Southside Bancshares (SBSI) has reported 1.02 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $11.57 million, or $0.43 a share in the quarter, compared with $11.69 million, or $0.44 a share for the same period last year.
Revenue during the quarter dropped 5.47 percent to $39.29 million from $41.56 million in the previous year period. Net interest income for the quarter dropped 0.16 percent over the prior year period to $34.64 million. Non-interest income for the quarter fell 23.85 percent over the last year period to $6.71 million.
Southside Bancshares has made provision of $2.06 million for loan losses during the quarter, up 5.84 percent from $1.95 million in the same period last year.
Net interest margin contracted 32 basis points to 3.03 percent in the quarter from 3.35 percent in the last year period. Efficiency ratio for the quarter improved to 52 percent from 58.45 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"A 12.2% increase in net income for the year ended December 31, 2016 when compared to the prior year, resulted in record net income of $49.3 million, which highlights our financial performance for the year," stated Lee R. Gibson, president and chief executive officer of Southside. "During the fourth quarter ended December 31, 2016, we sold available for sale securities at a net loss of $2.7 million compared to a net gain of $0.2 million on the securities that were sold during the fourth quarter of 2015. Net income for the fourth quarter of 2016 decreased $0.1 million compared to the same period in 2015. Excluding sales of available for sale securities, net income during the fourth quarter of 2016 increased $1.8 million, or 15.2%, compared to the same period in 2015."
Assets outpace liabilities growthTotal assets stood at $5,563.77 million as on Dec. 31, 2016, up 7.78 percent compared with $5,162.08 million on Dec. 31, 2015. On the other hand, total liabilities stood at $5,045.49 million as on Dec. 31, 2016, up 6.94 percent from $4,718.01 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $2,538.63 million as on Dec. 31, 2016, up 5.25 percent compared with $2,412.02 million on Dec. 31, 2015. Deposits stood at $3,533.08 million as on Dec. 31, 2016, up 2.25 percent compared with $3,455.41 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $704.01 million or 19.93 percent of total deposits on Dec. 31, 2016, compared with $672.47 million or 19.46 percent of total deposits on Dec. 31, 2015.
Investments stood at $2,417.09 million as on Dec. 31, 2016, up 7.68 percent or $172.30 million from year-ago. Shareholders equity stood at $518.27 million as on Dec. 31, 2016, up 16.71 percent or $74.21 million from year-ago.
Return on average assets moved down 9 basis points to 0.83 percent in the quarter from 0.92 percent in the last year period. At the same time, return on average equity decreased 79 basis points to 9.56 percent in the quarter from 10.35 percent in the last year period.
Nonperforming assets moved down 53.49 percent or $17.37 million to $15.10 million on Dec. 31, 2016 from $32.48 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.27 percent in the quarter, down from 0.63 percent in the last year period.
Equity to assets ratio was 9.32 percent for the quarter, up from 8.60 percent for the previous year quarter. Average equity to average assets ratio was 8.66 percent for the quarter, down from 8.92 percent for the previous year quarter. Book value per share was $18.16 for the quarter, up 9 percent or $1.50 compared to $16.66 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
