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Symbol: EVO
Security: Evotec SE
Related Stocks/Topics: Stocks
Title: Evotec SE - ADR Shares Close in on 52-Week Low - Market Mover
Type: News
Publication: Kwhen
Publication Author: Kwhen Finance Editors
Date: 2022-01-28
Article: Evotec SE - ADR ([EVO](https://kwhen.com/finance/profiles/EVO/summary))) shares closed today at 0.1% above its 52 week low of $19.13, giving the company a market cap of $6B. The stock is currently down 19.1% year-to-date, up 96.9% over the past 12 months, and up 96.9% over the past five years. This week, the Dow Jones Industrial Average fell 2.5%, and the S&P 500 fell 4.1%. **Trading Activity** - Trading volume this week was 59.0% lower than the 20-day average. - Beta, a measure of the stock’s volatility relative to the overall market stands at 0.0. **Technical Indicators** - The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought. - MACD, a trend-following momentum indicator, indicates a downward trend. - The stock closed above its Bollinger band, indicating it may be overbought. **Market Comparative Performance** - The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis - The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and beats it on a 5-year basis This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at [finance.kwhen.com](https://finance.kwhen.com/). Write to [[email protected]](mailto:[email protected]). © 2020 Kwhen Inc.
Stock Price 4 days before: 19.7063
Stock Price 2 days before: 19.4995
Stock Price 1 day before: 19.3161
Stock Price at release: 19.5425
Risk-Free Rate at release: 0.0004
| 14.544 |
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Symbol: DCGO
Security: DocGo Inc.
Related Stocks/Topics: Unknown
Title: DocGo Announces Record Preliminary Fourth Quarter 2021 Revenue
Type: Press Release
Publication: Symbol Press Release
Publication Author: Symbol
Date: 2022-01-28
Article: **Full year and fourth quarter revenue of $305.0 million and $107.8 million, respectively, more than triple versus prior year periods** NEW YORK--(BUSINESS WIRE)-- [DocGo](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.docgo.com%2F&esheet=52570319&newsitemid=20220128005115&lan=en-US&anchor=DocGo&index=1&md5=03c528a81550613960598f8fe37da6ac), (Nasdaq: DCGO), a leading provider of last-mile mobile health services and integrated medical mobility solutions, announced today select preliminary unaudited financial results for its fourth quarter ended December 31, 2021.“Our preliminary unaudited fourth quarter and full year results we are providing today reflect the increasing momentum of our business, specifically 246% revenue growth quarter-over-quarter and 224% growth for the full year over 2020,” said Stan Vashovsky, CEO of DocGo. “We are pleased with our fourth quarter results which excluding COVID related testing revenues reflect approximately 200% year over year growth in revenue, with ongoing positive momentum in the core business. We fill a significant void in the medical care continuum that is increasingly recognized by corporations, health systems and government agencies, and we are excited by the opportunities that are ahead of us in 2022. I look forward to a very successful year.”“It is worth noting that on a go forward basis, we do not intend to provide select preliminary results on a regular basis and will instead report complete financial and operating results in our regularly scheduled quarterly earnings releases,” Mr. Vashovsky concluded. **Preliminary Fourth Quarter Financial Highlights** - On a preliminary basis, total revenue was $107.8 million in the fourth quarter of 2021, representing record quarterly revenue for the seventh consecutive quarter for DocGo, and a 246% increase from $31.2 million in the fourth quarter of 2020. - Results were aided by the inclusion of revenues from several large new and expanded Mobile Health contracts. - On a preliminary basis, Mobile Health revenue increased to approximately $89.6 million in the fourth quarter of 2021, compared to $15.8 million in the prior-year period. Medical transport revenue was approximately $18.2 million, up 18% from $15.4 million in Q4 of 2020. - On a preliminary basis, DocGo's net income was $2.5 million in the fourth quarter of 2021, which represents a substantial improvement over the net loss of $4.4 million in the fourth quarter of last year. Adjusted EBITDA grew to approximately $5.4 million in the fourth quarter of 2021 even with significant investments made in regional expansion and personnel, versus an Adjusted EBITDA loss of $2.9 million in the prior-year period. - For the full year, on a preliminary basis, DocGo generated $305 million in revenue in 2021, an increase of 224% from $94.1 million in 2020. Mobile Health revenue increased to approximately $221.1 million in 2021, compared to $31 million in 2020. Medical transport revenue was approximately $83.9 million in 2021, up 33% from $63.1 million in 2020. - On a preliminary basis, DocGo's net income was $1.4 million for the full year 2021, which represents a substantial improvement over the net loss of $14.8 million in 2020. Adjusted EBITDA grew to approximately $13.0 million in 2021 even with significant investments made in regional expansion and personnel, versus an Adjusted EBITDA loss of $8.1 million in 2020. - The company expects to report full year 2021 audited results in late February or early March and expects to provide formal 2022 guidance at that time. **Recent Business Highlights** - All municipal testing programs will extend into 2022 and signed several new agreements to expand those services. - Expanded mobile health services in several markets, including offering monoclonal antibody treatments in the state of Nevada. - To meet the growing demand for services, hired 926 new employees in Q4 2021, bringing total hires for calendar year 2021 to 2,340, and total number of medical providers and agency staff to over 3,877 as of year end. - Named Aaron Severs as Chief Product Officer to lead consumer product strategy, and spearhead development of a comprehensive B2C offering. - Launched tuition-free training programs for our clinicians, EMS workers and healthcare professionals to improve employee recruitment and retention efforts. The foregoing unaudited preliminary financial results represent the most current information available to DocGo and are based on calculations or figures prepared internally that have not yet been reviewed by DocGo’s independent registered public accounting firm. Actual fourth quarter and year-to-date financial results may be materially different from the preliminary results described above and are subject to the risk factors and uncertainties identified in this press release and in the filings with the Securities and Exchange Commission (SEC) made by DocGo. **About DocGo** DocGo is a leading provider of last-mile Mobile Health services and integrated medical mobility solutions. DocGo is disrupting the traditional four-wall healthcare system by providing care at the scale of humanity. DocGo's innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient's home or workplace. Together with DocGo's integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit [www.docgo.com](https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.docgo.com&esheet=52570319&newsitemid=20220128005115&lan=en-US&anchor=www.docgo.com&index=2&md5=d3e07176f187f3f7af2b4eb88b0ceb33). **Cautionary Statement Regarding Preliminary Estimated Results** The financial results for DocGo’s fourth quarter ended December 31, 2021, are preliminary, unaudited and subject to finalization. They reflect DocGo management's current views and may change as a result of DocGo's further review of results and other factors, including a wide variety of significant business, economic and competitive risks and uncertainties. Such preliminary results should not be viewed as a substitute for full quarterly financial statements and accompanying footnotes prepared in accordance with GAAP. DocGo cautions you that these preliminary results are not guarantees of future performance or outcomes, and that actual results may differ materially from those described above. For more information regarding factors that could cause actual results to differ from those described above, please see "Cautionary Statement Regarding Forward-Looking Statements" below.The preliminary third quarter financial results have been prepared by, and are the responsibility of, DocGo's management. DocGo's independent registered public accounting firm has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary estimated financial information, and does not express an opinion or any other form of assurance with respect thereto. **Cautionary Statement Regarding Forward-Looking Statements** This announcement contains forward-looking statements (including within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended) concerning DocGo. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and products, (ii) our competitive position and opportunities, and (iii) other statements identified by words such as "may", "will", "expect", "intend", "plan", "potential", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "predict" "project", "aim", "goal", "outlook", "guidance", and similar words, phrases or expressions. These forward-looking statements are based on management's current expectations and beliefs, as well as assumptions made by, and information currently available to, management, and current market trends and conditions. Forward-looking statements inherently involve risks and uncertainties, many of which are beyond our control, and which may cause actual results to differ materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect current or future results include possible accounting adjustments made in the process of finalizing reported financial results; any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; pricing declines; rates of growth in our target markets; our ability to improve gross margins; cost-containment measures; legislative and regulatory actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of information technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; and the ability of the company to comply with laws and regulations regarding data privacy and protection. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise. **Non-GAAP Financial Measure**"GAAP" refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This announcement includes Adjusted EBITDA, a measure calculated other than in accordance with GAAP. This non-GAAP financial measure is provided in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. DocGo defines Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization, stock-based compensation, litigation provisions and merger-related expenses. Internally, this non-GAAP measure is used by management for purposes of evaluating DocGo's core operating performance, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts, strategic planning, evaluating and valuing potential acquisition candidates, and benchmarking performance externally against competitors. DocGo believes this non-GAAP financial information provides additional insight into our financial performance and future prospects of the company's core business and have therefore chosen to provide this information to investors to help them evaluate our results of operations and enhance the ability to make period-to-period comparisons. Other companies, including companies in our industry, may not use Adjusted EBITDA or may calculate it differently than as presented below, limiting Its usefulness as a comparative measure. In evaluating these non-GAAP measures, you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments made in the calculations of Adjusted EBITDA and our presentation of it herein should not be construed to mean that our future results will be unaffected by such adjustments. \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|} \hline Reconciliation of Net Income to Adjusted EBITDA \\ \hline & & \\ \hline & Q4 & YTD \\ \hline & & 2020 & & 2021 & & & 2020 & & 2021 & \\ \hline Net income/(loss) (GAAP) & & -$4.4 & & $2.5 & & & -$14.8 & & $1.4 & \\ \hline (+) Net Interest/expense/ (income) & & -$0.2 & & $0.2 & & & $0.2 & & $1.0 & \\ \hline (+) Income tax & & $0.1 & & $0.3 & & & $0.2 & & $0.6 & \\ \hline (+) Depreciation & amortization & & $1.4 & & $2.2 & & & $5.4 & & $7.8 & \\ \hline & & & & & & & & & & \\ \hline EBITDA & & -$3.1 & & $5.2 & & & -$9.0 & & $10.8 & \\ \hline & & & & & & & & & & \\ \hline (+) Non-cash stock compensation & & $0.2 & & $0.1 & & & $0.7 & & $1.3 & \\ \hline (+) Non-recurring expense & & $0.0 & & $0.1 & & & $0.2 & & $0.9 & \\ \hline Adjusted EBITDA & & -$2.9 & & $5.4 & & & -$8.1 & & $13.0 & \\ \hline \end{table} [Image](https://cts.businesswire.com/ct/CT?id=bwnews&sty=20220128005115r1&sid=acqr8&distro=nx&lang=en) View source version on [businesswire.com](http://businesswire.com/):[https://www.businesswire.com/news/home/20220128005115/en/](https://www.businesswire.com/news/home/20220128005115/en/) **Investors:**Steve Halper LifeSci Advisors 646-876-6455 [[email protected] ](mailto:[email protected]) [[email protected]](mailto:[email protected])**Media:**Natalie Weddle Crowe PR [[email protected] ](mailto:[email protected])(646) 916-5314 Source: DocGo
Stock Price 4 days before: 6.20016
Stock Price 2 days before: 3.76494
Stock Price 1 day before: 6.28974
Stock Price at release: 6.10354
Risk-Free Rate at release: 0.0004
| 6.90499 |
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Symbol: SBSI
Security: Southside Bancshares, Inc.
Related Stocks/Topics: Unknown
Title: Southside Bancshares, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2021
Type: Press Release
Publication: Symbol Press Release
Publication Author: Symbol
Date: 2022-01-28
Article: - **Fourth quarter net income of $28.7 million;** - **Record annual net income of $113.4 million, an increase of 38.0%, compared to the same period in 2020;** - **Annualized linked quarter loan growth, net of Paycheck Protection Program (“PPP”) loans, of 3.8%;** - **Annualized linked quarter deposit growth, net of brokered deposits, of 15.9%;** - **Linked quarter net interest margin increased to 3.23%**; - **Annualized return on fourth quarter average assets of 1.57%;** - **Annualized return on fourth quarter average tangible common equity of 16.80%****(1)****; and** - **Nonperforming assets decreased to 0.16% of total assets. ** TYLER, Texas, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter and year ended December 31, 2021. Southside reported net income of $28.7 million for the three months ended December 31, 2021, a decrease of $0.9 million, or 3.0%, compared to $29.6 million for the same period in 2020. Earnings per diluted common share were $0.88 for the three months ended December 31, 2021, compared to $0.89 for the same period in 2020. The annualized return on average shareholders’ equity for the three months ended December 31, 2021 was 12.67%, compared to 13.77% for the same period in 2020. The annualized return on average assets was 1.57% for the three months ended December 31, 2021, compared to 1.64% for the same period in 2020. “We reported exceptional financial results for 2021, thanks to the outstanding performance of the Southside team. Highlights included record net income of $113.4 million, a 1.59% return on average assets, a 17.04% return on average tangible common equity, an increase in our net interest margin to 3.16% and continued strong asset quality,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “During 2021, we increased the cash dividend per share 5.4% and reduced the efficiency ratio(1) to 49.03%. In addition, deposits increased $790 million, or 16%, and loans, net of PPP loans, increased $171.2 million, or 5%.” “As we enter 2022, we do so with a strong balance sheet, capital levels and credit metrics that we believe position us well for continued success. Our loan pipeline is strong, and we anticipate first quarter payoffs will be significantly less than we experienced during the fourth quarter. We remain encouraged by the continued strong economic conditions in the market areas we serve.” Operating Results for the Three Months Ended December 31, 2021 Net income was $28.7 million for the three months ended December 31, 2021, compared to $29.6 million for the same period in 2020, a decrease of $0.9 million, or 3.0%. Earnings per diluted common share were $0.88 and $0.89 for the three months ended December 31, 2021 and 2020, respectively. The decrease in net income was primarily a result of a decrease in the reversal of provision for credit losses and an increase in income tax expense, partially offset by increases in noninterest income and net interest income. Annualized returns on average assets and average shareholders’ equity for the three months ended December 31, 2021 were 1.57% and 12.67%, respectively, compared to 1.64% and 13.77%, respectively, for the three months ended December 31, 2020. Our efficiency ratio and tax equivalent efficiency ratio(1) were 50.34% and 47.61%, respectively, for the three months ended December 31, 2021, compared to 49.86% and 47.36%, respectively, for the three months ended December 31, 2020, and 50.64% and 47.92%, respectively, for the three months ended September 30, 2021. Net interest income for the three months ended December 31, 2021 was $49.4 million, compared to $48.7 million for the same period in 2020, an increase of 1.4%. The increase in net interest income compared to the same period in 2020 was due to the decrease in interest expense on our interest bearing liabilities due to the decline in the average balance and overall rate paid on our interest bearing liabilities, partially offset by the decrease in interest income, a result of a decrease in the interest income from PPP loans during the three months ended December 31, 2021. Linked quarter, net interest income increased $1.2 million, or 2.5%, compared to $48.2 million during the three months ended September 30, 2021. The increase in net interest income was primarily due to a decrease in the average rate and balance on our interest bearing liabilities. Our net interest margin and tax equivalent net interest margin(1) increased to 3.01% and 3.23%, respectively, for the three months ended December 31, 2021, compared to 3.00% and 3.20%, respectively, for the same period in 2020. Linked quarter, net interest margin increased 5 basis points from 2.96% and tax equivalent net interest margin(1) increased 7 basis points from 3.16% for the three months ended September 30, 2021. Noninterest income was $12.0 million for the three months ended December 31, 2021, an increase of $1.1 million, or 10.2%, compared to $10.9 million for the same period in 2020. The increase was due to increases in net gain on sale of securities available for sale (“AFS”), deposit services income, brokerage services income and trust fees, partially offset by a decrease in gain on sale of loans. On a linked quarter basis, noninterest income decreased $0.8 million, or 5.9%, compared to the three months ended September 30, 2021. The decrease was due to a decrease in net gain on sale of securities AFS. Noninterest expense was $31.3 million for the three months ended December 31, 2021 and December 31, 2020. On a linked quarter basis, noninterest expense decreased $0.4 million, or 1.4%, compared to the three months ended September 30, 2021, due to the $1.1 million loss on the redemption of subordinated notes during the third quarter. Income tax expense increased $0.5 million for the three months ended December 31, 2021 compared to the same period in 2020. On a linked quarter basis, income tax expense decreased $0.2 million, or 3.3%. Our effective tax rate (“ETR”) increased to 14.4% for the three months ended December 31, 2021, compared to 12.6% for the three months ended December 31, 2020, primarily a result of the increase in the annual ETR. Linked quarter, our ETR decreased slightly from 14.5% for the three months ended September 30, 2021, primarily due to a discrete tax benefit recorded in connection with equity award transactions. Operating Results for the Year Ended December 31, 2021 Net income was $113.4 million for the year ended December 31, 2021, compared to $82.2 million for the same period in 2020, an increase of $31.2 million, or 38.0%. Earnings per diluted common share were $3.47 for the year ended December 31, 2021, compared to $2.47 for the same period in 2020, an increase of 40.5%. The increase in net income was a direct result of a reversal of the provision for credit losses compared to a large increase in the allowance for credit losses for the same period in 2020. Returns on average assets and average shareholders’ equity for the year ended December 31, 2021 were 1.59% and 12.77%, respectively, compared to 1.14% and 9.91%, respectively, for the year ended December 31, 2020. Our efficiency ratio and tax equivalent efficiency ratio(1) were 51.74% and 49.03%, respectively, for the year ended December 31, 2021, compared to 51.85% and 49.36%, respectively, for the year ended December 31, 2020. Net interest income was $189.6 million for the year ended December 31, 2021, compared to $187.3 million for the same period in 2020, due to the decrease in interest expense on our interest bearing liabilities, partially offset by the decrease in interest income, both primarily a result of an overall decline in interest rates. Our net interest margin and tax equivalent net interest margin(1) were 2.96% and 3.16%, respectively, for the year ended December 31, 2021, compared to 2.89% and 3.07%, respectively, for the same period in 2020. The increase in net interest margin was due to lower average rates and balances on our interest bearing liabilities, partially offset by a lower average yield on our interest earning assets during the year ended December 31, 2021. Noninterest income was $49.3 million for the year ended December 31, 2021, a decrease of 0.8%, compared to $49.7 million for the same period in 2020. The decrease was due to decreases in net gain on sale of securities AFS and gain on sale of loans, partially offset by increases in deposit services income, other noninterest income, brokerage services income and trust fees. Noninterest expense was $125.0 million for the year ended December 31, 2021, compared to $123.3 million for the same period in 2020, an increase of $1.7 million, or 1.4%. The increase was the result of increases in salaries and employee benefits, a loss on the redemption of subordinated notes, increases in software and data processing expense and FDIC insurance, partially offset by decreases in other noninterest expense and amortization of intangibles. Income tax expense increased $6.1 million, or 53.7%, for the year ended December 31, 2021, compared to the same period in 2020. Our ETR was approximately 13.3% and 12.1% for the year ended December 31, 2021 and 2020, respectively. The higher ETR for the year ended December 31, 2021, as compared to the same period in 2020, was primarily due to a decrease in tax-exempt income as a percentage of pre-tax income. Balance Sheet Data At December 31, 2021, we had $7.26 billion in total assets, compared to $7.01 billion at December 31, 2020 and $7.14 billion at September 30, 2021. Loans at December 31, 2021 were $3.65 billion, a decrease of $12.6 million, or 0.3%, compared to $3.66 billion at December 31, 2020. Our PPP loans, a component of the commercial loan category, decreased $183.8 million during the year due to forgiveness payments received for loans funded under the Coronavirus Aid, Relief, and Economic Security Act. Excluding PPP loans, total loans increased $171.2 million, or 5.0%, due to increases of $302.4 million in commercial real estate loans, $45.7 million in commercial loans (excluding PPP loans) and $34.1 million in municipal loans. The increases were partially offset by decreases of $134.1 million in construction loans, $68.8 million in 1-4 family residential loans and $8.1 million in loans to individuals. Excluding a $36.5 million decrease in PPP loans during the quarter, linked quarter loans increased $34.0 million, or 1.0%, due to increases of $25.8 million in construction loans, $15.8 million in municipal loans and $11.7 million in commercial loans (excluding PPP loans). This was partially offset by decreases of $9.5 million in 1-4 family loans, $7.0 million in commercial real estate loans and $2.8 million in loans to individuals. Securities at December 31, 2021 were $2.86 billion, an increase of $158.8 million, or 5.9%, compared to $2.70 billion at December 31, 2020. Linked quarter, securities increased $9.5 million, or 0.3%, from $2.85 billion at September 30, 2021. Deposits at December 31, 2021 were $5.72 billion, an increase of $790.0 million, or 16.0%, compared to $4.93 billion at December 31, 2020. Linked quarter, deposits increased $390.7 million, or 7.3%, from $5.33 billion at September 30, 2021. During the three months ended December 31, 2021, brokered deposits increased $181.3 million, or 159.8%, associated with funding our cash flow hedge swaps in place of the Federal Home Loan Bank advances to obtain lower cost funding. Asset Quality Nonperforming assets at December 31, 2021 were $11.6 million, or 0.16% of total assets, a decrease of $5.9 million, or 33.6%, compared to $17.5 million, or 0.25% of total assets, at December 31, 2020, and a decrease from $12.4 million, or 0.17% of total assets, at September 30, 2021. During the three months ended December 31, 2021, nonaccrual loans decreased $0.5 million, or 15.8%. The allowance for loan losses decreased to $35.3 million, or 0.97% of total loans, at December 31, 2021, compared to $49.0 million, or 1.34% of total loans, at December 31, 2020. The decrease was primarily due to an improved economic forecast and improved asset quality. The allowance for loan losses was $38.0 million, or 1.04% of total loans, at September 30, 2021. The decrease compared to the end of the third quarter was primarily due to an improved forecast for commercial real estate, as well as the impact of loan payoffs on the allowance. We recorded a reversal of provision for credit losses for loans of $2.7 million, $5.9 million and $4.4 million for the three month periods ended December 31, 2021, 2020, and September 30, 2021, respectively. Net charge-offs were $34,000 for the three months ended December 31, 2021, compared to net charge-offs of $0.2 million for the three months ended December 31, 2020 and $0.5 million of net charge-offs for the three months ended September 30, 2021. Net charge-offs were $0.8 million for the year ended December 31, 2021, compared to $1.2 million for the year ended December 31, 2020. We recorded a reversal of provision for credit losses for off-balance-sheet credit exposures of $0.7 million for the three months ended December 31, 2021, as compared to a provision of $0.4 million for the three months ended December 31, 2020 and a reversal of provision of $0.7 million for the three months ended September 30, 2021. For the year ended December 31, 2021, we recorded a reversal of provision of $4.0 million, compared to a provision for credit losses for off-balance-sheet credit exposures of $0.1 million for the year ended December 31, 2020. The balance of the allowance for off-balance-sheet credit exposures at December 31, 2021 was $2.4 million and is included in other liabilities. Dividend Southside Bancshares, Inc. declared a fourth quarter cash dividend of $0.33 and a special cash dividend of $0.06 per share on November 4, 2021, which was paid on December 9, 2021, to all shareholders of record as of November 24, 2021. _______________ \begin{table}{|c|c|} \hline (1) & Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. \\ \hline \end{table} Conference Call Southside's management team will host a conference call to discuss its fourth quarter and year ended December 31, 2021 financial results on Friday, January 28, 2022 at 11:00 a.m. CST. The call can be accessed by dialing 844-775-2540 and by identifying the conference ID number 5753376 or by identifying “Southside Bancshares, Inc., Fourth Quarter and Year End 2021 Earnings Call.” To listen to the call via webcast, register at [https://investors.southside.com](https://investors.southside.com/). For those unable to listen to the conference call live, a recording will be available from approximately 2:00 p.m. CST January 28, 2022 through 2:00 p.m. CST February 9, 2022 by accessing the company website, [https://investors.southside.com](https://investors.southside.com/). Non-GAAP Financial Measures Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE).Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe this measure to be the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread. Efficiency ratio (FTE).The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio. These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure. Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables. A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables. About Southside Bancshares, Inc. Southside Bancshares, Inc. is a bank holding company with approximately $7.26 billion in assets as of December 31, 2021, that owns 100% of Southside Bank. Southside Bank currently has 56 branches in Texas and operates a network of 73 ATMs/ITMs. To learn more about Southside Bancshares, Inc., please visit our investor relations website at [https://investors.southside.com](https://investors.southside.com/). 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 Lindsey Bailes at (903) 630-7965, or [[email protected]](mailto:[email protected]). Forward-Looking Statements Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor 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,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “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 our expansion, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company's ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates, tax reform, inflation and other economic factors 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. Accordingly, our results could materially differ from those that have been estimated. The most recent factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the negative impact of the COVID-19 pandemic and related variants on our business, financial position, operations and prospects, including our ability to continue our business activities in certain communities we serve, the duration of the pandemic and its continued effects on financial markets, a reduction in financial transactions and business activities resulting in decreased deposits and reduced loan originations, increases in unemployment rates impacting our borrowers’ ability to repay their loans, our ability to manage liquidity in a rapidly changing and unpredictable market, additional interest rate changes by the Federal Reserve and other government actions in response to the pandemic, including regulations or laws enacted to counter the effects of the COVID-19 pandemic on the economy. 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, 2020, under “Part I - Item 1. Forward Looking Information” 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. **Southside Bancshares, Inc. ****Consolidated Financial Summary (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & As of \\ \hline & & 2021 & & & & 2020 & \\ \hline & Dec 31, & & Sep 30, & & Jun 30, & & Mar 31, & & Dec 31, \\ \hline ASSETS & & & & & & & & & \\ \hline Cash and due from banks & $ & 91,120 & & & $ & 83,346 & & & $ & 92,047 & & & $ & 78,304 & & & $ & 87,357 & \\ \hline Interest earning deposits & & 110,633 & & & & 3,787 & & & & 36,441 & & & & 29,319 & & & & 21,051 & \\ \hline Securities available for sale, at estimated fair value & & 2,764,325 & & & & 2,753,104 & & & & 2,766,035 & & & & 2,546,924 & & & & 2,587,305 & \\ \hline Securities held to maturity, at net carrying value & & 90,780 & & & & 92,479 & & & & 94,850 & & & & 98,159 & & & & 108,998 & \\ \hline Total securities & & 2,855,105 & & & & 2,845,583 & & & & 2,860,885 & & & & 2,645,083 & & & & 2,696,303 & \\ \hline Federal Home Loan Bank stock, at cost & & 14,375 & & & & 27,248 & & & & 28,081 & & & & 18,754 & & & & 25,259 & \\ \hline Loans held for sale & & 1,684 & & & & 1,131 & & & & 2,510 & & & & 2,615 & & & & 3,695 & \\ \hline Loans & & 3,645,162 & & & & 3,647,585 & & & & 3,642,346 & & & & 3,716,598 & & & & 3,657,779 & \\ \hline Less: Allowance for loan losses & & (35,273 & ) & & & (38,022 & ) & & & (42,913 & ) & & & (41,454 & ) & & & (49,006 & ) \\ \hline Net loans & & 3,609,889 & & & & 3,609,563 & & & & 3,599,433 & & & & 3,675,144 & & & & 3,608,773 & \\ \hline Premises & equipment, net & & 142,509 & & & & 142,736 & & & & 142,835 & & & & 144,628 & & & & 144,576 & \\ \hline Goodwill & & 201,116 & & & & 201,116 & & & & 201,116 & & & & 201,116 & & & & 201,116 & \\ \hline Other intangible assets, net & & 6,895 & & & & 7,553 & & & & 8,248 & & & & 8,978 & & & & 9,744 & \\ \hline Bank owned life insurance & & 131,232 & & & & 130,522 & & & & 116,886 & & & & 116,209 & & & & 115,583 & \\ \hline Other assets & & 95,044 & & & & 83,106 & & & & 93,926 & & & & 78,736 & & & & 94,770 & \\ \hline Total assets & $ & 7,259,602 & & & $ & 7,135,691 & & & $ & 7,182,408 & & & $ & 6,998,886 & & & $ & 7,008,227 & \\ \hline & & & & & & & & & \\ \hline LIABILITIES AND SHAREHOLDERS' EQUITY & & & & & & & & & \\ \hline Noninterest bearing deposits & $ & 1,644,775 & & & $ & 1,596,781 & & & $ & 1,501,120 & & & $ & 1,383,371 & & & $ & 1,354,815 & \\ \hline Interest bearing deposits & & 4,077,552 & & & & 3,734,874 & & & & 3,655,047 & & & & 3,709,272 & & & & 3,577,507 & \\ \hline Total deposits & & 5,722,327 & & & & 5,331,655 & & & & 5,156,167 & & & & 5,092,643 & & & & 4,932,322 & \\ \hline Other borrowings and Federal Home Loan Bank borrowings & & 367,257 & & & & 679,928 & & & & 745,151 & & & & 687,845 & & & & 855,699 & \\ \hline Subordinated notes, net of unamortized debtissuance costs & & 98,534 & & & & 98,500 & & & & 197,312 & & & & 197,268 & & & & 197,251 & \\ \hline Trust preferred subordinated debentures, net of unamortized debt issuance costs & & 60,260 & & & & 60,259 & & & & 60,258 & & & & 60,256 & & & & 60,255 & \\ \hline Other liabilities & & 99,052 & & & & 87,483 & & & & 129,120 & & & & 102,277 & & & & 87,403 & \\ \hline Total liabilities & & 6,347,430 & & & & 6,257,825 & & & & 6,288,008 & & & & 6,140,289 & & & & 6,132,930 & \\ \hline Shareholders' equity & & 912,172 & & & & 877,866 & & & & 894,400 & & & & 858,597 & & & & 875,297 & \\ \hline Total liabilities and shareholders' equity & $ & 7,259,602 & & & $ & 7,135,691 & & & $ & 7,182,408 & & & $ & 6,998,886 & & & $ & 7,008,227 & \\ \hline & & & & & & & & & & & & & & & & & & & \\ \hline \end{table} **Southside Bancshares, Inc. ****Consolidated Financial Highlights (Unaudited)****(Dollars and shares in thousands, except per share data)** \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & Three Months Ended \\ \hline & & 2021 & & & & 2020 & \\ \hline & Dec 31, & & Sep 30, & & Jun 30, & & Mar 31, & & Dec 31, \\ \hline Income Statement: & & & & & & & & & \\ \hline Total interest income & $ & 54,760 & & & $ & 55,076 & & & $ & 52,586 & & & $ & 53,565 & & & $ & 56,904 & \\ \hline Total interest expense & & 5,359 & & & & 6,870 & & & & 6,939 & & & & 7,262 & & & & 8,197 & \\ \hline Net interest income & & 49,401 & & & & 48,206 & & & & 45,647 & & & & 46,303 & & & & 48,707 & \\ \hline Provision for (reversal of) credit losses & & (3,421 & ) & & & (5,071 & ) & & & 1,677 & & & & (10,149 & ) & & & (5,545 & ) \\ \hline Net interest income after provision for (reversal of) credit losses & & 52,822 & & & & 53,277 & & & & 43,970 & & & & 56,452 & & & & 54,252 & \\ \hline Noninterest income & & & & & & & & & \\ \hline Deposit services & & 6,855 & & & & 6,779 & & & & 6,609 & & & & 6,125 & & & & 6,419 & \\ \hline Net gain (loss) on sale of securities available for sale & & 463 & & & & 1,381 & & & & 15 & & & & 2,003 & & & & (24 & ) \\ \hline Gain on sale of loans & & 356 & & & & 299 & & & & 393 & & & & 593 & & & & 848 & \\ \hline Trust fees & & 1,586 & & & & 1,494 & & & & 1,496 & & & & 1,383 & & & & 1,354 & \\ \hline Bank owned life insurance & & 710 & & & & 637 & & & & 645 & & & & 626 & & & & 655 & \\ \hline Brokerage services & & 907 & & & & 846 & & & & 850 & & & & 780 & & & & 628 & \\ \hline Other & & 1,134 & & & & 1,333 & & & & 925 & & & & 2,113 & & & & 1,020 & \\ \hline Total noninterest income & & 12,011 & & & & 12,769 & & & & 10,933 & & & & 13,623 & & & & 10,900 & \\ \hline Noninterest expense & & & & & & & & & \\ \hline Salaries and employee benefits & & 20,067 & & & & 19,777 & & & & 20,004 & & & & 20,044 & & & & 19,609 & \\ \hline Net occupancy & & 3,541 & & & & 3,532 & & & & 3,606 & & & & 3,560 & & & & 3,795 & \\ \hline Advertising, travel & entertainment & & 876 & & & & 579 & & & & 475 & & & & 437 & & & & 504 & \\ \hline ATM expense & & 345 & & & & 311 & & & & 272 & & & & 238 & & & & 290 & \\ \hline Professional fees & & 849 & & & & 1,135 & & & & 1,040 & & & & 991 & & & & 986 & \\ \hline Software and data processing & & 1,454 & & & & 1,503 & & & & 1,406 & & & & 1,312 & & & & 1,220 & \\ \hline Communications & & 544 & & & & 552 & & & & 612 & & & & 525 & & & & 490 & \\ \hline FDIC insurance & & 464 & & & & 454 & & & & 435 & & & & 454 & & & & 456 & \\ \hline Amortization of intangibles & & 658 & & & & 695 & & & & 730 & & & & 766 & & & & 825 & \\ \hline Loss on redemption of subordinated notes & & — & & & & 1,118 & & & & — & & & & — & & & & — & \\ \hline Other & & 2,536 & & & & 2,107 & & & & 2,119 & & & & 2,907 & & & & 3,140 & \\ \hline Total noninterest expense & & 31,334 & & & & 31,763 & & & & 30,699 & & & & 31,234 & & & & 31,315 & \\ \hline Income before income tax expense & & 33,499 & & & & 34,283 & & & & 24,204 & & & & 38,841 & & & & 33,837 & \\ \hline Income tax expense & & 4,812 & & & & 4,977 & & & & 2,887 & & & & 4,750 & & & & 4,265 & \\ \hline Net income & $ & 28,687 & & & $ & 29,306 & & & $ & 21,317 & & & $ & 34,091 & & & $ & 29,572 & \\ \hline & & & & & & & & & \\ \hline Common Share Data: & & & \\ \hline Weighted-average basic shares outstanding & & 32,311 & & & & 32,465 & & & & 32,632 & & & & 32,829 & & & & 33,055 & \\ \hline Weighted-average diluted shares outstanding & & 32,487 & & & & 32,556 & & & & 32,799 & & & & 32,937 & & & & 33,125 & \\ \hline Common shares outstanding end of period & & 32,352 & & & & 32,273 & & & & 32,675 & & & & 32,659 & & & & 32,951 & \\ \hline Earnings per common share & & & & & & & & & \\ \hline Basic & $ & 0.89 & & & $ & 0.90 & & & $ & 0.65 & & & $ & 1.04 & & & $ & 0.89 & \\ \hline Diluted & & 0.88 & & & & 0.90 & & & & 0.65 & & & & 1.04 & & & & 0.89 & \\ \hline Book value per common share & & 28.20 & & & & 27.20 & & & & 27.37 & & & & 26.29 & & & & 26.56 & \\ \hline Tangible book value per common share (1) & & 21.77 & & & & 20.74 & & & & 20.97 & & & & 19.86 & & & & 20.16 & \\ \hline Cash dividends paid per common share & & 0.39 & & & & 0.33 & & & & 0.33 & & & & 0.32 & & & & 0.37 & \\ \hline & & & & & & & & & \\ \hline Selected Performance Ratios: & & & & & & & & & \\ \hline Return on average assets & & 1.57 & % & & & 1.61 & % & & & 1.20 & % & & & 1.99 & % & & & 1.64 & % \\ \hline Return on average shareholders’ equity & & 12.67 & & & & 12.89 & & & & 9.73 & & & & 15.82 & & & & 13.77 & \\ \hline Return on average tangible common equity (1) & & 16.80 & & & & 17.10 & & & & 13.13 & & & & 21.22 & & & & 18.71 & \\ \hline Average yield on earning assets (FTE) (1) & & 3.55 & & & & 3.59 & & & & 3.49 & & & & 3.67 & & & & 3.70 & \\ \hline Average rate on interest bearing liabilities & & 0.46 & & & & 0.59 & & & & 0.60 & & & & 0.64 & & & & 0.68 & \\ \hline Net interest margin (FTE) (1) & & 3.23 & & & & 3.16 & & & & 3.06 & & & & 3.20 & & & & 3.20 & \\ \hline Net interest spread (FTE) (1) & & 3.09 & & & & 3.00 & & & & 2.89 & & & & 3.03 & & & & 3.02 & \\ \hline Average earning assets to average interest bearing liabilities & & 141.21 & & & & 138.86 & & & & 137.85 & & & & 135.56 & & & & 133.56 & \\ \hline Noninterest expense to average total assets & & 1.72 & & & & 1.75 & & & & 1.73 & & & & 1.82 & & & & 1.74 & \\ \hline Efficiency ratio (FTE) (1) & & 47.61 & & & & 47.92 & & & & 50.31 & & & & 50.44 & & & & 47.36 & \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Consolidated Financial Highlights (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & Three Months Ended \\ \hline & & 2021 & & & & 2020 & \\ \hline & Dec 31, & & Sep 30, & & Jun 30, & & Mar 31, & & Dec 31, \\ \hline Nonperforming Assets: & $ & 11,609 & & & $ & 12,424 & & & $ & 15,269 & & & $ & 15,367 & & & $ & 17,480 & \\ \hline Nonaccrual loans & & 2,536 & & & & 3,013 & & & & 5,154 & & & & 5,314 & & & & 7,714 & \\ \hline Accruing loans past due more than 90 days & & — & & & & — & & & & — & & & & — & & & & — & \\ \hline Troubled debt restructured loans & & 9,073 & & & & 9,371 & & & & 9,549 & & & & 9,641 & & & & 9,646 & \\ \hline Other real estate owned & & — & & & & 25 & & & & 566 & & & & 412 & & & & 106 & \\ \hline Repossessed assets & & — & & & & 15 & & & & — & & & & — & & & & 14 & \\ \hline & & & & & & & & & \\ \hline Asset Quality Ratios: & & & & & & & & & \\ \hline Ratio of nonaccruing loans to: & & & & & & & & & \\ \hline Total loans & & 0.07 & % & & & 0.08 & % & & & 0.14 & % & & & 0.14 & % & & & 0.21 & % \\ \hline Ratio of nonperforming assets to: & & & & & & & & & \\ \hline Total assets & & 0.16 & & & & 0.17 & & & & 0.21 & & & & 0.22 & & & & 0.25 & \\ \hline Total loans & & 0.32 & & & & 0.34 & & & & 0.42 & & & & 0.41 & & & & 0.48 & \\ \hline Total loans and OREO & & 0.32 & & & & 0.34 & & & & 0.42 & & & & 0.41 & & & & 0.48 & \\ \hline Total loans, excluding PPP loans, and OREO & & 0.32 & & & & 0.35 & & & & 0.43 & & & & 0.44 & & & & 0.51 & \\ \hline Ratio of allowance for loan losses to: & & & & & & & & & \\ \hline Nonaccruing loans & & 1,390.89 & & & & 1,261.93 & & & & 832.62 & & & & 780.09 & & & & 635.29 & \\ \hline Nonperforming assets & & 303.84 & & & & 306.04 & & & & 281.05 & & & & 269.76 & & & & 280.35 & \\ \hline Total loans & & 0.97 & & & & 1.04 & & & & 1.18 & & & & 1.12 & & & & 1.34 & \\ \hline Total loans, excluding PPP loans & & 0.98 & & & & 1.06 & & & & 1.22 & & & & 1.19 & & & & 1.42 & \\ \hline Net charge-offs (recoveries) to average loans outstanding & & — & & & & 0.05 & & & & 0.01 & & & & 0.02 & & & & 0.02 & \\ \hline & & & & & & & & & \\ \hline Capital Ratios: & & & & & & & & & \\ \hline Shareholders’ equity to total assets & & 12.57 & & & & 12.30 & & & & 12.45 & & & & 12.27 & & & & 12.49 & \\ \hline Common equity tier 1 capital & & 14.17 & & & & 14.07 & & & & 14.38 & & & & 14.71 & & & & 14.68 & \\ \hline Tier 1 risk-based capital & & 15.43 & & & & 15.35 & & & & 15.71 & & & & 16.09 & & & & 16.08 & \\ \hline Total risk-based capital & & 18.15 & & & & 18.18 & & & & 20.95 & & & & 21.52 & & & & 21.78 & \\ \hline Tier 1 leverage capital & & 10.33 & & & & 10.14 & & & & 10.21 & & & & 10.29 & & & & 9.81 & \\ \hline Period end tangible equity to period end tangible assets (1) & & 9.99 & & & & 9.66 & & & & 9.82 & & & & 9.55 & & & & 9.77 & \\ \hline Average shareholders’ equity to average total assets & & 12.42 & & & & 12.51 & & & & 12.38 & & & & 12.56 & & & & 11.92 & \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Consolidated Financial Highlights (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & Three Months Ended \\ \hline & & 2021 & & & & 2020 & \\ \hline Loan Portfolio Composition & Dec 31, & & Sep 30, & & Jun 30, & & Mar 31, & & Dec 31, \\ \hline Real Estate Loans: & & & & & & & & & \\ \hline Construction & $ & 447,860 & & & $ & 422,095 & & & $ & 528,157 & & & $ & 605,677 & & & $ & 581,941 & \\ \hline 1-4 Family Residential & & 651,140 & & & & 660,689 & & & & 678,402 & & & & 700,430 & & & & 719,952 & \\ \hline Commercial & & 1,598,172 & & & & 1,605,132 & & & & 1,430,900 & & & & 1,348,551 & & & & 1,295,746 & \\ \hline Commercial Loans & & 418,998 & & & & 443,708 & & & & 497,513 & & & & 564,745 & & & & 557,122 & \\ \hline Municipal Loans & & 443,078 & & & & 427,259 & & & & 417,398 & & & & 406,377 & & & & 409,028 & \\ \hline Loans to Individuals & & 85,914 & & & & 88,702 & & & & 89,976 & & & & 90,818 & & & & 93,990 & \\ \hline Total Loans & $ & 3,645,162 & & & $ & 3,647,585 & & & $ & 3,642,346 & & & $ & 3,716,598 & & & $ & 3,657,779 & \\ \hline & & & & & & & & & \\ \hline Summary of Changes in Allowances: & & & & & & & & & \\ \hline Allowance for Loan Losses & & & & & & & & & \\ \hline Balance at beginning of period & $ & 38,022 & & & $ & 42,913 & & & $ & 41,454 & & & $ & 49,006 & & & $ & 55,110 & \\ \hline Loans charged-off & & (489 & ) & & & (940 & ) & & & (527 & ) & & & (795 & ) & & & (595 & ) \\ \hline Recoveries of loans charged-off & & 455 & & & & 437 & & & & 466 & & & & 622 & & & & 402 & \\ \hline Net loans (charged-off) recovered & & (34 & ) & & & (503 & ) & & & (61 & ) & & & (173 & ) & & & (193 & ) \\ \hline Provision for (reversal of) loan losses & & (2,715 & ) & & & (4,388 & ) & & & 1,520 & & & & (7,379 & ) & & & (5,911 & ) \\ \hline Balance at end of period & $ & 35,273 & & & $ & 38,022 & & & $ & 42,913 & & & $ & 41,454 & & & $ & 49,006 & \\ \hline & & & & & & & & & \\ \hline Allowance for Off-Balance-Sheet Credit Exposures & & & & & & & & & \\ \hline Balance at beginning of period & $ & 3,090 & & & $ & 3,773 & & & $ & 3,616 & & & $ & 6,386 & & & $ & 6,020 & \\ \hline Provision for (reversal of) off-balance-sheet credit exposures & & (706 & ) & & & (683 & ) & & & 157 & & & & (2,770 & ) & & & 366 & \\ \hline Balance at end of period & $ & 2,384 & & & $ & 3,090 & & & $ & 3,773 & & & $ & 3,616 & & & $ & 6,386 & \\ \hline Total Allowance for Credit Losses & $ & 37,657 & & & $ & 41,112 & & & $ & 46,686 & & & $ & 45,070 & & & $ & 55,392 & \\ \hline & & & & & & & & & & & & & & & & & & & \\ \hline \end{table} **Southside Bancshares, Inc. ****Consolidated Financial Highlights (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|} \hline & Year Ended \\ \hline & December 31, \\ \hline & & 2021 & & & & 2020 & \\ \hline Income Statement: & & & \\ \hline Total interest income & $ & 215,987 & & & $ & 231,828 & \\ \hline Total interest expense & & 26,430 & & & & 44,563 & \\ \hline Net interest income & & 189,557 & & & & 187,265 & \\ \hline Provision for (reversal of) credit losses & & (16,964 & ) & & & 20,201 & \\ \hline Net interest income after provision for (reversal of) credit losses & & 206,521 & & & & 167,064 & \\ \hline Noninterest income & & & \\ \hline Deposit services & & 26,368 & & & & 24,359 & \\ \hline Net gain on sale of securities available for sale & & 3,862 & & & & 8,257 & \\ \hline Gain on sale of loans & & 1,641 & & & & 2,772 & \\ \hline Trust fees & & 5,959 & & & & 5,133 & \\ \hline Bank owned life insurance & & 2,618 & & & & 2,554 & \\ \hline Brokerage services & & 3,383 & & & & 2,271 & \\ \hline Other & & 5,505 & & & & 4,386 & \\ \hline Total noninterest income & & 49,336 & & & & 49,732 & \\ \hline Noninterest expense & & & \\ \hline Salaries and employee benefits & & 79,892 & & & & 77,225 & \\ \hline Net occupancy & & 14,239 & & & & 14,369 & \\ \hline Advertising, travel & entertainment & & 2,367 & & & & 2,147 & \\ \hline ATM expense & & 1,166 & & & & 1,018 & \\ \hline Professional fees & & 4,015 & & & & 4,224 & \\ \hline Software and data processing & & 5,675 & & & & 4,957 & \\ \hline Communications & & 2,233 & & & & 1,984 & \\ \hline FDIC insurance & & 1,807 & & & & 1,124 & \\ \hline Amortization of intangibles & & 2,849 & & & & 3,617 & \\ \hline Loss on redemption of subordinated notes & & 1,118 & & & & — & \\ \hline Other & & 9,669 & & & & 12,642 & \\ \hline Total noninterest expense & & 125,030 & & & & 123,307 & \\ \hline Income before income tax expense & & 130,827 & & & & 93,489 & \\ \hline Income tax expense & & 17,426 & & & & 11,336 & \\ \hline Net income & $ & 113,401 & & & $ & 82,153 & \\ \hline & & & \\ \hline Common Share Data: & & & \\ \hline Weighted-average basic shares outstanding & & 32,558 & & & & 33,201 & \\ \hline Weighted-average diluted shares outstanding & & 32,692 & & & & 33,281 & \\ \hline Common shares outstanding end of period & & 32,352 & & & & 32,951 & \\ \hline Earnings per common share & & & \\ \hline Basic & $ & 3.48 & & & $ & 2.47 & \\ \hline Diluted & & 3.47 & & & & 2.47 & \\ \hline Book value per common share & & 28.20 & & & & 26.56 & \\ \hline Tangible book value per common share (1) & & 21.77 & & & & 20.16 & \\ \hline Cash dividends paid per common share & & 1.37 & & & & 1.30 & \\ \hline & & & \\ \hline Selected Performance Ratios: & & & \\ \hline Return on average assets & & 1.59 & % & & & 1.14 & % \\ \hline Return on average shareholders’ equity & & 12.77 & & & & 9.91 & \\ \hline Return on average tangible common equity (1) & & 17.04 & & & & 13.79 & \\ \hline Average yield on earning assets (FTE) (1) & & 3.58 & & & & 3.75 & \\ \hline Average rate on interest bearing liabilities & & 0.57 & & & & 0.89 & \\ \hline Net interest margin (FTE) (1) & & 3.16 & & & & 3.07 & \\ \hline Net interest spread (FTE) (1) & & 3.01 & & & & 2.86 & \\ \hline Average earning assets to average interest bearing liabilities & & 138.39 & & & & 130.16 & \\ \hline Noninterest expense to average total assets & & 1.75 & & & & 1.72 & \\ \hline Efficiency ratio (FTE) (1) & & 49.03 & & & & 49.36 & \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Consolidated Financial Highlights (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|} \hline & Year Ended \\ \hline & December 31, \\ \hline & & 2021 & & & & 2020 & \\ \hline Nonperforming Assets: & $ & 11,609 & & & $ & 17,480 & \\ \hline Nonaccrual loans & & 2,536 & & & & 7,714 & \\ \hline Accruing loans past due more than 90 days & & — & & & & — & \\ \hline Troubled debt restructured loans & & 9,073 & & & & 9,646 & \\ \hline Other real estate owned & & — & & & & 106 & \\ \hline Repossessed assets & & — & & & & 14 & \\ \hline & & & \\ \hline Asset Quality Ratios: & & & \\ \hline Ratio of nonaccruing loans to: & & & \\ \hline Total loans & & 0.07 & % & & & 0.21 & % \\ \hline Ratio of nonperforming assets to: & & & \\ \hline Total assets & & 0.16 & & & & 0.25 & \\ \hline Total loans & & 0.32 & & & & 0.48 & \\ \hline Total loans and OREO & & 0.32 & & & & 0.48 & \\ \hline Total loans, excluding PPP loans, and OREO & & 0.32 & & & & 0.51 & \\ \hline Ratio of allowance for loan losses to: & & & \\ \hline Nonaccruing loans & & 1,390.89 & & & & 635.29 & \\ \hline Nonperforming assets & & 303.84 & & & & 280.35 & \\ \hline Total loans & & 0.97 & & & & 1.34 & \\ \hline Total loans, excluding PPP loans & & 0.98 & & & & 1.42 & \\ \hline Net charge-offs (recoveries) to average loans outstanding & & 0.02 & & & & 0.03 & \\ \hline & & & \\ \hline Capital Ratios: & & & \\ \hline Shareholders’ equity to total assets & & 12.57 & & & & 12.49 & \\ \hline Common equity tier 1 capital & & 14.17 & & & & 14.68 & \\ \hline Tier 1 risk-based capital & & 15.43 & & & & 16.08 & \\ \hline Total risk-based capital & & 18.15 & & & & 21.78 & \\ \hline Tier 1 leverage capital & & 10.33 & & & & 9.81 & \\ \hline Period end tangible equity to period end tangible assets (1) & & 9.99 & & & & 9.77 & \\ \hline Average shareholders’ equity to average total assets & & 12.47 & & & & 11.55 & \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Consolidated Financial Highlights (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|} \hline & Year Ended \\ \hline & December 31, \\ \hline Loan Portfolio Composition & & 2021 & & & & 2020 & \\ \hline Real Estate Loans: & & & \\ \hline Construction & $ & 447,860 & & & $ & 581,941 & \\ \hline 1-4 Family Residential & & 651,140 & & & & 719,952 & \\ \hline Commercial & & 1,598,172 & & & & 1,295,746 & \\ \hline Commercial Loans & & 418,998 & & & & 557,122 & \\ \hline Municipal Loans & & 443,078 & & & & 409,028 & \\ \hline Loans to Individuals & & 85,914 & & & & 93,990 & \\ \hline Total Loans & $ & 3,645,162 & & & $ & 3,657,779 & \\ \hline & & & \\ \hline Summary of Changes in Allowances: & & & \\ \hline Allowance for Loan Losses & & & \\ \hline Balance at beginning of period & $ & 49,006 & & & $ & 24,797 & \\ \hline Impact of CECL adoption (1) - cumulative effect adjustment & & — & & & & 5,072 & \\ \hline Impact of CECL adoption - purchased loans with credit deterioration & & — & & & & 231 & \\ \hline Loans charged-off & & (2,751 & ) & & & (2,854 & ) \\ \hline Recoveries of loans charged-off & & 1,980 & & & & 1,650 & \\ \hline Net loans (charged-off) recovered & & (771 & ) & & & (1,204 & ) \\ \hline Provision for (reversal of) loan losses & & (12,962 & ) & & & 20,110 & \\ \hline Balance at end of period & $ & 35,273 & & & $ & 49,006 & \\ \hline & & & \\ \hline Allowance for Off-Balance-Sheet Credit Exposures & & & \\ \hline Balance at beginning of period & $ & 6,386 & & & $ & 1,455 & \\ \hline Impact of CECL adoption (1) & & — & & & & 4,840 & \\ \hline Provision for (reversal of) off-balance-sheet credit exposures & & (4,002 & ) & & & 91 & \\ \hline Balance at end of period & $ & 2,384 & & & $ & 6,386 & \\ \hline Total Allowance for Credit Losses & $ & 37,657 & & & $ & 55,392 & \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & We adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” on January 1, 2020. ASU 2016-13 replaced the incurred loss model with an expected loss methodology that is referred to as current expected credit losses (“CECL”). Adoption of this guidance on January 1, 2020, resulted in a cumulative-effect adjustment to reduce retained earnings by $7.8 million, net of tax. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Average Balances and Average Yields and Rates (Annualized) (Unaudited)****(Dollars in thousands)** The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information. \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & Three Months Ended \\ \hline & December 31, 2021 & & September 30, 2021 \\ \hline & AverageBalance & & Interest & & AverageYield/Rate & & AverageBalance & & Interest & & AverageYield/Rate \\ \hline ASSETS & & & & & & & & & & & \\ \hline Loans (1) & $ & 3,668,767 & & & $ & 36,740 & & 3.97 & % & & $ & 3,662,496 & & & $ & 37,744 & & 4.09 & % \\ \hline Loans held for sale & & 1,980 & & & & 11 & & 2.20 & % & & & 1,640 & & & & 12 & & 2.90 & % \\ \hline Securities: & & & & & & & & & & & \\ \hline Taxable investment securities (2) & & 590,104 & & & & 4,215 & & 2.83 & % & & & 532,679 & & & & 3,853 & & 2.87 & % \\ \hline Tax-exempt investment securities (2) & & 1,508,196 & & & & 12,699 & & 3.34 & % & & & 1,453,275 & & & & 12,315 & & 3.36 & % \\ \hline Mortgage-backed and related securities (2) & & 650,685 & & & & 4,394 & & 2.68 & % & & & 738,287 & & & & 4,405 & & 2.37 & % \\ \hline Total securities & & 2,748,985 & & & & 21,308 & & 3.08 & % & & & 2,724,241 & & & & 20,573 & & 3.00 & % \\ \hline Federal Home Loan Bank stock, at cost, and equity investments & & 38,832 & & & & 175 & & 1.79 & % & & & 39,786 & & & & 111 & & 1.11 & % \\ \hline Interest earning deposits & & 43,841 & & & & 22 & & 0.20 & % & & & 39,382 & & & & 24 & & 0.24 & % \\ \hline Total earning assets & & 6,502,405 & & & & 58,256 & & 3.55 & % & & & 6,467,545 & & & & 58,464 & & 3.59 & % \\ \hline Cash and due from banks & & 103,126 & & & & & & & & 99,113 & & & & & \\ \hline Accrued interest and other assets & & 662,654 & & & & & & & & 684,917 & & & & & \\ \hline Less: Allowance for loan losses & & (38,317 & ) & & & & & & & (43,052 & ) & & & & \\ \hline Total assets & $ & 7,229,868 & & & & & & & $ & 7,208,523 & & & & & \\ \hline LIABILITIES AND SHAREHOLDERS’ EQUITY & & & & & & & & & & & \\ \hline Savings accounts & $ & 624,377 & & & & 264 & & 0.17 & % & & $ & 598,118 & & & & 249 & & 0.17 & % \\ \hline Certificates of deposits & & 632,150 & & & & 681 & & 0.43 & % & & & 629,718 & & & & 789 & & 0.50 & % \\ \hline Interest bearing demand accounts & & 2,558,289 & & & & 1,289 & & 0.20 & % & & & 2,496,037 & & & & 1,196 & & 0.19 & % \\ \hline Total interest bearing deposits & & 3,814,816 & & & & 2,234 & & 0.23 & % & & & 3,723,873 & & & & 2,234 & & 0.24 & % \\ \hline Federal Home Loan Bank borrowings & & 609,310 & & & & 1,758 & & 1.14 & % & & & 656,474 & & & & 1,865 & & 1.13 & % \\ \hline Subordinated notes, net of unamortized debt issuance costs & & 98,517 & & & & 1,011 & & 4.07 & % & & & 195,204 & & & & 2,417 & & 4.91 & % \\ \hline Trust preferred subordinated debentures, net of unamortized debt issuance costs & & 60,259 & & & & 345 & & 2.27 & % & & & 60,258 & & & & 345 & & 2.27 & % \\ \hline Repurchase agreements & & 21,874 & & & & 11 & & 0.20 & % & & & 21,634 & & & & 9 & & 0.17 & % \\ \hline Total interest bearing liabilities & & 4,604,776 & & & & 5,359 & & 0.46 & % & & & 4,657,443 & & & & 6,870 & & 0.59 & % \\ \hline Noninterest bearing deposits & & 1,637,914 & & & & & & & & 1,551,298 & & & & & \\ \hline Accrued expenses and other liabilities & & 88,982 & & & & & & & & 97,954 & & & & & \\ \hline Total liabilities & & 6,331,672 & & & & & & & & 6,306,695 & & & & & \\ \hline Shareholders’ equity & & 898,196 & & & & & & & & 901,828 & & & & & \\ \hline Total liabilities and shareholders’ equity & $ & 7,229,868 & & & & & & & $ & 7,208,523 & & & & & \\ \hline Net interest income (FTE) & & & $ & 52,897 & & & & & & $ & 51,594 & & \\ \hline Net interest margin (FTE) & & & & & 3.23 & % & & & & & & 3.16 & % \\ \hline Net interest spread (FTE) & & & & & 3.09 & % & & & & & & 3.00 & % \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Interest on loans includes net fees on loans that are not material in amount. \\ \hline (2) & For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. \\ \hline & \\ \hline Note: As of December 31, 2021 and September 30, 2021, loans totaling $2.5 million and $3.0 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Average Balances and Average Yields and Rates (Annualized) (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & Three Months Ended \\ \hline & June 30, 2021 & & March 31, 2021 \\ \hline & AverageBalance & & Interest & & AverageYield/Rate & & AverageBalance & & Interest & & AverageYield/Rate \\ \hline ASSETS & & & & & & & & & & & \\ \hline Loans (1) & $ & 3,706,959 & & & $ & 36,429 & & 3.94 & % & & $ & 3,634,053 & & & $ & 36,754 & & 4.10 & % \\ \hline Loans held for sale & & 1,846 & & & & 13 & & 2.82 & % & & & 2,803 & & & & 20 & & 2.89 & % \\ \hline Securities: & & & & & & & & & & & \\ \hline Taxable investment securities (2) & & 396,504 & & & & 2,921 & & 2.95 & % & & & 295,968 & & & & 2,323 & & 3.18 & % \\ \hline Tax-exempt investment securities (2) & & 1,363,678 & & & & 11,585 & & 3.41 & % & & & 1,300,991 & & & & 11,176 & & 3.48 & % \\ \hline Mortgage-backed and related securities (2) & & 847,206 & & & & 4,647 & & 2.20 & % & & & 940,815 & & & & 6,088 & & 2.62 & % \\ \hline Total securities & & 2,607,388 & & & & 19,153 & & 2.95 & % & & & 2,537,774 & & & & 19,587 & & 3.13 & % \\ \hline Federal Home Loan Bank stock, at cost, and equity investments & & 35,883 & & & & 108 & & 1.21 & % & & & 35,635 & & & & 136 & & 1.55 & % \\ \hline Interest earning deposits & & 43,175 & & & & 17 & & 0.16 & % & & & 31,169 & & & & 15 & & 0.20 & % \\ \hline Total earning assets & & 6,395,251 & & & & 55,720 & & 3.49 & % & & & 6,241,434 & & & & 56,512 & & 3.67 & % \\ \hline Cash and due from banks & & 90,735 & & & & & & & & 86,634 & & & & & \\ \hline Accrued interest and other assets & & 656,245 & & & & & & & & 677,230 & & & & & \\ \hline Less: Allowance for loan losses & & (41,768 & ) & & & & & & & (49,240 & ) & & & & \\ \hline Total assets & $ & 7,100,463 & & & & & & & $ & 6,956,058 & & & & & \\ \hline LIABILITIES AND SHAREHOLDERS’ EQUITY & & & & & & & & & & & \\ \hline Savings accounts & $ & 571,907 & & & & 231 & & 0.16 & % & & $ & 517,182 & & & & 209 & & 0.16 & % \\ \hline Certificates of deposit & & 658,708 & & & & 936 & & 0.57 & % & & & 736,099 & & & & 1,229 & & 0.68 & % \\ \hline Interest bearing demand accounts & & 2,459,335 & & & & 1,172 & & 0.19 & % & & & 2,342,299 & & & & 1,159 & & 0.20 & % \\ \hline Total interest bearing deposits & & 3,689,950 & & & & 2,339 & & 0.25 & % & & & 3,595,580 & & & & 2,597 & & 0.29 & % \\ \hline Federal Home Loan Bank borrowings & & 669,633 & & & & 1,817 & & 1.09 & % & & & 727,513 & & & & 1,908 & & 1.06 & % \\ \hline Subordinated notes, net of unamortized debt issuance costs & & 197,284 & & & & 2,423 & & 4.93 & % & & & 197,252 & & & & 2,395 & & 4.92 & % \\ \hline Trust preferred subordinated debentures, net of unamortized debt issuance costs & & 60,257 & & & & 349 & & 2.32 & % & & & 60,256 & & & & 351 & & 2.36 & % \\ \hline Repurchase agreements & & 22,024 & & & & 11 & & 0.20 & % & & & 23,522 & & & & 11 & & 0.19 & % \\ \hline Total interest bearing liabilities & & 4,639,148 & & & & 6,939 & & 0.60 & % & & & 4,604,123 & & & & 7,262 & & 0.64 & % \\ \hline Noninterest bearing deposits & & 1,485,383 & & & & & & & & 1,389,020 & & & & & \\ \hline Accrued expenses and other liabilities & & 97,137 & & & & & & & & 89,222 & & & & & \\ \hline Total liabilities & & 6,221,668 & & & & & & & & 6,082,365 & & & & & \\ \hline Shareholders’ equity & & 878,795 & & & & & & & & 873,693 & & & & & \\ \hline Total liabilities and shareholders’ equity & $ & 7,100,463 & & & & & & & $ & 6,956,058 & & & & & \\ \hline Net interest income (FTE) & & & $ & 48,781 & & & & & & $ & 49,250 & & \\ \hline Net interest margin (FTE) & & & & & 3.06 & % & & & & & & 3.20 & % \\ \hline Net interest spread (FTE) & & & & & 2.89 & % & & & & & & 3.03 & % \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Interest on loans includes net fees on loans that are not material in amount. \\ \hline (2) & For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. \\ \hline & \\ \hline Note: As of June 30, 2021 and March 31, 2021, loans totaling $5.2 million and $5.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Average Balances and Average Yields and Rates (Annualized) (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|c|c|} \hline & Three Months Ended \\ \hline & December 31, 2020 \\ \hline & AverageBalance & & Interest & & AverageYield/Rate \\ \hline ASSETS & & & & & \\ \hline Loans (1) & $ & 3,772,158 & & & $ & 39,936 & & 4.21 & % \\ \hline Loans held for sale & & 5,012 & & & & 36 & & 2.86 & % \\ \hline Securities: & & & & & \\ \hline Taxable investment securities (2) & & 223,753 & & & & 1,753 & & 3.12 & % \\ \hline Tax-exempt investment securities (2) & & 1,298,584 & & & & 11,413 & & 3.50 & % \\ \hline Mortgage-backed and related securities (2) & & 1,082,302 & & & & 6,693 & & 2.46 & % \\ \hline Total securities & & 2,604,639 & & & & 19,859 & & 3.03 & % \\ \hline Federal Home Loan Bank stock, at cost, and equity investments & & 46,798 & & & & 199 & & 1.69 & % \\ \hline Interest earning deposits & & 22,938 & & & & 18 & & 0.31 & % \\ \hline Total earning assets & & 6,451,545 & & & & 60,048 & & 3.70 & % \\ \hline Cash and due from banks & & 83,228 & & & & & \\ \hline Accrued interest and other assets & & 687,894 & & & & & \\ \hline Less: Allowance for loan losses & & (55,567 & ) & & & & \\ \hline Total assets & $ & 7,167,100 & & & & & \\ \hline LIABILITIES AND SHAREHOLDERS’ EQUITY & & & & & \\ \hline Savings accounts & $ & 487,452 & & & & 201 & & 0.16 & % \\ \hline Certificates of deposit & & 1,011,482 & & & & 2,320 & & 0.91 & % \\ \hline Interest bearing demand accounts & & 2,186,406 & & & & 1,117 & & 0.20 & % \\ \hline Total interest bearing deposits & & 3,685,340 & & & & 3,638 & & 0.39 & % \\ \hline Federal Home Loan Bank borrowings & & 896,484 & & & & 2,125 & & 0.94 & % \\ \hline Subordinated notes, net of unamortized debt issuance costs & & 158,692 & & & & 2,051 & & 5.14 & % \\ \hline Trust preferred subordinated debentures, net of unamortized debt issuance costs & & 60,255 & & & & 360 & & 2.38 & % \\ \hline Repurchase agreements & & 29,595 & & & & 23 & & 0.31 & % \\ \hline Other borrowings & & 66 & & & & — & & — & \\ \hline Total interest bearing liabilities & & 4,830,432 & & & & 8,197 & & 0.68 & % \\ \hline Noninterest bearing deposits & & 1,381,120 & & & & & \\ \hline Accrued expenses and other liabilities & & 101,478 & & & & & \\ \hline Total liabilities & & 6,313,030 & & & & & \\ \hline Shareholders’ equity & & 854,070 & & & & & \\ \hline Total liabilities and shareholders’ equity & $ & 7,167,100 & & & & & \\ \hline Net interest income (FTE) & & & $ & 51,851 & & \\ \hline Net interest margin (FTE) & & & & & 3.20 & % \\ \hline Net interest spread (FTE) & & & & & 3.02 & % \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Interest on loans includes net fees on loans that are not material in amount. \\ \hline (2) & For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. \\ \hline & \\ \hline Note: As of December 31, 2020, loans totaling $7.7 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Average Balances and Average Yields and Rates (Annualized) (Unaudited)****(Dollars in thousands)** \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & Year Ended \\ \hline & December 31, 2021 & & December 31, 2020 \\ \hline & AverageBalance & & Interest & & AverageYield/Rate & & AverageBalance & & Interest & & AverageYield/Rate \\ \hline ASSETS & & & & & & & & & & & \\ \hline Loans (1) & $ & 3,668,149 & & & $ & 147,667 & & 4.03 & % & & $ & 3,750,657 & & & $ & 161,098 & & 4.30 & % \\ \hline Loans held for sale & & 2,063 & & & & 56 & & 2.71 & % & & & 3,254 & & & & 104 & & 3.20 & % \\ \hline Securities: & & & & & & & & & & & \\ \hline Taxable investment securities (2) & & 454,836 & & & & 13,312 & & 2.93 & % & & & 133,785 & & & & 4,172 & & 3.12 & % \\ \hline Tax-exempt investment securities (2) & & 1,407,231 & & & & 47,775 & & 3.39 & % & & & 1,201,385 & & & & 42,228 & & 3.51 & % \\ \hline Mortgage-backed and related securities (2) & & 793,300 & & & & 19,534 & & 2.46 & % & & & 1,311,722 & & & & 34,319 & & 2.62 & % \\ \hline Total securities & & 2,655,367 & & & & 80,621 & & 3.04 & % & & & 2,646,892 & & & & 80,719 & & 3.05 & % \\ \hline Federal Home Loan Bank stock, at cost, and equity investments & & 37,549 & & & & 530 & & 1.41 & % & & & 59,439 & & & & 1,233 & & 2.07 & % \\ \hline Interest earning deposits & & 39,426 & & & & 78 & & 0.20 & % & & & 26,202 & & & & 238 & & 0.91 & % \\ \hline Total earning assets & & 6,402,554 & & & & 228,952 & & 3.58 & % & & & 6,486,444 & & & & 243,392 & & 3.75 & % \\ \hline Cash and due from banks & & 94,959 & & & & & & & & 79,677 & & & & & \\ \hline Accrued interest and other assets & & 670,062 & & & & & & & & 664,511 & & & & & \\ \hline Less: Allowance for loan losses & & (43,064 & ) & & & & & & & (50,807 & ) & & & & \\ \hline Total assets & $ & 7,124,511 & & & & & & & $ & 7,179,825 & & & & & \\ \hline LIABILITIES AND SHAREHOLDERS’ EQUITY & & & & & & & & & & & \\ \hline Savings accounts & $ & 578,245 & & & & 953 & & 0.16 & % & & $ & 440,346 & & & & 817 & & 0.19 & % \\ \hline Certificates of deposit & & 663,789 & & & & 3,635 & & 0.55 & % & & & 1,182,938 & & & & 17,051 & & 1.44 & % \\ \hline Interest bearing demand accounts & & 2,464,670 & & & & 4,816 & & 0.20 & % & & & 2,061,805 & & & & 6,780 & & 0.33 & % \\ \hline Total interest bearing deposits & & 3,706,704 & & & & 9,404 & & 0.25 & % & & & 3,685,089 & & & & 24,648 & & 0.67 & % \\ \hline Federal Home Loan Bank borrowings & & 665,384 & & & & 7,348 & & 1.10 & % & & & 1,032,269 & & & & 11,397 & & 1.10 & % \\ \hline Subordinated notes, net of unamortized debt issuance costs & & 171,857 & & & & 8,246 & & 4.80 & % & & & 113,736 & & & & 6,301 & & 5.54 & % \\ \hline Trust preferred subordinated debentures, net of unamortized debt issuance costs & & 60,258 & & & & 1,390 & & 2.31 & % & & & 60,252 & & & & 1,829 & & 3.04 & % \\ \hline Repurchase agreements & & 22,257 & & & & 42 & & 0.19 & % & & & 32,890 & & & & 226 & & 0.69 & % \\ \hline Other borrowings & & — & & & & — & & — & & & & 59,050 & & & & 162 & & 0.27 & % \\ \hline Total interest bearing liabilities & & 4,626,460 & & & & 26,430 & & 0.57 & % & & & 4,983,286 & & & & 44,563 & & 0.89 & % \\ \hline Noninterest bearing deposits & & 1,516,682 & & & & & & & & 1,277,011 & & & & & \\ \hline Accrued expenses and other liabilities & & 93,136 & & & & & & & & 90,548 & & & & & \\ \hline Total liabilities & & 6,236,278 & & & & & & & & 6,350,845 & & & & & \\ \hline Shareholders’ equity & & 888,233 & & & & & & & & 828,980 & & & & & \\ \hline Total liabilities and shareholders’ equity & $ & 7,124,511 & & & & & & & $ & 7,179,825 & & & & & \\ \hline Net interest income (FTE) & & & $ & 202,522 & & & & & & $ & 198,829 & & \\ \hline Net interest margin (FTE) & & & & & 3.16 & % & & & & & & 3.07 & % \\ \hline Net interest spread (FTE) & & & & & 3.01 & % & & & & & & 2.86 & % \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & Interest on loans includes net fees on loans that are not material in amount. \\ \hline (2) & For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. \\ \hline & \\ \hline Note: As of December 31, 2021 and 2020, loans totaling $2.5 million and $7.7 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. \\ \hline & \\ \hline \end{table} **Southside Bancshares, Inc. ****Non-GAAP Reconciliation (Unaudited)****(Dollars and shares in thousands, except per share data)** The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented. \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & Three Months Ended & & Year Ended \\ \hline & & & 2021 & & & & 2020 & & & & 2021 & & & & 2020 & \\ \hline & & Dec 31, & & Sep 30, & & Jun 30, & & Mar 31, & & Dec 31, & & Dec 31, & & Dec 31, \\ \hline Reconciliation of return on average common equity to return on average tangible common equity: & & & & & & & & & & & & & & \\ \hline Net income & & $ & 28,687 & & & $ & 29,306 & & & $ & 21,317 & & & $ & 34,091 & & & $ & 29,572 & & & $ & 113,401 & & & $ & 82,153 & \\ \hline After-tax amortization expense & & & 520 & & & & 549 & & & & 577 & & & & 605 & & & & 652 & & & & 2,251 & & & & 2,857 & \\ \hline Adjusted net income available to common shareholders & & $ & 29,207 & & & $ & 29,855 & & & $ & 21,894 & & & $ & 34,696 & & & $ & 30,224 & & & $ & 115,652 & & & $ & 85,010 & \\ \hline & & & & & & & & & & & & & & \\ \hline Average shareholders' equity & & $ & 898,196 & & & $ & 901,828 & & & $ & 878,795 & & & $ & 873,693 & & & $ & 854,070 & & & $ & 888,233 & & & $ & 828,980 & \\ \hline Less: Average intangibles for the period & & & (208,412 & ) & & & (209,097 & ) & & & (209,808 & ) & & & (210,563 & ) & & & (211,354 & ) & & & (209,463 & ) & & & (212,699 & ) \\ \hline Average tangible shareholders' equity & & $ & 689,784 & & & $ & 692,731 & & & $ & 668,987 & & & $ & 663,130 & & & $ & 642,716 & & & $ & 678,770 & & & $ & 616,281 & \\ \hline & & & & & & & & & & & & & & \\ \hline Return on average tangible common equity & & & 16.80 & % & & & 17.10 & % & & & 13.13 & % & & & 21.22 & % & & & 18.71 & % & & & 17.04 & % & & & 13.79 & % \\ \hline & & & & & & & & & & & & & & \\ \hline Reconciliation of book value per share to tangible book value per share: & & & & & & & & & & & & & & \\ \hline Common equity at end of period & & $ & 912,172 & & & $ & 877,866 & & & $ & 894,400 & & & $ & 858,597 & & & $ & 875,297 & & & $ & 912,172 & & & $ & 875,297 & \\ \hline Less: Intangible assets at end of period & & & (208,011 & ) & & & (208,669 & ) & & & (209,364 & ) & & & (210,094 & ) & & & (210,860 & ) & & & (208,011 & ) & & & (210,860 & ) \\ \hline Tangible common shareholders' equity at end of period & & $ & 704,161 & & & $ & 669,197 & & & $ & 685,036 & & & $ & 648,503 & & & $ & 664,437 & & & $ & 704,161 & & & $ & 664,437 & \\ \hline & & & & & & & & & & & & & & \\ \hline Total assets at end of period & & $ & 7,259,602 & & & $ & 7,135,691 & & & $ & 7,182,408 & & & $ & 6,998,886 & & & $ & 7,008,227 & & & $ & 7,259,602 & & & $ & 7,008,227 & \\ \hline Less: Intangible assets at end of period & & & (208,011 & ) & & & (208,669 & ) & & & (209,364 & ) & & & (210,094 & ) & & & (210,860 & ) & & & (208,011 & ) & & & (210,860 & ) \\ \hline Tangible assets at end of period & & $ & 7,051,591 & & & $ & 6,927,022 & & & $ & 6,973,044 & & & $ & 6,788,792 & & & $ & 6,797,367 & & & $ & 7,051,591 & & & $ & 6,797,367 & \\ \hline & & & & & & & & & & & & & & \\ \hline Period end tangible equity to period end tangible assets & & & 9.99 & % & & & 9.66 & % & & & 9.82 & % & & & 9.55 & % & & & 9.77 & % & & & 9.99 & % & & & 9.77 & % \\ \hline & & & & & & & & & & & & & & \\ \hline Common shares outstanding end of period & & & 32,352 & & & & 32,273 & & & & 32,675 & & & & 32,659 & & & & 32,951 & & & & 32,352 & & & & 32,951 & \\ \hline Tangible book value per common share & & $ & 21.77 & & & $ & 20.74 & & & $ & 20.97 & & & $ & 19.86 & & & $ & 20.16 & & & $ & 21.77 & & & $ & 20.16 & \\ \hline & & & & & & & & & & & & & & \\ \hline Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE): & & & & & & & & & & & & & & \\ \hline Net interest income (GAAP) & & $ & 49,401 & & & $ & 48,206 & & & $ & 45,647 & & & $ & 46,303 & & & $ & 48,707 & & & $ & 189,557 & & & $ & 187,265 & \\ \hline Tax equivalent adjustments: & & & & & & & & & & & & & & \\ \hline Loans & & & 740 & & & & 722 & & & & 722 & & & & 736 & & & & 717 & & & & 2,920 & & & & 2,752 & \\ \hline Tax-exempt investment securities & & & 2,756 & & & & 2,666 & & & & 2,412 & & & & 2,211 & & & & 2,427 & & & & 10,045 & & & & 8,812 & \\ \hline Net interest income (FTE) (1) & & & 52,897 & & & & 51,594 & & & & 48,781 & & & & 49,250 & & & & 51,851 & & & & 202,522 & & & & 198,829 & \\ \hline Noninterest income & & & 12,011 & & & & 12,769 & & & & 10,933 & & & & 13,623 & & & & 10,900 & & & & 49,336 & & & & 49,732 & \\ \hline Nonrecurring income (2) & & & (463 & ) & & & (1,381 & ) & & & (15 & ) & & & (2,003 & ) & & & 24 & & & & (3,862 & ) & & & (8,257 & ) \\ \hline Total revenue & & $ & 64,445 & & & $ & 62,982 & & & $ & 59,699 & & & $ & 60,870 & & & $ & 62,775 & & & $ & 247,996 & & & $ & 240,304 & \\ \hline & & & & & & & & & & & & & & \\ \hline Noninterest expense & & $ & 31,334 & & & $ & 31,763 & & & $ & 30,699 & & & $ & 31,234 & & & $ & 31,315 & & & $ & 125,030 & & & $ & 123,307 & \\ \hline Pre-tax amortization expense & & & (658 & ) & & & (695 & ) & & & (730 & ) & & & (766 & ) & & & (825 & ) & & & (2,849 & ) & & & (3,617 & ) \\ \hline Nonrecurring expense (3) & & & 8 & & & & (888 & ) & & & 64 & & & & 236 & & & & (758 & ) & & & (580 & ) & & & (1,083 & ) \\ \hline Adjusted noninterest expense & & $ & 30,684 & & & $ & 30,180 & & & $ & 30,033 & & & $ & 30,704 & & & $ & 29,732 & & & $ & 121,601 & & & $ & 118,607 & \\ \hline & & & & & & & & & & & & & & \\ \hline Efficiency ratio & & & 50.34 & % & & & 50.64 & % & & & 53.09 & % & & & 53.01 & % & & & 49.86 & % & & & 51.74 & % & & & 51.85 & % \\ \hline Efficiency ratio (FTE) (1) & & & 47.61 & % & & & 47.92 & % & & & 50.31 & % & & & 50.44 & % & & & 47.36 & % & & & 49.03 & % & & & 49.36 & % \\ \hline & & & & & & & & & & & & & & \\ \hline Average earning assets & & $ & 6,502,405 & & & $ & 6,467,545 & & & $ & 6,395,251 & & & $ & 6,241,434 & & & $ & 6,451,545 & & & $ & 6,402,554 & & & $ & 6,486,444 & \\ \hline & & & & & & & & & & & & & & \\ \hline Net interest margin & & & 3.01 & % & & & 2.96 & % & & & 2.86 & % & & & 3.01 & % & & & 3.00 & % & & & 2.96 & % & & & 2.89 & % \\ \hline Net interest margin (FTE) (1) & & & 3.23 & % & & & 3.16 & % & & & 3.06 & % & & & 3.20 & % & & & 3.20 & % & & & 3.16 & % & & & 3.07 & % \\ \hline & & & & & & & & & & & & & & \\ \hline Net interest spread & & & 2.88 & % & & & 2.79 & % & & & 2.70 & % & & & 2.84 & % & & & 2.83 & % & & & 2.80 & % & & & 2.68 & % \\ \hline Net interest spread (FTE) (1) & & & 3.09 & % & & & 3.00 & % & & & 2.89 & % & & & 3.03 & % & & & 3.02 & % & & & 3.01 & % & & & 2.86 & % \\ \hline \end{table} \begin{table}{|c|c|} \hline (1) & These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures. \\ \hline (2) & These adjustments may include net gain or loss on sale of securities available for sale in the periods where applicable. \\ \hline (3) & These adjustments may include loss on redemption of subordinated notes, foreclosure expenses and branch closure expenses, in the periods where applicable. \\ \hline \end{table} [Image](https://www.globenewswire.com/newsroom/ti?nf=ODQ2NDk4OSM0Njk4NDkxIzIwMjA3ODU=) [Image](https://ml.globenewswire.com/media/MDk2NzYzMjMtMGQzNS00NzBjLTk5ODYtODhkYjQwNmYzOWU5LTEwMzIxMTk=/tiny/Southside-Bancshares-Inc-.png)[](https://www.globenewswire.com/NewsRoom/AttachmentNg/aa49cc34-70bd-47d4-9f5b-94b3374a9abb) Source: Southside Bancshares, Inc.
Stock Price 4 days before: 42.0556
Stock Price 2 days before: 43.3726
Stock Price 1 day before: 43.1535
Stock Price at release: 41.0449
Risk-Free Rate at release: 0.0004
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Symbol: DCOM
Security: Dime Community Bancshares, Inc.
Related Stocks/Topics: DCOMP|DCOMP
Title: Dime Community Bancshares, Inc. Increases Fourth Quarter Net Income Available to Common Stockholders By 925% Year-Over-Year
Type: Press Release
Publication: Symbol Press Release
Publication Author: Symbol
Date: 2022-01-28
Article: **Continued Increase in Non-Interest-Bearing Deposits Positions the Company Well for A Rising Interest Rate Scenario** **Robust Quarterly Loan Originations in Excess of $500 Million** HAUPPAUGE, N.Y., Jan. 28, 2022 (GLOBE NEWSWIRE) -- Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $96.7 million for the year ended December 31, 2021, or $2.45 per diluted common share. For the quarter ended December 31, 2021, net income available to common stockholders was $33.5 million, or $0.83 per diluted common share, compared to net income available to common stockholders of $3.3 million for the quarter ended December 31, 2020, or $0.16 per diluted common share. Adjusted net income available to common stockholders (non-GAAP) totaled $33.8 million for the quarter ended December 31, 2021, or $0.84 per diluted share. Adjusted net income available to common stockholders includes $0.5 million of aggregate pre-tax adjustments related to merger expenses and transaction costs, branch restructuring, and net gain on sale of securities and other assets (see “Non-GAAP Reconciliation” table at the end of this news release). Kevin M. O’Connor, Chief Executive Officer (“CEO”) of the Company, stated, “As we close the book on 2021, we can reflect on a successful year for our Company. We integrated our merger transaction seamlessly and delivered on our financial goals as it relates to return on assets and efficiency. During the fourth quarter of 2021, our loan originations increased to $505 million (representing a linked quarter increase of approximately 9%). In addition, we grew our non-interest-bearing deposits to total deposits ratio to 37.5% and have positioned our balance sheet favorably for a rising rate scenario.” **Highlights for the Fourth Quarter of 2021 Included:** - The non-interest-bearing deposits to total deposits ratio increased to 37.5% at December 31, 2021; - The cost of deposits for the fourth quarter of 2021 declined to 0.11%; - Total loans held for investment, net, excluding Paycheck Protection Program (“PPP”) loans increased by 1% on an annualized basis versus the linked quarter; - The reported efficiency ratio for the fourth quarter of 2021 was 49.9%; excluding the impact of merger expenses and transaction costs, branch restructuring, and amortization of other intangible assets, the adjusted efficiency ratio was 48.2%; - The Company repurchased 850,901 shares of its common stock, which represented approximately 2% of shares outstanding at the beginning of the period, at a weighted average price of $34.44; and - Non-performing assets represented only 0.33% of total assets as of December 31, 2021. **Management’s Discussion of Quarterly Operating Results** The Company’s results of operations for the third and fourth quarters of 2021 include income for the full quarter from the merger with Bridge Bancorp, Inc. (“Bridge”). The Company’s historical information for the fourth quarter of 2020 does not include the historical GAAP results of Bridge. **Net Interest Income** Net interest income for the fourth quarter of 2021 was $91.7 million compared to $94.8 million for the third quarter of 2021 and $48.7 million for the fourth quarter of 2020. The table below provides a reconciliation of the reported Net Interest Margin (“NIM”), the adjusted NIM excluding the impact of PPP loans, and the adjusted NIM excluding the combined impact of PPP loans and purchasing accounting accretion on the loan portfolio. \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline ($ in thousands) & & Q4 2021 & & Q3 2021 & & Q4 2020 \\ \hline Net interest income & & $ & 91,686 & & & $ & 94,828 & & & $ & 48,680 & \\ \hline Less: Net interest income on PPP loans & & & (539 & ) & & & (2,502 & ) & & & (1,678 & ) \\ \hline Adjusted net interest income excluding PPP loans, (non-GAAP) & & $ & 91,147 & & & $ & 92,326 & & & $ & 47,002 & \\ \hline & & & & & & & & & \\ \hline Average interest-earning assets & & $ & 11,582,086 & & & $ & 11,765,298 & & & $ & 6,281,488 & \\ \hline Average PPP loan balances & & & (96,065 & ) & & & (266,472 & ) & & & (318,793 & ) \\ \hline Adjusted average interest-earning assets excluding PPP loans, (non-GAAP) & & $ & 11,486,021 & & & $ & 11,498,826 & & & $ & 5,962,695 & \\ \hline & & & & & & & & & \\ \hline NIM (1) & & & 3.14 & % & & & 3.20 & % & & & 3.10 & % \\ \hline Adjusted NIM excluding PPP loans (non-GAAP) (2) & & & 3.15 & % & & & 3.19 & % & & & 3.15 & % \\ \hline & & & & & & & & & \\ \hline Adjusted net interest income excluding PPP loans, (non-GAAP) & & $ & 91,147 & & & $ & 92,326 & & & $ & 47,002 & \\ \hline Less: Purchase Accounting Accretion on loans ("PAA") & & & 625 & & & & (2,541 & ) & & & — & \\ \hline Adjusted net interest income excluding PPP loans and PAA on loans, (non-GAAP) & & $ & 91,772 & & & $ & 89,785 & & & $ & 47,002 & \\ \hline Adjusted NIM excluding PPP loans and PAA on loans, (non-GAAP) (3) & & & 3.17 & % & & & 3.10 & % & & & 3.15 & % \\ \hline & & & & & & & & & \\ \hline \end{table} (1) NIM represents net interest income divided by average interest-earning assets.(2) Adjusted NIM excluding PPP represents adjusted net interest income, which excludes net interest income on PPP loans divided by average interest-earning assets excluding PPP loans. The net interest income on PPP loans is calculated using interest income on the PPP balances less an assumed cost of funding the PPP loans, using the overall cost of funds of the Company.(3) Adjusted NIM excluding PPP and PAA represents adjusted net interest income, which excludes net interest income on PPP loans and PAA, divided by adjusted average interest-earning assets excluding PPP loans. **Loan Portfolio** The ending weighted average rate (“WAR”)(1) on the total loan portfolio was 3.73% at December 31, 2021, a 1 basis point increase compared to the ending WAR on the total loan portfolio at September 30, 2021. Excluding the impact of PPP loans, the WAR on the loan portfolio was 3.75% at December 31, 2021, compared to 3.76% at September 30, 2021. Outlined below are loan balances and WARs for the period ended as indicated. \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & December 31, 2021 & & September 30, 2021 & & December 31, 2020 & \\ \hline ($ in thousands) & & Balance & & WAR & & Balance & & WAR & & Balance & & WAR & \\ \hline Loans held for investment balances at period end: & & & & & & & & & & & & & & & & \\ \hline One-to-four family residential, including condominium and cooperative apartment & & $ & 669,282 & & 3.63 & % & $ & 683,665 & & 3.68 & % & $ & 184,989 & & 3.76 & % \\ \hline Multifamily residential and residential mixed-use (2)(3) & & & 3,356,346 & & 3.56 & & & 3,468,262 & & 3.57 & & & 2,758,743 & & 3.75 & \\ \hline Non-owner-occupied commercial real estate ("CRE") & & & 2,915,693 & & 3.69 & & & 2,844,171 & & 3.70 & & & 1,560,811 & & 3.86 & \\ \hline Owner-occupied CRE & & & 1,030,255 & & 4.05 & & & 970,266 & & 4.11 & & & 317,356 & & 4.14 & \\ \hline Acquisition, development, and construction ("ADC") & & & 322,628 & & 4.53 & & & 285,379 & & 4.69 & & & 156,296 & & 5.02 & \\ \hline Commercial and industrial ("C&I") & & & 867,542 & & 4.08 & & & 878,332 & & 4.10 & & & 319,626 & & 4.49 & \\ \hline Other loans & & & 16,898 & & 5.85 & & & 20,713 & & 4.97 & & & 2,316 & & 7.63 & \\ \hline Loans held for investment excluding PPP & & & 9,178,644 & & 3.75 & & & 9,150,788 & & 3.76 & & & 5,300,137 & & 3.89 & \\ \hline & & & & & & & & & & & & & & & & \\ \hline PPP & & & 66,017 & & 1.00 & & & 134,083 & & 1.00 & & & 321,907 & & 1.00 & \\ \hline Total loans held for investment including PPP & & $ & 9,244,661 & & 3.73 & % & $ & 9,284,871 & & 3.72 & % & $ & 5,622,044 & & 3.73 & % \\ \hline & & & & & & & & & & & & & & & & \\ \hline \end{table} (1) Weighted average rate is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total amount of loans in the category.(2) Includes multifamily loans underlying cooperatives. (3) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio. Outlined below are the loan originations, excluding PPP, for the quarter ended as indicated. \begin{table}{|c|c|c|c|c|c|c|c|c|c|} \hline ($ in millions) & & Q4 2021 & & Q3 2021 & & Q4 2020 \\ \hline Loan originations, excluding PPP & & $ & 505.1 & & $ & 464.9 & & $ & 223.8 \\ \hline & & & & & & & & & \\ \hline \end{table} **Deposits** Total deposits decreased by $215.1 million on a linked quarter basis to $10.5 billion at December 31, 2021. The decline in total deposits was primarily due to the Bank not renewing higher-cost certificates of deposit accounts. CEO O’Connor stated, “We continued to focus on reducing higher-rate, promotional or rate-sensitive deposits in our portfolio as we prepare for higher interest rates. The weighted-average rate on our deposit portfolio declined to 0.09% at December 31, 2021.” Non-interest-bearing deposits increased $98.6 million during the fourth quarter of 2021 to $3.9 billion at December 31, 2021, representing 37.5% of total deposits. As of December 31, 2021, the Company had $324.9 million of certificates of deposits, with a weighted average rate of 0.29%, that were set to mature during the first quarter of 2022 and $376.3 million of certificates of deposits, with a weighted average rate of 0.69%, that were set to mature during the remainder of 2022. **Non-Interest Income** Non-interest income was $10.2 million during the fourth quarter of 2021, $9.7 million during the third quarter of 2021, and $2.5 million during the fourth quarter of 2020. Excluding the net gain on sale of securities and other assets, adjusted non-interest income was $9.2 million during the fourth quarter of 2021. The net gain on sale of securities and other assets during the fourth quarter of 2021 was primarily due to the sale of a branch property. Excluding the loss on termination of derivatives and net gain on sale of securities and other assets, adjusted non-interest income was $7.9 million during the fourth quarter of 2020 (see “Non-GAAP Reconciliation” table at the end of this news release). **Non-Interest Expense** Total non-interest expense was $50.8 million during the fourth quarter of 2021, $56.8 million during the third quarter of 2021, and $37.6 million during the fourth quarter of 2020. Excluding the impact of merger expenses and transaction costs, branch restructuring, and amortization of other intangible assets, adjusted non-interest expense was $48.7 million during the fourth quarter of 2021, compared to $49.1 million during the third quarter of 2021, and $25.3 million during the fourth quarter of 2020 (see “Non-GAAP Reconciliation” table at the end of this news release). The ratio of non-interest expense to average assets was 1.64% during the fourth quarter of 2021, compared to 1.80% during the linked quarter and 2.28% for the fourth quarter of 2020. Excluding the impact of merger expenses and transaction costs, branch restructuring, and amortization of other intangible assets, the ratio of adjusted non-interest expense to average assets was 1.57% during the fourth quarter of 2021, compared to 1.56% during the linked quarter and 1.53% for the fourth quarter of 2020 (see “Non-GAAP Reconciliation” table at the end of this news release). The efficiency ratio was 49.9% during the fourth quarter of 2021, compared to 54.3% during the linked quarter and 73.4% during the fourth quarter of 2020. Excluding the impact of merger expenses and transaction costs, branch restructuring, and amortization of other intangible assets, the adjusted efficiency ratio was 48.2% during the fourth quarter of 2021, compared to 46.9% during the linked quarter and 44.8% during the fourth quarter of 2020 (see “Non-GAAP Reconciliation” table at the end of this news release). **Income Tax Expense** The reported effective tax rate for the fourth quarter of 2021 was 30.9%, compared to 27.5% for the third quarter of 2021, and 31.5% for the fourth quarter of 2020. The increase in the effective tax rate during the fourth quarter of 2021 was primarily the result of higher non-deductible expenses during the period. **Credit Quality** Non-performing loans at December 31, 2021 were $40.3 million, or 0.44% of total loans. Excluding the impact of purchased loans with credit deterioration (“PCD loans”), non-performing loans would have been $32.2 million, or 0.36% of total loans (excluding PCD loans). A credit loss recovery of $132 thousand was recorded during the fourth quarter of 2021, compared to a credit loss recovery of $5.2 million during the third quarter of 2021, and a credit loss provision of $6.2 million during the fourth quarter of 2020. The allowance for credit losses as a percentage of total loans was 0.91% at December 31, 2021 as compared to 0.88% at September 30, 2021 and 0.74% at December 31, 2020. **Loans with Payment Deferrals** Loans subject to full principal and interest (“P&I”) payment deferrals declined to $5.7 million and represented 0.1% of the total loan portfolio at December 31, 2021. **Capital Management** The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements. CEO O’Connor commented, “During the fourth quarter, we continued to execute on our share repurchase program and we repurchased $29.3 million of common stock. Our tangible equity to tangible assets ratio increased by 14 basis points in the quarter to 8.64%. Our strong balance sheet and internal stress testing analyses continue to provide support for future capital return to shareholders” (see “Non-GAAP Reconciliation” tables at the end of this news release). Dividends per common share were $0.24 during the fourth quarter of 2021. Book value per common share was $26.98 and tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by number of shares outstanding) was $22.87 at December 31, 2021 (see “Non-GAAP Reconciliation” tables at the end of this news release). **Earnings Call Information** The Company will conduct a conference call at 8:30 a.m. (ET) on January 28, 2022, during which CEO O’Connor will discuss the Company’s fourth quarter and fiscal year 2021 performance, with a question and answer session to follow. Dial-in information for the live call is 1-888-348-2672. Upon dialing in, request to be joined into Dime Community Bancshares, Inc. call with the conference operator. The conference call will be simultaneously webcast (listen only), and archived for a period of one year, at [https://services.choruscall.com/links/dcom220128.html](https://services.choruscall.com/links/dcom220128.html). Dial-in information for the replay is 1-877-344-7529 using access code #6633695. Replay will be available beginning on January 28, 2022 at 10:30 a.m. through February 11, 2022 at 11:59 p.m. **ABOUT DIME COMMUNITY BANCSHARES, INC. **Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $12.0 billion in assets and the number one deposit market share among community banks on Greater Long Island(1). (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks less than $20 billion in assets. This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "anticipate," "believe," “continue,” "could," "estimate," "expect," "intend," “likely,” "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Company; unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. Further, given its ongoing and dynamic nature, it is difficult to predict what effects the COVID-19 pandemic will have on our business and results of operations. The pandemic and related local and national economic disruption may, among other effects, result in a decline in demand for our products and services; increased levels of loan delinquencies, problem assets and foreclosures; branch closures, work stoppages and unavailability of personnel; and increased cybersecurity risks, as employees work remotely. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent updates set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. **Contact: Avinash Reddy****Senior Executive Vice President – Chief Financial Officer****718-782-6200 extension 5909** **DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES****UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION**(In thousands) \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & December 31, & & September 30, & & December 31, \\ \hline & & 2021 & & 2021 & & 2020 \\ \hline Assets: & & & & & & & & & \\ \hline Cash and due from banks & & $ & 393,722 & & & $ & 629,011 & & & $ & 243,603 & \\ \hline Securities available-for-sale, at fair value & & & 1,563,711 & & & & 1,709,063 & & & & 538,861 & \\ \hline Securities held-to-maturity & & & 179,309 & & & & 40,303 & & & & — & \\ \hline Marketable equity securities, at fair value & & & — & & & & — & & & & 5,970 & \\ \hline Loans held for sale & & & 5,493 & & & & 14,720 & & & & 5,903 & \\ \hline Loans held for investment, net: & & & & & & & & & \\ \hline One-to-four family and cooperative/condominium apartment & & & 669,282 & & & & 683,665 & & & & 184,989 & \\ \hline Multifamily residential and residential mixed-use (1)(2) & & & 3,356,346 & & & & 3,468,262 & & & & 2,758,743 & \\ \hline CRE & & & 3,945,948 & & & & 3,814,437 & & & & 1,878,167 & \\ \hline ADC & & & 322,628 & & & & 285,379 & & & & 156,296 & \\ \hline Total real estate loans & & & 8,294,204 & & & & 8,251,743 & & & & 4,978,195 & \\ \hline C&I & & & 867,542 & & & & 878,332 & & & & 319,626 & \\ \hline Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loans & & & 66,017 & & & & 134,083 & & & & 321,907 & \\ \hline Other loans & & & 16,898 & & & & 20,713 & & & & 2,316 & \\ \hline Allowance for credit losses & & & (83,853 & ) & & & (81,255 & ) & & & (41,461 & ) \\ \hline Total loans held for investment, net & & & 9,160,808 & & & & 9,203,616 & & & & 5,580,583 & \\ \hline Premises and fixed assets, net & & & 50,368 & & & & 49,615 & & & & 19,053 & \\ \hline Premises held for sale & & & 556 & & & & 2,799 & & & & — & \\ \hline Restricted stock & & & 37,732 & & & & 37,719 & & & & 60,707 & \\ \hline Bank Owned Life Insurance ("BOLI") & & & 295,789 & & & & 293,898 & & & & 156,096 & \\ \hline Goodwill & & & 155,797 & & & & 155,339 & & & & 55,638 & \\ \hline Other intangible assets & & & 8,362 & & & & 9,077 & & & & — & \\ \hline Operating lease assets & & & 64,258 & & & & 56,836 & & & & 33,898 & \\ \hline Derivative assets & & & 45,086 & & & & 41,700 & & & & 18,932 & \\ \hline Accrued interest receivable & & & 40,149 & & & & 43,284 & & & & 34,815 & \\ \hline Other assets & & & 65,224 & & & & 77,401 & & & & 27,551 & \\ \hline Total assets & & $ & 12,066,364 & & & $ & 12,364,381 & & & $ & 6,781,610 & \\ \hline Liabilities: & & & & & & & & & \\ \hline Non-interest-bearing checking & & $ & 3,920,423 & & & $ & 3,821,832 & & & $ & 780,751 & \\ \hline Interest-bearing checking & & & 905,717 & & & & 989,526 & & & & 290,300 & \\ \hline Savings & & & 1,158,040 & & & & 1,188,794 & & & & 414,809 & \\ \hline Money market & & & 3,621,552 & & & & 3,657,669 & & & & 1,716,624 & \\ \hline Certificates of deposit & & & 853,242 & & & & 1,016,216 & & & & 1,322,638 & \\ \hline Total deposits & & & 10,458,974 & & & & 10,674,037 & & & & 4,525,122 & \\ \hline FHLBNY advances & & & 25,000 & & & & 25,000 & & & & 1,204,010 & \\ \hline Other short-term borrowings & & & 1,862 & & & & 2,629 & & & & 120,000 & \\ \hline Subordinated debt, net & & & 197,096 & & & & 197,142 & & & & 114,052 & \\ \hline Operating lease liabilities & & & 66,103 & & & & 62,870 & & & & 39,874 & \\ \hline Derivative liabilities & & & 40,728 & & & & 38,889 & & & & 37,374 & \\ \hline Other liabilities & & & 83,981 & & & & 162,697 & & & & 40,082 & \\ \hline Total liabilities & & & 10,873,744 & & & & 11,163,264 & & & & 6,080,514 & \\ \hline Stockholders' equity: & & & & & & & & & \\ \hline Preferred stock, Series A & & & 116,569 & & & & 116,569 & & & & 116,569 & \\ \hline Common stock & & & 416 & & & & 416 & & & & 348 & \\ \hline Additional paid-in capital & & & 494,125 & & & & 493,775 & & & & 278,295 & \\ \hline Retained earnings & & & 654,726 & & & & 630,744 & & & & 600,641 & \\ \hline Accumulated other comprehensive loss, net of deferred taxes & & & (6,181 & ) & & & (1,042 & ) & & & (5,924 & ) \\ \hline Unearned equity awards & & & (7,842 & ) & & & (9,417 & ) & & & — & \\ \hline Common stock held by the Benefit Maintenance Plan & & & — & & & & — & & & & (1,496 & ) \\ \hline Treasury stock, at cost & & & (59,193 & ) & & & (29,928 & ) & & & (287,337 & ) \\ \hline Total stockholders' equity & & & 1,192,620 & & & & 1,201,117 & & & & 701,096 & \\ \hline Total liabilities and stockholders' equity & & $ & 12,066,364 & & & $ & 12,364,381 & & & $ & 6,781,610 & \\ \hline & & & & & & & & & & & & \\ \hline \end{table} (1) Includes loans underlying multifamily cooperatives.(2) While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio. **DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES****UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS**(Dollars in thousands except share and per share amounts) \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & Three Months Ended & & Year Ended \\ \hline & & December 31, & & September 30, & & December 31, & & December 31, & & December 31, \\ \hline & & 2021 & & 2021 & & 2020 & & 2021 & & 2020 \\ \hline Interest income: & & & & & & & & & & & & & & & \\ \hline Loans & & $ & 89,301 & & & $ & 94,045 & & & $ & 55,002 & & & $ & 359,016 & & & $ & 216,566 & \\ \hline Securities & & & 7,097 & & & & 6,030 & & & & 3,365 & & & & 22,634 & & & & 14,159 & \\ \hline Other short-term investments & & & 414 & & & & 583 & & & & 705 & & & & 2,976 & & & & 3,282 & \\ \hline Total interest income & & & 96,812 & & & & 100,658 & & & & 59,072 & & & & 384,626 & & & & 234,007 & \\ \hline Interest expense: & & & & & & & & & & & & & & & \\ \hline Deposits and escrow & & & 2,861 & & & & 3,565 & & & & 4,740 & & & & 16,527 & & & & 33,038 & \\ \hline Borrowed funds & & & 2,265 & & & & 2,265 & & & & 5,652 & & & & 10,490 & & & & 23,265 & \\ \hline Total interest expense & & & 5,126 & & & & 5,830 & & & & 10,392 & & & & 27,017 & & & & 56,303 & \\ \hline Net interest income & & & 91,686 & & & & 94,828 & & & & 48,680 & & & & 357,609 & & & & 177,704 & \\ \hline (Credit) provision for credit losses & & & (132 & ) & & & (5,187 & ) & & & 6,162 & & & & 6,212 & & & & 26,165 & \\ \hline Net interest income after (credit) provision & & & 91,818 & & & & 100,015 & & & & 42,518 & & & & 351,397 & & & & 151,539 & \\ \hline & & & & & & & & & & & & & & & \\ \hline Non-interest income: & & & & & & & & & & & & & & & \\ \hline Service charges and other fees & & & 4,621 & & & & 4,581 & & & & 1,653 & & & & 15,998 & & & & 5,571 & \\ \hline Title fees & & & 735 & & & & 482 & & & & — & & & & 2,338 & & & & — & \\ \hline Loan level derivative income & & & 113 & & & & 445 & & & & 3,671 & & & & 2,909 & & & & 8,872 & \\ \hline BOLI income & & & 1,890 & & & & 2,249 & & & & 1,028 & & & & 7,071 & & & & 4,859 & \\ \hline Gain on sale of SBA loans excluding PPP & & & 851 & & & & 348 & & & & 146 & & & & 2,336 & & & & 1,118 & \\ \hline Gain on sale of PPP loans & & & — & & & & — & & & & — & & & & 20,697 & & & & — & \\ \hline Gain on sale of residential loans & & & 225 & & & & 304 & & & & 910 & & & & 1,758 & & & & 1,884 & \\ \hline Net gain on equity securities & & & — & & & & — & & & & 222 & & & & 131 & & & & 361 & \\ \hline Net gain on sale of securities and other assets & & & 975 & & & & — & & & & 1,235 & & & & 1,705 & & & & 4,592 & \\ \hline Loss on termination of derivatives & & & — & & & & — & & & & (6,596 & ) & & & (16,505 & ) & & & (6,596 & ) \\ \hline Other & & & 769 & & & & 1,319 & & & & 233 & & & & 3,630 & & & & 612 & \\ \hline Total non-interest income & & & 10,179 & & & & 9,728 & & & & 2,502 & & & & 42,068 & & & & 21,273 & \\ \hline Non-interest expense: & & & & & & & & & & & & & & & \\ \hline Salaries and employee benefits & & & 27,638 & & & & 28,276 & & & & 15,726 & & & & 108,331 & & & & 60,756 & \\ \hline Severance & & & — & & & & — & & & & — & & & & 1,875 & & & & 4,000 & \\ \hline Occupancy and equipment & & & 7,784 & & & & 7,814 & & & & 4,116 & & & & 30,697 & & & & 16,177 & \\ \hline Data processing costs & & & 4,506 & & & & 3,573 & & & & 2,152 & & & & 16,638 & & & & 8,329 & \\ \hline Marketing & & & 1,959 & & & & 1,054 & & & & 318 & & & & 4,661 & & & & 1,458 & \\ \hline Professional services & & & 2,130 & & & & 2,751 & & & & 681 & & & & 9,284 & & & & 3,394 & \\ \hline Federal deposit insurance premiums & & & 1,031 & & & & 1,173 & & & & 490 & & & & 4,077 & & & & 2,257 & \\ \hline Loss on extinguishment of debt & & & — & & & & — & & & & 1,104 & & & & 1,751 & & & & 1,104 & \\ \hline Curtailment (gain) loss & & & — & & & & — & & & & (1,651 & ) & & & 1,543 & & & & (1,651 & ) \\ \hline Merger expenses and transaction costs & & & 2,574 & & & & 2,472 & & & & 12,829 & & & & 44,824 & & & & 15,256 & \\ \hline Branch restructuring & & & (1,118 & ) & & & 4,518 & & & & — & & & & 5,059 & & & & — & \\ \hline Amortization of other intangible assets & & & 715 & & & & 715 & & & & — & & & & 2,622 & & & & — & \\ \hline Other & & & 3,610 & & & & 4,437 & & & & 1,824 & & & & 13,937 & & & & 6,748 & \\ \hline Total non-interest expense & & & 50,829 & & & & 56,783 & & & & 37,589 & & & & 245,299 & & & & 117,828 & \\ \hline & & & & & & & & & & & & & & & \\ \hline Income before taxes & & & 51,168 & & & & 52,960 & & & & 7,431 & & & & 148,166 & & & & 54,984 & \\ \hline Income tax expense & & & 15,811 & & & & 14,565 & & & & 2,339 & & & & 44,170 & & & & 12,666 & \\ \hline Net income & & & 35,357 & & & & 38,395 & & & & 5,092 & & & & 103,996 & & & & 42,318 & \\ \hline Preferred stock dividends & & & 1,821 & & & & 1,822 & & & & 1,821 & & & & 7,286 & & & & 4,783 & \\ \hline Net income available to common stockholders & & $ & 33,536 & & & $ & 36,573 & & & $ & 3,271 & & & $ & 96,710 & & & $ & 37,535 & \\ \hline & & & & & & & & & & & & & & & \\ \hline Earnings per common share ("EPS"): & & & & & & & & & & & & & & & \\ \hline Basic & & $ & 0.83 & & & $ & 0.89 & & & $ & 0.16 & & & $ & 2.45 & & & $ & 1.74 & \\ \hline Diluted & & $ & 0.83 & & & $ & 0.89 & & & $ & 0.16 & & & $ & 2.45 & & & $ & 1.74 & \\ \hline & & & & & & & & & & & & & & & \\ \hline Average common shares outstanding for diluted EPS & & & 39,876,825 & & & & 40,426,161 & & & & 21,233,018 & & & & 38,903,037 & & & & 21,538,448 & \\ \hline & & & & & & & & & & & & & & & & & & & & \\ \hline \end{table} **DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES****UNAUDITED SELECTED FINANCIAL HIGHLIGHTS**(Dollars in thousands except per share amounts) \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & At or For the Three Months Ended & & At or For the Year Ended & \\ \hline & & December 31, & & September 30, & & December 31, & & December 31, & & December 31, & \\ \hline & & 2021 & & 2021 & & 2020 & & 2021 & & 2020 & \\ \hline Per Share Data: & & & & & & & & & & & & & & & & \\ \hline Reported EPS (Diluted) & & $ & 0.83 & & $ & 0.89 & & $ & 0.16 & & $ & 2.45 & & $ & 1.74 & \\ \hline Cash dividends paid per common share & & & 0.24 & & & 0.24 & & & 0.22 & & & 0.96 & & & 0.86 & \\ \hline Book value per common share & & & 26.98 & & & 26.64 & & & 27.53 & & & 26.98 & & & 27.53 & \\ \hline Tangible common book value per share (1) & & & 22.87 & & & 22.60 & & & 24.91 & & & 22.87 & & & 24.91 & \\ \hline Common shares outstanding & & & 39,878 & & & 40,715 & & & 21,233 & & & 39,878 & & & 21,233 & \\ \hline Dividend payout ratio & & & 28.92 & % & & 26.97 & % & & 135.03 & % & & 39.18 & % & & 49.79 & % \\ \hline & & & & & & & & & & & & & & & & \\ \hline Performance Ratios (Based upon Reported Net Income): & & & & & & & & & & & & & & & & \\ \hline Return on average assets & & & 1.14 & % & & 1.22 & % & & 0.31 & % & & 0.86 & % & & 0.66 & % \\ \hline Return on average equity & & & 11.67 & & & 12.69 & & & 2.89 & & & 8.96 & & & 6.30 & \\ \hline Return on average tangible common equity (1) & & & 14.61 & & & 15.96 & & & 2.45 & & & 11.09 & & & 7.14 & \\ \hline Net interest margin & & & 3.14 & & & 3.20 & & & 3.10 & & & 3.15 & & & 2.90 & \\ \hline Non-interest expense to average assets & & & 1.64 & & & 1.80 & & & 2.28 & & & 2.03 & & & 1.83 & \\ \hline Efficiency ratio & & & 49.9 & & & 54.3 & & & 73.4 & & & 61.4 & & & 59.2 & \\ \hline Effective tax rate & & & 30.90 & & & 27.50 & & & 31.48 & & & 29.81 & & & 23.04 & \\ \hline & & & & & & & & & & & & & & & & \\ \hline Balance Sheet Data: & & & & & & & & & & & & & & & & \\ \hline Average assets & & $ & 12,419,184 & & $ & 12,584,372 & & $ & 6,604,409 & & $ & 12,112,800 & & $ & 6,424,251 & \\ \hline Average interest-earning assets & & & 11,582,086 & & & 11,765,298 & & & 6,281,488 & & & 11,354,111 & & & 6,122,643 & \\ \hline Average tangible common equity (1) & & & 931,503 & & & 929,131 & & & 533,476 & & & 888,128 & & & 525,817 & \\ \hline Loan-to-deposit ratio at end of period & & & 88.4 & & & 87.0 & & & 124.2 & & & 88.4 & & & 124.2 & \\ \hline & & & & & & & & & & & & & & & & \\ \hline Capital Ratios and Reserves - Consolidated: (3) & & & & & & & & & & & & & & & & \\ \hline Tangible common equity to tangible assets (1) & & & 7.66 & % & & 7.54 & % & & 7.86 & % & & & & & & \\ \hline Tangible equity to tangible assets (1) & & & 8.64 & & & 8.50 & & & 9.60 & & & & & & & \\ \hline Tier 1 common equity ratio & & & 9.50 & & & 9.92 & & & 10.22 & & & & & & & \\ \hline Tier 1 risk-based capital ratio & & & 10.71 & & & 11.17 & & & 12.44 & & & & & & & \\ \hline Total risk-based capital ratio & & & 13.47 & & & 14.13 & & & 15.44 & & & & & & & \\ \hline Tier 1 leverage ratio & & & 8.46 & & & 8.37 & & & 9.95 & & & & & & & \\ \hline CRE consolidated concentration ratio (2) & & & 519 & & & 516 & & & 554 & & & & & & & \\ \hline Allowance for credit losses/ Total loans & & & 0.91 & & & 0.88 & & & 0.74 & & & & & & & \\ \hline Allowance for credit losses/ Non-performing loans & & & 208.04 & & & 238.84 & & & 231.26 & & & & & & & \\ \hline & & & & & & & & & & & & & & & & \\ \hline \end{table} (1) See "Non-GAAP Reconciliation" table for reconciliation of tangible equity, tangible common equity, and tangible assets. Average balances are calculated using the ending balance for months during the period indicated.(2) The CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner occupied commercial real estate, multifamily, and ADC, divided by consolidated capital. December 31, 2021 amounts are preliminary pending completion and filing of the Company’s regulatory reports.(3) December 31, 2021 amounts are preliminary pending completion and filing of the Company’s regulatory reports. **DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES****UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME**(Dollars in thousands) \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & Three Months Ended & \\ \hline & & December 31, 2021 & & September 30, 2021 & & December 31, 2020 & \\ \hline & & & & & & & & Average & & & & & & & & Average & & & & & & & & Average & \\ \hline & & Average & & & & & Yield/ & & Average & & & & & Yield/ & & Average & & & & & Yield/ & \\ \hline & & Balance & & Interest & & Cost & & Balance & & Interest & & Cost & & Balance & & Interest & & Cost & \\ \hline Assets: & & & & & & & & & & & & & & & & & & & & & & & & & \\ \hline Interest-earning assets: & & & & & & & & & & & & & & & & & & & & & & & & & \\ \hline Real estate loans & & $ & 8,293,470 & & $ & 78,367 & & 3.75 & % & $ & 8,289,973 & & $ & 78,820 & & 3.77 & % & $ & 4,966,327 & & $ & 49,487 & & 3.99 & % \\ \hline Commercial and industrial loans & & & 873,273 & & & 10,119 & & 4.60 & & & 868,508 & & & 12,143 & & 5.55 & & & 328,754 & & & 3,252 & & 3.96 & \\ \hline SBA PPP loans & & & 96,065 & & & 583 & & 2.41 & & & 266,472 & & & 2,643 & & 3.94 & & & 318,793 & & & 2,252 & & 2.83 & \\ \hline Other loans & & & 18,385 & & & 232 & & 5.01 & & & 21,391 & & & 439 & & 8.14 & & & 1,318 & & & 11 & & 3.34 & \\ \hline Securities & & & 1,729,191 & & & 7,097 & & 1.63 & & & 1,438,348 & & & 6,030 & & 1.66 & & & 498,861 & & & 3,365 & & 2.70 & \\ \hline Other short-term investments & & & 571,702 & & & 414 & & 0.29 & & & 880,606 & & & 583 & & 0.26 & & & 167,435 & & & 705 & & 1.68 & \\ \hline Total interest-earning assets & & & 11,582,086 & & & 96,812 & & 3.32 & % & & 11,765,298 & & & 100,658 & & 3.39 & % & & 6,281,488 & & & 59,072 & & 3.76 & % \\ \hline Non-interest-earning assets & & & 837,098 & & & & & & & & 819,074 & & & & & & & & 322,921 & & & & & & \\ \hline Total assets & & $ & 12,419,184 & & & & & & & $ & 12,584,372 & & & & & & & $ & 6,604,409 & & & & & & \\ \hline & & & & & & & & & & & & & & & & & & & & & & & & & \\ \hline Liabilities and Stockholders' Equity: & & & & & & & & & & & & & & & & & & & & & & & & & \\ \hline Interest-bearing liabilities: & & & & & & & & & & & & & & & & & & & & & & & & & \\ \hline Interest-bearing checking & & $ & 962,597 & & $ & 455 & & 0.19 & % & $ & 1,000,435 & & $ & 388 & & 0.15 & % & $ & 259,155 & & $ & 142 & & 0.22 & % \\ \hline Money market & & & 3,652,681 & & & 1,087 & & 0.12 & & & 3,698,124 & & & 1,467 & & 0.16 & & & 1,679,578 & & & 1,285 & & 0.30 & \\ \hline Savings & & & 1,174,719 & & & 108 & & 0.04 & & & 1,335,310 & & & 170 & & 0.05 & & & 408,241 & & & 141 & & 0.14 & \\ \hline Certificates of deposit & & & 915,210 & & & 1,211 & & 0.52 & & & 1,138,853 & & & 1,540 & & 0.54 & & & 1,333,079 & & & 3,172 & & 0.95 & \\ \hline Total interest-bearing deposits & & & 6,705,207 & & & 2,861 & & 0.17 & & & 7,172,722 & & & 3,565 & & 0.20 & & & 3,680,053 & & & 4,740 & & 0.51 & \\ \hline FHLBNY advances & & & 25,000 & & & 61 & & 0.97 & & & 25,000 & & & 59 & & 0.94 & & & 1,172,191 & & & 4,319 & & 1.47 & \\ \hline Subordinated debt, net & & & 197,126 & & & 2,204 & & 4.44 & & & 197,172 & & & 2,206 & & 4.44 & & & 114,028 & & & 1,330 & & 4.64 & \\ \hline Other short-term borrowings & & & 2,484 & & & — & & — & & & 2,290 & & & — & & — & & & 4,424 & & & 3 & & 0.27 & \\ \hline Total borrowings & & & 224,610 & & & 2,265 & & 4.00 & & & 224,462 & & & 2,265 & & 4.00 & & & 1,290,643 & & & 5,652 & & 1.74 & \\ \hline Total interest-bearing liabilities & & & 6,929,817 & & & 5,126 & & 0.29 & % & & 7,397,184 & & & 5,830 & & 0.31 & % & & 4,970,696 & & & 10,392 & & 0.83 & % \\ \hline Non-interest-bearing checking & & & 4,096,046 & & & & & & & & 3,789,623 & & & & & & & & 795,204 & & & & & & \\ \hline Other non-interest-bearing liabilities & & & 181,074 & & & & & & & & 186,977 & & & & & & & & 132,826 & & & & & & \\ \hline Total liabilities & & & 11,206,937 & & & & & & & & 11,373,784 & & & & & & & & 5,898,726 & & & & & & \\ \hline Stockholders' equity & & & 1,212,247 & & & & & & & & 1,210,588 & & & & & & & & 705,683 & & & & & & \\ \hline Total liabilities and stockholders' equity & & $ & 12,419,184 & & & & & & & $ & 12,584,372 & & & & & & & $ & 6,604,409 & & & & & & \\ \hline Net interest income & & & & & $ & 91,686 & & & & & & & $ & 94,828 & & & & & & & $ & 48,680 & & & \\ \hline Net interest rate spread & & & & & & & & 3.03 & % & & & & & & & 3.08 & % & & & & & & & 2.93 & % \\ \hline Net interest margin & & & & & & & & 3.14 & % & & & & & & & 3.20 & % & & & & & & & 3.10 & % \\ \hline Deposits (including non-interest-bearing checking accounts) & & $ & 10,801,253 & & $ & 2,861 & & 0.11 & % & $ & 10,962,345 & & $ & 3,565 & & 0.13 & % & $ & 4,475,257 & & $ & 4,740 & & 0.42 & % \\ \hline & & & & & & & & & & & & & & & & & & & & & & & & & \\ \hline \end{table} **DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES****UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS**(Dollars in thousands) \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & At or For the Three Months Ended \\ \hline & & December 31, & & September 30, & & December 31, \\ \hline Asset Quality Detail & & 2021 & & 2021 & & 2020 \\ \hline Non-performing loans ("NPLs") (1) & & & & & & & & & \\ \hline One-to-four family residential, including condominium and cooperative apartment & & $ & 7,623 & & & $ & 4,938 & & & $ & 858 & \\ \hline Multifamily residential and residential mixed-use & & & — & & & & 859 & & & & 1,863 & \\ \hline CRE & & & 5,053 & & & & 4,122 & & & & 2,704 & \\ \hline ADC & & & — & & & & — & & & & — & \\ \hline C&I & & & 27,266 & & & & 23,727 & & & & 12,502 & \\ \hline Other & & & 365 & & & & 374 & & & & 1 & \\ \hline Total Non-accrual loans & & $ & 40,307 & & & $ & 34,020 & & & $ & 17,928 & \\ \hline Total Non-performing assets ("NPAs") & & $ & 40,307 & & & $ & 34,020 & & & $ & 17,928 & \\ \hline & & & & & & & & & \\ \hline Loans 90 days delinquent and accruing ("90+ Delinquent") & & & & & & & & & \\ \hline One-to-four family residential, including condominium and cooperative apartment & & $ & 1,945 & & & $ & 5,021 & & & $ & 44 & \\ \hline Multifamily residential and residential mixed-use & & & — & & & & — & & & & 437 & \\ \hline CRE & & & — & & & & 1,004 & & & & — & \\ \hline ADC & & & — & & & & — & & & & — & \\ \hline C&I & & & 1,056 & & & & 257 & & & & 2,848 & \\ \hline Other & & & — & & & & — & & & & — & \\ \hline 90+ Delinquent & & $ & 3,001 & & & $ & 6,282 & & & $ & 3,329 & \\ \hline & & & & & & & & & \\ \hline NPAs and 90+ Delinquent & & $ & 43,308 & & & $ & 40,302 & & & $ & 21,257 & \\ \hline & & & & & & & & & \\ \hline NPAs and 90+ Delinquent / Total assets & & & 0.36 & % & & & 0.33 & % & & & 0.31 & % \\ \hline Net charge-offs (recoveries) ("NCOs") & & $ & (108 & ) & & $ & 4,191 & & & $ & 13,193 & \\ \hline NCOs / Average loans (1) & & & 0.00 & % & & & 0.18 & % & & & 0.94 & % \\ \hline & & & & & & & & & \\ \hline \end{table} (1) Excludes loans held for sale **DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES****NON-GAAP RECONCILIATION**(Dollars in thousands except per share amounts) The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP. The following non-GAAP financial measures exclude pre-tax income and expenses associated with the Company’s merger with Bridge, as well as branch restructuring, and gain on sale of PPP loans. \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & Three Months Ended & & Year Ended \\ \hline & & December 31, & & September 30, & & December 31, & & December 31, & & December 31, \\ \hline & & 2021 & & 2021 & & 2020 & & 2021 & & 2020 \\ \hline Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders & & & & & & & & & & & & & & & \\ \hline Reported net income available to common stockholders & & $ & 33,536 & & & $ & 36,573 & & & $ & 3,271 & & & $ & 96,710 & & & $ & 37,535 & \\ \hline Adjustments to net income (1): & & & & & & & & & & & & & & & \\ \hline Provision for credit losses - Non-PCD loans (double-count) & & & — & & & & — & & & & — & & & & 20,278 & & & & — & \\ \hline Gain on sale of PPP loans & & & — & & & & — & & & & — & & & & (20,697 & ) & & & — & \\ \hline Net gain on sale of securities and other assets & & & (975 & ) & & & — & & & & (1,235 & ) & & & (1,685 & ) & & & (4,592 & ) \\ \hline Loss on termination of derivatives & & & — & & & & — & & & & 6,596 & & & & 16,505 & & & & 6,596 & \\ \hline Severance & & & — & & & & — & & & & — & & & & 1,875 & & & & 4,000 & \\ \hline Loss on extinguishment of debt & & & — & & & & — & & & & 1,104 & & & & 1,751 & & & & 1,104 & \\ \hline Curtailment (gain) loss & & & — & & & & — & & & & (1,651 & ) & & & 1,543 & & & & (1,651 & ) \\ \hline Merger expenses and transaction costs (2) & & & 2,574 & & & & 2,472 & & & & 12,829 & & & & 44,824 & & & & 15,256 & \\ \hline Branch restructuring & & & (1,118 & ) & & & 4,518 & & & & — & & & & 5,059 & & & & — & \\ \hline Income tax effect of adjustments and other tax adjustments & & & (234 & ) & & & (2,191 & ) & & & (4,901 & ) & & & (19,421 & ) & & & (5,537 & ) \\ \hline Adjusted net income available to common stockholders (non-GAAP) & & $ & 33,783 & & & $ & 41,372 & & & $ & 16,013 & & & $ & 146,742 & & & $ & 52,711 & \\ \hline & & & & & & & & & & & & & & & \\ \hline Adjusted Ratios (Based upon non-GAAP as calculated above) & & & & & & & & & & & & & & & \\ \hline Adjusted EPS (Diluted) & & $ & 0.84 & & & $ & 1.01 & & & $ & 0.76 & & & $ & 3.73 & & & $ & 2.44 & \\ \hline Adjusted return on average assets & & & 1.15 & % & & & 1.37 & % & & & 1.08 & % & & & 1.27 & % & & & 0.89 & % \\ \hline Adjusted return on average equity & & & 11.75 & & & & 14.27 & & & & 10.11 & & & & 13.26 & & & & 8.56 & \\ \hline Adjusted return on average tangible common equity & & & 14.72 & & & & 18.02 & & & & 12.01 & & & & 16.73 & & & & 10.02 & \\ \hline Adjusted non-interest expense to average assets & & & 1.57 & & & & 1.56 & & & & 1.53 & & & & 1.55 & & & & 1.54 & \\ \hline Adjusted efficiency ratio & & & 48.2 & & & & 46.9 & & & & 44.8 & & & & 47.6 & & & & 49.3 & \\ \hline & & & & & & & & & & & & & & & & & & & & \\ \hline \end{table} (1) Adjustments to net income are taxed at the Company's statutory tax rate of approximately 31% unless otherwise noted.(2) Certain merger expenses and transaction costs are non-taxable expense. The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP): \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & Three Months Ended & & Year Ended \\ \hline & & December 31, & & September 30, & & December 31, & & December 31, & & December 31, \\ \hline & & 2021 & & 2021 & & 2020 & & 2021 & & 2020 \\ \hline Operating expense as a % of average assets - as reported & & 1.64 & % & & 1.80 & % & & 2.28 & % & & 2.03 & % & & 1.83 & % \\ \hline Loss on extinguishment of debt & & — & & & — & & & (0.07 & ) & & (0.01 & ) & & (0.02 & ) \\ \hline Curtailment gain (loss) & & — & & & — & & & 0.10 & & & (0.02 & ) & & 0.03 & \\ \hline Severance & & — & & & — & & & — & & & (0.02 & ) & & (0.06 & ) \\ \hline Merger expenses and transaction costs & & (0.08 & ) & & (0.08 & ) & & (0.78 & ) & & (0.37 & ) & & (0.24 & ) \\ \hline Branch restructuring & & 0.03 & & & (0.14 & ) & & — & & & (0.04 & ) & & — & \\ \hline Amortization of other intangible assets & & (0.02 & ) & & (0.02 & ) & & — & & & (0.02 & ) & & — & \\ \hline Adjusted operating expense as a % of average assets (non-GAAP) & & 1.57 & & & 1.56 & & & 1.53 & & & 1.55 & & & 1.54 & \\ \hline & & & & & & & & & & & & & & & \\ \hline \end{table} The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP): \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & Three Months Ended & & Year Ended \\ \hline & & December 31, & & September 30, & & December 31, & & December 31, & & December 31, \\ \hline & & 2021 & & 2021 & & 2020 & & 2021 & & 2020 \\ \hline Efficiency ratio - as reported (non-GAAP) (1) & & & 49.9 & % & & & 54.3 & % & & & 73.4 & % & & & 61.4 & % & & & 59.2 & % \\ \hline Non-interest expense - as reported & & $ & 50,829 & & & $ & 56,783 & & & $ & 37,589 & & & $ & 245,299 & & & $ & 117,828 & \\ \hline Less: Severance & & & — & & & & — & & & & — & & & & (1,875 & ) & & & (4,000 & ) \\ \hline Less: Merger expenses and transaction costs & & & (2,574 & ) & & & (2,472 & ) & & & (12,829 & ) & & & (44,824 & ) & & & (15,256 & ) \\ \hline Less: Branch restructuring & & & 1,118 & & & & (4,518 & ) & & & — & & & & (5,059 & ) & & & — & \\ \hline Less: Loss on extinguishment of debt & & & — & & & & — & & & & (1,104 & ) & & & (1,751 & ) & & & (1,104 & ) \\ \hline Less: Curtailment gain (loss) & & & — & & & & — & & & & 1,651 & & & & (1,543 & ) & & & 1,651 & \\ \hline Less: Amortization of other intangible assets & & & (715 & ) & & & (715 & ) & & & — & & & & (2,622 & ) & & & — & \\ \hline Adjusted non-interest expense (non-GAAP) & & $ & 48,658 & & & $ & 49,078 & & & $ & 25,307 & & & $ & 187,625 & & & $ & 99,119 & \\ \hline Net interest income - as reported & & $ & 91,686 & & & $ & 94,828 & & & $ & 48,680 & & & $ & 357,609 & & & $ & 177,704 & \\ \hline Non-interest income - as reported & & $ & 10,179 & & & $ & 9,728 & & & $ & 2,502 & & & $ & 42,068 & & & $ & 21,273 & \\ \hline Less: Gain on sale of PPP loans & & & — & & & & — & & & & — & & & & (20,697 & ) & & & — & \\ \hline Less: Net gain on sale of securities and other assets & & & (975 & ) & & & — & & & & (1,235 & ) & & & (1,685 & ) & & & (4,592 & ) \\ \hline Less: Loss on termination of derivatives & & & — & & & & — & & & & 6,596 & & & & 16,505 & & & & 6,596 & \\ \hline Adjusted non-interest income (non-GAAP) & & $ & 9,204 & & & $ & 9,728 & & & $ & 7,863 & & & $ & 36,191 & & & $ & 23,277 & \\ \hline Adjusted total revenues for adjusted efficiency ratio (non-GAAP) & & $ & 100,890 & & & $ & 104,556 & & & $ & 56,543 & & & $ & 393,800 & & & $ & 200,981 & \\ \hline Adjusted efficiency ratio (non-GAAP) (2) & & & 48.2 & % & & & 46.9 & % & & & 44.8 & % & & & 47.6 & % & & & 49.3 & % \\ \hline & & & & & & & & & & & & & & & & & & & & \\ \hline \end{table} _______________(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest (loss) income.(2) The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income. The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP): \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline & & December 31, & & September 30, & & December 31, \\ \hline & & 2021 & & 2021 & & 2020 \\ \hline Reconciliation of Tangible Assets: & & & & & & & & & \\ \hline Total assets & & $ & 12,066,364 & & & $ & 12,364,381 & & & $ & 6,781,610 & \\ \hline Less: & & & & & & & & & \\ \hline Goodwill & & & (155,797 & ) & & & (155,339 & ) & & & (55,638 & ) \\ \hline Other intangible assets & & & (8,362 & ) & & & (9,077 & ) & & & — & \\ \hline Tangible assets (non-GAAP) & & $ & 11,902,205 & & & $ & 12,199,965 & & & $ & 6,725,972 & \\ \hline & & & & & & & & & \\ \hline Reconciliation of Tangible Common Equity - Consolidated: & & & & & & & & & \\ \hline Total stockholders' equity & & $ & 1,192,620 & & & $ & 1,201,117 & & & $ & 701,096 & \\ \hline Less: & & & & & & & & & \\ \hline Goodwill & & & (155,797 & ) & & & (155,339 & ) & & & (55,638 & ) \\ \hline Other intangible assets & & & (8,362 & ) & & & (9,077 & ) & & & — & \\ \hline Tangible equity (non-GAAP) & & & 1,028,461 & & & & 1,036,701 & & & & 645,458 & \\ \hline Less: & & & & & & & & & \\ \hline Preferred stock, net & & & (116,569 & ) & & & (116,569 & ) & & & (116,569 & ) \\ \hline Tangible common equity (non-GAAP) & & $ & 911,892 & & & $ & 920,132 & & & $ & 528,889 & \\ \hline & & & & & & & & & \\ \hline Common shares outstanding & & & 39,878 & & & & 40,715 & & & & 21,233 & \\ \hline & & & & & & & & & \\ \hline Tangible common equity to tangible assets (non-GAAP) & & & 7.66 & % & & & 7.54 & % & & & 7.86 & % \\ \hline Tangible equity to tangible assets (non-GAAP) & & & 8.64 & & & & 8.50 & & & & 9.60 & \\ \hline & & & & & & & & & \\ \hline Book value per share & & $ & 26.98 & & & $ & 26.64 & & & $ & 27.53 & \\ \hline Tangible common book value per share (non-GAAP) & & & 22.87 & & & & 22.60 & & & & 24.91 & \\ \hline & & & & & & & & & & & & \\ \hline \end{table} [Image](https://www.globenewswire.com/newsroom/ti?nf=ODQ2NTAxOCM0Njk4NTgzIzIwMTk0NjI=) [Image](https://ml.globenewswire.com/media/OWIzNDc3MTYtMTNhYS00NGIzLThlYTQtNmI5N2MwNWVkOGZlLTEwMzA5Mzk=/tiny/Dime-Community-Bancshares-Inc-.png)[](https://www.globenewswire.com/NewsRoom/AttachmentNg/cc302a95-36bf-4ba7-b90b-39e3115a87a6) Source: Dime Community Bancshares, Inc.
Stock Price 4 days before: 36.1407
Stock Price 2 days before: 34.7053
Stock Price 1 day before: 29.9188
Stock Price at release: 33.0998
Risk-Free Rate at release: 0.0004
| 24.073 |
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Symbol: TLRY
Security: Tilray Brands, Inc.
Related Stocks/Topics: Markets|CURLF
Title: Tilray Has More Market Share in This Country Than in Canada
Type: News
Publication: The Motley Fool
Publication Author: David Jagielski
Date: 2022-01-28
Article: The U.S. pot market is the golden goose for the marijuana industry. According to analysts from cannabis research firm BDSA, it will be worth $34.5 billion by 2025. That's nearly six times the Canadian market, which will only be at a value of $6.1 billion by then. And internationally, cannabis sales may not be much higher at $6.5 billion.With the U.S. pot market off-limits to Canadian [marijuana company](https://www.fool.com/investing/stock-market/market-sectors/healthcare/marijuana-stocks/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) **Tilray** [(NASDAQ: TLRY)](https://www.nasdaq.com/market-activity/stocks/tlry), the business has been forced to look to other markets to grow its operations. And one surprising consequence of that is the business now has more market share in a European country than it does in its home base. [A farmer holding a tablet in a hemp field.](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F662119%2Fa-farmer-holding-a-tablet-in-a-hemp-field.jpg&w=700) Image source: Getty Images. **Tilray's market share in Germany is 20%**On Tilray's [most recent earnings call](https://www.fool.com/earnings/call-transcripts/2022/01/10/tilray-inc-tlry-q2-2022-earnings-call-transcript/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866), the company said it was a market leader in Germany with a market share of around 20%. A big reason for this is that the company says it has a state-of-the-art cultivation facility in the country. Plus, with its German subsidiary CC Pharma having "preferred access" to 13,000 pharmacies, that has positioned it for some excellent opportunities in the country. According to Tilray, it is the only company that is providing the German government with medical marijuana that is made within the country.Germany is one of the top European markets for cannabis right now. While it only allows for medical marijuana, a new coalition government is looking to legalize pot for recreational use. With more than 83 million people (more than double the size of Canada), it's easy to see why Germany could be a potentially hot market for cannabis producers to enter, especially if the U.S. remains unavailable. **Market share in Canada is slipping** The German marijuana market is still in its early stages but Canada's industry is much further along, and more competitive. Recreational marijuana use was legalized in 2018, and there are now more than 800 companies that are licensed cultivators, processors, and sellers in the country fighting for market share.All that competition is making it difficult for a company like Tilray to grow its market share in the country. The company noted that for the period ending Nov. 30, 2021, its market share in Canada dropped to 12.8% (previously it was 16%). Blair MacNeil, who is the president of Tilray's Canadian business, said in January that the company is facing an "intensive price-competitive market" but that it won't get too deep into price cutting as it "will not severely compromise margins." But Tilray may need to do something as it is nowhere near its goal of hitting 30% market share in Canada. It suggests to me that [more acquisitions could be a key part of the company's strategy](https://www.fool.com/investing/2021/10/21/could-tilray-make-another-acquisition/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) to help reach that goal. **Is Tilray a Buy?**Tilray will likely lose some market share in Germany as more cannabis countries expand into Europe. Multi-state operator **Curaleaf Holdings**, which is a leading U.S. pot stock, set up Curaleaf International last year in an effort to penetrate the European market and is an example of a possible rival Tilray may need to worry about in the future. So while Tilray is dominating the market today, investors shouldn't get too comfortable.And in Canada, unless Tilray slashes its prices, which, in turn, could devastate its bottom line (it posted a [surprise profit last quarter](https://www.fool.com/investing/2022/01/19/3-charts-that-sum-up-tilrays-q2-earnings/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866)), acquisitions may be the best option to grow its market share. That move, however, could lead to dilution for existing shareholders.There's no easy answer for the company and that's what undoubtedly makes Tilray a bit of a risky buy right now. But with the company generating more than $150 million in sales in each of the past two quarters, it's a leading marijuana business in Canada that's still arguably the best pot stock in the country. Its [long-term growth plans](https://www.fool.com/investing/2021/08/05/can-tilray-really-more-than-quadruple-its-annual-r/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) coupled with the stock trading at 52-week lows could make this an attractive buy on the dip -- as long as you're willing to hang on for what could be some challenging months (and maybe years) ahead for the business. **Here's The Marijuana Stock You've Been Waiting For** A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. **** And make no mistake – it is coming.Cannabis legalization is sweeping over North America – 15 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.Simply click here to get the full story now.[Learn more](https://www.fool.com/mms/mark/sa-cannabis-boom-ecap?aid=9200&source=isaeditxt0000673&ftm_cam=sa-cannabis-boom&ftm_pit=8208&ftm_veh=article_pitch&utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) [David Jagielski](https://boards.fool.com/profile/TMFdjagielski/info.aspx) has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a [disclosure policy](https://www.fool.com/Legal/fool-disclosure-policy.aspx).
Stock Price 4 days before: 5.71755
Stock Price 2 days before: 5.81512
Stock Price 1 day before: 5.57061
Stock Price at release: 5.25188
Risk-Free Rate at release: 0.0004
| 6.02573 |
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Date: 2022-01-28
Title: Evotec SE - ADR Shares Close in on 52-Week Low - Market Mover
Article: Evotec SE - ADR ([EVO](https://kwhen.com/finance/profiles/EVO/summary))) shares closed today at 0.1% above its 52 week low of $19.13, giving the company a market cap of $6B. The stock is currently down 19.1% year-to-date, up 96.9% over the past 12 months, and up 96.9% over the past five years. This week, the Dow Jones Industrial Average fell 2.5%, and the S&P 500 fell 4.1%. **Trading Activity** - Trading volume this week was 59.0% lower than the 20-day average. - Beta, a measure of the stock’s volatility relative to the overall market stands at 0.0. **Technical Indicators** - The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought. - MACD, a trend-following momentum indicator, indicates a downward trend. - The stock closed above its Bollinger band, indicating it may be overbought. **Market Comparative Performance** - The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis - The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and beats it on a 5-year basis This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at [finance.kwhen.com](https://finance.kwhen.com/). Write to [[email protected]](mailto:[email protected]). © 2020 Kwhen Inc.
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Symbol: TDOC
Security: Teladoc Health, Inc.
Related Stocks/Topics: Markets|CNC|CVS
Title: Teladoc Stock Is Due for a Major Upside Reversal
Type: News
Publication: InvestorPlace
Publication Author: Chris Lau
Date: 2022-01-28
Article: [InvestorPlace - Stock Market News, Stock Advice & Trading Tips](https://investorplace.com/?utm_source=Nasdaq&utm_medium=referral)**Teladoc Health** (NYSE: [TDOC](https://investorplace.com/stock-quotes/tdoc-stock-quote/?utm_source=Nasdaq&utm_medium=referral)) is among the pandemic-driven high-fliers on a sustained downtrend. At the height of the lockdown, investors piled into companies that would thrive in a stay-at-home and work-at-home scenario. In one year’s time, shares of the virtual healthcare services company rocketed 175% to a high of $308, made in February 2021. [A woman talks to a doctor on her laptop. telehealth stocks](https://investorplace.com/wp-content/uploads/2020/09/telehealth_1600_b-300x169.jpg) Source: fizkes/ShutterStock.comCurrently, TDOC stock is trading below $70, down 55% from early November. Teladoc cannot blame its underperformance solely on the bashing growth stocks have taken in 2022, though. Its [ambitious Livongo acquisition](https://www.businessinsider.com/teladoc-livongo-insiders-describe-how-the-merger-is-going-2021-11) will take time to meaningfully add to results, and investors are impatient. They are selling TDOC stock now and asking questions later. **Growth Fails to Lift TDOC Stock** Teladoc is a global leader in virtual healthcare with 76 million members and 10,000 providers.The company [reported third-quarter results](https://www.globenewswire.com/news-release/2021/10/27/2322122/0/en/Teladoc-Health-Reports-Third-Quarter-2021-Results.html) on Oct. 27, delivering some impressive growth. Revenue jumped 81% year over year to $522 million, while the number of visits rose 37% to more than 3.9 million. Meanwhile, management said it expects full-year revenue to be about 85% higher at just over $2 billion. It also highlighted “significant” new agreements with **CVS Health** (NYSE: [CVS](https://investorplace.com/stock-quotes/cvs-stock-quote/?utm_source=Nasdaq&utm_medium=referral)) and **Centene** (NYSE: [CNC](https://investorplace.com/stock-quotes/cnc-stock-quote/?utm_source=Nasdaq&utm_medium=referral)). - [10 Stocks to Buy That Could Make You a Millionaire in 2022](https://investorplace.com/2022/01/10-stocks-to-buy-that-could-make-you-a-millionaire-in-2022/?utm_source=Nasdaq&utm_medium=referral) However, the company reported a net loss of $84.3 million for Q3, more than double the loss in the year-ago quarter. That was actually better than analysts were hoping for. Yet, losses for the first nine months of 2021 ballooned 358% year over year to $417.8 million. A big part of the increase in Teladoc’s losses was due to the higher amortization of acquired intangible assets from Livongo and [InTouch Health](https://www.healthcareitnews.com/news/teladoc-completes-intouch-health-acquisition). Still, as investors turned their attention from growth to profitability, TDOC stock has suffered. **What Teladoc Needs to Prove** Teladoc expects to expand its profit margins by gaining scale. Its revenue growth demonstrates this is achievable. Increased operating leverage from its marketplace, investments from research and development, and growth in consumers and clients will raise its adjusted EBITDA over time.Growth investors should brace for the dramatic shift in market sentiment to limit or hurt the stock’s performance in the near term. Teladoc still has vested stock awards related to the Livongo merger. Shareholders realize the deal will enrich Livongo staff while hurting their holding.To justify continued investments in Teladoc, the company needs its virtual and healthcare services to keep growing. Eventually, revenue will outpace costs and stock-based compensation will ease. Moreover, Teladoc needs its business growth to accelerate despite Covid-19 lockdowns permanently easing.The company’s virtual care offers consumers a convenient way to meet their healthcare needs. Teladoc can build on that user experience. For example, it could offer a holistic solution that meets more than just a few customers’ needs. The firm’s suite of offerings includes a broad spectrum of coordinated care services. It can build on chronic care and mental health care through its virtual medical care services. Currently, referrals should sustain growth. To achieve accelerated growth, Teladoc must go to market by expanding internationally through a direct-to-consumer channel.Healthcare systems will recognize the value of its data science, which will deliver actionable insight for data providers. Furthermore, consumers are more engaged and better informed. By getting better healthcare services and health outcomes, Teladoc is a major contender in the virtual health care field. **TDOC Stock Valuation, Risks** According to Stock Rover, a quant scoring service, TDOC stock has a fair grade on quality, value and growth.[Teledoc score](https://investorplace.com/wp-content/uploads/2022/01/tdoc-stock-score.jpg) Chart courtesy of [Stock Rover](https://www.stockrover.com/why-stock-rover/?sa_author=diy_value_investing).The value score suggests Teledoc’s stock price may fall further. Eventually, though, value investors will recognize that the stock is inexpensive relative to its growth prospects for the next three to five years.The company’s expanded scope of products will keep its membership base satisfied. Its widening offerings should also help attract new consumers, boosting growth. For example, according to a [recent presentation](https://s21.q4cdn.com/672268105/files/doc_presentations/2022/01/TDOC-Investor-Presentation-January-2022.pdf), Teladoc has 76 million individuals who have access to its telemedicine solutions, plus another 16 million who have a contract for its chronic care solutions. Those 92 million members will give Teladoc a chance to cross-sell high-value products and services.As for risks, telemedicine is still a nascent field that competes with traditional in-person health care. The firm may take longer than investors hope to increase its market share. Furthermore, Teladoc risks a membership growth slowdown and may need to buy more firms or increase R&D spending to attract more customers. **The Bottom Line on TDOC Stock** In a five-year discounted cash flow revenue exit model, readers may assume the following revenue multiple: \begin{table}{|c|c|c|} \hline Metrics & Range & Conclusion \\ \hline Discount Rate & 10.0% – 8.0% & 9.0% \\ \hline Terminal Revenue Multiple & 1.0x – 2.0x & 1.5x \\ \hline Fair Value & $71.17 – $151.79 & $110.07 \\ \hline \end{table} Model courtesy of [finbox](https://finbox.com/s/m-1331e70c?pi=fnbox&ai=oj32jt3Z).In this [interactive model](https://finbox.com/s/m-1331e70c?pi=fnbox&ai=oj32jt3Z), adjust the revenue growth rate to re-calculate the stock’s fair value. I forecasted revenue to grow by at least 75% annually through the fiscal year 2024. This would suggest a fair value of around $110, or 58% higher than today’s price. Investors have no idea when Teladoc’s stock will stop dropping. So, consider starting with a small position first. As sentiment improves and the company gets closer to profitability, build a bigger allocation in TDOC stock. Chris Lau is a contributing author for InvestorPlace.com and numerous other financial sites. Chris has over 20 years of investing experience in the stock market and runs the Do-It-Yourself Value Investing Marketplace on Seeking Alpha. He shares his stock picks so readers get original insight that helps improve investment returns.The post [Teladoc Stock Is Due for a Major Upside Reversal](https://investorplace.com/2022/01/teladoc-stock-is-due-for-a-major-upside-reversal/?utm_source=Nasdaq&utm_medium=referral) appeared first on [InvestorPlace](https://investorplace.com/?utm_source=Nasdaq&utm_medium=referral).
Stock Price 4 days before: 71.2506
Stock Price 2 days before: 74.4005
Stock Price 1 day before: 70.4825
Stock Price at release: 67.6274
Risk-Free Rate at release: 0.0004
| 70.7474 |
Broader Economic Information:
Date: 2022-01-28
Title: Teladoc Stock Is Due for a Major Upside Reversal
Article: [InvestorPlace - Stock Market News, Stock Advice & Trading Tips](https://investorplace.com/?utm_source=Nasdaq&utm_medium=referral)**Teladoc Health** (NYSE: [TDOC](https://investorplace.com/stock-quotes/tdoc-stock-quote/?utm_source=Nasdaq&utm_medium=referral)) is among the pandemic-driven high-fliers on a sustained downtrend. At the height of the lockdown, investors piled into companies that would thrive in a stay-at-home and work-at-home scenario. In one year’s time, shares of the virtual healthcare services company rocketed 175% to a high of $308, made in February 2021. [A woman talks to a doctor on her laptop. telehealth stocks](https://investorplace.com/wp-content/uploads/2020/09/telehealth_1600_b-300x169.jpg) Source: fizkes/ShutterStock.comCurrently, TDOC stock is trading below $70, down 55% from early November. Teladoc cannot blame its underperformance solely on the bashing growth stocks have taken in 2022, though. Its [ambitious Livongo acquisition](https://www.businessinsider.com/teladoc-livongo-insiders-describe-how-the-merger-is-going-2021-11) will take time to meaningfully add to results, and investors are impatient. They are selling TDOC stock now and asking questions later. **Growth Fails to Lift TDOC Stock** Teladoc is a global leader in virtual healthcare with 76 million members and 10,000 providers.The company [reported third-quarter results](https://www.globenewswire.com/news-release/2021/10/27/2322122/0/en/Teladoc-Health-Reports-Third-Quarter-2021-Results.html) on Oct. 27, delivering some impressive growth. Revenue jumped 81% year over year to $522 million, while the number of visits rose 37% to more than 3.9 million. Meanwhile, management said it expects full-year revenue to be about 85% higher at just over $2 billion. It also highlighted “significant” new agreements with **CVS Health** (NYSE: [CVS](https://investorplace.com/stock-quotes/cvs-stock-quote/?utm_source=Nasdaq&utm_medium=referral)) and **Centene** (NYSE: [CNC](https://investorplace.com/stock-quotes/cnc-stock-quote/?utm_source=Nasdaq&utm_medium=referral)). - [10 Stocks to Buy That Could Make You a Millionaire in 2022](https://investorplace.com/2022/01/10-stocks-to-buy-that-could-make-you-a-millionaire-in-2022/?utm_source=Nasdaq&utm_medium=referral) However, the company reported a net loss of $84.3 million for Q3, more than double the loss in the year-ago quarter. That was actually better than analysts were hoping for. Yet, losses for the first nine months of 2021 ballooned 358% year over year to $417.8 million. A big part of the increase in Teladoc’s losses was due to the higher amortization of acquired intangible assets from Livongo and [InTouch Health](https://www.healthcareitnews.com/news/teladoc-completes-intouch-health-acquisition). Still, as investors turned their attention from growth to profitability, TDOC stock has suffered. **What Teladoc Needs to Prove** Teladoc expects to expand its profit margins by gaining scale. Its revenue growth demonstrates this is achievable. Increased operating leverage from its marketplace, investments from research and development, and growth in consumers and clients will raise its adjusted EBITDA over time.Growth investors should brace for the dramatic shift in market sentiment to limit or hurt the stock’s performance in the near term. Teladoc still has vested stock awards related to the Livongo merger. Shareholders realize the deal will enrich Livongo staff while hurting their holding.To justify continued investments in Teladoc, the company needs its virtual and healthcare services to keep growing. Eventually, revenue will outpace costs and stock-based compensation will ease. Moreover, Teladoc needs its business growth to accelerate despite Covid-19 lockdowns permanently easing.The company’s virtual care offers consumers a convenient way to meet their healthcare needs. Teladoc can build on that user experience. For example, it could offer a holistic solution that meets more than just a few customers’ needs. The firm’s suite of offerings includes a broad spectrum of coordinated care services. It can build on chronic care and mental health care through its virtual medical care services. Currently, referrals should sustain growth. To achieve accelerated growth, Teladoc must go to market by expanding internationally through a direct-to-consumer channel.Healthcare systems will recognize the value of its data science, which will deliver actionable insight for data providers. Furthermore, consumers are more engaged and better informed. By getting better healthcare services and health outcomes, Teladoc is a major contender in the virtual health care field. **TDOC Stock Valuation, Risks** According to Stock Rover, a quant scoring service, TDOC stock has a fair grade on quality, value and growth.[Teledoc score](https://investorplace.com/wp-content/uploads/2022/01/tdoc-stock-score.jpg) Chart courtesy of [Stock Rover](https://www.stockrover.com/why-stock-rover/?sa_author=diy_value_investing).The value score suggests Teledoc’s stock price may fall further. Eventually, though, value investors will recognize that the stock is inexpensive relative to its growth prospects for the next three to five years.The company’s expanded scope of products will keep its membership base satisfied. Its widening offerings should also help attract new consumers, boosting growth. For example, according to a [recent presentation](https://s21.q4cdn.com/672268105/files/doc_presentations/2022/01/TDOC-Investor-Presentation-January-2022.pdf), Teladoc has 76 million individuals who have access to its telemedicine solutions, plus another 16 million who have a contract for its chronic care solutions. Those 92 million members will give Teladoc a chance to cross-sell high-value products and services.As for risks, telemedicine is still a nascent field that competes with traditional in-person health care. The firm may take longer than investors hope to increase its market share. Furthermore, Teladoc risks a membership growth slowdown and may need to buy more firms or increase R&D spending to attract more customers. **The Bottom Line on TDOC Stock** In a five-year discounted cash flow revenue exit model, readers may assume the following revenue multiple: \begin{table}{|c|c|c|} \hline Metrics & Range & Conclusion \\ \hline Discount Rate & 10.0% – 8.0% & 9.0% \\ \hline Terminal Revenue Multiple & 1.0x – 2.0x & 1.5x \\ \hline Fair Value & $71.17 – $151.79 & $110.07 \\ \hline \end{table} Model courtesy of [finbox](https://finbox.com/s/m-1331e70c?pi=fnbox&ai=oj32jt3Z).In this [interactive model](https://finbox.com/s/m-1331e70c?pi=fnbox&ai=oj32jt3Z), adjust the revenue growth rate to re-calculate the stock’s fair value. I forecasted revenue to grow by at least 75% annually through the fiscal year 2024. This would suggest a fair value of around $110, or 58% higher than today’s price. Investors have no idea when Teladoc’s stock will stop dropping. So, consider starting with a small position first. As sentiment improves and the company gets closer to profitability, build a bigger allocation in TDOC stock. Chris Lau is a contributing author for InvestorPlace.com and numerous other financial sites. Chris has over 20 years of investing experience in the stock market and runs the Do-It-Yourself Value Investing Marketplace on Seeking Alpha. He shares his stock picks so readers get original insight that helps improve investment returns.The post [Teladoc Stock Is Due for a Major Upside Reversal](https://investorplace.com/2022/01/teladoc-stock-is-due-for-a-major-upside-reversal/?utm_source=Nasdaq&utm_medium=referral) appeared first on [InvestorPlace](https://investorplace.com/?utm_source=Nasdaq&utm_medium=referral).
Date: 2022-01-28
Title: Tilray Has More Market Share in This Country Than in Canada
Article: The U.S. pot market is the golden goose for the marijuana industry. According to analysts from cannabis research firm BDSA, it will be worth $34.5 billion by 2025. That's nearly six times the Canadian market, which will only be at a value of $6.1 billion by then. And internationally, cannabis sales may not be much higher at $6.5 billion.With the U.S. pot market off-limits to Canadian [marijuana company](https://www.fool.com/investing/stock-market/market-sectors/healthcare/marijuana-stocks/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) **Tilray** [(NASDAQ: TLRY)](https://www.nasdaq.com/market-activity/stocks/tlry), the business has been forced to look to other markets to grow its operations. And one surprising consequence of that is the business now has more market share in a European country than it does in its home base. [A farmer holding a tablet in a hemp field.](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F662119%2Fa-farmer-holding-a-tablet-in-a-hemp-field.jpg&w=700) Image source: Getty Images. **Tilray's market share in Germany is 20%**On Tilray's [most recent earnings call](https://www.fool.com/earnings/call-transcripts/2022/01/10/tilray-inc-tlry-q2-2022-earnings-call-transcript/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866), the company said it was a market leader in Germany with a market share of around 20%. A big reason for this is that the company says it has a state-of-the-art cultivation facility in the country. Plus, with its German subsidiary CC Pharma having "preferred access" to 13,000 pharmacies, that has positioned it for some excellent opportunities in the country. According to Tilray, it is the only company that is providing the German government with medical marijuana that is made within the country.Germany is one of the top European markets for cannabis right now. While it only allows for medical marijuana, a new coalition government is looking to legalize pot for recreational use. With more than 83 million people (more than double the size of Canada), it's easy to see why Germany could be a potentially hot market for cannabis producers to enter, especially if the U.S. remains unavailable. **Market share in Canada is slipping** The German marijuana market is still in its early stages but Canada's industry is much further along, and more competitive. Recreational marijuana use was legalized in 2018, and there are now more than 800 companies that are licensed cultivators, processors, and sellers in the country fighting for market share.All that competition is making it difficult for a company like Tilray to grow its market share in the country. The company noted that for the period ending Nov. 30, 2021, its market share in Canada dropped to 12.8% (previously it was 16%). Blair MacNeil, who is the president of Tilray's Canadian business, said in January that the company is facing an "intensive price-competitive market" but that it won't get too deep into price cutting as it "will not severely compromise margins." But Tilray may need to do something as it is nowhere near its goal of hitting 30% market share in Canada. It suggests to me that [more acquisitions could be a key part of the company's strategy](https://www.fool.com/investing/2021/10/21/could-tilray-make-another-acquisition/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) to help reach that goal. **Is Tilray a Buy?**Tilray will likely lose some market share in Germany as more cannabis countries expand into Europe. Multi-state operator **Curaleaf Holdings**, which is a leading U.S. pot stock, set up Curaleaf International last year in an effort to penetrate the European market and is an example of a possible rival Tilray may need to worry about in the future. So while Tilray is dominating the market today, investors shouldn't get too comfortable.And in Canada, unless Tilray slashes its prices, which, in turn, could devastate its bottom line (it posted a [surprise profit last quarter](https://www.fool.com/investing/2022/01/19/3-charts-that-sum-up-tilrays-q2-earnings/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866)), acquisitions may be the best option to grow its market share. That move, however, could lead to dilution for existing shareholders.There's no easy answer for the company and that's what undoubtedly makes Tilray a bit of a risky buy right now. But with the company generating more than $150 million in sales in each of the past two quarters, it's a leading marijuana business in Canada that's still arguably the best pot stock in the country. Its [long-term growth plans](https://www.fool.com/investing/2021/08/05/can-tilray-really-more-than-quadruple-its-annual-r/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) coupled with the stock trading at 52-week lows could make this an attractive buy on the dip -- as long as you're willing to hang on for what could be some challenging months (and maybe years) ahead for the business. **Here's The Marijuana Stock You've Been Waiting For** A little-known Canadian company just unlocked what some experts think could be the key to profiting off the coming marijuana boom. **** And make no mistake – it is coming.Cannabis legalization is sweeping over North America – 15 states plus Washington, D.C., have all legalized recreational marijuana over the last few years, and full legalization came to Canada in October 2018.And one under-the-radar Canadian company is poised to explode from this coming marijuana revolution.Because a game-changing deal just went down between the Ontario government and this powerhouse company...and you need to hear this story today if you have even considered investing in pot stocks.Simply click here to get the full story now.[Learn more](https://www.fool.com/mms/mark/sa-cannabis-boom-ecap?aid=9200&source=isaeditxt0000673&ftm_cam=sa-cannabis-boom&ftm_pit=8208&ftm_veh=article_pitch&utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=068d5362-58eb-4fe2-a2d2-34d8a9937866) [David Jagielski](https://boards.fool.com/profile/TMFdjagielski/info.aspx) has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a [disclosure policy](https://www.fool.com/Legal/fool-disclosure-policy.aspx).
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Date: 2022-01-28
Title: DocGo Announces Record Preliminary Fourth Quarter 2021 Revenue
Article: **Full year and fourth quarter revenue of $305.0 million and $107.8 million, respectively, more than triple versus prior year periods** NEW YORK--(BUSINESS WIRE)-- [DocGo](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.docgo.com%2F&esheet=52570319&newsitemid=20220128005115&lan=en-US&anchor=DocGo&index=1&md5=03c528a81550613960598f8fe37da6ac), (Nasdaq: DCGO), a leading provider of last-mile mobile health services and integrated medical mobility solutions, announced today select preliminary unaudited financial results for its fourth quarter ended December 31, 2021.“Our preliminary unaudited fourth quarter and full year results we are providing today reflect the increasing momentum of our business, specifically 246% revenue growth quarter-over-quarter and 224% growth for the full year over 2020,” said Stan Vashovsky, CEO of DocGo. “We are pleased with our fourth quarter results which excluding COVID related testing revenues reflect approximately 200% year over year growth in revenue, with ongoing positive momentum in the core business. We fill a significant void in the medical care continuum that is increasingly recognized by corporations, health systems and government agencies, and we are excited by the opportunities that are ahead of us in 2022. I look forward to a very successful year.”“It is worth noting that on a go forward basis, we do not intend to provide select preliminary results on a regular basis and will instead report complete financial and operating results in our regularly scheduled quarterly earnings releases,” Mr. Vashovsky concluded. **Preliminary Fourth Quarter Financial Highlights** - On a preliminary basis, total revenue was $107.8 million in the fourth quarter of 2021, representing record quarterly revenue for the seventh consecutive quarter for DocGo, and a 246% increase from $31.2 million in the fourth quarter of 2020. - Results were aided by the inclusion of revenues from several large new and expanded Mobile Health contracts. - On a preliminary basis, Mobile Health revenue increased to approximately $89.6 million in the fourth quarter of 2021, compared to $15.8 million in the prior-year period. Medical transport revenue was approximately $18.2 million, up 18% from $15.4 million in Q4 of 2020. - On a preliminary basis, DocGo's net income was $2.5 million in the fourth quarter of 2021, which represents a substantial improvement over the net loss of $4.4 million in the fourth quarter of last year. Adjusted EBITDA grew to approximately $5.4 million in the fourth quarter of 2021 even with significant investments made in regional expansion and personnel, versus an Adjusted EBITDA loss of $2.9 million in the prior-year period. - For the full year, on a preliminary basis, DocGo generated $305 million in revenue in 2021, an increase of 224% from $94.1 million in 2020. Mobile Health revenue increased to approximately $221.1 million in 2021, compared to $31 million in 2020. Medical transport revenue was approximately $83.9 million in 2021, up 33% from $63.1 million in 2020. - On a preliminary basis, DocGo's net income was $1.4 million for the full year 2021, which represents a substantial improvement over the net loss of $14.8 million in 2020. Adjusted EBITDA grew to approximately $13.0 million in 2021 even with significant investments made in regional expansion and personnel, versus an Adjusted EBITDA loss of $8.1 million in 2020. - The company expects to report full year 2021 audited results in late February or early March and expects to provide formal 2022 guidance at that time. **Recent Business Highlights** - All municipal testing programs will extend into 2022 and signed several new agreements to expand those services. - Expanded mobile health services in several markets, including offering monoclonal antibody treatments in the state of Nevada. - To meet the growing demand for services, hired 926 new employees in Q4 2021, bringing total hires for calendar year 2021 to 2,340, and total number of medical providers and agency staff to over 3,877 as of year end. - Named Aaron Severs as Chief Product Officer to lead consumer product strategy, and spearhead development of a comprehensive B2C offering. - Launched tuition-free training programs for our clinicians, EMS workers and healthcare professionals to improve employee recruitment and retention efforts. The foregoing unaudited preliminary financial results represent the most current information available to DocGo and are based on calculations or figures prepared internally that have not yet been reviewed by DocGo’s independent registered public accounting firm. Actual fourth quarter and year-to-date financial results may be materially different from the preliminary results described above and are subject to the risk factors and uncertainties identified in this press release and in the filings with the Securities and Exchange Commission (SEC) made by DocGo. **About DocGo** DocGo is a leading provider of last-mile Mobile Health services and integrated medical mobility solutions. DocGo is disrupting the traditional four-wall healthcare system by providing care at the scale of humanity. DocGo's innovative technology and dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient's home or workplace. Together with DocGo's integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit [www.docgo.com](https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.docgo.com&esheet=52570319&newsitemid=20220128005115&lan=en-US&anchor=www.docgo.com&index=2&md5=d3e07176f187f3f7af2b4eb88b0ceb33). **Cautionary Statement Regarding Preliminary Estimated Results** The financial results for DocGo’s fourth quarter ended December 31, 2021, are preliminary, unaudited and subject to finalization. They reflect DocGo management's current views and may change as a result of DocGo's further review of results and other factors, including a wide variety of significant business, economic and competitive risks and uncertainties. Such preliminary results should not be viewed as a substitute for full quarterly financial statements and accompanying footnotes prepared in accordance with GAAP. DocGo cautions you that these preliminary results are not guarantees of future performance or outcomes, and that actual results may differ materially from those described above. For more information regarding factors that could cause actual results to differ from those described above, please see "Cautionary Statement Regarding Forward-Looking Statements" below.The preliminary third quarter financial results have been prepared by, and are the responsibility of, DocGo's management. DocGo's independent registered public accounting firm has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary estimated financial information, and does not express an opinion or any other form of assurance with respect thereto. **Cautionary Statement Regarding Forward-Looking Statements** This announcement contains forward-looking statements (including within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended) concerning DocGo. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions with respect to future operations, services and products, (ii) our competitive position and opportunities, and (iii) other statements identified by words such as "may", "will", "expect", "intend", "plan", "potential", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "predict" "project", "aim", "goal", "outlook", "guidance", and similar words, phrases or expressions. These forward-looking statements are based on management's current expectations and beliefs, as well as assumptions made by, and information currently available to, management, and current market trends and conditions. Forward-looking statements inherently involve risks and uncertainties, many of which are beyond our control, and which may cause actual results to differ materially from those contained in our forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect current or future results include possible accounting adjustments made in the process of finalizing reported financial results; any risks associated with global economic conditions and concerns; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19 coronavirus pandemic; competitive pressures; pricing declines; rates of growth in our target markets; our ability to improve gross margins; cost-containment measures; legislative and regulatory actions; the impact of legal proceedings and compliance risks; the impact on our business and reputation in the event of information technology system failures, network disruptions, cyber-attacks, or losses or unauthorized access to, or release of, confidential information; and the ability of the company to comply with laws and regulations regarding data privacy and protection. We undertake no intent or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise. **Non-GAAP Financial Measure**"GAAP" refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This announcement includes Adjusted EBITDA, a measure calculated other than in accordance with GAAP. This non-GAAP financial measure is provided in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. DocGo defines Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization, stock-based compensation, litigation provisions and merger-related expenses. Internally, this non-GAAP measure is used by management for purposes of evaluating DocGo's core operating performance, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts, strategic planning, evaluating and valuing potential acquisition candidates, and benchmarking performance externally against competitors. DocGo believes this non-GAAP financial information provides additional insight into our financial performance and future prospects of the company's core business and have therefore chosen to provide this information to investors to help them evaluate our results of operations and enhance the ability to make period-to-period comparisons. Other companies, including companies in our industry, may not use Adjusted EBITDA or may calculate it differently than as presented below, limiting Its usefulness as a comparative measure. In evaluating these non-GAAP measures, you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments made in the calculations of Adjusted EBITDA and our presentation of it herein should not be construed to mean that our future results will be unaffected by such adjustments. \begin{table}{|c|c|c|c|c|c|c|c|c|c|c|} \hline Reconciliation of Net Income to Adjusted EBITDA \\ \hline & & \\ \hline & Q4 & YTD \\ \hline & & 2020 & & 2021 & & & 2020 & & 2021 & \\ \hline Net income/(loss) (GAAP) & & -$4.4 & & $2.5 & & & -$14.8 & & $1.4 & \\ \hline (+) Net Interest/expense/ (income) & & -$0.2 & & $0.2 & & & $0.2 & & $1.0 & \\ \hline (+) Income tax & & $0.1 & & $0.3 & & & $0.2 & & $0.6 & \\ \hline (+) Depreciation & amortization & & $1.4 & & $2.2 & & & $5.4 & & $7.8 & \\ \hline & & & & & & & & & & \\ \hline EBITDA & & -$3.1 & & $5.2 & & & -$9.0 & & $10.8 & \\ \hline & & & & & & & & & & \\ \hline (+) Non-cash stock compensation & & $0.2 & & $0.1 & & & $0.7 & & $1.3 & \\ \hline (+) Non-recurring expense & & $0.0 & & $0.1 & & & $0.2 & & $0.9 & \\ \hline Adjusted EBITDA & & -$2.9 & & $5.4 & & & -$8.1 & & $13.0 & \\ \hline \end{table} [Image](https://cts.businesswire.com/ct/CT?id=bwnews&sty=20220128005115r1&sid=acqr8&distro=nx&lang=en) View source version on [businesswire.com](http://businesswire.com/):[https://www.businesswire.com/news/home/20220128005115/en/](https://www.businesswire.com/news/home/20220128005115/en/) **Investors:**Steve Halper LifeSci Advisors 646-876-6455 [[email protected] ](mailto:[email protected]) [[email protected]](mailto:[email protected])**Media:**Natalie Weddle Crowe PR [[email protected] ](mailto:[email protected])(646) 916-5314 Source: DocGo
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Symbol: ALT
Security: Altimmune, Inc.
Related Stocks/Topics: Nasdaq-Listed Companies
Title: Here's Why We're Watching Altimmune's (NASDAQ:ALT) Cash Burn Situation
Type: News
Publication: Simply Wall St
Publication Author: Simply Wall St
Date: 2022-01-28
Article: Just because a business does not make any money, does not mean that the stock will go down. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?So, the natural question for **Altimmune** (NASDAQ:ALT) shareholders is whether they should be concerned by its rate of cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'. **When Might Altimmune Run Out Of Money?**A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. As at September 2021, Altimmune had cash of US$200m and no debt. In the last year, its cash burn was US$82m. So it had a cash runway of about 2.4 years from September 2021. Arguably, that's a prudent and sensible length of runway to have. You can see how its cash balance has changed over time in the image below.[debt-equity-history-analysis](https://images.simplywall.st/asset/chart/4866807-debt-equity-history-analysis-1-dark/1643364338834) NasdaqGM:ALT Debt to Equity History January 28th 2022**How Well Is Altimmune Growing?**One thing for shareholders to keep front in mind is that Altimmune increased its cash burn by 253% in the last twelve months. While that's concerning on it's own, the fact that operating revenue was actually down 47% over the same period makes us positively tremulous. Considering these two factors together makes us nervous about the direction the company seems to be heading. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at [how much the company is expected to grow in the next few years](https://simplywall.st/stocks/us/pharmaceuticals-biotech/nasdaq-alt/altimmune?blueprint=1874588&utm_medium=finance_user&utm_campaign=integrated-pitch&utm_source=nasdaq#future-profit). **How Easily Can Altimmune Raise Cash?**Altimmune revenue is declining and its cash burn is increasing, so many may be considering its need to raise more cash in the future. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.Altimmune's cash burn of US$82m is about 32% of its US$259m market capitalisation. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution. **So, Should We Worry About Altimmune's Cash Burn?**On this analysis of Altimmune's cash burn, we think its cash runway was reassuring, while its increasing cash burn has us a bit worried. Summing up, we think the Altimmune's cash burn is a risk, based on the factors we mentioned in this article. Taking a deeper dive, we've spotted [5 warning signs for Altimmune](https://simplywall.st/stocks/us/pharmaceuticals-biotech/nasdaq-alt/altimmune?blueprint=1874588&utm_medium=finance_user&utm_campaign=conclusion&utm_source=nasdaq#executive-summary) you should be aware of, and 1 of them makes us a bit uncomfortable. Of course **Altimmune may not be the best stock to buy**. So you may wish to see this **free** [collection of companies boasting high return on equity,](https://simplywall.st/discover/investing-ideas/16053/high-return-on-equity-low-debt?blueprint=1874588&utm_medium=finance_user&utm_campaign=conclusion-grid&utm_source=nasdaq) or [this list of stocks that insiders are buying](https://simplywall.st/discover/investing-ideas/16951/growing-companies-with-insider-buying?blueprint=1874588&utm_medium=finance_user&utm_campaign=conclusion-grid&utm_source=nasdaq). **Have feedback on this article? Concerned about the content?** [Get in touch](https://feedback.simplywall.st/article/MTg3NDU4ODpkMTM1ZjA4Y2FkYTVjYTBl)**with us directly. **Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Stock Price 4 days before: 7.00689
Stock Price 2 days before: 7.19101
Stock Price 1 day before: 7.27164
Stock Price at release: 6.56554
Risk-Free Rate at release: 0.0004
| 7.61495 |
"Broader Economic Information:\nDate: 2022-01-28\nTitle: Teladoc Stock Is Due for a Major Upside Rev(...TRUNCATED) | 64.0122 |
"Broader Economic Information:\nDate: 2022-01-28\nTitle: Tilray Has More Market Share in This Countr(...TRUNCATED) | 35.4602 |
"Broader Economic Information:\nDate: 2022-01-28\nTitle: Teladoc Stock Is Due for a Major Upside Rev(...TRUNCATED) | 38.71 |
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