Southside Bancshares, Inc. has reported its financial results for the fourth quarter and year ended December 31, 2024. The company's fourth quarter net income was $21.8 million, representing a 25.8% increase from the same period in 2023. Earnings per diluted common share increased by 24.6% to $0.71 for the three months ended December 31, 2024, compared to $0.57 for the same period in 2023.
For the full year 2024, the company's net income increased by $1.8 million to $88.5 million compared to 2023. Earnings per share increased by $0.09 to $2.91, and the return on average tangible common equity was reported at 14.92%.
In terms of balance sheet data, Southside Bancshares reported $8.52 billion in total assets at December 31, 2024, compared to $8.28 billion at December 31, 2023. Loans at December 31, 2024, were $4.66 billion, an increase of $137.1 million, or 3.0%, compared to the previous year. Securities increased to $2.81 billion, an 8.1% increase from the previous year.
The company's nonperforming assets decreased to 0.04% of total assets at December 31, 2024, a 10.3% decrease compared to the same period in 2023. The allowance for loan losses totaled $44.9 million, or 0.96% of total loans, at December 31, 2024, compared to $44.3 million, or 0.97% of total loans, at September 30, 2024.
Additionally, Southside Bancshares declared a fourth quarter cash dividend of $0.36 per share on November 7, 2024, which was paid on December 6, 2024, to all shareholders of record as of November 21, 2024.
Following these announcements, the company's shares moved -1.9%, and are now trading at a price of $32.08. For more information, read the company's full 8-K submission here.