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.
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Southside Bancshares reported a net income of $26.0 million for Q1 2023, marking a 4.2% increase from $25.0 million in Q1 2022. Earnings per diluted share rose by 7.8% to $0.83. The company achieved an annualized return on average assets of 1.38% and a return on average tangible common equity of 19.36%. Nonperforming assets decreased significantly to 0.04% of total assets. However, net interest margin declined to 3.02%, and total deposits fell by 3.8% year-over-year. Operating expenses increased by 11.7%, driven mainly by salaries. The bank plans to maintain its conservative approach to underwriting.
Southside Bancshares, Inc. (NASDAQ: SBSI) announced it will release its first quarter financial results on April 25, 2023, before the market opens. A conference call led by President and CEO Lee R. Gibson, CFO Julie Shamburger, and VP of Investor Relations Lindsey Bailes will follow at 11:00 a.m. CDT. Investors can access the call via webcast or by registering for a dial-in number. Southside, headquartered in Tyler, Texas, operates 55 branches and 74 ATMs/ITMs across East Texas and larger metropolitan areas. As of December 31, 2022, the company reported approximately $7.56 billion in assets. The call will include a Q&A session for analysts, providing an opportunity for insight into the company's performance.
Southside Bancshares, Inc. (NASDAQ:SBSI) announced a 2.9% increase in its quarterly cash dividend, raising it from $0.34 to $0.35 per common share. The dividend will be paid on March 2, 2023, to shareholders of record as of February 16, 2023. President and CEO Lee R. Gibson emphasized the company's commitment to creating value for shareholders and its confidence in financial strength. Southside Bancshares, as of December 31, 2022, reported approximately $7.56 billion in assets and operates 55 branches across Texas.
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.