First Financial Bankshares Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2011
January 27, 2012 at 02:35 am IST
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First Financial Bankshares Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net interest income was $38.184 million against $36.154 million a year ago. Net income before income taxes and extraordinary item was $23.498 million against $20.771 million a year ago. Net income was $17.466 million or $0.55 per diluted share against $15.515 million or $0.49 per diluted share a year ago. Return on average assets was 1.74% against 1.71% a year ago. Return on average equity was 13.88% against 13.63% a year ago.
For the year, the company reported net interest income was $151.997 million against $136.171 million a year ago. Net income before income taxes and extraordinary item was $92.185 million against $78.431 million a year ago. Net income was $68.369 million or $2.17 per diluted share against $59.659 million or $1.91 per diluted share a year ago. Book value as on December 31, 2011 was $16.16 against $14.06 a year ago. Return on average assets was 1.78% against 1.75% a year ago. Return on average equity was 14.44% against 13.74% 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.