Last10K.com

Southside Bancshares Inc (SBSI) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

SEC Filings

SBSI Valuations

Intrinsic Value
Financial Stability
Financial Ratios
Insider Trades
Manager Portfolios
Notifications

SBSI Annual Reports

SBSI Quarterly Reports

SBSI Corporate News

Southside Bancshares Inc

HISTORY TOOLS
CIK: 705432 Ticker: SBSI

EXHIBIT 99.1
SOUTHSIDE BANCSHARES, INC.
ANNOUNCES FINANCIAL RESULTS FOR THE
FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2022


•Fourth quarter net income of $27.7 million;
•Linked quarter loan growth of 2.1%;
•Linked quarter net interest margin increased to 3.19% and net interest margin (FTE) increased to 3.40%(1);
•Annualized return on fourth quarter average assets of 1.47%;
•Annualized return on fourth quarter average tangible common equity of 21.35%(1); and
•Nonperforming assets decreased to 0.14% of total assets.
Tyler, Texas (January 27, 2023) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter and year ended December 31, 2022. Southside reported net income of $27.7 million for the three months ended December 31, 2022, a decrease of $1.0 million, or 3.6%, compared to $28.7 million for the same period in 2021. Earnings per diluted common share decreased $0.01, or 1.1%, to $0.87 for the three months ended December 31, 2022, from $0.88 for the same period in 2021. The annualized return on average shareholders’ equity for the three months ended December 31, 2022 was 15.08%, compared to 12.67% for the same period in 2021.  The annualized return on average assets was 1.47% for the three months ended December 31, 2022, compared to 1.57% for the same period in 2021.
“We are pleased to report excellent fourth quarter and annual results for 2022,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “Fourth quarter financial results for 2022 were highlighted by net income of $27.7 million, earnings per diluted common share of $0.87, a 1.47% return on average assets, and annualized linked quarter loan growth of 8.2%. Our asset quality remained strong and our tax-equivalent net interest margin linked quarter increased four basis points to 3.40%. During the fourth quarter, our $743 million of fair market value swaps began producing net interest income as the overnight SOFR rate we receive increased above the average fixed rate we pay. We recorded approximately $645,000 of net interest income related to these swaps for the month of December.”
“Texas continues to benefit from migration from other states, job growth and company relocations. Overall, we believe that the long-term economic conditions and growth prospects for the markets we serve remain solid.”
Operating Results for the Three Months Ended December 31, 2022
Net income was $27.7 million for the three months ended December 31, 2022, compared to $28.7 million for the same period in 2021, a decrease of $1.0 million, or 3.6%. Earnings per diluted common share were $0.87 and $0.88 for the three months ended December 31, 2022 and 2021, respectively. The decrease in net income was primarily a result of an increase in provision for credit losses, an increase in noninterest expense and a decrease in noninterest income, partially offset by an increase in net interest income and a decrease in income tax expense. For the three months ended December 31, 2022, Southside recorded a provision for credit losses of $2.1 million, compared to a reversal of provision for credit losses of $3.4 million for the same period in 2021. Annualized returns on average assets and average shareholders’ equity for the three months ended December 31, 2022 were 1.47% and 15.08%, respectively, compared to 1.57% and 12.67%, respectively, for the three months ended December 31, 2021.  Our efficiency ratio and tax-equivalent efficiency ratio(1) were 48.92% and 46.38%, respectively, for the three months ended December 31, 2022, compared to 50.34% and 47.61%, respectively, for the three months ended December 31, 2021, and 50.09% and 47.42%, respectively, for the three months ended September 30, 2022.
Net interest income for the three months ended December 31, 2022 was $56.8 million, compared to $49.4 million for the same period in 2021, an increase of 15.1%. The increase in net interest income compared to the same period in 2021 was due to the increase in interest income, a result of the increase in the average yield and the average balance of interest earning assets, partially offset by an increase in interest expense on our interest bearing liabilities due to higher interest rates, the change in the mix of our interest bearing liabilities and a decrease in the interest income from Paycheck Protection Program (“PPP”) loans. Linked quarter, net interest income increased $1.3 million, or 2.4%, compared to $55.5 million during the three months ended September 30, 2022. The increase in net interest income was due to the increase in the average yield and balance of interest earning assets, which more than offset the increase in the average rate paid on interest bearing liabilities.
Our net interest margin and tax-equivalent net interest margin(1) increased to 3.19% and 3.40%, respectively, for the three months ended December 31, 2022, compared to 3.01% and 3.23%, respectively, for the same period in 2021. Linked quarter, net interest margin and tax-equivalent net interest margin(1) both increased four basis points from 3.15% and 3.36%, respectively for the three months ended September 30, 2022.

Page-1
The following information was filed by Southside Bancshares Inc (SBSI) on Friday, January 27, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Southside Bancshares Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Southside Bancshares Inc.

Continue

Assess how Southside Bancshares Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Southside Bancshares Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Expense
Shares
Earnings
Cash Flow
Income
Product
Dividend
Other
Inside Southside Bancshares Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income, Changes In (Details)
Accumulated Other Comprehensive Loss - Reclassifications Out Of Accumulated Other Comprehensive Income (Details)
Borrowing Arrangements
Borrowing Arrangements (Tables)
Borrowing Arrangements - Information (Details)
Borrowing Arrangements - Maturities Table (Details)
Borrowing Arrangements - Narrative (Details)
Deposits
Deposits (Tables)
Deposits - Narrative (Details)
Deposits - Scheduled Maturities Of Time Deposits (Details)
Deposits - Types And Components Of Deposit Liabilities (Details)
Derivative Financial Instruments And Hedging Activities
Derivative Financial Instruments And Hedging Activities (Tables)
Derivative Financial Instruments And Hedging Activities - Narrative (Details)
Derivative Financial Instruments And Hedging Activities - Schedule Of Derivative Instruments (Details)
Derivative Financial Instruments And Hedging Activities - Weighted Average Remaining Maturity, Lives, And Rates Of Interest Rate Swaps (Details)
Dividend Reinvestment And Common Stock Repurchase Plan
Dividend Reinvestment And Common Stock Repurchase Plan (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - Amounts In Accumulated Other Comprehensive Income (Loss) Recognized In Net Periodic Benefit Cost (Details)
Employee Benefits - Amounts Recognized As A Component Of Accumulated Other Comprehensive Loss (Details)
Employee Benefits - Amounts Recognized As A Component Of Other Comprehensive Income (Loss) (Details)
Employee Benefits - Assumptions Used To Calculate Benefit Obligation, Net Periodic Benefit Cost And Postretirement Benefit (Details)
Employee Benefits - Change In Projected Benefit Obligation And Plan Assets (Details)
Employee Benefits - Expected Future Benefit Payments (Details)
Employee Benefits - Narrative (Details)
Employee Benefits - Net Periodic Benefit Cost And Postretirement Benefit Cost (Details)
Employee Benefits - Pension Plan Asset Categories (Details)
Employee Benefits - Schedule Of Shares Issued In Connection With Stock Compensation Awards (Details)
Employee Benefits - Stock Options Exercise Price Range (Details)
Employee Benefits - Summary Of Activity Of Share-Based Plans (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Fair Value Measurements, Narrative (Details)
Fair Value Measurement - Fair Value Measurements, Recurring And Nonrecurring Basis (Details)
Fair Value Measurement - Fair Value, Balance Sheet Grouping (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Income Tax Expense Reconciliation (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Summary Of Net Deferred Tax Assets (Liabilities) (Details)
Income Taxes Narrative (Details)
Leases
Leases (Tables)
Leases - Balance Sheet Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Future Operating Lease Obligations (Details)
Leases - Future Operating Lease Receivable (Details)
Leases - Rental Income (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Lease Information (Details)
Leases Narrative (Details)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (Tables)
Loans And Allowance For Loan Losses - Aging Of Past Due Loans By Class Of Loans (Details)
Loans And Allowance For Loan Losses - Allowance For Loan Losses Activity By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Loans By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Narrative (Details)
Loans And Allowance For Loan Losses - Nonperforming Assets By Asset Class (Details)
Loans And Allowance For Loan Losses - Summary Of Loans By Credit Quality Indicator And Origination Year (Details)
Loans And Allowance For Loan Losses - Troubled Debt Restructurings (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Lt Debt Interest Rates (Details)
Long-Term Debt - Other Long-Term Debt (Details)
Off-Balance-Sheet Arrangements, Commitments And Contingencies
Off-Balance-Sheet Arrangements, Commitments And Contingencies (Tables)
Off-Balance-Sheet Arrangements, Commitments And Contingencies - Allowance For Off-Balance-Sheet Credit Exposures (Details)
Off-Balance-Sheet Arrangements, Commitments And Contingencies - Narrative (Details)
Off-Balance-Sheet Arrangements, Commitments And Contingencies - Off-Balance Sheet Arrangements, Commitments And Contingencies (Details)
Parent Company Financial Information
Parent Company Financial Information (Tables)
Parent Company Financial Information - Balance Sheets (Details)
Parent Company Financial Information - Balance Sheets Share Information (Details)
Parent Company Financial Information - Cash Flows (Details)
Parent Company Financial Information - Income Statement (Details)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Securities
Securities (Tables)
Securities - Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity (Details)
Securities - Interest Income On Securities (Details)
Securities - Narrative (Details)
Securities - Schedule Of Debt Securities Components (Details)
Securities - Unrealized And Realized Gain (Loss) Recognized In Net Income On Equity Investments (Details)
Securities - Unrealized Loss On Securities (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Regulatory Capital Requirements (Details)
Significant Group Concentrations Of Credit Risk
Significant Group Concentrations Of Credit Risk (Details)
Summary Of Significant Accounting And Reporting Policies
Summary Of Significant Accounting And Reporting Policies (Details)
Summary Of Significant Accounting And Reporting Policies (Policies)
Summary Of Significant Accounting And Reporting Policies - Reclassifications (Details)
Ticker: SBSI
CIK: 705432
Form Type: 10-K Annual Report
Accession Number: 0000705432-23-000023
Submitted to the SEC: Fri Feb 24 2023 4:49:07 PM EST
Accepted by the SEC: Fri Feb 24 2023
Period: Saturday, December 31, 2022
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/sbsi/0000705432-23-000023.htm