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Diboll State Bancshares, Inc.
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Southside
Common Stock |
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June 12, 2017
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| | | $ | 35.01 | | |
September 6, 2017
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| | | $ | 32.10 | | |
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As of and for the Six
Months Ended June 30, |
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As of and for the Years Ended December 31,
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2017
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2016
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2016
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2015
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2014(1)(3)
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2013
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2012
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(unaudited)
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(in thousands, except share data)
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Selected Consolidated Operating Data: | | ||||||||||||||||||||||||||||||||||||||||||
Interest income
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| | | $ | 90,897 | | | | | $ | 84,101 | | | | | $ | 168,913 | | | | | $ | 154,532 | | | | | $ | 123,778 | | | | | $ | 119,602 | | | | | $ | 116,020 | | |
Interest expense
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| | | | 20,193 | | | | | | 13,107 | | | | | | 29,348 | | | | | | 19,854 | | | | | | 16,956 | | | | | | 17,968 | | | | | | 26,895 | | |
Net interest income
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| | | | 70,704 | | | | | | 70,994 | | | | | | 139,565 | | | | | | 134,678 | | | | | | 106,822 | | | | | | 101,634 | | | | | | 89,125 | | |
Provision for loan losses
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| | | | 2,444 | | | | | | 6,084 | | | | | | 9,780 | | | | | | 8,343 | | | | | | 14,938 | | | | | | 8,879 | | | | | | 10,736 | | |
Net interest income after provision for loan
losses |
| | | | 68,260 | | | | | | 64,910 | | | | | | 129,785 | | | | | | 126,335 | | | | | | 91,884 | | | | | | 92,755 | | | | | | 78,389 | | |
Noninterest income
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| | | | 18,966 | | | | | | 20,966 | | | | | | 39,411 | | | | | | 37,895 | | | | | | 24,489 | | | | | | 35,245 | | | | | | 40,021 | | |
Noninterest expense
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| | | | 51,395 | | | | | | 55,220 | | | | | | 109,522 | | | | | | 112,954 | | | | | | 97,704 | | | | | | 81,713 | | | | | | 76,107 | | |
Income before income tax expense
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| | | | 35,831 | | | | | | 30,656 | | | | | | 59,674 | | | | | | 51,276 | | | | | | 18,669 | | | | | | 46,287 | | | | | | 42,303 | | |
Income tax expense (benefit)
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| | | | 6,361 | | | | | | 5,745 | | | | | | 10,325 | | | | | | 7,279 | | | | | | (2,164) | | | | | | 5,097 | | | | | | 7,608 | | |
Net income
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| | | $ | 29,470 | | | | | $ | 24,911 | | | | | $ | 49,349 | | | | | $ | 43,997 | | | | | $ | 20,833 | | | | | $ | 41,190 | | | | | $ | 34,695 | | |
Selected Financial Condition Data: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Securities available for sale
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| | | $ | 1,397,811 | | | | | $ | 1,416,335 | | | | | $ | 1,479,600 | | | | | $ | 1,460,492 | | | | | $ | 1,448,708 | | | | | $ | 1,177,687 | | | | | $ | 1,424,067 | | |
Securities held to maturity
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| | | | 925,538 | | | | | | 784,925 | | | | | | 937,487 | | | | | | 784,296 | | | | | | 642,319 | | | | | | 667,121 | | | | | | 246,547 | | |
Loans, net of allowance for loan losses
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| | | | 2,590,957 | | | | | | 2,369,413 | | | | | | 2,538,626 | | | | | | 2,412,017 | | | | | | 2,167,841 | | | | | | 1,332,396 | | | | | | 1,242,392 | | |
Total assets
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| | | | 5,578,482 | | | | | | 5,034,928 | | | | | | 5,563,767 | | | | | | 5,161,996 | | | | | | 4,807,176 | | | | | | 3,445,574 | | | | | | 3,237,309 | | |
Deposits
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| | | | 3,624,073 | | | | | | 3,570,249 | | | | | | 3,533,076 | | | | | | 3,455,407 | | | | | | 3,374,417 | | | | | | 2,527,808 | | | | | | 2,351,897 | | |
Long-term obligations
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| | | | 320,658 | | | | | | 559,071 | | | | | | 601,464 | | | | | | 562,512 | | | | | | 660,278 | | | | | | 559,571 | | | | | | 429,314 | | |
Shareholders’ equity
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| | | | 547,065 | | | | | | 472,300 | | | | | | 518,274 | | | | | | 444,062 | | | | | | 425,243 | | | | | | 259,518 | | | | | | 257,763 | | |
Selected Consolidated Financial Ratios and Other Data: | | ||||||||||||||||||||||||||||||||||||||||||
Per Share Data:
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Earnings per common share, basic(3)
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| | | $ | 1.01 | | | | | $ | 0.92 | | | | | $ | 1.82 | | | | | $ | 1.61 | | | | | $ | 0.97 | | | | | $ | 1.94 | | | | | $ | 1.61 | | |
Earnings per common share, diluted(3)
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| | | $ | 1.00 | | | | | $ | 0.92 | | | | | $ | 1.81 | | | | | $ | 1.61 | | | | | $ | 0.97 | | | | | $ | 1.94 | | | | | $ | 1.61 | | |
Cash dividends paid per common share
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| | | $ | 0.53 | | | | | $ | 0.47 | | | | | $ | 1.01 | | | | | $ | 1.00 | | | | | $ | 0.96 | | | | | $ | 0.91 | | | | | $ | 1.11 | | |
Weighted average common shares outstanding, basic(2)
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| | | | 29,303 | | | | | | 27,002 | | | | | | 27,118 | | | | | | 27,291 | | | | | | 21,562 | | | | | | 21,217 | | | | | | 21,599 | | |
Weighted average common shares outstanding, diluted(2)
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| | | | 29,511 | | | | | | 27,099 | | | | | | 27,247 | | | | | | 27,382 | | | | | | 21,669 | | | | | | 21,263 | | | | | | 21,614 | | |
Book value per common share(2)(3)
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| | | $ | 18.64 | | | | | $ | 17.55 | | | | | $ | 17.72 | | | | | $ | 16.25 | | | | | $ | 15.61 | | | | | $ | 12.20 | | | | | $ | 12.13 | | |
Performance Ratios:
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Return on average assets
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| | | | 1.06% | | | | | | 0.99% | | | | | | 0.94% | | | | | | 0.90% | | | | | | 0.60% | | | | | | 1.22% | | | | | | 1.05% | | |
Return on average equity
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| | | | 11.13% | | | | | | 10.93% | | | | | | 10.54% | | | | | | 10.04% | | | | | | 7.24% | | | | | | 16.50% | | | | | | 12.83% | | |
Net interest margin
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| | | | 3.07% | | | | | | 3.43% | | | | | | 3.26% | | | | | | 3.40% | | | | | | 3.77% | | | | | | 3.69% | | | | | | 3.26% | | |
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As of and for the Six
Months Ended June 30, |
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As of and for the Years Ended December 31,
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2017
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2016
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2016
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2015
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2014(1)(3)
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2013
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2012
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(unaudited)
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(in thousands, except share data)
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Asset Quality Ratios:
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Nonperforming assets to total loans and other real estate(3)
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| | | | 0.35% | | | | | | 1.03% | | | | | | 0.59% | | | | | | 1.34% | | | | | | 0.56% | | | | | | 1.01% | | | | | | 1.16% | | |
Nonaccrual loans to total loans(3)
|
| | | | 0.12% | | | | | | 0.49% | | | | | | 0.32% | | | | | | 0.84% | | | | | | 0.19% | | | | | | 0.60% | | | | | | 0.82% | | |
Allowance for loan losses to total loans
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| | | | 0.74% | | | | | | 0.63% | | | | | | 0.70% | | | | | | 0.81% | | | | | | 0.61% | | | | | | 1.40% | | | | | | 1.63% | | |
Allowance for loan losses to nonperforming
loans(3) |
| | | | 215.75% | | | | | | 61.48% | | | | | | 121.70% | | | | | | 62.31% | | | | | | 133.27% | | | | | | 157.58% | | | | | | 154.46% | | |
Net charge-offs to average total loans
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| | | | 0.09% | | | | | | 0.90% | | | | | | 0.47% | | | | | | 0.09% | | | | | | 1.44% | | | | | | 0.82% | | | | | | 0.74% | | |
Consolidated Capital Ratios:
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Tier 1 leverage ratio
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| | | | 9.73% | | | | | | 8.60% | | | | | | 9.46% | | | | | | 8.61% | | | | | | 11.35% | | | | | | 9.07% | | | | | | 9.11% | | |
Common equity Tier 1 capital ratio
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| | | | 14.91% | | | | | | 12.58% | | | | | | 14.64% | | | | | | 12.71% | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Tier 1 risk-based capital ratio
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| | | | 16.68% | | | | | | 14.47% | | | | | | 16.37% | | | | | | 14.56% | | | | | | 16.12% | | | | | | 20.47% | | | | | | 21.16% | | |
Total risk-based capital ratio
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| | | | 20.40% | | | | | | 15.01% | | | | | | 20.10% | | | | | | 15.27% | | | | | | 16.69% | | | | | | 21.71% | | | | | | 22.42% | | |
Total shareholders’ equity to total assets
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| | | | 9.81% | | | | | | 9.38% | | | | | | 9.32% | | | | | | 8.60% | | | | | | 8.85% | | | | | | 7.53% | | | | | | 7.96% | | |
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As of and for the Six
Months Ended June 30, |
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As of and for the Year Ended December 31,
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2017
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2016
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2016
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2015
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2014
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2013
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2012
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(unaudited)
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(dollars in thousands except per share)
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Selected Income Statement Data | | | | | | | | | |||||||||||||||||||||||||||||||||||
Interest income
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| | | $ | 18,914 | | | | | $ | 18,605 | | | | | $ | 37,179 | | | | | $ | 35,857 | | | | | $ | 34,698 | | | | | $ | 33,134 | | | | | $ | 32,594 | | |
Interest expense
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| | | | 523 | | | | | | 522 | | | | | | 1,050 | | | | | | 1,064 | | | | | | 1,096 | | | | | | 1,229 | | | | | | 1,677 | | |
Net interest income
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| | | | 18,391 | | | | | | 18,083 | | | | | | 36,129 | | | | | | 34,793 | | | | | | 33,602 | | | | | | 31,905 | | | | | | 30,917 | | |
Provision for loan losses
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| | | | 1,581 | | | | | | 600 | | | | | | 1,424 | | | | | | 843 | | | | | | 1,430 | | | | | | 739 | | | | | | 1,003 | | |
Net interest income after provision for loan losses
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| | | | 16,810 | | | | | | 17,483 | | | | | | 34,705 | | | | | | 33,950 | | | | | | 32,172 | | | | | | 31,166 | | | | | | 29,914 | | |
Noninterest income
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| | | | 5,528 | | | | | | 5,530 | | | | | | 11,225 | | | | | | 10,481 | | | | | | 10,466 | | | | | | 10,170 | | | | | | 10,814 | | |
Noninterest expense
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| | | | 14,453 | | | | | | 14,192 | | | | | | 28,407 | | | | | | 27,568 | | | | | | 27,237 | | | | | | 28,061 | | | | | | 27,934 | | |
Income before income tax expense
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| | | | 7,885 | | | | | | 8,821 | | | | | | 17,523 | | | | | | 16,863 | | | | | | 15,401 | | | | | | 13,275 | | | | | | 12,794 | | |
Income tax expense
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| | | | 2,487 | | | | | | 2,792 | | | | | | 5,443 | | | | | | 5,298 | | | | | | 4,745 | | | | | | 3,909 | | | | | | 3,730 | | |
Net income
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| | | $ | 5,398 | | | | | $ | 6,029 | | | | | $ | 12,080 | | | | | $ | 11,565 | | | | | $ | 10,656 | | | | | $ | 9,366 | | | | | $ | 9,064 | | |
Per Share Data (Common Stock)(1) | | | | | | | | | |||||||||||||||||||||||||||||||||||
Earnings:
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Basic(1)
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| | | $ | 6.39 | | | | | $ | 7.16 | | | | | $ | 14.34 | | | | | $ | 13.82 | | | | | $ | 12.76 | | | | | $ | 11.21 | | | | | $ | 10.79 | | |
Diluted
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| | | $ | 6.23 | | | | | $ | 7.01 | | | | | $ | 13.99 | | | | | $ | 13.47 | | | | | $ | 12.43 | | | | | $ | 10.92 | | | | | $ | 10.51 | | |
Dividends Per Share (paid)
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| | | $ | 4.50 | | | | | $ | 5.75 | | | | | $ | 8.25 | | | | | $ | 6.00 | | | | | $ | 5.00 | | | | | $ | 1.25 | | | | | $ | 11.25 | | |
Book value(2)
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| | | $ | 123.72 | | | | | $ | 120.70 | | | | | $ | 118.88 | | | | | $ | 112.79 | | | | | $ | 107.86 | | | | | $ | 99.37 | | | | | $ | 94.24 | | |
Selected Period End Balance Sheet Data | | | | | | | | | |||||||||||||||||||||||||||||||||||
Total assets
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| | | $ | 993,761 | | | | | $ | 969,797 | | | | | $ | 983,940 | | | | | $ | 981,650 | | | | | $ | 920,533 | | | | | $ | 861,666 | | | | | $ | 853,426 | | |
Cash and cash equivalents
|
| | | | 58,074 | | | | | | 58,514 | | | | | | 52,366 | | | | | | 74,490 | | | | | | 65,967 | | | | | | 53,537 | | | | | | 71,508 | | |
Securities available for sale
|
| | | | 251,578 | | | | | | 252,376 | | | | | | 265,828 | | | | | | 257,802 | | | | | | 221,819 | | | | | | 229,203 | | | | | | 239,907 | | |
Total loans (gross)
|
| | | | 660,932 | | | | | | 632,433 | | | | | | 642,293 | | | | | | 622,517 | | | | | | 603,623 | | | | | | 554,148 | | | | | | 510,792 | | |
Allowance for loan losses
|
| | | | 7,522 | | | | | | 7,581 | | | | | | 7,631 | | | | | | 7,372 | | | | | | 7,093 | | | | | | 6,265 | | | | | | 6,164 | | |
Goodwill and core deposit intangible
|
| | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | |
Other real estate owned
|
| | | | 1,987 | | | | | | 563 | | | | | | 263 | | | | | | 35 | | | | | | 170 | | | | | | 836 | | | | | | 1,573 | | |
Noninterest-bearing deposits
|
| | | | 307,878 | | | | | | 298,426 | | | | | | 302,997 | | | | | | 286,732 | | | | | | 273,692 | | | | | | 258,805 | | | | | | 248,547 | | |
Interest-bearing deposits
|
| | | | 575,698 | | | | | | 564,901 | | | | | | 576,063 | | | | | | 594,281 | | | | | | 552,326 | | | | | | 516,583 | | | | | | 521,755 | | |
Total shareholders’ equity
|
| | | | 104,558 | | | | | | 101,634 | | | | | | 100,299 | | | | | | 94,822 | | | | | | 90,497 | | | | | | 83,081 | | | | | | 79,233 | | |
Selected Performance Metrics(3) | | | | | | | | | |||||||||||||||||||||||||||||||||||
Return on average assets(4)
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| | | | 1.10% | | | | | | 1.25% | | | | | | 1.23% | | | | | | 1.24% | | | | | | 1.18% | | | | | | 1.09% | | | | | | 1.08% | | |
Return on average equity(4)
|
| | | | 10.67% | | | | | | 12.31% | | | | | | 12.00% | | | | | | 12.27% | | | | | | 12.37% | | | | | | 11.44% | | | | | | 11.29% | | |
Net interest margin(5)
|
| | | | 3.97% | | | | | | 3.96% | | | | | | 3.89% | | | | | | 3.98% | | | | | | 3.96% | | | | | | 3.97% | | | | | | 4.00% | | |
Efficiency ratio(6)
|
| | | | 60.76% | | | | | | 59.37% | | | | | | 59.27% | | | | | | 59.75% | | | | | | 60.50% | | | | | | 65.00% | | | | | | 65.97% | | |
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As of and for the Six
Months Ended June 30, |
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As of and for the Year Ended December 31,
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2017
|
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2016
|
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2016
|
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2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
| | |
(unaudited)
|
| | | | | | ||||||||||||||||||||||||||||||||||
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(dollars in thousands except per share)
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Credit Quality Ratios | | | | | | | | | |||||||||||||||||||||||||||||||||||
Nonperforming assets to total assets
|
| | | | 0.76% | | | | | | 0.62% | | | | | | 0.86% | | | | | | 0.61% | | | | | | 0.52% | | | | | | 0.30% | | | | | | 0.43% | | |
Nonperforming loans to total loans(7)
|
| | | | 0.82% | | | | | | 0.86% | | | | | | 1.26% | | | | | | 0.94% | | | | | | 0.76% | | | | | | 0.30% | | | | | | 0.38% | | |
Allowance for loan losses to nonperforming loans(7)
|
| | | | 138.88% | | | | | | 140.20% | | | | | | 94.34% | | | | | | 125.72% | | | | | | 155.53% | | | | | | 374.19% | | | | | | 316.59% | | |
Allowance for loan losses to total loans
|
| | | | 1.14% | | | | | | 1.20% | | | | | | 1.19% | | | | | | 1.18% | | | | | | 1.18% | | | | | | 1.13% | | | | | | 1.21% | | |
Net charge-offs to average loans outstanding
|
| | | | 0.52% | | | | | | 0.12% | | | | | | 0.18% | | | | | | 0.09% | | | | | | 0.10% | | | | | | 0.12% | | | | | | 0.18% | | |
Capital Ratios | | | | | | | | | |||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital to risk-weighted assets
|
| | | | 13.49% | | | | | | 12.97% | | | | | | 13.27% | | | | | | 12.59% | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Tier 1 capital to average assets
|
| | | | 9.84% | | | | | | 9.39% | | | | | | 9.35% | | | | | | 9.02% | | | | | | 8.83% | | | | | | 8.62% | | | | | | 8.06% | | |
Tier 1 capital to risk-weighted assets(7)
|
| | | | 13.49% | | | | | | 12.97% | | | | | | 13.27% | | | | | | 12.59% | | | | | | 13.31% | | | | | | 12.99% | | | | | | 12.44% | | |
Total capital to risk-weighted assets(8)
|
| | | | 14.57% | | | | | | 14.09% | | | | | | 14.39% | | | | | | 13.70% | | | | | | 14.51% | | | | | | 14.12% | | | | | | 13.61% | | |
Tangible equity to total assets
|
| | | | 9.78% | | | | | | 9.72% | | | | | | 9.45% | | | | | | 8.91% | | | | | | 9.03% | | | | | | 8.79% | | | | | | 8.42% | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
Weighted average shares outstanding – basic
|
| | | | 844,190 | | | | | | 841,375 | | | | | | 842,216 | | | | | | 836,956 | | | | | | 834,968 | | | | | | 835,498 | | | | | | 840,020 | | |
Weighted average shares outstanding – diluted
|
| | | | 866,555 | | | | | | 859,720 | | | | | | 863,363 | | | | | | 858,738 | | | | | | 857,160 | | | | | | 857,889 | | | | | | 862,604 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2017
|
| |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |||||||||||||||||||||
| | |
(dollars in thousands except per share data)
|
| | ||||||||||||||||||||||||||||||||||||||
Total Assets | | | | | | | | | |||||||||||||||||||||||||||||||||||
Total Assets
|
| | | $ | 993,761 | | | | | $ | 969,797 | | | | | $ | 983,940 | | | | | $ | 981,650 | | | | | $ | 920,533 | | | | | $ | 861,666 | | | | | $ | 853,426 | | |
Tangible Common Equity | | | | | | | | | |||||||||||||||||||||||||||||||||||
Total shareholders’ equity
|
| | | | 104,558 | | | | | | 101,634 | | | | | | 100,299 | | | | | | 94,822 | | | | | | 90,497 | | | | | | 83,081 | | | | | | 79,233 | | |
Goodwill, net
|
| | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | | | | | 7,334 | | |
Tangible common equity
|
| | | $ | 97,224 | | | | | $ | 94,300 | | | | | $ | 92,965 | | | | | $ | 87,488 | | | | | $ | 83,163 | | | | | $ | 75,747 | | | | | $ | 71,899 | | |
Common shares outstanding(a)
|
| | | | 845,087 | | | | | | 842,066 | | | | | | 843,667 | | | | | | 840,709 | | | | | | 839,055 | | | | | | 836,052 | | | | | | 840,744 | | |
Book value per common share
|
| | | $ | 123.72 | | | | | $ | 120.70 | | | | | $ | 118.88 | | | | | $ | 112.79 | | | | | $ | 107.86 | | | | | $ | 99.37 | | | | | $ | 94.24 | | |
Total equity to total assets
|
| | | | 10.52% | | | | | | 10.48% | | | | | | 10.19% | | | | | | 9.66% | | | | | | 9.83% | | | | | | 9.64% | | | | | | 9.28% | | |
Tangible common equity to total assets
|
| | | | 9.78% | | | | | | 9.72% | | | | | | 9.45% | | | | | | 8.91% | | | | | | 9.03% | | | | | | 8.79% | | | | | | 8.42% | | |
| | |
As of June 30, 2017
|
| |||||||||||||||||||||
| | |
Historical
|
| |
Pro Forma
Adjustments(2) |
| |
Pro Forma
Combined |
| |||||||||||||||
| | |
Southside
|
| |
Diboll(1)
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Balance Sheet Data: | | | | | | ||||||||||||||||||||
Cash and cash equivalents
|
| | | $ | 235,832 | | | | | $ | 58,074 | | | | | $ | (42,734) | | | | | $ | 251,172 | | |
Securities available for sale
|
| | | | 1,397,811 | | | | | | 251,408 | | | | | | — | | | | | | 1,649,219 | | |
Securities held to maturity
|
| | | | 925,538 | | | | | | — | | | | | | — | | | | | | 925,538 | | |
FHLB stock, at cost
|
| | | | 61,561 | | | | | | 394 | | | | | | — | | | | | | 61,955 | | |
Loans
|
| | | | 2,610,198 | | | | | | 659,801 | | | | | | (11,240) | | | | | | 3,258,759 | | |
Less: Allowance for loan losses
|
| | | | (19,241) | | | | | | (7,522) | | | | | | 7,522 | | | | | | (19,241) | | |
Premises and equipment, net
|
| | | | 105,938 | | | | | | 14,438 | | | | | | — | | | | | | 120,376 | | |
Goodwill
|
| | | | 91,520 | | | | | | 7,334 | | | | | | 95,492 | | | | | | 194,346 | | |
Other intangible assets, net
|
| | | | 3,767 | | | | | | — | | | | | | 11,105 | | | | | | 14,872 | | |
Total Assets
|
| | | | 5,578,482 | | | | | | 993,761 | | | | | | 63,473 | | | | | | 6,635,716 | | |
Deposits
|
| | | | 3,624,073 | | | | | | 883,576 | | | | | | — | | | | | | 4,507,649 | | |
Borrowings
|
| | | | 1,344,915 | | | | | | — | | | | | | — | | | | | | 1,344,915 | | |
Shareholders’ equity
|
| | | | 547,065 | | | | | | 104,558 | | | | | | 63,473 | | | | | | 715,096 | | |
| | |
For the Six Months Ended June 30, 2017
|
| |||||||||||||||||||||
| | |
Historical
|
| |
Pro Forma
Adjustments(1) |
| |
Pro Forma
Combined |
| |||||||||||||||
| | |
Southside
|
| |
Diboll
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Income Statement Data: | | | | | | ||||||||||||||||||||
Interest income
|
| | | $ | 90,897 | | | | | $ | 18,914 | | | | | $ | 849 | | | | | $ | 110,660 | | |
Interest expense
|
| | | | 20,193 | | | | | | 523 | | | | | | — | | | | | | 20,716 | | |
Net interest income
|
| | | | 70,704 | | | | | | 18,391 | | | | | | 849 | | | | | | 89,944 | | |
Provision for loan loss
|
| | | | 2,444 | | | | | | 1,581 | | | | | | — | | | | | | 4,025 | | |
Deposit service income
|
| | | | 10,369 | | | | | | 2,172 | | | | | | — | | | | | | 12,541 | | |
Net gain on sale of securities available for sale
|
| | | | 247 | | | | | | 2 | | | | | | — | | | | | | 249 | | |
Other noninterest income
|
| | | | 8,350 | | | | | | 3,354 | | | | | | — | | | | | | 11,704 | | |
Noninterest expense
|
| | | | 51,395 | | | | | | 14,453 | | | | | | 1,009 | | | | | | 66,857 | | |
Income before income tax expense (benefit)
|
| | | | 35,831 | | | | | | 7,885 | | | | | | (160) | | | | | | 43,556 | | |
Provision for income tax expense (benefit)
|
| | | | 6,361 | | | | | | 2,487 | | | | | | (56) | | | | | | 8,792 | | |
Net income
|
| | | $ | 29,470 | | | | | $ | 5,398 | | | | | $ | (104) | | | | | $ | 34,764 | | |
|
| | |
For the Year Ended December 31, 2016
|
| |||||||||||||||||||||
| | |
Historical
|
| |
Pro Forma
Adjustments(2) |
| |
Pro Forma
Combined |
| |||||||||||||||
| | |
Southside
|
| |
Diboll(1)
|
| ||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||
Income Statement Data: | | | | | | ||||||||||||||||||||
Interest income
|
| | | $ | 168,913 | | | | | $ | 37,179 | | | | | $ | 1,698 | | | | | $ | 207,790 | | |
Interest expense
|
| | | | 29,348 | | | | | | 1,050 | | | | | | — | | | | | | 30,398 | | |
Net interest income
|
| | | | 139,565 | | | | | | 36,129 | | | | | | 1,698 | | | | | | 177,392 | | |
Provision for loan loss
|
| | | | 9,780 | | | | | | 1,424 | | | | | | — | | | | | | 11,204 | | |
Deposit service income
|
| | | | 20,702 | | | | | | 3,930 | | | | | | — | | | | | | 24,632 | | |
Net gain on sale of securities available for sale
|
| | | | 2,836 | | | | | | 167 | | | | | | — | | | | | | 3,003 | | |
Other noninterest income
|
| | | | 15,873 | | | | | | 7,128 | | | | | | — | | | | | | 23,001 | | |
Noninterest expense
|
| | | | 109,522 | | | | | | 28,407 | | | | | | 2,018 | | | | | | 139,947 | | |
Income before income tax expense (benefit)
|
| | | | 59,674 | | | | | | 17,523 | | | | | | (320) | | | | | | 76,877 | | |
Provision for income tax expense (benefit)
|
| | | | 10,325 | | | | | | 5,443 | | | | | | (112) | | | | | | 15,656 | | |
Net income
|
| | | $ | 49,349 | | | | | $ | 12,080 | | | | | $ | (208) | | | | | $ | 61,221 | | |
|
| | |
Southside
|
| |
Diboll
|
| ||||||||||||||||||
| | |
Historical
|
| |
Pro Forma
Combined |
| |
Historical
|
| |
Pro Forma
Combined Equivalent |
| ||||||||||||
As of and for the year ended December 31, 2016 | | | | | | ||||||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders per common share, basic
|
| | | $ | 1.82 | | | | | $ | 1.87 | | | | | $ | 14.34 | | | | | $ | 12.23 | | |
Income (loss) from continuing operations attributable to common shareholders per common share, diluted
|
| | | | 1.81 | | | | | | 1.87 | | | | | | 13.99 | | | | | | 12.18 | | |
Cash dividends paid per common share
|
| | | | 1.01 | | | | | | 1.01 | | | | | | 8.25 | | | | | | 6.59 | | |
Book value per common share
|
| | | | 17.71 | | | | | | 19.60 | | | | | | 118.88 | | | | | | n/a | | |
As of and for the six months ended June 30, 2017 | | | | | | ||||||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders per common share, basic
|
| | | | 1.01 | | | | | | 1.00 | | | | | | 6.39 | | | | | | 6.51 | | |
Income (loss) from continuing operations attributable to common shareholders per common share, diluted
|
| | | | 1.00 | | | | | | 0.99 | | | | | | 6.23 | | | | | | 6.47 | | |
Cash dividends paid per common share
|
| | | | 0.53 | | | | | | 0.53 | | | | | | 4.50 | | | | | | 3.46 | | |
Book value per common share
|
| | | | 18.64 | | | | | | 20.50 | | | | | | 123.72 | | | | | | n/a | | |
| | |
Southside Common Stock
|
| |||||||||||||||
| | |
High
|
| |
Low
|
| |
Dividend
|
| |||||||||
2015 | | | | | |||||||||||||||
First Quarter
|
| | | $ | 28.79 | | | | | $ | 23.73 | | | | | $ | 0.23 | | |
Second Quarter
|
| | | | 29.17 | | | | | | 25.51 | | | | | | 0.23 | | |
Third Quarter
|
| | | | 29.13 | | | | | | 23.49 | | | | | | 0.23 | | |
Fourth Quarter
|
| | | | 28.56 | | | | | | 23.45 | | | | | | 0.31 | | |
2016 | | | | | |||||||||||||||
First Quarter
|
| | | $ | 26.57 | | | | | $ | 19.08 | | | | | $ | 0.23 | | |
Second Quarter
|
| | | | 30.69 | | | | | | 24.05 | | | | | | 0.24 | | |
Third Quarter
|
| | | | 32.83 | | | | | | 29.32 | | | | | | 0.24 | | |
Fourth Quarter
|
| | | | 38.08 | | | | | | 30.54 | | | | | | 0.30 | | |
2017 | | | | | |||||||||||||||
First Quarter
|
| | | $ | 37.32 | | | | | $ | 30.47 | | | | | $ | 0.25 | | |
Second Quarter
|
| | | | 36.11 | | | | | | 31.15 | | | | | | 0.28 | | |
Third Quarter (through September 6, 2017)
|
| | | | 36.22 | | | | | | 31.62 | | | | | | 0.28 | | |
| | |
Diboll Common Stock
|
| |||||||||||||||||||||
| | |
High
|
| |
Low
|
| |
Number of
Trades |
| |
Number of
Shares Traded |
| ||||||||||||
2015 | | | | | | ||||||||||||||||||||
First Quarter
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | | — | | |
Second Quarter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Third Quarter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fourth Quarter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
2016 | | | | | | ||||||||||||||||||||
First Quarter
|
| | | $ | — | | | | | $ | — | | | | | | — | | | | | | — | | |
Second Quarter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Third Quarter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fourth Quarter
|
| | | | 152.00 | | | | | | 152.00 | | | | | | 1 | | | | | | 200 | | |
2017 | | | | | | ||||||||||||||||||||
First Quarter
|
| | | $ | 155.00 | | | | | $ | 152.00 | | | | | | 2 | | | | | | 236 | | |
Second Quarter
|
| | | | 155.00 | | | | | | 155.00 | | | | | | 1 | | | | | | 22 | | |
Third Quarter (through September 6, 2017)
|
| | | | 155.00 | | | | | | 155.00 | | | | | | 1 | | | | | | 5 | | |