SOUTHSIDE BANCSHARES INC
For the period ended Sep 30, 2024. Filed Oct 28, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 28, 2024
SBSI$35.09+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| OPERATING ACTIVITIES: | ||
| Net income | $66,708 | $69,376 |
| Adjustments to reconcile net income to net cash provided by operations: | ||
| Depreciation and net amortization | 7,518 | 7,972 |
| Securities premium amortization (discount accretion), net | 4,657 | 3,791 |
| Loan (discount accretion) premium amortization, net | 298 | 296 |
| Provision for (reversal of) credit losses | 1,962 | 6,873 |
| Stock compensation expense | 2,504 | 2,713 |
| Deferred tax expense (benefit) | (878) | (1,868) |
| Net (gain) loss on sale of AFS securities | 2,510 | 5,590 |
| Net gain on sale of equity securities | — | (5,058) |
| Loss on impairment of investments | 868 | — |
| Net loss on premises and equipment | 28 | 106 |
| Gross proceeds from sales of loans held for sale | 13,423 | 12,941 |
| Gross originations of loans held for sale | (11,289) | (13,656) |
| Net (gain) loss on consumer receivables | 412 | — |
| Net (gain) loss on OREO | 95 | (53) |
| Gain on purchase of subordinated notes | (178) | (587) |
| Net change in: | ||
| Interest receivable | 12,601 | 9,704 |
| Other assets | (39,564) | (5,665) |
| Interest payable | (449) | 10,545 |
| Other liabilities | 1,815 | 33,434 |
| Net cash provided by (used in) operating activities | 63,041 | 136,454 |
| INVESTING ACTIVITIES: | ||
| Securities AFS: | ||
| Purchases | (752,237) | (1,137,694) |
| Sales | 126,248 | 747,434 |
| Maturities, calls and principal repayments | 545,836 | 324,964 |
| Securities HTM: | ||
| Maturities, calls and principal repayments | 20,951 | 21,010 |
| Proceeds from sales of equity securities | — | 6,679 |
| Proceeds from redemption of FHLB stock and equity investments | 56,115 | 30,767 |
| Purchases of FHLB stock and equity investments | (84,501) | (34,249) |
| Net loan paydowns (originations) | (50,985) | (274,843) |
| Proceeds from sales of customer receivables | 7,600 | — |
| Purchases of premises and equipment | (6,094) | (5,071) |
| Proceeds from (purchases of) BOLI | 4,035 | 951 |
| Proceeds from sales of premises and equipment | 17 | 430 |
| Net proceeds from sales of OREO | 278 | 146 |
| Proceeds from sales of repossessed assets | 114 | 168 |
| Net cash provided by (used in) investing activities | (132,623) | (319,308) |
| (continued) | ||
| SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES | ||
|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | ||
| (UNAUDITED) | ||
| (in thousands) | ||
| Nine Months Ended | ||
| September 30, | ||
| 2024 | 2023 | |
| FINANCING ACTIVITIES: | ||
| Net change in deposits | (114,005) | 151,446 |
| Net change in other borrowings | (404,010) | 174,056 |
| Proceeds from FHLB borrowings | 6,068,951 | 1,659,000 |
| Repayment of FHLB borrowings | (5,521,553) | (1,599,529) |
| Purchase/redemption of subordinated notes | (1,805) | (4,365) |
| Proceeds from stock option exercises | 1,403 | 705 |
| Cash paid to tax authority related to tax withholding on share-based awards | (286) | (281) |
| Purchase of common stock | (1,510) | (40,120) |
| Proceeds from the issuance of common stock for dividend reinvestment plan | 886 | 908 |
| Cash dividends paid | (32,702) | (32,395) |
| Net cash provided by (used in) financing activities | (4,631) | 309,425 |
| Net increase (decrease) in cash and cash equivalents | (74,213) | 126,571 |
| Cash and cash equivalents at beginning of period | 560,510 | 199,252 |
| Cash and cash equivalents at end of period | $486,297 | $325,823 |
| SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION: | ||
| Interest paid | $150,676 | $89,715 |
| Income taxes paid | $12,000 | $12,250 |
| SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
| Loans transferred to other repossessed assets and real estate through foreclosure | $806 | $127 |
| Unsettled trades to purchase securities | $19,904 | $24,917 |
| Unsettled trades to repurchase common stock | $— | $541 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.