Southside Bancshares, Inc. Announces Third Quarter Earnings; NASDAQ National Market Symbol - 'SBSI'

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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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TYLER, Texas, Nov. 2 /PRNewswire-FirstCall/ -- B. G. Hartley, Chairman and Chief Executive Officer of Southside Bancshares, Inc. (NASDAQ:SBIB), reported financial results for the third quarter ended September 30, 2005. For the third quarter ended September 30, 2005 Southside reported net income of $3,833,000, compared to $4,233,000 for the same period in 2004. The decrease in net income of $400,000, or 9.4%, is primarily a result of an increase in provision for loan losses of $485,000, or $320,000 net of tax and a reduction in income from the sale of available for sale securities of $351,000 or, $232,000 net of tax. The increase in provision for loan losses is primarily due to one recovery received during the third quarter ended September 30, 2004 of $299,000, or $197,000, net of tax, which offset the provision for losses that would have been required during that quarter. Earnings per fully diluted share were $0.32 for the third quarter ended September 30, 2005 compared to $0.35 for the same period in 2004. Southside reported net income of $11,105,000 for the nine months ended September 30, 2005 compared to $12,399,000 for the same period in 2004. The decrease in net income of $1,294,000, or 10.4%, is a direct result of a reduction in income from the sale of available for sale securities, net of tax, of $1.6 million when comparing the nine months ended September 30, 2005, to the same period in 2004. When comparing the nine months ended September 30, 2005 with the same period in 2004, net income, excluding losses or gains on sales of available for sale securities, reflected an increase of $343,000, or 3.2%. Earnings per fully diluted share were $0.92 for the nine months ended September 30, 2005, compared to $1.02 for the same period in 2004, a decrease of $0.10, or 9.8%. Earnings per fully diluted share attributable to the sale of securities were $0.13 for the nine months ended September 30, 2004 compared to zero for the same period in 2005. The annualized return on average shareholders' equity for the nine months ended September 30, 2005 was 14.17% compared to 15.94% for the same period in 2004. The annualized return on average assets was 0.88% for the nine months ended September 30, 2005, compared to 1.11% for the same period in 2004. The Company continued to experience solid loan growth during the third quarter ended September 30, 2005, as loans, net of unearned discount, increased $19.9 million or 3.0%. During the nine months ended September 30, 2005, loans, net of unearned discount, increased $55.2 million or 8.8% from December 31, 2004. Loan growth during 2005 was actually stronger than reported due to the sale of $6.2 million of student loans during the second quarter ended June 30, 2005. Asset quality improved as non-performing assets decreased $1.2 million, or 34.5%, to $2.3 million at September 30, 2005 when compared to $3.5 million at December 31, 2004. We believe that the Company's asset quality ratios as reported in this earnings release remain sound. We are pleased to report deposits continued to increase during the third quarter ended September 30, 2005 by $15.0 million. Overall during 2005, deposits increased $80.3 million, or 8.5%, to $1.0 billion at September 30, 2005 when compared to December 31, 2004. We are gratified deposits continue to grow at an excellent pace as a result of our expanding branch network and continued market penetration. In the fourth quarter Southside anticipates opening its 31st banking center in Palestine, Texas, approximately 50 miles southwest of Tyler. The addition of the banking center in Palestine should complement and enhance Southside's southern expansion efforts which already includes banking centers in Jacksonville and Bullard. Southside has also purchased property in Gun Barrel City where it plans to open a branch facility in the future. While continued branch expansion has and will continue to impact short-term earnings, the Company believes the potential long-term benefits to the Company greatly outweigh the short-term expense. The decrease in net income for the three months ended September 30, 2005, when compared to the same period in 2004, was primarily attributable to an increase in noninterest expense of $528,000, or 5.3%, an increase in provision for loan losses of $485,000, or 100% and a decrease in income from the sale of available for sale securities of $351,000, or 93.6%. Noninterest expense increased primarily as a result of a $443,000, or 7.0% increase in salaries and employee benefits due to higher staffing levels, salary increases and increases in retirement expense. The following items partially offset the decrease in net income for the quarter ended September 30, 2005, when compared to the same period in 2004. Net interest income of $10.4 million for the third quarter 2005, increased $240,000, or 2.4%, over the third quarter 2004. Average total interest earning assets, the primary factor in net interest income growth, increased $181.4 million, or 12.7% from the third quarter 2004, to $1.6 billion for the third quarter 2005. This more than offset the decrease in the Company's net interest margin to 2.80% and net interest spread to 2.25% during the third quarter ended September 30, 2005, when compared to 3.10% and 2.66%, respectively, for the same period in 2004. Noninterest income, excluding gains on sales of securities, was $5.4 million for the third quarter 2005, an increase of $563,000, or 11.8%, over the third quarter 2004. The increase was primarily a result of an increase in deposit services fee income. Provision for federal tax expense of $921,000 for the third quarter 2005, decreased $161,000, or 14.9%, from third quarter 2004 as a result of a decrease in taxable income. The effective tax rate as a percentage of pre-tax income was 19.4% for the quarter ended September 30, 2005 compared to 20.4% for the quarter ended September 30, 2004. The decrease in the effective tax rate was due to the decrease in taxable income as a percentage of total income. The decrease to net income during the nine months ended September 30, 2005, when compared to the same period in 2004 was primarily attributable to a decrease in gains on available for sale securities of $2.5 million, or 101.3% and an increase in noninterest expense of $2.2 million, or 7.4%. The decrease in net income for the nine months ended September 30, 2005, when compared to the same period in 2004, was partially offset by an increase in net interest income of $1.9 million, or 6.4%, an increase in noninterest income, excluding security gains, of $1.3 million, or 9.3%, and a decrease in federal income tax expense of $620,000, or 19.8%. Southside Bancshares, Inc. is a $1.7 billion holding company that owns 100% of Southside Bank. The bank currently has thirty banking centers in East Texas. 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 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 Southside Bancshares, Inc., (the "Company") a bank holding company, may be considered to be "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may include words such as "expect," "estimate," "project," "anticipate," "believe," "could," "should," "may," "intend," "probability," "risk," "target," "objective," "plans," "potential," and similar expressions. Forward-looking statements are subject to significant risks and uncertainties and the Company's actual results may differ materially from the results discussed in the forward-looking statements. For example, certain market risk disclosures 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. Other factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to general economic conditions, either globally, nationally, in the State of Texas, or in the specific markets in which the Company operates, legislation or regulatory changes which adversely affect the businesses in which the Company is engaged, adverse changes in Government Sponsored Enterprises (the "GSE") status or financial condition impacting the GSE guarantees or ability to pay or issue debt, economic or other disruptions caused by acts of terrorism in the United States, Europe or other areas or military actions in Iraq, Afghanistan or other areas, changes in the interest rate yield curve such as flat, inverted or steep yield curves, or interest rate environment which impact interest margins and may impact prepayments on the mortgage-backed securities portfolio, changes impacting the leverage strategy, significant increases in competition in the banking and financial services industry, changes in consumer spending, borrowing and saving habits, technological changes, the Company's ability to increase market share and control expenses, the effect of changes in federal or state tax laws, the effect of compliance with legislation or regulatory changes, the effect of changes in accounting policies and practices and the costs and effects of unanticipated litigation. At At At Sept. 30, Dec. 31, Sept. 30, 2005 2004 2004 (dollars in thousands) (unaudited) Selected Financial Condition Data (at end of period) Total assets $1,733,735 $1,619,643 $1,541,671 Loans, net of unearned discount 679,169 624,019 615,255 Allowance for loan losses 7,038 6,942 6,816 Mortgage-backed and related securities: Available for sale 564,547 479,475 415,933 Held to maturity 229,113 241,058 247,256 Investment securities available for sale 109,659 133,535 128,655 Marketable equity securities available for sale 29,321 26,819 24,818 Deposits 1,021,320 940,986 905,935 Long-term obligations 276,584 351,287 317,688 Shareholders' equity 105,447 104,697 106,600 Nonperforming assets 2,309 3,523 2,060 Nonaccrual loans 1,211 2,248 1,185 Loans 90 days past due 555 827 252 Restructured loans 242 193 179 Other real estate owned 121 214 436 Repossessed assets 180 41 8 Assets Quality Ratios: Nonaccruing loans to total loans 0.18% 0.36% 0.19% Allowance for loan losses to nonaccruing loans 581.17 308.81 575.19 Allowance for loan losses to nonperforming assets 304.81 197.05 330.87 Allowance for loan losses to total loans 1.04 1.11 1.11 Nonperforming assets to total assets 0.13 0.22 0.13 Net charge-offs to average loans 0.17 0.07 0.03 Capital Ratios: Shareholders' equity to total assets 6.08 6.46 6.91 Average shareholders' equity to average total assets 6.24 6.98 6.98 LOAN PORTFOLIO COMPOSITION The following table sets forth loan totals net of unearned discount by category for the periods presented: At At At Sept. 30, Dec. 31, Sept. 30, 2005 2004 2004 (dollars in thousands) (unaudited) Real Estate Loans: Construction $39,667 $32,877 $42,922 1-4 Family Residential 195,342 168,784 163,319 Other 162,886 153,998 142,400 Commercial Loans 86,280 80,808 76,461 Municipal Loans 112,797 103,963 103,210 Loans to Individuals 82,197 83,589 86,943 Total Loans $679,169 $624,019 $615,255 At or for the At or for the Three Months Nine Months Ended Ended September 30, September 30, 2005 2004 2005 2004 (dollars in (dollars in thousands) thousands) (unaudited) (unaudited) Selected Operating Data: Total interest income $20,438 $17,163 $58,602 $49,215 Total interest expense 10,050 7,015 27,624 20,106 Net interest income 10,388 10,148 30,978 29,109 Provision for loan losses 485 --- 947 525 Net interest income after provision for loan losses 9,903 10,148 30,031 28,584 Non-interest income Deposit services 3,775 3,476 10,849 10,424 Gain (loss) on sale of securities available for sale 24 375 (32) 2,449 Gain on sale of loans 414 371 1,433 1,258 Trust income 394 320 1,033 894 Bank owned life insurance 231 184 673 628 Other 536 436 1,788 1,227 Total non-interest income 5,374 5,162 15,744 16,880 Non-interest expense Salaries and employee benefits 6,776 6,333 20,782 19,133 Net occupancy expense 1,056 1,072 3,179 3,099 Equipment expense 204 189 624 549 Advertising, travel & entertainment 440 385 1,457 1,308 ATM expense 165 112 467 479 Director fees 144 145 459 438 Supplies 134 145 455 428 Professional fees 193 344 583 783 Postage 149 140 423 416 Other 1,262 1,130 3,727 3,298 Total non-interest expense 10,523 9,995 32,156 29,931 Income before federal tax expense 4,754 5,315 13,619 15,533 Income tax expense 921 1,082 2,514 3,134 Net income $3,833 $4,233 $11,105 $12,399 Common Share Data: Weighted-average basic shares outstanding 11,459 11,504 11,446 11,483 Weighted-average diluted shares outstanding 12,011 12,170 12,035 12,155 Net income per common share Basic $0.34 $0.37 $0.97 $1.08 Diluted 0.32 0.35 0.92 1.02 Book value per common share --- --- 9.15 9.25 Cash dividend declared per common share 0.11 0.10 0.33 0.30 Selected Performance Ratios: Return on average assets 0.88% 1.10% 0.88% 1.11% Return on average shareholders' equity 14.29 16.16 14.17 15.94 Average yield on interest earning assets 5.28 5.06 5.25 5.02 Average yield on interest bearing liabilities 3.03 2.40 2.87 2.37 Net interest spread 2.25 2.66 2.38 2.65 Net interest margin 2.80 3.10 2.89 3.08 Average interest earning assets to average interest bearing liabilities 122.41 122.57 121.95 122.29 Non-interest expense to average total assets 2.42 2.60 2.56 2.69 Efficiency ratio 62.96 62.45 64.72 64.35 AVERAGE BALANCES AND YIELDS (dollars in thousands) (unaudited) Nine Months Ended September 30, 2005 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (A) (B) $650,862 $30,043 6.17% Loans Held for Sale 4,467 160 4.79% Securities: Investment Securities (Taxable) (D) 51,893 1,451 3.74% Investment Securities (Tax-Exempt) (C)(D) 69,499 3,691 7.10% Mortgage-backed Securities (D) 761,223 25,379 4.46% Marketable Equity Securities 27,686 736 3.55% Interest Earning Deposits 666 15 3.01% Federal Funds Sold 1,168 25 2.86% Total Interest Earning Assets 1,567,464 61,500 5.25% NONINTEREST EARNING ASSETS: Cash and Due From Banks 41,579 Bank Premises and Equipment 30,817 Other Assets 46,520 Less: Allowance for Loan Loss (6,918) Total Assets $1,679,462 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $50,868 $381 1.00% Time Deposits 347,037 7,871 3.03% Interest Bearing Demand Deposits 309,039 3,749 1.62% Short-term Interest Bearing Liabilities 266,924 6,810 3.41% Long-term Interest Bearing Liabilities - FHLB Dallas 290,875 7,875 3.62% Long-term Debt (E) 20,619 938 6.00% Total Interest Bearing Liabilities 1,285,362 27,624 2.87% NONINTEREST BEARING LIABILITIES: Demand Deposits 274,850 Other Liabilities 14,445 Total Liabilities 1,574,657 SHAREHOLDERS' EQUITY 104,805 Total Liabilities and Shareholders' Equity $1,679,462 NET INTEREST INCOME $33,876 NET YIELD ON AVERAGE EARNING ASSETS 2.89% NET INTEREST SPREAD 2.38% (A) Loans are shown net of unearned discount. Interest on loans includes fees on loans which are not material in amount. (B) Interest income includes taxable-equivalent adjustments of $1,713 and $1,625 for the nine months ended September 30, 2005 and 2004, respectively. (C) Interest income includes taxable-equivalent adjustments of $1,185 and $1,255 for the nine months ended September 30, 2005 and 2004, respectively. (D) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (E) Southside Statutory Trust III Note: As of September 30, 2005 and 2004, loans totaling $1,211 and $1,185, 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) Nine Months Ended September 30, 2004 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (A) (B) $600,222 $27,428 6.10% Loans Held for Sale 3,190 134 5.61% Securities: Investment Securities (Taxable) (D) 44,863 741 2.21% Investment Securities (Tax-Exempt)(C)(D) 75,383 4,006 7.10% Mortgage-backed Securities (D) 628,673 19,401 4.12% Marketable Equity Securities 24,010 320 1.78% Interest Earning Deposits 652 5 1.02% Federal Funds Sold 8,638 60 0.93% Total Interest Earning Assets 1,385,631 52,095 5.02% NONINTEREST EARNING ASSETS: Cash and Due From Banks 37,900 Bank Premises and Equipment 30,639 Other Assets 39,701 Less: Allowance for Loan Loss (6,524) Total Assets $1,487,347 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $48,091 $152 0.42% Time Deposits 319,160 5,761 2.41% Interest Bearing Demand Deposits 279,930 1,311 0.63% Short-term Interest Bearing Liabilities 175,668 4,758 3.62% Long-term Interest Bearing Liabilities - FHLB Dallas 289,587 7,460 3.44% Long-term Debt (E) 20,619 664 4.23% Total Interest Bearing Liabilities 1,133,055 20,106 2.37% NONINTEREST BEARING LIABILITIES: Demand Deposits 240,652 Other Liabilities 9,757 Total Liabilities 1,383,464 SHAREHOLDERS' EQUITY 103,883 Total Liabilities and Shareholders' Equity $1,487,347 NET INTEREST INCOME $31,989 NET YIELD ON AVERAGE EARNING ASSETS 3.08% NET INTEREST SPREAD 2.65% (A) Loans are shown net of unearned discount. Interest on loans includes fees on loans which are not material in amount. (B) Interest income includes taxable-equivalent adjustments of $1,713 and $1,625 for the nine months ended September 30, 2005 and 2004, respectively. (C) Interest income includes taxable-equivalent adjustments of $1,185 and $1,255 for the nine months ended September 30, 2005 and 2004, respectively. (D) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (E) Southside Statutory Trust III Note: As of September 30, 2005 and 2004, loans totaling $1,211 and $1,185, 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) Quarter Ended September 30, 2005 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (A) (B) $671,882 $10,602 6.26% Loans Held for Sale 3,791 52 5.44% Securities: Investment Securities (Taxable) (D) 46,429 473 4.04% Investment Securities (Tax-Exempt) (C) (D) 63,334 1,138 7.13% Mortgage-backed Securities (D) 793,412 8,833 4.42% Marketable Equity Securities 28,366 283 3.96% Interest Earning Deposits 550 5 3.61% Federal Funds Sold 1,185 10 3.35% Total Interest Earning Assets 1,608,949 21,396 5.28% NONINTEREST EARNING ASSETS: Cash and Due From Banks 41,058 Bank Premises and Equipment 31,747 Other Assets 47,395 Less: Allowance for Loan Loss (6,914) Total Assets $1,722,235 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $50,857 $142 1.11% Time Deposits 361,048 2,981 3.28% Interest Bearing Demand Deposits 312,195 1,451 1.84% Short-term Interest Bearing Liabilities 310,463 2,721 3.48% Long-term Interest Bearing Liabilities - FHLB Dallas 259,245 2,416 3.70% Long-term Debt (E) 20,619 339 6.43% Total Interest Bearing Liabilities 1,314,427 10,050 3.03% NONINTEREST BEARING LIABILITIES: Demand Deposits 286,088 Other Liabilities 15,292 Total Liabilities 1,615,807 SHAREHOLDERS' EQUITY 106,428 Total Liabilities and Shareholders' Equity $1,722,235 NET INTEREST INCOME $11,346 NET YIELD ON AVERAGE EARNING ASSETS 2.80% NET INTEREST SPREAD 2.25% (A) Loans are shown net of unearned discount. Interest on loans includes fees on loans which are not material in amount. (B) Interest income includes taxable-equivalent adjustments of $582 and $557 for the third quarter ended September 30, 2005 and 2004, respectively. (C) Interest income includes taxable-equivalent adjustments of $376 and $429 for the third quarter ended September 30, 2005 and 2004, respectively. (D) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (E) Southside Statutory Trust III Note: As of September 30, 2005 and 2004, loans totaling $1,211 and $1,185, 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) Quarter Ended September 30, 2004 AVG. AVG. BALANCE INTEREST YIELD ASSETS INTEREST EARNING ASSETS: Loans (A) (B) $611,003 $9,247 6.02% Loans Held for Sale 4,067 45 4.40% Securities: Investment Securities (Taxable) (D) 41,896 244 2.32% Investment Securities (Tax-Exempt) (C) (D) 73,639 1,327 7.17% Mortgage-backed Securities (D) 670,539 7,157 4.25% Marketable Equity Securities 24,556 123 1.99% Interest Earning Deposits 573 1 0.69% Federal Funds Sold 1,304 5 1.53% Total Interest Earning Assets 1,427,577 18,149 5.06% NONINTEREST EARNING ASSETS: Cash and Due From Banks 37,728 Bank Premises and Equipment 30,674 Other Assets 40,766 Less: Allowance for Loan Loss (6,690) Total Assets $1,530,055 LIABILITIES AND SHAREHOLDERS' EQUITY INTEREST BEARING LIABILITIES: Savings Deposits $49,015 $57 0.46% Time Deposits 319,338 1,966 2.45% Interest Bearing Demand Deposits 277,401 488 0.70% Short-term Interest Bearing Liabilities 196,669 1,696 3.43% Long-term Interest Bearing Liabilities - FHLB Dallas 301,677 2,569 3.39% Long-term Debt (E) 20,619 239 4.54% Total Interest Bearing Liabilities 1,164,719 7,015 2.40% NONINTEREST BEARING LIABILITIES: Demand Deposits 252,296 Other Liabilities 8,834 Total Liabilities 1,425,849 SHAREHOLDERS' EQUITY 104,206 Total Liabilities and Shareholders' Equity $1,530,055 NET INTEREST INCOME $11,134 NET YIELD ON AVERAGE EARNING ASSETS 3.10% NET INTEREST SPREAD 2.66% (A) Loans are shown net of unearned discount. Interest on loans includes fees on loans which are not material in amount. (B) Interest income includes taxable-equivalent adjustments of $582 and $557 for the third quarter ended September 30, 2005 and 2004, respectively. (C) Interest income includes taxable-equivalent adjustments of $376 and $429 for the third quarter ended September 30, 2005 and 2004, respectively. (D) For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. (E) Southside Statutory Trust III Note: As of September 30, 2005 and 2004, loans totaling $1,211 and $1,185, 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: Susan Hill of Southside Bancshares, Inc., +1-903-531-7220, or Web site: http://www.southside.com/ http://www.southside.com/investor

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SBSI Schroder Bsc Social Impact Trust Plc