Southside Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018
May 01, 2018 at 11:30 am
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Southside Bancshares, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, total interest income was $57,194,000 against $44,888,000 a year ago. Net interest income was $44,133,000 against $35,280,000 a year ago. Net interest income after provision for loan losses was $40,398,000 against $34,182,000 a year ago. Income before income tax expense was $18,341,000 against $17,997,000 a year ago. Net income was $16,251,000 against $14,989,000 a year ago. Net income per basic and diluted common share was $0.46 against $0.51 a year ago. Return on average assets was 1.02% against 1.08% a year ago. Return on average shareholders' equity was 8.75% against 11.57% a year ago. Book value per common share as at March 31, 2018 was $21.29 against $18.14 a year ago. The increase in net interest income was the result of a $12.3 million increase in interest income primarily from loan portfolio, partially offset by an increase in interest expense of $3.5 million associated primarily with deposits, compared to the same period in 2017. The increase in net income was primarily the result of a $12.3 million increase in interest income and a $0.9 million decrease in income tax expense, partially offset by a $5.8 million increase in noninterest expense, a $3.5 million increase in interest expense, and a $2.6 million increase in provision for loan losses.
The company provided tax rate guidance for the year 2018. The company expects an effective tax rate for 2018 of approximately 12%.
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. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Year 2018