Southside Bancshares, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2024

Financial Performance - Southside Bancshares reported a net income of $20.5 million for Q3 2024, an increase of $2.1 million or 11.2% compared to $18.4 million in Q3 2023 [2][3] - Earnings per diluted common share rose to $0.68, up $0.08 or 13.3% from $0.60 in the same period last year [2][3] - The annualized return on average assets was 0.98%, compared to 0.93% in Q3 2023, while the return on average shareholders' equity increased to 10.13% from 9.50% [2][3] Net Interest Income - Net interest income for Q3 2024 was $55.5 million, an increase of $2.2 million or 4.1% from the same period in 2023 [4] - The net interest margin decreased to 2.82% from 2.85% year-over-year, but increased from 2.74% in the previous quarter [5] Noninterest Income and Expense - Noninterest income decreased to $8.2 million, down $2.7 million or 24.6% compared to $10.8 million in Q3 2023, primarily due to losses on the sale of securities [6] - Noninterest expense increased by $0.8 million or 2.2% to $36.3 million, driven by higher salaries and employee benefits [7] Tax Expense - Income tax expense rose by $1.3 million or 40.7% compared to Q3 2023, with an effective tax rate of 17.6% [8] Year-to-Date Performance - For the nine months ended September 30, 2024, net income was $66.7 million, a decrease of $2.7 million or 3.8% from $69.4 million in the same period of 2023 [9] - Noninterest income for the nine months was $29.5 million, down $3.9 million or 11.6% compared to $33.3 million in 2023 [11] Balance Sheet Highlights - Total assets as of September 30, 2024, were $8.36 billion, an increase from $8.28 billion at the end of 2023 [12] - Loans increased to $4.58 billion, up $157.4 million or 3.6% year-over-year [13] - Total deposits rose to $6.44 billion, an increase of $86.1 million or 1.4% compared to the same period in 2023 [13] Asset Quality - Nonperforming assets were $7.7 million, or 0.09% of total assets, an increase from $4.4 million or 0.05% a year earlier [16] - The allowance for loan losses totaled $44.3 million, or 0.97% of total loans, compared to $41.8 million or 0.94% a year earlier [16] Capital Resources and Liquidity - Total available contingent liquidity was $2.23 billion as of September 30, 2024 [15] - The company did not repurchase any common stock under its Stock Repurchase Plan during the third quarter [15]