Southside Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the First Quarter and Full Year 2018
February 06, 2018 at 11:30 am
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Southside Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $38,306,000 against $34,641,000 a year ago. Net interest income after provision for loan losses was $37,035,000 against $32,576,000 a year ago. Income before income tax expense was $16,201,000 against $13,412,000 a year ago. Net income was $10,331,000 or $0.33 per share basic and diluted against $11,573,000 or $0.42 per share basic and diluted a year ago. Return on average assets was 0.70% against 0.83% a year ago. Return on average shareholders' equity was 6.52% against 9.56% a year ago.
For the year, the company reported net interest income of $143,970,000 against $139,565,000 a year ago. Net interest income after provision for loan losses was $139,295,000 against $129,785,000 a year ago. Income before income tax expense was $70,433,000 against $59,674,000 a year ago. Net income was $54,312,000 or $1.81 per share diluted against $49,349,000 or $1.81 per share diluted a year ago. Book value per common share was $21.55 against $17.71 per share a year ago. Return on average assets was 0.96% against 0.94% a year ago. Return on average shareholders' equity was 9.65% against 10.54% a year ago.
The company is currently estimating effective tax rate for the first quarter and full year 2018 will be approximately 12.4%.
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 Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the First Quarter and Full Year 2018