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Southside Bancshares Inc (SBSI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Southside Bancshares Inc

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CIK: 705432 Ticker: SBSI


EXHIBIT 99.1
SOUTHSIDE BANCSHARES, INC.
ANNOUNCES FINANCIAL RESULTS FOR THE
SECOND QUARTER ENDED JUNE 30, 2020


•
Second quarter diluted earnings per share of $0.65, an increase of 18.2% compared to same period in 2019;
•
Second quarter net income of $21.6 million, an increase of 15.8% compared to same period in 2019;
•
Linked quarter deposits increased $331.4 million;
•
Annualized return on second quarter average tangible equity of 15.24%(1);
•
Allowance for loan losses to total loans, 1.55%;
•
Nonperforming assets remain low at 0.24% of total assets.


Tyler, Texas (July 22, 2020) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ:SBSI) today reported its financial results for the quarter ended June 30, 2020. Southside reported net income of $21.6 million for the three months ended June 30, 2020, an increase of $2.9 million, or 15.8%, compared to $18.6 million for the same period in 2019. Earnings per diluted common share increased $0.10, or 18.2%, to $0.65 for the three months ended June 30, 2020, from $0.55 for the same period in 2019. The annualized return on average shareholders’ equity for the three months ended June 30, 2020 was 10.82%, compared to 9.68% for the same period in 2019.  The annualized return on average assets was 1.17% for the three months ended June 30, 2020, compared to 1.20% for the same period in 2019.

“Solid second quarter financial results reflect the strength of our balance sheet, capital position, and underlying earnings,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “Net income of $21.6 million and earnings per share of $0.65, are two of the highlights for the quarter after recording a $5.2 million provision for credit losses, largely related to the novel coronavirus (“COVID-19”). Asset quality remains solid with nonperforming assets as a percent of total assets unchanged on a linked quarter basis at 0.24%. Linked quarter, our net interest spread increased six basis points and net interest margin decreased one basis point. Approximately $308 million of Paycheck Protection Program (“PPP”) loans made during the quarter had a slight negative impact on both our net interest spread and margin during the quarter.”

“Loans, including those made through the PPP, increased $251.6 million, or 7.0%, during the quarter. Loans, net of PPP loans, decreased approximately $57 million. While our loan growth expectations are lower for the remainder of the year due to the uncertainty of COVID-19, we continue to look for loan growth opportunities.”

“In June of 2020, we froze all future benefit accruals in our defined benefit retirement plan (“Retirement Plan”) to remaining active employed participants, effective December 31, 2020, following a freeze to new entrants into the Retirement Plan as of December 31, 2005. As a result of the decision in June 2020 to freeze future benefits, the Retirement Plan liability was remeasured as of June 30, 2020. As a result of the freeze of future benefits and remeasurement, we recorded a curtailment expense of approximately $163,000 and a decrease to our accumulated other comprehensive income, included in shareholders’ equity, of approximately $6.0 million, the latter due primarily to the decrease in the discount rate from 3.41% to 2.78%. As a result of the remeasurement of the liability at June 30, 2020, we expect an increase of approximately $450,000, or 33.2%, to retirement expense during the last half of this year, compared to the first six months of 2020. Utilizing the current assumptions, we expect the freeze of all future benefit accruals will result in a reduction in retirement expense, included in salaries and employee benefits, of approximately $2 million during 2021.”

“Like much of the nation, COVID-19 continues to impact the communities we serve. I remain extremely proud of our Southside team, their great attitudes and the manner in which they have embraced change, while continuing to provide outstanding customer service during this challenging time. Throughout this pandemic, our primary concern has been and remains the safety of our customers and employees. To that end, some of our methods and delivery channels have temporarily changed to provide the high level of quality service our customers expect and receive. Utilizing the strength of our balance sheet, liquidity and capital position, we believe we are well positioned to continue growing our Texas franchise.”




Page-1
The following information was filed by Southside Bancshares Inc (SBSI) on Wednesday, July 22, 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.

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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)
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, Allowance For Off-Balance-Sheet Credit Exposures (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: 0000705432-20-000104
Submitted to the SEC: Fri Jul 31 2020 2:42:57 PM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: State Commercial Banks

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