Tyler, Texas – Southside Bancshares, Inc. recently held its Q1 2024 Earnings Conference Call on April 25, 2024. During the call, the company’s key executives, including Lindsey Bailes, Lee Gibson, and Julie Shamburger, provided insights into the company’s performance for the first quarter of 2024.

Lee Gibson, the President and CEO of Southside Bancshares, reported a net income of $21.5 million for the first quarter, with earnings per share at $0.71. The company also achieved a return on average tangible common equity of 15.07%. Despite a slight decrease in the net interest margin, the company saw growth in loans and strong asset quality metrics.

The company implemented initiatives related to its new five-year strategic plan during the quarter. By examining additional revenue streams and focusing on cost containment opportunities, Southside Bancshares expects to achieve annualized cost savings of approximately $3.5 million. These initiatives include retirements, workforce reductions, and attrition measures aimed at optimizing operational efficiency.

Julie Shamburger, the CFO of Southside Bancshares, highlighted the financial results for the first quarter, including a significant increase in net income and diluted earnings per share. The company experienced growth in commercial real estate loans, offset by decreases in construction loans. Despite an increase in non-performing assets, the company remains focused on maintaining strong asset quality metrics.

Looking ahead, Southside Bancshares is evaluating opportunities for revenue growth and cost containment as part of its strategic plan. The company plans to focus on IT-related initiatives and potential market expansion opportunities to drive long-term growth and profitability.

Overall, Southside Bancshares remains optimistic about its prospects for 2024 and is committed to delivering value to its shareholders. The company looks forward to providing further updates during its next earnings call in July.