Southside Bancshares, Inc. (NASDAQ:SBSI) Q3 2023 Earnings Call Transcript

Matt Olney: Okay. And then specifically on the time deposits, any color you can provide as far as the maturities that are coming up in the near term, I don’t know if Julie has that for the fourth quarter volumes and repricing details behind that.

Lee Gibson: I know this quarter we have $80 million in CDs that come due, and I don’t have the exact rates. Just a second they’re handing it to me. Yes, it looks like the rates are on average, I’m going to say, you know, 4.80% – that was it, at the bottom. Okay. Well, I got real close 4.79%. I was looking at the three months. They have them grouped together in quarter. So there’s $80.7 million that comes due in this quarter, and the average rate on those is a 4.79%. So that’ll move up some, and then we have another $65 million in the first quarter, that’s at a 4.91%. Another $96 million, that’s almost in the second quarter. That’s almost at 5%. So there’ll be some repricing risk associated with those, but, you know, it’s not going to be like it’s going up a 1% or 2% or anything like that. We’re probably looking at, you know, a quarter of a percent on average for those CDs that are going to renew. Does that help you?

Matt Olney: Yes, that’s what I’m looking for. Okay. Thanks for the color, guys. Appreciate it.

Lee Gibson: All right.

Operator: Thank you. I’m showing no further questions in the queue. I would now like to turn the call back over to Lee Gibson for closing remarks.

Lee Gibson: Thank you, everyone, for joining us today. We appreciate the opportunity to answer your questions along with your interest in Southside Bancshares. In closing, we’re looking forward to our prospects for the remainder of 2023, and look forward to reporting fourth quarter results to you during our next earnings call in January. Thank you again.

Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.