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Dec 31, 2020
Southside Bancshares Q4 2020 Earnings Report
Reported record net income and strong asset quality metrics.
Key Takeaways
Southside Bancshares, Inc. reported a record fourth quarter net income of $29.6 million, a 70.6% increase compared to the same period in 2019. Earnings per diluted common share increased to $0.89, up from $0.51 in the same period of the previous year. The increase in net income was driven by an increase in net interest income and a decrease in provision for credit losses.
Record fourth quarter net income of $29.6 million, an increase of 70.6%, compared to the same period in 2019.
Record annual net income of $82.2 million, an increase of 10.2%, compared to the same period in 2019.
Annualized return on fourth quarter average assets of 1.64%.
Nonperforming assets remained low at 0.25% of total assets.