Southside Bancshares, Inc. reports developments for a Texas bank holding company that owns Southside Bank. News commonly covers quarterly earnings, net interest income and margin trends, loan and deposit activity, credit quality, securities portfolio repositioning, subordinated debt actions, and regular common-stock dividends.
Southside Bank serves individuals and businesses through consumer and commercial loans, mortgages, deposit accounts, treasury management, wealth management, trust services, brokerage services, safe deposit boxes, and online and mobile banking. Company updates also address its branch and ATM/ITM network across East Texas, Southeast Texas, and the greater Dallas/Fort Worth, Austin, and Houston markets.
Southside Bancshares (NASDAQ: SBSI) announced Q2 2024 results with a net income of $24.7 million, slightly down by 0.9% YoY. Earnings per diluted share held steady at $0.81. Key metrics include a return on assets of 1.19% and a return on tangible equity of 16.90%. Nonperforming assets were 0.08% of total assets. Net interest income decreased by 0.6% to $53.6 million, while noninterest income rose 10.4% to $11.6 million. Noninterest expense increased by 2.2% to $35.8 million. For the six months ended June 30, 2024, net income fell 9.3% to $46.2 million, and earnings per share declined 7.3% to $1.52. Southside’s total assets grew to $8.36 billion, with loans increasing by 6% to $4.59 billion. Deposits rose by 6.2% to $6.50 billion. The allowance for loan losses was $42.4 million. A cash dividend of $0.36 per share was paid on June 6, 2024.
Southside Bancshares (NASDAQ: SBSI) will release its second quarter financial results on July 25, 2024, before the market opens. A conference call to discuss the results, hosted by CEO Lee R. Gibson, CFO Julie Shamburger, and CRO Suni Davis, will be held the same day at 11:00 a.m. CDT. The event includes a Q&A session for analysts. Access to the call is available via webcast or by registering for a dial-in number and unique access code. A recording of the call will be available on the company's website for 30 days. Southside Bancshares, headquartered in Tyler, Texas, operates 54 branches and 73 ATMs across various Texas regions, offering a full range of financial services.
Southside Bancshares, Inc., announced a quarterly cash dividend of $0.36 per common share scheduled for payment on June 6, 2024. The company, headquartered in Tyler, Texas, with assets of $8.35 billion as of March 31, 2024, operates 54 branches across Texas and offers a range of financial products and services. Southside Bank has been serving customers since 1960.
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