Southside Bancshares ( (SBSI) ) has released its Q4 earnings. Here is a breakdown of the information Southside Bancshares presented to its investors.
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Southside Bancshares, Inc., a bank holding company based in Texas, operates as a financial institution providing various banking services through its network of branches and ATMs. The company reported strong financial results for the fourth quarter and year ending December 31, 2024, with notable increases in net income and earnings per share. Southside Bancshares achieved a fourth-quarter net income of $21.8 million, marking a 25.8% increase from the same period in the previous year. The earnings per diluted share rose to $0.71, reflecting a 24.6% growth. For the year, the net income improved by $1.8 million to $88.5 million, and earnings per share increased to $2.91. The company also experienced a significant rise in noninterest income due to a strategic repositioning of its securities portfolio. Despite a decrease in net interest margin, Southside maintained strong asset quality, with nonperforming assets dropping to 0.04% of total assets. Looking ahead, Southside Bancshares anticipates continued growth in its loan portfolio and expects an improving net interest margin, driven by mid-single-digit loan growth in 2025.
