Mineral Wells Index
ABILENE (PRNewswire) – First Financial Bankshares Inc. reported this past week earnings for the first quarter of 2012 of $17.76 million, up 8.97 percent compared with earnings of $16.30 million in the same quarter last year.
Basic earnings per share were 56 cents for the first quarter of 2012 compared with 52 cents in the same quarter of 2011.
Net interest income increased 2.49 percent to $38.26 million compared with $37.33 million in 2011. The net interest margin, on a taxable equivalent basis, was 4.39 percent compared with 4.72 percent in the same quarter last year and 4.44 percent in the fourth quarter of 2011.
The provision for loan losses was $1.30 million in the first quarter of 2012, compared with $2.13 million in the same quarter last year and $1.22 million in the fourth quarter of 2011. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.60 percent at March 31, 2012, compared with 1.64 percent at Dec. 31, 2011, and 1.44 percent at March 31, 2011.
Non-interest income increased 3.55 percent in the first quarter of 2012 to $13.30 million compared with $12.84 million in the same quarter a year ago. Trust fees increased to $3.45 million in the first quarter of 2012 compared with $3.04 million in the same quarter last year primarily due to continued growth in the fair value of Trust assets managed to $2.63 billion from $2.38 billion a year ago.
ATM, interchange and credit card fees increased 19.47 percent to $3.68 million compared with $3.08 million in the same quarter last year. Service charges on deposit accounts decreased to $3.88 million during the first quarter of 2012 compared with $4.37 million for the same quarter a year ago, due primarily to decreased customer use of overdraft services.
Non-interest expense rose slightly in the first quarter of 2012 to $26.47 million from $26.16 million in the same quarter last year. The company’s efficiency ratio in the first quarter of 2012 improved to 48.08 percent compared with 49.07 percent in the same quarter last year.
As of March 31, consolidated assets for the company totaled $4.23 billion compared with $3.83 billion a year ago. Loans grew 6.96 percent and totaled $1.80 billion at quarter end compared with loans of $1.68 billion a year ago. Total deposits were $3.40 billion as of March 31, which represents an 8.5 percent growth over $3.13 billion a year earlier. Shareholders’ equity rose to $517.01 million as of March 31, compared with $456.22 million the prior year.
“We are pleased to report another successful quarter of growth in earnings, loans and deposits,” said F. Scott Dueser, chairman, president and CEO. “We are continuously working to improve our efficiencies while actively pursuing internal growth opportunities and acquisitions.”
Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 11 separately chartered banks with 53 locations in Texas, including First Financial Bank, N.A., Mineral Wells.
The company is listed on The NASDAQ Global Select Market under the trading symbol FFIN. For more information about First Financial Bankshares, visit www.ffin.com.