Southside Bancshares reports Q2 EPS 81c, consensus 69c

At June 30, 2023, Southside had $7.81 billion in total assets, compared to $7.56 billion at December 31, 2022 and $7.61 billion at June 30, 2022. Reports tangible book value per common share $18.35. “Southside reported excellent financial results for the second quarter, highlighted by earnings per share of $0.81, an 18.59% return on tangible common equity, a linked quarter increase in loans of 4.2%, and continued strong asset quality metrics,” stated Lee R. Gibson, President and Chief Executive Officer of Southside. “Approximately 80% of our loan growth occurred in June. Linked quarter, deposits net of brokered and public fund deposits increased $73.1 million, or 1.6%. Our tax-equivalent net interest margin linked quarter decreased four basis points primarily due to increased deposit pricing pressure, partially offset by a 22 basis point increase in the yield on average loans and a 21 basis point increase in the yield on average securities.”