Southside Bancshares reports $20.5M net income in Q3 2024

By Bobby Samwell • Thursday, October 24 10:31 • Permanent Link

Southside Bancshares, Inc. has reported its financial results for the third quarter ended September 30, 2024. The company's net income for the quarter was $20.5 million, representing an increase of $2.1 million or 11.2% compared to the same period in 2023. Earnings per diluted common share increased by $0.08 or 13.3% to $0.68 for the same period. The annualized return on average assets was 0.98% for the third quarter of 2024, compared to 0.93% for the same period in 2023.

Net interest income for the three months ended September 30, 2024, increased by $2.2 million, or 4.1%, from the same period in 2023. The company's nonperforming assets stood at 0.09% of total assets, which is an increase of 74.8% compared to the same period in 2023.

For the nine months ended September 30, 2024, the company reported a net income of $66.7 million, representing a decrease of $2.7 million or 3.8% compared to the same period in 2023. Earnings per diluted common share were $2.20 for the nine months ended September 30, 2024, a decrease of 1.8% compared to the same period in 2023. The returns on average assets and average shareholders’ equity for the nine months ended September 30, 2024, were 1.06% and 11.19%, respectively, compared to 1.20% and 12.21%, respectively, for the same period in 2023.

The company's total assets stood at $8.36 billion at September 30, 2024, compared to $8.28 billion at December 31, 2023, and $7.97 billion at September 30, 2023. Loans at September 30, 2024, were $4.58 billion, an increase of $157.4 million, or 3.6%, compared to September 30, 2023. Securities at September 30, 2024, were $2.70 billion, an increase of $53.4 million, or 2.0%, compared to September 30, 2023. Deposits at September 30, 2024, were $6.44 billion, an increase of $86.1 million, or 1.4%, compared to September 30, 2023.

Southside Bancshares, Inc. declared a third-quarter cash dividend of $0.36 per share on August 8, 2024, which was paid on September 5, 2024, to all shareholders of record as of August 22, 2024.

The market has reacted to these announcements by moving the company's shares -5.3% to a price of $31.77. Check out the company's full 8-K submission here.

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