SOUTHSIDE BANCSHARES, INC.
ANNOUNCES FINANCIAL RESULTS FOR THE
SECOND QUARTER ENDED JUNE 30, 2021
•Second quarter net income of $21.3 million;
•Second quarter earnings per diluted common share of $0.65;
•Annualized linked quarter deposit growth of 5.0%;
•Annualized return on second quarter average assets of 1.20%;
•Annualized return on second quarter average tangible common equity of 13.13%(1); and
•Nonperforming assets decreased to 0.21% of total assets.
Tyler, Texas (July 23, 2021) Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended June 30, 2021. Southside reported net income of $21.3 million for the three months ended June 30, 2021, a decrease of $0.2 million, or 1.1%, compared to $21.6 million for the same period in 2020. Earnings per diluted common share were $0.65 for the three months ended June 30, 2021 and 2020. The annualized return on average shareholders’ equity for the three months ended June 30, 2021 was 9.73%, compared to 10.82% for the same period in 2020. The annualized return on average assets was 1.20% for the three months ended June 30, 2021, compared to 1.17% for the same period in 2020.
“We reported solid results during the second quarter, highlighted by continued strong asset quality metrics and 5% annualized linked quarter deposit growth,” stated Lee R. Gibson, President and Chief Executive Officer of Southside.
“Loan growth, net of Paycheck Protection Program (“PPP”), was partially offset by higher than anticipated loan payoffs. For the six months ended, annualized loan growth was 4%. We are encouraged about loan growth for the second half of the year as our loan pipeline continues to remain healthy.”
“On September 30, 2021, we anticipate the redemption of our 5.5% coupon $100 million sub debt issue, pending regulatory approval.”
“We are pleased by the continued strong economic conditions in the market areas we serve.”
The following information was filed by Southside Bancshares Inc (SBSI) on Friday, July 23, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.