ABILENE, Texas, July 18, 2019 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2019 of $42.09 million, up $4.46 million when compared with earnings of $37.63 million in the same quarter last year.  Basic earnings per share were $0.31 for the second quarter of 2019 compared with $0.28 in the same quarter a year ago.

On April 23, 2019, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 3, 2019.  All share and per share amounts in this earnings release have been restated to reflect this stock split.

Net interest income for the second quarter of 2019 was $71.62 million compared with $67.61 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.98 percent in the second quarter of 2019 compared to 4.00 percent in the first quarter of 2019 and 3.92 percent in the second quarter of 2018. Included in interest income for the second quarter of 2019 was $402 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 $600 thousand in the second quarter of 2019 compared with $965 thousand in the first quarter of 2019 and $1.11 million in the second quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.69 percent at June 30, 2019, compared with 0.74 percent at March 31, 2019, and 0.73 percent at June 30, 2018. Classified loans totaled $126.04 million at June 30, 2019, compared to $118.43 million at March 31, 2019, and $113.73 million at June 30, 2018.

Noninterest income increased 9.76 percent in the second quarter of 2019 to $27.98 million compared with $25.49 million in the same quarter a year ago. Trust fees were $7.03 million in the second quarter of 2019 compared with $7.07 million in the same quarter last year. The fair value of Trust assets managed increased to $6.19 billion from $5.40 billion a year ago; however, the income from this growth was offset by lower mineral fees. ATM, interchange and credit card fees increased 4.42 percent to $7.35 million compared with $7.04 million in the same quarter last year due to continued growth in debit cards. Real estate mortgage fees increased 19.49 percent in the second quarter of 2019 to $4.72 million compared with $3.95 million in the same quarter a year ago.

Noninterest expense for the second quarter of 2019 totaled $48.30 million compared to $47.14 million in the second quarter of 2018. The Company's efficiency ratio in the second quarter of 2019 was 47.71 percent compared with 49.42 percent in the same quarter last year. The increase in noninterest expense in the second quarter of 2019 was primarily a result of an increase in salary and employee benefit costs to $27.39 million compared to $26.86 million in the same quarter a year ago, primarily driven by annual merit-based pay increases and rising medical insurance costs.

For the first half of 2019, net income increased to $80.34 million from $72.15 million for the same period a year ago. Basic earnings per share rose to $0.59 in the first half of 2019 from $0.53 in the same period of 2018. Net interest income increased to $141.13 million in the first half of 2019 from $133.06 million in the same period a year ago. The provision for loan losses totaled $1.57 million compared with $2.42 million in the first half of the previous year. Noninterest income was $52.41 million in the first half of 2019 compared with $49.91 million in the same period of 2018. Noninterest expense rose to $95.67 million in the first half of 2019 compared with $94.94 million during the same period last year.

As of June 30, 2019, consolidated assets for the Company totaled $7.98 billion compared to $7.95 billion at March 31, 2019, and $7.69 billion at June 30, 2018. Loans totaled $4.06 billion at June 30, 2019, compared with loans of $4.00 billion at March 31, 2019, and $3.86 billion at June 30, 2018. Deposits totaled $6.37 billion at June 30, 2019, compared to $6.35 billion at March 31, 2019, and $6.21 billion at June 30, 2018. Shareholders' equity rose to $1.16 billion as of June 30, 2019, compared with $1.11 billion at March 31, 2019, and $985.63 million at June 30, 2018. 

"We are pleased to report increased earnings and steady organic loan growth this quarter," said F. Scott Dueser, Chairman, President and CEO. "In the second half of the year, we will continue to pursue opportunities for acquisitions and focus on growing loans and deposits, cutting costs and increasing our bottom line."

About First Financial Bankshares:Headquartered in Abilene, Texas, First Financial Bankshares, Inc. is a financial holding company that through its subsidiary, First Financial Bank, N.A., operates multiple banking regions with 73 locations in Texas, including Abilene, Acton, Albany, Aledo, Alvarado, Beaumont, Boyd, Bridgeport, Brock, Burleson, Cisco, Cleburne, Clyde, Conroe, Cut and Shoot, Decatur, Eastland, El Campo, Fort Worth, Fulshear, Glen Rose, Granbury, Grapevine, Hereford, Huntsville, Keller, Kingwood, Magnolia, Mauriceville, Merkel, Midlothian, Mineral Wells, Montgomery, Moran, New Waverly, Newton, Odessa, Orange, Palacios, Port Arthur, Ranger, Rising Star, Roby,  San  Angelo,  Southlake, Spring, Stephenville, Sweetwater, Tomball, Trent, Trophy Club, Vidor, Waxahachie, Weatherford, Willis, and Willow Park. The Company also operates First Financial Trust & Asset Management Company, N.A., with eight 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.

View original content:http://www.prnewswire.com/news-releases/first-financial-bankshares-announces-second-quarter-2019-earnings-results-300887653.html

SOURCE First Financial Bankshares, Inc.