Southside Bancshares Q2 net income rises; expects to meet FY loan growth target
SBSI•Analyst coverage and valuation
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell".
The average consensus recommendation for the banks peer group is "buy." Wall Street's median 12-month price target for Southside Bancshares Inc is $37.00, about 8.5% above its July 23 closing price of $34.09.
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago.
Result drivers and key details
- Higher earning assets — Net interest income rose due to an increase in the average balance of interest earning assets and a decrease in the average rate paid on interest bearing liabilities.
- Noninterest income growth — Noninterest income increased, led by higher bank owned life insurance income, trust fees, deposit services, and brokerage services.
- Lower noninterest expense — Noninterest expense declined, mainly due to a decrease in other noninterest expense.
Key details
| Metric | Actual |
|---|---|
| Q2 EPS | $0.90 |
| Q2 Net Income | $26.84 mln |
| Q2 Net Interest Income | $57.33 mln |
| Q2 Pretax Profit | $32.58 mln |
