Southside Bancshares Q3 net income $20.5M, EPS $0.68, up 13% YoY

SOUTHSIDE BANCSHARES INC

2024-Q3 EPS reported $2.20

Net income $20.5M ($0.68 diluted EPS) vs $18.4M ($0.60) a year ago, up 11.2% and 13.3% respectively.
Net interest income $55.5M (+4.1% YoY); net interest margin 2.82% (tax-equiv. 2.95%), up 8 bps linked quarter.
Sold $28M of low-yielding municipal securities, recording $1.9M loss; reinvested in higher-yielding agency MBS.
Nonperforming assets remain low at 0.09% of total assets; allowance for loan losses 0.97% of loans.
Loan portfolio $4.58B (+3.6% YoY); deposits $6.44B (+1.4% YoY); total assets $8.36B.

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