Southside Bancshares, Inc. (NYSE:SBSI) Q4 2024 Earnings Conference Call January 29, 2025 12:00 PM ET
Company Participants
Lindsey Bailes - VP, IR
Lee Gibson - CEO
Julie Shamburger - CFO
Conference Call Participants
Wood Lay - KBW
Jordan Ghent - Stephens
Tim Mitchell - Raymond James
Operator
Good day and thank you for standing by. Welcome to the Southside Bancshares Fourth Quarter and Year End 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [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, Lindsey Bailes, Vice President, Investor Relations. Please go ahead.
Lindsey Bailes
Thank you, Victor. Good morning, everyone, and welcome to Southside Bancshares fourth quarter and year-end 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'll 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 our 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 overview of our financial results. I will now turn the call over to Lee.
Lee Gibson
Thank you, Lindsey, and welcome to today's call. For the year ended December 31, 2024, net income increased $1.8 million to $88.5 million and earnings per diluted common share increased $0.09 to $2.91 when compared to 2023. Linked quarter, our net income increased $1.3 million to $21.8 million, and earnings per share increased $0.03 to $0.71. During the fourth quarter, loans increased $83.5 million or 7.3% annualized, most of which occurred during December. Linked quarter average loans decreased $9 million due to early fourth quarter payoffs