Last10K.com

Southside Bancshares Inc (SBSI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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
FIRST QUARTER ENDED MARCH 31, 2020


•
First quarter provision for credit losses of $25.2 million; largely worsening economic forecast, COVID-19 related;
•
Linked quarter loans increased $32.8 million, or 0.9%, to $3.60 billion from $3.57 billion;
•
Linked quarter nonperforming assets as a percent of total assets decreased to 0.24% from 0.26%;
•
Linked quarter tax-equivalent net interest margin(1) increased 5 basis points to 3.03% from 2.98%.


Tyler, Texas (May 5, 2020) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ:SBSI) today reported its financial results for the quarter ended March 31, 2020. Southside reported net income of $4.0 million for the three months ended March 31, 2020, a decrease of $14.9 million, or 79.0%, compared to $18.8 million for the same period in 2019. Earnings per diluted common share decreased $0.44, or 78.6%, to $0.12 for the three months ended March 31, 2020, from $0.56 for the same period in 2019. The annualized return on average shareholders’ equity for the three months ended March 31, 2020 was 1.93%, compared to 10.35% for the same period in 2019.  The annualized return on average assets was 0.23% for the three months ended March 31, 2020, compared to 1.21% for the same period in 2019.

“Our financial results reflect the strength of our sound credit quality, liquidity, capital position and solid operating fundamentals,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “We are pleased to report net income of $4.0 million, and earnings per share of $0.12, after adopting ASU 2016-13(2) (“CECL”) and recording a $25.2 million provision for credit losses due largely to a worsening economic forecast related to COVID-19. On a linked quarter basis, nonperforming assets as a percent of total assets decreased to 0.24%, and the tax equivalent net interest margin improved five basis points. COVID-19 significantly impacted business operations throughout the United States in the first quarter, banking included, and is expected to continue to impact our business, as well as our customers' businesses. I am proud of how our Southside team embraced the necessary and evolving changes and continued to provide outstanding customer service. Through the Paycheck Protection Program (“PPP”), implemented in April, the Southside team processed approximately 2,000 small business loans, totaling just over $300 million as of April 30, 2020. Additionally, we are assisting our borrowers that may be experiencing financial hardship due to COVID-19 related challenges with payment deferrals, generally for up to three months. As of April 30, 2020, payment deferrals represented $176.7 million of our outstanding loan balances with the largest categories including commercial real estate loans of $112.7 million and 1-4 family residential loans of $47.2 million.”

“While loans increased $32.8 million during the quarter, at this time, other than short-term PPP loan growth, we do not anticipate meaningful loan growth for the remainder of the year due to the current COVID-19 related economic forecast for 2020. Due to the reduced expectations for 2020 loan growth and the significant declines in short and long-term interest rates, we increased our securities portfolio approximately $450 million and entered into an additional $400 million of swaps to lock in long-term interest rates on funding. The interest rate swap contracts had an average interest rate of 0.32% with an average weighted maturity of 5.2 years at March 31, 2020. During March, as volatility in equity markets persisted, U.S. agency mortgage-backed securities and highly rated municipal bonds also began to experience volatility primarily due to illiquidity. When this occurred, we increased the securities portfolio by purchasing $491 million of largely AAA rated municipal bonds of which $8 million were taxable, at levels we believe are attractive. Other security purchases and sales during the quarter were designed to increase the overall yield of the securities portfolio. Due to the timing of these transactions the full impact on interest income and expense will be reflected in future quarters.”

“As the COVID-19 pandemic began to unfold during the quarter, our primary concern was and remains, the safety of our customers and employees, and to that end, we implemented various plans and procedures to achieve that priority as well as continue to provide the quality of service our customers have grown accustomed to. While some of our methods and delivery channels of services have changed temporarily, the high level of quality service our customers expect and deserve has continued. At this time when our country has suffered record job losses, I am very thankful to be able to report that we have not furloughed or laid off any employees as a result of COVID-19. Later in 2020, Southside will celebrate its 60th Anniversary. Over the course of these 60 years, we have seen growth not only in our balance sheet and capital position, but also in the relationships we have formed in the communities we serve. As a result, we believe we are well positioned to navigate these difficult times and emerge eager and ready to help our customers achieve their financial goals.”


Page-1
The following information was filed by Southside Bancshares Inc (SBSI) on Tuesday, May 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter 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-Q Quarterly 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 2020 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
M & A
Legal
Other
Filter Subcategory:
All
Shares
Expense
Earnings
Product
Income
Dividend
Other
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)
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)
Employee Benefit Plans Narrative (Details)
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)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses - Aging Of Past Due Loans By Class Of Loan (Details)
Loans And Allowance For Loan Losses - Allowance For Loan Losses Activity By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Loans By Credit Quality Indicator (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 - Troubled Debt Restructurings (Details)
Loans And Allowance For Loan Losses (Tables)
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 (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)
Subsequent Events
Summary Of Significant Accounting And Reporting Policies
Summary Of Significant Accounting And Reporting Policies - Reclassifications (Details)
Summary Of Significant Accounting And Reporting Policies (Policies)
Summary Of Significant Accounting And Reporting Policies - Asu 2016-13 Impact On Allowance (Details)
Summary Of Significant Accounting And Reporting Policies Summary Of Significant Accounting And Reporting Policies (Tables)

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0000705432-20-000054
Submitted to the SEC: Fri May 08 2020 3:09:18 PM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/sbsi/0000705432-20-000054.htm