SOUTHSIDE BANCSHARES INC

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

SBSI$35.09+0.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Financial Statements

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

	December 31, 2024	December 31, 2023
ASSETS
Cash and due from banks	$91,409	$122,021
Interest earning deposits	281,945	391,719
Federal funds sold	52,807	46,770
Total cash and cash equivalents	426,161	560,510
Securities:
Securities AFS, at estimated fair value (amortized cost of $1,587,416 and $1,332,467, respectively)	1,533,894	1,296,294
Securities HTM (estimated fair value of $1,113,482 and $1,166,162, respectively)	1,279,234	1,307,053
FHLB stock, at cost	33,818	11,936
Equity investments	9,467	9,691
Loans held for sale	1,946	10,894
Loans:
Loans	4,661,597	4,524,510
Less: Allowance for loan losses	(44,884)	(42,674)
Net loans	4,616,713	4,481,836
Premises and equipment, net	141,648	138,950
Operating lease ROU assets	13,860	14,837
Goodwill	201,116	201,116
Other intangible assets, net	1,754	2,925
Interest receivable	46,724	50,489
Deferred tax asset, net	34,492	30,426
BOLI	138,313	136,330
Other assets	38,308	31,627
Total assets	$8,517,448	$8,284,914
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing	$1,357,152	$1,390,407
Interest bearing	5,297,096	5,159,274
Total deposits	6,654,248	6,549,681
Other borrowings	76,443	509,820
FHLB borrowings	731,909	212,648
Subordinated notes, net of unamortized debt issuance costs	92,042	93,877
Trust preferred subordinated debentures, net of unamortized debt issuance costs	60,274	60,270
Operating lease liabilities	15,779	16,704
Other liabilities	74,811	68,626
Total liabilities	7,705,506	7,511,626
Off-balance-sheet arrangements, commitments and contingencies (Note 17)
Shareholders’ equity:
Common stock: ($1.25 par value, 80,000,000 shares authorized, 38,077,992 shares issued at December 31, 2024 and 38,039,706 shares issued at December 31, 2023)	47,598	47,550
Paid-in capital	793,586	788,840
Retained earnings	326,793	282,355
Treasury stock: (shares at cost, 7,699,182 at December 31, 2024 and 7,790,276 at December 31, 2023)	(231,137)	(231,995)
AOCI	(124,898)	(113,462)
Total shareholders’ equity	811,942	773,288
Total liabilities and shareholders’ equity	$8,517,448	$8,284,914

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

	Years Ended December 31,
	2024	2023	2022
Interest income:
Loans	$279,371	$244,803	$170,410
Taxable investment securities	28,075	31,186	18,940
Tax-exempt investment securities	40,469	54,629	45,001
MBS	45,222	19,450	16,639
FHLB stock and equity investments	2,079	1,185	503
Other interest earning assets	19,120	8,488	1,488
Total interest and dividend income	414,336	359,741	252,981
Interest expense:
Deposits	153,657	108,157	29,075
FHLB borrowings	24,450	6,777	3,291
Subordinated notes	3,774	3,920	4,015
Trust preferred subordinated debentures	4,621	4,504	2,397
Other borrowings	11,707	21,356	1,862
Total interest expense	198,209	144,714	40,640
Net interest income	216,127	215,027	212,341
Provision for (reversal of) credit losses	3,346	9,154	3,241
Net interest income after provision for credit losses	212,781	205,873	209,100
Noninterest income:
Deposit services	24,425	25,497	25,843
Net gain (loss) on sale of securities AFS	(2,510)	(15,976)	(3,819)
Net gain on sale of equity securities	—	5,058	—
Gain (loss) on sale of loans	37	563	531
Trust fees	6,193	5,910	5,992
BOLI	4,256	5,823	2,647
Brokerage services	4,217	3,305	3,335
Other	5,115	5,654	6,328
Total noninterest income	41,733	35,834	40,857
Noninterest expense:
Salaries and employee benefits	90,290	85,625	82,633
Net occupancy	14,354	14,694	15,130
Advertising, travel & entertainment	3,363	4,093	3,430
ATM expense	1,483	1,351	1,314
Professional fees	5,080	5,351	4,959
Software and data processing	11,598	9,395	6,847
Communications	1,602	1,469	1,896
FDIC insurance	3,790	3,558	1,945
Amortization of intangibles	1,171	1,697	2,273
Other	14,406	13,345	9,899
Total noninterest expense	147,137	140,578	130,326
Income before income tax expense	107,377	101,129	119,631
Income tax expense	18,883	14,437	14,611
Net income	$88,494	$86,692	$105,020
Earnings per common share – basic	$2.92	$2.82	$3.27
Earnings per common share – diluted	$2.91	$2.82	$3.26
Cash dividends paid per common share	$1.44	$1.42	$1.40

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
	2024	2023	2022
Net income	$88,494	$86,692	$105,020
Other comprehensive income (loss):
Securities AFS and transferred securities:
Change in unrealized holding gain (loss) on AFS securities during the period	(16,686)	28,782	(179,684)
Change in net unrealized loss on securities transferred from AFS to HTM	—	—	(125,175)
Reclassification adjustment for amortization related to AFS and HTM debt securities	8,227	8,004	4,968
Reclassification adjustment for net (gain) loss on sale of AFS securities, included in net income	2,510	15,976	3,819
Derivatives:
Change in net unrealized gain (loss) on effective cash flow hedge interest rate swap derivatives	13,814	1,222	44,757
Reclassification adjustment of net (gain) loss related to derivatives designated as cash flow hedges	(22,042)	(24,544)	(3,638)
Retirement plans:
Amortization of net actuarial loss, included in net periodic benefit cost	629	756	895
Effect of settlement recognition	—	(16)	—
Change in net actuarial gain (loss)	(928)	192	4,487
Other comprehensive income (loss), before tax	(14,476)	30,372	(249,571)
Income tax (expense) benefit related to items of other comprehensive income (loss)	3,040	(6,378)	52,410
Other comprehensive income (loss), net of tax	(11,436)	23,994	(197,161)
Comprehensive income (loss)	$77,058	$110,686	$(92,141)

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(in thousands, except share amounts)

	Common Stock	Paid In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total Shareholders’Equity
Balance at December 31, 2021	$47,461	$780,501	$179,813	$(155,308)	$59,705	$912,172
Net income	—	—	105,020	—	—	105,020
Other comprehensive income (loss)	—	—	—	—	(197,161)	(197,161)
Issuance of common stock for dividend reinvestment plan (31,853 shares)	40	1,193	—	—	—	1,233
Purchase of common stock (923,775 shares)	—	—	—	(33,841)	—	(33,841)
Stock compensation expense	—	3,221	—	—	—	3,221
Net issuance of common stock under employee stock plans (86,500 shares)	—	(370)	(287)	946	—	289
Cash dividends paid on common stock ($1.40 per share)	—	—	(44,936)	—	—	(44,936)
Balance at December 31, 2022	47,501	784,545	239,610	(188,203)	(137,456)	745,997
Net income	—	—	86,692	—	—	86,692
Other comprehensive income (loss)	—	—	—	—	23,994	23,994
Issuance of common stock for dividend reinvestment plan (38,884 shares)	49	1,175	—	—	—	1,224
Purchase of common stock (1,435,193 shares)	—	—	—	(45,074)	—	(45,074)
Stock compensation expense	—	3,552	—	—	—	3,552
Net issuance of common stock under employee stock plans (99,109 shares)	—	(432)	(365)	1,282	—	485
Cash dividends paid on common stock ($1.42 per share)	—	—	(43,582)	—	—	(43,582)
Balance at December 31, 2023	47,550	788,840	282,355	(231,995)	(113,462)	773,288
Net income	—	—	88,494	—	—	88,494
Other comprehensive income (loss)	—	—	—	—	(11,436)	(11,436)
Issuance of common stock for dividend reinvestment plan (38,286 shares)	48	1,112	—	—	—	1,160
Purchase of common stock (57,966 shares)	—	—	—	(1,505)	—	(1,505)
Stock compensation expense	—	3,523	—	—	—	3,523
Net issuance of common stock under employee stock plans (149,060 shares)	—	111	(426)	2,363	—	2,048
Cash dividends paid on common stock ($1.44 per share)	—	—	(43,630)	—	—	(43,630)
Balance at December 31, 2024	$47,598	$793,586	$326,793	$(231,137)	$(124,898)	$811,942

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2024	2023	2022
OPERATING ACTIVITIES:
Net income	$88,494	$86,692	$105,020
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and net amortization	10,459	10,577	11,105
Securities premium amortization (discount accretion), net	7,273	4,523	18,261
Loan (discount accretion) premium amortization, net	916	400	(52)
Provision for (reversal of) credit losses	3,346	9,154	3,241
Stock compensation expense	3,523	3,552	3,221
Deferred tax expense (benefit)	(1,026)	(2,110)	(89)
Net (gain) loss on sale of AFS securities	2,510	15,976	3,819
Net gain on sale of equity securities	—	(5,058)	—
Loss on impairment of investments	868	—	38
Net loss on premises and equipment	160	342	576
Gross proceeds from sales of loans held for sale	18,602	17,161	23,774
Gross originations of loans held for sale	(17,646)	(19,295)	(22,757)
Net (gain) loss on consumer receivables	412	—	—
Net (gain) loss on OREO	95	(61)	(40)
(Gain on purchase) loss on redemption of subordinated notes	(178)	(587)	—
Net change in:
Interest receivable	3,765	(1,139)	(10,205)
Other assets	(70,759)	37,874	(5,447)
Interest payable	(437)	7,422	1,378
Other liabilities	51,472	(85,559)	94,674
Net cash provided by (used in) operating activities	101,849	79,864	226,517
INVESTING ACTIVITIES:
Securities AFS:
Purchases	(1,187,908)	(2,046,010)	(708,307)
Sales	135,614	1,125,414	460,765
Maturities, calls and principal repayments	797,171	960,614	107,787
Securities HTM:
Purchases	—	—	(1,632)
Maturities, calls and principal repayments	31,079	22,563	12,002
Proceeds from sales of equity securities	—	6,679	—
Proceeds from redemption of FHLB stock and equity investments	78,244	36,919	46,812
Purchases of FHLB stock and equity investments	(99,902)	(39,796)	(40,967)
Net loan paydowns (originations)	(138,085)	(388,304)	(503,647)
Proceeds from sales of customer receivables	7,600	—	—
Purchases of premises and equipment	(11,162)	(6,904)	(9,301)
Proceeds from (purchases of) BOLI	4,035	951	—
Proceeds from sales of premises and equipment	20	430	1,365
Net proceeds from sales of OREO	278	203	220
Proceeds from sales of repossessed assets	160	168	124
Net cash provided by (used in) investing activities	(382,856)	(327,073)	(634,779)
(continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

	Years Ended December 31,
	2024	2023	2022
FINANCING ACTIVITIES:
Net change in deposits	104,506	351,551	475,629
Net change in other borrowings	(433,377)	288,667	197,934
Proceeds from FHLB borrowings	8,143,952	2,019,000	3,321,000
Repayment of FHLB borrowings	(7,624,691)	(1,959,710)	(3,511,680)
Purchase/redemption of subordinated notes	(1,805)	(4,365)	—
Proceeds from stock option exercises	2,624	1,082	790
Cash paid to tax authority related to tax withholding on share-based awards	(576)	(597)	(501)
Purchase of common stock	(1,505)	(44,803)	(33,708)
Proceeds from the issuance of common stock for dividend reinvestment plan	1,160	1,224	1,233
Cash dividends paid	(43,630)	(43,582)	(44,936)
Net cash provided by (used in) financing activities	146,658	608,467	405,761
Net increase (decrease) in cash and cash equivalents	(134,349)	361,258	(2,501)
Cash and cash equivalents at beginning of period	560,510	199,252	201,753
Cash and cash equivalents at end of period	$426,161	$560,510	$199,252
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
Interest paid	$198,646	$137,292	$39,262
Income taxes paid	$15,750	$15,750	$11,950
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Loans transferred to other repossessed assets and real estate through foreclosure	$850	$226	$465
Loans transferred from held for investment to held for sale	$—	$8,093	$—
Transfer of AFS to HTM securities	$—	$—	$1,369,639
Unsettled trades to purchase securities	$—	$—	$—
Unsettled trades to repurchase common stock	$—	$—	$(133)

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