Company did not provide specific financial guidance for the current or future periods.
Result drivers
Lower deposit costs and higher securities yields - Company said net interest income and margin benefited from a decrease in deposit costs and improved securities yields.
Wealth management and mortgage fees - Company said increases in wealth management and mortgage banking fee income contributed to noninterest income growth.
Higher salary and software costs - Company said noninterest expense rose due to merit-based and market-driven pay increases, profit sharing, and higher software amortization and professional fees.
Quarterly results
US regional bank's Q2 net income and EPS grew year over year.
Net interest income and margin rose from the prior year, helped by lower deposit costs.
Noninterest income increased, driven by wealth management and mortgage banking fees.
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "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 $35.00, about 0.6% below its July 15 closing price of $35.22.
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 15 three months ago.
FFIN•
