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Southside reported record net income of $9.4 million for the three months ended June 30, 2009, an increase of $846,000, or 9.9%, when compared to $8.5 million for the same period in 2008.
Net income for the six months ended June 30, 2009, increased $9.4 million, or 67.1%, to a record $23.5 million from $14.1 million, for the same period in 2008.
Earnings per diluted share increased $0.05, or 8.8%, to $0.62 for the three months ended June 30, 2009, when compared to $0.57 for the same period in 2008. Earnings per diluted share increased $0.63, or 67.0%, to $1.57 for the six months ended June 30, 2009, compared to $0.94 for the same period in 2008.
The return on average shareholders' equity for the six months ended June 30, 2009, increased to 27.00% compared to 20.06% for the same period in 2008. The annual return on average assets increased to 1.74% for the six months ended June 30, 2009, compared to 1.27% for the same period in 2008.
"We are pleased to report strong second quarter earnings. The successful execution of our business plan at a time when the overall economic headwinds remain a challenge is gratifying," stated B. G. Hartley, Chairman and CEO of Southside Bancshares, Inc. "Fifty years ago, we dedicated our operation to serving our market areas, employees and shareholders. Our dedication to our shareholders is as strong today as it was when we opened our doors as a small community bank in East Texas. We look forward to building our franchise over the next fifty years with the same commitment and the continued support of our shareholders, employees and communities."
"The national economy has shown some signs that the pace of decline might be abating. We are indeed fortunate to be based in Texas, as our economy appears to have mitigated, thus far, the impact of the significant economic declines apparent in other areas of the country. Given the general uncertainty in the market, we continue to manage the bank with an especially high degree of prudence. Regulatory uncertainty is once again at the forefront, as fundamental changes to the regulation of financial institutions are under consideration. Should the landscape change, we will adjust our practices as needed."
"The current economic and political uncertainty has led to both a positively sloped interest rate environment (long-term interest rates significantly higher than short-term interest rates) and to continued capital market volatility. Although this environment has led to an increase in our provision for loan losses, it has also had some favorable ramifications. Our net interest margin remained solid and as the economics of particular securities evolved, we also experienced a gain on sale of securities as we repositioned the securities portfolio as appropriate for the new economics. These two factors, mitigated by the increase in reserves, produced record earnings in the first half of 2009. We are keenly aware that these levels of securities gains are unlikely to be repeated in future quarters. Our goal is to manage the bank in order for shareholders and customers to ultimately benefit during this period of volatility. These current earnings further strengthen our capital, as well as, support our future growth. Increasing capital levels provide Southside with the critical flexibility to allow for continued strategic investments designed to enhance long-term franchise value."
"During the second quarter, the economic environment continued to present challenges as well as opportunities. During the quarter ended June 30, 2009, our deposits, net of brokered deposits, increased slightly by $6.9 million and our loans increased a modest $4.5 million. The fixed income market presented several opportunities. During the second quarter, as mortgage credit spreads tightened in the face of increasing U. S. Treasury interest rates, we repositioned a portion of our mortgage-backed securities portfolio by selling selected securities whose market value did not compensate the bank for the potential funding risk. Later in the quarter, as U. S. Treasury interest rates increased further, we were able to replace a portion of those assets with a combination of municipal bonds and U. S. Agency mortgage-backed securities."
"While economic and regulatory environments may reflect increased levels of volatility at times, Southside's traditional credit and balance sheet discipline helps moderate those external forces. Our traditional lending approach is designed so that only minor changes might be necessary as credit cycles come and go. During this period of credit volatility, this approach has allowed us to continue to partner with our customers in the same manner as we have for almost 50 years. We believe the communities we serve will benefit from this disciplined approach during good times and bad as they can look with confidence to Southside for their everyday banking needs."
Loan and Deposit Growth
For the three months ended June 30, 2009, total loans increased slightly, $4.5 million, or 0.4% compared to March 31, 2009. When comparing June 30, 2009 to June 30, 2008, total loans increased by $38.7 million, or 4.0%. The increase occurred primarily in two categories, municipal loans and loans to individuals.
Nonperforming assets increased $2.7 million, or 15.5% to $20.1 million, or 0.73% of total assets, for the three months ended June 30, 2009 when compared to March 31, 2009. This increase is primarily related to construction loans, mostly 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 June 30, 2009, deposits, net of brokered deposits, increased $6.9 million, or 0.4% compared to March 31, 2009. When comparing June 30, 2009 to June 30, 2008, deposits, net of brokered deposits, increased $153.8 million, or 10.3%. 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 $4.6 million, or 25.5%, to $22.5 million for the three months ended June 30, 2009, when compared to $17.9 million for the same period in 2008. For the three months ended June 30, 2009, when compared to the same period in 2008, our net interest spread increased to 3.33% from 3.06% and during the same period the net interest margin increased to 3.73% from 3.65%. Compared to the previous quarter, the net interest margin and net interest spread for the three months ended June 30, 2009 decreased to 3.73% and 3.33%, respectively, from 3.83% and 3.37% for the three months ended March 31, 2009.
Net Income for the Three Months
The increase in net income for the three months ended June 30, 2009 was primarily a result of security gains and an increase in net interest income partially offset by an increase in provision for loan losses, an increase in other-than-temporary impairment, an increase in noninterest expense and a decrease in noninterest income net of security gains. Provision for loan losses increased $470,000, or 15.9%, for the three months ended June 30, 2009, compared to the same period in 2008 due primarily to the increase in nonperforming construction loans, overall market conditions, as well as loans to individuals purchased by Southside Financial Group.
Noninterest expense increased $4.0 million, or 27.6%, for the three months ended June 30, 2009, compared to the same period in 2008. The increase in noninterest expense was primarily a result of increases in personnel expense and FDIC insurance expense. The increase in personnel expense was associated with our overall growth and expansion, including Southside Financial Group, an increase in retirement expense and normal salary increases for existing personnel, all of which are reflected in salaries and employee benefits which increased a combined $1.7 million, or 18.8%, when compared to the same period in 2008. FDIC insurance premiums increased during the period, $1.7 million, or 729.7%, to $1.9 million. The increase is the result of a special FDIC assessment of $1.3 million and an overall increase in FDIC insurance premium rates.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company with approximately $2.7 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 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
June 30, December 31, June 30,
2009 2008 2008
---- ---- ----
(dollars in thousands)
(unaudited)
Selected Financial
Condition Data (at end
of period):
Total assets $2,743,277 $2,700,238 $2,323,788
Loans 1,016,967 1,022,549 978,269
Allowance for loan
losses 18,804 16,112 11,527
Mortgage-backed and
related securities:
Available for sale, at
estimated fair value 1,052,318 1,026,513 851,331
Held to maturity, at
cost 240,704 157,287 173,453
Investment securities:
Available for sale, at
estimated fair value 216,869 278,378 110,581
Held to maturity, at
cost 1,493 478 477
Federal Home Loan Bank
stock, at cost 39,476 39,411 28,859
Deposits 1,696,535 1,556,131 1,498,072
Long-term obligations 670,149 715,800 422,895
Shareholders' equity 182,850 161,089 141,276
Nonperforming assets 20,107 15,781 7,646
Nonaccrual loans 13,491 14,289 5,807
Loans 90 days past due 843 593 907
Restructured loans 1,939 148 170
Other real estate owned 3,262 318 465
Repossessed assets 572 433 297
Asset Quality Ratios:
Nonaccruing loans to
total loans 1.33 % 1.40 % 0.59 %
Allowance for loan
losses to nonaccruing
loans 139.38 112.76 198.50
Allowance for loan
losses to
nonperforming assets 93.52 102.10 150.76
Allowance for loan
losses to total loans 1.85 1.58 1.18
Nonperforming assets to
total assets 0.73 0.58 0.33
Net charge-offs to
average loans 0.85 0.74 0.70
Capital Ratios:
Shareholders' equity to
total assets 6.65 5.95 6.07
Average shareholders'
equity to average
total assets 6.44 6.04 6.33
LOAN PORTFOLIO COMPOSITION
The following table sets forth loan totals by category for the periods
presented:
At At At
June 30, December 31, June 30,
2009 2008 2008
---- ---- ----
(in thousands)
(unaudited)
Real Estate Loans:
Construction $100,012 $120,153 $104,260
1-4 Family
Residential 235,365 238,693 240,238
Other 193,167 184,629 195,843
Commercial Loans 164,965 165,558 167,963
Municipal Loans 139,483 134,986 120,194
Loans to Individuals 183,975 178,530 149,771
------- ------- -------
Total Loans $1,016,967 $1,022,549 $978,269
========== ========== ========
At or for the At or for the
Three Months Six Months
Ended June 30, Ended June 30,
-------------- --------------
2009 2008 2009 2008
-------------- --------------
(dollars in thousands)(dollars in thousands)
(unaudited) (unaudited)
Selected Operating Data:
Total interest income $35,727 $31,575 $72,387 $63,671
Total interest expense 13,272 13,680 27,695 30,406
------ ------ ------ ------
Net interest income 22,455 17,895 44,692 33,265
Provision for loan losses 3,417 2,947 7,007 5,186
----- ----- ----- -----
Net interest income after
provision for loan losses 19,038 14,948 37,685 28,079
------ ------ ------ ------
Noninterest income
Deposit services 4,417 4,667 8,452 9,084
Gain on sale of securities
available for sale 5,911 3,660 19,707 5,752
Total other-than-temporary
impairment losses 296 - (5,331) -
Portion of loss recognized in
other comprehensive income
(before taxes) (833) - 3,894 -
----- --- ----- ---
Net impairment losses
recognized in earnings (537) - (1,437) -
Gain on sale of loans 547 847 882 1,312
Trust income 574 619 1,137 1,212
Bank owned life insurance income 736 758 1,037 1,068
Other 745 736 1,529 1,561
--- --- ----- -----
Total noninterest income 12,393 11,287 31,307 19,989
------ ------ ------ ------
Noninterest expense
Salaries and employee benefits 10,460 8,806 20,944 17,519
Occupancy expense 1,565 1,427 2,983 2,815
Equipment expense 414 329 789 641
Advertising, travel &
entertainment 494 496 1,003 960
ATM and debit card expense 361 304 660 592
Director fees 166 147 312 291
Supplies 206 206 418 383
Professional fees 455 353 1,085 787
Postage 192 182 380 366
Telephone and communications 363 257 644 515
FDIC Insurance 1,925 232 2,461 468
Other 1,687 1,594 3,126 3,299
----- ----- ----- -----
Total noninterest expense 18,288 14,333 34,805 28,636
------ ------ ------ ------
Income before income tax expense 13,143 11,902 34,187 19,432
Provision for income tax expense 3,255 3,223 9,401 5,159
----- ----- ----- -----
Net income 9,888 8,679 24,786 14,273
Less: Net income attributable
to the noncontrolling interest (511) (148) (1,264) (196)
----- ----- ------- -----
Net income attributable to parent $9,377 $8,531 $23,522 $14,077
====== ====== ======= =======
Common share data attributable
to parent:
Weighted-average basic shares
outstanding 14,866 14,537 14,808 14,517
Weighted-average diluted shares
Outstanding 14,999 14,901 14,982 14,885
Net income per common share
Basic $0.63 $0.59 $1.59 $0.97
Diluted 0.62 0.57 1.57 0.94
Book value per common share - - 12.24 9.67
Cash dividend declared per
common share 0.14 0.13 0.27 0.25
Selected Performance Ratios:
Return on average assets 1.36% 1.53% 1.74% 1.27%
Return on average shareholders'
equity 20.72 23.82 27.00 20.06
Average yield on interest earning
assets 5.79 6.29 5.97 6.39
Average yield on interest bearing
liabilities 2.46 3.23 2.62 3.59
Net interest spread 3.33 3.06 3.35 2.80
Net interest margin 3.73 3.65 3.78 3.44
Average interest earnings assets
to average interest
bearing liabilities 119.29 122.06 119.29 121.25
Noninterest expense to average
total assets 2.64 2.57 2.57 2.58
Efficiency ratio 58.39 53.04 56.94 56.77
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)
Six Months Ended
June 30, 2009 June 30, 2008
------------- -------------
AVG AVG AVG AVG
BALANCE INTEREST YIELD BALANCE INTEREST YIELD
------- -------- ----- ------- -------- -----
ASSETS
INTEREST EARNING
ASSETS:
Loans (1) (2) $1,020,544 $37,618 7.43% $977,105 $37,188 7.65%
Loans Held For Sale 4,065 66 3.27% 3,055 70 4.61%
Securities:
Investment
Securities
(Taxable)(4) 55,279 608 2.22% 51,795 1,070 4.15%
Investment
Securities
(Tax-Exempt)(3)(4) 128,207 4,363 6.86% 86,750 2,833 6.57%
Mortgage-backed and
Related Securities
(4) 1,264,529 32,479 5.18% 915,471 23,993 5.27%
--------- ------ ------- ------
Total Securities 1,448,015 37,450 5.22% 1,054,016 27,896 5.32%
FHLB stock and other
investments, at cost 41,499 152 0.74% 26,731 476 3.58%
Interest Earning
Deposits 23,230 63 0.55% 1,129 20 3.56%
Federal Funds Sold 7,916 17 0.43% 5,412 71 2.64%
----- --- ----- ---
Total Interest Earning
Assets 2,545,269 75,366 5.97% 2,067,448 65,721 6.39%
NONINTEREST EARNING
ASSETS:
Cash and Due From
Banks 45,025 45,858
Bank Premises and
Equipment 44,005 39,964
Other Assets 108,677 87,214
Less: Allowance
for Loan Loss (16,981) (10,189)
-------- --------
Total Assets $2,725,995 $2,230,295
========== ==========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
INTEREST BEARING
LIABILITIES:
Savings Deposits $64,198 253 0.79% $55,961 357 1.28%
Time Deposits 647,380 8,598 2.68% 558,133 12,701 4.58%
Interest Bearing
Demand Deposits 547,011 3,207 1.18% 482,170 5,565 2.32%
------- ----- ------- -----
Total Interest
Bearing Deposits 1,258,589 12,058 1.93% 1,096,264 18,623 3.42%
Short-term Interest
Bearing Liabilities 176,288 2,335 2.67% 309,044 5,139 3.34%
Long-term Interest
Bearing Liabilities
- FHLB Dallas 638,426 11,556 3.65% 239,541 4,597 3.86%
Long-term Debt (5) 60,311 1,746 5.84% 60,311 2,047 6.83%
------ ----- ------ -----
Total Interest
Bearing Liabilities 2,133,614 27,695 2.62% 1,705,160 30,406 3.59%
NONINTEREST BEARING
LIABILITIES:
Demand Deposits 379,416 360,125
Other Liabilities 36,519 23,324
------ ------
Total Liabilities 2,549,549 2,088,609
SHAREHOLDERS' EQUITY
(6) 176,446 141,686
------- -------
Total Liabilities and
Shareholders'
Equity $2,725,995 $2,230,295
========== ==========
NET INTEREST INCOME $47,671 $35,315
======= =======
NET INTEREST MARGIN
ON AVERAGE EARNING
ASSETS 3.78% 3.44%
===== =====
NET INTEREST SPREAD 3.35% 2.80%
===== =====
(1) Interest on loans includes fees on loans that are not material in
amount.
(2) Interest income includes taxable-equivalent adjustments of $1,489 and
$1,195 for the six months ended June 30, 2009 and 2008, respectively.
(3) Interest income includes taxable-equivalent adjustments of $1,490 and
$855 for the six months ended June 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 $772 and $576
for the six months ended June 30, 2009 and 2008, respectively.
Note: As of June 30, 2009 and 2008, loans totaling $13,491 and $5,807,
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
June 30, 2009 June 30, 2008
------------- -------------
AVG AVG AVG AVG
BALANCE INTEREST YIELD BALANCE INTEREST YIELD
------- -------- ----- ------- -------- -----
ASSETS
INTEREST EARNING
ASSETS:
Loans (1) (2) $1,019,367 $18,600 7.32% $978,109 $18,333 7.54%
Loans Held For Sale 5,605 48 3.43% 3,262 39 4.81%
Securities:
Investment
Securities
(Taxable)(4) 46,310 289 2.50% 42,475 390 3.69%
Investment
Securities
(Tax-Exempt)(3)(4) 129,863 2,197 6.79% 96,548 1,543 6.43%
Mortgage-backed and
Related Securities
(4) 1,319,194 16,075 4.89% 927,506 12,020 5.21%
--------- ------ ------- ------
Total Securities 1,495,367 18,561 4.98% 1,066,529 13,953 5.26%
FHLB stock and other
investments, at cost 41,522 48 0.46% 28,478 214 3.02%
Interest Earning
Deposits 24,521 53 0.87% 725 5 2.77%
Federal Funds Sold 176 1 2.28% 3,838 19 1.99%
--- --- ----- ---
Total Interest Earning
Assets 2,586,558 37,311 5.79% 2,080,941 32,563 6.29%
NONINTEREST EARNING
ASSETS:
Cash and Due From
Banks 42,171 43,634
Bank Premises and
Equipment 44,835 39,938
Other Assets 117,500 85,635
Less: Allowance
for Loan Loss (17,774) (10,358)
-------- --------
Total Assets $2,773,290 $2,239,790
========== ==========
LIABILITIES AND
SHAREHOLDERS' EQUITY
INTEREST BEARING
LIABILITIES:
Savings Deposits $66,100 116 0.70% $57,996 185 1.28%
Time Deposits 677,871 4,093 2.42% 518,324 5,219 4.05%
Interest Bearing
Demand Deposits 553,824 1,477 1.07% 488,099 2,464 2.03%
------- ----- ------- -----
Total Interest
Bearing Deposits 1,297,795 5,686 1.76% 1,064,419 7,868 2.97%
Short-term Interest
Bearing Liabilities 195,027 1,170 2.41% 258,078 1,839 2.87%
Long-term Interest
Bearing Liabilities
- FHLB Dallas 615,087 5,548 3.62% 321,995 3,011 3.76%
Long-term Debt (5) 60,311 868 5.77% 60,311 962 6.42%
------ --- ------ ---
Total Interest
Bearing Liabilities 2,168,220 13,272 2.46% 1,704,803 13,680 3.23%
NONINTEREST BEARING
LIABILITIES:
Demand Deposits 384,551 368,564
Other Liabilities 38,435 21,908
------ ------
Total Liabilities 2,591,206 2,095,275
SHAREHOLDERS' EQUITY
(6) 182,084 144,515
------- -------
Total Liabilities
and Shareholders'
Equity $2,773,290 $2,239,790
========== ==========
NET INTEREST INCOME $24,039 $18,883
======= =======
NET INTEREST MARGIN
ON AVERAGE EARNING
ASSETS 3.73% 3.65%
===== =====
NET INTEREST SPREAD 3.33% 3.06%
===== =====
(1) Interest on loans includes fees on loans that are not material in
amount.
(2) Interest income includes taxable-equivalent adjustments of $766 and
$605 for the three months ended June 30, 2009 and 2008, respectively.
(3) Interest income includes taxable-equivalent adjustments of $818 and
$383 for the three months ended June 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 $605 and $472
for the three months ended June 30, 2009 and 2008, respectively.
Note: As of June 30, 2009 and 2008, loans totaling $13,491 and $5,807,
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.
SOURCE Southside Bancshares, Inc.
http://www.southside.com
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