secwatch.observer — SEC 8-K summary
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Issuer:     SOUTHSIDE BANCSHARES INC (SBSI)
CIK:        0000705432
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0000705432-24-000065
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/705432/000070543224000065/0000705432-24-000065-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/705432/000070543224000065/sbsi-20240425.htm
  HTML page:      https://secwatch.observer/filing/0000705432-24-000065

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer