First Financial Bankshares Inc. (FFIN, Financial) filed Quarterly Report for the period ended 2010-09-30.
First Financial Bankshares Inc. has a market cap of $976.2 million; its shares were traded at around $46.48 with a P/E ratio of 17.6 and P/S ratio of 5. The dividend yield of First Financial Bankshares Inc. stocks is 2.8%. First Financial Bankshares Inc. had an annual average earning growth of 7.5% over the past 10 years.FFIN is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Net earnings for the nine-month period ended September 30, 2010 were $44.1 million, an increase of $2.9 million, or 7.0% compared to net earnings for the nine-month period ended September 30, 2009 of $41.3 million. Net earnings before extraordinary item for the nine months ended September 30, 2010 were $42.8 million, a 3.9% increase over the same period in 2009.
Net earnings for the nine months ended September 30, 2010 compared to the same period in 2009 were positively impacted by a 3.5% increase in net interest income, a $1.3 million increase in trust fees, a $1.1 million decrease in FDIC premiums and the extraordinary item discussed above. Partially offsetting these factors was a decrease in gain from sale of student loans of $889 thousand, a decrease in net gain on securities transactions of $1.6 million, and a $2.8 million increase in non-interest expense, exclusive of the FDIC insurance premiums.
Basic earnings per share basis, net earnings were $2.12 for the nine-months of 2010 as compared to $1.98 for the same period of 2009. Basic earnings per share before extraordinary item for the nine months ended September 30, 2010 were $2.06. The return on average assets was 1.77% for the first nine-months of 2010, as compared to 1.78% for the same period of 2009. The return on average assets (based on net earnings before extraordinary item) was 1.72% for the nine months ended September 30, 2010. The return on average equity was 13.78% for the first nine-months of 2010, as compared to 14.18% for the same period of 2009. The return on average equity (based on net earnings before extraordinary item) was 13.38% for the nine months ended September 30, 2010.
Tax-equivalent net interest income was $36.6 million for the third quarter of 2010, as compared to $35.2 million for the same period last year. The increase in 2010 compared to 2009 was largely attributable to an increase in the volume of earning assets. Average earning assets increased $276.4 million for the third quarter of 2010 over the same period in 2009. Average short-term investments, average taxable securities and average loans increased $103.9 million, $78.0 million and $68.2 million, respectively, for the third quarter of 2010 over the third quarter of 2009. Average interest bearing liabilities increased $194.8 million for the third quarter of 2010, as compared to the same period in 2009. The yield on earning assets decreased 38 basis points during the third quarter of 2010, whereas the rate paid on interest-bearing liabilities decreased only 21 basis points in the third quarter of 2010 primarily due to the effects of lower interest rates.
Tax-equivalent net interest income was $108.0 million for the first nine months of 2010, as compared to $103.9 million for the same period last year. The increase in 2010 compared to 2009 was largely attributable to an increase in the volume of interest earning assets. Average interest earning assets increased $221.5 million for the first nine months of 2010 over the same period in 2009. Average short-term investments, average taxable securities, and average tax exempt securities increased $137.5 million, $38.6 million and $36.9 million, respectively, for the first nine months of 2010 over the first nine months of 2009. Average interest bearing liabilities increased $146.0 million for the first nine months of 2010, as compared to the same period in 2009. The yield on earning assets decreased 34 basis points, whereas the rate paid on interest-bearing liabilities decreased only 25 basis points in the first nine months of 2010, primarily due to the effects of lower interest rates.
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First Financial Bankshares Inc. has a market cap of $976.2 million; its shares were traded at around $46.48 with a P/E ratio of 17.6 and P/S ratio of 5. The dividend yield of First Financial Bankshares Inc. stocks is 2.8%. First Financial Bankshares Inc. had an annual average earning growth of 7.5% over the past 10 years.FFIN is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Basic earnings per share for the third quarter of 2010 were $0.78 compared to $0.67 for the same quarter last year. Basic earnings per share before extraordinary item for the third quarter of 2010 were $0.72. The return on average assets was 1.91% for the third quarter of 2010, as compared to 1.81% for the same quarter of 2009. The return (based on net earnings before extraordinary item) on average assets was 1.76% for the third quarter of 2010. The return on average equity was 14.62% for the third quarter of 2010 as compared to 13.99% for the same quarter of 2009. The return (based on net earnings before extraordinary item) on average equity was 13.46% for the third quarter of 2010.Net earnings for the nine-month period ended September 30, 2010 were $44.1 million, an increase of $2.9 million, or 7.0% compared to net earnings for the nine-month period ended September 30, 2009 of $41.3 million. Net earnings before extraordinary item for the nine months ended September 30, 2010 were $42.8 million, a 3.9% increase over the same period in 2009.
Net earnings for the nine months ended September 30, 2010 compared to the same period in 2009 were positively impacted by a 3.5% increase in net interest income, a $1.3 million increase in trust fees, a $1.1 million decrease in FDIC premiums and the extraordinary item discussed above. Partially offsetting these factors was a decrease in gain from sale of student loans of $889 thousand, a decrease in net gain on securities transactions of $1.6 million, and a $2.8 million increase in non-interest expense, exclusive of the FDIC insurance premiums.
Basic earnings per share basis, net earnings were $2.12 for the nine-months of 2010 as compared to $1.98 for the same period of 2009. Basic earnings per share before extraordinary item for the nine months ended September 30, 2010 were $2.06. The return on average assets was 1.77% for the first nine-months of 2010, as compared to 1.78% for the same period of 2009. The return on average assets (based on net earnings before extraordinary item) was 1.72% for the nine months ended September 30, 2010. The return on average equity was 13.78% for the first nine-months of 2010, as compared to 14.18% for the same period of 2009. The return on average equity (based on net earnings before extraordinary item) was 13.38% for the nine months ended September 30, 2010.
Tax-equivalent net interest income was $36.6 million for the third quarter of 2010, as compared to $35.2 million for the same period last year. The increase in 2010 compared to 2009 was largely attributable to an increase in the volume of earning assets. Average earning assets increased $276.4 million for the third quarter of 2010 over the same period in 2009. Average short-term investments, average taxable securities and average loans increased $103.9 million, $78.0 million and $68.2 million, respectively, for the third quarter of 2010 over the third quarter of 2009. Average interest bearing liabilities increased $194.8 million for the third quarter of 2010, as compared to the same period in 2009. The yield on earning assets decreased 38 basis points during the third quarter of 2010, whereas the rate paid on interest-bearing liabilities decreased only 21 basis points in the third quarter of 2010 primarily due to the effects of lower interest rates.
Tax-equivalent net interest income was $108.0 million for the first nine months of 2010, as compared to $103.9 million for the same period last year. The increase in 2010 compared to 2009 was largely attributable to an increase in the volume of interest earning assets. Average interest earning assets increased $221.5 million for the first nine months of 2010 over the same period in 2009. Average short-term investments, average taxable securities, and average tax exempt securities increased $137.5 million, $38.6 million and $36.9 million, respectively, for the first nine months of 2010 over the first nine months of 2009. Average interest bearing liabilities increased $146.0 million for the first nine months of 2010, as compared to the same period in 2009. The yield on earning assets decreased 34 basis points, whereas the rate paid on interest-bearing liabilities decreased only 25 basis points in the first nine months of 2010, primarily due to the effects of lower interest rates.
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