Southside Bancshares Inc - SBSI STOCK NEWS

Southside Bancshares, Inc. (NASDAQ:SBSI) announced a 3.2% increase in its regular quarterly cash dividend to $0.32 per share, along with a special cash dividend of $0.05, totaling a combined cash dividend of $0.37. This payment is scheduled for December 10, 2020, to shareholders of record as of November 25, 2020. CEO Lee R. Gibson emphasized the company's strong financial performance amid pandemic challenges, marking the 93rd consecutive quarterly dividend and the 17th consecutive year of special dividends.

Southside Bancshares, Inc. (NASDAQ:SBSI) announced the successful completion of a private placement of $100 million in subordinated notes due 2030 on November 6, 2020. The notes have a fixed interest rate of 3.875% for the first five years, transitioning to a floating rate thereafter. This issuance will qualify as Tier 2 capital for regulatory purposes and aims to enhance capital without diluting existing shareholders. The offering was well-received and the proceeds will be used for general corporate purposes.

Southside Bancshares reported strong third quarter financial results for 2020, with net income rising 36.8% to $27.1 million and diluted earnings per share increasing 41.4% to $0.82 compared to 2019. The annualized return on average tangible equity reached 17.73%. Nonperforming assets remained low at 0.23% of total assets, while total COVID-19 modified loans were reduced by 76.5% to $76.5 million. However, net interest income saw a slight decrease linked quarter, and total loans dropped by $62.6 million primarily due to large payoffs in commercial real estate.

Southside Bancshares, Inc. (NASDAQ: SBSI) will release its third quarter financial results before market opening on October 23, 2020. A conference call is scheduled for 9:00 a.m. CDT the same day, hosted by CEO Lee R. Gibson and CFO Julie Shamburger. This call aims to discuss the results and includes a Q&A session. As of June 30, 2020, Southside Bancshares reported approximately $7.33 billion in assets, operating 57 branches and 80 ATMs across Texas. Recordings of the call will be available until November 4, 2020, on their investor relations website.

Southside Bancshares, Inc. (Nasdaq: SBSI) is set to ring the Nasdaq Opening Bell on September 28, 2020, celebrating its 60th anniversary. CEO Lee R. Gibson will lead the virtual event, marking a significant milestone for the Bank, which has served its communities and shareholders since 1960. With approximately $7.33 billion in assets as of June 30, 2020, Southside operates 57 branches and 80 ATMs/ITMs across Texas. The company offers a variety of financial products and services including loans, deposit accounts, and wealth management.

Southside Bancshares announced the opening of a new branch at The Domain in Austin, Texas, set for August 31, 2020. This branch will replace the existing location on North Mopac Expressway, which will close on August 28, 2020. CEO Lee R. Gibson expressed excitement about enhancing the bank's presence in Central Texas. Southside Bank operates 59 branches and offers a range of financial services including commercial banking and mortgages. As of June 30, 2020, the company holds approximately $7.33 billion in assets.

The Board of Directors of Southside Bancshares declared a quarterly cash dividend of $0.31 per common share, payable on September 3, 2020, to shareholders of record by August 20, 2020. Southside Bancshares, operating through Southside Bank, has approximately $7.33 billion in assets and 59 branches across East Texas and Austin. Founded in 1960, it offers a wide range of financial products including loans and wealth management services. For more information, visit the company’s investor relations website.

Southside Bancshares, Inc. (NASDAQ:SBSI) reported strong second quarter 2020 financial results with net income of $21.6 million, up 15.8% from 2019, and diluted EPS of $0.65, an 18.2% increase. Total assets reached $7.33 billion, with deposits growing 13.2% year-over-year. However, a $5.2 million provision for credit losses due to COVID-19 uncertainty was recorded. Loan growth was noted, but expectations for future growth are tempered due to ongoing economic challenges. The company maintains a solid asset quality with nonperforming assets at 0.24%.

Southside Bancshares, Inc. (NASDAQ: SBSI) will announce its second quarter financial results on July 22, 2020, before the market opens. The company will hold a conference call at 9:00 a.m. CDT, featuring remarks from Lee R. Gibson, President and CEO, Julie Shamburger, CFO, and Suni Davis, CRO. Analysts are invited to participate in a Q&A session post-discussion. The call can be accessed by phone or via webcast. Southside Bancshares, with approximately $7.27 billion in assets, operates 60 branches and 81 ATMs across East Texas and beyond, serving customers since 1960.