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

Southside Bancshares Inc

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CIK: 705432 Ticker: SBSI

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


•Third quarter diluted earnings per share of $0.82, an increase of 41.4% compared to same period in 2019;
•Third quarter net income of $27.1 million, an increase of 36.8% compared to same period in 2019;
•Annualized return on third quarter average tangible equity of 17.73%(1);
•Nonperforming assets remain low at 0.23% of total assets;
•Total COVID-19 modified loans decreased 76.5%, to $76.5 million;
•Allowance for loan losses to total loans, 1.45%.


Tyler, Texas (October 23, 2020) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended September 30, 2020. Southside reported net income of $27.1 million for the three months ended September 30, 2020, an increase of $7.3 million, or 36.8%, compared to $19.8 million for the same period in 2019. Earnings per diluted common share increased $0.24, or 41.4%, to $0.82 for the three months ended September 30, 2020, from $0.58 for the same period in 2019. The annualized return on average shareholders’ equity for the three months ended September 30, 2020 was 12.89%, compared to 9.78% for the same period in 2019.  The annualized return on average assets was 1.48% for the three months ended September 30, 2020, compared to 1.23% for the same period in 2019.

“I am delighted to report Southside’s strong third quarter financial results,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “We reported a return on third quarter average tangible equity of 17.73% as net income increased 36.8% compared to the same period in 2019, largely driven by a decrease in provision for credit losses and an increase in net interest income that was partially offset by an increase in noninterest expense. Asset quality metrics remain solid with nonperforming assets to total assets decreasing to 0.23%. As of October 20, 2020 and since the release of our second quarter results in July, total COVID-19 modified loans have decreased approximately $249 million, or 76.5%, from $326 million as of July 20, to $76.5 million, or 2.2% of total loans, net of Paycheck Protection Program (“PPP”) loans. On a linked quarter basis our net interest margin(1) remained unchanged at 3.02%, while the net interest spread(1) increased two basis points to 2.84%.”

“During the third quarter loans decreased $62.6 million primarily due to a few large payoffs in commercial real estate loans. Our loan pipeline is growing as lending opportunities in our markets are steadily increasing. Our balance sheet, capital position and underlying earnings continue to be a source of strength, as reflected in our third quarter results.”

“On October 3, Southside celebrated its 60th Anniversary with various activities, including a customer appreciation day in our branches. We were honored to virtually ring the Nasdaq Opening Bell in celebration of our 60th anniversary on September 28. Over the last 60 years, we have experienced tremendous growth, expanded our footprint to many communities in Texas and formed meaningful long-standing relationships with our customers. We have been blessed with exceptional team members and customers who have played an integral role in our success and together, we look forward to further expanding and growing Southside’s Texas franchise.”

“While the pandemic continues to impact the markets we serve and many uncertainties remain, we are encouraged by the increased economic activity in our markets. I continue to be extremely proud of the dedication and professionalism consistently shown by our team members as they safely and efficiently serve our customers and I want to thank each of them publicly.”

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The following information was filed by Southside Bancshares Inc (SBSI) on Friday, October 23, 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

Cover Page
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) (Tables)
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)
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 (Tables)
Fair Value Measurement - Balance Sheet Grouping (Details)
Fair Value Measurement - Recurring And Nonrecurring Basis (Details)
Fair Value Measurement Narrative (Details)
Income Taxes
Income Taxes - Narrative (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes Income Taxes (Tables)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (Tables)
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 And Origination Year (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)
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 (Tables)
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)
Summary Of Significant Accounting And Reporting Policies
Summary Of Significant Accounting And Reporting Policies (Policies)
Summary Of Significant Accounting And Reporting Policies (Tables)
Summary Of Significant Accounting And Reporting Policies - Asu 2016-13 Impact On Allowance (Details)
Summary Of Significant Accounting And Reporting Policies - Reclassifications (Details)

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: 0000705432-20-000169
Submitted to the SEC: Fri Oct 30 2020 1:49:04 PM EST
Accepted by the SEC: Fri Oct 30 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks

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