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Sep 30, 2020
Southside Bancshares Q3 2020 Earnings Report
Reported strong financial results driven by a decrease in provision for credit losses and an increase in net interest income that was partially offset by an increase in noninterest expense.
Key Takeaways
Southside Bancshares reported a net income of $27.1 million for the quarter ended September 30, 2020, an increase of 36.8% compared to the same period in 2019. Earnings per diluted common share increased 41.4% to $0.82 for the three months ended September 30, 2020, from $0.58 for the same period in 2019.
Third quarter diluted earnings per share of $0.82, an increase of 41.4% compared to same period in 2019.
Third quarter net income of $27.1 million, an increase of 36.8% compared to same period in 2019.
Annualized return on third quarter average tangible equity of 17.73%.
Nonperforming assets remain low at 0.23% of total assets.