Southside Bancshares reports Q2 EPS 81c, consensus 64c

Reports Q2 revenue $67.27M, consensus $64.84M. Reports Q2 CET1 capital ratio 12.72%. Reports Q2 net charge-offs .02%. Reports Q2 tangible book value per share $19.75. “We reported excellent financial results for the second quarter highlighted by earnings per share of $0.81, a return on assets of 1.19%, a 16.90% return on average tangible equity(1), and continued strong asset quality,” stated Lee R. Gibson, Chief Executive Officer of Southside. “Linked quarter net interest income increased $260,000 and the net interest margin(1) increased one basis point to 2.87%. Noninterest expense, linked quarter decreased $1.1 million due to a $1.1 million decrease in salaries and employee benefits, $618,000 of which was due to a first quarter cost reduction initiative.”