Business
First Financial Bankshares Announces Second Quarter Earnings Results
ABILENE, Texas, July 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2020 of $53.47
About this update from First Financial Bankshares, Inc.
[{"type":"text","content":"ABILENE, Texas, July 23, 2020 /PRNewswire/ -- First Financial Bankshares, Inc. (NASDAQ: FFIN) today reported earnings for the second quarter of 2020 of $53.47 million when compared with earnings of $42.09 million in the same quarter last year and $37.23 million in the first quarter of 2020. Basic and diluted earnings per share were $0.38 for the second quarter of 2020 compared with $0.31 in the same quarter a year ago and $0.26 for the first quarter of 2020.\nAll amounts for the three and six-months ended June 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. As of the acquisition date, The Bank & Trust of Bryan/College Station had total assets of $631.26 million, total loans of $455.18 million and total deposits of $548.38 million. The Company recorded a $7.65 million discount on the acquired loan portfolio.\n\"We are very pleased with our second quarter earnings performance, especially in the current environment of a pandemic, the shutdown of the economy and lower oil and gas prices,\" said F. Scott Dueser, Chairman, President and CEO. \"We could not be prouder of our team that responded quickly to the SBA-PPP program and funded nearly 6,500 loans totaling over $700 million which not only took care of our existing customers but brought many new loan and depository customers from other banks that were not as well prepared to offer the PPP program or chose not to participate at all. We responded to the pandemic by protecting our employees and customers while keeping our doors open and working very long hours to make sure that our customers were taken care of well. At the same time, we had record mortgage closings. Although it was a tough quarter, we navigated well through the challenges and continue to stay TEXAS STRONG.\"\nOverall, net interest income for the second quarter of 2020 increased $8.33 million and $17.62 million from the first quarter of 2020 and the second quarter of 2019, respectively. Net interest income was positively impacted by the Company's participation in the Small Business Administration Paycheck Protection Program (PPP), an increase in investment securities and the reduction in interest rates paid on deposits. The following table summarizes key net intere...