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What were the key takeaways from Southside Bancshares's earnings call?

- **Securities Restructuring**: $325M low-yield sales reinvested into 5.5%-6% assets, with <4-year payback period.
- **Loan Growth**: Q3 +$163M loans, $81M closed on last day; pipeline rebounds to $1.8B.
- **NIM Outlook**: Q4 improvement driven by CD repricing savings (~34bps) and restructuring benefits.
- **Texas Expansion**: Houston C&I growth ~15% YoY, supported by 4 new hires.
- **Rate Cuts**: Expect 2-3 cuts in 2026, contingent on inflation trends.
- **Buybacks**: 1.1M shares authorized; 26,192 shares repurchased in Q3.


**【CEO Summary Section】**
- Restructured $325 million of lower-yielding securities, booking a $24.4 million loss, reinvesting proceeds into higher-yielding assets (5.5%-6% coupons). Payback period estimated at <4 years.
- Q3 loan growth of $163 million, with $81 million closed on last day of quarter. NIM expected to improve in Q4 due to restructuring benefits and CD repricing savings (~34bps).
- Texas economy outperforming national growth, with focus on Houston market expansion.

**【CFO Financial Commentary】**
- Q3 net income $4.9 million (-77.5% YoY), driven by one-time $24.4 million loss on securities sales. Non-GAAP EPS: $0.16 (-$0.56 linked quarter).
- Average loans up 3.5% linked quarter, with CRE/C&I growth offsetting declines in residential and municipal loans.
- NIM 2.94% (-1bps linked quarter), impacted by subordinated debt issuance. Efficiency ratio improved to 52.99%.
- Buyback authorization increased to 1.1 million shares; 26,192 shares repurchased in Q3.

**【Q&A Highlights】**
- **Loan Growth & Pipeline**: Q3 production $500 million, pipeline rebounded to $1.8 billion (vs. $1.5B mid-quarter). Houston C&I growth ~15% YoY, driven by 4 new hires.
- **Rate Expectations**: Anticipate 2-3 rate cuts in 2026, depending on inflation and new Fed leadership.
- **Wealth Management**: Trust fees up 2.1% linked quarter; expanding metro market presence via Fort Worth platform.
- **Competition**: Pricing disciplined at ~2% spread over SOFR for term loans; construction loans at 2.65%-2.75%.
- **Liquidity**: $2.87 billion available, with $150M subordinated notes issued at 7%.


Southside Bancshares, Inc. (SBSI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Income (Loss) from Associates

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Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

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Total Comprehensive Income Attributable to Owners of the Company

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SBSI

SBSI fundamentals

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