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Mar 31, 2024
Southside Bancshares Q1 2024 Earnings Report
Reported a decrease in net income and earnings per diluted common share compared to the same period in 2023.
Key Takeaways
Southside Bancshares reported a net income of $21.5 million for the first quarter of 2024, a decrease of $4.5 million compared to the same period in 2023. Earnings per diluted common share decreased to $0.71 from $0.83 year-over-year. The decrease in net income was primarily due to a decrease in noninterest income and an increase in noninterest expense.
First quarter net income was $21.5 million.
Linked quarter loan growth was 1.2%.
First quarter earnings per diluted common share were $0.71.
Nonperforming assets remained low at 0.10% of total assets.
Southside Bancshares
Southside Bancshares
Southside Bancshares Revenue by Segment
Revenue by Segment
Deposit services Revenue
CapyFin.comTrust fees Revenue
CapyFin.comBank-owned life ins. Revenue
CapyFin.comBrokerage services Revenue
CapyFin.comLoss on sale of securities Revenue
CapyFin.comGain on sale of loans Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The company anticipates annualized cost savings of approximately $3.5 million through retirement, a reduction in workforce, and attrition during 2024.