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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, Inc. (SBSI) reported a fourth quarter net income of $28.7 million, down 3.0% year-over-year. For the year ended December 31, 2021, net income reached a record $113.4 million, a 38.0% increase compared to 2020. Key metrics included annualized returns on average assets at 1.59% and tangible common equity at 17.04%. Loan growth was 5.0% (net of PPP loans) while deposits rose by 16.0%. However, the efficiency ratio increased slightly to 51.74% for the year. Nonperforming assets decreased to 0.16% of total assets.
Southside Bancshares, Inc. (NASDAQ: SBSI) will release its fourth quarter and year-end financial results on January 28, 2022, before the market opens. The results will be discussed in a conference call at 11:00 a.m. CST, featuring CEO Lee R. Gibson, CFO Julie Shamburger, and VP Lindsey Bailes. Investors can access the call by dialing 844-775-2540 with conference ID 5753376 or via a webcast. Southside Bancshares holds approximately $7.14 billion in assets and operates 56 branches across Texas, offering a range of financial services.
Southside Bancshares, Inc. (NASDAQ:SBSI) announced the appointment of Alton L. Frailey to its board of directors, effective January 1, 2022. This expands the board to 17 members, while the Bank's board will increase to 18 members. Frailey brings over 35 years of experience in education and executive leadership, previously serving as superintendent for Katy Independent School District. His leadership roles include chairing the Board of Regents at Stephen F. Austin State University. The company aims to leverage his expertise for enhanced governance.
Southside Bancshares, Inc. (SBSI) announced a regular quarterly cash dividend of $0.33 and a special cash dividend of $0.06 per common share, amounting to a total of $0.39 per share. This marks the 18th consecutive year of special cash dividends for shareholders. The dividends are scheduled for payment on December 9, 2021, to shareholders of record as of November 24, 2021. The total cash dividend for 2021 increased by 5.4% to $1.37 from $1.30 in 2020, highlighting the company’s strong capital position and performance.
Southside Bancshares, Inc. (SBSI) reported a strong third quarter for 2021, with net income of $29.3 million, an 8.2% increase from $27.1 million in 2020. Earnings per diluted share rose to $0.90 from $0.82. The company achieved annualized linked quarter loan growth of 7.9% and deposit growth of 13.5%. The net interest margin improved to 3.16%, and asset quality remained robust, with nonperforming assets down to 0.17% of total assets. Despite a minor increase in noninterest expenses, the positive momentum in income and strong asset quality has positioned Southside well for future growth.
Southside Bancshares, Inc. (NASDAQ: SBSI) will release its third-quarter financial results on October 26, 2021, before the market opens. A conference call will take place at 11:00 a.m. CDT to discuss the results, featuring executives including President and CEO Lee R. Gibson. The call can be accessed via dial-in or webcast. A recording will be available post-call until November 7, 2021. Southside Bancshares, headquartered in Tyler, Texas, has approximately $7.18 billion in assets and operates 55 branches across East Texas and major Texas cities.
Southside Bancshares, Inc. (NASDAQ:SBSI) has announced a redemption notice for its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2026, totaling $100 million. The redemption will be effective on September 30, 2021, with interest ceasing after this date. CEO Lee R. Gibson noted the redemption aims to reduce funding costs and enhance earnings due to the current interest rate environment. The company, headquartered in Tyler, Texas, manages approximately $7.18 billion in assets and operates 55 branches across East Texas and other regions.
The Board of Directors of Southside Bancshares, Inc. (NASDAQ:SBSI) has declared a quarterly cash dividend of $0.33 per common share. This dividend is set to be paid on September 2, 2021, to shareholders recorded by August 19, 2021. As of June 30, 2021, Southside Bancshares, with approximately $7.18 billion in assets, operates 55 branches in East Texas and surrounding areas, offering comprehensive financial services.
Southside Bancshares reported a net income of $21.3 million for Q2 2021, a 1.1% decline from $21.6 million in Q2 2020. Earnings per diluted share remained steady at $0.65. The bank achieved 5.0% annualized linked quarter deposit growth and maintained nonperforming assets at a low 0.21% of total assets. However, net interest income fell to $45.6 million, down 3.4% year-over-year. The annualized return on average assets and equity were 1.20% and 9.73%, respectively, reflecting a modest operational performance.
Southside Bancshares, Inc. (NASDAQ: SBSI) will report its second quarter financial results before the market opens on July 23, 2021. A conference call to discuss these results will take place at 11:00 a.m. CST on the same day, hosted by key executives including CEO Lee R. Gibson and CFO Julie Shamburger. Participating analysts can access the call by dialing 844-775-2540 using conference ID 7053989. Southside Bancshares, with approximately $7.0 billion in assets, serves customers across East Texas and major metro areas, offering a wide range of banking products and services.
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