(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
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Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||
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. | ☐ |
Exhibit Number | Description of Exhibit | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Southside Bancshares, Inc. | ||||||||
Date: January 27, 2023 | By: | /s/ JULIE N. SHAMBURGER | ||||||
Julie N. Shamburger, CPA | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
As of | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 106,143 | $ | 110,620 | $ | 111,099 | $ | 90,399 | $ | 91,120 | |||||||||||||||||||
Interest earning deposits | 9,276 | 3,476 | 12,910 | 72,158 | 110,633 | ||||||||||||||||||||||||
Federal funds sold | 83,833 | 81,031 | 48,280 | 24,550 | — | ||||||||||||||||||||||||
Securities available for sale, at estimated fair value | 1,299,014 | 1,424,562 | 1,733,354 | 2,065,984 | 2,764,325 | ||||||||||||||||||||||||
Securities held to maturity, at net carrying value | 1,326,729 | 1,151,205 | 1,083,672 | 474,319 | 90,780 | ||||||||||||||||||||||||
Total securities | 2,625,743 | 2,575,767 | 2,817,026 | 2,540,303 | 2,855,105 | ||||||||||||||||||||||||
Federal Home Loan Bank stock, at cost | 9,190 | 12,887 | 13,726 | 3,757 | 14,375 | ||||||||||||||||||||||||
Loans held for sale | 667 | 421 | 815 | 1,576 | 1,684 | ||||||||||||||||||||||||
Loans | 4,147,691 | 4,063,495 | 3,963,041 | 3,800,916 | 3,645,162 | ||||||||||||||||||||||||
Less: Allowance for loan losses | (36,515) | (36,506) | (35,449) | (35,524) | (35,273) | ||||||||||||||||||||||||
Net loans | 4,111,176 | 4,026,989 | 3,927,592 | 3,765,392 | 3,609,889 | ||||||||||||||||||||||||
Premises & equipment, net | 141,256 | 142,653 | 142,772 | 142,880 | 142,509 | ||||||||||||||||||||||||
Goodwill | 201,116 | 201,116 | 201,116 | 201,116 | 201,116 | ||||||||||||||||||||||||
Other intangible assets, net | 4,622 | 5,137 | 5,687 | 6,273 | 6,895 | ||||||||||||||||||||||||
Bank owned life insurance | 133,911 | 133,394 | 132,675 | 131,923 | 131,232 | ||||||||||||||||||||||||
Other assets | 131,703 | 160,256 | 192,363 | 138,788 | 95,044 | ||||||||||||||||||||||||
Total assets | $ | 7,558,636 | $ | 7,453,747 | $ | 7,606,061 | $ | 7,119,115 | $ | 7,259,602 | |||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Noninterest bearing deposits | $ | 1,671,562 | $ | 1,759,959 | $ | 1,735,488 | $ | 1,630,056 | $ | 1,644,775 | |||||||||||||||||||
Interest bearing deposits | 4,526,457 | 4,421,200 | 4,512,921 | 4,440,343 | 4,077,552 | ||||||||||||||||||||||||
Total deposits | 6,198,019 | 6,181,159 | 6,248,409 | 6,070,399 | 5,722,327 | ||||||||||||||||||||||||
Other borrowings and Federal Home Loan Bank borrowings | 374,511 | 318,252 | 212,179 | 34,067 | 367,257 | ||||||||||||||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,674 | 98,639 | 98,604 | 98,569 | 98,534 | ||||||||||||||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,265 | 60,264 | 60,262 | 60,261 | 60,260 | ||||||||||||||||||||||||
Other liabilities | 81,170 | 87,797 | 254,825 | 71,578 | 99,052 | ||||||||||||||||||||||||
Total liabilities | 6,812,639 | 6,746,111 | 6,874,279 | 6,334,874 | 6,347,430 | ||||||||||||||||||||||||
Shareholders' equity | 745,997 | 707,636 | 731,782 | 784,241 | 912,172 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 7,558,636 | $ | 7,453,747 | $ | 7,606,061 | $ | 7,119,115 | $ | 7,259,602 |
Three Months Ended | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |||||||||||||||||||||||||
Income Statement: | |||||||||||||||||||||||||||||
Total interest income | $ | 75,128 | $ | 66,880 | $ | 57,100 | $ | 53,873 | $ | 54,760 | |||||||||||||||||||
Total interest expense | 18,286 | 11,365 | 6,022 | 4,967 | 5,359 | ||||||||||||||||||||||||
Net interest income | 56,842 | 55,515 | 51,078 | 48,906 | 49,401 | ||||||||||||||||||||||||
Provision for (reversal of) credit losses | 2,086 | 1,494 | (633) | 294 | (3,421) | ||||||||||||||||||||||||
Net interest income after provision for (reversal of) credit losses | 54,756 | 54,021 | 51,711 | 48,612 | 52,822 | ||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||
Deposit services | 6,478 | 6,241 | 6,496 | 6,628 | 6,855 | ||||||||||||||||||||||||
Net gain (loss) on sale of securities available for sale | — | (99) | (2,177) | (1,543) | 463 | ||||||||||||||||||||||||
Gain on sale of loans | 36 | 109 | 208 | 178 | 356 | ||||||||||||||||||||||||
Trust fees | 1,571 | 1,407 | 1,520 | 1,494 | 1,586 | ||||||||||||||||||||||||
Bank owned life insurance | 516 | 720 | 720 | 691 | 710 | ||||||||||||||||||||||||
Brokerage services | 727 | 701 | 1,098 | 809 | 907 | ||||||||||||||||||||||||
Other | 1,438 | 1,190 | 1,232 | 2,468 | 1,134 | ||||||||||||||||||||||||
Total noninterest income | 10,766 | 10,269 | 9,097 | 10,725 | 12,011 | ||||||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||||||||
Salaries and employee benefits | 20,967 | 21,368 | 20,329 | 19,969 | 20,067 | ||||||||||||||||||||||||
Net occupancy | 3,973 | 3,847 | 3,654 | 3,656 | 3,541 | ||||||||||||||||||||||||
Advertising, travel & entertainment | 1,188 | 789 | 716 | 737 | 876 | ||||||||||||||||||||||||
ATM expense | 360 | 317 | 356 | 281 | 345 | ||||||||||||||||||||||||
Professional fees | 1,473 | 1,412 | 1,147 | 927 | 849 | ||||||||||||||||||||||||
Software and data processing | 1,741 | 1,736 | 1,739 | 1,631 | 1,454 | ||||||||||||||||||||||||
Communications | 387 | 497 | 509 | 503 | 544 | ||||||||||||||||||||||||
FDIC insurance | 511 | 485 | 477 | 472 | 464 | ||||||||||||||||||||||||
Amortization of intangibles | 515 | 550 | 586 | 622 | 658 | ||||||||||||||||||||||||
Other | 2,446 | 2,463 | 2,593 | 2,397 | 2,536 | ||||||||||||||||||||||||
Total noninterest expense | 33,561 | 33,464 | 32,106 | 31,195 | 31,334 | ||||||||||||||||||||||||
Income before income tax expense | 31,961 | 30,826 | 28,702 | 28,142 | 33,499 | ||||||||||||||||||||||||
Income tax expense | 4,293 | 3,875 | 3,297 | 3,146 | 4,812 | ||||||||||||||||||||||||
Net income | $ | 27,668 | $ | 26,951 | $ | 25,405 | $ | 24,996 | $ | 28,687 | |||||||||||||||||||
Common Share Data: | |||||||||||||||||||||||||||||
Weighted-average basic shares outstanding | 31,896 | 32,112 | 32,119 | 32,357 | 32,311 | ||||||||||||||||||||||||
Weighted-average diluted shares outstanding | 31,964 | 32,221 | 32,251 | 32,537 | 32,487 | ||||||||||||||||||||||||
Common shares outstanding end of period | 31,547 | 32,127 | 32,108 | 32,294 | 32,352 | ||||||||||||||||||||||||
Earnings per common share | |||||||||||||||||||||||||||||
Basic | $ | 0.87 | $ | 0.84 | $ | 0.79 | $ | 0.77 | $ | 0.89 | |||||||||||||||||||
Diluted | 0.87 | 0.84 | 0.79 | 0.77 | 0.88 | ||||||||||||||||||||||||
Book value per common share | 23.65 | 22.03 | 22.79 | 24.28 | 28.20 | ||||||||||||||||||||||||
Tangible book value per common share (1) | 17.13 | 15.61 | 16.35 | 17.86 | 21.77 | ||||||||||||||||||||||||
Cash dividends paid per common share | 0.38 | 0.34 | 0.34 | 0.34 | 0.39 | ||||||||||||||||||||||||
Selected Performance Ratios: | |||||||||||||||||||||||||||||
Return on average assets | 1.47 | % | 1.43 | % | 1.42 | % | 1.40 | % | 1.57 | % | |||||||||||||||||||
Return on average shareholders’ equity | 15.08 | 14.23 | 13.33 | 11.42 | 12.67 | ||||||||||||||||||||||||
Return on average tangible common equity (1) | 21.35 | 19.94 | 18.62 | 15.20 | 16.80 | ||||||||||||||||||||||||
Average yield on earning assets (FTE) (1) | 4.43 | 4.00 | 3.66 | 3.53 | 3.55 | ||||||||||||||||||||||||
Average rate on interest bearing liabilities | 1.48 | 0.92 | 0.52 | 0.44 | 0.46 | ||||||||||||||||||||||||
Net interest margin (FTE) (1) | 3.40 | 3.36 | 3.30 | 3.22 | 3.23 | ||||||||||||||||||||||||
Net interest spread (FTE) (1) | 2.95 | 3.08 | 3.14 | 3.09 | 3.09 | ||||||||||||||||||||||||
Average earning assets to average interest bearing liabilities | 143.66 | 142.83 | 144.54 | 141.93 | 141.21 | ||||||||||||||||||||||||
Noninterest expense to average total assets | 1.78 | 1.77 | 1.79 | 1.75 | 1.72 | ||||||||||||||||||||||||
Efficiency ratio (FTE) (1) | 46.38 | 47.42 | 47.74 | 48.15 | 47.61 |
Three Months Ended | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |||||||||||||||||||||||||
Nonperforming Assets: | $ | 10,862 | $ | 11,717 | $ | 11,815 | $ | 11,455 | $ | 11,609 | |||||||||||||||||||
Nonaccrual loans | 2,846 | 3,039 | 3,119 | 2,357 | 2,536 | ||||||||||||||||||||||||
Accruing loans past due more than 90 days | — | — | — | — | — | ||||||||||||||||||||||||
Troubled debt restructured loans | 7,849 | 8,481 | 8,568 | 9,098 | 9,073 | ||||||||||||||||||||||||
Other real estate owned | 93 | 162 | 128 | — | — | ||||||||||||||||||||||||
Repossessed assets | 74 | 35 | — | — | — | ||||||||||||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||||||||||||
Ratio of nonaccruing loans to: | |||||||||||||||||||||||||||||
Total loans | 0.07 | % | 0.07 | % | 0.08 | % | 0.06 | % | 0.07 | % | |||||||||||||||||||
Ratio of nonperforming assets to: | |||||||||||||||||||||||||||||
Total assets | 0.14 | 0.16 | 0.16 | 0.16 | 0.16 | ||||||||||||||||||||||||
Total loans | 0.26 | 0.29 | 0.30 | 0.30 | 0.32 | ||||||||||||||||||||||||
Total loans and OREO | 0.26 | 0.29 | 0.30 | 0.30 | 0.32 | ||||||||||||||||||||||||
Total loans, excluding PPP loans, and OREO | 0.26 | 0.29 | 0.30 | 0.30 | 0.32 | ||||||||||||||||||||||||
Ratio of allowance for loan losses to: | |||||||||||||||||||||||||||||
Nonaccruing loans | 1,283.03 | 1,201.25 | 1,136.55 | 1,507.17 | 1,390.89 | ||||||||||||||||||||||||
Nonperforming assets | 336.17 | 311.56 | 300.03 | 310.12 | 303.84 | ||||||||||||||||||||||||
Total loans | 0.88 | 0.90 | 0.89 | 0.93 | 0.97 | ||||||||||||||||||||||||
Total loans, excluding PPP loans | 0.88 | 0.90 | 0.90 | 0.94 | 0.98 | ||||||||||||||||||||||||
Net charge-offs (recoveries) to average loans outstanding | 0.05 | 0.02 | — | — | — | ||||||||||||||||||||||||
Capital Ratios: | |||||||||||||||||||||||||||||
Shareholders’ equity to total assets | 9.87 | 9.49 | 9.62 | 11.02 | 12.57 | ||||||||||||||||||||||||
Common equity tier 1 capital | 12.63 | 12.98 | 12.83 | 13.67 | 14.17 | ||||||||||||||||||||||||
Tier 1 risk-based capital | 13.70 | 14.07 | 13.94 | 14.86 | 15.43 | ||||||||||||||||||||||||
Total risk-based capital | 16.11 | 16.50 | 16.38 | 17.50 | 18.15 | ||||||||||||||||||||||||
Tier 1 leverage capital | 9.96 | 10.09 | 10.34 | 10.39 | 10.33 | ||||||||||||||||||||||||
Period end tangible equity to period end tangible assets (1) | 7.35 | 6.92 | 7.10 | 8.35 | 9.99 | ||||||||||||||||||||||||
Average shareholders’ equity to average total assets | 9.72 | 10.02 | 10.64 | 12.28 | 12.42 |
Three Months Ended | |||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||
Loan Portfolio Composition | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | ||||||||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||||||||
Construction | $ | 559,681 | $ | 554,345 | $ | 520,484 | $ | 490,166 | $ | 447,860 | |||||||||||||||||||
1-4 Family Residential | 663,519 | 646,692 | 640,706 | 647,837 | 651,140 | ||||||||||||||||||||||||
Commercial | 1,987,707 | 1,901,921 | 1,834,734 | 1,722,577 | 1,598,172 | ||||||||||||||||||||||||
Commercial Loans | 412,064 | 433,538 | 428,974 | 401,144 | 418,998 | ||||||||||||||||||||||||
Municipal Loans | 450,067 | 449,219 | 457,239 | 455,155 | 443,078 | ||||||||||||||||||||||||
Loans to Individuals | 74,653 | 77,780 | 80,904 | 84,037 | 85,914 | ||||||||||||||||||||||||
Total Loans | $ | 4,147,691 | $ | 4,063,495 | $ | 3,963,041 | $ | 3,800,916 | $ | 3,645,162 | |||||||||||||||||||
Summary of Changes in Allowances: | |||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 36,506 | $ | 35,449 | $ | 35,524 | $ | 35,273 | $ | 38,022 | |||||||||||||||||||
Loans charged-off | (864) | (686) | (479) | (555) | (489) | ||||||||||||||||||||||||
Recoveries of loans charged-off | 383 | 449 | 516 | 540 | 455 | ||||||||||||||||||||||||
Net loans (charged-off) recovered | (481) | (237) | 37 | (15) | (34) | ||||||||||||||||||||||||
Provision for (reversal of) loan losses | 490 | 1,294 | (112) | 266 | (2,715) | ||||||||||||||||||||||||
Balance at end of period | $ | 36,515 | $ | 36,506 | $ | 35,449 | $ | 35,524 | $ | 35,273 | |||||||||||||||||||
Allowance for Off-Balance-Sheet Credit Exposures | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 2,091 | $ | 1,891 | $ | 2,412 | $ | 2,384 | $ | 3,090 | |||||||||||||||||||
Provision for (reversal of) off-balance-sheet credit exposures | 1,596 | 200 | (521) | 28 | (706) | ||||||||||||||||||||||||
Balance at end of period | $ | 3,687 | $ | 2,091 | $ | 1,891 | $ | 2,412 | $ | 2,384 | |||||||||||||||||||
Total Allowance for Credit Losses | $ | 40,202 | $ | 38,597 | $ | 37,340 | $ | 37,936 | $ | 37,657 |
Year Ended | |||||||||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Income Statement: | |||||||||||
Total interest income | $ | 252,981 | $ | 215,987 | |||||||
Total interest expense | 40,640 | 26,430 | |||||||||
Net interest income | 212,341 | 189,557 | |||||||||
Provision for (reversal of) credit losses | 3,241 | (16,964) | |||||||||
Net interest income after provision for (reversal of) credit losses | 209,100 | 206,521 | |||||||||
Noninterest income | |||||||||||
Deposit services | 25,843 | 26,368 | |||||||||
Net gain (loss) on sale of securities available for sale | (3,819) | 3,862 | |||||||||
Gain on sale of loans | 531 | 1,641 | |||||||||
Trust fees | 5,992 | 5,959 | |||||||||
Bank owned life insurance | 2,647 | 2,618 | |||||||||
Brokerage services | 3,335 | 3,383 | |||||||||
Other | 6,328 | 5,505 | |||||||||
Total noninterest income | 40,857 | 49,336 | |||||||||
Noninterest expense | |||||||||||
Salaries and employee benefits | 82,633 | 79,892 | |||||||||
Net occupancy | 15,130 | 14,239 | |||||||||
Advertising, travel & entertainment | 3,430 | 2,367 | |||||||||
ATM expense | 1,314 | 1,166 | |||||||||
Professional fees | 4,959 | 4,015 | |||||||||
Software and data processing | 6,847 | 5,675 | |||||||||
Communications | 1,896 | 2,233 | |||||||||
FDIC insurance | 1,945 | 1,807 | |||||||||
Amortization of intangibles | 2,273 | 2,849 | |||||||||
Loss on redemption of subordinated notes | — | 1,118 | |||||||||
Other | 9,899 | 9,669 | |||||||||
Total noninterest expense | 130,326 | 125,030 | |||||||||
Income before income tax expense | 119,631 | 130,827 | |||||||||
Income tax expense | 14,611 | 17,426 | |||||||||
Net income | $ | 105,020 | $ | 113,401 | |||||||
Common Share Data: | |||||||||||
Weighted-average basic shares outstanding | 32,120 | 32,558 | |||||||||
Weighted-average diluted shares outstanding | 32,251 | 32,692 | |||||||||
Common shares outstanding end of period | 31,547 | 32,352 | |||||||||
Earnings per common share | |||||||||||
Basic | $ | 3.27 | $ | 3.48 | |||||||
Diluted | 3.26 | 3.47 | |||||||||
Book value per common share | 23.65 | 28.20 | |||||||||
Tangible book value per common share (1) | 17.13 | 21.77 | |||||||||
Cash dividends paid per common share | 1.40 | 1.37 | |||||||||
Selected Performance Ratios: | |||||||||||
Return on average assets | 1.43 | % | 1.59 | % | |||||||
Return on average shareholders’ equity | 13.42 | 12.77 | |||||||||
Return on average tangible common equity (1) | 18.56 | 17.04 | |||||||||
Average yield on earning assets (FTE) (1) | 3.92 | 3.58 | |||||||||
Average rate on interest bearing liabilities | 0.85 | 0.57 | |||||||||
Net interest margin (FTE) (1) | 3.32 | 3.16 | |||||||||
Net interest spread (FTE) (1) | 3.07 | 3.01 | |||||||||
Average earning assets to average interest bearing liabilities | 143.25 | 138.39 | |||||||||
Noninterest expense to average total assets | 1.77 | 1.75 | |||||||||
Efficiency ratio (FTE) (1) | 47.39 | 49.03 | |||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
2022 | 2021 | ||||||||||
Nonperforming Assets: | $ | 10,862 | $ | 11,609 | |||||||
Nonaccrual loans | 2,846 | 2,536 | |||||||||
Accruing loans past due more than 90 days | — | — | |||||||||
Troubled debt restructured loans | 7,849 | 9,073 | |||||||||
Other real estate owned | 93 | — | |||||||||
Repossessed assets | 74 | — | |||||||||
Asset Quality Ratios: | |||||||||||
Ratio of nonaccruing loans to: | |||||||||||
Total loans | 0.07 | % | 0.07 | % | |||||||
Ratio of nonperforming assets to: | |||||||||||
Total assets | 0.14 | 0.16 | |||||||||
Total loans | 0.26 | 0.32 | |||||||||
Total loans and OREO | 0.26 | 0.32 | |||||||||
Total loans, excluding PPP loans, and OREO | 0.26 | 0.32 | |||||||||
Ratio of allowance for loan losses to: | |||||||||||
Nonaccruing loans | 1,283.03 | 1,390.89 | |||||||||
Nonperforming assets | 336.17 | 303.84 | |||||||||
Total loans | 0.88 | 0.97 | |||||||||
Total loans, excluding PPP loans | 0.88 | 0.98 | |||||||||
Net charge-offs (recoveries) to average loans outstanding | 0.02 | 0.02 | |||||||||
Capital Ratios: | |||||||||||
Shareholders’ equity to total assets | 9.87 | 12.57 | |||||||||
Common equity tier 1 capital | 12.63 | 14.17 | |||||||||
Tier 1 risk-based capital | 13.70 | 15.43 | |||||||||
Total risk-based capital | 16.11 | 18.15 | |||||||||
Tier 1 leverage capital | 9.96 | 10.33 | |||||||||
Period end tangible equity to period end tangible assets (1) | 7.35 | 9.99 | |||||||||
Average shareholders’ equity to average total assets | 10.65 | 12.47 |
Year Ended | |||||||||||
December 31, | |||||||||||
Loan Portfolio Composition | 2022 | 2021 | |||||||||
Real Estate Loans: | |||||||||||
Construction | $ | 559,681 | $ | 447,860 | |||||||
1-4 Family Residential | 663,519 | 651,140 | |||||||||
Commercial | 1,987,707 | 1,598,172 | |||||||||
Commercial Loans | 412,064 | 418,998 | |||||||||
Municipal Loans | 450,067 | 443,078 | |||||||||
Loans to Individuals | 74,653 | 85,914 | |||||||||
Total Loans | $ | 4,147,691 | $ | 3,645,162 | |||||||
Summary of Changes in Allowances: | |||||||||||
Allowance for Loan Losses | |||||||||||
Balance at beginning of period | $ | 35,273 | $ | 49,006 | |||||||
Loans charged-off | (2,584) | (2,751) | |||||||||
Recoveries of loans charged-off | 1,888 | 1,980 | |||||||||
Net loans (charged-off) recovered | (696) | (771) | |||||||||
Provision for (reversal of) loan losses | 1,938 | (12,962) | |||||||||
Balance at end of period | $ | 36,515 | $ | 35,273 | |||||||
Allowance for Off-Balance-Sheet Credit Exposures | |||||||||||
Balance at beginning of period | $ | 2,384 | $ | 6,386 | |||||||
Provision for (reversal of) off-balance-sheet credit exposures | 1,303 | (4,002) | |||||||||
Balance at end of period | $ | 3,687 | $ | 2,384 | |||||||
Total Allowance for Credit Losses | $ | 40,202 | $ | 37,657 |
Three Months Ended | |||||||||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 4,103,429 | $ | 52,650 | 5.09 | % | $ | 4,012,547 | $ | 45,992 | 4.55 | % | |||||||||||||||||||||||
Loans held for sale | 1,087 | 15 | 5.47 | % | 606 | 7 | 4.58 | % | |||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | 622,004 | 4,804 | 3.06 | % | 626,136 | 4,896 | 3.10 | % | |||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 1,730,233 | 15,652 | 3.59 | % | 1,750,952 | 14,455 | 3.28 | % | |||||||||||||||||||||||||||
Mortgage-backed and related securities (2) | 483,914 | 4,614 | 3.78 | % | 520,501 | 4,770 | 3.64 | % | |||||||||||||||||||||||||||
Total securities | 2,836,151 | 25,070 | 3.51 | % | 2,897,589 | 24,121 | 3.30 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank stock, at cost, and equity investments | 22,616 | 212 | 3.72 | % | 24,013 | 101 | 1.67 | % | |||||||||||||||||||||||||||
Interest earning deposits | 10,974 | 108 | 3.90 | % | 18,664 | 105 | 2.23 | % | |||||||||||||||||||||||||||
Federal funds sold | 84,858 | 774 | 3.62 | % | 46,106 | 269 | 2.31 | % | |||||||||||||||||||||||||||
Total earning assets | 7,059,115 | 78,829 | 4.43 | % | 6,999,525 | 70,595 | 4.00 | % | |||||||||||||||||||||||||||
Cash and due from banks | 108,200 | 102,840 | |||||||||||||||||||||||||||||||||
Accrued interest and other assets | 356,248 | 433,532 | |||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | (36,602) | (35,706) | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,486,961 | $ | 7,500,191 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 676,654 | 758 | 0.44 | % | $ | 685,947 | 481 | 0.28 | % | |||||||||||||||||||||||||
Certificates of deposit | 645,972 | 3,035 | 1.86 | % | 588,212 | 1,452 | 0.98 | % | |||||||||||||||||||||||||||
Interest bearing demand accounts | 3,119,682 | 9,894 | 1.26 | % | 3,164,961 | 5,954 | 0.75 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 4,442,308 | 13,687 | 1.22 | % | 4,439,120 | 7,887 | 0.70 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 189,939 | 1,623 | 3.39 | % | 173,838 | 1,078 | 2.46 | % | |||||||||||||||||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,657 | 1,013 | 4.07 | % | 98,621 | 1,004 | 4.04 | % | |||||||||||||||||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,264 | 901 | 5.93 | % | 60,263 | 669 | 4.40 | % | |||||||||||||||||||||||||||
Repurchase agreements | 37,416 | 117 | 1.24 | % | 30,530 | 54 | 0.70 | % | |||||||||||||||||||||||||||
Other borrowings | 85,033 | 945 | 4.41 | % | 98,174 | 673 | 2.72 | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 4,913,617 | 18,286 | 1.48 | % | 4,900,546 | 11,365 | 0.92 | % | |||||||||||||||||||||||||||
Noninterest bearing deposits | 1,757,568 | 1,746,245 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 88,024 | 101,881 | |||||||||||||||||||||||||||||||||
Total liabilities | 6,759,209 | 6,748,672 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 727,752 | 751,519 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,486,961 | $ | 7,500,191 | |||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 60,543 | $ | 59,230 | |||||||||||||||||||||||||||||||
Net interest margin (FTE) | 3.40 | % | 3.36 | % | |||||||||||||||||||||||||||||||
Net interest spread (FTE) | 2.95 | % | 3.08 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 3,847,614 | $ | 39,088 | 4.07 | % | $ | 3,703,980 | $ | 35,625 | 3.90 | % | |||||||||||||||||||||||
Loans held for sale | 1,776 | 18 | 4.07 | % | 928 | 8 | 3.50 | % | |||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | 617,603 | 4,632 | 3.01 | % | 644,706 | 4,608 | 2.90 | % | |||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 1,653,871 | 13,599 | 3.30 | % | 1,563,185 | 12,683 | 3.29 | % | |||||||||||||||||||||||||||
Mortgage-backed and related securities (2) | 417,057 | 3,238 | 3.11 | % | 566,941 | 4,017 | 2.87 | % | |||||||||||||||||||||||||||
Total securities | 2,688,531 | 21,469 | 3.20 | % | 2,774,832 | 21,308 | 3.11 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank stock, at cost, and equity investments | 17,663 | 77 | 1.75 | % | 20,677 | 113 | 2.22 | % | |||||||||||||||||||||||||||
Interest earning deposits | 77,894 | 125 | 0.64 | % | 44,642 | 24 | 0.22 | % | |||||||||||||||||||||||||||
Federal funds sold | 37,343 | 79 | 0.85 | % | 8,651 | 4 | 0.19 | % | |||||||||||||||||||||||||||
Total earning assets | 6,670,821 | 60,856 | 3.66 | % | 6,553,710 | 57,082 | 3.53 | % | |||||||||||||||||||||||||||
Cash and due from banks | 100,231 | 107,144 | |||||||||||||||||||||||||||||||||
Accrued interest and other assets | 446,136 | 607,235 | |||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | (35,895) | (35,636) | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,181,293 | $ | 7,232,453 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 670,187 | 326 | 0.20 | % | $ | 652,394 | 273 | 0.17 | % | |||||||||||||||||||||||||
Certificates of deposit | 518,104 | 578 | 0.45 | % | 563,599 | 594 | 0.43 | % | |||||||||||||||||||||||||||
Interest bearing demand accounts | 3,175,385 | 3,360 | 0.42 | % | 3,097,966 | 2,370 | 0.31 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 4,363,676 | 4,264 | 0.39 | % | 4,313,959 | 3,237 | 0.30 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 55,990 | 224 | 1.60 | % | 122,783 | 366 | 1.21 | % | |||||||||||||||||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,586 | 1,000 | 4.07 | % | 98,552 | 998 | 4.11 | % | |||||||||||||||||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,262 | 471 | 3.13 | % | 60,261 | 356 | 2.40 | % | |||||||||||||||||||||||||||
Repurchase agreements | 30,055 | 18 | 0.24 | % | 21,494 | 10 | 0.19 | % | |||||||||||||||||||||||||||
Other borrowings | 6,549 | 45 | 2.76 | % | 467 | — | — | ||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,615,118 | 6,022 | 0.52 | % | 4,617,516 | 4,967 | 0.44 | % | |||||||||||||||||||||||||||
Noninterest bearing deposits | 1,702,985 | 1,642,973 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 98,870 | 84,009 | |||||||||||||||||||||||||||||||||
Total liabilities | 6,416,973 | 6,344,498 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 764,320 | 887,955 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,181,293 | $ | 7,232,453 | |||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 54,834 | $ | 52,115 | |||||||||||||||||||||||||||||||
Net interest margin (FTE) | 3.30 | % | 3.22 | % | |||||||||||||||||||||||||||||||
Net interest spread (FTE) | 3.14 | % | 3.09 | % |
Three Months Ended | |||||||||||||||||
December 31, 2021 | |||||||||||||||||
Average Balance | Interest | Average Yield/Rate | |||||||||||||||
ASSETS | |||||||||||||||||
Loans (1) | $ | 3,668,767 | $ | 36,740 | 3.97 | % | |||||||||||
Loans held for sale | 1,980 | 11 | 2.20 | % | |||||||||||||
Securities: | |||||||||||||||||
Taxable investment securities (2) | 590,104 | 4,215 | 2.83 | % | |||||||||||||
Tax-exempt investment securities (2) | 1,508,196 | 12,699 | 3.34 | % | |||||||||||||
Mortgage-backed and related securities (2) | 650,685 | 4,394 | 2.68 | % | |||||||||||||
Total securities | 2,748,985 | 21,308 | 3.08 | % | |||||||||||||
Federal Home Loan Bank stock, at cost, and equity investments | 38,832 | 175 | 1.79 | % | |||||||||||||
Interest earning deposits | 43,841 | 22 | 0.20 | % | |||||||||||||
Total earning assets | 6,502,405 | 58,256 | 3.55 | % | |||||||||||||
Cash and due from banks | 103,126 | ||||||||||||||||
Accrued interest and other assets | 662,654 | ||||||||||||||||
Less: Allowance for loan losses | (38,317) | ||||||||||||||||
Total assets | $ | 7,229,868 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Savings accounts | $ | 624,377 | 264 | 0.17 | % | ||||||||||||
Certificates of deposit | 632,150 | 681 | 0.43 | % | |||||||||||||
Interest bearing demand accounts | 2,558,289 | 1,289 | 0.20 | % | |||||||||||||
Total interest bearing deposits | 3,814,816 | 2,234 | 0.23 | % | |||||||||||||
Federal Home Loan Bank borrowings | 609,310 | 1,758 | 1.14 | % | |||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,517 | 1,011 | 4.07 | % | |||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,259 | 345 | 2.27 | % | |||||||||||||
Repurchase agreements | 21,874 | 11 | 0.20 | % | |||||||||||||
Total interest bearing liabilities | 4,604,776 | 5,359 | 0.46 | % | |||||||||||||
Noninterest bearing deposits | 1,637,914 | ||||||||||||||||
Accrued expenses and other liabilities | 88,982 | ||||||||||||||||
Total liabilities | 6,331,672 | ||||||||||||||||
Shareholders’ equity | 898,196 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,229,868 | |||||||||||||||
Net interest income (FTE) | $ | 52,897 | |||||||||||||||
Net interest margin (FTE) | 3.23 | % | |||||||||||||||
Net interest spread (FTE) | 3.09 | % |
Year Ended | |||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 3,918,249 | $ | 173,355 | 4.42 | % | $ | 3,668,149 | $ | 147,667 | 4.03 | % | |||||||||||||||||||||||
Loans held for sale | 1,098 | 48 | 4.37 | % | 2,063 | 56 | 2.71 | % | |||||||||||||||||||||||||||
Securities: | |||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | 627,546 | 18,940 | 3.02 | % | 454,836 | 13,312 | 2.93 | % | |||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 1,675,227 | 56,389 | 3.37 | % | 1,407,231 | 47,775 | 3.39 | % | |||||||||||||||||||||||||||
Mortgage-backed and related securities (2) | 496,940 | 16,639 | 3.35 | % | 793,300 | 19,534 | 2.46 | % | |||||||||||||||||||||||||||
Total securities | 2,799,713 | 91,968 | 3.28 | % | 2,655,367 | 80,621 | 3.04 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank stock, at cost, and equity investments | 21,255 | 503 | 2.37 | % | 37,549 | 530 | 1.41 | % | |||||||||||||||||||||||||||
Interest earning deposits | 37,898 | 362 | 0.96 | % | 39,426 | 78 | 0.20 | % | |||||||||||||||||||||||||||
Federal funds sold | 44,454 | 1,126 | 2.53 | % | — | — | — | ||||||||||||||||||||||||||||
Total earning assets | 6,822,667 | 267,362 | 3.92 | % | 6,402,554 | 228,952 | 3.58 | % | |||||||||||||||||||||||||||
Cash and due from banks | 104,602 | 94,959 | |||||||||||||||||||||||||||||||||
Accrued interest and other assets | 457,782 | 670,062 | |||||||||||||||||||||||||||||||||
Less: Allowance for loan losses | (35,962) | (43,064) | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,349,089 | $ | 7,124,511 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||
Savings accounts | $ | 671,402 | 1,838 | 0.27 | % | $ | 578,245 | 953 | 0.16 | % | |||||||||||||||||||||||||
Certificates of deposit | 579,223 | 5,659 | 0.98 | % | 663,789 | 3,635 | 0.55 | % | |||||||||||||||||||||||||||
Interest bearing demand accounts | 3,139,628 | 21,578 | 0.69 | % | 2,464,670 | 4,816 | 0.20 | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 4,390,253 | 29,075 | 0.66 | % | 3,706,704 | 9,404 | 0.25 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank borrowings | 135,926 | 3,291 | 2.42 | % | 665,384 | 7,348 | 1.10 | % | |||||||||||||||||||||||||||
Subordinated notes, net of unamortized debt issuance costs | 98,604 | 4,015 | 4.07 | % | 171,857 | 8,246 | 4.80 | % | |||||||||||||||||||||||||||
Trust preferred subordinated debentures, net of unamortized debt issuance costs | 60,262 | 2,397 | 3.98 | % | 60,258 | 1,390 | 2.31 | % | |||||||||||||||||||||||||||
Repurchase agreements | 29,919 | 199 | 0.67 | % | 22,257 | 42 | 0.19 | % | |||||||||||||||||||||||||||
Other borrowings | 47,926 | 1,663 | 3.47 | % | — | — | — | ||||||||||||||||||||||||||||
Total interest bearing liabilities | 4,762,890 | 40,640 | 0.85 | % | 4,626,460 | 26,430 | 0.57 | % | |||||||||||||||||||||||||||
Noninterest bearing deposits | 1,712,849 | 1,516,682 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 90,988 | 93,136 | |||||||||||||||||||||||||||||||||
Total liabilities | 6,566,727 | 6,236,278 | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 782,362 | 888,233 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,349,089 | $ | 7,124,511 | |||||||||||||||||||||||||||||||
Net interest income (FTE) | $ | 226,722 | $ | 202,522 | |||||||||||||||||||||||||||||||
Net interest margin (FTE) | 3.32 | % | 3.16 | % | |||||||||||||||||||||||||||||||
Net interest spread (FTE) | 3.07 | % | 3.01 | % |
Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||||||||||||||
Reconciliation of return on average common equity to return on average tangible common equity: | ||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 27,668 | $ | 26,951 | $ | 25,405 | $ | 24,996 | $ | 28,687 | $ | 105,020 | $ | 113,401 | ||||||||||||||||||||||||||||||
After-tax amortization expense | 407 | 435 | 463 | 491 | 520 | 1,796 | 2,251 | |||||||||||||||||||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 28,075 | $ | 27,386 | $ | 25,868 | $ | 25,487 | $ | 29,207 | $ | 106,816 | $ | 115,652 | ||||||||||||||||||||||||||||||
Average shareholders' equity | $ | 727,752 | $ | 751,519 | $ | 764,320 | $ | 887,955 | $ | 898,196 | $ | 782,362 | $ | 888,233 | ||||||||||||||||||||||||||||||
Less: Average intangibles for the period | (206,049) | (206,591) | (207,163) | (207,774) | (208,412) | (206,889) | (209,463) | |||||||||||||||||||||||||||||||||||||
Average tangible shareholders' equity | $ | 521,703 | $ | 544,928 | $ | 557,157 | $ | 680,181 | $ | 689,784 | $ | 575,473 | $ | 678,770 | ||||||||||||||||||||||||||||||
Return on average tangible common equity | 21.35 | % | 19.94 | % | 18.62 | % | 15.20 | % | 16.80 | % | 18.56 | % | 17.04 | % | ||||||||||||||||||||||||||||||
Reconciliation of book value per share to tangible book value per share: | ||||||||||||||||||||||||||||||||||||||||||||
Common equity at end of period | $ | 745,997 | $ | 707,636 | $ | 731,782 | $ | 784,241 | $ | 912,172 | $ | 745,997 | $ | 912,172 | ||||||||||||||||||||||||||||||
Less: Intangible assets at end of period | (205,738) | (206,253) | (206,803) | (207,389) | (208,011) | (205,738) | (208,011) | |||||||||||||||||||||||||||||||||||||
Tangible common shareholders' equity at end of period | $ | 540,259 | $ | 501,383 | $ | 524,979 | $ | 576,852 | $ | 704,161 | $ | 540,259 | $ | 704,161 | ||||||||||||||||||||||||||||||
Total assets at end of period | $ | 7,558,636 | $ | 7,453,747 | $ | 7,606,061 | $ | 7,119,115 | $ | 7,259,602 | $ | 7,558,636 | $ | 7,259,602 | ||||||||||||||||||||||||||||||
Less: Intangible assets at end of period | (205,738) | (206,253) | (206,803) | (207,389) | (208,011) | (205,738) | (208,011) | |||||||||||||||||||||||||||||||||||||
Tangible assets at end of period | $ | 7,352,898 | $ | 7,247,494 | $ | 7,399,258 | $ | 6,911,726 | $ | 7,051,591 | $ | 7,352,898 | $ | 7,051,591 | ||||||||||||||||||||||||||||||
Period end tangible equity to period end tangible assets | 7.35 | % | 6.92 | % | 7.10 | % | 8.35 | % | 9.99 | % | 7.35 | % | 9.99 | % | ||||||||||||||||||||||||||||||
Common shares outstanding end of period | 31,547 | 32,127 | 32,108 | 32,294 | 32,352 | 31,547 | 32,352 | |||||||||||||||||||||||||||||||||||||
Tangible book value per common share | $ | 17.13 | $ | 15.61 | $ | 16.35 | $ | 17.86 | $ | 21.77 | $ | 17.13 | $ | 21.77 | ||||||||||||||||||||||||||||||
Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE): | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income (GAAP) | $ | 56,842 | $ | 55,515 | $ | 51,078 | $ | 48,906 | $ | 49,401 | $ | 212,341 | $ | 189,557 | ||||||||||||||||||||||||||||||
Tax-equivalent adjustments: | ||||||||||||||||||||||||||||||||||||||||||||
Loans | 744 | 742 | 762 | 745 | 740 | 2,993 | 2,920 | |||||||||||||||||||||||||||||||||||||
Tax-exempt investment securities | 2,957 | 2,973 | 2,994 | 2,464 | 2,756 | 11,388 | 10,045 | |||||||||||||||||||||||||||||||||||||
Net interest income (FTE) (1) | 60,543 | 59,230 | 54,834 | 52,115 | 52,897 | 226,722 | 202,522 | |||||||||||||||||||||||||||||||||||||
Noninterest income | 10,766 | 10,269 | 9,097 | 10,725 | 12,011 | 40,857 | 49,336 | |||||||||||||||||||||||||||||||||||||
Nonrecurring income (2) | — | 99 | 2,177 | 706 | (463) | 2,982 | (3,862) | |||||||||||||||||||||||||||||||||||||
Total revenue | $ | 71,309 | $ | 69,598 | $ | 66,108 | $ | 63,546 | $ | 64,445 | $ | 270,561 | $ | 247,996 | ||||||||||||||||||||||||||||||
Noninterest expense | $ | 33,561 | $ | 33,464 | $ | 32,106 | $ | 31,195 | $ | 31,334 | $ | 130,326 | $ | 125,030 | ||||||||||||||||||||||||||||||
Pre-tax amortization expense | (515) | (550) | (586) | (622) | (658) | (2,273) | (2,849) | |||||||||||||||||||||||||||||||||||||
Nonrecurring expense (3) | 26 | 87 | 39 | 22 | 8 | 174 | (580) | |||||||||||||||||||||||||||||||||||||
Adjusted noninterest expense | $ | 33,072 | $ | 33,001 | $ | 31,559 | $ | 30,595 | $ | 30,684 | $ | 128,227 | $ | 121,601 | ||||||||||||||||||||||||||||||
Efficiency ratio | 48.92 | % | 50.09 | % | 50.61 | % | 50.71 | % | 50.34 | % | 50.05 | % | 51.74 | % | ||||||||||||||||||||||||||||||
Efficiency ratio (FTE) (1) | 46.38 | % | 47.42 | % | 47.74 | % | 48.15 | % | 47.61 | % | 47.39 | % | 49.03 | % | ||||||||||||||||||||||||||||||
Average earning assets | $ | 7,059,115 | $ | 6,999,525 | $ | 6,670,821 | $ | 6,553,710 | $ | 6,502,405 | $ | 6,822,667 | $ | 6,402,554 | ||||||||||||||||||||||||||||||
Net interest margin | 3.19 | % | 3.15 | % | 3.07 | % | 3.03 | % | 3.01 | % | 3.11 | % | 2.96 | % | ||||||||||||||||||||||||||||||
Net interest margin (FTE) (1) | 3.40 | % | 3.36 | % | 3.30 | % | 3.22 | % | 3.23 | % | 3.32 | % | 3.16 | % | ||||||||||||||||||||||||||||||
Net interest spread | 2.74 | % | 2.87 | % | 2.91 | % | 2.89 | % | 2.88 | % | 2.86 | % | 2.80 | % | ||||||||||||||||||||||||||||||
Net interest spread (FTE) (1) | 2.95 | % | 3.08 | % | 3.14 | % | 3.09 | % | 3.09 | % | 3.07 | % | 3.01 | % |
Document and Entity Information Document |
Jan. 27, 2023 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0000705432 |
Document Type | 8-K |
Document Period End Date | Jan. 27, 2023 |
Entity Registrant Name | Southside Bancshares, Inc. |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | TX |
Entity File Number | 000-12247 |
Entity Tax Identification Number | 75-1848732 |
Entity Address, Address Line One | 1201 S. Beckham Avenue, |
Entity Address, City or Town | Tyler, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75701 |
City Area Code | 903 |
Local Phone Number | 531-7111 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, $1.25 par value |
Trading Symbol | SBSI |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
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