Business
First Financial Bankshares Announces First Quarter Earnings Results
ABILENE, Texas, April 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the first quarter of 2020 of $37.23
About this update from First Financial Bankshares, Inc.
[{"type":"text","content":"ABILENE, Texas, April 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the first quarter of 2020 of $37.23 million when compared with earnings of $38.25 million in the same quarter last year. Basic earnings per share were $0.26 for the first quarter of 2020 compared with $0.28 in the same quarter a year ago. Included in noninterest expense in the first quarter of 2020, were technology contract termination and conversion related costs totaling $3.81 million related to the acquisition of The Bank & Trust of Bryan/College Station (see below).\nAll amounts for the quarter ended March 31, 2020, include the results of the Company's recent 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. As of the acquisition date, The Bank & Trust of Bryan/College Station had total assets of approximately $631.41 million, total loans of approximately $455.35 million and total deposits of approximately $551.95 million.\nNet interest income for the first quarter of 2020 was $80.90 million, up 16.38 percent when compared with $69.51 million in the same quarter of 2019, due to an increase in average interest earning assets of $1.27 billion over the same quarter in 2019, primarily from the acquisition that just closed. The net interest margin, on a taxable equivalent basis, was 3.91 percent for the first quarter of 2020 compared to 3.99 percent in the fourth quarter of 2019 and 4.00 percent in the first quarter of 2019. Included in interest income for the first quarter of 2020 was $354 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Bryan/College Station acquisitions. Amounts related to discount accretion for the fourth quarter of 2019 and first quarter of 2019 were $384 thousand (or two basis points) and $466 thousand (or two basis points), respectively. The Company recorded a $7.65 million discount on the acquired loan portfolio from the Bryan/College Station acquisition on January 1, 2020.\nThe provision for loan losses was $9.85 million in the first quarter of 2020 compared with $950 thousand in the fourth quarter of 2019 and $965 thousand in the first quarter of 2019. The increase in the Company's provisio...