Southside Bancshares Q1 net income falls 17.4% to $21.5M; EPS $0.71 vs $0.83 YoY

SOUTHSIDE BANCSHARES INC

2024-Q1 EPS reported $0.71

Net income $21.5M, down from $26.0M YoY; diluted EPS $0.71 vs $0.83.
Net interest margin declined 30 bps to 2.72% from 3.02% YoY; three swaps totaling $120M matured.
Nonperforming assets rose to 0.10% of assets from 0.04% YoY, driven by one CRE loan and one commercial relationship.
Efficiency ratio worsened to 57.95% from 53.57% YoY; cost savings plan targets ~$3.5M annual savings beginning Q3 2024.
Loans grew 10.2% YoY; deposits up 12.1% YoY; dividend maintained at $0.36/share.

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