First Financial Bankshares Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 27, 2017 at 04:46 pm IST
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First Financial Bankshares Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company announced interest income of $57,979,000 compared to $59,047,000 for the same period a year ago. Net interest income was $56,536,000 compared to $58,001,000 for the same period a year ago. Net interest income after provision for loan losses was $54,543,000 compared to $53,824,000 for the same period a year ago. Net income before income taxes was $34,274,000 compared to $32,762,000 for the same period a year ago. Net income was $26,666,000 compared to $25,192,000 for the same period a year ago. Net income per common share, basic and diluted was $0.40 compared to $0.38 for the same period a year ago. Book value per share was $12.68 compared to $12.20 for the same period a year ago. Return on average assets was 1.59% compared to 1.53% for the same period a year ago. Return on average equity was 12.44% compared to 12.54% for the same period a year ago.
For the full year, the company announced interest income of $232,288,000 compared to $221,623,000 for the same period a year ago. Net interest income was $226,837,000 compared to $217,535,000 for the same period a year ago. Net interest income after provision for loan losses was $216,625,000 compared to $207,850,000 for the same period a year ago. Net income before income taxes was $135,927,000 compared to $131,818,000 for the same period a year ago. Net income was $104,774,000 compared to $100,381,000 for the same period a year ago. Net income per common share, basic and diluted was $1.59 compared to $1.54 per diluted share for the same period a year ago. Return on average assets was 1.59% compared to 1.61% for the same period a year ago. Return on average equity was 12.36% compared to 13.60% for the same period a year ago.
For the fourth quarter ended December 31, 2016, the company announced net charge-offs of $1,512,000 compared to $2,720,000 for the same period a year ago.
First Financial Bankshares, Inc. is a financial holding company. The Company, through its subsidiaries, conducts a full-service commercial banking business. Its subsidiary bank, First Financial Bank, N.A., provides general commercial banking services, which include accepting and holding checking, savings, and time deposits, making loans, offering automated teller machines (ATMs), drive-in and night deposit services, safe deposit facilities, remote deposit capture, internet banking, mobile banking, payroll cards, funds transfer, and other customary commercial banking services. It also provides trust and wealth management activities through its trust company, First Financial Trust & Asset Management Company, N.A. Through its trust company, it offers personal trust services, which include wealth management, the administration of estates, testamentary trusts, revocable and irrevocable trusts, and agency accounts. Its loan portfolio consists of professionals, individuals, and others.
First Financial Bankshares Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016