Posted 6:28 am Wednesday, October 29, 2008
Southside Bank Reports Record Income, Growth
Southside Bancshares has reported record net income of $6.3 million for the quarter ended Sept. 30, an increase of $2.8 million, or 78.6 percent from the same period last year.
Net income for nine months increased $8.5 million, or 71.5 percent, to $20.3 million.
Earnings per share for the parent company of Tyler-based Southside Bank chain increased 19 cents, or 76 percent, to 44 cents for the quarter and 59 cents, or 70.2 percent to $1.43 for the nine months.
Chairman and CEO B.G. Hartley said in a prepared statement that despite turmoil in the banking industry, Southside was "able to concentrate on executing our business plan designed to positively impact current earnings and enhance future franchise value."
"The earnings reported today continue to be in large measure the result of strategic investments and decisions initiated, in some cases, years ago," he said.
He said those strategies included the acquisition of Fort Worth National Bank, which accounted for a large growth in assets.
"We believe this merger will allow us to further integrate FWNB, increasing the synergies of the two entities. We anticipate the Fort Worth metropolitan area will continue to be a major driver of our future growth," Hartley said.
