Southside Bancshares Inc Stock Price, News & Analysis

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.

Southside Bancshares, Inc. (NASDAQ:SBSI) announced the successful completion of a private placement of $100 million in subordinated notes due 2030 on November 6, 2020. The notes have a fixed interest rate of 3.875% for the first five years, transitioning to a floating rate thereafter. This issuance will qualify as Tier 2 capital for regulatory purposes and aims to enhance capital without diluting existing shareholders. The offering was well-received and the proceeds will be used for general corporate purposes.

Southside Bancshares reported strong third quarter financial results for 2020, with net income rising 36.8% to $27.1 million and diluted earnings per share increasing 41.4% to $0.82 compared to 2019. The annualized return on average tangible equity reached 17.73%. Nonperforming assets remained low at 0.23% of total assets, while total COVID-19 modified loans were reduced by 76.5% to $76.5 million. However, net interest income saw a slight decrease linked quarter, and total loans dropped by $62.6 million primarily due to large payoffs in commercial real estate.

Southside Bancshares, Inc. (NASDAQ: SBSI) will release its third quarter financial results before market opening on October 23, 2020. A conference call is scheduled for 9:00 a.m. CDT the same day, hosted by CEO Lee R. Gibson and CFO Julie Shamburger. This call aims to discuss the results and includes a Q&A session. As of June 30, 2020, Southside Bancshares reported approximately $7.33 billion in assets, operating 57 branches and 80 ATMs across Texas. Recordings of the call will be available until November 4, 2020, on their investor relations website.

Southside Bancshares, Inc. (Nasdaq: SBSI) is set to ring the Nasdaq Opening Bell on September 28, 2020, celebrating its 60th anniversary. CEO Lee R. Gibson will lead the virtual event, marking a significant milestone for the Bank, which has served its communities and shareholders since 1960. With approximately $7.33 billion in assets as of June 30, 2020, Southside operates 57 branches and 80 ATMs/ITMs across Texas. The company offers a variety of financial products and services including loans, deposit accounts, and wealth management.