Southside Bancshares Q2 net income falls 12%

Overview

• Southside Bancshares Q2 net income falls 11.6% yr/yr to $21.8 mln

• EPS for Q2 declines 11.1% yr/yr to $0.72

• Co repurchased 424,435 shares under Stock Repurchase Plan

Outlook

• Southside anticipates 3-4% loan growth for full year 2025

• Southside sees solid loan pipeline supporting growth

Result Drivers

• NET INTEREST MARGIN - Increased nine basis points to 2.95% due to lower rates on liabilities and higher yields on assets

• LOAN GROWTH - Total loans grew by $35 mln linked quarter

• NONINTEREST EXPENSE - Rose due to $1.2 mln one-time charge for branch demolition

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Southside Bancshares Inc is $32.00, about 4.2% above its July 24 closing price of $30.66

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nGNX7F3NHs