Southside Bancshares Q3 net income jumps 469% on improved asset quality
SBSI•Southside Bancshares reported third-quarter net income of $27.98 million, up 469% year over year, and EPS of $0.93. Net interest income and margin increased both year over year and sequentially.
1. Quarterly results
Southside Bancshares reported third-quarter net income of $27.98 million and EPS of $0.93. Net interest income was $60.30 million, rising year over year and sequentially as average interest-earning asset balances increased and the average rate paid on interest-bearing liabilities declined.
2. Income and asset quality
Noninterest income increased year over year, driven by higher trust fees and deposit and brokerage services income. The company said asset quality remained solid, with classified loans declining and a low ratio of nonperforming assets to total assets. It provided no specific financial guidance for current or future periods.
