Earnings release
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SOUTHSIDE BANCSHARES , INC . ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JUNE 30 , 2021 • Second quarter net income of $ 21.3 million ; • Second quarter earnings per diluted common share of $ 0.65 ; • Annualized linked quarter deposit growth of 5.0 % ; • Annualized return on second quarter average assets of 1.20 % ; • Annualized return on second quarter average tangible common equity of 13.13 % ( ¹ ) ; and Nonperforming assets decreased to 0.21 % of total assets . EXHIBIT 99.1 Tyler , Texas ( July 23 , 2021 ) Southside Bancshares , Inc. ( " Southside " or the " Company " ) ( NASDAQ : SBSI ) today reported its financial results for the quarter ended June 30 , 2021. Southside reported net income of $ 21.3 million for the three months ended June 30 , 2021 , a decrease of $ 0.2 million , or 1.1 % , compared to $ 21.6 million for the same period in 2020. Earnings per diluted common share were $ 0.65 for the three months ended June 30 , 2021 and 2020. The annualized return on average shareholders ' equity for the three months ended June 30 , 2021 was 9.73 % , compared to 10.82 % for the same period in 2020. The annualized return on average assets was 1.20 % for the three months ended June 30 , 2021 , compared to 1.17 % for the same period in 2020 . " We reported solid results during the second quarter , highlighted by continued strong asset quality metrics and 5 % annualized linked quarter deposit growth , " stated Lee R. Gibson , President and Chief Executive Officer of Southside . “ Loan growth , net of Paycheck Protection Program ( “ PPP " ) , was partially offset by higher than anticipated loan payoffs . For the six months ended , annualized loan growth was 4 % . We are encouraged about loan growth for the second half of the year as our loan pipeline continues to remain healthy . " " On September 30 , 2021 , we anticipate the redemption of our 5.5 % coupon $ 100 million sub debt issue , pending regulatory approval . " " We are pleased by the continued strong economic conditions in the market areas we serve . " Page - 1