Southside Bancshares, Inc. - SBSI STOCK NEWS

Southside Bancshares (NASDAQ: SBSI) announced the transfer of its common stock listing from Nasdaq Global Select Market to the New York Stock Exchange (NYSE). Trading on NYSE will begin November 15, 2024, maintaining the 'SBSI' ticker symbol. The company, which went public on Nasdaq in 1998, has grown from a single branch to over 55 locations across Texas, reaching nearly $8.5 billion in assets by end of 2023. The last trading day on Nasdaq will be November 14, 2024.

Southside Bancshares reported strong Q3 2024 financial results with net income of $20.5 million, an 11.2% increase from Q3 2023. Earnings per diluted share rose to $0.68, up 13.3% year-over-year. The company achieved a net interest margin of 2.95% and return on average tangible equity of 13.69%. Net interest income increased by $2.2 million to $55.5 million. Asset quality remained strong with nonperforming assets at just 0.09% of total assets. Total assets reached $8.36 billion, with loans at $4.58 billion and deposits at $6.44 billion. The company declared a quarterly cash dividend of $0.36 per share.

Southside Bancshares, Inc. (NASDAQ: SBSI) has announced its upcoming third quarter financial results release and conference call. The company will release its results before the market opens on Thursday, October 24, 2024. A conference call to discuss the results will be held on the same day at 11:00 a.m. CDT, hosted by CEO Lee R. Gibson, CFO Julie Shamburger, and VP of Investor Relations Lindsey Bailes.

Interested parties can access the call via webcast or by registering for the dial-in option. A recording of the webcast will be available for at least 30 days following the call. Southside Bancshares, headquartered in Tyler, Texas, is a bank holding company with approximately $8.36 billion in assets as of June 30, 2024. Its subsidiary, Southside Bank, operates 54 branches and 73 ATMs/ITMs across East Texas, Southeast Texas, and the greater Dallas/Fort Worth, Austin, and Houston areas.

Southside Bank, a subsidiary of Southside Bancshares, Inc. (Nasdaq: SBSI), has opened a new Loan Production Office (LPO) in The Woodlands, Texas, on September 3, 2024. The LPO, located at 9595 Six Pines Drive, will focus on the Commercial & Industrial (C&I) sector and business owners in greater North Houston and surrounding areas. This expansion demonstrates Southside's commitment to strengthening its presence in key Texas markets.

Amos McDonald has been appointed as Southside Bank Market President for North Houston, leading the new LPO in delivering tailored lending solutions and innovative services. Two Relationship Managers are expected to join the North Houston team soon. Curtis Burchard, Chief Lending Officer, expressed enthusiasm about the expansion, highlighting the potential for positive community impact and business growth through customized lending solutions.

Southside Bancshares, Inc. (NASDAQ:SBSI), the parent company of Southside Bank, has declared a regular quarterly cash dividend of $0.36 per common share. The dividend is set to be paid on September 5, 2024, to shareholders of record as of August 22, 2024. Southside Bancshares, headquartered in Tyler, Texas, is a bank holding company with approximately $8.36 billion in assets as of June 30, 2024. The company operates 54 branches and 73 ATMs/ITMs across East Texas, Southeast Texas, and the greater Dallas/Fort Worth, Austin, and Houston areas. Southside Bank, established in 1960, offers a comprehensive range of financial products and services to individuals and businesses.

Southside Bancshares (NASDAQ: SBSI) announced Q2 2024 results with a net income of $24.7 million, slightly down by 0.9% YoY. Earnings per diluted share held steady at $0.81. Key metrics include a return on assets of 1.19% and a return on tangible equity of 16.90%. Nonperforming assets were 0.08% of total assets. Net interest income decreased by 0.6% to $53.6 million, while noninterest income rose 10.4% to $11.6 million. Noninterest expense increased by 2.2% to $35.8 million. For the six months ended June 30, 2024, net income fell 9.3% to $46.2 million, and earnings per share declined 7.3% to $1.52. Southside’s total assets grew to $8.36 billion, with loans increasing by 6% to $4.59 billion. Deposits rose by 6.2% to $6.50 billion. The allowance for loan losses was $42.4 million. A cash dividend of $0.36 per share was paid on June 6, 2024.

Southside Bancshares (NASDAQ: SBSI) will release its second quarter financial results on July 25, 2024, before the market opens. A conference call to discuss the results, hosted by CEO Lee R. Gibson, CFO Julie Shamburger, and CRO Suni Davis, will be held the same day at 11:00 a.m. CDT. The event includes a Q&A session for analysts. Access to the call is available via webcast or by registering for a dial-in number and unique access code. A recording of the call will be available on the company's website for 30 days. Southside Bancshares, headquartered in Tyler, Texas, operates 54 branches and 73 ATMs across various Texas regions, offering a full range of financial services.

Southside Bancshares, Inc., announced a quarterly cash dividend of $0.36 per common share scheduled for payment on June 6, 2024. The company, headquartered in Tyler, Texas, with assets of $8.35 billion as of March 31, 2024, operates 54 branches across Texas and offers a range of financial products and services. Southside Bank has been serving customers since 1960.