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Southside Bancshares Inc (SBSI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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, 2020


•Record fourth quarter net income of $29.6 million, an increase of 70.6%, compared to the same period in 2019;
•Record annual net income of $82.2 million, an increase of 10.2%, compared to the same period in 2019;
•Annualized return on fourth quarter average assets of 1.64%;
•Annualized return on fourth quarter average tangible equity of 18.71%(1); and
•Nonperforming assets remained low at 0.25% of total assets.

Tyler, Texas (January 27, 2021) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter and year ended December 31, 2020. Southside reported net income of $29.6 million for the three months ended December 31, 2020, an increase of $12.2 million, or 70.6%, compared to $17.3 million for the same period in 2019. Earnings per diluted common share increased $0.38, or 74.5%, to $0.89 for the three months ended December 31, 2020, from $0.51 for the same period in 2019. The annualized return on average shareholders’ equity for the three months ended December 31, 2020 was 13.77%, compared to 8.42% for the same period in 2019.  The annualized return on average assets was 1.64% for the three months ended December 31, 2020, compared to 1.03% for the same period in 2019.

“The ability to report record annual net income, combined with strong asset quality metrics, during a year challenged by a pandemic and the related uncertainties, while implementing ASU 2016-13(2) (“CECL”), in my opinion, makes 2020 by far the best year in the history of the bank,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “The $12.2 million increase in net income for the fourth quarter compared to the same period in 2019, was driven by an increase in net interest income and a decrease in provision for credit losses. During the fourth quarter, we expensed approximately $1.0 million related to branch closures. Asset quality metrics remained strong with nonperforming assets to total assets at year end of 0.25%. As of January 25, 2021, and since the release of our second quarter results in July, total modified loans due to the impact of COVID-19 have decreased approximately $291 million, or 89%, from $326 million as of July 20, to $35 million, or 1.0% of total loans, net of Paycheck Protection Program (“PPP”) loans. On a linked quarter basis, our net interest margin(1) increased 18 basis points to 3.20%, of which approximately 14 basis points was attributable to additional accretion income on PPP loans forgiven by the Small Business Administration (“SBA”) during the quarter. Despite the extremely low interest rate environment during much of 2020, we were able to successfully maintain and slightly increase Southside’s net interest margin(1) when compared to 2019.”

“During the fourth quarter, loans decreased $132.2 million primarily due to the $88 million decrease in PPP loans and a few large payoffs in commercial real estate loans. Our loan pipeline continues to grow as lending opportunities in our markets are steadily increasing. We anticipate further forgiveness of PPP loans and additional large payoffs will challenge overall loan growth during the first quarter of 2021. Our balance sheet, capital position and underlying earnings continue to be a source of strength, as reflected in our fourth quarter results.”

“On November 9, 2020, we announced the successful completion of Southside’s $100 million subordinated debt offering. Through the issuance of the notes bearing a coupon of 3.875%, we were able to raise low cost capital without dilution to existing shareholders.”

“The pandemic continues to impact the markets we serve and uncertainties remain, however we are encouraged by the vaccine rollout and the increased economic activity in our markets. I am extremely proud of the dedication and professionalism consistently shown by our team members as they safely and efficiently served our customers and they deserve the credit for this outstanding year.”

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The following information was filed by Southside Bancshares Inc (SBSI) on Wednesday, January 27, 2021 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 Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income (Loss) (Tables)
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)
Borrowing Arrangements
Borrowing Arrangements (Details)
Borrowing Arrangements (Tables)
Borrowing Arrangements - Maturities Table (Details)
Borrowing Arrangements - Narrative (Details)
Deposits
Deposits (Tables)
Deposits - Narrative (Details)
Deposits - Scheduled Maturities Of Time Deposits (Details)
Deposits - Types And Components Of Deposit Liabilities (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)
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 (Tables)
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 - 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)
Fair Value Measurement
Fair Value Measurement (Tables)
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)
Income Taxes
Income Taxes (Tables)
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 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 - Rental Income (Details)
Leases - Supplemental Cash Flow Information (Details)
Leases - Weighted Average Lease Information (Details)
Leases Narrative (Details)
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 Loans (Details)
Loans And Allowance For Loan Losses - Allowance For Loan Losses Activity By Portfolio Segment (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 - Summary Of Loans By Credit Quality Indicator And Origination Year (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, Commitments And Contingencies
Off-Balance-Sheet Arrangements, Commitments And Contingencies (Tables)
Off-Balance-Sheet Arrangements, Commitments And Contingencies - Allowance For Off-Balance-Sheet Credit Exposures (Details)
Off-Balance-Sheet Arrangements, Commitments And Contingencies - Narrative (Details)
Off-Balance-Sheet Arrangements, Commitments And Contingencies - Off-Balance Sheet Arrangements, Commitments And Contingencies (Details)
Parent Company Financial Information
Parent Company Financial Information (Tables)
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)
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 (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)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Regulatory Capital Requirements (Details)
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 (Details)
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)
Ticker: SBSI
CIK: 705432
Form Type: 10-K Annual Report
Accession Number: 0000705432-21-000013
Submitted to the SEC: Fri Feb 26 2021 1:37:27 PM EST
Accepted by the SEC: Fri Feb 26 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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