Southside Bancshares Inc (SBSI) 10-K Annual Report February 2017

Tyler, Texas, (January 27, 2017) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ:SBSI) today reported its financial results for the three months and year ended December 31, 2016.

Southside reported net income of $11.6 million for the three months ended December 31, 2016, a decrease of $0.1 million, or 1.0%, compared to $11.7 million for the same period in 2015. Net income for the year ended December 31, 2016 increased $5.4 million, or 12.2%, to $49.3 million, compared to $44.0 million for the same period in 2015.

Diluted earnings per common share were $0.43 and $0.44 for the three months ended December 31, 2016 and 2015, respectively, a decrease of $0.01, or 2.3%. For the year ended December 31, 2016, diluted earnings per common share increased $0.21, or 12.7%, to $1.86, compared to $1.65 for the same period in 2015.

The return on average shareholders’ equity for the year ended December 31, 2016 was 10.54%, compared to 10.04% for the same period in 2015. The return on average assets was 0.94% for the year ended December 31, 2016, compared to 0.90% for the same period in 2015.

“A 12.2% increase in net income for the year ended December 31, 2016 when compared to the prior year, resulted in record net income of $49.3 million, which highlights our financial performance for the year,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “During the fourth quarter ended December 31, 2016, we sold available for sale securities at a net loss of $2.7 million compared to a net gain of $0.2 million on the securities that were sold during the fourth quarter of 2015. Net income for the fourth quarter of 2016 decreased $0.1 million compared to the same period in 2015. Excluding sales of available for sale securities, net income during the fourth quarter of 2016 increased $1.8 million, or 15.2%, compared to the same period in 2015.”

“Other highlights for the year included $124.8 million, or 5.1% in loan growth, a decrease in nonperforming assets to total assets to 0.27% and the completion of a common stock offering that netted $76.0 million in additional capital.”

“Our loan pipeline is strong and reflects the potential for more consistent loan growth throughout 2017 than we have experienced during the prior two years. The DFW and Austin markets we serve are expected to continue to experience solid job growth during 2017 as businesses continue to relocate from other states and expand existing facilities” Mr. Gibson concluded.

Loans and Deposits

For the year ended December 31, 2016, total loans increased by $124.8 million, or 5.1%, compared to December 31, 2015. The net increase in our loans was comprised of increases of $310.8 million of commercial real estate loans and $10.5 million of municipal loans, which were partially offset by decreases of $65.3 million of commercial loans, $58.1 million of construction loans, $54.9 million of loans to individuals, and $18.2 million of 1-4 family residential loans. Loans with oil and gas industry exposure totaled 1.09% of the loan portfolio at December 31, 2016.

Nonperforming assets decreased during the year ended December 31, 2016 by $17.4 million, or 53.5%, to $15.1 million, or 0.27% of total assets, compared to 0.63% of total assets at December 31, 2015.

During the year ended December 31, 2016, the allowance for loan losses decreased $1.8 million, or 9.2%, to $17.9 million, or 0.70% of total loans, compared to 0.81% of total loans at December 31, 2015, as a result of charge-offs of two large impaired commercial borrowing relationships partially offset by growth in the loan portfolio.

During the year ended December 31, 2016, deposits, net of brokered deposits, increased $127.4 million, or 3.8%, compared to December 31, 2015. During this period public fund deposits increased $76.8 million.

Net Interest Income for the Three Months Ended December 31, 2016

Net interest income decreased $0.1 million, or 0.2%, to $34.6 million for the three months ended December 31, 2016, compared to $34.7 million for the same period in 2015. The decrease in net interest income was the result of the increase in interest expense of $3.8 million associated with short- and long-term obligations and deposit expenses, which were partially offset by an increase in interest income of $3.7 million, which was primarily a result of the increase in the loan and securities portfolio, compared to the same period in 2015. For the three months ended December 31, 2016, our net interest spread decreased to 2.90%, compared to 3.26% for the same period in 2015, due to higher rates paid on interest-bearing liabilities along with a decrease in the yield on

The following information was filed by Southside Bancshares Inc (SBSI) on Friday, January 27, 2017 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.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/705432/000070543217000014/sbsi10-k123116document.htm

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

Southside Bancshares Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

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

Continue

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Southside Bancshares Inc provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: SBSI
CIK: 705432
Form Type: 10-K Annual Report
Accession Number: 0000705432-17-000014
Submitted to the SEC: Fri Feb 24 2017 5:09:34 PM EST
Accepted by the SEC: Fri Feb 24 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/sbsi/0000705432-17-000014.htm

Southside Bancshares Inc (SBSI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

SBSI Valuations

SBSI Annual Reports

SBSI Quarterly Reports

SBSI Corporate News