The document provides information from First Financial Bankshares' 2020 annual shareholders' meeting. It includes details on the executive management team, board of directors, financial performance from 2019, and First Financial Trust's growth. Some key points:
- First Financial Bankshares reported $164.8 million in earnings for 2019, its 33rd consecutive year of increased earnings.
- Total assets grew to $8.26 billion in 2019, loans increased to $4.22 billion, and deposits grew to $6.6 billion.
- First Financial Trust's assets under management increased to $4.86 billion in 2019, with revenue reaching $28.4 million.
- The meeting recognized retiring and new board members
Prepare forecasted financial statements for Year 7 (cash flow statem.pdfkishorchelani123
Prepare forecasted financial statements for Year 7 (cash flow statement, income statement, and
balance sheet). Prepare a brief justification for each assumption that you make when forecasting
a specific value.
Exhibit 1:
Annual Summary Financial Statements
Bastion Finance
Summary of Audited Financial Statements ($ Millions)
Income Statements Year 1 Year 2 Year3 Year 4 Year 5 Year 6
Revenues
Interest Income 4.3 19.0 28.3 36.4 39.2 46.7
Loan Fees 5.2 15.4 8.0 11.2 20.0 22.8
Operating Revenue 9.5 34.4 36.3 47.6 59.2 69.5
Expenses
Interest Expense 4.5 15.8 24.7 31.7 41.5 48.7
Salaries and Wages 0.7 0.8 0.9 1.1 1.3 1.5
Other 0.2 0.2 0.2 0.3 0.3 0.5
Operating Expenses 5.4 16.8 25.8 33.1 43.1 50.7
Operating Income 4.1 17.6 10.5 14.5 16.1 18.8
Bad Debts 0.0 0.0 0.0 0.0 3.9 6.3
Income Tax 0.0 0.0 0.0 0.0 4.8 1.6
Net Income 4.1 17.6 10.5 14.5 7.4 10.9
Statements of Retained Earnings
Beginning Retained Earnings 0.0 1.1 5.7 5.2 5.7 6.1
Net Income 4.1 17.6 10.5 14.5 7.4 10.9
Dividends 3.0 13.0 11.0 14.0 7.0 10.0
Ending Retained Earnings 1.1 5.7 5.2 5.7 6.1 7.0
Balance Sheets
Assets
Cash 2.9 2.0 71.8 96.2 102.4 81.1
Loans Receivable 74.5 232.9 264.8 312.6 349.3 393.3
Total Assets 77.4 234.9 336.6 408.8 451.7 474.4
Liabilities
Interest Payable 1.1 4.0 6.2 7.9 10.4 12.2
Term Deposits 75.0 225.0 325.0 395.0 435.0 455.0
Total Liabilities 76.1 229.0 331.2 402.9 445.4 467.2
Owners Equity
Common Stock 0.2 0.2 0.2 0.2 0.2 0.2
Retained Earnings 1.1 5.7 5.2 5.7 6.1 7.0
Total Liabilities and Equity 77.4 234.9 336.6 408.8 451.7 474.4
Exhibit 2:
Information from the Companys Annual Report to Shareholders.
Bastion Finance
Fiscal Year
The fiscal year for Bastion Finance runs from March 16 through March 15. To avoid confusion,
dates are not used in the following discussion. Instead, references are made to each full fiscal
year of operation. Thus Year 1 refers to the firms first full year of business and Year 6 to its most
recently completed year.
Company Regulatory Matters
The company is organized as a commercial investment company. It is not subject to regulatory
oversight as a bank. Securities regulations require that term investors be supplied with a current
prospectus. Depositors investments are not insured or guaranteed by any governmental agency.
Company Shareholders
Shares in Bastion Finance are not listed on any exchange nor are they publicly traded. Private
transactions between individuals have occurred infrequently. As of the end of Year 6, the firm is
aware of 15 individuals owning sharesmost consist of very small holdings. The five largest
shareholders and their holdings are:
Shares
%
Eric Lombard 1,290,000 43%
Walter Carson 1,050,000 35%
Lance Edwards 300,000 10%
LeRoy Fisk 150,000 5%
Linda Hobbs 60,000 2%
In Year 3, Linda Hobbs purchased 60,000 shares from Walter Carson for $2,816,000, a price
representing eight times per share earnings for Year 2. At the end of Year 4, LeRoy Fisk
purchased 150,000 shares from Walter Carson for $7,250,000, a price representi.
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
Brazil Digital Report - 1st Edition By McKinsey & Company and Brazil at Silic...Ana Lucia Amaral
An amazing initiative by McKinsey and Brazil at Silicon Valley: A report that presents an overview of Brazil’s economy, including its innovation, digital and entrepreneurial landscape. Source: https://www.brazilatsiliconvalley.com/brazil-digital-report
#BSV19
Brazil Digital Report - 1st Edition
A first-edition dossier on the Brazilian digital economy
April 8th, 2019
The Report
A comprehensive 191-page report on the Brazilian digital economy, including macroeconomic indicators, Internet trends, investment facts, and data on the overall entrepreneurship and innovation landscape.
The Audience
This report is intended for all those who can play a part in driving the innovation agenda in the country – entrepreneurs, investors, public and private institutions, global business leaders, as well as digital savvy people who are curious about Brazil.
The Methodology
This is a curated compilation of public information and selected proprietary McKinsey data. We aspire to revise it annually with fresh data in order to tell the ongoing story of Brazil’s digital and innovation evolution.
Acknowledgments
McKinsey thanks the support it has received from Brazil at Silicon Valley, a student-led movement that started at Stanford University and whose mission is to improve Brazil’s competitiveness and global relevance through technology and innovation.
Prepare forecasted financial statements for Year 7 (cash flow statem.pdfkishorchelani123
Prepare forecasted financial statements for Year 7 (cash flow statement, income statement, and
balance sheet). Prepare a brief justification for each assumption that you make when forecasting
a specific value.
Exhibit 1:
Annual Summary Financial Statements
Bastion Finance
Summary of Audited Financial Statements ($ Millions)
Income Statements Year 1 Year 2 Year3 Year 4 Year 5 Year 6
Revenues
Interest Income 4.3 19.0 28.3 36.4 39.2 46.7
Loan Fees 5.2 15.4 8.0 11.2 20.0 22.8
Operating Revenue 9.5 34.4 36.3 47.6 59.2 69.5
Expenses
Interest Expense 4.5 15.8 24.7 31.7 41.5 48.7
Salaries and Wages 0.7 0.8 0.9 1.1 1.3 1.5
Other 0.2 0.2 0.2 0.3 0.3 0.5
Operating Expenses 5.4 16.8 25.8 33.1 43.1 50.7
Operating Income 4.1 17.6 10.5 14.5 16.1 18.8
Bad Debts 0.0 0.0 0.0 0.0 3.9 6.3
Income Tax 0.0 0.0 0.0 0.0 4.8 1.6
Net Income 4.1 17.6 10.5 14.5 7.4 10.9
Statements of Retained Earnings
Beginning Retained Earnings 0.0 1.1 5.7 5.2 5.7 6.1
Net Income 4.1 17.6 10.5 14.5 7.4 10.9
Dividends 3.0 13.0 11.0 14.0 7.0 10.0
Ending Retained Earnings 1.1 5.7 5.2 5.7 6.1 7.0
Balance Sheets
Assets
Cash 2.9 2.0 71.8 96.2 102.4 81.1
Loans Receivable 74.5 232.9 264.8 312.6 349.3 393.3
Total Assets 77.4 234.9 336.6 408.8 451.7 474.4
Liabilities
Interest Payable 1.1 4.0 6.2 7.9 10.4 12.2
Term Deposits 75.0 225.0 325.0 395.0 435.0 455.0
Total Liabilities 76.1 229.0 331.2 402.9 445.4 467.2
Owners Equity
Common Stock 0.2 0.2 0.2 0.2 0.2 0.2
Retained Earnings 1.1 5.7 5.2 5.7 6.1 7.0
Total Liabilities and Equity 77.4 234.9 336.6 408.8 451.7 474.4
Exhibit 2:
Information from the Companys Annual Report to Shareholders.
Bastion Finance
Fiscal Year
The fiscal year for Bastion Finance runs from March 16 through March 15. To avoid confusion,
dates are not used in the following discussion. Instead, references are made to each full fiscal
year of operation. Thus Year 1 refers to the firms first full year of business and Year 6 to its most
recently completed year.
Company Regulatory Matters
The company is organized as a commercial investment company. It is not subject to regulatory
oversight as a bank. Securities regulations require that term investors be supplied with a current
prospectus. Depositors investments are not insured or guaranteed by any governmental agency.
Company Shareholders
Shares in Bastion Finance are not listed on any exchange nor are they publicly traded. Private
transactions between individuals have occurred infrequently. As of the end of Year 6, the firm is
aware of 15 individuals owning sharesmost consist of very small holdings. The five largest
shareholders and their holdings are:
Shares
%
Eric Lombard 1,290,000 43%
Walter Carson 1,050,000 35%
Lance Edwards 300,000 10%
LeRoy Fisk 150,000 5%
Linda Hobbs 60,000 2%
In Year 3, Linda Hobbs purchased 60,000 shares from Walter Carson for $2,816,000, a price
representing eight times per share earnings for Year 2. At the end of Year 4, LeRoy Fisk
purchased 150,000 shares from Walter Carson for $7,250,000, a price representi.
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
Brazil Digital Report - 1st Edition By McKinsey & Company and Brazil at Silic...Ana Lucia Amaral
An amazing initiative by McKinsey and Brazil at Silicon Valley: A report that presents an overview of Brazil’s economy, including its innovation, digital and entrepreneurial landscape. Source: https://www.brazilatsiliconvalley.com/brazil-digital-report
#BSV19
Brazil Digital Report - 1st Edition
A first-edition dossier on the Brazilian digital economy
April 8th, 2019
The Report
A comprehensive 191-page report on the Brazilian digital economy, including macroeconomic indicators, Internet trends, investment facts, and data on the overall entrepreneurship and innovation landscape.
The Audience
This report is intended for all those who can play a part in driving the innovation agenda in the country – entrepreneurs, investors, public and private institutions, global business leaders, as well as digital savvy people who are curious about Brazil.
The Methodology
This is a curated compilation of public information and selected proprietary McKinsey data. We aspire to revise it annually with fresh data in order to tell the ongoing story of Brazil’s digital and innovation evolution.
Acknowledgments
McKinsey thanks the support it has received from Brazil at Silicon Valley, a student-led movement that started at Stanford University and whose mission is to improve Brazil’s competitiveness and global relevance through technology and innovation.
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2. 2 2
Scott Dueser
Chairman of the Board, President and
Chief Executive Officer
At FFIN In Banking
44 49
Executive Management Team
3. 3
Ron Butler
Executive Vice President
Chief Administrative Officer
At FFIN In Banking
27 38
Gary S. Gragg
Executive Vice President
Chief Lending Officer
At FFIN In Banking
29 41
Executive Management Team
4. 4
Executive Management Team
4
J. Bruce
Hildebrand, CPA
Executive Vice President
Chief Administrative Officer
At FFIN In Banking
17 41
Luke
Longhofer
Executive Vice President
Chief Credit Officer
At FFIN In Banking
9 17
5. 5
Executive Management Team
Randy Roewe
Executive Vice President
Chief Risk Officer
At FFIN In Banking
5 30
John Ruzicka
Executive Vice President
Chief Information Officer
At FFIN In Banking
2 40
6. 6
Executive Management Team
Tim Collard
Executive Vice President
Lending
At FFIN In Banking
28 39
Kirk Thaxton, CTFA
Chairman, President and CEO
First Financial Trust
At FFIN In Banking
33 37
7. 7
Senior Management
Larry Kentz
Senior Vice President
Chief Compliance Officer
At FFIN In Banking
6 39
Brandon Harris
Senior Vice President
Appraisal Services
At FFIN In Banking
6 19
8. 8
Senior Management
8
J. Kyle McVey
Senior Vice President
Chief Accounting Officer
At FFIN In Banking
10 12
Marna Yerigan
Executive Vice President
Commercial Lending
At FFIN In Banking
9 39
9. 9
Troy Fore
President
First Financial Mortgage
At FFIN In Banking
5 35
Will Christoferson
Senior Vice President
Advertising and Marketing
At FFIN In Banking
2 10
Josh Brown
Vice President
Human Resources Manager
At FFIN In the Industry
6 11
Line of Business Executives
Frank Gioia
Senior Vice President
Customer Care Center
At FFIN In the Industry
5 33
10. 10
Monica Houston
Executive Vice President
Retail Banking and Training
At FFIN In Banking
26 26
Andrea Smiddy-Schlagel
Executive Vice President
Treasury Management
At FFIN In Banking
2 32
Mike Wolverton
Executive Vice President
Consumer Lending
At FFIN In Banking
9 35
Line of Business Executives
Gary Milliorn
Vice President
Property Management
At FFIN In Management
5 31
11. 11
Experienced Regional CEOs and Presidents
Marelyn Shedd
Abilene
At FFIN In Banking
30 37
Joseph Crouch
Sweetwater
At FFIN In Banking
2 24
David Bailey
Eastland
At FFIN In Banking
17 17
Robert De La Cruz
Hereford
At FFIN In Banking
16 16
12. 12
Austin Elsner
Cleburne
At FFINIn Banking
320
Experienced Regional CEOs and Presidents
Chris Evatt
San Angelo
At FFIN In Banking
20 20
Trent Swearengin
Stephenville
At FFINIn Banking
2123
Justin Hooper
Weatherford
At FFIN In Banking
16 27
13. 13
Experienced Regional CEOs and Presidents
Mark Jones
Southlake
At FFIN In Banking
20 43
Sam Baker
Conroe
At FFIN In Banking
5 44
Kirby Cason
Huntsville
At FFIN In Banking
2 14
Stephen Lee
Southeast Texas
At FFIN In Banking
8 32
14. 14
Johnny Brooks
Kingwood
In BankingAt FFIN
382
Marcus Morris
Fort Worth
At FFIN In Banking
10 12
Experienced Regional CEOs and Presidents
16
Shelley Dacus
Kingwood
At FFIN In Banking
2
Ivan Olson
Bryan/College Station
At FFIN In Banking
431
18. 18
April Anthony
Chief Executive Officer
Encompass Home Health & Homecare Homebase
2015 Audit
Committee AppointmentYear
President,
Mansefeldt Investment Corporation – Lead Director
Tucker S. Bridwell
- Executive
- Nominating/Corporate Governance
Committee Appointment
Board of Directors
Vianei Lopez Braun
Chief Development Officer
Decker Jones, P.C.
Compensation
Committee AppointmentYear
2020
2007
Year
David Copeland
President, SIPCO, Inc. and Shelton
Family Foundation
- Executive
- Audit
- Nominating/Corporate Governance
Committee Appointment
1998
Year
19. 19
Mike Denny
President
Batjer and Associates, Inc.
Committee Appointment
Principal
The Edwards Group
Murray Edwards
- Executive
- Audit
- Nominating/Corporate Governance
Committee Appointment
Board of Directors
2006
Year
2019
Year
F. Scott Dueser
Chairman of the Board, President, and CEO
First Financial Bankshares
Executive
Committee Appointment
1991
Year
Tim Lancaster
Retired President and CEO
Hendrick Health System
Committee Appointment
2013
Year
- Executive
- Audit
- Compensation
- Nominating/Corporate Governance
Audit
20. 20
Kade L. Matthews
Ranching and
Investments
Compensation
Committee Appointment
Robert C. Nickles, Jr.
Executive Chairman
Alegacy Group, LLC
Compensation
Committee Appointment
Board of Directors
President and CEO
Livestock Investors, Ltd.
Johnny E. Trotter
- Executive
- Compensation
- Nominating/Corporate Governance
Committee Appointment
2007
Year
1998
Year
2019
Year
26. 26
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 “believes,” “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 or saving 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 and Filings” on the Company’s website or by
writing or calling the Company at 325.627.7155. Except as otherwise stated herein, the Company does not undertake any obligation to update publicly
or revise any forward-looking statements because of new information, future events or otherwise.
Forward Looking Statement
31. 31
FFIN Outperforms Peers
1.65% 1.61% 1.59%
1.72%
1.98%
2.08%
0.95% 0.95% 1.00% 0.95%
1.22% 1.19%
2014 2015 2016 2017 2018 2019
First Financial Peer Group
Percentage Return on Average Assets
32. 32
Strong Return on Capital
14.00% 13.60%
12.36%
13.63%
15.37%
14.37%
8.32% 8.59% 9.16% 8.67%
11.03% 10.62%
2014 2015 2016 2017 2018 2019
First Financial Peer Group
Percentage Return on Average Equity
33. 33
100.4
12/31/19 3/31/20
To meet Requirements of
BASEL III for 2019
Tier 1
Leverage Ratio 12.60 12.49 > 4.00
Common Equity
Tier 1 Capital Ratio
20.06 19.55 > 7.00
Tier 1 Capital Ratio 20.06 19.55 > 8.50
Total Capital Ratio 21.13 20.65 > 10.50
Capital Ratios
42. 42
Loan Performance
2015 2016 2017 2018 2019 2020
$3,351 $3,384 $3,501
Growth in FFIN Total Loans (in millions)
$3,975
$4,223
$4,681*
*As of March 31, 2020
43. 43
Deposit Growth
Growth in FFIN Total Deposits (in millions)
$1,746 $1,718 $2,042 $2,116 $2,065 $2,288
$3,444 $3,761
$3,921 $4,064 $4,539
$4,922
2015 2016 2017 2018 2019 2020
Non Interest Bearing Interest Bearing
$5,190 $5,479
$5,963 $6,180
$6,604
$7,210*
*As of March 31, 2020
45. 45
Growth in Trust Assets
$2,774
$3,060
$3,374
$3,866
$4,294
$4,856
$3,759 $3,870
$4,373
$5,132
$5,599
$6,746
2014 2015 2016 2017 2018 2019
Book Value Fair Value
Total Trust Assets – Book Value / Fair Value (in millions)
46. 46
Total Trust Fees
$18,766 $19,252 $19,636
$23,694
$28,181 $28,401
2014 2015 2016 2017 2018 2019
Growth in FFTAM Fees (in thousands)
47. 47
Revenue from Mineral Management
$3,150
$2,005
$1,709
$2,412
$4,821
$3,749
2014 2015 2016 2017 2018 2019
Growth in Mineral Management (in thousands)
48. 48
Total Trust Net Income
$7,109 $7,449 $7,190
$8,579
$13,532 $13,892
2014 2015 2016 2017 2018 2019
Growth in FFTAM Net Income (in thousands)
56. 56
33rd Consecutive Year of Increased Earnings
$89.6
$100.4 $104.8
$120.4
$150.6
$164.8
2014 2015 2016 2017 2018 2019
FFIN Earnings (in millions)
$7.65*
$0.66*
57. 57
Stock cost in January 2019 $28,840
Dividend declared ($0.47 x 1,000 shares) $470
Increase in stock price during 2018 ($28.84 to $35.10 x 1,000 Shares) $6,260
2019 return on investment 23.34%
2018 return on investment 29.88%
2017 return on investment 1.33%
2016 return on investment 52.14%
2015 return on investment 3.05%
5 year compound average return 19.90%
Assume you owned 1,000 shares of FFIN stock on January 1, 2019…
Total Return on Investment
58. 58
Assume you owned 100 shares of FFIN stock on January 1, 1973:
Annual Return Since 1973
100Shares in 1973
34,376Shares Today
12.72%Average Annual Return of
FFIN Since 1973
$4,900Share Value in 1973
$1,206,598Share Value on 12/31/2019
7.29%Average Annual Return of
The S&P 500 Since 1973
60. 60
SBA – Paycheck Protection Program Loans Funded
4,900
Loan Fundings
$646MM
Total Dollars
61. 61
Safe, Sound, and Secure
Strong Financial Performance, Capital, and Liquidity
On March 11, 2020, SunTrust analysts ranked First Financial in the top ten banks with the best
relative credit loss history with the highest relative capital levels within their coverage. Our
extremely high percentage of capital to total assets of 15.73% significantly outperforms our peers.
We have excellent liquidity and are prepared to make new loans and advances on existing lines of
credit to take care of our customers’ liquidity, working capital, and expansion needs.
Safety Spanning 130 Years
We have always been safe, sound, and secure, which has helped us perform through the
Great Depression, the oil bust, and numerous economic recessions. In 2019, First Financial
announced the 33rd consecutive year of increased earnings.
64. 64
The Bank and Trust, Bryan/College Station
Effective January 1, 2020
5 Branches in Bryan and College Station
• $631.1 million in assets as of December 31, 2019
• $551.9 million in deposits
$455.4 million in loans
$190 million purchase price represents approximately 17.2x expected 2019 earnings
The Bank and Trust acquisition is consistent with our acquisition model of high growth areas,
strong Board and Management, and excellent earnings opportunity
Provides diversification and fits well into our footprint
Management and Board share same values to outstanding customer service
78. 78
Management Changes
James Gordon
Selected as Future
Executive Vice President
Chief Financial Officer
J. Bruce Hildebrand
Executive Vice President
Chief Financial Officer
17 Years
August 2020
79. 79
Diversity and Inclusion
EMPLOYEE BASE
1,435 EMPLOYEES EMPLOYEE DIVERSITY
FEMALE 72% | MALE 28%
RACIAL MINORITIES
29.1% MINORITY
28% | 72%
www.ffin.com/diversity
81. 81
Shareholders of record as of June 16, 2020
Dividend payable July 1, 2020
Increase cash divided to $0.13 per
quarter – 8.3% increase
Dividend Announcement