Southside Bancshares(US:SBSI) Globenewswireยท2025-07-25 09:45Core Viewpoint - Southside Bancshares, Inc. reported a decrease in net income and earnings per share for the second quarter of 2025 compared to the same period in 2024, primarily due to increased noninterest expenses and provisions for credit losses, despite growth in net interest income and noninterest income [1][3][10]. Financial Performance - Net income for the three months ended June 30, 2025, was $21.8 million, down from $24.7 million in 2024, a decrease of 11.6% [1][3]. - Earnings per diluted common share decreased to $0.72 from $0.81, a decline of 11.1% [1][3]. - Annualized return on average shareholders' equity was 10.73%, down from 12.46% in the same period last year [1][3]. - Annualized return on average assets was 1.07%, compared to 1.19% in 2024 [1][3]. Income and Expenses - Net interest income increased to $54.3 million, a rise of 1.2% from $53.9 million in the previous quarter [4][6]. - Noninterest income rose to $12.1 million, up 5.1% from $11.6 million in 2024 [6][11]. - Noninterest expenses increased by 9.8% to $39.3 million, primarily due to higher professional fees and salaries [8][14]. Asset Quality - Nonperforming assets increased to $32.9 million, or 0.39% of total assets, compared to $6.9 million, or 0.08% of total assets, in 2024 [23][24]. - The allowance for loan losses was $44.4 million, or 0.97% of total loans, slightly up from 0.92% in the previous year [24]. Balance Sheet Highlights - Total assets as of June 30, 2025, were $8.34 billion, a decrease from $8.52 billion at the end of 2024 [16][38]. - Total loans were $4.60 billion, a slight increase of 0.3% from $4.59 billion in 2024 [16][17]. - Total deposits increased to $6.63 billion, up 2.1% from $6.50 billion in 2024 [18][19]. Capital and Liquidity - The company had $2.33 billion in total available contingent liquidity as of June 30, 2025 [22][21]. - The company repurchased 424,435 shares of common stock at an average price of $28.13 per share during the second quarter [21].