Southside Bancshares Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2015
January 29, 2016 at 12:00 pm
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Southside Bancshares Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net interest income of $34,697,000 compared to $25,354,000 for the same period in 2014. Income before income tax expense was of $13,130,000 compared to loss before income tax expense of $7,863,000 for the same period in 2014. Net income was $11,692,000 compared to Net loss of $3,945,000 for the same period in 2014. Diluted and basic earnings per common share were $0.46 compared to diluted and basic loss per common share of $0.19 for the same period in 2014. Return on average assets was 0.92% compared to negative return on average assets of 0.43% for the same period in 2014. Return on average shareholders' equity was 10.35% compared to negative return on average equity of 4.94% for the same period in 2014. Total interest income was of $39,964,000 compared to $29,613,000 for the same period in 2014. The increase in net interest income was primarily the result of the increase in interest income was a result of the increase in total loans and total securities.
For the year ended, the company reported net interest income of $134,678,000 compared to $106,822,000 for the same period in 2014. Income before income tax expense was of $51,276,000 compared to $18,669,000 for the same period in 2014. Net income was $43,997,000 compared to $20,833,000 for the same period in 2014. Diluted and basic earnings per common share were $1.73 compared to $1.04 for the same period in 2014. Return on average assets was 0.90% compared to 0.60% for the same period in 2014. Return on average shareholders' equity was 10.04% compared to 7.24% for the same period in 2014. Total interest income was of $154,532,000 compared to $123,778,000 for the same period in 2014. Book value per common share as on December 31, 2015 was $17.49 compared to $16.80 per common share for the same period in 2014. The increase in net interest income was primarily the result of the increase in interest income was a result of the increase in total loans and total securities.
Southside Bancshares, Inc. is a bank holding company for Southside Bank. The Company operates through approximately 55 branches, 13 of which are located in grocery stores, in addition to wealth management and trust services, and/or loan production, brokerage or other financial services offices. It is a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that it serves. Its consumer loan services include 1-4 family residential loans, home equity loans, home improvement loans, automobile loans and other consumer related loans. Its commercial loan services include commercial real estate loans and municipal loans. The Company's trust and wealth management services include investment management, administration of irrevocable, revocable and testamentary trusts, and custodian services, primarily for individuals and, to a lesser extent, partnerships and corporations.
SOUTHSIDE BANCSHARES, INC. 
