Southside Bancshares (SBSI) Tops Q1 EPS by 3c

Southside Bancshares (NASDAQ: SBSI) reported Q1 EPS of $0.56, $0.03 better than the analyst estimate of $0.53.

• First quarter earnings per diluted common share increased 21.7% to $0.56 compared with first quarter 2018
• First quarter net income increased 15.8% to $18.8 million compared with first quarter 2018
• Linked quarter nonperforming assets decreased 11.2% to 0.61% of total assets for first quarter 2019
• First quarter annualized return on average assets of 1.21%
• First quarter annualized return on average shareholders’ equity of 10.35% and return on average tangible common equity of 15.44% (1)
• Linked quarter noninterest-bearing deposits increased 4.4% in first quarter 2019

“The first quarter results provide an excellent start for 2019,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “First quarter earnings per share increased 21.7% and net income increased 15.8% when compared to the first quarter 2018. On a linked quarter basis nonperforming assets decreased 11.2%, to 0.61% of total assets due primarily to the sale of three nonperforming loans, which was also the primary reason for the decrease in the provision for loan losses this quarter.”

“Our tax-equivalent net interest margin on a linked quarter basis decreased from 3.21% to 3.07%, due in part to a loss on a fair value hedge interest rate swap of $0.5 million recorded in net interest income. During the last month of the quarter, as interest rates decreased, we sold a little more than $520 million of lower yielding available for sale securities at an overall net gain of $256,000. These sales were partially offset by purchases of securities during the quarter at higher yields.”

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

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