Posted on
Saturday, July 26, 2008
Saturday, July 26, 2008
Southside Issues Second Quarter Earnings Report
Southside Bancshares Inc., parent company of Southside Bank, on Friday reported earnings of $8.5 million for the second quarter. Earnings per diluted share were 60 cents.
This compares to second quarter 2007 earnings of $4.59 million, or 32 cents per diluted share.
Six-month earnings totaled $14.08 million, or 99 cents per diluted share, compared with $8.35 million, or 59 cents per diluted share in 2007.
B.G. Hartley, chairman and CEO, said the record net income reflects “strategic investments and decisions initiated, in some cases, years ago.”
Hartley said total loans increased $17 million, 1.8 percent, during the first six months of the year.
“We have increased our focus on traditional, less volatile core deposits,” he said. “Total deposits, net of brokered deposits, increased $95.5 million, or 6.8 percent, during the first six months of 2008.”
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