Southside Bancshares saw a steep drop in quarterly net income due to a $24.4 million loss from a restructuring of its securities portfolio, despite modest loan growth and stable net interest income.
Net income fell to $4.9 million due to a $24.4 million loss on the sale of securities.
EPS dropped to $0.16, while adjusted EPS excluding the loss was $0.97.
Loan growth was strong with a $163.4 million increase quarter-over-quarter.
Noninterest income, excluding securities loss, increased to $12.4 million.
Management aims to boost future earnings through portfolio restructuring, debt issuance, and continued loan growth, while closely monitoring asset quality and liquidity.
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