SBSI FY 2013 Earnings Report — Southside Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Southside Bancshares, Inc.SBSI

FY 2013 Earnings

Reported March 14, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$154M	—	$155M	—	-0.9%
Op. Income	$46M	—	$42M	—	9.4%
Gross Margin	82.5%	—	75.7%	—	6.8pp
Net Margin	26.8%	—	22.4%	—	4.4pp
EPS (Diluted)	$1.94	—	$1.61	—	20.5%
Free Cash Flow	$54M	—	$66M	—	-19.0%

Revenue Flow

Item	Amount
REVENUE	$154M
Cost of Revenue	$27M
GROSS PROFIT	$127M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$57M
SG&A Expenses	$60M
Other Expenses	$20M
Operating Expenses	$80M
Cost & Expenses	$107M
OPERATING INCOME	$46M
Interest Income	$120M
Interest Expense	$18M
Other Income/Expenses	$0
INCOME BEFORE TAX	$46M
Income Tax Expense	$5M
Net Income from Continuing Ops	$41M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$41M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$41M
D&A	$4M
EBIT	$46M
EBITDA	$50M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$154M
Cost of Revenue	$27M
GROSS PROFIT	$127M
R&D Expenses	$0
Selling & Marketing	$3M
General & Administrative	$57M
SG&A Expenses	$60M
Other Expenses	$20M
Operating Expenses	$80M
Cost & Expenses	$107M
OPERATING INCOME	$46M
Interest Income	$120M
Interest Expense	$18M
Other Income/Expenses	$0
INCOME BEFORE TAX	$46M
Income Tax Expense	$5M
Net Income from Continuing Ops	$41M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$41M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$41M
D&A	$4M
EBIT	$46M
EBITDA	$50M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$41M
Depreciation & Amortization	$4M
Stock-Based Compensation	$911.0K
Deferred Income Tax	-$1M
Other Non-Cash Items	$28M
Change in Working Capital	-$13M
OPERATING CASH FLOW	$60M
Capital Expenditure	-$6M
Acquisitions (Net)	$0
Purchases of Investments	-$1.6B
Sales/Maturities of Investments	$1.4B
Other Investing Activities	-$97M
NET CASH FROM INVESTING	-$368M
Net Debt Issuance	$53M
Common Stock Repurchased	-$2M
Common Dividends Paid	-$16M
Other Financing Activities	$176M
NET CASH FROM FINANCING	$212M
FREE CASH FLOW	$54M
Net Change in Cash	-$96M

Balance Sheet

Item	Amount
Cash & Equivalents	$54M
Short-Term Investments	$337M
Net Receivables	$22M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$414M
PP&E (Net)	$52M
Goodwill	$22M
Intangible Assets	$178.0K
Long-Term Investments	$2.8B
Tax Assets	$18M
Other Non-Current Assets	$97M
TOTAL NON-CURRENT ASSETS	$3.0B
TOTAL ASSETS	$3.4B
Account Payables	$0
Short-Term Debt	$74M
Deferred Revenue	$0
Other Current Liabilities	$2.5B
TOTAL CURRENT LIABILITIES	$2.6B
Long-Term Debt	$560M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$24M
TOTAL NON-CURRENT LIABILITIES	$584M
TOTAL LIABILITIES	$3.2B
Common Stock	$25M
Additional Paid-In Capital	$214M
Retained Earnings	$79M
Treasury Stock	-$38M
Accum. Other Comp. Income	-$21M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$260M
Minority Interest	$0
TOTAL EQUITY	$260M
TOTAL LIABILITIES & EQUITY	$3.4B
Total Debt	$633M
Net Debt	$579M