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Jun 30, 2020
Southside Bancshares Q2 2020 Earnings Report
Net income and earnings per share increased, driven by a decrease in interest expense, an increase in noninterest income and a decrease in income tax expense.
Key Takeaways
Southside Bancshares reported a solid second quarter with net income of $21.6 million and earnings per share of $0.65. The results reflect the strength of the balance sheet, capital position, and underlying earnings.
Second quarter diluted earnings per share of $0.65, an increase of 18.2% compared to same period in 2019.
Second quarter net income of $21.6 million, an increase of 15.8% compared to same period in 2019.
Linked quarter deposits increased $331.4 million.
Nonperforming assets remain low at 0.24% of total assets.
Southside Bancshares
Southside Bancshares
Forward Guidance
Southside Bancshares expects lower loan growth for the remainder of the year due to the uncertainty of COVID-19, but continues to look for loan growth opportunities. The freeze of all future benefit accruals will result in a reduction in retirement expense of approximately $2 million during 2021.