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Southside Bancshares Reports 25.8% Increase in Q4 Net Income

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.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.

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