TYLER, TX – Southside Bancshares Inc. (NASDAQ:SBSI), a Texas-based financial institution, announced today the appointment of three executives to key positions within the company and its subsidiary, Southside Bank. April Pinkley has been named Chief Accounting Officer, Suni Davis will take on the role of Chief Treasury Officer, and Anne Martinez has been appointed Chief Risk Officer, with all appointments effective as of today.
April Pinkley, 54, has been with Southside since 2002 and has served as the Controller of the company since 2010. With a BBA in accounting from the University of Texas at Tyler and over two decades of banking experience, Pinkley is well-positioned to oversee the company's accounting operations. Her professional affiliations include the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.
Suni Davis, 48, steps into the role of Chief Treasury Officer after serving as Southside's Chief Risk Officer since 2016. Davis's tenure with the company dates back to 1999, and her background includes BBA degrees in Finance and Accounting, along with a Certified Enterprise Risk Professional certification.
Anne Martinez, 49, who has been with Southside since 1999, will transition from her role as Executive Vice President and Senior Loan Review Officer to Chief Risk Officer. Martinez holds a BBA in Finance and Accounting from Texas A&M University and brings over 25 years of banking and credit experience to her new position.
In other recent news, Southside Bancshares announced a regular quarterly cash dividend of $0.36 per common share, reinforcing the company's commitment to its shareholders. In addition, the company revealed its second-quarter earnings, reporting a net income of $24.7 million and earnings per share of $0.81.
These recent developments come as the company targets a 5% loan growth for 2024 and focuses on expanding commercial and industrial lending in key metropolitan areas.
InvestingPro Insights
As Southside Bancshares Inc. (NASDAQ:SBSI) bolsters its executive team with new appointments, it's important for investors to consider the company's financial health and market performance. According to real-time data from InvestingPro, Southside Bancshares has a market capitalization of $964.28 million, with a price-to-earnings (P/E) ratio of 11.91, reflecting a valuation that may appeal to value-oriented investors. The company's commitment to shareholder returns is evidenced by its impressive track record of raising its dividend for 10 consecutive years, and maintaining those payments for 27 consecutive years, a testament to its financial stability and prudent management.
InvestingPro Tips highlight that analysts have revised their earnings estimates upwards for the upcoming period, suggesting confidence in the company's future performance. Additionally, Southside Bancshares has been profitable over the last twelve months, with analysts predicting profitability to continue this year. With a dividend yield of 5.79%, the company stands out for income-focused investors seeking steady returns.
For those interested in deeper analysis and more InvestingPro Tips, the platform lists additional insights for Southside Bancshares, which can be accessed at https://www.investing.com/pro/SBSI. These tips could provide valuable context for the company's recent executive leadership changes and future strategic directions.
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