First Financial Q2 net income rise 27% to $66.66 mln

Overview

• First Financial Q2 net income rise 27% yr/yr to $66.66 mln

• Net interest income grows to $123.73 mln

• Provision for credit losses falls to $3.13 mln from $5.89 mln a year ago

Outlook

• Company expects for the remainder of the year to improve investment yields and continue loan growth

• First Financial aims to focus on growing deposits in its markets

Result Drivers

• LOAN AND DEPOSIT GROWTH - Co attributes earnings growth to healthy loan and deposit expansion, per CEO F. Scott Dueser

• IMPROVED MARGINS - Increased average yields on loans and securities contributed to higher net interest margin

• TRUST REVENUE - Growth in trust fee income driven by increased market value of trust assets

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for First Financial Bankshares Inc is $36.50, about 0.5% above its July 16 closing price of $36.32

Press Release: ID:nPn2Ypt9ma