Q2 2024 Southside Bancshares Inc Earnings Call Transcript
Key Points
- Second-quarter net income of $24.7 million, an increase of $3.2 million or 14.7% on a linked quarter basis.
- Earnings per share increased to $0.81, a 14.1% rise linked quarter.
- Strong asset quality metrics with nonperforming assets decreasing to $6.9 million from $8 million.
- Cost savings initiatives resulted in approximately $600,000 in savings and additional revenue of $500,000.
- Liquidity resources remain solid with $2.24 billion in liquidity lines available as of June 30.
- Net interest margin increased only 1 basis point to 2.87%, indicating limited growth.
- Allowance for credit losses decreased by $762,000, potentially indicating a tighter credit environment.
- Deposits decreased by $49.8 million or 0.8% on a linked-quarter basis.
- Net unrealized loss in the AFS securities portfolio of $48.3 million compared to $48.8 million last quarter.
- AOCI on June 30, 2024, was a net loss of $111 million, slightly up from $110.9 million on March 31, 2024.
Good day, and thank you for standing by, and welcome to Southside Bancshares, Inc. second-quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Suni Davis, Chief Risk Officer. Please go ahead.
Thank you, Justin. Good morning, everyone, and welcome to Southside Bancshares' second-quarter 2024 earnings call. A transcript of today's call will be posted on southside.com under Investor Relations.
During today's call and in other disclosures and presentations, I will remind you that any forward-looking statements are subject to risks and uncertainties. Factors that could materially change our current forward-looking assumptions are described in our earnings release and Form 10-K.
Joining me today are Lee Gibson, CEO; and Julie Shamburger, CFO. First, Lee will share his comments on the quarter, and then Julie will give an
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