Welcome to our dedicated page for Southside Bancshares news (Ticker: SBSI), a resource for investors and traders seeking the latest updates and insights on Southside Bancshares stock.
Southside Bancshares, Inc. reports developments for a Texas bank holding company that owns Southside Bank. News commonly covers quarterly earnings, net interest income and margin trends, loan and deposit activity, credit quality, securities portfolio repositioning, subordinated debt actions, and regular common-stock dividends.
Southside Bank serves individuals and businesses through consumer and commercial loans, mortgages, deposit accounts, treasury management, wealth management, trust services, brokerage services, safe deposit boxes, and online and mobile banking. Company updates also address its branch and ATM/ITM network across East Texas, Southeast Texas, and the greater Dallas/Fort Worth, Austin, and Houston markets.
Southside Bancshares (SBSI) reported a net income of $4.0 million for Q1 2020, a dramatic drop of 79% from the previous year. Earnings per share fell to $0.12, down 78.6%. The company recorded a provision for credit losses of $25.2 million due to COVID-19's economic impact. Loans increased 0.9% to $3.60 billion, while nonperforming assets decreased to 0.24%. The tax-equivalent net interest margin rose to 3.03%. The bank processed approximately 2,000 PPP loans totaling over $300 million, highlighting its commitment to supporting local businesses.
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