Southside Bancshares, Inc. (“Southside” or the “Company”)
(NASDAQ:SBSI) today reported its financial results for the quarter
and year ended December 31, 2019. Southside reported net
income of $17.3 million for the three months ended December 31,
2019, a decrease of $46,000, or 0.3%, compared to $17.4 million for
the same period in 2018. Earnings per diluted common share
increased $0.01, or 2.0%, to $0.51 for the three months ended
December 31, 2019, from $0.50 for the same period in 2018.
The annualized return on average shareholders’ equity for the three
months ended December 31, 2019 was 8.42%, compared to 9.30% for the
same period in 2018. The annualized return on average
assets was 1.03% for the three months ended December 31, 2019,
compared to 1.14% for the same period in 2018.
“I am pleased to report Southside enjoyed a
solid year in 2019, as earnings per share increased 4.3% to $2.20,
loan growth of 7.7%, or $255.4 million, exceeding our original
projections, and nonaccrual loans decreased 86.1%, or $30.8
million,” stated Lee R. Gibson, President and Chief Executive
Officer of Southside. “At December 31, 2019, our nonperforming
assets to total assets ratio decreased to 0.26%.”
“For the quarter ended December 31, 2019,
provision for loan losses increased $1.5 million on a linked
quarter basis largely due to a partial charge-off of a previously
reported nonaccrual loan that paid off in the fourth quarter.
Linked quarter, our net interest spread and margin declined two and
five basis points, respectively, primarily due to securities
increasing more than loans and representing a larger percentage of
average earning assets when compared to the third quarter.”
“In November we opened our 60th branch location
in Kingwood, just north of Houston. We have loaned into the Houston
market for several years and have recently hired a commercial
lender designated to this market. In addition, we anticipate
filing an application to open a loan production office within the
greater Houston area, which is subject to regulatory approval.”
“The Texas economy remains strong as company
relocations and expansions continue to drive both job and
population growth.”
Operating Results for the Three Months Ended
December 31, 2019
Net income was $17.3 million for the three
months ended December 31, 2019, compared to $17.4 million for the
same period in 2018, a decrease of $46,000, or 0.3%. Earnings
per diluted common share were $0.51 for the three months ended
December 31, 2019, compared to $0.50 for the same period in
2018. Annualized returns on average assets and average
shareholders’ equity for the three months ended December 31, 2019
were 1.03% and 8.42%, respectively. Our efficiency ratio
(FTE) was 53.87% (1) for the three months ended December 31,
2019, compared to 50.53% for the three months ended
September 30, 2019.
Net interest income for the three months ended
December 31, 2019 was $43.2 million compared to $42.4 million for
the same period in 2018. Linked quarter, net interest income
increased $0.8 million, or 1.9%, compared to $42.4 million during
the three months ended September 30, 2019. The increase
in net interest income for the linked quarter was due to the
decrease in interest expense on our interest bearing liabilities, a
result of a decrease in average rate paid on our interest bearing
liabilities during the three months ended December 31, 2019.
Our tax equivalent net interest margin was 2.98%
for the three months ended December 31, 2019 compared to 3.21%
for the same period in 2018. The decrease was due to a
decrease in average yield on interest earning assets of 20 basis
points and an increase in average interest bearing liabilities,
partially offset by an increase in interest earnings assets.
The average rate paid on interest bearing liabilities was 1.46% for
the three months ended December 31, 2019 and 2018. Our tax
equivalent net interest margin decreased 5 basis points compared to
3.03% for the three months ended September 30, 2019.
This decrease was due to a decrease in the average yield on
interest earning assets of 16 basis points and the increase in
average interest bearing liabilities.
Noninterest income was $10.5 million for the
three months ended December 31, 2019, an increase of 3.3%, compared
to $10.1 million for the same period in 2018. The increase
was primarily due to an increase in deposit services income and
trust fees. On a linked quarter basis, noninterest income
decreased $0.6 million, or 5.8%, primarily due to a decrease in
swap fee income and fair value of written loan commitments, both
included in other noninterest income.
Noninterest expense was $30.9 million for the
three months ended December 31, 2019, an increase of 2.5%, compared
to $30.2 million for the same period in 2018. The increase was due
to an increase in salaries and employee benefits, partially offset
by decreases in net occupancy expense and FDIC insurance expense.
On a linked quarter basis, noninterest expense increased $1.9
million, or 6.6%, compared to the three months ended
September 30, 2019. The $1.0 million increase in
salaries and employee benefits was primarily related to employee
benefits, which included $0.6 million of increase in health
insurance expense and $0.2 million in salaries and payroll
taxes. Additionally, we incurred losses on the disposition of
certain assets of approximately $0.6 million, included in other
noninterest expense.
Income tax expense increased $0.3 million for
the three months ended December 31, 2019 compared to the same
period in 2018. On a linked quarter basis, income tax expense
decreased $0.8 million. Our effective tax rate (“ETR”)
increased to 14.1% for the three months ended December 31, 2019
compared to 12.7% for the three months ended December 31, 2018
and decreased compared to 15.6% for the three months ended
September 30, 2019. The higher ETR for the three months
ended December 31, 2019, as compared to the same period in 2018,
was primarily due to a decrease in tax-exempt income as a
percentage of pre-tax income for the three months ended December
31, 2019.
Operating Results for the Year Ended December
31, 2019
Net income was $74.6 million for the year ended
December 31, 2019 compared to $74.1 million for the same period in
2018, an increase of $0.4 million, or 0.6%. Earnings per
diluted common share was $2.20 for the year ended December 31, 2019
compared to $2.11 for the same period in 2018, an increase of
4.3%. The increase in net income was largely driven by
increases in interest income and the net gain on the sale of
available for sale securities, as well as the decrease in provision
for loan losses, partially offset by an increase in interest
expense and income tax expense. Returns on average assets and
average shareholders’ equity for the year ended December 31, 2019
were 1.17% and 9.53%, respectively. Our efficiency ratio
(FTE) was 52.36% (1) for the year ended December 31, 2019.
Net interest income for the year ended December
31, 2019 was $169.8 million, compared to $172.1 million during the
same period in 2018, a decrease of $2.3 million, or 1.3%. The
decrease in net interest income was due to an increase in interest
expense, a result of the higher funding costs of our interest
bearing liabilities and, to a lesser extent, an increase in the
average balance of our interest bearing liabilities. The
increase in interest expense was partially offset by the increase
in interest income on our interest earning assets, a result of
higher interest rates and a shift in the mix of earning assets.
Our tax equivalent net interest margin was 3.06%
for the year ended December 31, 2019, compared to 3.18% for
the same period in 2018. The decrease was primarily due to
the higher rates paid on interest bearing liabilities and the
increase in average interest bearing liabilities.
Noninterest income was $42.4 million for the
year ended December 31, 2019, an increase of 3.9%, compared to
$40.8 million for the same period in 2018. The increase was
primarily due to an increase in net gain on sale of securities
available for sale and deposit services income, partially offset by
decreases in other noninterest income, bank owned life insurance,
trust fees and gain on sale of loans.
Noninterest expense was $119.3 million for the
year ended December 31, 2019, compared to $120.1 million for the
same period in 2018, a decrease of $0.8 million, or 0.7%. The
decrease was primarily due to a decrease in acquisition expense,
FDIC insurance, amortization of intangibles and net occupancy
expense, partially offset by increases in salaries and employee
benefits, professional fees and software and data processing
expense.
Income tax expense increased $3.1 million for
the year ended December 31, 2019, compared to the same period in
2018. Our ETR was approximately 15.1% and 12.1% for the years
ended December 31, 2019 and 2018, respectively. The higher ETR for
the year ended December 31, 2019, as compared to the same period in
2018, was primarily due to a decrease in tax-exempt income as a
percentage of pre-tax income for the year ended December 31, 2019
and a discrete tax benefit of approximately $0.8 million recorded
in 2018 associated with the remeasurement of our net deferred tax
asset.
Balance Sheet Data
At December 31, 2019, we had $6.75 billion
in total assets, compared to $6.12 billion at December 31,
2018 and $6.54 billion at September 30, 2019.
Loans at December 31, 2019 were $3.57
billion, an increase of $255.4 million, or 7.7%, compared to $3.31
billion at December 31, 2018. Linked quarter loans
increased $68.3 million, or 2.0%, from $3.50 billion at
September 30, 2019. The linked quarter net increase in
our loans consisted of increases of $23.9 million of construction
loans, $19.4 million of commercial loans, $17.1 million of
municipal loans and $13.9 million of commercial real estate loans,
partially offset by decreases of $5.1 million of 1-4 family
residential loans and $0.9 million of loans to individuals.
Securities at December 31, 2019 were $2.49
billion, an increase of $341.1 million, or 15.8%, compared to $2.15
billion at December 31, 2018. Linked quarter securities
increased $112.1 million, or 4.7%, from $2.38 billion at
September 30, 2019.
Deposits at December 31, 2019 were $4.70
billion, an increase of $277.7 million, or 6.3%, compared to $4.43
billion at December 31, 2018. Linked quarter deposits
increased $212.0 million, or 4.7%, from $4.49 billion at
September 30, 2019, primarily due to an increase in public
fund deposits, partially offset by decreases in brokered
deposits.
Asset Quality
Nonperforming assets at December 31, 2019
were $17.4 million, or 0.26% of total assets, a decrease of $25.5
million, or 59.3%, compared to $42.9 million, or 0.70% of total
assets, at December 31, 2018, and a decrease of $12.3 million,
or 41.3%, from $29.7 million, or 0.45% of total assets, at
September 30, 2019. During the three months ended
December 31, 2019, our nonaccrual loans decreased $12.2 million, or
71.1%.
The allowance for loan losses decreased to $24.8
million, or 0.69% of total loans, at December 31, 2019
compared to $27.0 million, or 0.82% of total loans, at
December 31, 2018, due to a partial reversal of provision
during the first quarter of 2019 associated with the sale of three
large nonaccrual commercial real estate loans and a decrease in our
classified loans during 2019, partially offset by growth in the
loan portfolio. The allowance for loan losses at
September 30, 2019 was $25.1 million, or 0.72% of total
loans.
For the three months ended December 31, 2019, we
recorded provision for loan losses of $2.5 million, compared to
$2.4 million for the three months ended December 31, 2018 and $1.0
million for the three months ended September 30, 2019.
The provision for loan losses for the year ended December 31, 2019
was $5.1 million, compared to $8.4 million for the year ended
December 31, 2018.
Net charge-offs were $2.8 million for the three
months ended December 31, 2019, compared to net charge-offs of $1.5
million for the three months ended December 31, 2018 and $0.6
million net charge-offs for the three months ended
September 30, 2019. Net charge-offs were $7.3 million
for the year ended December 31, 2019, compared to $2.2 million for
the year ended December 31, 2018.
Dividend
Southside Bancshares, Inc. declared a fourth
quarter cash dividend of $0.31 and a special cash dividend of $0.03
per share on November 7, 2019, which was paid on December 12, 2019,
to all shareholders of record as of November 27, 2019.
_______________
(1) Refer to “Non-GAAP Financial Measures”
below and to “Non-GAAP Reconciliation” at the end of the financial
statement tables in this Earnings Release for a reconciliation of
this non-GAAP financial measure to the nearest GAAP
financial measure.
Conference Call
Southside's management team will host a
conference call to discuss its fourth quarter and year ended
December 31, 2019 financial results on Friday, January 31,
2020 at 9:00 a.m. CST. The call can be accessed by
dialing 844-775-2540 and by identifying the conference ID number
1545889 or by identifying “Southside Bancshares, Inc., Fourth
Quarter and Year End 2019 Earnings Call.” To listen to
the call via webcast, register at
https://investors.southside.com.
For those unable to listen to the conference
call live, a recording will be available from approximately 12:00
p.m. CST January 31, 2020 through 12:00 p.m. CST February 12, 2020
by accessing the company website,
https://investors.southside.com.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to
generally accepted accounting principles (“GAAP”) in the United
States and prevailing practices in the banking industry.
However, certain non-GAAP measures are used by management to
supplement the evaluation of our performance. These include
the following fully taxable-equivalent measures (“FTE”): (i) Net
interest income (FTE), (ii) Net interest margin (FTE), (iii) Net
interest spread (FTE), and (iv) Efficiency ratio (FTE), which
include the effects of taxable-equivalent adjustments using a
federal income tax rate of 21% for the year ended December 31, 2019
and 2018 to increase tax-exempt interest income to a tax-equivalent
basis. Interest income earned on certain assets is completely
or partially exempt from federal income tax. As such, these
tax-exempt instruments typically yield lower returns than taxable
investments.
Net interest income (FTE), Net interest margin
(FTE) and Net interest spread (FTE). Net interest income
(FTE) is a non-GAAP measure that adjusts for the tax-favored status
of net interest income from certain loans and investments. We
believe this measure to be the preferred industry measurement of
net interest income and it enhances comparability of net interest
income arising from taxable and tax-exempt sources. The most
directly comparable financial measure calculated in accordance with
GAAP is our net interest income. Net interest margin (FTE) is
the ratio of net interest income (FTE) to average earning
assets. The most directly comparable financial measure
calculated in accordance with GAAP is our net interest
margin. Net interest spread (FTE) is the difference in the
average yield on average earning assets on a tax-equivalent basis
and the average rate paid on average interest bearing
liabilities. The most directly comparable financial measure
calculated in accordance with GAAP is our net interest spread.
Efficiency ratio (FTE). The efficiency
ratio (FTE) is a non-GAAP measure that provides a measure of
productivity in the banking industry. This ratio is
calculated to measure the cost of generating one dollar of
revenue. The ratio is designed to reflect the percentage of
one dollar which must be expended to generate that dollar of
revenue. We calculate this ratio by dividing noninterest
expense, excluding amortization expense on intangibles and certain
nonrecurring expense by the sum of net interest income (FTE) and
noninterest income, excluding net gain (loss) on sale of securities
available for sale and certain nonrecurring impairments. The
most directly comparable financial measure calculated in accordance
with GAAP is our efficiency ratio.
These non-GAAP financial measures should not be
considered alternatives to GAAP-basis financial statements and
other bank holding companies may define or calculate these non-GAAP
measures or similar measures differently. Whenever we present
a non-GAAP financial measure in an SEC filing, we are also required
to present the most directly comparable financial measure
calculated and presented in accordance with GAAP and reconcile the
differences between the non-GAAP financial measure and such
comparable GAAP measure.
Management believes adjusting net interest
income, net interest margin and net interest spread to a fully
taxable-equivalent basis is a standard practice in the banking
industry as these measures provide useful information to make peer
comparisons. Tax-equivalent adjustments are reflected in the
respective earning asset categories as listed in the “Average
Balances with Average Yields and Rates” tables.
A reconciliation of our non-GAAP financial
measures to the comparable GAAP financial measures is included at
the end of the financial statement tables.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding
company with approximately $6.75 billion in assets as of
December 31, 2019, that owns 100% of Southside
Bank. Southside Bank currently has 60 branches in Texas
and operates a network of 82 ATMs/ITMs.
To learn more about Southside Bancshares, Inc.,
please visit our investor relations website at
https://investors.southside.com. Our investor relations site
provides a detailed overview of our activities, financial
information and historical stock price data. To receive
e-mail notification of company news, events and stock activity,
please register on the E-mail Notification portion of the
website. Questions or comments may be directed to
Lindsey Bailes at (903) 630-7965, or
lindsey.bailes@southside.com.
Forward-Looking Statements
Certain statements of other than historical fact
that are contained in this press release and in other written
material, documents and oral statements issued by or on behalf of
the Company may be considered to be “forward-looking statements”
within the meaning of and subject to the safe harbor protections of
the Private Securities Litigation Reform Act of
1995. These forward-looking statements are not
guarantees of future performance, nor should they be relied upon as
representing management’s views as of any subsequent
date. These statements may include words such as
“expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,”
“could,” “should,” “may,” “likely,” “intend,” “probability,”
“risk,” “target,” “objective,” “plans,” “potential,” and similar
expressions. Forward-looking statements are statements
with respect to the Company’s beliefs, plans, expectations,
objectives, goals, anticipations, assumptions and estimates about
the Company's future performance and are subject to significant
known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from the results
discussed in the forward-looking statements. For
example, discussions about trends in asset quality, capital,
liquidity, the pace of loan and revenue growth, the Company's
ability to sell nonperforming assets, expense reductions, planned
operational efficiencies, earnings, successful integration of
completed acquisitions and certain market risk disclosures,
including the impact of interest rates, tax reform and other
economic factors, are based upon information presently available to
management and are dependent on choices about key model
characteristics and assumptions and are subject to various
limitations. By their nature, certain of the market risk
disclosures are only estimates and could be materially different
from what actually occurs in the future.
Additional information concerning the Company
and its business, including additional factors that could
materially affect the Company’s financial results, is included in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2018, under “Part I - Item 1. Forward Looking
Information” and "Part I - Item 1A. Risk Factors" and in the
Company’s other filings with the Securities and Exchange
Commission. The Company disclaims any obligation to
update any factors or to announce publicly the result of revisions
to any of the forward-looking statements included herein to reflect
future events or developments.
|
Southside Bancshares, Inc. |
|
Consolidated Financial Summary (Unaudited) |
|
(Dollars in thousands) |
|
|
|
|
As of |
| |
2019 |
|
2018 |
| |
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
$ |
66,949 |
|
|
$ |
92,300 |
|
|
$ |
77,319 |
|
|
$ |
81,981 |
|
|
$ |
87,375 |
|
| Interest earning deposits |
43,748 |
|
|
22,524 |
|
|
54,642 |
|
|
184,612 |
|
|
23,884 |
|
| Federal funds sold |
— |
|
|
— |
|
|
560 |
|
|
3,350 |
|
|
9,460 |
|
| Securities available for sale,
at estimated fair value |
2,358,597 |
|
|
2,240,381 |
|
|
2,088,787 |
|
|
1,876,255 |
|
|
1,989,436 |
|
| Securities held to maturity,
at carrying value |
134,863 |
|
|
140,955 |
|
|
147,091 |
|
|
147,431 |
|
|
162,931 |
|
|
Total securities |
2,493,460 |
|
|
2,381,336 |
|
|
2,235,878 |
|
|
2,023,686 |
|
|
2,152,367 |
|
| Federal Home Loan Bank stock,
at cost |
50,087 |
|
|
45,039 |
|
|
44,718 |
|
|
35,269 |
|
|
32,583 |
|
| Loans held for sale |
383 |
|
|
1,000 |
|
|
1,812 |
|
|
384 |
|
|
601 |
|
| Loans |
3,568,204 |
|
|
3,499,917 |
|
|
3,460,143 |
|
|
3,305,110 |
|
|
3,312,799 |
|
|
Less: Allowance for loan losses |
(24,797 |
) |
|
(25,129 |
) |
|
(24,705 |
) |
|
(24,155 |
) |
|
(27,019 |
) |
| Net loans |
3,543,407 |
|
|
3,474,788 |
|
|
3,435,438 |
|
|
3,280,955 |
|
|
3,285,780 |
|
| Premises & equipment,
net |
143,912 |
|
|
141,683 |
|
|
140,105 |
|
|
138,290 |
|
|
135,972 |
|
| Goodwill |
201,116 |
|
|
201,116 |
|
|
201,116 |
|
|
201,116 |
|
|
201,116 |
|
| Other intangible assets,
net |
13,361 |
|
|
14,391 |
|
|
15,471 |
|
|
16,600 |
|
|
17,779 |
|
| Bank owned life insurance |
100,498 |
|
|
99,916 |
|
|
99,294 |
|
|
98,704 |
|
|
98,160 |
|
| Other assets |
91,992 |
|
|
67,982 |
|
|
66,517 |
|
|
152,249 |
|
|
78,417 |
|
|
Total assets |
$ |
6,748,913 |
|
|
$ |
6,542,075 |
|
|
$ |
6,372,870 |
|
|
$ |
6,217,196 |
|
|
$ |
6,123,494 |
|
| |
|
|
|
|
|
|
|
|
|
| LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
| Noninterest bearing
deposits |
$ |
1,040,112 |
|
|
$ |
1,038,695 |
|
|
$ |
1,028,861 |
|
|
$ |
1,038,116 |
|
|
$ |
994,680 |
|
| Interest bearing deposits |
3,662,657 |
|
|
3,452,072 |
|
|
3,450,395 |
|
|
3,529,777 |
|
|
3,430,350 |
|
|
Total deposits |
4,702,769 |
|
|
4,490,767 |
|
|
4,479,256 |
|
|
4,567,893 |
|
|
4,425,030 |
|
| Other borrowings and Federal
Home Loan Bank borrowings |
1,001,102 |
|
|
988,577 |
|
|
849,821 |
|
|
628,498 |
|
|
755,875 |
|
| Subordinated notes, net of
unamortized debtissuance costs |
98,576 |
|
|
98,532 |
|
|
98,490 |
|
|
98,448 |
|
|
98,407 |
|
| Trust preferred subordinated
debentures, net of unamortized debt issuance costs |
60,250 |
|
|
60,249 |
|
|
60,248 |
|
|
60,247 |
|
|
60,246 |
|
| Other liabilities |
81,636 |
|
|
93,497 |
|
|
97,290 |
|
|
104,077 |
|
|
52,645 |
|
|
Total liabilities |
5,944,333 |
|
|
5,731,622 |
|
|
5,585,105 |
|
|
5,459,163 |
|
|
5,392,203 |
|
| Shareholders' equity |
804,580 |
|
|
810,453 |
|
|
787,765 |
|
|
758,033 |
|
|
731,291 |
|
|
Total liabilities and shareholders' equity |
$ |
6,748,913 |
|
|
$ |
6,542,075 |
|
|
$ |
6,372,870 |
|
|
$ |
6,217,196 |
|
|
$ |
6,123,494 |
|
|
Southside Bancshares, Inc. |
|
Consolidated Financial Highlights (Unaudited) |
|
(Dollars and shares in thousands, except per share
data) |
| |
| |
Three Months Ended |
| |
2019 |
|
2018 |
| |
|
|
|
|
|
|
|
|
|
| |
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Income Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total interest income |
$ |
60,533 |
|
|
$ |
60,555 |
|
|
$ |
60,672 |
|
|
$ |
59,027 |
|
|
$ |
58,022 |
|
| Total interest expense |
17,357 |
|
|
18,182 |
|
|
17,541 |
|
|
17,902 |
|
|
15,612 |
|
| Net interest income |
43,176 |
|
|
42,373 |
|
|
43,131 |
|
|
41,125 |
|
|
42,410 |
|
| Provision for loan losses |
2,508 |
|
|
1,005 |
|
|
2,506 |
|
|
(918 |
) |
|
2,446 |
|
| Net interest income after
provision for loan losses |
40,668 |
|
|
41,368 |
|
|
40,625 |
|
|
42,043 |
|
|
39,964 |
|
| Noninterest income |
|
|
|
|
|
|
|
|
|
|
Deposit services |
6,647 |
|
|
6,753 |
|
|
6,652 |
|
|
5,986 |
|
|
6,325 |
|
|
Net gain on sale of securities available for sale |
42 |
|
|
42 |
|
|
416 |
|
|
256 |
|
|
61 |
|
|
Gain on sale of loans |
104 |
|
|
131 |
|
|
181 |
|
|
93 |
|
|
101 |
|
|
Trust fees |
1,685 |
|
|
1,523 |
|
|
1,520 |
|
|
1,541 |
|
|
1,573 |
|
|
Bank owned life insurance |
582 |
|
|
622 |
|
|
559 |
|
|
544 |
|
|
554 |
|
|
Brokerage services |
531 |
|
|
555 |
|
|
477 |
|
|
517 |
|
|
499 |
|
|
Other |
874 |
|
|
1,485 |
|
|
1,449 |
|
|
601 |
|
|
1,021 |
|
|
Total noninterest income |
10,465 |
|
|
11,111 |
|
|
11,254 |
|
|
9,538 |
|
|
10,134 |
|
| Noninterest expense |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
19,406 |
|
|
18,388 |
|
|
17,891 |
|
|
18,046 |
|
|
17,823 |
|
|
Net occupancy |
3,234 |
|
|
3,430 |
|
|
3,289 |
|
|
3,175 |
|
|
3,475 |
|
|
Acquisition expense |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
118 |
|
|
Advertising, travel & entertainment |
791 |
|
|
593 |
|
|
733 |
|
|
847 |
|
|
786 |
|
|
ATM expense |
236 |
|
|
232 |
|
|
246 |
|
|
180 |
|
|
250 |
|
|
Professional fees |
1,142 |
|
|
1,192 |
|
|
1,069 |
|
|
1,314 |
|
|
1,189 |
|
|
Software and data processing |
1,259 |
|
|
1,116 |
|
|
1,086 |
|
|
1,076 |
|
|
1,057 |
|
|
Communications |
485 |
|
|
480 |
|
|
489 |
|
|
487 |
|
|
477 |
|
|
FDIC insurance |
— |
|
|
— |
|
|
437 |
|
|
422 |
|
|
455 |
|
|
Amortization of intangibles |
1,030 |
|
|
1,080 |
|
|
1,129 |
|
|
1,179 |
|
|
1,228 |
|
|
Other |
3,361 |
|
|
2,515 |
|
|
3,331 |
|
|
2,901 |
|
|
3,338 |
|
|
Total noninterest expense |
30,944 |
|
|
29,026 |
|
|
29,700 |
|
|
29,627 |
|
|
30,196 |
|
| Income before income tax
expense |
20,189 |
|
|
23,453 |
|
|
22,179 |
|
|
21,954 |
|
|
19,902 |
|
| Income tax expense |
2,854 |
|
|
3,661 |
|
|
3,569 |
|
|
3,137 |
|
|
2,521 |
|
| Net income |
$ |
17,335 |
|
|
$ |
19,792 |
|
|
$ |
18,610 |
|
|
$ |
18,817 |
|
|
$ |
17,381 |
|
| |
|
|
|
|
|
|
|
|
|
| Common Share
Data: |
|
|
|
| Weighted-average basic shares
outstanding |
33,790 |
|
|
33,773 |
|
|
33,726 |
|
|
33,697 |
|
|
34,611 |
|
| Weighted-average diluted
shares outstanding |
33,934 |
|
|
33,901 |
|
|
33,876 |
|
|
33,846 |
|
|
34,748 |
|
| Common shares outstanding end
of period |
33,823 |
|
|
33,795 |
|
|
33,749 |
|
|
33,718 |
|
|
33,725 |
|
| Earnings per common share |
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.51 |
|
|
$ |
0.59 |
|
|
$ |
0.55 |
|
|
$ |
0.56 |
|
|
$ |
0.50 |
|
|
Diluted |
0.51 |
|
|
0.58 |
|
|
0.55 |
|
|
0.56 |
|
|
0.50 |
|
| Book value per common
share |
23.79 |
|
|
23.98 |
|
|
23.34 |
|
|
22.48 |
|
|
21.68 |
|
| Tangible book value per common
share (1) |
17.45 |
|
|
17.60 |
|
|
16.92 |
|
|
16.02 |
|
|
15.19 |
|
| Cash dividends paid per common
share |
0.34 |
|
|
0.31 |
|
|
0.31 |
|
|
0.30 |
|
|
0.32 |
|
| |
|
|
|
|
|
|
|
|
|
| Selected Performance
Ratios: |
|
|
|
|
|
|
|
|
|
| Return on average assets |
1.03 |
% |
|
1.23 |
% |
|
1.20 |
% |
|
1.21 |
% |
|
1.14 |
% |
| Return on average
shareholders’ equity |
8.42 |
|
|
9.78 |
|
|
9.68 |
|
|
10.35 |
|
|
9.30 |
|
| Return on average tangible
common equity (1) |
11.97 |
|
|
13.96 |
|
|
14.12 |
|
|
15.44 |
|
|
13.95 |
|
| Average yield on earning
assets (FTE) (1) |
4.12 |
|
|
4.28 |
|
|
4.42 |
|
|
4.33 |
|
|
4.32 |
|
| Average rate on interest
bearing liabilities |
1.46 |
|
|
1.60 |
|
|
1.61 |
|
|
1.62 |
|
|
1.46 |
|
| Net interest spread (FTE)
(1) |
2.66 |
|
|
2.68 |
|
|
2.81 |
|
|
2.71 |
|
|
2.86 |
|
| Net interest margin (FTE)
(1) |
2.98 |
|
|
3.03 |
|
|
3.17 |
|
|
3.07 |
|
|
3.21 |
|
| Average earning assets to
average interest bearing liabilities |
128.00 |
|
|
128.33 |
|
|
128.99 |
|
|
127.70 |
|
|
131.07 |
|
| Noninterest expense to average
total assets |
1.85 |
|
|
1.80 |
|
|
1.91 |
|
|
1.91 |
|
|
1.98 |
|
| Efficiency ratio (FTE)
(1) |
53.87 |
|
|
50.53 |
|
|
51.44 |
|
|
53.66 |
|
|
52.18 |
|
|
|
|
(1) Refer to “Non-GAAP Reconciliation” at the end of the financial
statement tables in this Earnings Release for a reconciliation of
this non-GAAP financial measure to the nearest GAAP financial
measure. |
|
Southside Bancshares, Inc. |
|
Consolidated Financial Highlights (Unaudited) |
|
(Dollars in thousands) |
| |
|
| |
Three Months Ended |
| |
2019 |
|
2018 |
| |
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Nonperforming Assets: |
$ |
17,449 |
|
|
$ |
29,747 |
|
|
$ |
29,363 |
|
|
$ |
38,111 |
|
|
$ |
42,906 |
|
| Nonaccrual loans (1) |
4,963 |
|
|
|
17,148 |
|
|
|
16,376 |
|
|
|
17,691 |
|
|
|
35,770 |
|
| Accruing loans past due more
than 90 days (1) |
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,927 |
|
|
|
— |
|
| Restructured loans (2) |
12,014 |
|
|
|
11,683 |
|
|
|
11,918 |
|
|
|
11,490 |
|
|
|
5,930 |
|
| Other real estate owned |
472 |
|
|
|
912 |
|
|
|
1,069 |
|
|
|
978 |
|
|
|
1,206 |
|
| Repossessed assets |
— |
|
|
|
4 |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Nonaccruing loans to total
loans |
0.14 |
% |
|
|
0.49 |
% |
|
|
0.47 |
% |
|
|
0.54 |
% |
|
|
1.08 |
% |
| Allowance for loan losses to
nonaccruing loans |
499.64 |
|
|
|
146.54 |
|
|
|
150.86 |
|
|
|
136.54 |
|
|
|
75.54 |
|
| Allowance for loan losses to
nonperforming assets |
142.11 |
|
|
|
84.48 |
|
|
|
84.14 |
|
|
|
63.38 |
|
|
|
62.97 |
|
| Allowance for loan losses to
total loans |
0.69 |
|
|
|
0.72 |
|
|
|
0.71 |
|
|
|
0.73 |
|
|
|
0.82 |
|
| Nonperforming assets to total
assets |
0.26 |
|
|
|
0.45 |
|
|
|
0.46 |
|
|
|
0.61 |
|
|
|
0.70 |
|
| Net charge-offs (recoveries)
to average loans |
0.32 |
|
|
|
0.07 |
|
|
|
0.23 |
|
|
|
0.24 |
|
|
|
0.18 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity to total
assets |
11.92 |
|
|
|
12.39 |
|
|
|
12.36 |
|
|
|
12.19 |
|
|
|
11.94 |
|
| Common equity tier 1
capital |
14.07 |
|
|
|
14.19 |
|
|
|
14.02 |
|
|
|
14.38 |
|
|
|
14.77 |
|
| Tier 1 risk-based capital |
15.46 |
|
|
|
15.61 |
|
|
|
15.46 |
|
|
|
15.88 |
|
|
|
16.29 |
|
| Total risk-based capital |
18.43 |
|
|
|
18.65 |
|
|
|
18.52 |
|
|
|
19.06 |
|
|
|
19.59 |
|
| Tier 1 leverage capital |
10.18 |
|
|
|
10.46 |
|
|
|
10.48 |
|
|
|
10.18 |
|
|
|
10.64 |
|
| Period end tangible equity to
period end tangible assets (3) |
9.03 |
|
|
|
9.40 |
|
|
|
9.28 |
|
|
|
9.01 |
|
|
|
8.68 |
|
| Average shareholders’ equity
to average total assets |
12.28 |
|
|
|
12.54 |
|
|
|
12.36 |
|
|
|
11.70 |
|
|
|
12.23 |
|
| |
|
(1) Excludes purchased credit impaired ("PCI") loans measured
at fair value at acquisition if the timing and amount of cash flows
expected to be collected from those sales can be reasonably
estimated. |
|
(2) Includes $0.8 million, $0.8 million, $0.8 million, $0.7
million and $3.1 million in PCI loans restructured as of
December 31, 2019, September 30, 2019, June 30,
2019, March 31, 2019 and December 31, 2018,
respectively. |
|
(3) Refer to the “Non-GAAP Reconciliation” at the end of the
financial statement tables in this Earnings Release for a
reconciliation of this non-GAAP financial measure to the nearest
GAAP financial measure. |
| Loan
Portfolio Composition |
|
|
| The following
table sets forth loan totals by category for the periods presented
(in thousands): |
|
|
|
|
Three Months Ended |
|
|
2019 |
|
2018 |
|
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
Real Estate Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
$ |
644,948 |
|
|
$ |
621,040 |
|
|
$ |
579,565 |
|
|
$ |
603,411 |
|
|
$ |
507,732 |
|
|
1-4 Family Residential |
787,562 |
|
|
792,638 |
|
|
782,073 |
|
|
786,198 |
|
|
794,499 |
|
|
Commercial |
1,250,208 |
|
|
1,236,307 |
|
|
1,251,248 |
|
|
1,104,378 |
|
|
1,194,118 |
|
| Commercial Loans |
401,521 |
|
|
382,077 |
|
|
389,521 |
|
|
367,995 |
|
|
356,649 |
|
| Municipal Loans |
383,960 |
|
|
366,906 |
|
|
357,028 |
|
|
343,026 |
|
|
353,370 |
|
| Loans to Individuals |
100,005 |
|
|
100,949 |
|
|
100,708 |
|
|
100,102 |
|
|
106,431 |
|
| Total Loans |
$ |
3,568,204 |
|
|
$ |
3,499,917 |
|
|
$ |
3,460,143 |
|
|
$ |
3,305,110 |
|
|
$ |
3,312,799 |
|
|
Southside Bancshares, Inc. |
|
Consolidated Financial Highlights (Unaudited) |
|
(Dollars and shares in thousands, except per share
data) |
| |
| |
Year Ended |
| |
December 31, |
| |
2019 |
|
2018 |
|
Income Statement: |
|
|
|
|
|
|
|
| Total interest income |
$ |
240,787 |
|
|
$ |
229,165 |
|
| Total interest expense |
70,982 |
|
|
57,101 |
|
| Net interest income |
169,805 |
|
|
172,064 |
|
| Provision for loan losses |
5,101 |
|
|
8,437 |
|
| Net interest income after
provision for loan losses |
164,704 |
|
|
163,627 |
|
| Noninterest income |
|
|
|
|
Deposit services |
26,038 |
|
|
25,082 |
|
|
Net gain (loss) on sale of securities available for sale |
756 |
|
|
(1,839 |
) |
|
Gain on sale of loans |
509 |
|
|
692 |
|
|
Trust fees |
6,269 |
|
|
6,832 |
|
|
Bank owned life insurance |
2,307 |
|
|
2,923 |
|
|
Brokerage services |
2,080 |
|
|
1,987 |
|
|
Other |
4,409 |
|
|
5,096 |
|
|
Total noninterest income |
42,368 |
|
|
40,773 |
|
| Noninterest expense |
|
|
|
|
Salaries and employee benefits |
73,731 |
|
|
70,643 |
|
|
Net occupancy |
13,128 |
|
|
13,814 |
|
|
Acquisition expense |
— |
|
|
2,413 |
|
|
Advertising, travel & entertainment |
2,964 |
|
|
2,894 |
|
|
ATM expense |
894 |
|
|
1,090 |
|
|
Professional fees |
4,717 |
|
|
4,035 |
|
|
Software and data processing |
4,537 |
|
|
3,996 |
|
|
Communications |
1,941 |
|
|
1,847 |
|
|
FDIC insurance |
859 |
|
|
1,871 |
|
|
Amortization of intangibles |
4,418 |
|
|
5,213 |
|
|
Other |
12,108 |
|
|
12,283 |
|
|
Total noninterest expense |
119,297 |
|
|
120,099 |
|
| Income before income tax
expense |
87,775 |
|
|
84,301 |
|
| Income tax expense |
13,221 |
|
|
10,163 |
|
| Net income |
$ |
74,554 |
|
|
$ |
74,138 |
|
| |
|
|
|
| Common Share
Data: |
|
|
|
| Weighted-average basic shares
outstanding |
33,747 |
|
|
34,951 |
|
| Weighted-average diluted
shares outstanding |
33,895 |
|
|
35,116 |
|
| Common shares outstanding end
of period |
33,823 |
|
|
33,725 |
|
| Earnings per common share |
|
|
|
|
Basic |
$ |
2.21 |
|
|
$ |
2.12 |
|
|
Diluted |
2.20 |
|
|
2.11 |
|
| Book value per common
share |
23.79 |
|
|
21.68 |
|
| Tangible book value per common
share (1) |
17.45 |
|
|
15.19 |
|
| Cash dividends paid per common
share |
1.26 |
|
|
1.20 |
|
| |
|
|
|
| Selected Performance
Ratios: |
|
|
|
| Return on average assets |
1.17 |
% |
|
1.19 |
% |
| Return on average
shareholders’ equity |
9.53 |
|
|
9.87 |
|
| Return on average tangible
common equity (1) |
13.80 |
|
|
14.79 |
|
| Average yield on earning
assets (FTE) (1) |
4.28 |
|
|
4.18 |
|
| Average rate on interest
bearing liabilities |
1.57 |
|
|
1.30 |
|
| Net interest spread (FTE)
(1) |
2.71 |
|
|
2.88 |
|
| Net interest margin (FTE)
(1) |
3.06 |
|
|
3.18 |
|
| Average earning assets to
average interest bearing liabilities |
128.25 |
|
|
129.89 |
|
| Noninterest expense to average
total assets |
1.86 |
|
|
1.93 |
|
| Efficiency ratio (FTE)
(1) |
52.36 |
|
|
49.98 |
|
| |
|
(1) Refer to “Non-GAAP Reconciliation” at the end of the
financial statement tables in this Earnings Release for a
reconciliation of this non-GAAP financial measure to the nearest
GAAP financial measure. |
|
Southside Bancshares, Inc. |
|
Consolidated Financial Highlights (Unaudited) |
|
(Dollars in thousands) |
| |
| |
Year Ended |
|
|
December 31, |
| |
2019 |
|
2018 |
|
Nonperforming Assets: |
$ |
17,449 |
|
|
$ |
42,906 |
|
| Nonaccrual loans (1) |
4,963 |
|
|
|
35,770 |
|
| Accruing loans past due more
than 90 days (1) |
— |
|
|
|
— |
|
| Restructured loans (2) |
12,014 |
|
|
|
5,930 |
|
| Other real estate owned |
472 |
|
|
|
1,206 |
|
| Repossessed assets |
— |
|
|
|
— |
|
| |
|
|
|
|
| Asset Quality
Ratios: |
|
|
|
|
| Nonaccruing loans to total
loans |
0.14 |
% |
|
|
1.08 |
% |
| Allowance for loan losses to
nonaccruing loans |
499.64 |
|
|
|
75.54 |
|
| Allowance for loan losses to
nonperforming assets |
142.11 |
|
|
|
62.97 |
|
| Allowance for loan losses to
total loans |
0.69 |
|
|
|
0.82 |
|
| Nonperforming assets to total
assets |
0.26 |
|
|
|
0.70 |
|
| Net charge-offs (recoveries)
to average loans |
0.21 |
|
|
|
0.07 |
|
| |
|
|
|
|
| Capital
Ratios: |
|
|
|
|
| Shareholders’ equity to total
assets |
11.92 |
|
|
|
11.94 |
|
| Common equity tier 1
capital |
14.07 |
|
|
|
14.77 |
|
| Tier 1 risk-based capital |
15.46 |
|
|
|
16.29 |
|
| Total risk-based capital |
18.43 |
|
|
|
19.59 |
|
| Tier 1 leverage capital |
10.18 |
|
|
|
10.64 |
|
| |
|
|
|
|
|
|
| Period end tangible equity to
period end tangible assets (3) |
9.03 |
|
|
|
8.68 |
|
| Average shareholders’ equity
to average total assets |
12.23 |
|
|
|
12.06 |
|
| |
|
(1) Excludes PCI loans measured at fair value at acquisition
if the timing and amount of cash flows expected to be collected
from those sales can be reasonably estimated. |
|
(2) Includes $0.8 million and $3.1 million in PCI loans
restructured as of December 31, 2019 and December 31,
2018, respectively. |
|
(3) Refer to the “Non-GAAP Reconciliation” at the end of the
financial statement tables in this Earnings Release for a
reconciliation of this non-GAAP financial measure to the nearest
GAAP financial measure. |
The tables that follow show average earning assets and interest
bearing liabilities together with the average yield on the earning
assets and the average rate of the interest bearing liabilities for
the periods presented. The interest and related yields
presented are on a fully taxable-equivalent basis and are therefore
non-GAAP measures. See “Non-GAAP Financial Measures” and
“Non-GAAP Reconciliation” for more information.
|
Southside Bancshares, Inc. |
|
Average Balances and Average Yields and Rates (Annualized)
(Unaudited) |
|
(Dollars in thousands) |
| |
|
| |
Three Months Ended |
| |
December 31, 2019 |
|
September 30, 2019 |
| |
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
3,540,274 |
|
|
$ |
43,166 |
|
|
4.84 |
% |
|
$ |
3,477,187 |
|
|
$ |
43,780 |
|
|
5.00 |
% |
| Loans held for sale |
1,114 |
|
|
9 |
|
|
3.21 |
% |
|
2,497 |
|
|
26 |
|
|
4.13 |
% |
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities (2) |
10,083 |
|
|
86 |
|
|
3.38 |
% |
|
3,000 |
|
|
26 |
|
|
3.44 |
% |
|
Tax-exempt investment securities (2) |
699,868 |
|
|
6,431 |
|
|
3.65 |
% |
|
555,835 |
|
|
5,328 |
|
|
3.80 |
% |
|
Mortgage-backed and related securities (2) |
1,674,503 |
|
|
12,197 |
|
|
2.89 |
% |
|
1,660,331 |
|
|
12,569 |
|
|
3.00 |
% |
|
Total securities |
2,384,454 |
|
|
18,714 |
|
|
3.11 |
% |
|
2,219,166 |
|
|
17,923 |
|
|
3.20 |
% |
| Federal Home Loan Bank stock,
at cost, and equity investments |
59,743 |
|
|
437 |
|
|
2.90 |
% |
|
57,108 |
|
|
422 |
|
|
2.93 |
% |
| Interest earning deposits |
44,039 |
|
|
247 |
|
|
2.23 |
% |
|
26,746 |
|
|
206 |
|
|
3.06 |
% |
| Federal funds sold |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Total earning assets |
6,029,624 |
|
|
62,573 |
|
|
4.12 |
% |
|
5,782,704 |
|
|
62,357 |
|
|
4.28 |
% |
| Cash and due from banks |
72,018 |
|
|
|
|
|
|
73,815 |
|
|
|
|
|
| Accrued interest and other
assets |
574,124 |
|
|
|
|
|
|
570,657 |
|
|
|
|
|
|
Less: Allowance for loan losses |
(25,618 |
) |
|
|
|
|
|
(24,938 |
) |
|
|
|
|
|
Total assets |
$ |
6,650,148 |
|
|
|
|
|
|
$ |
6,402,238 |
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Savings accounts |
$ |
372,798 |
|
|
262 |
|
|
0.28 |
% |
|
$ |
367,615 |
|
|
270 |
|
|
0.29 |
% |
| Certificates of deposits |
1,204,392 |
|
|
6,172 |
|
|
2.03 |
% |
|
1,118,410 |
|
|
6,011 |
|
|
2.13 |
% |
| Interest bearing demand
accounts |
1,936,969 |
|
|
4,067 |
|
|
0.83 |
% |
|
1,966,764 |
|
|
5,085 |
|
|
1.03 |
% |
|
Total interest bearing deposits |
3,514,159 |
|
|
10,501 |
|
|
1.19 |
% |
|
3,452,789 |
|
|
11,366 |
|
|
1.31 |
% |
| Federal Home Loan Bank
borrowings |
1,019,844 |
|
|
4,716 |
|
|
1.83 |
% |
|
881,088 |
|
|
4,647 |
|
|
2.09 |
% |
| Subordinated notes, net of
unamortized debt issuance costs |
98,554 |
|
|
1,426 |
|
|
5.74 |
% |
|
98,511 |
|
|
1,425 |
|
|
5.74 |
% |
| Trust preferred subordinated
debentures, net of unamortized debt issuance costs |
60,250 |
|
|
643 |
|
|
4.23 |
% |
|
60,248 |
|
|
685 |
|
|
4.51 |
% |
| Other borrowings |
17,874 |
|
|
71 |
|
|
1.58 |
% |
|
13,401 |
|
|
59 |
|
|
1.75 |
% |
|
Total interest bearing liabilities |
4,710,681 |
|
|
17,357 |
|
|
1.46 |
% |
|
4,506,037 |
|
|
18,182 |
|
|
1.60 |
% |
| Noninterest bearing
deposits |
1,049,211 |
|
|
|
|
|
|
1,020,325 |
|
|
|
|
|
| Accrued expenses and other
liabilities |
73,408 |
|
|
|
|
|
|
72,923 |
|
|
|
|
|
|
Total liabilities |
5,833,300 |
|
|
|
|
|
|
5,599,285 |
|
|
|
|
|
| Shareholders’ equity |
816,848 |
|
|
|
|
|
|
802,953 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
6,650,148 |
|
|
|
|
|
|
$ |
6,402,238 |
|
|
|
|
|
| Net interest income (FTE) |
|
|
$ |
45,216 |
|
|
|
|
|
|
$ |
44,175 |
|
|
|
| Net interest margin (FTE) |
|
|
|
|
2.98 |
% |
|
|
|
|
|
3.03 |
% |
| Net interest spread (FTE) |
|
|
|
|
2.66 |
% |
|
|
|
|
|
2.68 |
% |
| |
|
(1) Interest on loans includes net fees on loans that are not
material in amount. |
|
(2) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost. |
|
|
| Note: As of
December 31, 2019 and September 30, 2019, loans totaling
$5.0 million and $17.1 million, respectively, were on nonaccrual
status. Our policy is to reverse previously accrued but
unpaid interest on nonaccrual loans; thereafter, interest income is
recorded to the extent received when appropriate. |
|
Southside Bancshares, Inc. |
|
Average Balances and Average Yields and Rates (Annualized)
(Unaudited) |
|
(Dollars in thousands) |
| |
|
| |
Three Months Ended |
| |
June 30, 2019 |
|
March 31, 2019 |
| |
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
3,387,323 |
|
|
$ |
43,559 |
|
|
5.16 |
% |
|
$ |
3,296,665 |
|
|
$ |
42,210 |
|
|
5.19 |
% |
| Loans held for sale |
1,965 |
|
|
21 |
|
|
4.29 |
% |
|
611 |
|
|
7 |
|
|
4.65 |
% |
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities (2) |
3,000 |
|
|
27 |
|
|
3.61 |
% |
|
3,000 |
|
|
28 |
|
|
3.79 |
% |
|
Tax-exempt investment securities (2) |
459,996 |
|
|
4,513 |
|
|
3.94 |
% |
|
659,187 |
|
|
5,732 |
|
|
3.53 |
% |
|
Mortgage-backed and related securities (2) |
1,680,109 |
|
|
13,246 |
|
|
3.16 |
% |
|
1,647,564 |
|
|
12,474 |
|
|
3.07 |
% |
|
Total securities |
2,143,105 |
|
|
17,786 |
|
|
3.33 |
% |
|
2,309,751 |
|
|
18,234 |
|
|
3.20 |
% |
| Federal Home Loan Bank stock,
at cost, and equity investments |
52,311 |
|
|
440 |
|
|
3.37 |
% |
|
53,764 |
|
|
355 |
|
|
2.68 |
% |
| Interest earning deposits |
66,017 |
|
|
411 |
|
|
2.50 |
% |
|
64,690 |
|
|
386 |
|
|
2.42 |
% |
| Federal funds sold |
3,365 |
|
|
39 |
|
|
4.65 |
% |
|
7,635 |
|
|
47 |
|
|
2.50 |
% |
|
Total earning assets |
5,654,086 |
|
|
62,256 |
|
|
4.42 |
% |
|
5,733,116 |
|
|
61,239 |
|
|
4.33 |
% |
| Cash and due from banks |
78,757 |
|
|
|
|
|
|
83,147 |
|
|
|
|
|
| Accrued interest and other
assets |
534,835 |
|
|
|
|
|
|
513,738 |
|
|
|
|
|
|
Less: Allowance for loan losses |
(24,838 |
) |
|
|
|
|
|
(27,060 |
) |
|
|
|
|
|
Total assets |
$ |
6,242,840 |
|
|
|
|
|
|
$ |
6,302,941 |
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Savings accounts |
$ |
365,205 |
|
|
262 |
|
|
0.29 |
% |
|
$ |
360,664 |
|
|
258 |
|
|
0.29 |
% |
| Certificates of deposit |
1,119,464 |
|
|
5,861 |
|
|
2.10 |
% |
|
1,154,203 |
|
|
5,697 |
|
|
2.00 |
% |
| Interest bearing demand
accounts |
1,969,593 |
|
|
5,334 |
|
|
1.09 |
% |
|
1,982,891 |
|
|
5,286 |
|
|
1.08 |
% |
|
Total interest bearing deposits |
3,454,262 |
|
|
11,457 |
|
|
1.33 |
% |
|
3,497,758 |
|
|
11,241 |
|
|
1.30 |
% |
| Federal Home Loan Bank
borrowings |
755,748 |
|
|
3,899 |
|
|
2.07 |
% |
|
816,389 |
|
|
4,457 |
|
|
2.21 |
% |
| Subordinated notes, net of
unamortized debt issuance costs |
98,469 |
|
|
1,410 |
|
|
5.74 |
% |
|
98,428 |
|
|
1,400 |
|
|
5.77 |
% |
| Trust preferred subordinated
debentures, net of unamortized debt issuance costs |
60,247 |
|
|
718 |
|
|
4.78 |
% |
|
60,246 |
|
|
729 |
|
|
4.91 |
% |
| Other borrowings |
14,530 |
|
|
57 |
|
|
1.57 |
% |
|
16,788 |
|
|
75 |
|
|
1.81 |
% |
|
Total interest bearing liabilities |
4,383,256 |
|
|
17,541 |
|
|
1.61 |
% |
|
4,489,609 |
|
|
17,902 |
|
|
1.62 |
% |
| Noninterest bearing
deposits |
1,014,746 |
|
|
|
|
|
|
986,343 |
|
|
|
|
|
| Accrued expenses and other
liabilities |
73,494 |
|
|
|
|
|
|
89,768 |
|
|
|
|
|
|
Total liabilities |
5,471,496 |
|
|
|
|
|
|
5,565,720 |
|
|
|
|
|
| Shareholders’ equity |
771,344 |
|
|
|
|
|
|
737,221 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
6,242,840 |
|
|
|
|
|
|
$ |
6,302,941 |
|
|
|
|
|
| Net interest income (FTE) |
|
|
$ |
44,715 |
|
|
|
|
|
|
$ |
43,337 |
|
|
|
| Net interest margin (FTE) |
|
|
|
|
3.17 |
% |
|
|
|
|
|
3.07 |
% |
| Net interest spread (FTE) |
|
|
|
|
2.81 |
% |
|
|
|
|
|
2.71 |
% |
| |
|
(1) Interest on loans includes net fees on loans that are not
material in amount. |
|
(2) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost. |
| |
| Note: As of
June 30, 2019 and March 31, 2019, loans totaling $16.4
million and $17.7 million, respectively, were on nonaccrual
status. Our policy is to reverse previously accrued but
unpaid interest on nonaccrual loans; thereafter, interest income is
recorded to the extent received when appropriate. |
|
Southside Bancshares, Inc. |
|
Average Balances and Average Yields and Rates (Annualized)
(Unaudited) |
|
(Dollars in thousands) |
| |
| |
Three Months Ended |
| |
December 31, 2018 |
| |
Average Balance |
|
Interest |
|
Average Yield/Rate |
| ASSETS |
|
|
|
|
|
|
Loans (1) |
$ |
3,289,840 |
|
|
$ |
41,320 |
|
|
4.98 |
% |
| Loans held for sale |
633 |
|
|
8 |
|
|
5.01 |
% |
| Securities: |
|
|
|
|
|
|
Taxable investment securities (2) |
13,066 |
|
|
103 |
|
|
3.13 |
% |
|
Tax-exempt investment securities (2) |
722,162 |
|
|
7,828 |
|
|
4.30 |
% |
|
Mortgage-backed and related securities (2) |
1,434,982 |
|
|
10,394 |
|
|
2.87 |
% |
|
Total securities |
2,170,210 |
|
|
18,325 |
|
|
3.35 |
% |
| Federal Home Loan Bank stock,
at cost, and equity investments |
44,304 |
|
|
393 |
|
|
3.52 |
% |
| Interest earning deposits |
36,098 |
|
|
411 |
|
|
4.52 |
% |
| Federal funds sold |
16,967 |
|
|
97 |
|
|
2.27 |
% |
|
Total earning assets |
5,558,052 |
|
|
60,554 |
|
|
4.32 |
% |
| Cash and due from banks |
79,544 |
|
|
|
|
|
| Accrued interest and other
assets |
452,257 |
|
|
|
|
|
|
Less: Allowance for loan losses |
(26,231 |
) |
|
|
|
|
|
Total assets |
$ |
6,063,622 |
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
| Savings accounts |
$ |
361,407 |
|
|
257 |
|
|
0.28 |
% |
| Certificates of deposit |
1,123,101 |
|
|
5,170 |
|
|
1.83 |
% |
| Interest bearing demand
accounts |
1,968,786 |
|
|
4,908 |
|
|
0.99 |
% |
|
Total interest bearing deposits |
3,453,294 |
|
|
10,335 |
|
|
1.19 |
% |
| Federal Home Loan Bank
borrowings |
612,134 |
|
|
3,066 |
|
|
1.99 |
% |
| Subordinated notes, net of
unamortized debt issuance costs |
98,385 |
|
|
1,431 |
|
|
5.77 |
% |
| Trust preferred subordinated
debentures, net of unamortized debt issuance costs |
60,245 |
|
|
699 |
|
|
4.60 |
% |
| Other borrowings |
16,405 |
|
|
81 |
|
|
1.96 |
% |
|
Total interest bearing liabilities |
4,240,463 |
|
|
15,612 |
|
|
1.46 |
% |
| Noninterest bearing
deposits |
1,034,556 |
|
|
|
|
|
| Accrued expenses and other
liabilities |
47,234 |
|
|
|
|
|
|
Total liabilities |
5,322,253 |
|
|
|
|
|
| Shareholders’ equity |
741,369 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
6,063,622 |
|
|
|
|
|
| Net interest income (FTE) |
|
|
$ |
44,942 |
|
|
|
| Net interest margin (FTE) |
|
|
|
|
3.21 |
% |
| Net interest spread (FTE) |
|
|
|
|
2.86 |
% |
| |
|
(1) Interest on loans includes net fees on loans that are not
material in amount. |
|
(2) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost. |
| |
| Note: As of
December 31, 2018, loans totaling $35.8 million were on
nonaccrual status. Our policy is to reverse previously
accrued but unpaid interest on nonaccrual loans; thereafter,
interest income is recorded to the extent received when
appropriate. |
|
Southside Bancshares, Inc. |
|
Average Balances and Average Yields and Rates
(Unaudited) |
|
(Dollars in thousands) |
| |
| |
Year Ended |
| |
December 31, 2019 |
|
December 31, 2018 |
| |
Average Balance |
|
Interest |
|
Average Yield/Rate |
|
Average Balance |
|
Interest |
|
Average Yield/Rate |
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
3,426,171 |
|
|
$ |
172,715 |
|
|
5.04 |
% |
|
$ |
3,290,651 |
|
|
$ |
160,982 |
|
|
4.89 |
% |
| Loans held for sale |
1,551 |
|
|
63 |
|
|
4.06 |
% |
|
1,451 |
|
|
63 |
|
|
4.34 |
% |
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities (2) |
4,785 |
|
|
167 |
|
|
3.49 |
% |
|
15,790 |
|
|
417 |
|
|
2.64 |
% |
|
Tax-exempt investment securities (2) |
593,729 |
|
|
22,004 |
|
|
3.71 |
% |
|
781,127 |
|
|
31,964 |
|
|
4.09 |
% |
|
Mortgage-backed and related securities (2) |
1,665,686 |
|
|
50,486 |
|
|
3.03 |
% |
|
1,462,055 |
|
|
41,584 |
|
|
2.84 |
% |
|
Total securities |
2,264,200 |
|
|
72,657 |
|
|
3.21 |
% |
|
2,258,972 |
|
|
73,965 |
|
|
3.27 |
% |
| Federal Home Loan Bank stock,
at cost, and equity investments |
55,752 |
|
|
1,654 |
|
|
2.97 |
% |
|
54,998 |
|
|
1,595 |
|
|
2.90 |
% |
| Interest earning deposits |
50,252 |
|
|
1,250 |
|
|
2.49 |
% |
|
78,266 |
|
|
1,624 |
|
|
2.07 |
% |
| Federal funds sold |
2,722 |
|
|
86 |
|
|
3.16 |
% |
|
15,647 |
|
|
294 |
|
|
1.88 |
% |
|
Total earning assets |
5,800,648 |
|
|
248,425 |
|
|
4.28 |
% |
|
5,699,985 |
|
|
238,523 |
|
|
4.18 |
% |
| Cash and due from banks |
76,895 |
|
|
|
|
|
|
77,946 |
|
|
|
|
|
| Accrued interest and other
assets |
547,241 |
|
|
|
|
|
|
473,639 |
|
|
|
|
|
|
Less: Allowance for loan losses |
(25,608 |
) |
|
|
|
|
|
(24,378 |
) |
|
|
|
|
|
Total assets |
$ |
6,399,176 |
|
|
|
|
|
|
$ |
6,227,192 |
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
| Savings accounts |
$ |
366,606 |
|
|
1,052 |
|
|
0.29 |
% |
|
$ |
359,509 |
|
|
907 |
|
|
0.25 |
% |
| Certificates of deposit |
1,149,171 |
|
|
23,741 |
|
|
2.07 |
% |
|
1,160,423 |
|
|
18,112 |
|
|
1.56 |
% |
| Interest bearing demand
accounts |
1,963,936 |
|
|
19,772 |
|
|
1.01 |
% |
|
1,978,140 |
|
|
16,845 |
|
|
0.85 |
% |
|
Total interest bearing deposits |
3,479,713 |
|
|
44,565 |
|
|
1.28 |
% |
|
3,498,072 |
|
|
35,864 |
|
|
1.03 |
% |
| Federal Home Loan Bank
borrowings |
868,859 |
|
|
17,719 |
|
|
2.04 |
% |
|
720,785 |
|
|
12,813 |
|
|
1.78 |
% |
| Subordinated notes, net of
unamortized debt issuance costs |
98,491 |
|
|
5,661 |
|
|
5.75 |
% |
|
98,327 |
|
|
5,659 |
|
|
5.76 |
% |
| Trust preferred subordinated
debentures, net of unamortized debt issuance costs |
60,248 |
|
|
2,775 |
|
|
4.61 |
% |
|
60,243 |
|
|
2,610 |
|
|
4.33 |
% |
| Other borrowings |
15,645 |
|
|
262 |
|
|
1.67 |
% |
|
10,880 |
|
|
155 |
|
|
1.42 |
% |
|
Total interest bearing liabilities |
4,522,956 |
|
|
70,982 |
|
|
1.57 |
% |
|
4,388,307 |
|
|
57,101 |
|
|
1.30 |
% |
| Noninterest bearing
deposits |
1,017,836 |
|
|
|
|
|
|
1,040,447 |
|
|
|
|
|
| Accrued expenses and other
liabilities |
76,017 |
|
|
|
|
|
|
47,176 |
|
|
|
|
|
|
Total liabilities |
5,616,809 |
|
|
|
|
|
|
5,475,930 |
|
|
|
|
|
| Shareholders’ equity |
782,367 |
|
|
|
|
|
|
751,262 |
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
$ |
6,399,176 |
|
|
|
|
|
|
$ |
6,227,192 |
|
|
|
|
|
| Net interest income (FTE) |
|
|
$ |
177,443 |
|
|
|
|
|
|
$ |
181,422 |
|
|
|
| Net interest margin (FTE) |
|
|
|
|
3.06 |
% |
|
|
|
|
|
3.18 |
% |
| Net interest spread (FTE) |
|
|
|
|
2.71 |
% |
|
|
|
|
|
2.88 |
% |
| |
|
(1) Interest on loans includes net fees on loans that are not
material in amount. |
|
(2) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost. |
| |
| Note: As of
December 31, 2019 and 2018, loans totaling $5.0 million and
$35.8 million, respectively, were on nonaccrual status. Our
policy is to reverse previously accrued but unpaid interest on
nonaccrual loans; thereafter, interest income is recorded to the
extent received when appropriate. |
The following tables set forth the
reconciliation of return on average common equity to return on
average tangible common equity, book value per share to tangible
book value per share, net interest income to net interest income
adjusted to a fully taxable-equivalent basis assuming a 21%
marginal tax rate for interest earned on tax-exempt assets such as
municipal loans and investment securities, along with the
calculation of total revenue, adjusted noninterest expense,
efficiency ratio (FTE), net interest margin (FTE) and net interest
spread (FTE) for the applicable periods presented.
|
Southside Bancshares, Inc. |
|
Non-GAAP Reconciliation (Unaudited) |
|
(Dollars and shares in thousands, except per share
data) |
| |
| |
|
Three Months Ended |
|
Year Ended |
| |
|
2019 |
|
2018 |
|
December 31, |
| |
|
Dec 31, |
|
Sep 30, |
|
Jun 30, |
|
Mar 31, |
|
Dec 31, |
|
2019 |
|
2018 |
|
Reconciliation of return on average common equity to return
on average tangible common equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
17,335 |
|
|
$ |
19,792 |
|
|
$ |
18,610 |
|
|
$ |
18,817 |
|
|
$ |
17,381 |
|
|
$ |
74,554 |
|
|
$ |
74,138 |
|
| After-tax amortization
expense |
|
814 |
|
|
853 |
|
|
892 |
|
|
931 |
|
|
970 |
|
|
3,490 |
|
|
4,118 |
|
|
Adjusted net income available to common shareholders |
|
$ |
18,149 |
|
|
$ |
20,645 |
|
|
$ |
19,502 |
|
|
$ |
19,748 |
|
|
$ |
18,351 |
|
|
$ |
78,044 |
|
|
$ |
78,256 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average shareholders'
equity |
|
$ |
816,848 |
|
|
$ |
802,953 |
|
|
$ |
771,344 |
|
|
$ |
737,221 |
|
|
$ |
741,369 |
|
|
$ |
782,367 |
|
|
$ |
751,262 |
|
| Less: Average intangibles for
the period |
|
(215,101 |
) |
|
(216,169 |
) |
|
(217,266 |
) |
|
(218,438 |
) |
|
(219,645 |
) |
|
(216,733 |
) |
|
(222,325 |
) |
|
Average tangible shareholders' equity |
|
$ |
601,747 |
|
|
$ |
586,784 |
|
|
$ |
554,078 |
|
|
$ |
518,783 |
|
|
$ |
521,724 |
|
|
$ |
565,634 |
|
|
$ |
528,937 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average tangible
common equity |
|
11.97 |
% |
|
13.96 |
% |
|
14.12 |
% |
|
15.44 |
% |
|
13.95 |
% |
|
13.80 |
% |
|
14.79 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reconciliation of book
value per share to tangible book value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common equity at end of
period |
|
$ |
804,580 |
|
|
$ |
810,453 |
|
|
$ |
787,765 |
|
|
$ |
758,033 |
|
|
$ |
731,291 |
|
|
$ |
804,580 |
|
|
$ |
731,291 |
|
| Less: Intangible assets at end
of period |
|
(214,477 |
) |
|
(215,507 |
) |
|
(216,587 |
) |
|
(217,716 |
) |
|
(218,895 |
) |
|
(214,477 |
) |
|
(218,895 |
) |
|
Tangible common shareholders' equity at end of period |
|
$ |
590,103 |
|
|
$ |
594,946 |
|
|
$ |
571,178 |
|
|
$ |
540,317 |
|
|
$ |
512,396 |
|
|
$ |
590,103 |
|
|
$ |
512,396 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets at end of
period |
|
$ |
6,748,913 |
|
|
$ |
6,542,075 |
|
|
$ |
6,372,870 |
|
|
$ |
6,217,196 |
|
|
$ |
6,123,494 |
|
|
$ |
6,748,913 |
|
|
$ |
6,123,494 |
|
| Less: Intangible assets at end
of period |
|
(214,477 |
) |
|
(215,507 |
) |
|
(216,587 |
) |
|
(217,716 |
) |
|
(218,895 |
) |
|
(214,477 |
) |
|
(218,895 |
) |
|
Tangible assets at end of period |
|
$ |
6,534,436 |
|
|
$ |
6,326,568 |
|
|
$ |
6,156,283 |
|
|
$ |
5,999,480 |
|
|
$ |
5,904,599 |
|
|
$ |
6,534,436 |
|
|
$ |
5,904,599 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Period end tangible equity to
period end tangible assets |
|
9.03 |
% |
|
9.40 |
% |
|
9.28 |
% |
|
9.01 |
% |
|
8.68 |
% |
|
9.03 |
% |
|
8.68 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common shares outstanding end
of period |
|
33,823 |
|
|
33,795 |
|
|
33,749 |
|
|
33,718 |
|
|
33,725 |
|
|
33,823 |
|
|
33,725 |
|
| Tangible book value per common
share |
|
$ |
17.45 |
|
|
$ |
17.60 |
|
|
$ |
16.92 |
|
|
$ |
16.02 |
|
|
$ |
15.19 |
|
|
$ |
17.45 |
|
|
$ |
15.19 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of efficiency ratio to efficiency ratio
(FTE), net interest margin to net interest margin (FTE) and net
interest spread to net interest spread (FTE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income
(GAAP) |
|
$ |
43,176 |
|
|
$ |
42,373 |
|
|
$ |
43,131 |
|
|
$ |
41,125 |
|
|
$ |
42,410 |
|
|
$ |
169,805 |
|
|
$ |
172,064 |
|
| Tax equivalent
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
653 |
|
|
641 |
|
|
598 |
|
|
598 |
|
|
599 |
|
|
2,490 |
|
|
2,354 |
|
|
Tax-exempt investment securities |
|
1,387 |
|
|
1,161 |
|
|
986 |
|
|
1,614 |
|
|
1,933 |
|
|
5,148 |
|
|
7,004 |
|
| Net interest income (FTE)
(1) |
|
45,216 |
|
|
44,175 |
|
|
44,715 |
|
|
43,337 |
|
|
44,942 |
|
|
177,443 |
|
|
181,422 |
|
| Noninterest income |
|
10,465 |
|
|
11,111 |
|
|
11,254 |
|
|
9,538 |
|
|
10,134 |
|
|
42,368 |
|
|
40,773 |
|
| Nonrecurring income (2) |
|
(42 |
) |
|
(42 |
) |
|
(557 |
) |
|
171 |
|
|
(66 |
) |
|
(470 |
) |
|
1,198 |
|
|
Total revenue |
|
$ |
55,639 |
|
|
$ |
55,244 |
|
|
$ |
55,412 |
|
|
$ |
53,046 |
|
|
$ |
55,010 |
|
|
$ |
219,341 |
|
|
$ |
223,393 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest expense |
|
$ |
30,944 |
|
|
$ |
29,026 |
|
|
$ |
29,700 |
|
|
$ |
29,627 |
|
|
$ |
30,196 |
|
|
$ |
119,297 |
|
|
$ |
120,099 |
|
| Pre-tax amortization
expense |
|
(1,030 |
) |
|
(1,080 |
) |
|
(1,129 |
) |
|
(1,179 |
) |
|
(1,228 |
) |
|
(4,418 |
) |
|
(5,213 |
) |
| Nonrecurring expense (3) |
|
56 |
|
|
(33 |
) |
|
(67 |
) |
|
18 |
|
|
(264 |
) |
|
(26 |
) |
|
(3,236 |
) |
|
Adjusted noninterest expense |
|
$ |
29,970 |
|
|
$ |
27,913 |
|
|
$ |
28,504 |
|
|
$ |
28,466 |
|
|
$ |
28,704 |
|
|
$ |
114,853 |
|
|
$ |
111,650 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
55.92 |
% |
|
52.23 |
% |
|
52.95 |
% |
|
56.00 |
% |
|
54.70 |
% |
|
54.25 |
% |
|
52.16 |
% |
|
Efficiency ratio (FTE) (1) |
|
53.87 |
% |
|
50.53 |
% |
|
51.44 |
% |
|
53.66 |
% |
|
52.18 |
% |
|
52.36 |
% |
|
49.98 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average earning assets |
|
$ |
6,029,624 |
|
|
$ |
5,782,704 |
|
|
$ |
5,654,086 |
|
|
$ |
5,733,116 |
|
|
$ |
5,558,052 |
|
|
$ |
5,800,648 |
|
|
$ |
5,699,985 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
2.84 |
% |
|
2.91 |
% |
|
3.06 |
% |
|
2.91 |
% |
|
3.03 |
% |
|
2.93 |
% |
|
3.02 |
% |
|
Net interest margin (FTE) (1) |
|
2.98 |
% |
|
3.03 |
% |
|
3.17 |
% |
|
3.07 |
% |
|
3.21 |
% |
|
3.06 |
% |
|
3.18 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
2.52 |
% |
|
2.55 |
% |
|
2.69 |
% |
|
2.56 |
% |
|
2.68 |
% |
|
2.58 |
% |
|
2.72 |
% |
|
Net interest spread (FTE) (1) |
|
2.66 |
% |
|
2.68 |
% |
|
2.81 |
% |
|
2.71 |
% |
|
2.86 |
% |
|
2.71 |
% |
|
2.88 |
% |
| |
|
(1) These amounts are presented on a fully taxable-equivalent
basis and are non-GAAP measures. |
|
(2) These adjustments may include net gain and loss on sale
of securities available for sale, loss on fair value hedge,
other-than-temporary impairment charges and additional bank owned
life insurance income realized as a result of the death benefits
for a retired covered officer, in the periods where
applicable. |
|
(3) These adjustments may include acquisition expenses,
foreclosure expenses and branch closure expenses, in the periods
where applicable. |
Southside Bancshares (NASDAQ:SBSI)
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From Mar 2024 to Apr 2024
Southside Bancshares (NASDAQ:SBSI)
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