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Table of Contents


 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
 
Commission file number: 0-12247
SOUTHSIDE BANCSHARES INC
(Exact name of registrant as specified in its charter)
Texas
 
 
75-1848732
(State or other jurisdiction of
 incorporation or organization)
 
 
(I.R.S. Employer
 Identification No.)
 
 
 
 
 
 
1201 S. Beckham Avenue,
Tyler,
Texas
 
 
75701
(Address of principal executive offices)
 
 
(Zip Code)
903-531-7111
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common Stock, $1.25 par value
 
SBSI
 
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  
The number of shares of the issuer’s common stock, par value $1.25, outstanding as of July 29, 2019 was 33,756,168 shares.
 



TABLE OF CONTENTS
 
PART I.  FINANCIAL INFORMATION
 
PART II.  OTHER INFORMATION
 


Table of Contents


PART I.   FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share amounts)
 
 
June 30,
2019
 
December 31,
2018
 
 
ASSETS
 
 
 
 
Cash and due from banks
 
$
77,319

 
$
87,375

Interest earning deposits
 
54,642

 
23,884

Federal funds sold
 
560

 
9,460

Total cash and cash equivalents
 
132,521

 
120,719

Securities:
 
 
 
 
Securities available for sale, at estimated fair value
 
2,088,787

 
1,989,436

Securities held to maturity, at carrying value (estimated fair value of $151,307 and $159,781, respectively)
 
147,091

 
162,931

Federal Home Loan Bank stock, at cost
 
44,718

 
32,583

Equity investments
 
12,374

 
12,093

Loans held for sale
 
1,812

 
601

Loans:
 
 

 
 

Loans
 
3,460,143

 
3,312,799

Less:  Allowance for loan losses
 
(24,705
)
 
(27,019
)
Net loans
 
3,435,438

 
3,285,780

Premises and equipment, net
 
140,105

 
135,972

Operating lease right-of-use assets
 
9,812

 

Goodwill
 
201,116

 
201,116

Other intangible assets, net
 
15,471

 
17,779

Interest receivable
 
25,167

 
27,287

Deferred tax asset, net
 

 
9,776

Unsettled issuances of brokered certificates of deposit
 

 
15,236

Bank owned life insurance
 
99,294

 
98,160

Other assets
 
19,164

 
14,025

Total assets
 
$
6,372,870

 
$
6,123,494

 
 
 

 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

Deposits:
 
 

 
 

Noninterest bearing
 
$
1,028,861

 
$
994,680

Interest bearing
 
3,450,395

 
3,430,350

Total deposits
 
4,479,256

 
4,425,030

Other borrowings
 
26,064

 
36,810

Federal Home Loan Bank borrowings
 
823,757

 
719,065

Subordinated notes, net of unamortized debt issuance costs
 
98,490

 
98,407

Trust preferred subordinated debentures, net of unamortized debt issuance costs
 
60,248

 
60,246

Deferred tax liability, net
 
5,029

 

Unsettled trades to purchase securities
 
38,569

 
6,378

Operating lease liabilities
 
10,204

 

Other liabilities
 
43,488

 
46,267

Total liabilities
 
5,585,105

 
5,392,203

 
 
 

 
 

Off-balance-sheet arrangements, commitments and contingencies (Note 14)
 


 


 
 
 

 
 
Shareholders’ equity:
 
 

 
 

Common stock:  ($1.25 par value, 80,000,000 shares authorized, 37,866,359 shares issued at June 30, 2019 and 37,845,224 shares issued at December 31, 2018)
 
47,333

 
47,307

Paid-in capital
 
764,220

 
762,470

Retained earnings
 
65,183

 
64,797

Treasury stock: (shares at cost, 4,117,595 at June 30, 2019 and 4,120,475 at December 31, 2018)
 
(93,906
)
 
(93,055
)
Accumulated other comprehensive income (loss)
 
4,935

 
(50,228
)
Total shareholders’ equity
 
787,765

 
731,291

Total liabilities and shareholders’ equity
 
$
6,372,870

 
$
6,123,494

The accompanying notes are an integral part of these consolidated financial statements.

1

Table of Contents


SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share data)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 
 
 
Loans
$
42,982

 
$
39,301

 
$
84,601

 
$
78,131

Taxable investment securities
27

 
51

 
55

 
278

Tax-exempt investment securities
3,527

 
6,353

 
7,645

 
12,734

Mortgage-backed securities
13,246

 
10,210

 
25,720

 
21,104

Federal Home Loan Bank stock and equity investments
440

 
411

 
795

 
825

Other interest earning assets
450

 
471

 
883

 
919

Total interest income
60,672

 
56,797

 
119,699

 
113,991

Interest expense:
 

 
 

 
 

 
 

Deposits
11,457

 
8,581

 
22,698

 
16,032

Federal Home Loan Bank borrowings
3,899

 
3,007

 
8,356

 
6,639

Subordinated notes
1,410

 
1,407

 
2,810

 
2,805

Trust preferred subordinated debentures
718

 
658

 
1,447

 
1,227

Other borrowings
57

 
33

 
132

 
44

Total interest expense
17,541

 
13,686

 
35,443

 
26,747

Net interest income
43,131

 
43,111

 
84,256

 
87,244

Provision for loan losses
2,506

 
1,281

 
1,588

 
5,016

Net interest income after provision for loan losses
40,625

 
41,830

 
82,668

 
82,228

Noninterest income:
 

 
 

 
 

 
 

Deposit services
6,652

 
6,261

 
12,638

 
12,440

Net gain (loss) on sale of securities available for sale
416

 
(332
)
 
672

 
(1,159
)
Gain on sale of loans
181

 
173

 
274

 
288

Trust fees
1,520

 
1,931

 
3,061

 
3,691

Bank owned life insurance
559

 
1,185

 
1,103

 
1,817

Brokerage services
477

 
506

 
994

 
956

Other
1,449

 
1,283

 
2,050

 
2,584

Total noninterest income
11,254

 
11,007

 
20,792

 
20,617

Noninterest expense:
 

 
 

 
 

 
 

Salaries and employee benefits
17,891

 
16,633

 
35,937

 
35,192

Net occupancy
3,289

 
3,360

 
6,464

 
6,943

Acquisition expense

 
1,026

 

 
1,858

Advertising, travel & entertainment
733

 
775

 
1,580

 
1,460

ATM expense
246

 
243

 
426

 
589

Professional fees
1,069

 
952

 
2,383

 
2,022

Software and data processing
1,086

 
939

 
2,162

 
1,962

Communications
489

 
478

 
976

 
1,016

FDIC insurance
437

 
484

 
859

 
981

Amortization of intangibles
1,129

 
1,328

 
2,308

 
2,706

Other
3,331

 
3,056

 
6,232

 
6,212

Total noninterest expense
29,700

 
29,274

 
59,327

 
60,941

Income before income tax expense
22,179

 
23,563

 
44,133

 
41,904

Income tax expense
3,569

 
3,360

 
6,706

 
5,450

Net income
$
18,610

 
$
20,203

 
$
37,427

 
$
36,454

 
 
 
 
 
 
 
 
Earnings per common share – basic
$
0.55

 
$
0.58

 
$
1.11

 
$
1.04

Earnings per common share – diluted
$
0.55

 
$
0.57

 
$
1.11

 
$
1.04

Cash dividends paid per common share
$
0.31

 
$
0.30

 
$
0.61

 
$
0.58

The accompanying notes are an integral part of these consolidated financial statements.

2

Table of Contents


SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands)
 
Three Months Ended
 
Six Months Ended

June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
18,610

 
$
20,203

 
$
37,427

 
$
36,454

Other comprehensive income (loss):
 

 
 

 
 

 
 

Securities available for sale and transferred securities:
 
 
 
 
 
 
 
Change in unrealized holding gain (loss) on available for sale securities during the period
32,196

 
(10,371
)
 
78,822

 
(48,154
)
Unrealized net gain on securities transferred from held to maturity to available for sale under the transition guidance enumerated in ASU 2017-12

 

 

 
11,881

Change in net unrealized loss on securities transferred from held to maturity to available for sale

 

 

 
401

Reclassification adjustment for amortization related to available for sale and held to maturity debt securities
80

 
1,252

 
571

 
1,390

Reclassification adjustment for net (gain) loss on sale of available for sale securities, included in net income
(416
)
 
332

 
(672
)
 
1,159

Derivatives:
 
 
 
 
 
 
 
Change in net unrealized (loss) gain on effective cash flow hedge interest rate swap derivatives
(5,653
)
 
1,725

 
(8,773
)
 
5,970

Reclassification adjustment of net gain related to derivatives designated as cash flow hedge
(642
)
 
(331
)
 
(1,310
)
 
(458
)
Pension plans:
 
 
 
 
 
 
 
Amortization of net actuarial loss and prior service credit, included in net periodic benefit cost
648

 
618

 
1,189

 
1,091

Other comprehensive income (loss), before tax
26,213

 
(6,775
)
 
69,827

 
(26,720
)
Income tax (expense) benefit related to items of other comprehensive income (loss)
(5,505
)
 
1,423

 
(14,664
)
 
5,611

Other comprehensive income (loss), net of tax
20,708

 
(5,352
)
 
55,163

 
(21,109
)
Comprehensive income
$
39,318

 
$
14,851

 
$
92,590

 
$
15,345


The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents


SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)
(in thousands, except share and per share data)
 
Common
Stock
 
Paid In
Capital
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
Balance at December 31, 2017
$
47,253

 
$
757,439

 
$
32,851

 
$
(47,105
)
 
$
(36,298
)
 
$
754,140

Cumulative effect of accounting change

 

 
(85
)
 

 
85

 

Adjusted beginning balance
47,253

 
757,439

 
32,766

 
(47,105
)
 
(36,213
)
 
754,140

Net income

 

 
16,251

 

 

 
16,251

Other comprehensive loss

 

 

 

 
(15,757
)
 
(15,757
)
Issuance of common stock for dividend reinvestment plan (10,035 shares)
12

 
341

 

 

 

 
353

Stock compensation expense

 
456

 

 

 

 
456

Net issuance of common stock under employee stock plans (42,179 shares)

 
417

 
(25
)
 
369

 

 
761

Cash dividends paid on common stock ($0.28 per share)

 

 
(9,808
)
 

 

 
(9,808
)
Balance at March 31, 2018
47,265

 
758,653

 
39,184

 
(46,736
)
 
(51,970
)
 
746,396

Net income

 

 
20,203

 

 

 
20,203

Other comprehensive loss

 

 

 

 
(5,352
)
 
(5,352
)
Issuance of common stock for dividend reinvestment plan (10,397 shares)
13

 
354

 

 

 

 
367

Stock compensation expense

 
509

 

 

 

 
509

Net issuance of common stock under employee stock plans (20,872 shares)

 
46

 
(27
)
 
185

 

 
204

Cash dividends paid on common stock ($0.30 per share)

 

 
(10,517
)
 

 

 
(10,517
)
Balance at June 30, 2018
$
47,278

 
$
759,562

 
$
48,843

 
$
(46,551
)
 
$
(57,322
)
 
$
751,810






4

Table of Contents


SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED) (continued)
(in thousands, except share and per share data)
 
Common
Stock
 
Paid In
Capital
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
Balance at December 31, 2018
$
47,307

 
$
762,470

 
$
64,797

 
$
(93,055
)
 
$
(50,228
)
 
$
731,291

Cumulative effect of accounting change

 

 
(16,452
)
 

 

 
(16,452
)
Adjusted beginning balance
47,307

 
762,470

 
48,345

 
(93,055
)
 
(50,228
)
 
714,839

Net income

 

 
18,817

 

 

 
18,817

Other comprehensive income

 

 

 

 
34,455

 
34,455

Issuance of common stock for dividend reinvestment plan (10,565 shares)
13

 
342

 

 

 

 
355

Purchase of common stock (40,852 shares)

 

 

 
(1,325
)
 

 
(1,325
)
Stock compensation expense

 
661

 

 

 

 
661

Net issuance of common stock under employee stock plans (23,617 shares)

 
109

 
(32
)
 
261

 

 
338

Cash dividends paid on common stock ($0.30 per share)

 

 
(10,107
)
 

 

 
(10,107
)
Balance at March 31, 2019
47,320

 
763,582

 
57,023

 
(94,119
)
 
(15,773
)
 
758,033

Net income

 

 
18,610

 

 

 
18,610

Other comprehensive income

 

 

 

 
20,708

 
20,708

Issuance of common stock for dividend reinvestment plan (10,570 shares)
13

 
336

 

 

 

 
349

Stock compensation expense

 
571

 

 

 

 
571

Net issuance of common stock under employee stock plans (20,115 shares)

 
(269
)
 
3

 
213

 

 
(53
)
Cash dividends paid on common stock ($0.31 per share)

 

 
(10,453
)
 

 

 
(10,453
)
Balance at June 30, 2019
$
47,333

 
$
764,220

 
$
65,183

 
$
(93,906
)
 
$
4,935

 
$
787,765


The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents


SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 
Six Months Ended
 
June 30,
 
2019
 
2018
OPERATING ACTIVITIES:
 
 
 
Net income
$
37,427

 
$
36,454

Adjustments to reconcile net income to net cash provided by operations:
 

 
 

Depreciation and net amortization
6,053

 
7,078

Securities premium amortization (discount accretion), net
5,946

 
7,557

Loan (discount accretion) premium amortization, net
(940
)
 
(1,712
)
Provision for loan losses
1,588

 
5,016

Stock compensation expense
1,232

 
965

Deferred tax expense
142

 
2,438

Net (gain) loss on sale of securities available for sale
(672
)
 
1,159

Net loss on premises and equipment
220

 
132

Gross proceeds from sales of loans held for sale
9,745

 
13,578

Gross originations of loans held for sale
(10,956
)
 
(12,159
)
Net (gain) loss on other real estate owned
(90
)
 
258

Net change in:
 

 
 

Interest receivable
2,120

 
1,391

Other assets
(89
)
 
16,612

Interest payable
1,617