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Southside Bancshares Inc (SBSI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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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, 2021


•Fourth quarter net income of $28.7 million;
•Record annual net income of $113.4 million, an increase of 38.0%, compared to the same period in 2020;
•Annualized linked quarter loan growth, net of Paycheck Protection Program (“PPP”) loans, of 3.8%;
•Annualized linked quarter deposit growth, net of brokered deposits, of 15.9%;
•Linked quarter net interest margin increased to 3.23%;
•Annualized return on fourth quarter average assets of 1.57%;
•Annualized return on fourth quarter average tangible common equity of 16.80%(1); and
•Nonperforming assets decreased to 0.16% of total assets.

Tyler, Texas (January 28, 2022) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter and year ended December 31, 2021. Southside reported net income of $28.7 million for the three months ended December 31, 2021, a decrease of $0.9 million, or 3.0%, compared to $29.6 million for the same period in 2020. Earnings per diluted common share were $0.88 for the three months ended December 31, 2021, compared to $0.89 for the same period in 2020. The annualized return on average shareholders’ equity for the three months ended December 31, 2021 was 12.67%, compared to 13.77% for the same period in 2020.  The annualized return on average assets was 1.57% for the three months ended December 31, 2021, compared to 1.64% for the same period in 2020.
“We reported exceptional financial results for 2021, thanks to the outstanding performance of the Southside team. Highlights included record net income of $113.4 million, a 1.59% return on average assets, a 17.04% return on average tangible common equity, an increase in our net interest margin to 3.16% and continued strong asset quality,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “During 2021, we increased the cash dividend per share 5.4% and reduced the efficiency ratio(1) to 49.03%. In addition, deposits increased $790 million, or 16%, and loans, net of PPP loans, increased $171.2 million, or 5%.”
“As we enter 2022, we do so with a strong balance sheet, capital levels and credit metrics that we believe position us well for continued success. Our loan pipeline is strong, and we anticipate first quarter payoffs will be significantly less than we experienced during the fourth quarter. We remain encouraged by the continued strong economic conditions in the market areas we serve.”
Operating Results for the Three Months Ended December 31, 2021
Net income was $28.7 million for the three months ended December 31, 2021, compared to $29.6 million for the same period in 2020, a decrease of $0.9 million, or 3.0%. Earnings per diluted common share were $0.88 and $0.89 for the three months ended December 31, 2021 and 2020, respectively. The decrease in net income was primarily a result of a decrease in the reversal of provision for credit losses and an increase in income tax expense, partially offset by increases in noninterest income and net interest income. Annualized returns on average assets and average shareholders’ equity for the three months ended December 31, 2021 were 1.57% and 12.67%, respectively, compared to 1.64% and 13.77%, respectively, for the three months ended December 31, 2020.  Our efficiency ratio and tax equivalent efficiency ratio(1) were 50.34% and 47.61%, respectively, for the three months ended December 31, 2021, compared to 49.86% and 47.36%, respectively, for the three months ended December 31, 2020, and 50.64% and 47.92%, respectively, for the three months ended September 30, 2021.
Net interest income for the three months ended December 31, 2021 was $49.4 million, compared to $48.7 million for the same period in 2020, an increase of 1.4%. The increase in net interest income compared to the same period in 2020 was due to the decrease in interest expense on our interest bearing liabilities due to the decline in the average balance and overall rate paid on our interest bearing liabilities, partially offset by the decrease in interest income, a result of a decrease in the interest income from PPP loans during the three months ended December 31, 2021. Linked quarter, net interest income increased $1.2 million, or 2.5%, compared to $48.2 million during the three months ended September 30, 2021. The increase in net interest income was primarily due to a decrease in the average rate and balance on our interest bearing liabilities.
Our net interest margin and tax equivalent net interest margin(1) increased to 3.01% and 3.23%, respectively, for the three months ended December 31, 2021, compared to 3.00% and 3.20%, respectively, for the same period in 2020. Linked quarter,

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The following information was filed by Southside Bancshares Inc (SBSI) on Friday, January 28, 2022 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:

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Audit Information
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Consolidated Balance Sheets
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Consolidated Statements Of Comprehensive Income
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Accumulated Other Comprehensive Income (Loss) (Tables)
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Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income, Changes In (Details)
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Derivative Financial Instruments And Hedging Activities
Derivative Financial Instruments And Hedging Activities (Tables)
Derivative Financial Instruments And Hedging Activities - Narrative (Details)
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Dividend Reinvestment And Common Stock Repurchase Plan
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Earnings Per Share
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Earnings Per Share (Tables)
Employee Benefits
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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)
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Employee Benefits - Pension Plan Asset Categories (Details)
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Loans And Allowance For Loan Losses - Loans By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Narrative (Details)
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Off-Balance-Sheet Arrangements, Commitments And Contingencies - Allowance For Off-Balance-Sheet Credit Exposures (Details)
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Significant Group Concentrations Of Credit Risk
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Summary Of Significant Accounting And Reporting Policies
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Summary Of Significant Accounting And Reporting Policies - Reclassifications (Details)
Ticker: SBSI
CIK: 705432
Form Type: 10-K Annual Report
Accession Number: 0000705432-22-000023
Submitted to the SEC: Fri Feb 25 2022 2:49:48 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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