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Southside Bancshares Inc (SBSI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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SBSI Quarterly Reports

Southside Bancshares Inc

CIK: 705432 Ticker: SBSI

EXHIBIT 99.1
SOUTHSIDE BANCSHARES, INC.
ANNOUNCES FINANCIAL RESULTS FOR THE
FIRST QUARTER ENDED MARCH 31, 2022


First quarter net income of $25.0 million;
Linked quarter loan growth, net of Paycheck Protection Program (“PPP”) loans, of 4.8%;
Annualized return on first quarter average assets of 1.40%;
Annualized return on first quarter average tangible common equity of 15.20%(1); and
Nonperforming assets remain low at 0.16% of total assets.
Tyler, Texas (April 26, 2022) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended March 31, 2022. Southside reported net income of $25.0 million for the three months ended March 31, 2022, a decrease of $9.1 million, or 26.7%, compared to $34.1 million for the same period in 2021. Earnings per diluted common share were $0.77 for the three months ended March 31, 2022, compared to $1.04 for the same period in 2021. The annualized return on average shareholders’ equity for the three months ended March 31, 2022 was 11.42%, compared to 15.82% for the same period in 2021.  The annualized return on average assets was 1.40% for the three months ended March 31, 2022, compared to 1.99% for the same period in 2021.
“First quarter financial results for 2022, were highlighted by net income of $25 million, earnings per diluted common share of $0.77, linked quarter loan growth, net of PPP loans, of 4.8%, continued strong asset quality metrics and an efficiency ratio of 48.15%,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “The economic conditions and growth prospects for the markets we serve continue to reflect a solid and positive outlook. The DFW and Austin markets remain among the highest performing markets in the nation. This contributed to our outstanding loan growth during the first quarter. Our loan pipeline remains strong and we remain encouraged about loan growth prospects despite the headwinds of future expected loan payoffs.”
Operating Results for the Three Months Ended March 31, 2022
Net income was $25.0 million for the three months ended March 31, 2022, compared to $34.1 million for the same period in 2021, a decrease of $9.1 million, or 26.7%. Earnings per diluted common share were $0.77 and $1.04 for the three months ended March 31, 2022 and 2021, respectively. The decrease in net income was primarily a result of a provision for credit losses of $0.3 million for the three months ended March 31, 2022, compared to a reversal of provision for credit losses of $10.1 million for the same period in 2021 due to the improved economic forecast during the first quarter of 2021. Annualized returns on average assets and average shareholders’ equity for the three months ended March 31, 2022 were 1.40% and 11.42%, respectively, compared to 1.99% and 15.82%, respectively, for the three months ended March 31, 2021.  Our efficiency ratio and tax equivalent efficiency ratio(1) were 50.71% and 48.15%, respectively, for the three months ended March 31, 2022, compared to 53.01% and 50.44%, respectively, for the three months ended March 31, 2021, and 50.34% and 47.61%, respectively, for the three months ended December 31, 2021.
Net interest income for the three months ended March 31, 2022 was $48.9 million, compared to $46.3 million for the same period in 2021, an increase of 5.6%. The increase in net interest income compared to the same period in 2021 was due to the decrease in interest expense on our interest bearing liabilities due to the change in the mix of our interest bearing liabilities, and to a lesser extent, the increase in interest income, a result of the increase in the average balance of investment securities, partially offset by a decrease in the interest income from PPP loans. Linked quarter, net interest income decreased $0.5 million, or 1.0%, compared to $49.4 million during the three months ended December 31, 2021. The decrease in net interest income was primarily due to a decrease in the average yield on our average loans.
Our net interest margin and tax equivalent net interest margin(1) increased to 3.03% and 3.22%, respectively, for the three months ended March 31, 2022, compared to 3.01% and 3.20%, respectively, for the same period in 2021. Linked quarter, net interest margin increased two basis points from 3.01% and tax equivalent net interest margin(1) decreased one basis point from 3.23% for the three months ended December 31, 2021.
Noninterest income was $10.7 million for the three months ended March 31, 2022, a decrease of $2.9 million, or 21.3%, compared to $13.6 million for the same period in 2021. The decrease was due to a net loss on sale of securities available for sale (“AFS”) of $1.5 million for the three months ended March 31, 2022, compared to a net gain of $2.0 million for the same period in 2021 and a decrease in gain on sale of loans, partially offset by increases in deposit services income, other noninterest income and trust fees. On a linked quarter basis, noninterest income decreased $1.3 million, or 10.7%, compared to the three

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The following information was filed by Southside Bancshares Inc (SBSI) on Tuesday, April 26, 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-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)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting And Reporting Policies
Summary Of Significant Accounting And Reporting Policies (Policies)

Material Contracts, Statements, Certifications & more

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

Ticker: SBSI
CIK: 705432
Form Type: 10-Q Quarterly Report
Accession Number: 0000705432-22-000063
Submitted to the SEC: Thu Apr 28 2022 3:32:17 PM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Thursday, March 31, 2022
Industry: State Commercial Banks

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