Company Quick10K Filing
Quick10K
First Financial Bankshares
Market
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$29.54 136 $4,009
Financials
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
Current Reports
8-K 2019-09-19 Enter Agreement, Regulation FD, Exhibits
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-06-30 Enter Agreement, Exhibits
8-K 2019-04-23 Regulation FD, Exhibits
8-K 2019-04-23 Shareholder Vote, Regulation FD, Exhibits
8-K 2019-04-18 Earnings, Exhibits
8-K 2019-01-24 Earnings, Exhibits
8-K 2019-01-24 Earnings, Exhibits
8-K 2018-10-18 Earnings, Exhibits
8-K 2018-07-19 Earnings, Exhibits
8-K 2018-06-29 Officers, Exhibits
8-K 2018-04-24 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-01 Regulation FD, Exhibits
Comparables
FHN First Horizon National 4,844
LKFN Lakeland Financial 1,061
LBC Luther Burbank 599
AROW Arrow Financial 475
AMNB American National Bankshares 383
SFST Southern First Bancshares 342
ISTR Investar Holding 228
BOCH Bank of Commerce Holdings 184
UBFO United Security Bancshares 177
BOTJ Bank of The James Financial Group 62
FFIN 2019-06-30
Content
Part I
Item 1. Financial Statements.
Note 1
Note 2 - Stock Split and Stock Repurchase
Note 3
Note 4
Note 5 - Loans Held for Investment and Allowance for Loan Losses
Note 6
Note 7
Note 8 - Borrowings
Note 9
Note 10
Note 11
Note 12
Note 13
Note 14 - 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
Exhibits
EX-3.1 d778265dex31.htm
EX-31.1 d778265dex311.htm
EX-31.2 d778265dex312.htm
EX-32.1 d778265dex321.htm
EX-32.2 d778265dex322.htm

First Financial Bankshares Earnings 2019-06-30

FFIN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow
10-Q
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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
June 30, 2019
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 or organization)
 
(I.R.S. Employer
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)
 
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
 
☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock, $0.01 par value
  
FFIN
  
NASDAQ Global Select Market
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 July 30,  2019
Common Stock
, $0.01 par value per share
 
135,809,224
 
     
 
 
 
Table of Contents
 
TABLE OF
CONTENTS
PART I
FINANCIAL INFORMAT​​​​​​​ION
Item
 
 
Page
 
1.
      
2
  
      
3
  
      
4
  
      
5
  
      
6
  
      
7
  
      
8
  
             
2.
      
35
  
             
3.
      
55
  
             
4.
      
55
  
             
  
PART II
   
 
             
  
OTHER INFORMATION
   
 
             
1.
      
56
  
             
1A.
      
56
  
             
2.
      
56
  
             
3.
      
56
  
             
4.
      
56
  
             
5.
      
56
  
             
6.
      
57
  
             
      
58
  
 
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 June 30, 2019 and 2018 and December 31, 2018, and the consolidated statements of earnings, comprehensive earnings and shareholders’ equity for the three and six months ended June 30, 2019 and 2018, and the consolidated statements of cash flows for the six months ended June 30, 2019 and 2018, 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)
 
June 30,
   
December 31,
   
  
2019
   
2018
   
2018
 
  
(Unaudited)
   
   
ASSETS
  
     
   
CASH AND DUE FROM BANKS
  $
178,345
    $
178,217
    $
207,835
 
FEDERAL FUNDS SOLD
   
700
     
8,450
     
—  
  
INTEREST-BEARING DEPOSITS IN BANKS
   
128,652
     
99,499
     
40,812
 
                         
Total cash and cash equivalents
   
307,697
     
286,166
     
248,647
 
                         
INTEREST-BEARING TIME DEPOSITS IN BANKS
   
960
     
1,458
     
1,458
 
                         
SECURITIES
AVAILABLE-FOR-SALE,
at fair value
    
3,259,492
     
3,197,567
     
3,158,777
 
                         
LOANS:
   
     
     
 
Held for investment
   
4,040,952
     
3,831,480
     
3,953,636
 
Less
–
allowance for loan losses
   
(51,820
 )    
(49,951
 )    
(51,202
 )
                         
 Net loans held for investment
   
3,989,132
     
3,781,529
     
3,902,434
 
Held-for-sale
($18,981, $5,061 and $19,185 at fair value at June 30, 2019 and 2018 and December 31, 2018, respectively)
   
22,305
     
24,289
     
21,672
 
                         
 Net loans
   
4,011,437
     
3,805,818
     
3,924,106
 
BANK PREMISES AND EQUIPMENT, net
   
134,322
     
130,366
     
133,421
 
INTANGIBLE ASSETS
   
174,151
     
175,185
     
174,683
 
OTHER ASSETS
   
91,234
     
88,910
     
90,762
 
                         
 Total assets
  $
7,979,293
    $
7,685,470
    $
7,731,854
 
                         
LIABILITIES AND SHAREHOLDERS’ EQUITY
    
     
     
 
                         
NONINTEREST-BEARING DEPOSITS
  $
2,167,552
    $
2,105,953
    $
2,116,107
 
INTEREST-BEARING DEPOSITS
   
4,202,214
     
4,104,654
     
4,064,282
 
                         
  Total deposits
   
6,369,766
     
6,210,607
     
6,180,389
 
DIVIDENDS PAYABLE
   
16,294
     
14,211
     
14,227
 
BORROWINGS
   
362,005
     
456,935
     
468,706
 
OTHER LIABILITIES
   
66,480
     
18,089
     
15,237
 
                         
  Total liabilities
   
6,814,545
     
6,699,842
     
6,678,559
 
                         
COMMITMENTS AND CONTINGENCIES
   
     
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SHAREHOLDERS’ EQUITY:
   
     
     
 
Common stock
–
($0.01 par value, authorized 200,000,000 shares; 135,809,224, 67,669,658 and 67,753,133 shares issued at June 30, 2019 and 2018 and December 31, 2018, respectively)
   
1,358
     
677
     
678
 
Capital surplus
   
448,349
     
439,731
     
443,114
 
Retained earnings
   
655,794
     
556,615
     
606,658
 
Treasury stock (shares at cost: 929,441, 491,170 and 467,811 at June 30, 2019 and 2018 and December 31, 2018, respectively)
   
(7,823
 )    
(7,419
 )    
(7,507
 )
Deferred compensation
   
7,823
     
7,419
     
7,507
 
Accumulated other comprehensive earnings (loss)
   
59,247
     
(11,395
 )    
2,845
 
                         
  Total shareholders’ equity
   
1,164,748
     
985,628
     
1,053,295
 
 
                        
  Total liabilities and shareholders’ equity
  $
7,979,293
    $
7,685,470
    $
7,731,854
 
                         
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 
June 30,
   
Six Months Ended 
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
INTEREST INCOME:
   
     
     
     
 
Interest and fees on loans
  $
55,740
    $
49,105
    $
108,971
    $
95,851
 
Interest on investment securities:
   
     
     
     
 
Taxable
   
13,925
     
12,719
     
27,213
     
24,073
 
Exempt from federal income tax
   
9,244
     
9,983
     
19,007
     
20,324
 
Interest on federal funds sold and interest-bearing deposits in banks
   
667
     
271
     
1,286
     
912
 
                                 
Total interest income
   
79,576
     
72,078
     
156,477
     
141,160
 
                                 
INTEREST EXPENSE:
   
     
     
     
 
Interest on deposits
   
7,286
     
4,005
     
13,947
     
7,524
 
Other
   
675
     
462
     
1,401
     
576
 
                                 
Total interest expense
   
7,961
     
4,467
     
15,348
     
8,100
 
                                 
Net interest income
   
71,615
     
67,611
     
141,129
     
133,060
 
                                 
PROVISION FOR LOAN LOSSES
   
600
     
1,105
     
1,565
     
2,415
 
                                 
 Net interest income after provision for loan losses
   
71,015
     
66,506
     
139,564
     
130,645
 
                                 
NONINTEREST INCOME:
   
     
     
     
 
Trust fees
   
7,027
     
7,070
     
14,006
     
13,975
 
Service charges on deposit accounts
   
5,374
     
5,375
     
10,550
     
10,259
 
ATM, interchange and credit card fees
   
7,352
     
7,041
     
14,192
     
14,037
 
Real estate mortgage operations
   
4,721
     
3,951
     
8,195
     
6,884
 
Net gain on sale of
available-for-sale
securities (includes $676 and $67 for the three months ended June 30, 2019 and 2018, respectively, and $676 and $1,288 for the six months ended June 30, 2019 and 2018, respectively, related to accumulated other comprehensive earnings reclassifications)
    
676
     
67
     
676
     
1,288
 
Net gain (loss) on sale of foreclosed assets
   
53
     
19
     
122
     
118
 
Net gain (loss) on sale of assets
   
6
     
—  
      
6
     
(91
 )
Interest on loan recoveries
   
903
     
289
     
1,241
     
408
 
Other
   
1,864
     
1,676
     
3,425
     
3,034
 
                                 
Total noninterest income
   
27,976
     
25,488
     
52,413
     
49,912
 
                                 
NONINTEREST EXPENSE:
   
     
     
     
 
Salaries and employee benefits
   
27,394
     
26,862
     
53,918
     
53,065
 
Loss from partial settlement of pension plan
 
 
—  
 
 
 
—  
 
 
 
900
 
 
 
—  
 
Net occupancy expense
   
2,779
     
2,806
     
5,542
     
5,689
 
Equipment expense
   
2,827
     
3,440
     
5,954
     
6,957
 
FDIC insurance premiums
   
538
     
632
     
1,076
     
1,199
 
ATM, interchange and credit card expenses
   
2,427
     
2,205
     
4,810
     
4,348
 
Professional and service fees
   
1,987
     
2,026
     
3,820
     
4,439
 
Printing, stationery and supplies
   
502
     
612
     
868
     
1,098
 
Operational and other losses
   
480
     
305
     
746
     
871
 
Software amortization and expense
   
1,287
     
479
     
2,210
     
1,003
 
Amortization of intangible assets
   
264
     
384
     
532
     
771
 
Other
   
7,819
     
7,393
     
15,297
     
15,503
 
                                 
Total noninterest expense
   
48,304
     
47,144
     
95,673
     
94,943
 
                                 
EARNINGS BEFORE INCOME TAXES
   
50,687
     
44,850
     
96,304
     
85,614
 
INCOME TAX EXPENSE
(includes $142 and $14 for the three months ended June 30, 2019 and 2018, respectively, and $142 and $270 for the six months ended June 30, 2019 and 2018, respectively, related to income tax expense from reclassification items)
    
8,594
     
7,217
     
15,959
     
13,462
 
                                 
NET EARNINGS
  $
42,093
    $
37,633
    $
80,345
    $
72,152
 
                                 
EARNINGS PER SHARE, BASIC
  $
0.31
    $
0.28
    $
0.59
    $
0.53
 
                                 
EARNINGS PER SHARE, ASSUMING DILUTION
  $
0.31
    $
0.28
    $
0.59
    $
0.53
 
                                 
DIVIDENDS PER SHARE
  $
0.12
    $
0.11
    $
0.23
    $
0.20
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 
June 30,
   
Six Months Ended 
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
NET EARNINGS
  $
42,093
    $
37,633
    $
80,345
    $
72,152
 
                                 
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS):
   
     
     
     
 
Change in unrealized gain on investment securities
available-for-sale,
before income taxes
    
37,057
     
(11,600
 )    
72,071
     
(54,306
 )
                                 
Reclassification adjustment for realized gains on investment securities included in net earnings, before income tax
   
(676
 )    
(67
 )    
(676
 )    
(1,288
 )
                                 
Total other items of comprehensive earnings
   
36,381
     
(11,667
 )    
71,395
     
(55,594
 )
                                 
Income tax benefit (expense) related to other items of comprehensive earnings
   
(7,640
 )    
2,450
     
(14,993
 )    
11,675
 
                                 
Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings
    
—  
      
—  
      
—  
      
5,759
 
                                 
COMPREHENSIVE EARNINGS
  $
70,834
    $
28,416
    $
136,747
    $
33,992
 
                                 
 
 
 
 
 
 
 
 
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
   
Retained
   
Treasury Stock
   
Deferred
   
Accumulated
Other
Comprehensive
   
Total
Shareholders’
   
 
Shares
   
Amount
   
Surplus
   
Earnings
   
Shares
   
Amounts
   
Compensation
   
Earnings
   
Equity
 
Balances at March 31, 2018
   
67,612,760
    $
676
    $
437,868
    $
533,427
     
(493,994
 )   $
(7,291
 )   $
7,291
    $
(2,157
 )   $
969,814
 
Net earnings (unaudited)
   
—  
      
—  
      
—  
      
37,633
     
—  
      
—  
      
—  
      
—  
      
37,633
 
Stock option exercises (unaudited)
   
46,188
     
1
     
963
     
—  
      
—  
      
—  
      
—  
      
—  
      
964
 
Restricted stock grant (unaudited)
   
10,710
     
—  
      
523
     
—  
      
—  
      
—  
      
—  
      
—  
      
523
 
Cash dividends declared, $
0.11
per share (unaudited)
   
—  
      
—  
      
—  
      
(14,466
 )    
—  
      
—  
      
—  
      
—  
      
(14,466
 )
Change in unrealized gain in investment securities
available-for-sale,
net of related income taxes (unaudited)
    
—  
      
—  
      
—  
      
—  
      
—  
      
—  
      
—  
      
(9,217
 )    
(9,217
 )
Shares purchased (redeemed) in connection with directors’ deferred compensation plan, net (unaudited)
   
—  
      
—  
      
—  
      
—  
      
2,824
     
(128
 )    
128
     
—  
      
—  
  
Stock option expense (unaudited)
   
—  
      
—  
      
377
     
—  
      
—  
      
—  
      
—  
      
—  
      
377
 
Reclassification of unrealized gain in equity securities at December 31, 2017 from accumulated other comprehensive
earnings to retained earnings (unaudited)
   
—  
      
—  
      
—  
      
21
     
—  
      
—  
      
—  
      
(21
 )    
—  
  
                                                                         
Balances at June 30, 2018 (unaudited)
   
67,669,658
    $
677
    $
439,731
    $
556,615
     
(491,170
 )   $
(7,419
 )   $
7,419
    $
(11,395
 )   $
985,628
 
                                                                         
Balances at March 31, 2019
   
135,680,420
    $
1,356
    $
445,672
    $
629,988
     
(928,678
 )   $
(7,660
 )   $
7,660
    $
30,506
    $
1,107,522
 
Net earnings (unaudited)
   
—  
      
—  
      
—  
      
42,093
     
—  
      
—  
      
—  
      
—  
      
42,093
 
Stock option exercises (unaudited)
   
81,272
     
2
     
938
     
—  
      
—  
      
—  
      
—  
      
—  
      
940
 
Restricted stock grant (unaudited)
    
47,532
     
—  
      
1,426
     
—  
      
—  
      
—  
      
—  
      
—