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Southside reports record quarter
Tyler-based Southside Bancshares recently reported record net income of $8.5 million for the quarter ending June 30.
That represented an increase of $3.9 million, or 86 percent more, than the $4.6 million reported in the same period in 2007.
Net income for the six months ended June 30, increased $5.7 million, or 68.6 percent to $14.1 million from $8.4 million, for the same period in 2007.
“Our unwavering objective remains creating superior long-term returns for our shareholders,” stated B. G. Hartley, chairman and CEO of Southside Bancshares. “Given the global economic uncertainties and chaotic conditions under which some in the financial industry are struggling, we are especially pleased to announce record net income for the second quarter and six months.”
Total loans increased $17.0 million, or 1.8 percent, while total deposits, net of brokered deposits, increased $95.5 million, or 6.8 percent, during the first six months of 2008.
Southside claimed total assets of $2.32 billion as of June 30.
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