Southside Reports Q4 Revenue of $71.99M, Exceeds Expectations
Reports Q4 revenue $71.99M, consensus $71.7M. Reports Q4 tangible book value per share $21.72. Reports Q4 net charge-offs .07%. "During the fourth quarter, we continued the restructure of a portion of our available for sale securities portfolio by selling approximately $82 million of lower yielding long duration municipal securities with a combined taxable equivalent yield of approximately 2.59% at a loss of $7.3 million," stated Keith Donahoe, president and CEO of Southside. "All the sales occurred at the end of October. The proceeds from the sale of these securities were reinvested primarily in U.S. Agency mortgage-backed securities. Linked quarter, net interest income increased $1.5 million, our net interest margin increased four basis points to 2.98% due to lower funding costs during the quarter and deposits, net of public fund and brokered deposits, increased $40.8 million. Linked quarter, total loans increased $52.7 million. On February 15, 2026, we will redeem our $93 million subordinated notes due 2030 which bear interest at a rate of 7.51%. We expect the redemption to have a positive impact on our net interest margin in the first quarter."
