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Southside Bancshares Inc (SBSI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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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
SECOND QUARTER ENDED JUNE 30, 2022


•Second quarter net income of $25.4 million;
•Linked quarter loan growth, net of Paycheck Protection Program (“PPP”) loans, of 4.6%;
•Linked quarter net interest margin (FTE) increased to 3.30%(1);
•Annualized return on second quarter average assets of 1.42%;
•Annualized return on second quarter average tangible common equity of 18.62%(1); and
•Nonperforming assets remain low at 0.16% of total assets.
Tyler, Texas (July 25, 2022) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended June 30, 2022. Southside reported net income of $25.4 million for the three months ended June 30, 2022, an increase of $4.1 million, or 19.2%, compared to $21.3 million for the same period in 2021. Earnings per diluted common share increased $0.14, or 21.5%, to $0.79 for the three months ended June 30, 2022, from $0.65 for the same period in 2021. The annualized return on average shareholders’ equity for the three months ended June 30, 2022 was 13.33%, compared to 9.73% for the same period in 2021.  The annualized return on average assets was 1.42% for the three months ended June 30, 2022, compared to 1.20% for the same period in 2021.
“Excellent second quarter financial results for 2022 were highlighted by net income of $25.4 million, earnings per diluted common share of $0.79, annualized linked quarter loan growth of 18%, net of PPP loans, an eight basis point increase in our net interest margin, continued strong asset quality metrics and an efficiency ratio of 47.74%,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “The economic conditions and growth prospects for the markets we serve, even against the headwinds of inflation, continue to reflect a solid and positive overall outlook. Increasing interest rates and rising building costs have taken some of the steam out of the highly robust single family housing market, however there continues to be a shortage of housing in several Texas markets. Loan growth during the first half of the year has been extremely strong. Some of the second quarter loan growth may have a short duration and we anticipate modestly higher loan pay-offs in the second half of this year when compared to the first half. As a result we anticipate loan growth in the second half of the year will slow from the levels we experienced during the first half of the year.”
Operating Results for the Three Months Ended June 30, 2022
Net income was $25.4 million for the three months ended June 30, 2022, compared to $21.3 million for the same period in 2021, an increase of $4.1 million, or 19.2%. Earnings per diluted common share were $0.79 and $0.65 for the three months ended June 30, 2022 and 2021, respectively. The increase in net income was primarily a result of an increase in interest income and a reversal of provision for credit losses, partially offset by net losses on sales of securities available for sale (“AFS”). For the three months ended June 30, 2022, we reversed $0.6 million of provision for credit losses compared to a provision for credit losses of $1.7 million for the same period in 2021. Annualized returns on average assets and average shareholders’ equity for the three months ended June 30, 2022 were 1.42% and 13.33%, respectively, compared to 1.20% and 9.73%, respectively, for the three months ended June 30, 2021.  Our efficiency ratio and tax equivalent efficiency ratio(1) were 50.61% and 47.74%, respectively, for the three months ended June 30, 2022, compared to 53.09% and 50.31%, respectively, for the three months ended June 30, 2021, and 50.71% and 48.15%, respectively, for the three months ended March 31, 2022.
Net interest income for the three months ended June 30, 2022 was $51.1 million, compared to $45.6 million for the same period in 2021, an increase of 11.9%. The increase in net interest income compared to the same period in 2021 was due to the increase in interest income, a result of the increase in the yield and the average balance of interest earning assets, and a decrease in interest expense on our interest bearing liabilities due to the change in the mix of our interest bearing liabilities, partially offset by a decrease in the interest income from PPP loans. Linked quarter, net interest income increased $2.2 million, or 4.4%, compared to $48.9 million during the three months ended March 31, 2022. The increase in net interest income was primarily due to an increase in the average balance and yield on our loans.
Our net interest margin and tax equivalent net interest margin(1) increased to 3.07% and 3.30%, respectively, for the three months ended June 30, 2022, compared to 2.86% and 3.06%, respectively, for the same period in 2021. Linked quarter, net interest margin increased four basis points from 3.03% and tax equivalent net interest margin(1) increased eight basis points from 3.22% for the three months ended March 31, 2022.

Page-1
The following information was filed by Southside Bancshares Inc (SBSI) on Monday, July 25, 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)
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

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: 0000705432-22-000129
Submitted to the SEC: Fri Jul 29 2022 2:17:44 PM EST
Accepted by the SEC: Fri Jul 29 2022
Period: Thursday, June 30, 2022
Industry: State Commercial Banks

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