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Mar 31, 2020
Southside Bancshares Q1 2020 Earnings Report
Financial results reported a decrease in net income due to increases in the provision for credit losses and noninterest expense, which were partially offset by increases in interest income and noninterest income, as well as decreases in interest expense and income tax expense.
Key Takeaways
Southside Bancshares reported a net income of $4.0 million for the quarter ended March 31, 2020, a decrease of $14.9 million, or 79.0%, compared to the same period in 2019. Earnings per diluted common share decreased $0.44, or 78.6%, to $0.12 for the three months ended March 31, 2020, from $0.56 for the same period in 2019.
First quarter provision for credit losses of $25.2 million, largely due to worsening economic forecast related to COVID-19.
Linked quarter loans increased $32.8 million, or 0.9%, to $3.60 billion.
Linked quarter nonperforming assets as a percent of total assets decreased to 0.24% from 0.26%.
Linked quarter tax-equivalent net interest margin increased 5 basis points to 3.03% from 2.98%.
Southside Bancshares
Southside Bancshares
Forward Guidance
Southside does not anticipate meaningful loan growth for the remainder of the year due to the current COVID-19 related economic forecast for 2020.