Southside Bancshares Inc. (SBSI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Southside Bancshares Inc. has a market cap of $340.7 million; its shares were traded at around $21.63 with a P/E ratio of 8.2 and P/S ratio of 1.7. The dividend yield of Southside Bancshares Inc. stocks is 3.1%. Southside Bancshares Inc. had an annual average earning growth of 5.3% over the past 10 years.SBSI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Net interest income increased during the three months ended March 31, 2010 when compared to the same period in 2009 as a result of increases in our average interest earning assets and a decrease in the average yield on interest bearing liabilities. Our average interest earning assets increased $235.8 million, or 9.4%. The decrease in the yield on interest earning assets is reflective of a 21 basis point decrease in the yield on loans and a 92 basis point decrease in the yield on our securities portfolio, which is the result of overall lower interest rates and higher credit and volatility spreads. The decrease in the average yield on interest bearing liabilities of 70 basis points is a result of an overall decrease in interest rates compared to the same period in 2009. For the three months ended March 31, 2010, our net interest spread increased to 3.42% from 3.37%, while our net interest margin decreased to 3.74% from 3.83% when compared to the same period in 2009.
Average FHLB stock and other investments decreased $2.4 million, or 5.8%, to $39.1 million, for the three months ended March 31, 2010, when compared to $41.5 million for the same period in 2009. We are required as a member of FHLB to own a specific amount of stock that changes as the level of our FHLB advances change. Interest income from our FHLB stock and other investments decreased $22,000, or 21.2%, during the three months ended March 31, 2010, when compared to the same period in 2009, due to the decrease in average yield from 1.02% for the three months ended March 31, 2009 compared to 0.85% for the same period in 2010, and the decrease in the average balance.
We had no federal funds sold for the three months ended March 31, 2010, therefore, average federal funds sold decreased $15.7 million, or 100%, when compared to 2009. Interest income from federal funds sold decreased $16,000, or 100%, for the three months ended March 31, 2010 when compared to the same period in 2009. Average interest earning deposits decreased $566,000, or 2.6%, to $21.4 million, for the three months ended March 31, 2010, when compared to $21.9 million for 2009. Interest income from interest earning deposits increased $1,000, or 10.0%, for the three months ended March 31, 2010, when compared to the same period in 2009, as a result of the increase in the average yield from 0.18% in 2009 to 0.21% in 2010.
During the three months ended March 31, 2010, our average securities increased more than our average loans compared to the same period in 2009. As a result, the mix of our average interest earning assets reflected an increase in average total securities as a percentage of total average interest earning assets compared to the prior period as securities averaged 60.2% during the three months ended March 31, 2010 compared to 55.9% during the same period in 2009, a direct result of securities purchases. Average loans were 37.6% of average total interest earning assets and other interest earning asset categories averaged 2.2% for the three months ended March 31, 2010. During 2009, the comparable mix was 40.9% in loans and 3.2% in the other interest earning asset categories.
Average interest bearing deposits increased $271.2 million, or 22.1%, from $1.2 billion to $1.5 billion, while the average rate paid decreased from 2.11% for the three months ended March 31, 2009 to 1.35% for the three months ended March 31, 2010. Average time deposits increased $114.0 million, or 18.4%, from $620.3 million to $734.3 million while the average rate paid decreased to 2.02% for the three months ended March 31, 2010 as compared to 2.95% for the same period in 2009. Average interest bearing demand deposits increased $148.0 million, or 27.2%, while the average rate paid decreased to 0.74% for the three months ended March 31, 2010 as compared to 1.29% for the same period in 2009. Average savings deposits increased $9.2 million, or 14.7%, while the average rate paid decreased to 0.47% for the three months ended March 31, 2010 as compared to 0.89% for the same period in 2009. Interest expense for interest bearing deposits for the three months ended March 31, 2010, decreased $1.4 million, or 21.5%, when compared to the same period in 2009 due to the decrease in the average yield which more than offset the increase in the average balance. Average noninterest bearing demand deposits increased $13.9 million, or 3.7%, during the three months ended March 31, 2010. The latter three categories, which are considered the lowest cost deposits, comprised 61.1% of total average deposits during the three months ended March 31, 2010 compared to 61.3% during the same period in 2009. The increase in our average total deposits is the result of overall bank growth, increases in public fund deposits, increases in callable brokered CDs and branch expansion.
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Southside Bancshares Inc. has a market cap of $340.7 million; its shares were traded at around $21.63 with a P/E ratio of 8.2 and P/S ratio of 1.7. The dividend yield of Southside Bancshares Inc. stocks is 3.1%. Southside Bancshares Inc. had an annual average earning growth of 5.3% over the past 10 years.SBSI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
During the three months ended March 31, 2010, total interest income decreased $1.7 million, or 4.6%, to $35.0 million compared to $36.7 million for the same period in 2009. The decrease in total interest income was the result of a decrease in the average yield on average interest earning assets from 6.16% for the three months ended March 31, 2009 to 5.51% for the three months ended March 31, 2010 which more than offset the increase in average interest earning assets of $235.8 million, or 9.4%, from $2.5 billion to $2.7 billion. Total interest expense decreased $2.5 million, or 17.4%, to $11.9 million during the three months ended March 31, 2010 as compared to $14.4 million during the same period in 2009. The decrease was attributable to a decrease in the average yield on interest bearing liabilities for the three months ended March 31, 2010, to 2.09% from 2.79% for the same period in 2009, which was partially offset by an increase in average interest bearing liabilities of $213.4 million, or 10.2%, from $2.1 billion to $2.3 billion.Net interest income increased during the three months ended March 31, 2010 when compared to the same period in 2009 as a result of increases in our average interest earning assets and a decrease in the average yield on interest bearing liabilities. Our average interest earning assets increased $235.8 million, or 9.4%. The decrease in the yield on interest earning assets is reflective of a 21 basis point decrease in the yield on loans and a 92 basis point decrease in the yield on our securities portfolio, which is the result of overall lower interest rates and higher credit and volatility spreads. The decrease in the average yield on interest bearing liabilities of 70 basis points is a result of an overall decrease in interest rates compared to the same period in 2009. For the three months ended March 31, 2010, our net interest spread increased to 3.42% from 3.37%, while our net interest margin decreased to 3.74% from 3.83% when compared to the same period in 2009.
Average FHLB stock and other investments decreased $2.4 million, or 5.8%, to $39.1 million, for the three months ended March 31, 2010, when compared to $41.5 million for the same period in 2009. We are required as a member of FHLB to own a specific amount of stock that changes as the level of our FHLB advances change. Interest income from our FHLB stock and other investments decreased $22,000, or 21.2%, during the three months ended March 31, 2010, when compared to the same period in 2009, due to the decrease in average yield from 1.02% for the three months ended March 31, 2009 compared to 0.85% for the same period in 2010, and the decrease in the average balance.
We had no federal funds sold for the three months ended March 31, 2010, therefore, average federal funds sold decreased $15.7 million, or 100%, when compared to 2009. Interest income from federal funds sold decreased $16,000, or 100%, for the three months ended March 31, 2010 when compared to the same period in 2009. Average interest earning deposits decreased $566,000, or 2.6%, to $21.4 million, for the three months ended March 31, 2010, when compared to $21.9 million for 2009. Interest income from interest earning deposits increased $1,000, or 10.0%, for the three months ended March 31, 2010, when compared to the same period in 2009, as a result of the increase in the average yield from 0.18% in 2009 to 0.21% in 2010.
During the three months ended March 31, 2010, our average securities increased more than our average loans compared to the same period in 2009. As a result, the mix of our average interest earning assets reflected an increase in average total securities as a percentage of total average interest earning assets compared to the prior period as securities averaged 60.2% during the three months ended March 31, 2010 compared to 55.9% during the same period in 2009, a direct result of securities purchases. Average loans were 37.6% of average total interest earning assets and other interest earning asset categories averaged 2.2% for the three months ended March 31, 2010. During 2009, the comparable mix was 40.9% in loans and 3.2% in the other interest earning asset categories.
Average interest bearing deposits increased $271.2 million, or 22.1%, from $1.2 billion to $1.5 billion, while the average rate paid decreased from 2.11% for the three months ended March 31, 2009 to 1.35% for the three months ended March 31, 2010. Average time deposits increased $114.0 million, or 18.4%, from $620.3 million to $734.3 million while the average rate paid decreased to 2.02% for the three months ended March 31, 2010 as compared to 2.95% for the same period in 2009. Average interest bearing demand deposits increased $148.0 million, or 27.2%, while the average rate paid decreased to 0.74% for the three months ended March 31, 2010 as compared to 1.29% for the same period in 2009. Average savings deposits increased $9.2 million, or 14.7%, while the average rate paid decreased to 0.47% for the three months ended March 31, 2010 as compared to 0.89% for the same period in 2009. Interest expense for interest bearing deposits for the three months ended March 31, 2010, decreased $1.4 million, or 21.5%, when compared to the same period in 2009 due to the decrease in the average yield which more than offset the increase in the average balance. Average noninterest bearing demand deposits increased $13.9 million, or 3.7%, during the three months ended March 31, 2010. The latter three categories, which are considered the lowest cost deposits, comprised 61.1% of total average deposits during the three months ended March 31, 2010 compared to 61.3% during the same period in 2009. The increase in our average total deposits is the result of overall bank growth, increases in public fund deposits, increases in callable brokered CDs and branch expansion.
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