Southside Bancshares, Inc. Announces Record Earnings for the Three and Nine Months Ended September 30, 2009
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Nasdaq Global Select Market Symbol - 'SBSI' TYLER, Texas, Oct. 29
TYLER, Texas, Oct. 29 /PRNewswire-FirstCall/ -- Southside Bancshares, Inc. ("Southside" or the "Company") (Nasdaq: SBSI) today reported its financial results for the three and nine months ended September 30, 2009.
Southside reported record net income of $10.5 million for the three months ended September 30, 2009, an increase of $4.2 million, or 68.0%, when compared to $6.3 million for the same period in 2008.
Net income for the nine months ended September 30, 2009, increased $13.7 million, or 67.4%, to a record $34.0 million from $20.3 million, for the same period in 2008.
Diluted earnings per share increased $0.28, or 66.7%, to $0.70 for the three months ended September 30, 2009, when compared to $0.42 for the same period in 2008. Diluted earnings per share increased $0.91, or 66.9%, to $2.27 for the nine months ended September 30, 2009, compared to $1.36 for the same period in 2008.
The return on average shareholders' equity for the nine months ended September 30, 2009, increased to 25.15% compared to 19.19% for the same period in 2008. The annual return on average assets increased to 1.65% for the nine months ended September 30, 2009, compared to 1.18% for the same period in 2008.
"During 2009, we feel fortunate to have achieved significant earnings benchmarks. We continue to manage the bank with attractive net interest margins," stated B. G. Hartley, Chairman and CEO of Southside Bancshares, Inc. "Our asset quality continues to be at relatively sound levels, especially in light of the macro-economic climate. Finally, we have organically grown our capital position and capital ratios. This capital not only gives us significant flexibility should the future conditions take an unexpected turn, but it also grants us the option to grow our franchise and increase long-term shareholder value."
"The threat of an economic free-fall that persisted over the last eighteen months has been replaced by questions related to the strength and tenacity of the eventual economic recovery. Having navigated successfully through these volatile times, Southside is in a position to take advantage of strategic opportunities as economic visibility continues to improve."
"As always, but especially in the current environment, I have been gratified by the depth of talent and experience we possess and continue to add at the board level, and throughout our employee ranks. Our success during 2009 is a tribute to our people. These are the people who will allow us to continue to grow and to manage our future franchise."
Loan and Deposit Growth
For the three months ended September 30, 2009, total loans decreased slightly, $1.2 million, or 0.1% compared to June 30, 2009. For the nine months ended September 30, 2009, total loans decreased $6.8 million, or 0.7%, compared to December 31, 2008. When comparing September 30, 2009 to September 30, 2008, total loans increased by $28.3 million, or 2.9%. The increase occurred primarily in three categories, other real estate loans, municipal loans and loans to individuals.
Nonperforming assets increased $3.1 million, or 15.4%, to $23.2 million, or 0.79% of total assets, for the three months ended September 30, 2009 when compared to June 30, 2009. This increase is primarily related to construction loans, most of which are associated with the acquisition of Fort Worth National Bank and, to a lesser extent, loans to individuals purchased by Southside Financial Group.
During the three months ended September 30, 2009, deposits, net of brokered deposits, increased $43.6 million, or 2.6%, compared to June 30, 2009. When comparing September 30, 2009 to September 30, 2008, deposits, net of brokered deposits, increased $211.2 million, or 14.3%. The year over year increase in deposits is the result of an increase in public fund deposits combined with an overall increase in core deposits. Much of the increase in the public fund deposits is temporary and is expected to roll-off over the next twelve months.
Net Interest Income
Net interest income increased $2.9 million, or 14.4%, to $22.7 million for the three months ended September 30, 2009, when compared to $19.8 million for the same period in 2008. For the three months ended September 30, 2009, when compared to the same period in 2008, our net interest spread increased to 3.35% from 3.13% and during the same period the net interest margin increased to 3.73% from 3.68%. Compared to the three months ended June 30, 2009, the net interest spread for the three months ended September 30, 2009 increased to 3.35% from 3.33%. The net interest margin for the three months ended September 30, 2009, remained unchanged at 3.73% when compared to the three months ended June 30, 2009.
Net Income for the Three Months
The increase in net income for the three months ended September 30, 2009, when compared to the same period in 2008, was primarily a result of security gains, an increase in net interest income and a decrease in provision for loan losses which were partially offset by an increase in other-than-temporary impairment losses, an increase in noninterest expense and an increase in provision for income tax expense.
Noninterest expense increased $2.0 million, or 13.0%, for the three months ended September 30, 2009, compared to the same period in 2008. The increase in noninterest expense was primarily a result of increases in personnel expense, occupancy expense, FDIC insurance expense and other expense. The increase in personnel expense was associated with our overall growth and expansion, an increase in health insurance expense and normal salary increases for existing personnel, all of which are reflected in salaries and employee benefits which increased a combined $217,000, or 2.2%, when compared to the same period in 2008. Occupancy expense increased $252,000 or 17.4%, due to the addition of a new banking facility and the overall bank growth. FDIC insurance premiums increased $499,000, or 226.8%, due to deposit growth and an overall increase in FDIC insurance premium rates. Other expense increased $437,000, or 25.7%, when compared to the same period in 2008. The increase in other expense was primarily due to losses on other real estate.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company with approximately $2.9 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 44 banking centers in Texas and operates a network of 47 ATMs.
To learn more about Southside Bancshares, Inc., please visit our investor relations website at www.southside.com/investor. 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 Susan Hill at (903) 531-7220, or susan.hill@southside.com.
Forward-Looking Statements
Certain statements of other than historical fact that are contained in this document and in other written material, press releases and oral statements issued by or on behalf of the Company, a bank holding company, may be considered to be "forward-looking statements" within the meaning of and subject to the 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," "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, estimates, intentions and 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 of the effect of the Company's expansion, including expectations of the costs and profitability of such expansion, trends in asset quality and earnings from growth, and certain market risk disclosures 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. As a result, actual income gains and losses could materially differ from those that have been estimated.
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, 2008 under "Forward-Looking Information" and 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.
At At At
September 30, December 31, September 30,
2009 2008 2008
---- ---- ----
(dollars in thousands)
(unaudited)
Selected Financial
Condition Data (at
end of period):
Total assets $2,941,563 $2,700,238 $2,524,098
Loans 1,015,724 1,022,549 987,375
Allowance for loan
losses 18,445 16,112 12,928
Mortgage-backed and
related securities:
Available for sale, at
estimated fair value 1,209,571 1,026,513 1,011,955
Held to maturity, at
cost 236,072 157,287 165,288
Investment securities:
Available for sale, at
estimated fair value 264,712 278,378 121,509
Held to maturity, at
cost 1,493 478 477
Federal Home Loan Bank
stock, at cost 36,838 39,411 34,317
Deposits 1,787,248 1,556,131 1,479,192
Long-term obligations 655,518 715,800 589,905
Shareholders' equity 203,369 161,089 142,612
Nonperforming assets 23,207 15,781 8,561
Nonaccrual loans 16,690 14,289 6,192
Loans 90 days past due 1,065 593 1,320
Restructured loans 2,273 148 158
Other real estate
owned 2,331 318 549
Repossessed assets 848 433 342
Asset Quality Ratios:
Nonaccruing loans to
total loans 1.64 % 1.40 % 0.63%
Allowance for loan
losses to nonaccruing
loans 110.52 112.76 208.79
Allowance for loan
losses to
nonperforming assets 79.48 102.10 151.01
Allowance for loan
losses to total loans 1.82 1.58 1.31
Nonperforming assets
to total assets 0.79 0.58 0.34
Net charge-offs to
average loans 1.00 0.74 0.70
Capital Ratios:
Shareholders' equity
to total assets 6.89 5.95 5.64
Average shareholders'
equity to average
total assets 6.54 6.04 6.17
LOAN PORTFOLIO COMPOSITION
The following table sets forth loan totals by category for the periods presented:
At At At
September 30, December 31, September 30,
2009 2008 2008
---- ---- ----
(in thousands)
(unaudited)
Real Estate Loans:
Construction $87,976 $120,153 $99,235
1-4 Family
Residential 233,172 238,693 244,988
Other 208,187 184,629 185,248
Commercial Loans 162,378 165,558 165,929
Municipal Loans 144,450 134,986 118,568
Loans to
Individuals 179,561 178,530 173,407
------- ------- -------
Total Loans $1,015,724 $1,022,549 $987,375
========== ========== ========
At or for the At or for the
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2009 2008 2009 2008
---- ---- ---- ----
(dollars in (dollars in
thousands) thousands)
(unaudited) (unaudited)
Selected Operating
Data:
Total interest
income $35,399 $34,260 $107,786 $97,931
Total interest
expense 12,736 14,452 40,431 44,858
------ ------ ------ ------
Net interest
income 22,663 19,808 67,355 53,073
Provision for loan
losses 2,973 3,150 9,980 8,336
----- ----- ----- -----
Net interest
income after
provision for
loan losses 19,690 16,658 57,375 44,737
------ ------ ------ ------
Noninterest income
Deposit services 4,543 4,739 12,995 13,823
Gain on sale of
securities
available for
sale 6,706 822 26,413 6,574
Total other-than-
temporary
impairment losses - - (5,627) -
Portion of loss
recognized in
other
comprehensive
income (before
taxes) (993) - 3,197 -
---- --- ----- ---
Net impairment
losses recognized
in earnings (993) - (2,430) -
Gain on sale of
loans 392 239 1,274 1,551
Trust income 693 678 1,830 1,890
Bank owned life
insurance income 325 314 1,362 1,382
Other 847 827 2,376 2,388
--- --- ----- -----
Total noninterest
income 12,513 7,619 43,820 27,608
------ ----- ------ ------
Noninterest
expense
Salaries and
employee benefits 10,219 10,002 31,163 27,521
Occupancy expense 1,701 1,449 4,684 4,264
Equipment expense 453 327 1,242 968
Advertising, travel &
entertainment 546 447 1,549 1,407
ATM and debit card
expense 328 313 988 905
Director fees 168 134 480 425
Supplies 254 201 672 584
Professional fees 572 452 1,657 1,239
Postage 247 199 627 565
Telephone and
communications 409 270 1,053 785
FDIC Insurance 719 220 3,180 688
Other 2,135 1,698 5,261 4,997
----- ----- ----- -----
Total noninterest
expense 17,751 15,712 52,556 44,348
------ ------ ------ ------
Income before
income tax
expense 14,452 8,565 48,639 27,997
Provision for
income tax
expense 3,620 2,240 13,021 7,399
----- ----- ------ -----
Net income 10,832 6,325 35,618 20,598
Less: Net income
attributable to
the noncontrolling
interest (335) (75) (1,599) (271)
---- --- ------ ----
Net income
attributable to
parent $10,497 $6,250 $34,019 $20,327
======= ====== ======= =======
Common share data
attributable to
parent:
Weighted-average
basic shares
outstanding 14,911 14,623 14,843 14,552
Weighted-average
diluted shares
outstanding 15,018 14,922 14,995 14,897
Net income per
common share
Basic $0.70 $0.43 $2.29 $1.40
Diluted 0.70 0.42 2.27 1.36
Book value per
common share - - 13.57 9.70
Cash dividend
declared per
common share 0.14 0.16 0.41 0.41
At or for the At or for the
Three Months Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2009 2008 2009 2008
---- ---- ---- ----
(dollars in thousands) (dollars in thousands)
(unaudited) (unaudited)
Selected Performance
Ratios:
Return on average assets 1.47% 1.03% 1.65% 1.18%
Return on average
shareholders' equity 21.81 17.47 25.15 19.19
Average yield on interest
earning assets 5.63 6.23 5.85 6.33
Average yield on interest
bearing liabilities 2.28 3.10 2.50 3.41
Net interest spread 3.35 3.13 3.35 2.92
Net interest margin 3.73 3.68 3.76 3.52
Average interest earnings
assets to average
interest bearing
liabilities 119.84 121.82 119.48 121.45
Noninterest expense to
average total assets 2.48 2.58 2.54 2.58
Efficiency ratio 53.77 56.08 55.85 56.53
RESULTS OF OPERATIONS
The analysis below shows average interest earning assets and interest bearing liabilities together with the average yield on the interest earning assets and the average cost of the interest bearing liabilities.
AVERAGE BALANCES AND YIELDS
(dollars in thousands)
(unaudited)
Nine Months Ended
September 30, 2009 September 30, 2008
------------------ ------------------
AVG AVG AVG AVG
BALANCE INTEREST YIELD BALANCE INTEREST YIELD
------- -------- ----- ------- -------- -----
ASSETS
INTEREST
EARNING ASSETS:
Loans (1) (2) $1,020,782 $55,505 7.27% $980,076 $55,818 7.61%
Loans Held
For Sale 4,202 116 3.69% 2,734 99 4.84%
Securities:
Investment
Securities
(Taxable)(4) 52,308 1,010 2.58% 47,105 1,377 3.90%
Investment
Securities
(Tax-Exempt)
(3)(4) 156,416 8,091 6.92% 83,357 4,124 6.61%
Mortgage-backed
and Related
Securities
(4) 1,277,781 47,988 5.02% 983,882 38,876 5.28%
--------- ------ ------- ------
Total
Securities 1,486,505 57,089 5.13% 1,114,344 44,377 5.32%
FHLB stock
and other
investments,
at cost 40,841 195 0.64% 29,108 656 3.01%
Interest
Earning
Deposits 24,371 121 0.66% 928 22 3.17%
Federal
Funds Sold 5,248 17 0.43% 4,118 79 2.56%
----- --- ----- ---
Total Interest
Earning
Assets 2,581,949 113,043 5.85% 2,131,308 101,051 6.33%
NONINTEREST
EARNING ASSETS:
Cash and Due
From Banks 44,031 45,590
Bank Premises
and Equipment 44,792 40,135
Other Assets 110,506 86,988
Less:
Allowance for
Loan Loss (17,423) (10,667)
------- -------
Total
Assets $2,763,855 $2,293,354
========== ==========
LIABILITIES
AND SHAREHOLDERS'
EQUITY
INTEREST
BEARING
LIABILITIES:
Savings
Deposits $65,110 352 0.72% $56,863 545 1.28%
Time
Deposits 669,069 12,597 2.52% 537,829 17,203 4.27%
Interest
Bearing Demand
Deposits 558,196 4,583 1.10% 492,051 8,132 2.21%
------- ----- ------- -----
Total Interest
Bearing
Deposits 1,292,375 17,532 1.81% 1,086,743 25,880 3.18%
Short-term
Interest Bearing
Liabilities 182,310 3,355 2.46% 299,125 7,125 3.18%
Long-term
Interest Bearing
Liabilities -
FHLB Dallas 625,964 16,958 3.62% 308,725 8,828 3.82%
Long-term
Debt (5) 60,311 2,586 5.73% 60,311 3,025 6.70%
------ ----- ------ -----
Total Interest
Bearing
Liabilities 2,160,960 40,431 2.50% 1,754,904 44,858 3.41%
NONINTEREST
BEARING LIABILITIES:
Demand
Deposits 378,368 367,786
Other
Liabilities 42,906 28,623
------ ------
Total
Liabilities 2,582,234 2,151,313
SHAREHOLDERS'
EQUITY (6) 181,621 142,041
------- -------
Total Liabilities
and Shareholders'
Equity $2,763,855 $2,293,354
========== ==========
NET INTEREST
INCOME $72,612 $56,193
======= =======
NET INTEREST
MARGIN ON
AVERAGE EARNING
ASSETS 3.76% 3.52%
==== ====
NET INTEREST
SPREAD 3.35% 2.92%
==== ====
(1) Interest on loans includes fees on loans that are not material in
amount.
(2) Interest income includes taxable-equivalent adjustments of $2,305
and $1,825 for the nine months ended September 30, 2009 and 2008,
respectively.
(3) Interest income includes taxable-equivalent adjustments of $2,952
and $1,295 for the nine months ended September 30, 2009 and 2008,
respectively.
(4) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost.
(5) Represents junior subordinated debentures issued by us to Southside
Statutory Trust III, IV, and V in connection with the issuance by
Southside Statutory Trust III of $20 million of trust preferred
securities, Southside Statutory Trust IV of $22.5 million of trust
preferred securities, Southside Statutory Trust V of $12.5 million
of trust preferred securities and junior subordinated debentures
issued by FWBS to Magnolia Trust Company I in connection with the
issuance by Magnolia Trust Company I of $3.5 million of trust
preferred securities.
(6) Includes average equity of noncontrolling interest of $793 and $525
for the nine months ended September 30, 2009 and 2008, respectively.
Note: As of September 30, 2009 and 2008, loans totaling $16,690 and
$6,192, respectively, were on nonaccrual status. The policy is to
reverse previously accrued but unpaid interest on nonaccrual loans;
thereafter, interest income is recorded to the extent received when
appropriate.
AVERAGE BALANCES AND YIELDS
(dollars in thousands)
(unaudited)
Three Months Ended
September 30, 2009 September 30, 2008
------------------ ------------------
AVG AVG AVG AVG
BALANCE INTEREST YIELD BALANCE INTEREST YIELD
------- -------- ----- ------- -------- -----
ASSETS
INTEREST
EARNING
ASSETS:
Loans (1) (2) $1,021,251 $17,887 6.95% $985,953 $18,630 7.52%
Loans Held
For Sale 4,473 50 4.43% 2,099 29 5.50%
Securities:
Investment
Securities
(Taxable)(4) 46,463 402 3.43% 37,826 307 3.23%
Investment
Securities
(Tax-Exempt)
(3)(4) 211,915 3,728 6.98% 76,646 1,291 6.70%
Mortgage-
backed and
Related
Securities (4) 1,303,851 15,509 4.72% 1,119,217 14,883 5.29%
--------- ------ --------- ------
Total
Securities 1,562,229 19,639 4.99% 1,233,689 16,481 5.31%
FHLB stock
and other
investments,
at cost 39,544 43 0.43% 33,810 180 2.12%
Interest
Earning
Deposits 26,614 58 0.86% 530 2 1.50%
Federal
Funds Sold - - - 1,559 8 2.04%
--- --- ----- ---
Total Interest
Earning
Assets 2,654,111 37,677 5.63% 2,257,640 35,330 6.23%
NONINTEREST
EARNING ASSETS:
Cash and Due
From Banks 42,076 45,061
Bank Premises
and Equipment 46,341 40,473
Other Assets 114,102 86,542
Less: Allowance
for Loan
Loss (18,291) (11,614)
------- -------
Total
Assets $2,838,339 $2,418,102
========== ==========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
INTEREST BEARING
LIABILITIES:
Savings
Deposits $66,903 99 0.59% $58,646 188 1.28%
Time
Deposits 711,740 3,999 2.23% 497,663 4,502 3.60%
Interest Bearing
Demand
Deposits 580,202 1,376 0.94% 511,599 2,567 2.00%
------- ----- ------- -----
Total Interest
Bearing
Deposits 1,358,845 5,474 1.60% 1,067,908 7,257 2.70%
Short-term
Interest
Bearing
Liabilities 194,157 1,020 2.08% 279,502 1,986 2.83%
Long-term
Interest
Bearing
Liabilities -
FHLB Dallas 601,446 5,402 3.56% 445,590 4,231 3.78%
Long-term
Debt (5) 60,311 840 5.53% 60,311 978 6.45%
------ --- ------ ---
Total
Interest
Bearing
Liabilities 2,214,759 12,736 2.28% 1,853,311 14,452 3.10%
NONINTEREST
BEARING LIABILITIES:
Demand
Deposits 376,307 382,940
Other
Liabilities 55,472 39,105
------ ------
Total
Liabilities 2,646,538 2,275,356
SHAREHOLDERS'
EQUITY (6) 191,801 142,746
------- -------
Total Liabilities
and Shareholders'
Equity $2,838,339 $2,418,102
========== ==========
NET INTEREST
INCOME $24,941 $20,878
======= =======
NET INTEREST
MARGIN ON
AVERAGE EARNING
ASSETS 3.73% 3.68%
==== ====
NET INTEREST
SPREAD 3.35% 3.13%
==== ====
(1) Interest on loans includes fees on loans that are not material in
amount.
(2) Interest income includes taxable-equivalent adjustments of $816 and
$630 for the three months ended September 30, 2009 and 2008,
respectively.
(3) Interest income includes taxable-equivalent adjustments of $1,462
and $440 for the three months ended September 30, 2009 and 2008,
respectively.
(4) For the purpose of calculating the average yield, the average
balance of securities is presented at historical cost.
(5) Represents junior subordinated debentures issued by us to Southside
Statutory Trust III, IV, and V in connection with the issuance by
Southside Statutory Trust III of $20 million of trust preferred
securities, Southside Statutory Trust IV of $22.5 million of trust
preferred securities, Southside Statutory Trust V of $12.5 million
of trust preferred securities and junior subordinated debentures
issued by FWBS to Magnolia Trust Company I in connection with the
issuance by Magnolia Trust Company I of $3.5 million of trust
preferred securities.
(6) Includes average equity of noncontrolling interest of $833 and $425
for the three months ended September 30, 2009 and 2008, respectively.
Note: As of September 30, 2009 and 2008, loans totaling $16,690 and
$6,192, respectively, were on nonaccrual status. The policy is to
reverse previously accrued but unpaid interest on nonaccrual loans;
thereafter, interest income is recorded to the extent received when
appropriate.
Contact:
Suni Davis
903-531-7235
SOURCE Southside Bancshares, Inc.
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