Southside Bancshares, Inc. Second Quarter Earnings Sneak Peek

Southside Bancshares, Inc. (NASDAQ:SBSI) will unveil its latest earnings on Monday, July 18, 2011. Southside Bancshares, Inc. focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and non-profit organizations in the communities it serves.

Southside Bancshares, Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of 47 cents per share, a decline of 14.5% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 48 cents. Between one and three months ago, the average estimate moved down, but it has been unchanged at 47 cents during the last month. For the year, analysts are projecting net income of $1.92 per share, a decline of 19.7% from last year.

Past Earnings Performance: The company met estimates last quarter after beating the forecasts in the prior two. In the first quarter, the company reported profit of 45 cents per share versus a mean estimate of net income of 45 cents per share. In the fourth quarter of the last fiscal year, the company beat estimates by 5 cents.

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Wall St. Revenue Expectations: On average, analysts predict $32.7 million in revenue this quarter, a rise of 15.9% from the year ago quarter. Analysts are forecasting total revenue of $131.1 million for the year, a decline of 4.6% from last year’s revenue of $137.5 million.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 19.3% to $39.9 million in first quarter. The figure fell 17.4% in the fourth quarter of the last fiscal year from the year earlier, dropped 3% in third quarter of the last fiscal year from the year-ago quarter and 9.6% in the second quarter of the last fiscal year.

The company has now seen net income fall in each of the last two quarters. In the first quarter, net income fell 37.2% from the year earlier quarter, while the figure dropped 27.3% in the fourth quarter of the last fiscal year.

Competitors to Watch: Prosperity Bancshares, Inc. (NASDAQ:PRSP), Sterling Bancshares, Inc. (NASDAQ:SBIB), Intl. Bancshares Corp. (NASDAQ:IBOC), First Financial Bankshares, Inc. (NASDAQ:FFIN), MetroCorp Bancshares, Inc. (NASDAQ:MCBI), Texas Capital Bancshares, Inc. (NASDAQ:TCBI), Cullen/Frost Bankers, Inc. (NYSE:CFR), Encore Bancshares, Inc (NASDAQ:EBTX), Bank of the Ozarks, Inc. (NASDAQ:OZRK), and Hancock Holding Company (NASDAQ:HBHC).

Stock Price Performance: During April 14, 2011 to July 12, 2011, the stock price had fallen $1.73 (-7.9%) from $21.93 to $20.20. The stock price saw one of its best stretches over the last year between March 9, 2011, and March 17, 2011, when shares rose for seven-straight days, rising 4.6% (+94 cents) over that span. Shares have been on a negative streak of late, closing down every day between July 11, 2011 and July 12, 2011. Shares are down 53 cents (-2.6%) year to date.

(Source: Xignite Financials)

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