SBSI - Southside Bancshares GAAP EPS of $0.83 beats by $0.03 revenue of $65.38M misses by $4.37M

2023-04-25 05:48:05 ET

• Southside Bancshares press release ( NASDAQ: SBSI ): Q1 GAAP EPS of $0.83 beats by $0.03 .
• Revenue of $65.38M (+9.6% Y/Y) misses by $4.37M .
• The annualized return on average shareholders’ equity for the three months ended March 31, 2023 was 13.92%, compared to 11.42% for the same period in 2022.
• The annualized return on average assets was 1.38% for the three months ended March 31, 2023, compared to 1.40% for the same period in 2022.
• The allowance for loan losses totaled $36.3 million, or 0.87% of total loans, at March 31, 2023, compared to $35.5 million, or 0.93% of total loans, at March 31, 2022.
• "For the three month period ended March 31, 2023, we recorded a provision for credit losses for loans of $0.1 million, compared to a provision for credit losses for loans of $0.3 million and $0.5 million for the three month periods ended March 31, 2022 and December 31, 2022, respectively.
• We recorded a reversal of provision for credit losses for off-balance-sheet credit exposures of $0.1 million and a provision of $28,000 for the three month periods ended March 31, 2023 and 2022, respectively, compared to a provision of $1.6 million for the three months ended December 31, 2022."

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