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Southside Bancshares Inc (SBSI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Southside Bancshares Inc

CIK: 705432 Ticker: SBSI


EXHIBIT 99.1
SOUTHSIDE BANCSHARES, INC.
ANNOUNCES FINANCIAL RESULTS FOR THE
THREE MONTHS AND YEAR ENDED DECEMBER 31, 2017
NASDAQ Global Select Market Symbol - “SBSI”


Tyler, Texas, (February 6, 2018) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ:SBSI) today reported its financial results for the three months and year ended December 31, 2017.
Southside reported net income of $10.3 million for the three months ended December 31, 2017, a decrease of $1.2 million, or 10.7%, compared to $11.6 million for the same period in 2016. Southside reported net income of $54.3 million for the year ended December 31, 2017, an increase of $5.0 million, or 10.1%, compared to $49.3 million for the same period in 2016.
Diluted earnings per common share were $0.33 for the three months ended December 31, 2017, a decrease of $0.09, or 21.4%, compared to $0.42 for the three months ended December 31, 2016. For the year ended December 31, 2017, diluted earnings per common share were $1.81, the same as for the year ended 2016.
The return on average shareholders’ equity for the year ended December 31, 2017 was 9.65%, compared to 10.54% for the same period in 2016.  The return on average assets was 0.96% for the year ended December 31, 2017, compared to 0.94% for the same period in 2016.
“Continued solid performance and the closing of our Diboll transaction during the fourth quarter provided a nice finish to 2017,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “Earnings per share (diluted) for the fourth quarter were negatively impacted $0.08 due to acquisition cost, net of tax, related to the Diboll transaction. We were also required to recalculate our net deferred tax asset during the fourth quarter to account for the lower corporate tax rates and the reduced future deductions as a result of the Tax Cuts and Jobs Act passed in December 2017. This recalculation resulted in a non-cash tax charge that negatively impacted earnings $0.08 per diluted common share for the fourth quarter. The reduction in corporate tax rates is expected to positively impact earnings in 2018 and in future years.”
“Many of our customers have become more optimistic about their economic future as a result of the reduced regulatory burden and the anticipated benefits from lower tax rates. Loans, excluding acquired loans, increased 4.6% during 2017 while maintaining strong asset quality with nonperforming assets at 0.16% of total assets. The economic conditions in Texas, including our market areas, remain solid with the Austin and DFW markets continuing to perform exceptionally well.”
“The completion of the Diboll transaction, healthy, growing markets and tax rate cuts, all provide us a solid foundation on which to build in 2018. I want to thank all of our customers, shareholders, team members and directors for making Southside the success it is today.”
Loans and Deposits
For the year ended December 31, 2017, total loans increased by $737.8 million, or 28.9%, compared to December 31, 2016, with approximately $621.3 million the result of the consummation of the Diboll merger in the fourth quarter. The net increase in our loans was comprised primarily of increases of $319.2 million of commercial real estate loans, $168.1 million of 1-4 family residential loans, $95.7 million of construction loans, $89.2 million of commercial loans, $47.2 million of municipal loans, and $18.5 million of loans to individuals. Oil and gas industry loans totaled 1.50% of the loan portfolio at December 31, 2017, compared to 1.09% at December 31, 2016.
Nonperforming assets decreased during the year ended December 31, 2017 by $4.6 million, or 30.7%, to $10.5 million, or 0.16% of total assets, compared to $15.1 million, or 0.27% of total assets at December 31, 2016, due to the payoff of several nonaccrual commercial loans during 2017.
During the year ended December 31, 2017, the allowance for loan losses increased by $2.9 million, or 16.0%, to $20.8 million, or 0.63% of total loans, compared to 0.70% of total loans at December 31, 2016. The decrease in the allowance as a percentage of total loans was due to the fact that there was no allowance for loan losses recorded for the Diboll loans since credit quality was considered in the fair valuing of loans and the timing of the completion of the merger on November 30, 2017, in relation to year end.
For the year ended December 31, 2017, deposits, net of brokered deposits, increased $956.2 million, or 27.3%, compared to December 31, 2016, primarily due to approximately $899.3 million of deposits assumed in the Diboll merger.



The following information was filed by Southside Bancshares Inc (SBSI) on Tuesday, February 6, 2018 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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flow
Consolidated Statements Of Cash Flow (parenthetical)
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 Loss
Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (details)
Accumulated Other Comprehensive Loss - Reclassifications Out Of Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Loss (tables)
Acquisition
Acquisition - Acquired Performing Loans (details)
Acquisition - Assets Acquired And Liabilities Assumed (details)
Acquisition - Pci Loans (details)
Acquisition - Schedule Of Components Of Consideration Paid (details)
Acquisition (details)
Acquisition (tables)
Borrowing Arrangements
Borrowing Arrangements - Additional Information (details)
Borrowing Arrangements - Maturities Table (details)
Borrowing Arrangements (details)
Borrowing Arrangements (tables)
Deposits
Deposits - Narrative (details)
Deposits - Scheduled Maturities Of Time Deposits (details)
Deposits - Types And Components Of Deposit Liabilities (details)
Deposits (tables)
Derivative Financial Instruments And Hedging Activities
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)
Derivatives Instruments And Hedging Activities Disclosure (tables)
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 - 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 - Amounts That Will Be Amortized From Accumulated Other Comprehensive Income (loss) In Next Fiscal Year (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 Option Valuation Assumptions (details)
Employee Benefits - Stock Options Exercise Price Range (details)
Employee Benefits - Summary Of Activity Of Share-based Plans (details)
Employee Benefits (tables)
Fair Value Measurement
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)
Fair Value Measurement (tables)
Income Taxes
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 (tables)
Loans And Allowance For Probable Loan Losses
Loans And Allowance For Probable Loan Losses - Aging Of Past Due Loans By Class Of Loan (details)
Loans And Allowance For Probable Loan Losses - Allowance Balance, By Impairment Method, Reserve (details)
Loans And Allowance For Probable Loan Losses - Allowance For Loan Losses Activity By Portfolio Segment (details)
Loans And Allowance For Probable Loan Losses - Allowance For Loan Losses, Loan Portfolio, By Impairment Method (details)
Loans And Allowance For Probable Loan Losses - Impaired Loans By Class Of Loan (details)
Loans And Allowance For Probable Loan Losses - Interest Income On Impaired Loans (details)
Loans And Allowance For Probable Loan Losses - Loans By Credit Quality Indicator (details)
Loans And Allowance For Probable Loan Losses - Loans By Portfolio Segment (details)
Loans And Allowance For Probable Loan Losses - Narrative (details)
Loans And Allowance For Probable Loan Losses - Nonaccrual Loans By Class (details)
Loans And Allowance For Probable Loan Losses - Nonperforming Assets By Asset Class (details)
Loans And Allowance For Probable Loan Losses - Purchased Credit Impaired (details)
Loans And Allowance For Probable Loan Losses - Troubled Debt Restructurings (details)
Loans And Allowance For Probable Loan Losses (tables)
Long-term Obligations
Long-term Obligations - Lt Debt Interest Rates (details)
Long-term Obligations - Other Long-term Obligations (details)
Long-term Obligations (tables)
Off-balance-sheet Arrangements, Commitments And Contingencies
Off-balance-sheet Arrangements, Commitments And Contingencies - Narrative (details)
Off-balance-sheet Arrangements, Commitments And Contingencies - Off-balance Sheet Arrangements, Commitments And Contingencies (details)
Off-balance-sheet Arrangements, Commitments And Contingencies - Operating Lease - Lessor (details)
Off-balance-sheet Arrangements, Commitments And Contingencies - Operating Lease Commitments And Rent Expense (details)
Off-balance-sheet Arrangements, Commitments And Contingencies (tables)
Parent Company Financial Information
Parent Company Financial Information - Balance Sheets (details)
Parent Company Financial Information - Balance Sheets Share Information (details)
Parent Company Financial Information - Cash Flow (details)
Parent Company Financial Information - Income Statement (details)
Parent Company Financial Information (tables)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
Quarterly Financial Information Of Registrant
Quarterly Financial Information Of Registrant (details)
Quarterly Financial Information Of Registrant (tables)
Securities
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 And Equity Securities Components (details)
Securities - Subsequent Event (details)
Securities - Unrealized Loss On Securities (details)
Securities (tables)
Shareholders' Equity
Shareholders' Equity - Narrative (details)
Shareholders' Equity - Regulatory Capital Requirements (details)
Shareholders' Equity (tables)
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 - Accounting Pronouncements (details)
Summary Of Significant Accounting And Reporting Policies - Reclassifications (details)
Summary Of Significant Accounting And Reporting Policies - Stock Dividend (details)
Summary Of Significant Accounting And Reporting Policies (details)
Summary Of Significant Accounting And Reporting Policies (policies)
Ticker: SBSI
CIK: 705432
Form Type: 10-K Annual Report
Accession Number: 0000705432-18-000028
Submitted to the SEC: Wed Feb 28 2018 5:22:52 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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