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Southside Bancshares Inc (SBSI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Southside Bancshares Inc

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CIK: 705432 Ticker: SBSI


EXHIBIT 99.1
SOUTHSIDE BANCSHARES, INC.
ANNOUNCES FINANCIAL RESULTS FOR THE
FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2019


•
Linked quarter loans increased $68.3 million, or 2.0%, to $3.57 billion from $3.50 billion
•
Linked quarter nonperforming assets as a percent of total assets decreased from 0.45% to 0.26%
•
Fourth quarter net income was $17.3 million and earnings per diluted common share were $0.51
•
Fourth quarter annualized return on average assets of 1.03%

Tyler, Texas, (January 31, 2020) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ:SBSI) today reported its financial results for the quarter and year ended
December 31, 2019. Southside reported net income of $17.3 million for the three months ended December 31, 2019, a decrease of $46,000, or 0.3%, compared to $17.4 million for the same period in 2018. Earnings per diluted common share increased $0.01, or 2.0%, to $0.51 for the three months ended December 31, 2019, from $0.50 for the same period in 2018. The annualized return on average shareholders’ equity for the three months ended December 31, 2019 was 8.42%, compared to 9.30% for the same period in 2018.  The annualized return on average assets was 1.03% for the three months ended December 31, 2019, compared to 1.14% for the same period in 2018.

“I am pleased to report Southside enjoyed a solid year in 2019, as earnings per share increased 4.3% to $2.20, loan growth of 7.7%, or $255.4 million, exceeding our original projections, and nonaccrual loans decreased 86.1%, or $30.8 million,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “At December 31, 2019, our nonperforming assets to total assets ratio decreased to 0.26%.”

“For the quarter ended December 31, 2019, provision for loan losses increased $1.5 million on a linked quarter basis largely due to a partial charge-off of a previously reported nonaccrual loan that paid off in the fourth quarter. Linked quarter, our net interest spread and margin declined two and five basis points, respectively, primarily due to securities increasing more than loans and representing a larger percentage of average earning assets when compared to the third quarter.”

“In November we opened our 60th branch location in Kingwood, just north of Houston. We have loaned into the Houston market for several years and have recently hired a commercial lender designated to this market.  In addition, we anticipate filing an application to open a loan production office within the greater Houston area, which is subject to regulatory approval.”

“The Texas economy remains strong as company relocations and expansions continue to drive both job and population growth.”
Operating Results for the Three Months Ended December 31, 2019
Net income was $17.3 million for the three months ended December 31, 2019, compared to $17.4 million for the same period in 2018, a decrease of $46,000, or 0.3%. Earnings per diluted common share were $0.51 for the three months ended December 31, 2019, compared to $0.50 for the same period in 2018. Annualized returns on average assets and average shareholders’ equity for the three months ended December 31, 2019 were 1.03% and 8.42%, respectively.  Our efficiency ratio (FTE) was 53.87% (1) for the three months ended December 31, 2019, compared to 50.53% for the three months ended September 30, 2019.
Net interest income for the three months ended December 31, 2019 was $43.2 million compared to $42.4 million for the same period in 2018. Linked quarter, net interest income increased $0.8 million, or 1.9%, compared to $42.4 million during the three months ended September 30, 2019. The increase in net interest income for the linked quarter was due to the decrease in interest expense on our interest bearing liabilities, a result of a decrease in average rate paid on our interest bearing liabilities during the three months ended December 31, 2019.
Our tax equivalent net interest margin was 2.98% for the three months ended December 31, 2019 compared to 3.21% for the same period in 2018. The decrease was due to a decrease in average yield on interest earning assets of 20 basis points and an increase in average interest bearing liabilities, partially offset by an increase in interest earnings assets. The average rate paid on interest bearing liabilities was 1.46% for the three months ended December 31, 2019 and 2018. Our tax equivalent net interest margin decreased 5 basis points compared to 3.03% for the three months ended September 30, 2019. This decrease was due to a decrease in the average yield on interest earning assets of 16 basis points and the increase in average interest bearing liabilities.


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The following information was filed by Southside Bancshares Inc (SBSI) on Friday, January 31, 2020 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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Inside Southside Bancshares Inc's 10-K Annual Report:

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 Flows
Consolidated Statements Of Cash Flows (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 Income, Changes In (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 - Goodwill (Details)
Acquisition - Pci Loans (Details)
Acquisition (Tables)
Acquisition - Narrative (Details)
Borrowing Arrangements
Borrowing Arrangements - Maturities Table (Details)
Borrowing Arrangements - Narrative (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 (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 - 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)
Income Taxes Narrative (Details)
Leases
Leases - Balance Sheet Information (Details)
Leases - Components Of Lease Expense (Details)
Leases - Future Operating Lease Obligations (Details)
Leases - Rental Income (Details)
Leases - Weighted Average Lease Information (Details)
Leases Narrative (Details)
Leases (Tables)
Leases - Future Operating Lease Receivable (Details)
Leases - Supplemental Cash Flow 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, 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 Debt - Lt Debt Interest Rates (Details)
Long-Term Debt - Other Long-Term Obligations (Details)
Long-Term Obligations
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 (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 Flows (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 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)
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 - 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: 0000705432-20-000022
Submitted to the SEC: Fri Feb 28 2020 3:15:39 PM EST
Accepted by the SEC: Fri Feb 28 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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