Fri, Jul 26, 6:34 PM (43 days ago)
Southside Bancshares, Inc. reported a slight decrease in net income for Q2 2024, down 0.9% to $24.7 million compared to Q2 2023. This was driven by higher noninterest expenses and tax expenses, despite a modest increase in noninterest income. For H1 2024, net income fell by 9.3% to $46.2 million. Net interest income remained flat at $107.0 million for H1 2024, with interest income up 23.4% but offset by a 65.4% rise in interest expenses due to higher rates on interest-bearing liabilities. Total assets increased by 0.9% to $8.36 billion, with loans growing by 1.4% to $4.59 billion. Nonperforming assets rose by 72.9% to $6.9 million, primarily due to an increase in nonaccrual loans. Deposits decreased slightly by 0.8% to $6.50 billion, while FHLB borrowings surged by 164.4% to $562.3 million. Shareholders' equity grew by 3.6% to $801.0 million, bolstered by net income and other comprehensive income. The company maintained solid capital ratios and liquidity, with significant available lines of credit and a strategic use of interest rate swaps to hedge against rate fluctuations.