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First Financial Bankshares Announces Fourth Quarter Earnings Results And 33rd Year Of Consecutive Earnings Growth
ABILENE, Texas, Jan. 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2019 of $41.39
About this update from First Financial Bankshares, Inc.
[{"type":"text","content":"ABILENE, Texas, Jan. 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the fourth quarter of 2019 of $41.39 million, up $2.95 million or 7.68 percent when compared with earnings of $38.44 million in the same quarter last year. Basic earnings per share were $0.30 for the fourth quarter of 2019 compared with $0.28 in the same quarter a year ago. Included in noninterest expense in the fourth quarter of 2019 was $1.70 million, before income tax, resulting from the Company's completed termination of its defined benefit pension plan (see below for more details).\nOn April 23, 2019, the Company's Board of Directors declared a two-for-one stock split in the form of a 100 percent stock dividend, which was effective June 3, 2019. All share and per share amounts in this earnings release have been restated to reflect this stock split.\nNet interest income for the fourth quarter of 2019 was $75.32 million compared with $70.27 million in the same quarter of 2018. The net interest margin, on a taxable equivalent basis, was 3.99 percent for the fourth quarter of 2019 compared to 3.94 percent in the third quarter of 2019 and 4.02 percent in the fourth quarter of 2018. Included in interest income for the fourth quarter of 2019 was $384 thousand, or two basis points in net interest margin, related to discount accretion from fair value accounting related to the Kingwood and Orange acquisitions. Amounts related to discount accretion for the third quarter of 2019 and fourth quarter of 2018 were $415 thousand (or two basis points) and $491 thousand (or two basis points), respectively. \nThe provision for loan losses was $950 thousand in the fourth quarter of 2019 compared with $450 thousand in the third quarter of 2019 and $1.80 million in the fourth quarter of 2018. Nonperforming assets as a percentage of loans and foreclosed assets totaled 0.61 percent at December 31, 2019, compared with 0.66 percent at September 30, 2019, and 0.75 percent at December 31, 2018. Classified loans totaled $140.66 million at December 31, 2019, compared to $119.20 million at September 30, 2019, and $126.30 million at December 31, 2018. \nNoninterest income increased 10.28 percent in the fourth quarter of 2019 to $27.35 million compared with $24.80 million in the same quarter a year ago. Trust fees were $7.34 million in t...