Mineral Wells Index, Mineral Wells, TX

Business

January 29, 2012

First Financial Bankshares marks 25th consecutive year of earnings growth

ABILENE (PRNewswire) – First Financial Bankshares Inc. (NASDAQ: FFIN) on Thursday reported earnings for the fourth quarter of 2011 of $17.47 million, up 12.6 percent compared with earnings of $15.52 million in the same quarter last year.

Basic earnings per share were $0.56 for the fourth quarter of 2011 compared with $0.49 in the same quarter a year ago.  

Net interest income for the fourth quarter of 2011 increased 5.6 percent to $38.2 million compared with $36.2 million in 2010.  The net interest margin, on a taxable equivalent basis, was 4.44 percent compared with 4.69 percent in the same quarter last year and 4.62 percent in the third quarter of this year.  

For the year, net income increased 14.6 percent to $68.37 million from $59.66 million in 2010, making 2011 the 25th consecutive year of earnings increases for the company. Basic earnings per share rose to $2.17 for the year from $1.91 in the previous year.

“It is a special honor to be able to announce to our shareholders that 2011 marked a quarter century of consecutive annual earnings increases for the company,” said F. Scott Dueser, chairman, president and CEO. “This rare accomplishment could not have occurred without the dedication, hard work and expertise of our executive team, bank presidents and all our people.

“We are especially pleased with the loan and deposit growth we achieved in 2011, the successful integration of our newly acquired bank in Huntsville, Texas, and the continued growth for our Trust Company,” Dueser said. “We believe First Financial’s future remains bright, despite challenges from a sluggish national economy, extraordinarily low interest rates and the burden of complying with new federal regulations in the banking industry.  In the year ahead, we will continue to pursue both internal growth opportunities and acquisitions, while keeping our focus on providing exceptional customer service and serving the needs of our communities.”  

Headquartered in Abilene, Texas, First Financial Bankshares is a financial holding company that operates 11 separately chartered banks with 52 locations in Texas, including First Financial Bank, N.A., in Mineral Wells.

For more information about First Financial Bankshares, visit www.ffin.com.

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