Southside Bancshares(SBSI) - 2025 Q1 - Quarterly Report

Financial Performance - Total interest and dividend income for Q1 2025 was $100,288,000, a decrease of 1.43$102,758,000 in Q1 2024[13] - Net interest income after provision for credit losses was $53,094,000 in Q1 2025, slightly down from$53,290,000 in Q1 2024[13] - Noninterest income increased to $10,223,000 in Q1 2025, compared to$9,724,000 in Q1 2024, reflecting a growth of 5.14%[13] - Net income for Q1 2025 was $21,507,000, a marginal decrease from$21,511,000 in Q1 2024[13] - Earnings per common share remained stable at $0.71 for both Q1 2025 and Q1 2024[13] - The provision for credit losses was$758,000 in Q1 2025, compared to a reversal of $58,000 in Q1 2024[13] - Net income for the three months ended March 31, 2025, was$21,507,000, slightly down from $21,511,000 in the same period of 2024[18] - Net cash provided by operating activities decreased to$23,940,000 from $58,292,000 year-over-year[18] - The company reported a net change in deposits of$(63,422,000) for the quarter, compared to $(3,926,000) in the previous year[19] - The company experienced a net loss on consumer receivables of$0 for the current quarter, compared to a loss of $512,000 in the previous year[18] Assets and Liabilities - Total liabilities and shareholders' equity decreased from$8,517,448,000 in the previous quarter to $8,343,300,000[12] - The balance of total shareholders' equity increased to$816,623,000 as of March 31, 2025, from $811,942,000 at the end of 2024[16] - Total cash and cash equivalents at the end of the period were$430,971,000, compared to $469,373,000 at the end of the same period in 2024[19] - Total loans amounted to$4.567 billion as of March 31, 2025, down from $4.662 billion as of December 31, 2024[46] - The allowance for loan losses was$44.623 million as of March 31, 2025, compared to $44.884 million as of December 31, 2024[46] - Total deposits decreased to$6.591 billion at March 31, 2025, from $6.654 billion at December 31, 2024, reflecting a decline of about 1$2.81 billion at December 31, 2024, to $2.74 billion at March 31, 2025[153] Loan Performance - Total nonperforming assets increased to$32.2 million as of March 31, 2025, compared to $3.6 million as of December 31, 2024[59] - The company reported$4.25 million in nonaccrual loans as of March 31, 2025, up from $3.19 million at the end of 2024[59] - Restructured loans rose significantly to$27.5 million due to the extension of maturity on a commercial real estate loan[60] - The total past due loans amounted to $13.06 million as of March 31, 2025, with a total current loan balance of$4.55 billion[58] - The company reported a total of $613 thousand in current period gross charge-offs across all loan categories[56] - The company recorded a provision for credit losses of$42,000 for the three months ended March 31, 2025, down from $1.2 million in the same period in 2024[200] Capital and Equity - Total shareholders' equity increased by$4.7 million, or 0.6%, to $816.6 million, representing 9.8$546.1 million at March 31, 2025, from $742.8 million at December 31, 2024[160] - The company has access to approximately$1.79 billion in additional funding from FHLB, collateralized by securities and loans[211] Tax and Regulatory - The income tax expense for the three months ended March 31, 2025, was $4.721 million, resulting in an effective tax rate (ETR) of 18.0$4.622 million and an ETR of 17.7% for the same period in 2024[115] - The effective tax rate (ETR) increased to 18.0% for the three months ended March 31, 2025, compared to 17.7% for the same period in 2024, mainly due to higher state income tax expenses[185] Future Plans - In March 2025, the company announced plans to open a new branch in Bellwood Park, Tyler, Texas in 2026[214]