First Financial Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013
January 24, 2014 at 02:30 am IST
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First Financial Bankshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income before income taxes of $28,215,000, net income of $21,238,000 or $0.66 diluted per share on net interest income of $46,690,000 against net income before income taxes of $24,425,000, net income of $18,318,000 or $0.58 diluted per share on net interest income of $38,752,000 for the same period a year ago. Return on average assets of 1.65% against 1.68% for the same period a year ago. Return on average equity of 14.47% against 13.09% for the same period a year ago.
For the year, the company reported net income before income taxes of $104,568,000, net income of $78,868,000 or $2.47 diluted per share on net interest income of $172,281,000 against net income before income taxes of $99,360,000, net income of $74,225,000 or $2.36 diluted per share on net interest income of $154,684,000 for the same period a year ago. Return on average assets of 1.64% against 1.75% for the same period a year ago. Return on average equity of 13.75% against 13.85% for the same period a year ago. Book value per share was $18.37 against $17.68 for the same period a year ago.
The company reported net charge-offs was $983,000 against $735,000 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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2013