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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 March 31, 2021
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 classTrading SymbolName of each exchange on which registered
Common Stock, $1.25 par valueSBSINASDAQ 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 FilerAccelerated filer
Non-accelerated filerSmaller 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 April 27, 2021 was 32,588,244 shares.



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































Table of Contents

SOUTHSIDE BANCSHARES, INC.
Glossary of Acronyms, Abbreviations and Terms

The acronyms, abbreviations and terms listed below are used in various sections of this Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."

Entities:
Southside Bancshares, Inc.Bank holding company for Southside Bank
Southside BankTexas state bank and wholly owned subsidiary of Southside Bancshares, Inc.
CompanyCombined entities of Southside Bancshares, Inc. and its subsidiaries, including Southside Bank
BankSouthside Bank
SouthsideSouthside Bancshares, Inc.
Other Acronyms, Abbreviations and Terms:
2020 Form 10-K
Company’s Annual Report on Form 10-K for the year ended December 31, 2020
AFSAvailable for sale
ALCOAsset/Liability Committee
AOCIAccumulated other comprehensive income or loss
ASCAccounting Standards Codification
ASUAccounting Standards Update issued by the FASB
ATMAutomated teller machines
Basel CommitteeBasel Committee on Banking Supervision
BOLIBank owned life insurance
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CDsCertificates of deposit
CECLASU No. 2016-13, Financial Instruments- Credit Losses, also known as Current Expected Credit Losses
CET1
Common Equity Tier 1
CMOsCollateralized mortgage obligations
COVID-19Novel strain of coronavirus
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Economic Aid ActEconomic Aid to Hard-Hit Small Business, Nonprofits and Venues Act
ESOPEmployee Stock Ownership Plan
ETREffective tax rate
Exchange Act
Securities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveThe Board of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FRBNYFederal Reserve Bank of New York
FRDWFederal Reserve Discount Window
FTEFully-taxable equivalents measurements
GAAPGenerally accepted accounting principles
GSEsU.S. government-sponsored enterprises
Guidelines
Interagency Guidelines Prescribing Standards for Safety and Soundness adopted by federal banking agencies
HTMHeld to maturity
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ITMInteractive teller machines
LIBORLondon Interbank Offered Rate
MBSMortgage-backed securities
MVPEMarket value of portfolio equity
OREOOther real estate owned
PCDPurchased financial assets with credit deterioration under CECL
PCIFinancial assets purchased credit impaired under ASC 310-30 prior to CECL
PPP Paycheck Protection Program
PPP FacilityPaycheck Protection Program Lending Facility
Repurchase agreementsSecurities sold under agreements to repurchase
Restoration PlanNonfunded supplemental retirement plan
ROURight-of-use
SBASmall Business Administration
SEC
Securities and Exchange Commission
SOFRSecured Overnight Financing Rate provided by the Federal Reserve Bank of New York
TDRTroubled debt restructurings
U.S.United States

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PART I.   FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share amounts)
March 31,
2021
December 31,
2020
 
ASSETS  
Cash and due from banks$78,304 $87,357 
Interest earning deposits29,319 21,051 
Total cash and cash equivalents107,623 108,408 
Securities:
Securities AFS, at estimated fair value (amortized cost of $2,448,113 and $2,437,513, respectively)
2,546,924 2,587,305 
Securities HTM (estimated fair value of $104,177 and $118,198, respectively)
98,159 108,998 
FHLB stock, at cost18,754 25,259 
Equity investments11,804 11,905 
Loans held for sale2,615 3,695 
Loans:  
Loans3,716,598 3,657,779 
Less:  Allowance for loan losses(41,454)(49,006)
Net loans3,675,144 3,608,773 
Premises and equipment, net144,628 144,576 
Operating lease ROU assets15,788 15,063 
Goodwill201,116 201,116 
Other intangible assets, net8,978 9,744 
Interest receivable27,438 38,708 
BOLI116,209 115,583 
Other assets23,706 29,094 
Total assets$6,998,886 $7,008,227 
   
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
Noninterest bearing$1,383,371 $1,354,815 
Interest bearing3,709,272 3,577,507 
Total deposits5,092,643 4,932,322 
Other borrowings22,315 23,172 
FHLB borrowings665,530 832,527 
Subordinated notes, net of unamortized debt issuance costs197,268 197,251 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,256 60,255 
Deferred tax liability, net9,869 15,549 
Unsettled trades to purchase securities23,473  
Operating lease liabilities17,327 16,734 
Other liabilities51,608 55,120 
Total liabilities6,140,289 6,132,930 
   
Off-balance-sheet arrangements, commitments and contingencies (Note 12)
  
Shareholders’ equity:  
Common stock:  ($1.25 par value, 80,000,000 shares authorized, 37,943,737 shares issued at March 31, 2021 and 37,934,819 shares issued at December 31, 2020)
47,430 47,419 
Paid-in capital774,815 771,511 
Retained earnings134,782 111,208 
Treasury stock: (shares at cost, 5,284,781 at March 31, 2021 and 4,983,645 at December 31, 2020)
(138,016)(123,921)
AOCI39,586 69,080 
Total shareholders’ equity858,597 875,297 
Total liabilities and shareholders’ equity$6,998,886 $7,008,227 
The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31,
 20212020
Interest income:  
Loans$36,038 $41,895 
Taxable investment securities2,323 512 
Tax-exempt investment securities8,965 6,206 
MBS6,088 11,534 
FHLB stock and equity investments136 425 
Other interest earning assets15 180 
Total interest income53,565 60,752 
Interest expense:  
Deposits2,597 9,919 
FHLB borrowings1,908 3,974 
Subordinated notes2,395 1,411 
Trust preferred subordinated debentures351 600 
Other borrowings11 147 
Total interest expense7,262 16,051 
Net interest income46,303 44,701 
Provision for credit losses(10,149)25,247 
Net interest income after provision for credit losses56,452 19,454 
Noninterest income:  
Deposit services6,125 6,279 
Net gain on sale of securities AFS2,003 5,541 
Gain on sale of loans593 170 
Trust fees1,383 1,305 
BOLI626 569 
Brokerage services780 580 
Other2,113 1,054 
Total noninterest income13,623 15,498 
Noninterest expense:  
Salaries and employee benefits20,044 19,643 
Net occupancy3,560 3,311 
Advertising, travel & entertainment437 832 
ATM expense238 224 
Professional fees991 1,195 
Software and data processing1,312 1,227 
Communications525 493 
FDIC insurance454 25 
Amortization of intangibles766 980 
Other2,907 2,590 
Total noninterest expense31,234 30,520 
Income before income tax expense38,841 4,432 
Income tax expense4,750 479 
Net income$34,091 $3,953 
Earnings per common share – basic$1.04 $0.12 
Earnings per common share – diluted$1.04 $0.12 
Cash dividends paid per common share$0.32 $0.31 

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands)
Three Months Ended
March 31,
20212020
Net income$34,091 $3,953 
Other comprehensive income (loss):  
Securities AFS and transferred securities:
Change in unrealized holding (loss) gain on AFS securities during the period(48,979)61,486 
Reclassification adjustment for amortization related to AFS and HTM debt securities416 121 
Reclassification adjustment for net gain on sale of AFS securities, included in net income(2,003)(5,541)
Derivatives:
Change in net unrealized gain (loss) on effective cash flow hedge interest rate swap derivatives11,023 (19,600)
Reclassification adjustment of net loss (gain) related to derivatives designated as cash flow hedges1,568 (101)
Pension plans:
Amortization of net actuarial loss and prior service credit, included in net periodic benefit cost641 727 
Other comprehensive (loss) income, before tax(37,334)37,092 
Income tax benefit (expense) related to items of other comprehensive (loss) income7,840 (7,789)
Other comprehensive (loss) income, net of tax(29,494)29,303 
Comprehensive income$4,597 $33,256 

The accompanying notes are an integral part of these consolidated financial statements.
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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, 2020$47,419 $771,511 $111,208 $(123,921)$69,080 $875,297 
Net income— — 34,091 — — 34,091 
Other comprehensive loss— — — — (29,494)(29,494)
Issuance of common stock for dividend reinvestment plan (8,918 shares)
11 321 — — — 332 
Purchase of common stock (427,396 shares)
— — — (15,213)— (15,213)
Stock compensation expense— 674 — — — 674 
Net issuance of common stock under employee stock plans (126,260 shares)
— 2,309 (41)1,118 — 3,386 
Cash dividends paid on common stock ($0.32 per share)
— — (10,476)— — (10,476)
Balance at March 31, 2021$47,430 $774,815 $134,782 $(138,016)$39,586 $858,597 

Balance at December 31, 2019$47,360 $766,718 $80,274 $(94,008)$4,236 $804,580 
Cumulative effect of accounting change— — (7,830)— — (7,830)
Adjusted beginning balance47,360 766,718 72,444 (94,008)4,236 796,750 
Net income— — 3,953 — — 3,953 
Other comprehensive income— — — — 29,303 29,303 
Issuance of common stock for dividend reinvestment plan (10,607 shares)
13 334 — — — 347 
Purchase of common stock (869,723 shares)
— — — (25,842)— (25,842)
Stock compensation expense— 695 — — — 695 
Net issuance of common stock under employee stock plans (47,428 shares)
— 693 (40)435 — 1,088 
Cash dividends paid on common stock ($0.31 per share)
— — (10,494)— — (10,494)
Balance at March 31, 2020$47,373 $768,440 $65,863 $(119,415)$33,539 $795,800 

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 Three Months Ended
March 31,
 20212020
OPERATING ACTIVITIES:  
Net income$34,091 $3,953 
Adjustments to reconcile net income to net cash provided by operations:  
Depreciation and net amortization2,882 3,021 
Securities premium amortization (discount accretion), net6,083 4,505 
Loan (discount accretion) premium amortization, net(223)(244)
Provision for credit losses(10,149)25,247 
Stock compensation expense674 695 
Deferred tax expense (benefit)2,161 (5,075)
Net gain on sale of AFS securities(2,003)(5,541)
Net (gain) loss on premises and equipment227 (42)
Gross proceeds from sales of loans held for sale15,987 5,204 
Gross originations of loans held for sale(14,907)(6,651)
Net (gain) loss on OREO(2)1 
Net change in:  
Interest receivable11,270 1,383 
Other assets6,459 (9,318)
Interest payable(1,026)(2,034)
Other liabilities10,891 (18,886)
Net cash provided by (used in) operating activities62,415 (3,782)
INVESTING ACTIVITIES:  
Securities AFS:
Purchases(127,713)(683,062)
Sales37,097 135,000 
Maturities, calls and principal repayments99,787 80,555 
Securities HTM:  
Maturities, calls and principal repayments10,871 352 
Proceeds from redemption of FHLB stock and equity investments16,240  
Purchases of FHLB stock and equity investments(9,629)(4,661)
Net loan originations(59,211)(33,207)
Purchases of premises and equipment(2,396)(4,259)
Proceeds from sales of premises and equipment94 72 
Proceeds from sales of OREO106 46 
Proceeds from sales of repossessed assets44 31 
Net cash used in investing activities(34,710)(509,133)
(continued)
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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(UNAUDITED)
(in thousands)
 Three Months Ended
March 31,
 20212020
FINANCING ACTIVITIES:  
Net change in deposits$160,308 $56,281 
Net change in other borrowings(857)189,542 
Proceeds from FHLB borrowings4,009,977 3,247,401 
Repayment of FHLB borrowings(4,176,974)(2,945,775)
Net proceeds from issuance of subordinated long-term debt(59) 
Proceeds from stock option exercises3,412 1,130 
Cash paid to tax authority related to tax withholding on share-based awards(26)(42)
Purchase of common stock(14,127)(23,959)
Proceeds from the issuance of common stock for dividend reinvestment plan332 347 
Cash dividends paid(10,476)(10,494)
Net cash (used in) provided by financing activities(28,490)514,431 
Net (decrease) increase in cash and cash equivalents(785)1,516 
Cash and cash equivalents at beginning of period108,408 110,697 
Cash and cash equivalents at end of period$107,623 $112,213 
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:  
Interest paid$8,288 $18,085 
Income taxes paid$250 $ 
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:  
Loans transferred to other repossessed assets and real estate through foreclosure$424 $338 
Unsettled trades to purchase securities$(23,473)$(14,596)
Unsettled trades to sell securities$ $67,247 
Unsettled trades to repurchase common stock$(1,086)$(1,883)

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



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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


1.    Summary of Significant Accounting and Reporting Policies
Basis of Presentation
In this report, the words “the Company,” “we,” “us,” and “our” refer to the combined entities of Southside Bancshares, Inc. and its subsidiaries, including Southside Bank.  The words “Southside” and “Southside Bancshares” refer to Southside Bancshares, Inc.  The words “Southside Bank” and “the Bank” refer to Southside Bank.
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, not all information required by GAAP for complete financial statements is included in these interim statements. In the opinion of management, all adjustments necessary for a fair presentation of such financial statements have been included.  Such adjustments consisted only of normal recurring items.  The preparation of these consolidated financial statements in accordance with GAAP requires the use of management’s estimates.  These estimates are subjective in nature and involve matters of judgment.  Actual amounts could differ from these estimates.
Interim results are not necessarily indicative of results for a full year.  These financial statements should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2020. 
Accounting Changes and Reclassifications
Certain prior period amounts may be reclassified to conform to current year presentation.
Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 is intended to provide relief for companies preparing for discontinuation of interest rates based on LIBOR. The ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or other reference rates expected to be discontinued. ASU 2020-04 also provides for a one-time sale and/or transfer to AFS or trading to be made for HTM debt securities that both reference an eligible reference rate and were classified as HTM before January 1, 2020. ASU 2020-04 was effective for all entities as of March 12, 2020 and through December 31, 2022. Companies can apply the ASU as of the beginning of the interim period that includes March 12, 2020 or any date thereafter. The guidance requires companies to apply the guidance prospectively to contract modifications and hedging relationships while the one-time election to sell and/or transfer debt securities classified as HTM may be made any time after March 12, 2020. We have established an officer level committee to guide our transition from LIBOR and have begun efforts to transition to alternative rates consistent with industry timelines. We have identified products that utilize LIBOR and are implementing enhanced fallback language to facilitate the transition to alternative reference rates. We are evaluating existing systems and have begun offering new rates on a limited basis. ASU 2020-04 is not expected to have a material impact on our consolidated financial statements.


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2.     Earnings Per Share
Earnings per share on a basic and diluted basis are calculated as follows (in thousands, except per share amounts):
Three Months Ended
March 31,
 20212020
Basic and Diluted Earnings:  
Net income$34,091 $3,953 
Basic weighted-average shares outstanding32,829 33,691 
Add:  Stock awards108 114 
Diluted weighted-average shares outstanding32,937 33,805 
Basic earnings per share:
Net income$1.04 $0.12 
Diluted earnings per share:
Net income$1.04 $0.12 
For the three months ended March 31, 2021, and 2020 there were approximately 679,000 and 775,000 anti-dilutive shares, respectively.

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3.     Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):
Three Months Ended March 31, 2021
Pension Plans
Unrealized Gains (Losses) on Securities
Unrealized Gains (Losses) on Derivatives
Net Prior
Service
(Cost)
Credit
Net Gain (Loss)
Total
Beginning balance, net of tax$116,078 $(17,091)$149 $(30,056)$69,080 
Other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications(48,979)11,023   (37,956)
Reclassification adjustments included in net income(1,587)1,568  641 622 
Income tax benefit (expense)10,619 (2,644) (135)7,840 
Net current-period other comprehensive (loss) income, net of tax(39,947)9,947  506 (29,494)
Ending balance, net of tax$76,131 $(7,144)$149 $(29,550)$39,586 
Three Months Ended March 31, 2020
Pension Plans
Unrealized Gains (Losses) on SecuritiesUnrealized Gains (Losses) on Derivatives
Net Prior
 Service
 (Cost)
 Credit
Net Gain (Loss)Total
Beginning balance, net of tax$38,038 $(1,672)$(145)$(31,985)$4,236 
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications61,486 (19,600)  41,886 
Reclassification adjustments included in net income(5,420)(101)(1)728 (4,794)
Income tax (expense) benefit(11,774)4,137  (152)(7,789)
Net current-period other comprehensive income (loss), net of tax44,292 (15,564)(1)576 29,303 
Ending balance, net of tax$82,330 $(17,236)$(146)$(31,409)$33,539 



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The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):
Three Months Ended
March 31,
20212020
Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)
$(416)$(121)
Tax benefit87