Southside Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 05:45 am
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Southside Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 53.27 million compared to USD 55.52 million a year ago. Net income was USD 18.45 million compared to USD 26.95 million a year ago. Basic earnings per share from continuing operations was USD 0.6 compared to USD 0.84 a year ago. Diluted earnings per share from continuing operations was USD 0.6 compared to USD 0.84 a year ago.
For the nine months, net interest income was USD 160.54 million compared to USD 155.5 million a year ago. Net income was USD 69.38 million compared to USD 77.35 million a year ago. Basic earnings per share from continuing operations was USD 2.25 compared to USD 2.4 a year ago. Diluted earnings per share from continuing operations was USD 2.24 compared to USD 2.39 a year ago.
Southside Bancshares, Inc. is a bank holding company for Southside Bank. The Company operates through approximately 55 branches, 13 of which are located in grocery stores, in addition to wealth management and trust services, and/or loan production, brokerage or other financial services offices. It is a community-focused financial institution that offers a full range of financial services to individuals, businesses, municipal entities and nonprofit organizations in the communities that it serves. Its consumer loan services include 1-4 family residential loans, home equity loans, home improvement loans, automobile loans and other consumer related loans. Its commercial loan services include commercial real estate loans and municipal loans. The Company's trust and wealth management services include investment management, administration of irrevocable, revocable and testamentary trusts, and custodian services, primarily for individuals and, to a lesser extent, partnerships and corporations.