August 13, 2020

News to Watch: First Financial Bankshares (NASDAQ:FFIN)

First Financial Bankshares (NASDAQ:FFIN) spotted trading -18.90% off 52-week high price. On the other end, the stock has been noted 42.80% away from the low price over the last 52-weeks. The stock changed 2.23% to recent value of $29.56. The stock transacted 325909 shares during most recent day however it has an average volume of 647.23K shares. The company has 142.12M of outstanding shares and 135.85M shares were floated in the market.

On July 23, 2020, First Financial Bankshares (NASDAQ:FFIN) disclosed earnings for the second quarter of 2020 of $53.47 million when compared with earnings of $42.09 million in the same quarter last year and $37.23 million in the first quarter of 2020. Basic and diluted earnings per share were $0.38 for the second quarter of 2020 compared with $0.31 in the same quarter a year ago and $0.26 for the first quarter of 2020.

All amounts for the three and six-months ended June 30, 2020, include the results of the Company’s acquisition of TB&T Bancshares and its wholly-owned subsidiary, The Bank & Trust of Bryan/College Station, Texas which was effective January 1, 2020. As of the acquisition date, The Bank & Trust of Bryan/College Station had total assets of $631.26 million, total loans of $455.18 million and total deposits of $548.38 million. The Company recorded a $7.65 million discount on the acquired loan portfolio.

We are very pleased with our second quarter earnings performance, especially in the current environment of a pandemic, the shutdown of the economy and lower oil and gas prices, said F. Scott Dueser, Chairman, President and CEO. We could not be prouder of our team that responded quickly to the SBA-PPP program and funded nearly 6,500 loans totaling over $700 million which not only took care of our existing customers but brought many new loan and depository customers from other banks that were not as well prepared to offer the PPP program or chose not to participate at all. We responded to the pandemic by protecting our employees and customers while keeping our doors open and working very long hours to make sure that our customers were taken care of well. At the same time, we had record mortgage closings. Although it was a tough quarter, we navigated well through the challenges and continue to stay TEXAS STRONG.

Its earnings per share (EPS) expected to touch remained 9.60% for this year while earning per share for the next 5-years is expected to reach at 10.00%. FFIN has an operating margin of 87.40% while its profit margin remained 49.60% for the last 12 months.

The price moved ahead of 4.79% from the mean of 20 days, 1.63% from mean of 50 days SMA and performed -4.75% from mean of 200 days price. Company’s performance for the week was 2.57%, -0.30% for month and YTD performance remained -15.78%.