Southside Bancshares Q3 net income $18.4M, EPS $0.60, down 28.6% YoY; provision $7.0M; NIM 2.85%

SOUTHSIDE BANCSHARES INC

2023-Q3 EPS reported $2.24

Net income fell 31.5% to $18.4M ($0.60 diluted EPS) from $27.0M ($0.84) in Q3 2022.
Provision for credit losses totaled $7.0M ($6.3M loans + $0.7M off-balance-sheet), up from $1.5M a year ago.
Net interest margin (tax-equivalent) shrank to 3.02% from 3.36% YoY; linked-quarter NIM down 15bp due to higher deposit costs.
Loans grew 2.1% linked quarter to $4.42B; deposits rose 3.8% to $6.35B; nonperforming assets remained low at 0.05% of total assets.
Repurchased 212,388 shares in Q3 at avg $29.39; post-quarter bought 141,480 shares at avg $28.56 through Oct 24.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SOUTHSIDE BANCSHARES INC reported third quarter ended September 30, 2023 results: net income Net income was $18.4 million for the three months ended September 30, 2023.

Period: third quarter ended September 30, 2023
Net income: Net income was $18.4 million for the three months ended September 30, 2023
Result: reported results

Exact text from the filing

Southside reported net income of $18.4 million for the three months ended September 30, 2023

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SOUTHSIDE BANCSHARES INC reported third quarter ended September 30, 2023 results: net income Net income was $18.4 million for the three months ended September 30, 2023.

Period: third quarter ended September 30, 2023
Net income: Net income was $18.4 million for the three months ended September 30, 2023
Result: reported results

Exact text from the filing

Earnings per diluted common share decreased $0.24, or 28.6%, to $0.60 for the three months ended September 30, 2023

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SOUTHSIDE BANCSHARES INC reported third quarter ended September 30, 2023 results: net income Net income was $18.4 million for the three months ended September 30, 2023.

Period: third quarter ended September 30, 2023
Net income: Net income was $18.4 million for the three months ended September 30, 2023
Result: reported results

Exact text from the filing

Net income was $18.4 million for the three months ended September 30, 2023

View on SEC.gov

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Source: SEC EDGAR

accession 0000705432-23-000180

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