First Financial Bankshares Inc. (FFIN, Financial) filed Quarterly Report for the period ended 2012-09-30.
First Financial Bankshares Inc. has a market cap of $1.14 billion; its shares were traded at around $35.8 with a P/E ratio of 15.6 and P/S ratio of 5.4. The dividend yield of First Financial Bankshares Inc. stocks is 2.8%. First Financial Bankshares Inc. had an annual average earning growth of 6.9% over the past 10 years.
Basic earnings per share for the first nine-months of 2012 were $1.78 compared to $1.62 for the same period last year. The return on average assets was 1.78% for the first nine months of 2012, as compared to 1.79% for the same period of 2011. The return on average equity was 14.12% for the first nine months of 2012 as compared to 14.65% for the same period of 2011.
Tax-equivalent net interest income was $42.9 million for the third quarter of 2012, as compared to $41.5 million for the same period last year. The increase in 2012 compared to 2011 was largely attributable to an increase in the volume of earning assets. Average earning assets increased $436.8 million for the third quarter of 2012 over the same period in 2011. Average taxable securities, average tax exempt securities, and average loans increased $22.6 million, $221.4 million and $234.5 million, respectively, for the third quarter of 2012 over the third quarter of 2011. Average interest bearing liabilities increased $199.6 million for the third quarter of 2012, as compared to the same period in 2011. The yield on earning assets decreased 45 basis points during the third quarter of 2012, whereas the rate paid on interest-bearing liabilities decreased 14 basis points in the third quarter of 2012 primarily due to the effects of lower interest rates.
Tax-equivalent net interest income was $126.8 million for the first nine months of 2012, as compared to $123.3 million for the same period last year. The increase in 2012 compared to 2011 was largely attributable to an increase in the volume of earning assets. Average earning assets increased $395.0 million for the first nine months of 2012 over the same period in 2011. Average taxable securities, average tax exempt securities, and average loans increased $91.5 million, $190.9 million and $164.5 million, respectively, for the first nine months of 2012 over the same period of 2011. Average interest bearing liabilities increased $164.1 million for the first nine month period ended September 30, 2012, as compared to the same period in 2011. The yield on earning assets decreased 46 basis points during the first nine months of 2012, whereas the rate paid on interest-bearing liabilities decreased 14 basis points in the first nine months of 2012 primarily due to the effects of lower interest rates.
Parent Company Funding. Our ability to fund various operating expenses, dividends to shareholders, and cash acquisitions is generally dependent on our own earnings (without giving effect to our subsidiaries), cash reserves and funds derived from our subsidiary banks. These funds historically have been produced by dividends from our subsidiary banks and management fees that are limited to reimbursement of actual expenses. We anticipate that our recurring cash sources will continue to include dividends and management fees from our subsidiary banks. At September 30, 2012, approximately $56.3 million was available for the payment of intercompany dividends by our subsidiaries without the prior approval of regulatory agencies. Our subsidiaries paid aggregate dividends of $14.6 million and $12.8 million for the three month periods ended September 30, 2012 and 2011, respectively. Our subsidiaries paid aggregate dividends of $43.1 million and $32.8 million for the nine-month periods ended September 30, 2012 and 2011, respectively.
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First Financial Bankshares Inc. has a market cap of $1.14 billion; its shares were traded at around $35.8 with a P/E ratio of 15.6 and P/S ratio of 5.4. The dividend yield of First Financial Bankshares Inc. stocks is 2.8%. First Financial Bankshares Inc. had an annual average earning growth of 6.9% over the past 10 years.
Highlight of Business Operations:
Basic earnings per share for the third quarter of 2012 were $0.63 compared to $0.58 for the same quarter last year. The return on average assets was 1.84% for the third quarter of 2012, as compared to 1.87% for the same quarter of 2011. The return on average equity was 14.53% for the third quarter of 2012 as compared to 14.79% for the same quarter of 2011.Basic earnings per share for the first nine-months of 2012 were $1.78 compared to $1.62 for the same period last year. The return on average assets was 1.78% for the first nine months of 2012, as compared to 1.79% for the same period of 2011. The return on average equity was 14.12% for the first nine months of 2012 as compared to 14.65% for the same period of 2011.
Tax-equivalent net interest income was $42.9 million for the third quarter of 2012, as compared to $41.5 million for the same period last year. The increase in 2012 compared to 2011 was largely attributable to an increase in the volume of earning assets. Average earning assets increased $436.8 million for the third quarter of 2012 over the same period in 2011. Average taxable securities, average tax exempt securities, and average loans increased $22.6 million, $221.4 million and $234.5 million, respectively, for the third quarter of 2012 over the third quarter of 2011. Average interest bearing liabilities increased $199.6 million for the third quarter of 2012, as compared to the same period in 2011. The yield on earning assets decreased 45 basis points during the third quarter of 2012, whereas the rate paid on interest-bearing liabilities decreased 14 basis points in the third quarter of 2012 primarily due to the effects of lower interest rates.
Tax-equivalent net interest income was $126.8 million for the first nine months of 2012, as compared to $123.3 million for the same period last year. The increase in 2012 compared to 2011 was largely attributable to an increase in the volume of earning assets. Average earning assets increased $395.0 million for the first nine months of 2012 over the same period in 2011. Average taxable securities, average tax exempt securities, and average loans increased $91.5 million, $190.9 million and $164.5 million, respectively, for the first nine months of 2012 over the same period of 2011. Average interest bearing liabilities increased $164.1 million for the first nine month period ended September 30, 2012, as compared to the same period in 2011. The yield on earning assets decreased 46 basis points during the first nine months of 2012, whereas the rate paid on interest-bearing liabilities decreased 14 basis points in the first nine months of 2012 primarily due to the effects of lower interest rates.
Parent Company Funding. Our ability to fund various operating expenses, dividends to shareholders, and cash acquisitions is generally dependent on our own earnings (without giving effect to our subsidiaries), cash reserves and funds derived from our subsidiary banks. These funds historically have been produced by dividends from our subsidiary banks and management fees that are limited to reimbursement of actual expenses. We anticipate that our recurring cash sources will continue to include dividends and management fees from our subsidiary banks. At September 30, 2012, approximately $56.3 million was available for the payment of intercompany dividends by our subsidiaries without the prior approval of regulatory agencies. Our subsidiaries paid aggregate dividends of $14.6 million and $12.8 million for the three month periods ended September 30, 2012 and 2011, respectively. Our subsidiaries paid aggregate dividends of $43.1 million and $32.8 million for the nine-month periods ended September 30, 2012 and 2011, respectively.
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