Welcome to our dedicated page for Southside Bancshares news (Ticker: SBSI), a resource for investors and traders seeking the latest updates and insights on Southside Bancshares stock.
Southside Bancshares Inc, the holding company for Southside Bank, is headquartered in Tyler, Texas. With approximately $4.9 billion in assets, Southside is the ninth-largest bank headquartered in Texas by deposits. The company operates 64 banking facilities across East, North, and Central Texas, along with a network of over 70 local ATMs and more than 55,000 affiliated foreign ATMs worldwide.
Established in 1960, Southside Bank is a community-focused financial institution that offers a comprehensive range of financial services to individuals, businesses, and nonprofit organizations. These services include consumer and commercial loans, mortgages, loans to municipalities, personal, small business and commercial deposit accounts, safe deposit boxes, business services, credit cards, ATMs, trust and wealth management, brokerage services, and various online and mobile services.
Southside Bancshares generates revenue through interest income, gains on the sale of assets, and fee income, which helps to maintain its stable financial condition. The bank is well-regarded for its customer-centric approach and commitment to the communities it serves.
Recent achievements include notable growth in both asset size and branch network, evidence of its commitment to expanding its reach and serving more communities. Southside Bancshares also places a strong emphasis on technological advancements, regularly updating its online and mobile banking platforms to provide a seamless banking experience for its users.
Partnerships with other financial institutions and businesses amplify Southside's ability to offer a diverse range of services. As a Member FDIC and Equal Housing Lender, Southside Bancshares ensures the highest standards of financial security and fairness in its lending practices.
Overall, Southside Bancshares Inc continues to play a significant role in the financial landscape of Texas, known for its robust service offerings and community-oriented banking approach.
Southside Bancshares reported a net income of $26.0 million for Q1 2023, marking a 4.2% increase from $25.0 million in Q1 2022. Earnings per diluted share rose by 7.8% to $0.83. The company achieved an annualized return on average assets of 1.38% and a return on average tangible common equity of 19.36%. Nonperforming assets decreased significantly to 0.04% of total assets. However, net interest margin declined to 3.02%, and total deposits fell by 3.8% year-over-year. Operating expenses increased by 11.7%, driven mainly by salaries. The bank plans to maintain its conservative approach to underwriting.
Southside Bancshares, Inc. (NASDAQ: SBSI) announced it will release its first quarter financial results on April 25, 2023, before the market opens. A conference call led by President and CEO Lee R. Gibson, CFO Julie Shamburger, and VP of Investor Relations Lindsey Bailes will follow at 11:00 a.m. CDT. Investors can access the call via webcast or by registering for a dial-in number. Southside, headquartered in Tyler, Texas, operates 55 branches and 74 ATMs/ITMs across East Texas and larger metropolitan areas. As of December 31, 2022, the company reported approximately $7.56 billion in assets. The call will include a Q&A session for analysts, providing an opportunity for insight into the company's performance.
Southside Bancshares, Inc. (NASDAQ:SBSI) announced a 2.9% increase in its quarterly cash dividend, raising it from $0.34 to $0.35 per common share. The dividend will be paid on March 2, 2023, to shareholders of record as of February 16, 2023. President and CEO Lee R. Gibson emphasized the company's commitment to creating value for shareholders and its confidence in financial strength. Southside Bancshares, as of December 31, 2022, reported approximately $7.56 billion in assets and operates 55 branches across Texas.
Southside Bancshares, Inc. (SBSI) reported a fourth quarter net income of $27.7 million, a decrease of 3.6% from $28.7 million in Q4 2021. Earnings per diluted share fell to $0.87, down 1.1% from $0.88.
Despite these declines, net interest income rose by 15.1% year-over-year, totaling $56.8 million. The net interest margin increased to 3.19% and 3.40% (FTE). The company experienced linked quarter loan growth of 2.1%, with nonperforming assets now at 0.14% of total assets. For 2022, net income was $105.0 million, a 7.4% decline from $113.4 million in 2021.
Southside Bancshares, Inc. (NASDAQ: SBSI) will release its fourth quarter and year-end financial results on January 27, 2023, before market open. A conference call, led by CEO Lee R. Gibson and CFO Julie Shamburger, will take place at 11:00 a.m. CST on the same day. Interested participants can access the call via webcast on the company's website. Additionally, a recording will be available for 30 days post-event. Southside Bancshares, headquartered in Tyler, Texas, manages approximately $7.45 billion in assets and operates 55 branches across East Texas and other regions, providing a range of financial products and services.
Southside Bancshares, Inc. (NASDAQ:SBSI) has increased its stock repurchase authorization by 1.0 million shares, bringing the total to 2.0 million. As of December 12, 2022, the company repurchased 765,214 shares at an average price of $37.01, leaving approximately 1.2 million shares remaining for repurchase. CEO Lee R. Gibson expressed confidence in the company's value amid market volatility. Share repurchases may occur through various methods and are not obligated. The company's total assets stand at approximately $7.45 billion as of September 30, 2022.
The Board of Directors of Southside Bancshares, Inc. (NASDAQ:SBSI) has declared a quarterly cash dividend of $0.34 per common share, along with a special cash dividend of $0.04, totaling $0.38. This combined dividend is scheduled for payment on December 8, 2022, to shareholders recorded on November 23, 2022. CEO Lee R. Gibson emphasized the company's strong financial performance and commitment to shareholder returns, marking a consistent history of annual dividend increases.
Southside Bancshares reported a net income of $27.0 million for Q3 2022, an 8.0% decrease from $29.3 million in Q3 2021. Earnings per share fell 6.7% to $0.84. Despite these declines, the bank experienced a 10.1% loan growth linked quarter and a 34.5% increase in net interest income, reaching $55.5 million. The net interest margin rose to 3.15%, and nonperforming assets remained low at 0.16%. The bank's total assets increased to $7.45 billion. Southside declared a cash dividend of $0.34 per share in Q3 2022.
FAQ
What is the current stock price of Southside Bancshares (SBSI)?
What is the market cap of Southside Bancshares (SBSI)?
What services does Southside Bancshares Inc offer?
Where is Southside Bancshares Inc headquartered?
How many banking facilities does Southside Bank operate?
What is the asset size of Southside Bancshares Inc?
Is Southside Bancshares Inc a member of FDIC?
When was Southside Bank established?
What kind of revenue streams does Southside Bancshares Inc have?
How many ATMs does Southside Bank have?
Does Southside Bancshares Inc offer online and mobile banking services?
What distinguishes Southside Bancshares Inc from other banks?
