ABILENE, Texas, April 18, 2019 /PRNewswire/ -- The Board of Directors of First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the first quarter of 2019 of $38.25 million, up $3.73 million when compared with earnings of $34.52 million in the same quarter last year. Basic earnings per share were $0.56 for the first quarter of 2019 compared with $0.51 in the same quarter a year ago.

Net interest income for the first quarter of 2019 was $69.51 million compared with $65.45 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 4.00 percent for the first quarter of 2019 compared to 4.02 percent in the fourth quarter of 2018 and 3.88 percent in the first quarter of 2018. Included in interest income for the first quarter of 2019 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 first quarter of 2019 compared with $1.80 million in the fourth quarter of 2018 and $1.31 million in the first quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.74 percent at March 31, 2019, compared with 0.75 percent at December 31, 2018, and 0.66 percent at March 31, 2018. Classified loans totaled $118.43 million at March 31, 2019, compared to $126.30 million at December 31, 2018, and $124.06 million at March 31, 2018.

Noninterest income in the first quarter of 2019 rose to $24.44 million compared with $24.42 million in the same quarter a year ago. Trust fees increased $75 thousand to $6.98 million in the first quarter of 2019 compared with $6.90 million in the same quarter last year, primarily due to continued growth in the fair value of Trust assets managed to $6.06 billion from $5.23 billion a year ago. Service charges on deposits increased 5.98 percent to $5.18 million compared with $4.88 million in the same quarter a year ago due to continued growth in net new accounts. Real estate mortgage fees increased 18.45 percent in the first quarter of 2019 to $3.47 million compared with $2.93 million in the same quarter a year ago. Offsetting these increases in the first quarter of 2019 was a decrease in gain on sale of securities of $1.22 million when compared to the same quarter of 2018.

Noninterest expense for the first quarter of 2019 totaled $47.37 million compared to $47.80 million in the first quarter of 2018. The Company's efficiency ratio in the first quarter of 2019 was 49.46 percent compared with 51.76 percent in the same quarter last year. The decrease in noninterest expense in the first quarter of 2019 when compared to the same quarter a year ago was primarily related to the Company recording $1.55 million in the first quarter of 2018 related to contract termination and conversion costs associated with the Kingwood acquisition. During the first quarter of 2019, salary and employee benefit costs rose to $27.42 million compared to $26.20 million in the same quarter a year ago, primarily driven by annual merit-based pay increases 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, 2019, consolidated assets for the Company totaled $7.95 billion compared to $7.73 billion at December 31, 2018 and $7.57 billion at March 31, 2018. Loans totaled $4.00 billion at quarter end compared with loans of $3.98 billion at December 31, 2018, and $3.75 billion at March 31, 2018. Deposits totaled $6.35 billion at March 31, 2019, compared to $6.18 billion at December 31, 2018, and $6.19 billion at March 31, 2018. Shareholders' equity rose to $1.11 billion as of March 31, 2019, compared with $1.05 billion at December 31, 2018, and $969.81 million at March 31, 2018. 

"We are pleased to report a good first quarter for 2019 with solid earnings performance, as well as growth in loans and deposits," said F. Scott Dueser, Chairman, President and CEO. "We continue to work diligently to reduce expenses to improve our bottom line while looking for acquisition opportunities to better utilize our strong capital position and increase our return to our shareholders."

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.

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SOURCE First Financial Bankshares, Inc.