2014 FFIN Annual Meeting Presentation
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Transcript of 2014 FFIN Annual Meeting Presentation
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2014 Annual Shareholder Meeting
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Years with Company Years in Industry
Scott Dueser Chairman of the Board, President & Chief Executive Officer
38 43
J. Bruce Hildebrand, CPA Executive Vice President Chief Financial Officer
11 35
Gary L. Webb Executive Vice President Operations
11 25
Gary S. Gragg Executive Vice President Credit Administration
23 35
Marna Yerigan Executive Vice President Credit Administration
3 30
Ron Butler Executive Vice President Chief Administrative Officer
21 32
Senior Management at First Financial
3
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Years with Company Years in Industry
Michele Stevens Senior Vice President Advertising and Marketing
16 32
Courtney Jordan Senior Vice President Training
5 18
Bob Goodner Senior Vice President & Compliance Officer Compliance
12 35
Luke Longhofer Senior Vice President & Loan Review Officer Credit Administration
3 10
Brandon Harris Senior Vice President Appraisal Services
1 15
Kirk Thaxton, CTFA President, First Financial Trust & Asset Management
27 31
Senior Management at First Financial
4
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Experienced Regional CEOs & PresidentsYears with Company Years in Industry
Marelyn Shedd, Abilene 23 31
Mike Mauldin, Hereford 11 36
Kirby Andrews, Sweetwater 23 26
Trent Swearengin, Eastland 14 16
Mike Boyd, San Angelo 38 42
Tom O’Neil, Cleburne 15 34
Matt Reynolds, Cleburne 9 32
Ron Mullins, Stephenville 8 35
Jay Gibbs, Weatherford 12 40
Mark Jones, Southlake 13 36
Ken Williamson, Mineral Wells 12 43
Robert Pate, Huntsville 16 33
Fred Wren, Huntsville 2 35
Stephen Lee, Southeast Region 7 21
Gary Tucker, First Technology Services 23 39
5
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Board of DirectorsYears as Board
MemberCommittee
Appointment
Steven L. Beal Director and Former President and COO of Concho Resources Inc.
4
Executive
Compensation
Nominating/Corporate Governance
Tucker S. Bridwell President, Mansefeldt Investment Corporation 7
Lead Director / Executive
Nominating /
Corporate Governance
David Copeland President, SIPCO, Inc. and Shelton Family Foundation
16Executive / Audit
Nominating/Corporate Governance
F. Scott Dueser Chairman of the Board, President and CEO 23 Executive
Murray Edwards Principal, The Edwards Group 8
Executive / Audit
Nominating /Corporate Governance
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Board of Directors
Years as Board Member
Committee Appointment
Ron Giddiens G&G Investments
4 Audit
Tim LancasterPresident and CEO Hedrick Health System 1 Audit
Kade L. Matthews Ranching and Investments 15 Compensation
Ross H. Smith, Jr. Chairman and President Akrotex, Inc. - Proposed - Compensation
Johnny E. Trotter President and CEO Livestock Investors, Ltd. 10
Executive
Compensation
Nominating/Corporate Governance
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Independent Public Auditors
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Mr. Joe Canon
12
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Mr. Ross Smith
13
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Forward Looking Statement
The numbers, as of and for the three months ended March 31, 2014, contained within this presentation
are unaudited. 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 “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 and savings 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/Filings” on the Company’s web site or by writing or calling the Company
at 325.627.7155. The Company does not undertake any obligation to update publicly or revise any
forward-looking statements herein because of new information, future events or otherwise.
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2013 Financial Review
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Earnings
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2008 2009 2010 2011 2012 2013
$53.1 $53.8$59.7
$68.4$74.2
$78.9Chart Title
27th Consecutive Year of Increased Earnings
FFIN Earnings (in millions)
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2008 2009 2010 2011 2012 2013
$1.71 $1.72$1.91
$2.17
$2.36$2.48Chart Title
Strong Shareholder Earnings
Basic Earnings Per Share
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2007 2008 2009 2010 2011 2012 2013
FirstFinancial 52.83% 50.76% 50.11% 49.49% 48.37% 48.14% 50.19%
Peer Group 63.12% 68.12% 69.53% 67.33% 65.57% 65.77% 68.51%
Working Harder and Smarter
Efficiency Ratio (FFIN vs. Peers)
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4th Qtr. '10
1st Qtr. '11
2nd Qtr. '11
3rd Qtr. '11
4th Qtr. '11
1st Qtr. '12
2nd Qtr. '12
3rd Qtr. '12
4th Qtr. '12
1st Qtr. '13
2nd Qtr. '13
3rd Qtr. '13
4th Qtr. '13
1st Qtr. '14
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%
First Financial Peer Group
Net Interest Margin
Quarterly Interest Margin
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2007 2008 2009 2010 2011 2012 2013
1.72% 1.74% 1.72% 1.75% 1.78% 1.75%1.64%
0.87%
-0.03%
-0.18%
0.24%
0.79%
0.98% 1.05%
FFIN Outperforms Peers
Percentage Return on Average Assets
Pe
er
Gro
up
Fir
st
Fin
an
cia
l
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2007 2008 2009 2010 2011 2012 2013
15.87%15.27%
13.63% 13.74%14.44%
13.85% 13.75%
9.45%
-1.83%-2.57%
0.88%
7.27%8.56% 8.99%
Strong Return on Capital
Percentage Return on Average EquityP
ee
r G
rou
p
Fir
st
Fin
an
cia
l
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12-31-13 03-31-14To be considered
well Capitalized
Tier 1
Leverage Ratio9.84 9.95 > 5.00
Tier 1 Risk
Based Capital Ratio15.82 16.24 > 6.00
Risk Based
Capital Ratio16.92 17.39 > 10.00
Capital Ratios
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2008 2009 2010 2011 2012 2013
$3,212 $3,279
$3,776
$4,121
$4,500
$5,222Chart Title
Growth in Total Assets
Asset Performance
(in millions)
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2007 2008 2009 2010 2011 2012 2013$84 $77 $73 $81 $66 $68 $76
$182 $191 $175 $191 $218 $273 $334 $32 $52 $0
$394 $391 $406 $429 $427 $510
$590
$836 $855 $860 $990 $1,076
$1,238
$1,689
Real Estate
Commercial
Student
Consumer
Agricultural
Loan Performance
Growth in FFIN Total Loans (in millions)
$1,566 $1,514
$1,690$1,787
$1,528
$2,689
$2,089
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2008 2009 2010 2011 2012 2013
FirstFinancial 0.80% 1.46% 1.53% 1.64% 1.22% 1.16%
Peer Group 2.63% 5.41% 5.37% 4.59% 3.67% 2.72%
Sound Lending Practices
Nonperforming assets as a percentage of loans + foreclosed assets (FFIN vs. Peers)
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2008 2009 2010 2011 2012 2013
$797 $836 $959 $1,102 $1,312 $1,362
$1,786 $1,849$2,154
$2,233$2,321
$2,773
Non Interest Bearing Interest Bearing
Deposit Growth
Growth in FFIN Total Deposits (in millions)
$4,135
$2,583 $2,685
$3,113$3,335
$3,633
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1st Quarter 2014 Summary
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2009 2010 2011 2012 2013 2014
$13.7 $13.7
$16.3$17.8
$18.6
$22.3
1st Quarter Earnings
(in millions)FFIN Earnings
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Account Growth
Net New Growth in 2011 – 4,036 Accounts
Net New Growth in 2012 – 1,219 Accounts
Net New Growth in 2013 – 3,308 Accounts*
Net New Growth in 2014 – 2,600 Accounts
December 31, 2011
December 31, 2012
December 31, 2013*
March 31, 2014
Total Number of Accounts
204,063 205,282 208,590 226,527
*(Excluding Orange Acquisition)
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2009 2010 2011 2012 2013 2014
$0.44 $0.44
$0.52$0.56
$0.59
$0.70
Shareholder Earnings – 1st Quarter
Basic Earnings Per Share
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2008 2009 2010 2011 2012 2013
$1,631 $1,664$1,784
$1,912
$2,232$2,465Chart Title
Growth in Trust Assets
Total Trust Assets – Book Value (in millions)
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2008 2009 2010 2011 2012 2013
$9,441 $9,083
$10,808
$12,617
$14,464
$16,317Chart Title
Total Trust Fees
Growth in FFTAM Fees (in thousands)
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2009 2010 2011 2012 2013
$745
$1,159
$1,835
$2,167
$2,648Chart Title
Growth in Mineral Management
Revenue from Mineral Management
(in thousands)
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2008 2009 2010 2011 2012 2013
$2,810 $2,631
$3,254
$4,176
$5,183
$6,142Chart Title
Growth in FFTAM Income
Net Trust Income
(in thousands)
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Managed Equity Styles
Equity Income
Core Domestic
Core Diversified
Core World
Strategic Growth
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40
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2009 2010 2011 2012 2013 2014
$606$739
$1,015
$1,225
$1,422
$1,792Chart Title
Growth in FFTAM Income
Net Trust Income – 1st Quarter
(in thousands)
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2008 2009 2010 2011 2012 2013
$3,212 $3,279
$3,776
$4,121
$4,500
$5,222Chart Title
Growth in Total Assets
Asset Performance
(in millions)
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Challenges
Overwhelming number of unreasonable and ineffective
regulations from Washington
Inept federal government
Stagnant national economy
Low interest rate environment
Maintaining net interest margin
Keep nonperforming assets to a minimum
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Opportunities
Loan Growth
Mortgage Lending
Trust Services
Treasury Management
Mobile Banking
Lower Efficiency Ratio
Potential Acquisitions
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Consolidation of Charters
Was very timely
Regulatory compliance
Technology complexities
Cost savings
Continue to operate as regions with local
management, advisory boards and decisions
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Orange Acquisition – now Southeast Region
Effective May 31, 2013
5 locations in Orange, Jefferson and Newton Counties
41% market share in home market of Orange County
$443 million in Assets
$293 million in loans
$386 million in deposits
Excellent addition and provides diversification
Vibrant economy
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Beaumont – 61st Branch
50
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HEB – San Angelo
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I-20 - Weatherford
52
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Keller – Southlake – 1491 Keller Parkway
53
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Roby – Remodeled in 2013
54
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Ranger – Remodeled in 2014
55
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Fort Worth – Forest Park Blvd. and Rosedale
56
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Fort Worth – Forest Park Blvd. and Rosedale
57
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58
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2008 2009 2010 2011 2012 2013
$53.1 $53.8$59.7
$68.4$74.2
$78.9Chart Title
27th Consecutive Year of Increased Earnings
FFIN Earnings (in millions)
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Stock cost in January 2013 $39,010
Dividend declared ($1.03 x 1,000 shares) $ 1,030
Increase in stock price during 2013($66.11 from $39.01 X 1,000 shares) $2210,720
2013 return on investment 72.11%
2012 return on investment 19.65%
2011 return on investment 0.61%
2010 return on investment -2.99%
2009 return on investment 0.69%
5 year compound average return 14.01%
Total Return on Investment
$27,100
Assume you owned 1,000 shares of FFIN stock on January 1, 2013…
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Strong Stock Performance
-100.00%
-50.00%
0.00%
50.00%
100.00%
150.00%
FFIN S&P 500 NASDAQ Dow JonesJan . ‘07 Mar. ’14Dec . ‘09Dec ‘07 Dec ‘08 Dec. ‘10 Dec. ’11 Dec. ’12
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Dividends Per Share
2007 2008 2009 2010 2011 2012 2013
$0.84$0.89 $0.91 $0.91
$0.95$0.99
$1.03Chart Title
Annual Dividends Declared Per Share
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Stock Split and Increased Cash Dividend
Two-for-One Stock Split – 100% Stock Dividend
Effective Shareholders of record as of May 15, 2014
Distribution Date June 2, 2014
Increase cash divided to $0.14 per quarter – 7.7% increase
Shareholders of record as of June 16, 2014
Dividend payable July 1, 2014
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www.ffin.com