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Section 1: 10-Q (10-Q)

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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 September 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: 000-12247
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 October 28, 2019 was 33,768,963 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)
 
 
September 30,
2019
 
December 31,
2018
 
 
ASSETS
 
 
 
 
Cash and due from banks
 
$
92,300

 
$
87,375

Interest earning deposits
 
22,524

 
23,884

Federal funds sold
 

 
9,460

Total cash and cash equivalents
 
114,824

 
120,719

Securities:
 
 
 
 
Securities available for sale, at estimated fair value
 
2,240,381

 
1,989,436

Securities held to maturity, at carrying value (estimated fair value of $147,040 and $159,781, respectively)
 
140,955

 
162,931

Federal Home Loan Bank stock, at cost
 
45,039

 
32,583

Equity investments
 
12,388

 
12,093

Loans held for sale
 
1,000

 
601

Loans:
 
 

 
 

Loans
 
3,499,917

 
3,312,799

Less:  Allowance for loan losses
 
(25,129
)
 
(27,019
)
Net loans
 
3,474,788

 
3,285,780

Premises and equipment, net
 
141,683

 
135,972

Operating lease right-of-use assets
 
10,046

 

Goodwill
 
201,116

 
201,116

Other intangible assets, net
 
14,391

 
17,779

Interest receivable
 
22,483

 
27,287

Deferred tax asset, net
 

 
9,776

Unsettled issuances of brokered certificates of deposit
 

 
15,236

Bank owned life insurance
 
99,916

 
98,160

Other assets
 
23,065

 
14,025

Total assets
 
$
6,542,075

 
$
6,123,494

 
 
 

 
 

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

Deposits:
 
 

 
 

Noninterest bearing
 
$
1,038,695

 
$
994,680

Interest bearing
 
3,452,072

 
3,430,350

Total deposits
 
4,490,767

 
4,425,030

Other borrowings
 
9,626

 
36,810

Federal Home Loan Bank borrowings
 
978,951

 
719,065

Subordinated notes, net of unamortized debt issuance costs
 
98,532

 
98,407

Trust preferred subordinated debentures, net of unamortized debt issuance costs
 
60,249

 
60,246

Deferred tax liability, net
 
8,009

 

Unsettled trades to purchase securities
 
30,270

 
6,378

Operating lease liabilities
 
10,478

 

Other liabilities
 
44,740

 
46,267

Total liabilities
 
5,731,622

 
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, 37,877,103 shares issued at September 30, 2019 and 37,845,224 shares issued at December 31, 2018)
 
47,346

 
47,307

Paid-in capital
 
765,512

 
762,470

Retained earnings
 
74,477

 
64,797

Treasury stock: (shares at cost, 4,082,525 at September 30, 2019 and 4,120,475 at December 31, 2018)
 
(93,573
)
 
(93,055
)
Accumulated other comprehensive income (loss)
 
16,691

 
(50,228
)
Total shareholders’ equity
 
810,453

 
731,291

Total liabilities and shareholders’ equity
 
$
6,542,075

 
$
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
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 
 
 
Loans
$
43,165

 
$
39,831

 
$
127,766

 
$
117,962

Taxable investment securities
26

 
36

 
81

 
314

Tax-exempt investment securities
4,167

 
6,331

 
11,812

 
19,065

Mortgage-backed securities
12,569

 
10,086

 
38,289

 
31,190

Federal Home Loan Bank stock and equity investments
422

 
377

 
1,217

 
1,202

Other interest earning assets
206

 
491

 
1,089

 
1,410

Total interest income
60,555

 
57,152

 
180,254

 
171,143

Interest expense:
 

 
 

 
 

 
 

Deposits
11,366

 
9,497

 
34,064

 
25,529

Federal Home Loan Bank borrowings
4,647

 
3,108

 
13,003

 
9,747

Subordinated notes
1,425

 
1,423

 
4,235

 
4,228

Trust preferred subordinated debentures
685

 
684

 
2,132

 
1,911

Other borrowings
59

 
30

 
191

 
74

Total interest expense
18,182

 
14,742

 
53,625

 
41,489

Net interest income
42,373

 
42,410

 
126,629

 
129,654

Provision for loan losses
1,005

 
975

 
2,593

 
5,991

Net interest income after provision for loan losses
41,368

 
41,435

 
124,036

 
123,663

Noninterest income:
 

 
 

 
 

 
 

Deposit services
6,753

 
6,317

 
19,391

 
18,757

Net gain (loss) on sale of securities available for sale
42

 
(741
)
 
714

 
(1,900
)
Gain on sale of loans
131

 
303

 
405

 
591

Trust fees
1,523

 
1,568

 
4,584

 
5,259

Bank owned life insurance
622

 
552

 
1,725

 
2,369

Brokerage services
555

 
532

 
1,549

 
1,488

Other
1,485

 
1,491

 
3,535

 
4,075

Total noninterest income
11,111

 
10,022

 
31,903

 
30,639

Noninterest expense:
 

 
 

 
 

 
 

Salaries and employee benefits
18,388

 
17,628

 
54,325

 
52,820

Net occupancy
3,430

 
3,396

 
9,894

 
10,339

Acquisition expense

 
437

 

 
2,295

Advertising, travel & entertainment
593

 
648

 
2,173

 
2,108

ATM expense
232

 
251

 
658

 
840

Professional fees
1,192

 
824

 
3,575

 
2,846

Software and data processing
1,116

 
977

 
3,278

 
2,939

Communications
480

 
354

 
1,456

 
1,370

FDIC insurance

 
435

 
859

 
1,416

Amortization of intangibles
1,080

 
1,279

 
3,388

 
3,985

Other
2,515

 
2,733

 
8,747

 
8,945

Total noninterest expense
29,026

 
28,962

 
88,353

 
89,903

Income before income tax expense
23,453

 
22,495

 
67,586

 
64,399

Income tax expense
3,661

 
2,192

 
10,367

 
7,642

Net income
$
19,792

 
$
20,303

 
$
57,219

 
$
56,757

 
 
 
 
 
 
 
 
Earnings per common share – basic
$
0.59

 
$
0.58

 
$
1.70

 
$
1.62

Earnings per common share – diluted
$
0.58

 
$
0.58

 
$
1.69

 
$
1.61

Cash dividends paid per common share
$
0.31

 
$
0.30

 
$
0.92

 
$
0.88

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
 
Nine Months Ended

September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
19,792

 
$
20,303

 
$
57,219

 
$
56,757

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
17,334

 
(16,885
)
 
96,156

 
(65,039
)
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 (accretion) related to available for sale and held to maturity debt securities
112

 
(661
)
 
683

 
729

Reclassification adjustment for net (gain) loss on sale of available for sale securities, included in net income
(42
)
 
741

 
(714
)
 
1,900

Derivatives:
 
 
 
 
 
 
 
Change in net unrealized (loss) gain on effective cash flow hedge interest rate swap derivatives
(2,619
)
 
1,894

 
(11,392
)
 
7,864

Reclassification adjustment of net gain related to derivatives designated as cash flow hedges
(499
)
 
(406
)
 
(1,809
)
 
(864
)
Pension plans:
 
 
 
 
 
 
 
Amortization of net actuarial loss and prior service credit, included in net periodic benefit cost
595

 
546

 
1,784

 
1,637

Other comprehensive income (loss), before tax
14,881

 
(14,771
)
 
84,708

 
(41,491
)
Income tax (expense) benefit related to items of other comprehensive income (loss)
(3,125
)
 
3,102

 
(17,789
)
 
8,713

Other comprehensive income (loss), net of tax
11,756

 
(11,669
)
 
66,919

 
(32,778
)
Comprehensive income
$
31,548

 
$
8,634

 
$
124,138

 
$
23,979


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

Net income

 

 
20,303

 

 

 
20,303

Other comprehensive loss

 

 

 

 
(11,669
)
 
(11,669
)
Issuance of common stock for dividend reinvestment plan (10,205 shares)
13

 
356

 

 

 

 
369

Stock compensation expense

 
661

 

 

 

 
661

Net issuance of common stock under employee stock plans (65,918 shares)

 
1,015

 
(35
)
 
585

 

 
1,565

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

 

 
(10,533
)
 

 

 
(10,533
)
Balance at September 30, 2018
$
47,291

 
$
761,594

 
$
58,578

 
$
(45,966
)
 
$
(68,991
)
 
$
752,506






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)