Published on 29 Jan 2024 on GuruFocus.com via Yahoo Finance

Southside Bancshares Inc (SBSI) Reports Decline in Q4 Net Income Amid Strategic Asset Sales

Net Income: Q4 net income fell to $17.3 million, a 37.4% decrease year-over-year.Earnings Per Share: Earnings per diluted common share dropped to $0.57, down from $0.87 in Q4 2022.Loan Growth: Loans saw a linked quarter increase of 2.3%.Deposits: Deposits rose by 3.2% linked quarter, with a notable increase in public funds.Dividends: Declared a Q4 cash dividend of $0.35 per share and a special dividend of $0.02 per share.Asset Quality: Nonperforming assets remained low at 0.05% of total assets.

Warning! GuruFocus has detected 1 Warning Sign with SBSI.

On January 26, 2024, Southside Bancshares Inc (NASDAQ:SBSI) released its 8-K filing, detailing the financial outcomes for the fourth quarter and the full year ended December 31, 2023. The report showed a decline in net income and earnings per share compared to the same period in the previous year, with net income dropping by 37.4% to $17.3 million and earnings per diluted common share decreasing by 34.5% to $0.57. Despite these declines, the bank experienced a 2.3% linked quarter loan growth and a 3.2% increase in deposits, primarily due to a rise in public funds.