UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April 16, 2003
FIRST FINANCIAL BANKSHARES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Texas 0-7674 75-0944023
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(State of Incorporation) (Commission File No.) (IRS Employer
Identification No.)
400 Pine Street, Abilene, Texas 79601
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(Address of Principal Executive Offices and Zip Code)
Registrant's Telephone Number (915) 627-7155
ITEM 9. Regulation FD Disclosure
Attached as an exhibit to this Form 8-K is the earnings release for the
quarter ended March 31, 2003 of First Financial Bankshares, Inc. The information
contained in this report on Form 8-K is being furnished pursuant to Item 12 of
Form 8-K as directed by the U. S. Securities and Exchange Commission.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRST FINANCIAL BANKSHARES, INC.
(Registrant)
DATE: April 16, 2003 By: /S/ F. SCOTT DUESER
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F. SCOTT DUESER
President and Chief Executive Officer
EXHIBIT
For immediate release, Wednesday, April 16, 2003.......
First Financial Bankshares, Inc. today reported quarterly earnings of $8.4
million for the three months ended March 31, 2003, an increase of 3.3 percent
over earnings of $8.2 million for the same period in 2002. Earnings per share
amounted to $0.68, up 3.0 percent as compared to $0.66 for the first quarter of
2002.
As of March 31, 2003, consolidated assets of First Financial Bankshares, Inc.
totaled $1.996 billion, up from $1.885 billion a year earlier. Loans at March
31, 2003, totaled $955.7 million, up by $15.1 million, or 1.6 percent, from the
same period in 2002. Total deposits were $1.723 billion, as compared to $1.630
billion the year before. Shareholders' equity amounted to $240.2 million at
March 31, 2003, an increase of $23.0 million over the prior year.
Commenting on the Company's operations, President and Chief Executive Officer F.
Scott Dueser stated, "We are very pleased with the Company's first quarter 2003
results especially in light of tightening interest margins and uncertain
economic times currently being experienced."
First Financial Bankshares, Inc., headquartered in Abilene, Texas, is the
holding company of 10 Texas banks, operating from 28 locations. The banks are
First National Bank of Abilene; First Financial Bank, National Association
(Cleburne); Eastland National Bank; Hereford State Bank; City National Bank,
Mineral Wells; San Angelo National Bank; First Financial Bank, National
Association (Southlake); Stephenville Bank & Trust Co.; First National Bank,
Sweetwater; and Weatherford National Bank. Stock of First Financial Bankshares,
Inc. is listed on The Nasdaq Stock Market under the trading symbol FFIN and is
held by more than 3,500 shareholders. The Annual Meeting of Shareholders of the
Company will be held April 22, 2003, at 10:30 a.m. in the Abilene Civic Center.
*****
The numbers contained within this release are unaudited. Certain statements
contained herein may be considered "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These statements are based
upon the belief of the Company's management, as well as assumptions made beyond
information currently available to the Company's management, and may be, but not
necessarily are, identified by such words as "expect", "plan", "anticipate",
"target", "forecast" and "goal". Because such "forward-looking statements" are
subject to risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements. Factors that
could cause actual results to differ materially from the Company's expectations
include competition from other financial institutions and financial holding
companies; the effects of and changes in trade, monetary and fiscal policies and
laws, including interest rate policies of the Federal Reserve Board; changes in
the demand for loans; fluctuations in value of collateral and loan reserves;
inflation, interest rate, market and monetary fluctuations; changes in consumer
spending, borrowing and savings habits; and acquisitions and integration of
acquired businesses, and similar variables. Other key risks are described in the
Company's reports filed with the Securities and Exchange Commission, which may
be obtained under "Investor Relations-Documents/Filings" on the Company's web
site or by writing or calling the Company at 325.627.7155. Except as otherwise
stated in this news announcement, the Company does not undertake any obligation
to update publicly or revise any forward-looking statements because of new
information, future events or otherwise.
FIRST FINANCIAL BANKSHARES, INC.
CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share data)
March 31,
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2003 2002
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ASSETS:
Cash and due from banks $ 96,292 $ 75,983
Fed funds sold 17,875 66,600
Investment securities 850,308 718,394
Loans 955,650 940,581
Allowance for loan losse 11,363 10,858
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Net loans 944,287 929,723
Premises and equipment 41,084 42,000
Goodwill and intangible assets 24,837 24,678
Other assets 21,722 27,706
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Total assets $ 1,996,405 $ 1,885,084
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Noninterest-bearing deposits $ 431,521 $ 379,903
Interest-bearing deposits 1,291,884 1,250,011
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Total deposits 1,723,405 1,629,914
Repurchase agreements 12,490 23,367
Other liabilities 20,312 14,585
Shareholders' equity 240,198 217,218
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Total liabilities and shareholders' equity $ 1,996,405 $ 1,885,084
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Three Months Ended
March 31,
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INCOME STATEMENTS 2003 2002
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Interest income $ 24,589 $ 26,473
Interest expense 4,718 7,073
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Net interest income 19,871 19,400
Provision for loan losses 511 399
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Net interest income after
provision for loan losses 19,360 19,001
Noninterest income 7,836 6,925
Noninterest expense 15,112 14,234
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Net income before income taxes 12,084 11,692
Income tax expense 3,634 3,513
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Net income $ 8,450 $ 8,179
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PER COMMON SHARE DATA
Net income - basic $ 0.68 $ 0.66
Net income - diluted 0.68 0.66
Cash dividends 0.35 0.30
Book value 19.42 17.60
Market value 35.50 33.21
PERFORMANCE RATIOS
Return on average assets 1.72 % 1.76 %
Return on average equity 14.49 15.50
Net interest margin (tax equivalent) 4.64 4.79
Efficiency ratio 52.51 52.31
FIRST FINANCIAL BANKSHARES, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands, except per share data)
2002
Qtr. Ended ---------------------------------------------------------------
Mar. 31, 2003 Dec. 31, Sept. 30, June 30, March 31,
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ALLOWANCE FOR LOAN LOSSES
Balance at beginning of period $ 11,219 $ 11,530 $ 11,120 $ 10,858 $ 10,602
Loans charged off (902) (1,291) (413) (449) (434)
Loan recoveries 535 171 171 201 291
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Net (charge-offs) recoveries (367) (1,120) (242) (248) (143)
Provision for loan losses 511 809 652 510 399
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Balance at end of period $ 11,363 $ 11,219 $ 11,530 $ 11,120 $ 10,858
Allowance for loan losses /
period-end loans 1.19 % 1.16 % 1.21 % 1.19 % 1.15 %
Allowance for loan losses /
nonperforming loans 589.4 300.8 263.5 271.6 224.9
Net charge-offs / average loans
(annualized) 0.15 0.46 0.10 0.09 0.06
NONPERFORMING ASSETS
Nonaccrual loans 1,829 3,716 4,288 4,036 4,782
Accruing loans 90 days past due 99 14 87 58 45
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Total nonperforming loans 1,928 3,730 4,375 4,094 4,827
Foreclosed assets 1,345 536 1,024 1,021 808
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Total nonperforming assets $ 3,273 $ 4,266 $ 5,399 $ 5,115 $ 5,635
============== ============== ============== ============== ===============
As a % of loans and foreclosed assets 0.34 % 0.44 % 0.57 % 0.55 % 0.60 %
CAPITAL RATIOS
Tier 1 Risk-based 19.33 % 18.42 % 18.51 % 18.22 % 17.63 %
Total Risk-based 20.40 19.47 19.58 19.26 18.64
Tier 1 Leverage 10.35 10.51 10.51 10.37 10.22
Equity to assets 12.03 11.98 12.18 11.92 11.52