Southside Bancshares Inc Stock Price, News & Analysis

Southside Bancshares reported a record net income of $34.1 million for Q1 2021, marking a 762.4% increase from $4.0 million in the same quarter of 2020. The company achieved an annualized return on average assets of 1.99% and 21.22% on average tangible common equity. Earnings per diluted share rose to $1.04, up 766.7% from $0.12 year-over-year. Nonperforming assets decreased to 0.22% of total assets, and annualized linked quarter loan growth was reported at 6.2%.

Southside Bancshares, Inc. (NASDAQ: SBSI) will release its first quarter financial results on April 23, 2021, before the market opens. A conference call to discuss the results will take place the same day at 11:00 a.m. CST, featuring President and CEO Lee R. Gibson and CFO Julie Shamburger. Interested parties can access the call by dialing 844-775-2540 or through a webcast. Southside Bancshares operates 54 branches and has approximately $7.01 billion in assets as of December 31, 2020, offering a range of financial products and services.

Southside Bancshares, Inc. (NASDAQ:SBSI) is set to expand its operations with a new commercial loan office at 1800 Post Oak Blvd., Houston, opening April 12, 2021. This location aims to strengthen the bank's presence in Houston, where it has operated a retail branch since 2019. Key lending officers Adam Gonzalez, Liela Raglin, and Alice Yang bring extensive experience to the team. Southside Bancshares oversees approximately $7.01 billion in assets and operates 54 branches across East Texas and key urban areas, offering a comprehensive suite of financial services.

The Board of Directors of Southside Bancshares, Inc. (NASDAQ:SBSI) declared a quarterly cash dividend of $0.32 per common share, payable on March 4, 2021, to shareholders on record by February 18, 2021. As of December 31, 2020, the company reported $7.01 billion in assets and operates 57 branches across Texas. Southside Bank has been serving customers since 1960, providing a variety of financial products and services.

Southside Bancshares (SBSI) reported a record net income of $29.6 million for Q4 2020, marking a 70.6% increase compared to Q4 2019. For the fiscal year, net income rose to $82.2 million, a 10.2% increase. Earnings per share jumped 74.5% to $0.89. The bank's nonperforming assets remained low at 0.25% of total assets, and the net interest margin was reported at 3.20%. Despite facing challenges from the pandemic, Southside's asset quality metrics and profitability demonstrated resilience, supported by an increase in net interest income.

Southside Bancshares, Inc. (NASDAQ: SBSI) will release its fourth quarter and year-end financial results on January 27, 2021, before market open. A conference call will be held on the same day at 9:00 a.m. CST, featuring key executives including President and CEO Lee R. Gibson and CFO Julie Shamburger. Analysts can participate by dialing 844-775-2540 or via webcast. The call recording will be available from 12:00 p.m. CST on January 27 until February 8, 2021. Southside Bancshares has approximately $7.19 billion in assets and operates 57 branches across Texas.

Southside Bancshares, Inc. (NASDAQ:SBSI) has announced the resumption of its stock repurchase program, with 1.1 million shares remaining authorized for buyback. President Lee R. Gibson highlighted the financial performance and favorable market conditions as motivating factors. The initial pause in repurchases began in April due to pandemic-related uncertainties. The plan, originally increased to 2 million shares, has seen around 900,000 shares repurchased at an average of $29.82 each. Repurchases may occur through various methods, but the company is not obligated to complete them.

Southside Bancshares, Inc. (NASDAQ:SBSI) announced a 3.2% increase in its regular quarterly cash dividend to $0.32 per share, along with a special cash dividend of $0.05, totaling a combined cash dividend of $0.37. This payment is scheduled for December 10, 2020, to shareholders of record as of November 25, 2020. CEO Lee R. Gibson emphasized the company's strong financial performance amid pandemic challenges, marking the 93rd consecutive quarterly dividend and the 17th consecutive year of special dividends.