Southside Bancshares(SBSI) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $21.8 million, an increase of $4.5 million, or 25.8%, compared to Q4 2023[2] - Earnings per diluted common share for Q4 2024 increased to $0.71, up $0.14, or 24.6%, from $0.57 in Q4 2023[2] - For the year ended December 31, 2024, net income was $88.5 million, an increase of $1.8 million, or 2.1%, compared to 2023[9] - Net income for Q4 2024 was $21,786,000, an increase of 6.1% from $20,524,000 in Q3 2024[43] - Adjusted net income available to common shareholders for the year ended December 31, 2024, was $89,419 million, compared to $88,033 million in 2023, reflecting a growth of 1.6%[73] Income and Expenses - Noninterest income for Q4 2024 was $12.3 million, an increase of $9.8 million, or 391.0%, compared to $2.5 million in Q4 2023[5] - Total interest and dividend income for Q4 2024 was $101,689,000, a decrease of 3.0% from $105,703,000 in Q3 2024[43] - Net interest income after provision for credit losses was $52,323,000, slightly down from $53,075,000 in the previous quarter[43] - Total noninterest expense rose to $38,159,000, up from $36,332,000 in Q3 2024, reflecting a 5.0% increase[43] - The efficiency ratio for the three months ended December 31, 2024, was 56.08%, compared to 53.94% in the previous quarter, showing a decline in efficiency[73] Assets and Liabilities - Total assets increased to $8.52 billion at December 31, 2024, compared to $8.28 billion at December 31, 2023[13] - Total deposits increased to $6.65 billion as of December 31, 2024, compared to $6.55 billion in the previous quarter[41] - Total liabilities increased to $7,604,020 thousand, while shareholders' equity rose to $822,234 thousand as of December 31, 2024[60] - Total assets at the end of the period reached $8,517,448 million, up from $8,362,263 million in the previous quarter, indicating a growth of 1.8%[73] Loans and Credit Quality - Loans increased to $4.66 billion at December 31, 2024, an increase of $137.1 million, or 3.0%, compared to the previous year[14] - The allowance for loan losses was $44.9 million, or 0.96% of total loans, at December 31, 2024, compared to $42.7 million, or 0.94%, at December 31, 2023[22] - Nonperforming assets decreased to $3.6 million, or 0.04% of total assets, down from $4.0 million, or 0.05%, at December 31, 2023[21] - The provision for credit losses decreased significantly to $3,346 thousand in 2024 from $9,154 thousand in 2023, a decline of 63.5%[51] - The ratio of nonaccruing loans to total loans improved to 0.07% in 2024 from 0.09% in 2023[54] Dividends and Shareholder Returns - The company declared a fourth quarter cash dividend of $0.36 per share, paid on December 6, 2024[25] - Cash dividends paid per common share remained stable at $0.36 for Q4 2024, consistent with the previous quarters[43] - Cash dividends paid per common share increased to $1.44 in 2024 from $1.42 in 2023[51] Future Outlook - The company anticipates mid-single digit loan growth for 2025, which should lead to an increasing net interest margin[3] - The company plans to continue monitoring loan performance and interest income recognition policies to optimize financial outcomes[67]