Company Quick10K Filing
First Financial
Price33.35 EPS1
Shares136 P/E37
MCap4,548 P/FCF31
Net Debt0 EBIT172
TEV4,548 TEV/EBIT27
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-24
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-10-25
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-25 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-02
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-02
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-04-28
8-K 2020-04-28
8-K 2020-04-28
8-K 2020-04-24
8-K 2020-04-23
8-K 2020-04-03
8-K 2020-03-12
8-K 2020-01-28
8-K 2020-01-28
8-K 2020-01-23
8-K 2020-01-02
8-K 2019-10-23
8-K 2019-10-17
8-K 2019-09-19
8-K 2019-07-18
8-K 2019-06-30
8-K 2019-04-23
8-K 2019-04-23
8-K 2019-04-18
8-K 2019-01-24
8-K 2018-10-18
8-K 2018-07-19
8-K 2018-06-29
8-K 2018-04-24
8-K 2018-04-24
8-K 2018-04-19
8-K 2018-01-25
8-K 2018-01-01

FFIN 10Q Quarterly Report

Part I
Item 1. Financial Statements.
Note 2 - Interest - Bearing Time Deposits in Banks and Securities
Note 3 - Loans Held for Investment and Allowance for Credit Losses
Note 4 - Loans Held for Sale
Note 5 - Derivative Financial Instruments
Note 6 - Borrowings
Note 7 - Income Taxes
Note 8 - Stock Option Plan and Restricted Stock Plan
Note 9 - Pension Plan
Note 10 - Fair Value Disclosures
Note 11 - Acquisition
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 d794396dex311.htm
EX-31.2 d794396dex312.htm
EX-32.1 d794396dex321.htm
EX-32.2 d794396dex322.htm

First Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q
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ffin:Investment ffin:SecurityLoan
Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
                    
to
                    
Commission file number
0-7674
 
FIRST FINANCIAL BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
 
Texas
 
75-0944023
(State or other jurisdiction of incorporation
 
(I.R.S. Employer
or organization)
 
Identification No.)
400 Pine Street, Abilene, Texas 79601
(Address of principal executive offices) (Zip Code)
(325)
627-7155
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, $0.01 par value
 
FFIN
 
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  
     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer
 
 
 
 
 
 
Accelerated filer
 
                             
Non-accelerated filer
 
 
 
 
 
 
Smaller reporting company
 
                             
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Act).     Yes  
    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Class
 
Outstanding at April 24, 2020
Common Stock, $0.01 par value per share
 
142,051,466
 
 

Table of Contents
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
             
Item
 
 
Page
 
             
    1.
     
2
 
     
3
 
     
4
 
     
5
 
     
6
 
     
7
 
     
8
 
             
    2.
     
33
 
             
    3.
     
52
 
             
    4.
     
52
 
             
 
PART II
 
OTHER INFORMATION
   
 
             
    1.
     
54
 
             
    1A.
     
54
 
             
    2.
     
56
 
             
    3.
     
56
 
             
    4.
     
56
 
             
    5.
     
56
 
             
    6.
     
57
 
             
     
59
 
 
1

Table of Contents
PART I
FINANCIAL INFORMATION
Item 1.
Financial Statements.
 
The consolidated balance sheets of First Financial Bankshares, Inc. (the “Company” or “we”) at March 31, 2020 and 2019 and December 31, 2019, and the consolidated statements of earnings, comprehensive earnings, shareholders’ equity and cash flows for the three months ended March 31, 2020 and 2019, follow on pages 3 through 7.
2

Table of Contents
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
 
March 31,
   
December 31,
 
 
2020
   
2019
   
2019
 
 
(Unaudited)
   
 
ASSETS
 
 
 
 
 
 
 
 
 
                         
CASH AND DUE FROM BANKS
  $
191,486
    $
176,278
    $
231,534
 
FEDERAL FUNDS SOLD
   
  
     
12,825
     
3,150
 
INTEREST-BEARING DEPOSITS IN BANKS
   
76,378
     
197,758
     
47,920
 
                         
Total cash and cash equivalents
   
267,864
     
386,861
     
282,604
 
                         
INTEREST-BEARING TIME DEPOSITS IN BANKS
   
—  
     
1,458
     
—  
 
                         
SECURITIES
AVAILABLE-FOR-SALE,
at fair value
   
4,107,069
     
3,212,812
     
3,413,317
 
                         
LOANS:
   
     
     
 
Held for investment
   
4,639,389
     
3,989,160
     
4,194,969
 
Less - allowance for loan losses
   
(60,440
)    
(51,585
)    
(52,499
)
                         
Net loans held for investment
   
4,578,949
     
3,937,575
     
4,142,470
 
Held for sale ($39,659 at fair value at March 31, 2020; $12,007 at March 31, 2019; and $23,076 at December 31, 2019)
   
42,034
     
14,446
     
28,228
 
                         
Net loans
   
4,620,983
     
3,952,021
     
4,170,698
 
                         
BANK PREMISES AND EQUIPMENT, net
   
139,554
     
135,321
     
131,022
 
INTANGIBLE ASSETS
   
319,234
     
174,415
     
173,667
 
OTHER ASSETS
   
246,387
     
83,007
     
90,919
 
                         
                         
Total assets
  $
9,701,091
    $
7,945,895
    $
8,262,227
 
                         
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
                         
NONINTEREST-BEARING DEPOSITS
  $
2,288,597
    $
2,165,745
    $
2,065,128
 
INTEREST-BEARING DEPOSITS
   
4,921,869
     
4,184,996
     
4,538,678
 
                         
Total deposits
   
7,210,466
     
6,350,741
     
6,603,806
 
                         
DIVIDENDS PAYABLE
   
17,060
     
14,244
     
16,306
 
BORROWINGS
   
857,871
     
382,711
     
381,356
 
OTHER LIABILITIES
   
89,332
     
90,677
     
33,562
 
                         
                         
Total liabilities
   
8,174,729
     
6,838,373
     
7,035,030
 
                         
                         
COMMITMENTS AND CONTINGENCIES
   
     
     
 
                         
SHAREHOLDERS’ EQUITY:
   
     
     
 
Common stock - ($0.01 par value, authorized 200,000,000 shares; 142,314,930, 135,680,420 and 135,891,755 shares issued at March 31, 2020 and 2019 and December 31, 2019, respectively)
   
1,423
     
1,356
     
1,359
 
Capital surplus
   
673,535
     
445,672
     
450,676
 
Retained earnings
   
727,828
     
629,988
     
707,656
 
Treasury stock (shares at cost: 928,417, 928,678 and 927,408 at March 31, 2020 and 2019, and December 31, 2019, respectively)
   
(8,437
)    
(7,660
)    
(8,222
)
Deferred compensation
   
8,437
     
7,660
     
8,222
 
Accumulated other comprehensive earnings (loss)
   
123,576
     
30,506
     
67,506
 
                         
                         
Total shareholders’ equity
   
1,526,362
     
1,107,522
     
1,227,197
 
                         
Total liabilities and shareholders’ equity
  $
9,701,091
    $
7,945,895
    $
8,262,227
 
                         
See notes to consolidated financial statements.
3

Table of Contents
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS - (UNAUDITED)
(Dollars in thousands, except per share amounts)
 
Three Months Ended
March 31,
 
 
2020
   
2019
 
INTEREST INCOME:
 
 
 
 
 
 
Interest and fees on loans
  $
62,995
    $
53,232
 
Interest on investment securities:
   
     
 
Taxable
   
14,655
     
13,289
 
Exempt from federal income tax
   
9,694
     
9,763
 
Interest on federal funds sold and interest-bearing deposits in banks
   
756
     
617
 
                 
Total interest income
   
88,100
     
76,901
 
                 
INTEREST EXPENSE:
 
 
 
 
 
 
Interest on deposits
   
6,681
     
6,661
 
Other
   
517
     
726
 
                 
Total interest expense
   
7,198
     
7,387
 
                 
                 
Net interest income
   
80,902
     
69,514
 
                 
PROVISION FOR LOAN LOSSES
   
9,850
     
965
 
                 
                 
Net interest income after provision for loan losses
   
71,052
     
68,549
 
                 
                 
NONINTEREST INCOME:
   
     
 
Trust fees
   
7,437
     
6,979
 
Service charges on deposit accounts
   
5,915
     
5,176
 
ATM, interchange and credit card fees
   
7,400
     
6,840
 
Real estate mortgage operations
   
3,852
     
3,474
 
Net gain on sale of
available-for-sale
securities (includes $2,062 and $- for the three months ended March 31, 2020 and 2019, respectively, related to accumulated other comprehensive earnings reclassifications)
   
2,062
     
 
Net gain on sale of foreclosed assets
   
1
     
69
 
Net gain on sale of assets
   
116
     
 
Interest on loan recoveries
   
265
     
338
 
Other
   
1,684
     
1,561
 
                 
Total noninterest income
   
28,732
     
24,437
 
                 
NONINTEREST EXPENSE:
   
     
 
Salaries and employee benefits
   
29,642
     
27,424
 
Net occupancy expense
   
3,027
     
2,763
 
Equipment expense
   
2,075
     
2,453
 
FDIC insurance premiums
   
45
     
538
 
ATM, interchange and credit card expenses
   
2,985
     
2,383
 
Professional and service fees
   
2,594
     
1,832
 
Printing, stationery and supplies
   
566
     
366
 
Operational and other losses
   
576
     
266
 
Software amortization and expense
   
2,024
     
1,597
 
Amortization of intangible assets
   
509
     
269
 
Other
   
11,275
     
7,476
 
                 
Total noninterest expense
   
55,318
     
47,367
 
                 
                 
EARNINGS BEFORE INCOME TAXES
   
44,466
     
45,619
 
INCOME TAX EXPENSE
(includes $433 and $- for the three months ended March 31, 2020 and 2019, respectively, related to income tax expense reclassification)
   
7,234
     
7,367
 
                 
NET EARNINGS
  $
37,232
    $
38,252
 
                 
                 
EARNINGS PER SHARE, BASIC
  $
0.26
    $
0.28
 
                 
                 
EARNINGS PER SHARE, ASSUMING DILUTION
  $
0.26
    $
0.28
 
                 
                 
DIVIDENDS PER SHARE
  $
0.12
    $
0.11
 
                 
See notes to consolidated financial statements.
4

Table of Contents
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - (UNAUDITED)
(Dollars in thousands)
 
Three Months Ended
March 31,
 
 
2020
   
2019
 
                 
NET EARNINGS
  $
37,232
    $
38,252
 
                 
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS):
 
 
 
 
 
 
Change in unrealized gain on investment securities
available-for-sale,
before income taxes
   
73,037
     
35,014
 
                 
Reclassification adjustment for realized gains on investment securities included in net earnings, before income taxes
   
(2,062
)    
  
 
                 
                 
Total other items of comprehensive earnings (loss)
   
70,975
     
35,014
 
                 
Income tax benefit (expense) related to other items of comprehensive earnings
   
(14,905
)    
(7,353
)
                 
                 
COMPREHENSIVE EARNINGS
  $
93,302
    $
65,913
 
                 
See notes to consolidated financial statements.
5

Table of Contents
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollars in thousands, except per share amounts)
 
Common Stock
   
Capital
Surplus
   
Retained
Earnings
   
Treasury Stock
   
Deferred
Compensation
   
Accumulated
Other
Comprehensive
Earnings
   
Total
Shareholders’
Equity
 
 
Shares
   
Amount
 
Shares
   
Amounts
 
 
Balances at December 31, 2018
   
67,753,133
    $
678
    $
443,114
    $
606,658
     
(467,811
)   $
(7,507
)   $
7,507
    $
2,845
    $
1,053,295
 
Net earnings (unaudited)
   
—  
     
—  
     
—  
     
38,252
     
—  
     
—  
     
—  
     
—  
     
38,252
 
Stock option exercises (unaudited)
   
87,077
     
  
     
2,246
     
—  
     
—  
     
—  
     
—  
     
—  
     
2,246
 
Cash dividends declared, $0.11 per share (unaudited)
   
—  
     
—  
     
—  
     
(14,244
)    
—  
     
—  
     
—  
     
—  
     
(14,244
)
Change in unrealized gain in investment securities
available-for-sale,
net of related income taxes (unaudited)
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
27,661
     
27,661
 
Shares purchased (redeemed) in connection with directors’ deferred compensation plan, net (unaudited)
   
—  
     
—  
     
—  
     
—  
     
3,472
     
(153
)    
153
     
—  
     
 
 
 
Stock option expense (unaudited)
   
—  
     
—  
     
312
     
—  
     
—  
     
—  
     
—  
     
—  
     
312
 
Two-for-one
stock spllit in the form of a 100% stock dividend (unaudited)
   
67,840,210
     
678
     
—  
     
(678
)    
(464,339
)    
—  
     
—  
     
—  
     
—  
 
                                                                         
Balances at March 31, 2019 (unaudited)
   
135,680,420
    $
1,356
    $
445,672
    $
629,988
     
(928,678
)   $
(7,660
)   $
7,660
    $
30,506
    $
1,107,522
 
                                                                         
Balances at December 31, 2019
   
135,891,755
    $
1,359
    $
450,676
    $
707,656
     
(927,408
)   $
(8,222
)   $
8,222
    $
67,506
    $
1,227,197
 
Stock issued in acquisition of TB&T Bancshares, Inc. (unaudited)
   
6,275,574
     
63
     
220,210
     
—  
     
—  
     
—  
     
—  
     
—  
     
220,273
 
Net earnings (unaudited)
   
—  
     
—  
     
—  
     
37,232
     
—  
     
—  
     
—  
     
—  
     
37,232
 
Stock option exercises (unaudited)
   
144,188
     
1
     
2,191
     
—  
     
—  
     
—  
     
—  
     
—  
     
2,192
 
Restricted stock grant (unaudited)
   
3,413
     
—  
     
118
     
—  
     
—  
     
—  
     
—  
     
—  
     
118
 
Cash dividends declared, $0.12 per share (unaudited)
   
—  
     
—  
     
—  
     
(17,060
)    
—  
     
—  
     
—  
     
—  
     
(17,060
)
Change in unrealized gain in investment securities
available-for-sale,
net of related income taxes (unaudited)
   
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
—  
     
56,070
     
56,070
 
Shares purchased (redeemed) in connection with directors’ deferred compensation plan, net (unaudited)
   
—  
     
—  
     
—  
     
—  
     
(1,009
)    
(215
)    
215
     
—  
     
 
Stock option expense (unaudited)
   
—  
     
—  
     
340
     
—  
     
—  
     
—  
     
—  
     
—  
     
340
 
                                                                         
Balances at March 31, 2020 (unaudited)
   
142,314,930
    $
1,423
    $
673,535
    $
727,828
     
(928,417
)   $
(8,437
)   $
8,437
    $
123,576
    $
1,526,362
 
                                                                         
See notes to consolidated financial statements.
6

Table of Contents
FIRST FINANCIAL BANKSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)
(Dollars in thousands)
                 
 
Three Months Ended March 31,
 
 
2020
   
2019
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
 
Net earnings
  $
37,232
    $
38,252
 
Adjustments to reconcile net earnings to net cash provided by operating activities:
   
     
 
Depreciation and amortization
   
3,087
     
2,982
 
Provision for credit loss expense
   
9,850
     
965
 
Securities premium amortization, net
   
7,239
     
6,132
 
Gain (loss) on sale of assets, net
   
(2,250
)    
83
 
Deferred federal income tax benefit
   
48
     
  
 
Change in loans
held-for-sale
   
(13,445
)    
6,953
 
Change in other assets
   
(15,046
)    
7,927
 
Change in other liabilities
   
4,871
     
8,972
 
                 
Total adjustments
   
(5,646
)    
34,014
 
                 
Net cash provided by operating activities
   
31,586
     
72,266
 
                 
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
 
Cash received in acquisition of TB&T Bancshares, Inc.
   
61,028
     
  
 
Activity in
available-for-sale
securities:
   
     
 
Sales
   
95,437
     
231
 
Maturities
   
1,614,414
     
106,188
 
Purchases
   
(2,333,332
)    
(72,142
)
Net decrease (increase) in loans
   
1,012
     
(36,070
)
Purchases of bank premises and equipment and other assets
   
(5,734
)    
(4,700
)
Proceeds from sale of bank premises and equipment and other assets
   
171
     
65
 
                 
Net cash used in investing activities
   
(567,004
)    
(6,428
)
                 
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
 
 
Net increase (decrease) in noninterest-bearing deposits
   
(14,356
)    
49,638
 
Net increase in interest-bearing deposits
   
72,633
     
120,714
 
Net increase (decrease) in borrowings
   
476,515
     
(85,995
)
Common stock transactions:
   
     
 
Proceeds from stock issuances
   
2,192
     
2,246
 
Dividends paid
   
(16,306
)    
(14,227
)
                 
Net cash provided by (used in) financing activities
   
520,678
     
72,376
 
                 
                 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
   
(14,740
)    
138,214
 
                 
CASH AND CASH EQUIVALENTS, beginning of period
   
282,604
     
248,647
 
                 
                 
CASH AND CASH EQUIVALENTS, end of period
  $
267,864
    $
386,861
 
                 
                 
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS:
 
 
 
 
 
 
Investment securities purchased but not yet settled
  $