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SBSI - Southside Bancshares: First Half's Elevated Credit Costs To Pressurize Earnings For The Year
Southside Bancshares Inc.
Earnings of Southside Bancshares, Inc. (SBSI) fell by 77% sequentially to $0.12 per share in the first quarter due to a surge in provision expense. Large one-time gain on the sale of securities partially offset the impact of the provision expense increase on the bottom line. Earnings will likely recover in the second quarter from the first quarter's low and then return to normal in the second half of the year. A decline in provision expense will likely help earnings improve in the remainder of the year. Further, loan growth under the Paycheck Protection Program