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Sep 30, 2021
Southside Bancshares Q3 2021 Earnings Report
Reported net income of $29.3 million and earnings per diluted common share of $0.90.
Key Takeaways
Southside Bancshares reported a strong third quarter with net income of $29.3 million, an increase of 8.2% compared to the same period in 2020. The company saw annualized linked quarter deposit growth of 13.5% and loan growth of 7.9%, net of PPP loans. The net interest margin increased to 3.16%.
Net income for the third quarter was $29.3 million.
Earnings per diluted common share for the third quarter were $0.90.
Annualized linked quarter loan growth, net of PPP loans, was 7.9%.
Annualized linked quarter deposit growth was 13.5%.
Southside Bancshares
Southside Bancshares
Forward Guidance
The company's loan pipeline is strong, but anticipated payoffs in the fourth quarter will generate some continued headwinds. They remain encouraged by the continued strong economic conditions in the market areas they serve.
Positive Outlook
- Strong loan pipeline
- Continued strong economic conditions in market areas
Challenges Ahead
- Anticipated payoffs in the fourth quarter will generate some continued headwinds.