Southside Bancshares (SBSI) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Individu ...

TYLER, Texas, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Southside Bank, a subsidiary of Southside Bancshares, Inc. (Nasdaq: SBSI), has announced the opening of a new Loan Production Office (LPO) at 9595 Six Pines Drive, Bld 8, Level 2, Ste 8210 in The Woodlands. The Bank indicated their new LPO, opened on September 3, 2024, will specifically target the Commercial & Industrial (C&I) sector and business owners in greater North Houston and the surrounding areas. This expansion represents Southside's continued commitm ...

Table of Contents FORM 10-Q (Mark One) OR Commission file number: 000-12247 903-531-7111 (Registrant's telephone number, including area code) Securities Registered Pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Y ...

Financial Data and Key Metrics Changes - The company reported a second quarter net income of $24.7 million, an increase of $3.2 million or 14.7% on a linked-quarter basis, with diluted earnings per share of $0.81, up 14.1% linked quarter [5][59] - The allowance for loan losses as a percentage of total loans decreased to 0.92% from 0.95% [6] - Noninterest expense decreased by $1.1 million on a linked-quarter basis to $35.8 million, driven by decreases in salary and employee benefits [9] Business Line Data and Key Metrics Changes - The company experienced slot loan growth of $12 million or 0.3% linked quarter and 1.1% annualized [5] - Annualized year-to-date loan growth was 2.9%, driven by increases in commercial real estate loans and 1-4 family residential loans, partially offset by decreases in construction and municipal loans [61] - Noninterest income, excluding net loss on sales of AFS securities, increased by $2.4 million or 24.4% for the linked quarter [45] Market Data and Key Metrics Changes - Deposits decreased by $49.8 million or 0.8% on a linked-quarter basis, primarily due to a decrease in public fund deposits and broker deposits [63] - The average interest rate of loans funded during the quarter was approximately 8% [42] Company Strategy and Development Direction - The company is executing an initiative to expand C&I lending in metropolitan markets to diversify its loan portfolio, increase revenue, and grow deposits [60] - The company plans to build out C&I lending teams in the Houston area first, with potential expansion to DFW or Austin in the future [90] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative outlook for loan growth in the second half of the year, with a target of 5% loan growth for 2024 [39] - The company noted that asset quality metrics remained strong, with nonperforming assets decreasing to $6.9 million from $8 million [42] Other Important Information - The company sold approximately $93 million of lower coupon municipal securities and reinvested most of the proceeds in higher-yielding agency mortgage-backed securities [59] - The effective tax rate decreased slightly to 17.4% for the second quarter from 17.7% in the previous quarter [46] Q&A Session Summary Question: Expectations for loan growth in the back half of the year - Management indicated that growth may take time due to the new C&I initiative but remains optimistic about the loan pipeline [14][20] Question: Impact of securities portfolio actions on margins - Management noted that while the actions did not significantly affect the second quarter, they expect some growth in the fourth quarter [24][49] Question: Expectations for fees in the back half of the year - Management anticipates an increase in fees, particularly in wealth management and trust services [28][77] Question: Plans for C&I lending expansion - Management confirmed that the focus will be on building out the Houston area first, with plans to expand to other markets later [90]

| --- | --- | --- | --- | |---------------------------------------------------------------------|------------------------------------|-------|-------------| | | Six Months Ended \nJune 30, \n2024 | | 2023 | | Income Statement: | | | | | Total interest income | $ 206,944 | | $ 167,724 | | Total interest expense | 99,988 | | 60,455 | | Net interest income | 106,956 | | 107,269 | | Provision for (reversal of) credit losses | (427 | ) | (114 | | Net interest income after provision for (reversal of) credit losse ...

TYLER, Texas, July 25, 2024 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. ("Southside" or the "Company") (NASDAQ: SBSI) today reported its financial results for the quarter ended June 30, 2024. Southside reported net income of $24.7 million for the three months ended June 30, 2024, a decrease of $0.2 million, or 0.9%, compared to $24.9 million for the same period in 2023. Earnings per diluted common share remained the same at $0.81 for both of the three-month periods ended June 30, 2024 and 2023. The annua ...

Core Viewpoint - Southside Bancshares, Inc. will release its second quarter financial results on July 25, 2024, and will host a conference call to discuss these results [1][2]. Group 1: Financial Results Announcement - The financial results for the second quarter will be announced before the market opens on July 25, 2024 [1]. - A conference call will take place on the same day at 11:00 a.m. CDT to discuss the results [1][2]. Group 2: Conference Call Details - The call will be hosted by CEO Lee R. Gibson, CFO Julie Shamburger, and CRO Suni Davis, followed by a Q&A session for analysts [2]. - Participants can access the conference call via webcast or by registering for a dial-in number [3][4]. - A recording of the conference call will be available for at least 30 days after the event [5]. Group 3: Company Overview - Southside Bancshares, Inc. is headquartered in Tyler, Texas, with approximately $8.35 billion in assets as of March 31, 2024 [6]. - The company operates 54 branches and a network of 73 ATMs/ITMs across East Texas and major metropolitan areas [6]. - Southside Bank offers a comprehensive range of financial products and services, including loans, mortgages, deposit accounts, and wealth management [6].

About Southside Bancshares, Inc. Those interested in participating in the question and answer session, or others who prefer to call-in, can register using this online form to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate register 10 minutes prior to the conference call to ensure a more efficient registration process. The call will be hosted by Lee R. Gibson, CEO, Julie Shamburger, CFO, and Suni Dav ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 000-12247 Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 (Address of Principal Executive Offices) (Zip Code) Indicate by check mark wh ...

Southside Bancshares, Inc. (NASDAQ:SBSI) Q1 2024 Earnings Conference Call April 25, 2024 12:00 PM ET Company Participants Lindsey Bailes - VP of IR Lee Gibson - President and CEO Julie Shamburger - CFO Conference Call Participants Brett Rabatin - Hovde Group Matt Olney - Stephens Woody Lay - KBW Operator Good day, and thank you for standing by. Welcome to the Southside Bancshares Fourth Quarter 2024 Earnings Call. At this time, all participants are in listen-only mode. After the speaker's presentation, ther ...