Southside Bancshares Q4 net income $17.3M, EPS $0.57; sells $388M securities, takes $10.4M loss

SOUTHSIDE BANCSHARES INC

2023-FY EPS reported $2.82

Net income $17.3M ($0.57 EPS) vs $27.7M ($0.87) in Q4 2022, down 37.4% YoY.
Sold ~$388M of lower-yielding securities, recording a $10.4M net loss; proceeds reinvested.
Net interest income $54.5M, down 4.1% YoY; net interest margin 2.83% vs 3.19%.
Loans grew 2.3% linked Q to $4.52B; deposits +3.2% to $6.55B; NPAs at 0.05% of assets.
Full year net income $86.7M ($2.82 EPS) vs $105.0M ($3.26); dividend $0.35 + $0.02 special.

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 financial results for the fourth quarter and year ended December 31, 2023.

Period: the fourth quarter and year ended December 31, 2023
Result: reported results

Exact text from the filing

On January 26, 2024, Southside Bancshares, Inc. issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2023.

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Source: SEC EDGAR

accession 0000705432-24-000011

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