quarter last year.  Basic earnings per share were $0.66 for the fourth quarter of 2013 compared with $0.58 in the same quarter a year ago.

All amounts for the fourth quarter and the year ended December 31, 2013 include the results of the Company's 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 for the fourth quarter of 2013 increased 20.48 percent to $46.69 million compared with $38.75 million in the same period of 2012. The net interest margin, on a taxable equivalent basis, was 4.27 percent compared with 4.17 percent in the same quarter last year and 4.25 percent in the third quarter of this year. Included in interest income for the fourth quarter of 2013 was $412 thousand, or three basis points in net interest margin, related to discount accretion from fair value accounting related to our Orange and Huntsville acquisitions.   

The provision for loan losses was $1.17 million in the fourth quarter of 2013 compared with $642 thousand in the same quarter last year and $1.35 million in the third quarter of this year, primarily due to continued loan growth. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.16 percent at December 31, 2013, compared with 1.09 percent at September 30, 2013, and 1.22 percent at December 31, 2012.  Classified loans totaled $84.24 million at December 31, 2013, compared to $81.67 million at September 30, 2013, and $67.14 million at December 31, 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 5.65 percent in the fourth quarter of 2013 to $15.79 million compared with $14.95 million in the same quarter a year ago. Trust fees increased to $4.43 million in the fourth quarter of 2013 compared with $3.62 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $3.36 billion from $2.85 billion a year ago along with additional oil and gas activity. ATM, interchange and credit card fees increased 11.99 percent to $4.44 million compared with $3.96 million in the same quarter last year.  There was no gain or loss on securities sold during the fourth quarter of 2013 compared to a gain of $565 thousand in the same quarter of 2012. Service charges on deposit accounts rose to $4.54 million in the fourth quarter of 2013 compared to $4.43 million in the same period of 2012.

Noninterest expense increased in the fourth quarter of 2013 to $33.10 million from $28.63 million in the same quarter last year. The Company's efficiency ratio in the fourth quarter of 2013 was 49.42 percent compared with 49.86 percent in the same quarter last year. Included in noninterest expense in the fourth quarter of 2013 were conversion related costs totaling $300 thousand related to the Company's recent acquisition of Orange. Also included in noninterest expense in the fourth quarter of 2013 were salary and employee benefit costs of $17.63 million, an increase of 17.50 percent when compared to $15.01 million in the same quarter a year ago, primarily driven by an increase in personnel from the Orange acquisition and increased profit sharing expenses.

For the year, net income increased 6.26 percent to $78.87 million from $74.23 million in 2012, marking 2013 as the 27th consecutive year of earnings increases for the Company. Basic earnings per share in 2013 rose to $2.48 for the year from $2.36 in the previous year.

Net interest income increased 11.38 percent for the year to $172.28 million from $154.68 million a year ago. The provision for loan losses for 2013 totaled $3.75 million compared with $3.48 million in the previous year. Noninterest income was $62.05 million for the year of 2013 compared with $57.21 million a year ago. Noninterest expense rose in 2013 to $126.01 million compared with $109.05 million in 2012.

As of December 31, 2013, consolidated assets for the Company totaled $5.22 billion compared with $4.50 billion a year ago. Loans totaled $2.69 billion at year end compared with loans of $2.09 billion a year ago, a 28.77 percent growth. Total deposits grew 13.83 percent to $4.14 billion at year end compared to $3.63 billion at the end of 2012.  Shareholders' equity rose to $587.65 million as of December 31, 2013, compared with $556.96 million in the prior year. 

"We were very pleased with our financial results for the fourth quarter and the year especially in light of a continued stagnant national economy, very low interest rates and the conversion costs from our Orange acquisition," said F. Scott Dueser, Chairman, President and CEO. "We continue to look for additional acquisitions which will fit our culture and bring additional earnings and increased shareholder value."

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 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 share and per share data)











































As of






2013



2012


ASSETS:





Dec. 31, 



Sept. 30, 



June 30, 



Mar. 31, 



Dec. 31, 


Cash and due from banks



$

183,084


$

164,666


$

138,087


$

113,958


$

207,018


Interest-bearing deposits in banks



25,498



48,634



6,624



20,065



139,676


Interest-bearing time deposits in banks



31,917



34,352



39,350



45,172



49,005


Fed funds sold




3,430



14,300



16,025



3,175



14,045


Investment securities



2,058,407



1,976,101



1,975,490



1,959,054



1,820,096


Loans





2,689,448



2,614,809



2,578,883



2,138,137



2,088,623



Allowance for loan losses


(33,900)



(34,800)



(34,099)



(34,672)



(34,839)


Net loans





2,655,548



2,580,009



2,544,784



2,103,465



2,053,784


Premises and equipment



95,505



94,676



94,808



86,265



84,122


Goodwill





94,882



94,882



94,882



71,865



71,865


Other intangible assets



2,603



2,547



2,366



98



108


Other assets




71,334



65,468



70,189



52,863



62,293



Total assets


$

5,222,208


$

5,075,635


$

4,982,605


$

4,455,980


$

4,502,012





















LIABILITIES AND SHAREHOLDERS'  EQUITY:
















Noninterest-bearing deposits


$

1,362,184


$

1,371,835


$

1,305,049


$

1,237,840


$

1,311,708


Interest-bearing deposits



2,772,891



2,628,722



2,612,540



2,312,286



2,320,876



Total deposits



4,135,075



4,000,557



3,917,589



3,550,126



3,632,584


Short-term borrowings



463,888



466,500



431,575



263,345



259,697


Other liabilities




35,598



40,337



57,577



78,257



52,768


Shareholders' equity




587,647



568,241



575,864



564,252



556,963



Total liabilities and shareholders' equity

$

5,222,208


$

5,075,635


$

4,982,605


$

4,455,980


$

4,502,012












































Quarter Ended






2013



2012


INCOME STATEMENTS




Dec. 31, 



Sept. 30, 



June 30, 



Mar. 31, 



Dec. 31, 


Interest income



$

47,756


$

46,655


$

42,446


$

39,575


$

39,801


Interest expense




1,066



1,164



946



904



1,049


Net interest income




46,690



45,491



41,500



38,671



38,752


Provision for loan losses



1,171



1,349



832



401



642


Net interest income after provision for loan losses

45,519



44,142



40,668



38,270



38,110


Noninterest income




15,792



17,075



15,153



13,960



14,948


Noninterest expense




33,096



35,534



29,911



27,471



28,633



Net income before income taxes


28,215



25,683



25,910



24,759



24,425


Income tax expense




6,977



6,121



6,420



6,182



6,107



Net income


$

21,238


$

19,562


$

19,490


$

18,577


$

18,318





















PER COMMON SHARE DATA 

















Net income - basic


$

0.66


$

0.61


$

0.62


$

0.59


$

0.58


Net income - diluted



0.66



0.61



0.61



0.59



0.58


Cash dividends declared



0.26



0.26



0.26



0.25



0.25


Shares outstanding - end of period


31,992,497



31,977,670



31,967,424



31,519,973



31,496,881


Average outstanding shares - basic


31,982,938



31,970,405



31,683,355



31,507,975



31,490,402


Average outstanding shares - diluted


32,096,229



32,121,771



31,809,840



31,601,364



31,530,907





















PERFORMANCE RATIOS

















Return on average assets


1.65

%


1.56

%


1.67

%


1.71

%


1.68

%

Return on average equity


14.47



13.64



13.53



13.41



13.09


Net interest margin (tax equivalent)


4.27



4.25



4.18



4.19



4.17


Efficiency ratio




49.42



53.10



49.25



48.68



49.86















































Year Ended














Dec. 31,







INCOME STATEMENTS





2013



2012








Interest income






$

176,369


$

159,796








Interest expense







4,088



5,112








Net interest income







172,281



154,684








Provision for loan losses







3,753



3,484








Net interest income after provision for loan losses


168,528



151,200








Noninterest income






62,052



57,209








Noninterest expense







126,012



109,049









Net income before income taxes



104,568



99,360








Income tax expense






25,700



25,135









Net income




$

78,868


$

74,225



























PER COMMON SHARE DATA 















Net income - basic





$

2.48


$

2.36








Net income - diluted






2.47



2.36








Cash dividends 







1.03



0.99








Book Value







18.37



17.68








Market Value







66.11



39.01








Shares outstanding - end of period



31,992,497



31,496,881








Average outstanding shares - basic



31,787,974



31,480,155








Average outstanding shares - diluted



31,928,382



31,501,267



























PERFORMANCE RATIOS


















Return on average assets





1.64

%


1.75

%







Return on average equity





13.75



13.85








Net interest margin (tax equivalent)



4.22



4.28








Efficiency ratio






50.19



48.14








 

FIRST FINANCIAL BANKSHARES, INC.


SELECTED FINANCIAL DATA (UNAUDITED)


(In thousands)














































Quarter Ended







2013



2012



ALLOWANCE FOR LOAN LOSSES


Dec. 31, 



Sept. 30,



June 30, 



Mar. 31, 



Dec. 31,



Balance at beginning of period


$

34,800


$

34,099


$

34,672


$

34,839


$

34,932



Loans charged off




(1,294)



(944)



(1,570)



(823)



(1,119)



Loan recoveries




311



297



165



255



384



Net charge-offs




(983)



(647)



(1,405)



(568)



(735)



Provision for loan losses



1,171



1,348



832



401



642



Transfer of off balance sheet exposure to other liabilities


(1,088)



-



-



-



-



Balance at end of period


$

33,900


$

34,800


$

34,099


$

34,672


$

34,839























Allowance for loan losses /


















     period-end loans



*

1.26

%

*

1.33

%

*

1.32

%


1.62

%


1.67

%


Allowance for loan losses /


















     nonperforming loans



120.82



152.21



128.75



153.87



159.10



Net charge-offs / average loans


















     (annualized)




0.15



0.10



0.24



0.11



0.14























     * 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


















Nonaccrual loans



$

27,926


$

22,809


$

26,297


$

22,509


$

21,800



Accruing loans 90 days past due



133



54



187



24



97




Total nonperforming loans



28,059



22,863



26,484



22,533



21,897



Foreclosed assets




3,069



5,672



4,589



3,185



3,565




Total nonperforming assets


$

31,128


$

28,535


$

31,073


$

25,718


$

25,462























As a % of loans and foreclosed assets



1.16

%


1.09

%


1.20

%


1.20

%


1.22

%


As a % of end of period total assets



0.60



0.56



0.62



0.58



0.57























CAPITAL RATIOS



















Tier 1 risk-based




15.82

%


15.37

%


15.20

%


17.54

%


17.43

%


Total risk-based




16.92



16.49



16.31



18.80



18.68



Tier 1 leverage





9.84



9.77



10.32



10.69



10.60



Equity to assets




11.25



11.20



11.56



12.66



12.37















































Quarter Ended







2013



2012



NONINTEREST INCOME



Dec. 31, 



Sept. 30,



June 30, 



Mar. 31, 



Dec. 31,



Trust fees



$

4,433


$

4,138


$

3,953


$

3,793


$

3,616



Service charges on deposits



4,537



4,798



4,316



3,895



4,432



ATM, interchange and credit card fees



4,436



4,404



4,181



3,729



3,961



Real estate mortgage fees



1,200



2,008



1,686



1,384



1,331



Net gain (loss) on sale of available-for-sale securities


-



(108)



33



222



565



Net gain (loss) on sale of foreclosed assets



111



36



17



(316)



162



Net gain (loss) on sale of assets



6



9



1



168



5



Other noninterest income




1,069



1,790



966



1,085



876




Total noninterest income


$

15,792


$

17,075


$

15,153


$

13,960


$

14,948











































NONINTEREST EXPENSE


















Salaries and employee benefits, excluding profit sharing

$

15,690


$

16,024


$

14,968


$

14,101


$

13,565



Profit sharing expense



1,942



1,477



1,183



1,079



1,441



Net occupancy expense



2,101



2,164



2,064



1,766



1,790



Equipment expense



2,527



2,490



2,380



2,281



2,269



FDIC insurance premiums



636



640



568



572



565



ATM, interchange and credit card expenses



1,499



1,474



1,347



1,340



1,432



Legal, tax and professional fees



1,248



1,576



1,272



993



1,162



Audit  fees




506



368



351



334



323



Printing, stationery and supplies



562



534



498



472



487



Amortization of intangible assets



77



77



33



10



28



Advertising and public relations



1,495



1,245



1,100



994



1,085



Correspondent bank service charges



241



250



222



202



220



Other noninterest expense



4,572



7,215



3,925



3,327



4,266




Total noninterest expense


$

33,096


$

35,534


$

29,911


$

27,471


$

28,633











































TAX EQUIVALENT YIELD ADJUSTMENT


$

4,490


$

4,358


$

4,082


$

3,795


$

3,727


















































Year Ended















Dec. 31,








NONINTEREST INCOME







2013



2012









Trust fees






$

16,317


$

14,464









Service charges on deposits




17,546



16,693









ATM, interchange and credit card fees



16,750



15,187









Real estate mortgage fees




6,349



5,094









Net gain on sale of available-for-sale securities



147



2,772









Net gain (loss) on sale of foreclosed assets



(152)



(350)









Net gain (loss) on sale of assets



183



207









Other noninterest income





4,912



3,142










Total noninterest income



$

62,052


$

57,209





























NONINTEREST EXPENSE

















Salaries and employee benefits, excluding profit sharing


$

60,843


$

53,558









Profit sharing expense






5,686



4,711









Net occupancy expense






8,095



7,076









Equipment expense






9,673



8,790









FDIC Insurance premiums






2,418



2,220









ATM, interchange and credit card expenses



5,660



5,448









Legal, tax and professional fees





5,029



4,182









Audit  fees







1,558



1,211









Printing, stationery and supplies





2,066



1,970









Amortization of intangible assets




197



149









Advertising and public relations





4,833



3,977









Correspondent bank service charges




915



856









Other noninterest expense






19,039



14,901










Total noninterest expense


$

126,012


$

109,049

















































TAX EQUIVALENT YIELD ADJUSTMENT


$

16,723


$

14,637





























 

FIRST FINANCIAL BANKSHARES, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(In thousands)










































Three Months Ended








Dec. 31, 2013









Average



Tax Equivalent


Yield /










Balance



Interest


Rate


Interest-earning assets:
















  Fed funds sold






$


7,177


$

7



0.40

%

  Interest-bearing deposits in nonaffiliated banks




44,421



89



0.79


  Taxable securities








1,094,256



6,687



2.44


  Tax exempt securities








958,278



11,817



4.93


  Loans









2,650,834



33,645



5.04


Total interest-earning assets








4,754,966



52,245



4.36


Noninterest-earning assets








344,927








                              Total assets






$


5,099,893

























Interest-bearing liabilities:
















  Deposits







$


2,696,123


$

950



0.14

%

  Fed funds purchased and other short term borrowings






454,573



115



0.10


Total interest-bearing liabilities







3,150,696



1,065



0.13


Noninterest-bearing liabilities 


1,366,726








Shareholders' equity








582,471








                              Total liabilities and shareholders' equity



$


5,099,893

























Net interest income and margin (tax equivalent)







$

51,180



4.27

%




























































Year Ended









Dec. 31, 2013









Average



Tax Equivalent


Yield /










Balance



Interest


Rate


Interest-earning assets:
















  Fed funds sold






$


12,653


$

44



0.35

%

  Interest-bearing deposits in nonaffiliated banks




69,169



465



0.67


  Taxable securities








1,052,453



25,505



2.42


  Tax exempt securities








911,472



44,143



4.84


  Loans









2,431,872



122,935



5.06


Total interest-earning assets








4,477,619



193,092



4.31


Noninterest-earning assets








321,641








                              Total assets






$


4,799,260

























Interest-bearing liabilities:
















  Deposits







$


2,513,674


$

3,709



0.15

%

  Fed funds purchased and other short term borrowings




400,545



379



0.09


Total interest-bearing liabilities







2,914,219



4,088



0.14


Noninterest-bearing liabilities                                                                              



1,311,656








Shareholders' equity








573,385








                              Total liabilities and shareholders' equity



$


4,799,260

























Net interest income and margin (tax equivalent)







$

189,004



4.22

%

SOURCE First Financial Bankshares, Inc.

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Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
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SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Docker has acquired software-defined networking (SDN) startup SocketPlane. SocketPlane, which was founded in Q4, 2014, with a vision of delivering Docker-native networking, has been an active participant in shaping the initial efforts around Docker’s open API for networking. The explicit focus of the SocketPlane team within Docker will be on collaborating with the partner community to complete a rich set of networking APIs that addresses the needs of application developers and network and system...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures...
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...