Southside Bancshares, Inc. Announces Second Quarter Earnings

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Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Schroder Bsc Social Impact Trust Plc	LSE:SBSI	London	Ordinary Share	GB00BF781319	ORD 1P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	79.00	78.00	80.00	79.00	78.50	78.50	202	08:00:04

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
Trust,ex Ed,religious,charty	1.75M	620k	0.0075	105.33	65.28M

Schroder Bsc Social Impact (LSE:SBSI)
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NASDAQ Global Select Market Symbol - 'SBSI' TYLER, Texas, Aug. 6 /PRNewswire-FirstCall/ -- Southside Bancshares, Inc. ("Southside" or the "Company") today reported its financial results for the three and six months ended June 30, 2007. Net income increased 29.5%, or $1.0 million, for the three months ended June 30, 2007, to $4.6 million from $3.5 million for the same period in 2006. Southside reported net income of $8.4 million for the six months ended June 30, 2007, an increase of $1.6 million, or 23.3%, when compared to the same period in 2006. B. G. Hartley, Chairman and Chief Executive Officer, stated "We are pleased with Southside's outstanding financial results. Credit for these results goes directly to our tremendous team of employees. During the first six months of 2007 we made significant progress on a number of previously discussed key initiatives, intended to increase revenues and contain costs. The success of the initiatives more than offset the additional operating expenses associated with opening three de novo branches since December 31, 2005, and the challenging interest rate environment experienced during 2007 as noninterest income, excluding gain on sale of securities available for sale, increased $1.5 million, or 14.1%, for the six months ended June 30, 2007 when compared to the same period in 2006, while for the same periods noninterest expense decreased $305,000, or 1.3%." "Outstanding financial results were just part of the noteworthy events reported during the second quarter," stated B. G. Hartley. "On May 17, 2007 we announced the acquisition of Fort Worth National Bank. This acquisition, which is expected to close during the third quarter, expands Southside's market to the dynamic markets of Fort Worth, Arlington and Austin. We are extremely excited about this significant opportunity. During the second quarter, shareholders received a 5% stock dividend along with news of a 9.1% increase in the quarterly cash dividend. In summary, we believe this was an exceptional quarter for both our shareholders and Southside." Earnings per fully diluted share increased $0.07, to $0.34 for the three months ended June 30, 2007, or 25.9%, when compared to $0.27 for the same period in 2006. Earnings per fully diluted share increased $0.11, to $0.62 for the six months ended June 30, 2007, or 21.6%, compared to $0.51 for the same period in 2006. The return on average shareholders' equity for the six months ended June 30, 2007 was 14.70%, compared to 12.53%, for the same period in 2006. The annual return on average assets was 0.91%, for the six months ended June 30, 2007, compared to 0.74%, for the same period in 2006. Loan and Deposit Growth The Company continued to experience loan growth during the six months ended June 30, 2007, as loans increased $9.6 million, or 1.3%, to $768.7 million from $759.1 million at December 31, 2006. This increase in loans was net of approximately $6.6 million in student loan sales during the first six months. Loan growth during 2007 occurred primarily in construction loans, municipal loans, and commercial loans. The consistent growth in loans is significant given the increasing competition in the Texas banking markets we serve. Commenting on the loan growth, B. G. Hartley said, "Our marketplace in Texas has continued to expand over the past several years through the opening of branches in strategic market areas. Positioning for future success remains a central part of our business strategy and we believe the Fort Worth National Bank acquisition dovetails nicely into this strategy." During the six months ended June 30, 2007, deposits increased a solid $53.9 million, or 4.2%, to $1.34 billion from $1.28 billion at December 31, 2006. The overall growth in deposits during the six months ended June 30, 2007 resulted from our expanding branch network and continued market penetration. Price-related competition for deposits has intensified. While the Company has attempted to maintain a disciplined deposit pricing strategy, the current competitive environment could pressure the net interest margin in the coming quarters. Net Interest Income Net interest income decreased $476,000, or 4.5%, to $10.1 million for the three months ended June 30, 2007, when compared to $10.5 million for the same period in 2006. Net interest income decreased $1.0 million, or 4.8%, to $20.1 for the six months ended June 30, 2007, when compared to $21.1 million for the same period in 2006. The net interest margin and net interest spread were impacted by the significant increase in short-term interest rates during 2006 combined with significantly smaller increases in long-term interest rates. This resulted in an inverted yield curve for most of 2006 and the first six months of 2007, where short-term interest rates were higher than long-term interest rates. As a result, the Company's net interest margin and net interest spread decreased to 2.57% and 1.71%, respectively, for the three months ended June 30, 2007 compared to 2.61% and 1.90%, respectively, for the same period in 2006. Compared to the previous quarter, the net interest margin and net interest spread increased to 2.57% and 1.71% respectively, for the three months ended June 30, 2007 from 2.47% and 1.67% for the three months ended March 31, 2007. Should the yield curve invert for long periods of time or invert severely our net interest margin and spread could come under additional pressure during the second half of 2007. Net Income for the Three Months and Six Months The increase in net income for the three and six months ended June 30, 2007 was primarily attributable to an increase in noninterest income, a decrease in income tax expense, a decrease in noninterest expense and a decrease in provision for loan losses. Noninterest income, excluding gain on sale of available for sale securities, increased $790,000, or 13.5%, and $1.5 million, or 14.1%, for the three and six months ended June 30, 2007, compared to the same period in 2006. The increase in noninterest income was primarily the result of increases in deposit services income, gain on sale of loans, trust income, and other income. Income tax expense decreased $487,000, or 51.3%, and $163,000, or 9.7%, for the three and six months ended June 30, 2007, when compared to the same period in 2006. The decrease in income tax expense was the result of a one-time state tax credit resulting from a change in Texas tax law during the second quarter ended June 30, 2007, related to the new Texas margin tax. The one-time tax credit was $770,000, which was partially offset by an increase in our estimated margin tax of $109,000, net of tax. Provision for loan losses decreased $231,000, or 51.6%, and $395,000, or 54.2%, for the three and six months ended June 30, 2007, compared to the same period in 2006. Noninterest expense decreased $107,000, or 0.9%, and $305,000, or 1.3%, for the three and six months ended June 30, 2007, compared to the same period in 2006. The decrease in noninterest expense for the six months ended June 30, 2007 was primarily a result of a decrease in salaries and employee benefits of $328,000, or 2.2%, compared to the same period in 2006. About Southside Bancshares, Inc. Southside Bancshares, Inc. is a bank holding company with approximately $1.82 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 36 banking centers in East Texas and operates a network of 41 ATMs. To learn more about Southside Bancshares, Inc., please visit our investor relations website at http://www.southside.com/investor. Our investor relations site provides a detailed overview of our activities, financial information, and historical stock price data. To receive e-mail notification of company news, events, and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Susan Hill at (903) 531-7220, or . Forward-Looking Statements Certain statements of other than historical fact that are contained in this document and in written material, press releases and oral statements issued by or on behalf of the Company, a bank holding company, may be considered to be "forward-looking statements" within the meaning of and subject to the protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. These statements may include words such as "expect," "estimate," "project," "anticipate," "appear," "believe," "could," "should," "may," "intend," "probability," "risk," "target," "objective," "plans," "potential," and similar expressions. Forward-looking statements are statements with respect to the Company's beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from the results discussed in the forward-looking statements. For example, discussions of the effect of the Company's expansion, including expectations of the costs and profitability of such expansion, trends in asset quality and earnings from growth, and certain market risk disclosures are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual income gains and losses could materially differ from those that have been estimated. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 under "Forward-Looking Information" and Item 1A. "Risk Factors," and in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. At At At June 30, December 31, June 30, 2007 2006 2006 (dollars in thousands) (unaudited) Selected Financial Condition Data (at end of period) Total assets $1,821,776 $1,890,976 $1,875,676 Loans 768,739 759,147 723,924 Allowance for loan losses 7,367 7,193 7,346 Mortgage-backed and related securities: Available for sale, at estimated fair value 599,326 643,164 653,046 Held to maturity, at cost 207,262 226,162 245,812 Investment securities: Available for sale, at estimated fair value 88,566 98,952 88,598 Held to maturity, at cost 1,353 1,351 1,348 Federal Home Loan Bank stock, at cost 15,540 25,614 27,364 Deposits 1,336,350 1,282,475 1,195,058 Long-term obligations 110,012 149,998 157,469 Shareholders' equity 115,494 110,604 105,156 Nonperforming assets 2,324 2,110 3,237 Nonaccrual loans 1,637 1,333 1,424 Loans 90 days past due 408 128 692 Restructured loans 179 220 239 Other real estate owned 23 351 841 Repossessed assets 77 78 41 Asset Quality Ratios: Nonaccruing loans to total loans 0.21% 0.18% 0.20% Allowance for loan losses to nonaccruing loans 450.03 539.61 515.87 Allowance for loan losses to nonperforming assets 317.00 340.90 226.94 Allowance for loan losses to total loans 0.96 0.95 1.01 Nonperforming assets to total assets 0.13 0.11 0.17 Net charge-offs to average loans 0.04 0.14 0.14 Capital Ratios: Shareholders' equity to total assets 6.34 5.85 5.61 Average shareholders' equity to average total assets 6.22 5.99 5.94 LOAN PORTFOLIO COMPOSITION The following table sets forth loan totals by category for the periods presented: At At At June 30, December 31, June 30, 2007 2006 2006 (in thousands) (unaudited) Real Estate Loans: Construction $46,876 $39,588 $33,084 1-4 Family Residential 223,996 227,354 222,332 Other 177,918 181,047 173,776 Commercial Loans 125,609 118,962 104,623 Municipal Loans 110,416 106,155 105,316 Loans to Individuals 83,924 86,041 84,793 Total Loans $768,739 $759,147 $723,924 At or for the At or for the Three Months Ended Six Months Ended June 30, June 30, 2007 2006 2007 2006 (dollars in (dollars in thousands) thousands) (unaudited) (unaudited) Selected Operating Data: Total interest income $24,380 $23,925 $49,577 $46,494 Total interest expense 14,319 13,388 29,490 25,388 Net interest income 10,061 10,537 20,087 21,106 Provision for loan losses 217 448 334 729 Net interest income after provision for loan losses 9,844 10,089 19,753 20,377 Noninterest income Deposit services 4,270 3,947 8,198 7,416 Gain on sale of securities available for sale 6 101 435 224 Gain on sale of loans 724 469 1,069 842 Trust income 576 403 1,040 807 Bank owned life insurance income 268 265 532 509 Other 818 782 1,526 1,267 Total noninterest income 6,662 5,967 12,800 11,065 Noninterest expense Salaries and employee benefits 7,298 7,310 14,402 14,730 Occupancy expense 1,190 1,201 2,358 2,374 Equipment expense 242 225 470 428 Advertising, travel & entertainment 449 472 870 924 ATM and debit card expense 242 275 496 445 Director fees 141 167 268 312 Supplies 188 168 336 352 Professional fees 240 318 551 633 Postage 155 155 303 305 Telephone and communications 193 191 384 354 Other 1,118 1,081 2,254 2,140 Total noninterest expense 11,456 11,563 22,692 22,997 Income before income tax expense 5,050 4,493 9,861 8,445 Provision for income tax expense 463 950 1,511 1,674 Net income $4,587 $3,543 $8,350 $6,771 Common Share Data: Weighted-average basic shares outstanding 13,035 12,853 13,008 12,830 Weighted-average diluted shares outstanding 13,436 13,337 13,429 13,326 Net income per common share Basic $0.35 $0.28 $0.64 $0.53 Diluted 0.34 0.27 0.62 0.51 Book value per common share - - 8.83 8.16 Cash dividend declared per common share 0.12 0.11 0.23 0.22 Selected Performance Ratios: Return on average assets 1.02% 0.77% 0.91% 0.74% Return on average shareholders' equity 15.79 13.30 14.70 12.53 Average yield on interest earning assets 5.98 5.69 5.96 5.64 Average yield on interest bearing liabilities 4.27 3.79 4.28 3.65 Net interest spread 1.71 1.90 1.68 1.99 Net interest margin 2.57 2.61 2.52 2.67 Average interest earning assets to average interest bearing liabilities 125.70 122.80 124.37 122.67 Noninterest expense to average total assets 2.55 2.51 2.49 2.53 Efficiency ratio 65.47 67.16 66.72 68.37 AVERAGE BALANCES AND YIELDS (dollars in thousands) (unaudited) Six Months Ended June 30, 2007 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (1) (2) $767,168 $26,259 6.90% Loans Held for Sale 3,884 96 4.98% Securities: Investment Securities (Taxable) (4) 59,374 1,452 4.93% Investment Securities (Tax-Exempt)(3)(4) 40,893 1,449 7.15% Mortgage-backed and Related Securities (4) 833,161 21,097 5.11% Total Securities 933,428 23,998 5.18% Federal Home Loan Bank Stock & Other Investments, at cost 21,517 700 6.56% Interest Earning Deposits 551 17 6.22% Federal Funds Sold 2,140 52 4.90% Total Interest Earning Assets 1,728,688 51,122 5.96% NONINTEREST EARNING ASSETS: Cash and Due From Banks 42,669 Bank Premises and Equipment 33,952 Other Assets 43,359 Less: Allowance for Loan Loss (7,298) Total Assets $1,841,370 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $51,815 334 1.30% Time Deposits 540,684 13,072 4.88% Interest Bearing Demand Deposits 392,614 6,184 3.18% Total Interest Bearing Deposits 985,113 19,590 4.01% Short-term Interest Bearing Liabilities 280,657 6,722 4.83% Long-term Interest Bearing Liabilities - FHLB 103,515 2,318 4.52% Long-term Debt (5) 20,619 860 8.30% Total Interest Bearing Liabilities 1,389,904 29,490 4.28% NONINTEREST BEARING LIABILITIES: Demand Deposits 318,189 Other Liabilities 18,692 Total Liabilities 1,726,785 SHAREHOLDERS' EQUITY 114,585 Total Liabilities and Shareholders' Equity $1,841,370 NET INTEREST INCOME $21,632 NET YIELD ON AVERAGE EARNING ASSETS 2.52% NET INTEREST SPREAD 1.68% June 30, 2006 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (1) (2) $704,827 $22,952 6.57% Loans Held for Sale 4,645 117 5.08% Securities: Investment Securities (Taxable) (4) 59,593 1,337 4.52% Investment Securities (Tax-Exempt)(3)(4) 44,994 1,591 7.13% Mortgage-backed and Related Securities (4) 874,318 21,386 4.93% Total Securities 978,905 24,314 5.01% Federal Home Loan Bank Stock & Other Investments, at cost 29,056 694 4.82% Interest Earning Deposits 691 17 4.96% Federal Funds Sold 693 15 4.36% Total Interest Earning Assets 1,718,817 48,109 5.64% NONINTEREST EARNING ASSETS: Cash and Due From Banks 45,926 Bank Premises and Equipment 33,534 Other Assets 41,854 Less: Allowance for Loan Loss (7,139) Total Assets $1,832,992 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $50,663 312 1.24% Time Deposits 433,362 8,827 4.11% Interest Bearing Demand Deposits 357,837 4,519 2.55% Total Interest Bearing Deposits 841,862 13,658 3.27% Short-term Interest Bearing Liabilities 368,963 7,587 4.15% Long-term Interest Bearing Liabilities - FHLB 169,749 3,345 3.97% Long-term Debt (5) 20,619 798 7.70% Total Interest Bearing Liabilities 1,401,193 25,388 3.65% NONINTEREST BEARING LIABILITIES: Demand Deposits 311,844 Other Liabilities 11,014 Total Liabilities 1,724,051 SHAREHOLDERS' EQUITY 108,941 Total Liabilities and Shareholders' Equity $1,832,992 NET INTEREST INCOME $22,721 NET YIELD ON AVERAGE EARNING ASSETS 2.67% NET INTEREST SPREAD 1.99% (1) Interest on loans includes fees on loans which are not material in amount. (2) Interest income includes taxable-equivalent adjustments of $1,108 and $1,113 for the six months ended June 30, 2007 and 2006, respectively. (3) Interest income includes taxable-equivalent adjustments of $437 and $502 for the six months ended June 30, 2007 and 2006, respectively. (4) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (5) Represents junior subordinated debentures issued by Southside Bancshares, Inc. to Southside Statutory Trust III in connection with the issuance of Southside Statutory Trust III of $20 million of trust preferred securities. Note: As of June 30, 2007 and 2006, loans totaling $1,637 and $1,424, respectively, were on nonaccrual status. The policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. AVERAGE BALANCES AND YIELDS (dollars in thousands) (unaudited) Three Months Ended June 30, 2007 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (1) (2) $768,744 $13,238 6.91% Loans Held for Sale 4,458 55 4.95% Securities: Investment Securities (Taxable) (4) 50,584 616 4.88% Investment Securities (Tax-Exempt)(3)(4) 40,747 726 7.15% Mortgage-backed and Related Securities (4) 804,026 10,163 5.07% Total Securities 895,357 11,505 5.15% Federal Home Loan Bank Stock & Other Investments, at cost 17,778 330 7.45% Interest Earning Deposits 550 10 7.29% Federal Funds Sold 1,945 23 4.74% Total Interest Earning Assets 1,688,832 25,161 5.98% NONINTEREST EARNING ASSETS: Cash and Due From Banks 40,259 Bank Premises and Equipment 35,342 Other Assets 42,910 Less: Allowance for Loan Loss (7,360) Total Assets $1,799,983 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $52,454 170 1.30% Time Deposits 548,969 6,711 4.90% Interest Bearing Demand Deposits 395,653 3,144 3.19% Total Interest Bearing Deposits 997,076 10,025 4.03% Short-term Interest Bearing Liabilities 231,818 2,776 4.80% Long-term Interest Bearing Liabilities - FHLB 94,082 1,086 4.63% Long-term Debt (5) 20,619 432 8.29% Total Interest Bearing Liabilities 1,343,595 14,319 4.27% NONINTEREST BEARING LIABILITIES: Demand Deposits 320,966 Other Liabilities 18,927 Total Liabilities 1,683,488 SHAREHOLDERS' EQUITY 116,495 Total Liabilities and Shareholders' Equity $1,799,983 NET INTEREST INCOME $10,842 NET YIELD ON AVERAGE EARNING ASSETS 2.57% NET INTEREST SPREAD 1.71% June 30, 2006 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (1) (2) $715,423 $11,816 6.62% Loans Held for Sale 4,826 64 5.32% Securities: Investment Securities (Taxable) (4) 51,840 594 4.60% Investment Securities (Tax-Exempt) (3) (4) 40,557 720 7.12% Mortgage-backed and Related Securities (4) 897,645 11,149 4.98% Total Securities 990,042 12,463 5.05% Federal Home Loan Bank Stock & Other Investments, at cost 28,507 350 4.92% Interest Earning Deposits 825 8 3.89% Federal Funds Sold 543 6 4.43% Total Interest Earning Assets 1,740,166 24,707 5.69% NONINTEREST EARNING ASSETS: Cash and Due From Banks 43,345 Bank Premises and Equipment 33,549 Other Assets 39,442 Less: Allowance for Loan Loss (7,200) Total Assets $1,849,302 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $51,402 165 1.29% Time Deposits 460,139 4,897 4.27% Interest Bearing Demand Deposits 354,549 2,342 2.65% Total Interest Bearing Deposits 866,090 7,404 3.43% Short-term Interest Bearing Liabilities 378,536 4,037 4.28% Long-term Interest Bearing Liabilities - FHLB 151,794 1,534 4.05% Long-term Debt (5) 20,619 413 7.92% Total Interest Bearing Liabilities 1,417,039 13,388 3.79% NONINTEREST BEARING LIABILITIES: Demand Deposits 313,422 Other Liabilities 11,958 Total Liabilities 1,742,419 SHAREHOLDERS' EQUITY 106,883 Total Liabilities and Shareholders' Equity $1,849,302 NET INTEREST INCOME $11,319 NET YIELD ON AVERAGE EARNING ASSETS 2.61% NET INTEREST SPREAD 1.90% (1) Interest on loans includes fees on loans which are not material in amount. (2) Interest income includes taxable-equivalent adjustments of $560 and $552 for the three months ended June 30, 2007 and 2006, respectively. (3) Interest income includes taxable-equivalent adjustments of $221 and $230 for the three months ended June 30, 2007 and 2006, respectively. (4) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (5) Represents junior subordinated debentures issued by Southside Bancshares, Inc. to Southside Statutory Trust III in connection with the issuance of Southside Statutory Trust III of $20 million of trust preferred securities. Note: As of June 30, 2007 and 2006, loans totaling $1,637 and $1,424, respectively, were on nonaccrual status. The policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. DATASOURCE: Southside Bancshares, Inc. CONTACT: Lee Gibson, +1-903-531-7221, for Southside Bancshares, Inc. Web site: http://www.southside.com/

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SBSI Schroder Bsc Social Impact Trust Plc