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Jun 30, 2022
Southside Bancshares Q2 2022 Earnings Report
Reported financial results for the quarter ended June 30, 2022.
Key Takeaways
Southside Bancshares reported a net income of $25.4 million for the second quarter of 2022, an increase of $4.1 million, or 19.2%, compared to the same period in 2021. Earnings per diluted common share increased $0.14, or 21.5%, to $0.79 for the three months ended June 30, 2022, from $0.65 for the same period in 2021.
Second quarter net income of $25.4 million.
Linked quarter loan growth, net of Paycheck Protection Program (“PPP”) loans, of 4.6%.
Linked quarter net interest margin (FTE) increased to 3.30%.
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, even against the headwinds of inflation, continue to reflect a solid and positive overall outlook. Increasing interest rates and rising building costs have taken some of the steam out of the highly robust single family housing market, however there continues to be a shortage of housing in several Texas markets. Loan growth during the first half of the year has been extremely strong. Some of the second quarter loan growth may have a short duration and we anticipate modestly higher loan pay-offs in the second half of this year when compared to the first half. As a result we anticipate loan growth in the second half of the year will slow from the levels we experienced during the first half of the year.