Southside Bancshares Inc Stock Price, News & Analysis

Southside Bancshares, Inc. (SBSI) reported a fourth quarter net income of $27.7 million, a decrease of 3.6% from $28.7 million in Q4 2021. Earnings per diluted share fell to $0.87, down 1.1% from $0.88.

Despite these declines, net interest income rose by 15.1% year-over-year, totaling $56.8 million. The net interest margin increased to 3.19% and 3.40% (FTE). The company experienced linked quarter loan growth of 2.1%, with nonperforming assets now at 0.14% of total assets. For 2022, net income was $105.0 million, a 7.4% decline from $113.4 million in 2021.

Southside Bancshares, Inc. (NASDAQ: SBSI) will release its fourth quarter and year-end financial results on January 27, 2023, before market open. A conference call, led by CEO Lee R. Gibson and CFO Julie Shamburger, will take place at 11:00 a.m. CST on the same day. Interested participants can access the call via webcast on the company's website. Additionally, a recording will be available for 30 days post-event. Southside Bancshares, headquartered in Tyler, Texas, manages approximately $7.45 billion in assets and operates 55 branches across East Texas and other regions, providing a range of financial products and services.

Southside Bancshares, Inc. (NASDAQ:SBSI) has increased its stock repurchase authorization by 1.0 million shares, bringing the total to 2.0 million. As of December 12, 2022, the company repurchased 765,214 shares at an average price of $37.01, leaving approximately 1.2 million shares remaining for repurchase. CEO Lee R. Gibson expressed confidence in the company's value amid market volatility. Share repurchases may occur through various methods and are not obligated. The company's total assets stand at approximately $7.45 billion as of September 30, 2022.

The Board of Directors of Southside Bancshares, Inc. (NASDAQ:SBSI) has declared a quarterly cash dividend of $0.34 per common share, along with a special cash dividend of $0.04, totaling $0.38. This combined dividend is scheduled for payment on December 8, 2022, to shareholders recorded on November 23, 2022. CEO Lee R. Gibson emphasized the company's strong financial performance and commitment to shareholder returns, marking a consistent history of annual dividend increases.

Southside Bancshares reported a net income of $27.0 million for Q3 2022, an 8.0% decrease from $29.3 million in Q3 2021. Earnings per share fell 6.7% to $0.84. Despite these declines, the bank experienced a 10.1% loan growth linked quarter and a 34.5% increase in net interest income, reaching $55.5 million. The net interest margin rose to 3.15%, and nonperforming assets remained low at 0.16%. The bank's total assets increased to $7.45 billion. Southside declared a cash dividend of $0.34 per share in Q3 2022.

Southside Bancshares, Inc. (NASDAQ: SBSI) will announce its third quarter financial results on October 25, 2022, before market opening. The company will host a conference call at 11:00 a.m. CDT on the same day, featuring President and CEO Lee R. Gibson, CFO Julie Shamburger, and CRO Suni Davis. Interested participants can register for the call through an online form for seamless access. A recording of the call will be available on the company’s investor relations website for 30 days after the event. Southside has approximately $7.61 billion in assets, operating 56 branches across Texas.

The Board of Directors of Southside Bancshares, Inc. (NASDAQ:SBSI) has declared a quarterly cash dividend of $0.34 per common share. This dividend is set for payment on September 1, 2022, to stockholders on record as of August 18, 2022. As of June 30, 2022, Southside Bancshares reported approximately $7.61 billion in total assets and operates 56 branches across Texas. The company is recognized for providing a comprehensive range of financial services, including loans, deposit accounts, and wealth management.

Southside Bancshares reported a net income of $25.4 million for Q2 2022, marking a 19.2% increase from $21.3 million in Q2 2021. Earnings per share rose 21.5% to $0.79. Loan growth was strong, with a 4.6% increase from the previous quarter. The annualized return on average assets improved to 1.42%, and the net interest margin reached 3.30%. However, noninterest income decreased by 16.8% year-over-year to $9.1 million, primarily due to net losses on available-for-sale securities.

Southside Bancshares, Inc. (NASDAQ:SBSI) has been recognized as one of the 'Top 25 Banks' in America by Bank Director, based on its strong 2021 financial performance. The ranking analyzed 300 publicly traded banks using key metrics such as profitability, capital adequacy, and total shareholder return. Southside's commitment to excellence over its 60-year history has contributed to this achievement, demonstrating its focus on customers, communities, and shareholders.