Southside Bancshares Inc. in Tyler said late Thursday that net income rose 47.4% from a year earlier, to $5.5 million.
Loans at the $2.3 billion-asset company increased 2%, to $981 million, and net interest income increased 53%, to $15.4 million. The net interest margin increased 75 basis points, to 3.22%.
The ratio of nonperforming assets to total assets quadrupled, to 0.36%, or $8.1 million. Southside said about $4.4 million of the nonperformers came from two relationships put in nonaccrual status during the quarter and one loan that is 90 days past due.
“While we believe these loans are properly classified, based on information currently available, we do not believe there will be any significant nonreserved losses associated with these three loan relationships,” Southside said.
