Southside Bancshares First Quarter 2024 Earnings: Beats Expectations

Southside Bancshares (NASDAQ:SBSI) First Quarter 2024 Results

Key Financial Results

• Revenue: US$63.0m (down 3.7% from 1Q 2023).
• Net income: US$21.5m (down 17% from 1Q 2023).
• Profit margin: 34% (down from 40% in 1Q 2023). The decrease in margin was primarily driven by higher expenses.
• EPS: US$0.71 (down from US$0.83 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Southside Bancshares Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%.

Looking ahead, revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 3.6% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. See our latest analysis on Southside Bancshares' balance sheet health.

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