Southside Bancshares, Inc. Announces Net Income for the Three Months Ended ... MarketWatch (press release)
Today reported its financial results for the three months ended March 31, 2010.Southside reported net income of $11.6 million for the three months ended March 31, 2010, a decrease of $2.5 million, or 17.7%, when compared to the same period in 2009. The decrease in net income is a direct result of a $3.0 million decrease in security gains, net of tax. Net income less security gains, net of tax, actually increased $500,000, or 8.7%
Diluted earnings per common share decreased $0.16, or 17.8%, to $0.74 for the three months ended March 31, 2010, when compared to $0.90 for the same period in 2009.
The return on average shareholders' equity for the three months ended March 31, 2010, decreased to 22.59% compared to 33.78%, for the same period in 2009. The annual return on average assets decreased to 1.61% for the three months ended March 31, 2010, compared to 2.14% for the same period in 2009.
"We are pleased to report solid earnings for the first quarter of 2010," stated B. G. Hartley, Chairman and Chief Executive Officer of Southside Bancshares, Inc. "We are using our earnings to strengthen our franchise by organically growing our capital as well as continuing to increase our shareholder cash dividend. During the first quarter we announced a 21.4% increase in the quarterly cash dividend and in a separate announcement, a 5% stock dividend."
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