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Southside Bancshares Inc (SBSI) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Southside Bancshares Inc

CIK: 705432 Ticker: SBSI


EXHIBIT 99.1
SOUTHSIDE BANCSHARES, INC.
ANNOUNCES FINANCIAL RESULTS FOR THE
THIRD QUARTER ENDED SEPTEMBER 30, 2019



Third quarter net income was $19.8 million and earnings per diluted common share were $0.58
Linked quarter loans increased $39.8 million, or 1.1%, to $3.50 billion from $3.46 billion
Third quarter annualized return on average shareholders’ equity of 9.78% and return on average tangible common equity of 13.96% (1) 
Third quarter annualized return on average assets of 1.23%
Linked quarter nonperforming assets as a percent of total assets decreased from 0.46% to 0.45%

Tyler, Texas, (October 25, 2019) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ:SBSI) today reported its financial results for the quarter ended September 30, 2019. Southside reported net income of $19.8 million for the three months ended September 30, 2019, a decrease of $0.5 million, or 2.5%, compared to $20.3 million for the same period in 2018. Earnings per diluted common share of $0.58 for the three months ended September 30, 2019 remained unchanged when compared to the same period in 2018. The annualized return on average shareholders’ equity for the three months ended September 30, 2019 was 9.78%, compared to 10.61% for the same period in 2018.  The annualized return on average assets was 1.23% for the three months ended September 30, 2019, compared to 1.30% for the same period in 2018.

“I am extremely pleased to report that Southside had an excellent third quarter highlighted by a linked quarter increase in loans of $39.8 million, a 6.4% increase in linked quarter net income and a 5.5% increase in linked quarter diluted earnings per share of $0.03 per share,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “The loan growth in the third quarter was partially offset by several large prepayments.”

“The increase in our linked quarter net income during the third quarter was largely due to a decrease in provision for loan losses of $1.5 million from the prior quarter. Our net interest margin decreased on a linked quarter basis from 3.17% for the second quarter to 3.03% for the third quarter. Most of the growth in average loans and securities was funded by higher cost FHLB advances. In addition, prepayments on mortgage backed securities increased, resulting in an increase in amortization expense.”

Economic conditions in our East Texas markets remain solid while economic conditions in our DFW and Austin markets continue to be strong. During the third quarter, we received regulatory approval to open our retail in-store branch in Kingwood, Texas. We look forward to opening this branch during the fourth quarter in this high growth market.”

“On September 5, 2019, the Company’s Board of Directors approved a Stock Repurchase Plan, authorizing the repurchase, from time to time, of up to 1 million shares of the Company’s outstanding common stock. During the third quarter we did not purchase any shares of our common stock. During the fourth quarter through October 23rd, we have purchased 25,615 shares at an average price of $33.47.”

Operating Results for the Three Months Ended September 30, 2019
Net income was $19.8 million for the three months ended September 30, 2019 compared with $20.3 million for the same period in 2018, a decrease of $0.5 million, or 2.5%. Earnings per diluted common share of $0.58 for the three months ended September 30, 2019 remained unchanged when compared to the same period in 2018. The decrease in net income was largely driven by the increase in income tax expense, partially offset by an increase in noninterest income. Annualized returns on average assets and average shareholders’ equity for the three months ended September 30, 2019 were 1.23% and 9.78%, respectively.  Our efficiency ratio (FTE) was 50.53% (1) for the three months ended September 30, 2019, an improvement from 51.44% for the three months ended June 30, 2019.
Net interest income for each of the three months ended September 30, 2019 and 2018 was $42.4 million. Linked quarter, net interest income decreased $0.8 million, or 1.8%, compared with $43.1 million during the three months ended June 30, 2019. The


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The following information was filed by Southside Bancshares Inc (SBSI) on Friday, October 25, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Southside Bancshares Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Income (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income, Changes In (Details)
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisition
Acquisition (Details)
Borrowing Arrangements
Borrowing Arrangements (Details)
Borrowing Arrangements (Tables)
Borrowing Arrangements Narrative (Details)
Borrowings Maturities Table (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)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Fair Value Measurement
Fair Value Measurement - Balance Sheet Grouping (Details)
Fair Value Measurement - Recurring And Nonrecurring Basis (Details)
Fair Value Measurement (Tables)
Fair Value Measurement Narrative (Details)
Income Taxes
Income Taxes - Provision For Income Taxes (Details)
Income Taxes Income Taxes (Tables)
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 - Narrative (Details)
Leases - Rental Income (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Lease Information (Details)
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 (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 By Class Of Loans (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 Debt Long-Term Obligations
Long-Term Debt Long-Term Obligations (Tables)
Long-Term Debt Lt Debt Interest Rates (Details)
Long-Term Debt Other Long-Term Obligations (Details)
Off-Balance-Sheet Arrangements, Commitments And Contingencies
Off-Balance-Sheet Arrangements, Commitments And Contingencies (Details)
Off-Balance-Sheet Arrangements, Commitments And Contingencies (Tables)
Off-Balance-Sheet Arrangements, Commitments And Contingencies Narrative (Details)
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 Securities Components (Details)
Securities - Unrealized And Realized Gain (Loss) Recognized In Net Income On Equity Investments (Details)
Securities - Unrealized Loss On Securities (Details)
Securities (Tables)
Summary Of Significant Accounting And Reporting Policies
Summary Of Significant Accounting And Reporting Policies - Reclassifications (Details)
Summary Of Significant Accounting And Reporting Policies (Policies)

Material Contracts, Statements, Certifications & more

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

Ticker: SBSI
CIK: 705432
Form Type: 10-Q Quarterly Report
Accession Number: 0000705432-19-000128
Submitted to the SEC: Thu Oct 31 2019 12:27:29 PM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Monday, September 30, 2019
Industry: State Commercial Banks

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