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Mar 31, 2022
Southside Bancshares Q1 2022 Earnings Report
Reported a decrease in net income compared to the same period in 2021, driven by a provision for credit losses, but highlighted by loan growth and strong asset quality metrics.
Key Takeaways
Southside Bancshares reported a net income of $25.0 million for Q1 2022, a decrease of $9.1 million compared to Q1 2021. Earnings per diluted common share were $0.77, compared to $1.04 in the same period last year. The results were highlighted by linked quarter loan growth, net of PPP loans, of 4.8%, continued strong asset quality metrics and an efficiency ratio of 48.15%.
First quarter net income of $25.0 million.
Linked quarter loan growth, net of Paycheck Protection Program (“PPP”) loans, of 4.8%.
Annualized return on first quarter average assets of 1.40%.
Nonperforming assets remain low at 0.16% of total assets.
Southside Bancshares
Southside Bancshares
Forward Guidance
The economic conditions and growth prospects for the markets we serve continue to reflect a solid and positive outlook. The DFW and Austin markets remain among the highest performing markets in the nation. This contributed to our outstanding loan growth during the first quarter. Our loan pipeline remains strong and we remain encouraged about loan growth prospects despite the headwinds of future expected loan payoffs.