Business
First Financial Bankshares Announces Earnings For Third Quarter 2020
ABILENE, Texas, Oct. 22, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2020 of $52.86
About this update from First Financial Bankshares, Inc.
[{"type":"text","content":"ABILENE, Texas, Oct. 22, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the third quarter of 2020 of $52.86 million compared with earnings of $43.08 million for the third quarter of 2019, representing a 22.69 percent increase. Basic and diluted earnings per share were $0.37 for the third quarter of 2020 compared with $0.32 for the third quarter of 2019.\nAll amounts for the three and nine months ended September 30, 2020, include the results of the Company's acquisition of TB&T Bancshares, Inc. and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station, Texas, which was effective January 1, 2020. \n\"We are extremely pleased with our results for the third quarter and year-to-date reflecting our TEXAS STRONG initiative to navigate through the pandemic. Throughout this time, we have kept our doors open to allow our customers to keep their doors open as well. Our approach has proven to be very positive since approximately one-third of the PPP loans were made to prospects and noncustomers who couldn't get them done through their own bank allowing us to grow considerably in loans and deposits as well as trust assets. I am extremely proud of the dedication, hard work and excellent customer service that our 1,450 associates have provided through this time by guiding our customers through the PPP loan process, bringing an unbelievable amount of new business to the Company, and executing a record number of mortgages, all of which has certainly helped our bottom line. As already proven, we are well positioned to navigate through this environment with strong reserves, liquidity, superior capital levels, and a team that doesn't allow pandemics or hurricanes to slow us down. We are optimistic about finishing the year strong and rolling right into 2021,\" said F. Scott Dueser, Chairman, President and CEO of First Financial Bankshares, Inc.\nNet interest income for the third quarter of 2020 was $89.21 million, up $16.57 million from net interest income of $72.64 million for the third quarter of 2019. The net interest margin on a tax equivalent basis was 3.75 percent for the quarter compared to 3.94 percent a year ago. Net interest income was positively impacted by a $2.33 billion increase in average-earning assets to $9.80 billion at September 30, 2020, from both organic and acqu...