Southside Bancshares (SBSI) Misses Q2 EPS by 2c, Miss on Revenues

Southside Bancshares (NASDAQ: SBSI) reported Q2 EPS of $0.57, $0.02 worse than the analyst estimate of $0.59. Revenue for the quarter came in at $56.04 million versus the consensus estimate of $57.41 million.

“Southside experienced an excellent second quarter highlighted by our financial results and the completion of the Diboll Bancshares, Inc. integration,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “We reported record net income during the second quarter of $20.2 million, an efficiency ratio below 50% and maintained the net interest margin on a linked quarter basis at 3.19%, notwithstanding a slight reduction in average loans. During the quarter we recorded acquisition costs related to the Diboll transaction of $1.0 million, a $332,000 loss on the sale of available for sale securities and a death benefit of $636,000 in bank owned life insurance income. We expect to realize substantially all of the efficiencies and the associated cost savings of the Diboll integration during the third quarter.”

“During the second quarter loan payoffs exceeded loans funded by $39 million. Our loan pipeline looks promising for the remainder of the year as a number of loans are expected to fund; however, we expect additional payoffs that will offset a portion of the new funding's. Economic conditions in East Texas remain solid and the Austin and DFW economies, fueled by company relocations and overall population growth, continue to be robust.”

For earnings history and earnings-related data on Southside Bancshares (SBSI) click here.

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