SOUTHSIDE BANCSHARES INC

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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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.

FY2025 · Filed Feb 27, 2026

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, 2025	December 31, 2024
ASSETS
Cash and due from banks	$81,080	$91,409
Interest earning deposits	302,906	281,945
Federal funds sold	5,800	52,807
Total cash and cash equivalents	389,786	426,161
Securities:
Securities AFS, at estimated fair value (amortized cost of $1,456,986 and $1,587,416, respectively)	1,456,219	1,533,894
Securities HTM (estimated fair value of $1,103,304 and $1,113,482, respectively)	1,247,477	1,279,234
FHLB stock, at cost	14,062	33,818
Equity investments	9,574	9,467
Loans held for sale	1,332	1,946
Loans:
Loans	4,817,991	4,661,597
Less: Allowance for loan losses	(45,100)	(44,884)
Net loans	4,772,891	4,616,713
Premises and equipment, net	152,293	141,648
Operating lease ROU assets	12,398	13,860
Goodwill	201,116	201,116
Other intangible assets, net	1,012	1,754
Interest receivable	41,809	46,724
Deferred tax asset, net	27,059	34,492
BOLI	145,125	138,313
Other assets	42,437	38,308
Total assets	$8,514,590	$8,517,448
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing	$1,433,129	$1,357,152
Interest bearing	5,432,030	5,297,096
Total deposits	6,865,159	6,654,248
Other borrowings	208,657	76,443
FHLB borrowings	211,136	731,909
Subordinated notes, net of unamortized debt issuance costs	239,678	92,042
Trust preferred subordinated debentures, net of unamortized debt issuance costs	60,279	60,274
Operating lease liabilities	14,335	15,779
Other liabilities	67,731	74,811
Total liabilities	7,666,975	7,705,506
Off-balance-sheet arrangements, commitments and contingencies (Note 17)
Shareholders’ equity:
Common stock: ($1.25 par value, 80,000,000 shares authorized, 38,110,078 shares issued at December 31, 2025 and 38,077,992 shares issued at December 31, 2024)	47,638	47,598
Paid-in capital	795,759	793,586
Retained earnings	352,193	326,793
Treasury stock: (shares at cost, 8,387,077 at December 31, 2025 and 7,699,182 at December 31, 2024)	(252,358)	(231,137)
AOCI	(95,617)	(124,898)
Total shareholders’ equity	847,615	811,942
Total liabilities and shareholders’ equity	$8,514,590	$8,517,448

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

	Years Ended December 31,
	2025	2024	2023
Interest income:
Loans	$275,621	$279,371	$244,803
Taxable investment securities	22,981	28,075	31,186
Tax-exempt investment securities	31,597	40,469	54,629
MBS	57,230	45,222	19,450
FHLB stock and equity investments	1,822	2,079	1,185
Other interest earning assets	13,823	19,120	8,488
Total interest and dividend income	403,074	414,336	359,741
Interest expense:
Deposits	151,177	153,657	108,157
FHLB borrowings	13,679	24,450	6,777
Subordinated notes	8,208	3,774	3,920
Trust preferred subordinated debentures	4,034	4,621	4,504
Other borrowings	4,892	11,707	21,356
Total interest expense	181,990	198,209	144,714
Net interest income	221,084	216,127	215,027
Provision for (reversal of) credit losses	3,053	3,346	9,154
Net interest income after provision for credit losses	218,031	212,781	205,873
Noninterest income:
Deposit services	24,438	24,425	25,497
Net gain (loss) on sale of securities AFS	(32,270)	(2,510)	(15,976)
Net gain on sale of equity securities	—	—	5,058
Gain (loss) on sale of loans	440	37	563
Trust fees	7,873	6,193	5,910
BOLI	3,637	4,256	5,823
Brokerage services	4,859	4,217	3,305
Other	6,979	5,115	5,654
Total noninterest income	15,956	41,733	35,834
Noninterest expense:
Salaries and employee benefits	90,273	90,290	85,625
Net occupancy	14,501	14,354	14,694
Advertising, travel & entertainment	3,928	3,363	4,093
ATM expense	1,546	1,483	1,351
Professional fees	5,715	5,080	5,351
Software and data processing	11,495	11,598	9,395
Communications	1,319	1,602	1,469
FDIC insurance	3,759	3,790	3,558
Amortization of intangibles	742	1,171	1,697
Other	18,079	14,406	13,345
Total noninterest expense	151,357	147,137	140,578
Income before income tax expense	82,630	107,377	101,129
Income tax expense	13,410	18,883	14,437
Net income	$69,220	$88,494	$86,692
Earnings per common share – basic	$2.30	$2.92	$2.82
Earnings per common share – diluted	$2.29	$2.91	$2.82
Cash dividends paid per common share	$1.44	$1.44	$1.42

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
	2025	2024	2023
Net income	$69,220	$88,494	$86,692
Other comprehensive income (loss):
Securities AFS and transferred securities:
Change in unrealized holding gain (loss) on AFS securities during the period	4,917	(16,686)	28,782
Reclassification adjustment for amortization related to AFS and HTM debt securities	8,241	8,227	8,004
Reclassification adjustment for net (gain) loss on sale of AFS securities, included in net income	32,270	2,510	15,976
Derivatives:
Change in net unrealized gain (loss) on effective cash flow hedge interest rate swap derivatives	(2,313)	13,814	1,222
Reclassification adjustment of net (gain) loss related to derivatives designated as cash flow hedges	(7,924)	(22,042)	(24,544)
Retirement plans:
Amortization of net actuarial loss, included in net periodic benefit cost	2,459	629	756
Effect of settlement recognition	(192)	—	(16)
Change in net actuarial gain (loss)	(394)	(928)	192
Other comprehensive income (loss), before tax	37,064	(14,476)	30,372
Income tax (expense) benefit related to items of other comprehensive income (loss)	(7,783)	3,040	(6,378)
Other comprehensive income (loss), net of tax	29,281	(11,436)	23,994
Comprehensive income (loss)	$98,501	$77,058	$110,686

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, 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
Net income	—	—	69,220	—	—	69,220
Other comprehensive income (loss)	—	—	—	—	29,281	29,281
Issuance of common stock for dividend reinvestment plan (32,086 shares)	40	914	—	—	—	954
Purchase of common stock (820,931 shares)	—	—	—	(23,366)	—	(23,366)
Stock compensation expense	—	3,046	—	—	—	3,046
Net issuance of common stock under employee stock plans (133,036 shares)	—	(1,787)	(449)	2,145	—	(91)
Cash dividends paid on common stock ($1.44 per share)	—	—	(43,371)	—	—	(43,371)
Balance at December 31, 2025	$47,638	$795,759	$352,193	$(252,358)	$(95,617)	$847,615

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2025	2024	2023
OPERATING ACTIVITIES:
Net income	$69,220	$88,494	$86,692
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and net amortization	10,610	10,459	10,577
Securities premium amortization (discount accretion), net	8,471	7,273	4,523
Loan (discount accretion) premium amortization, net	949	916	400
Provision for (reversal of) credit losses	3,053	3,346	9,154
Stock compensation expense	3,046	3,523	3,552
Deferred tax expense (benefit)	(351)	(1,026)	(2,110)
Net (gain) loss on sale of AFS securities	32,270	2,510	15,976
Net gain on sale of equity securities	—	—	(5,058)
Loss on impairment of investments	—	868	—
Net loss on premises and equipment	1,758	160	342
Gross proceeds from sales of loans held for sale	17,140	18,602	17,161
Gross originations of loans held for sale	(16,526)	(17,646)	(19,295)
Net (gain) loss on consumer receivables	—	412	—
Net (gain) loss on OREO	109	95	(61)
(Gain on purchase) loss on redemption of subordinated notes	—	(178)	(587)
Net change in:
Interest receivable	4,915	3,765	(1,139)
Other assets	8,190	(70,759)	37,874
Interest payable	3,440	(437)	7,422
Other liabilities	(52,477)	51,472	(85,559)
Net cash provided by (used in) operating activities	93,817	101,849	79,864
INVESTING ACTIVITIES:
Securities AFS:
Purchases	(967,713)	(1,187,908)	(2,046,010)
Sales	544,174	135,614	1,125,414
Maturities, calls and principal repayments	516,212	797,171	960,614
Securities HTM:
Maturities, calls and principal repayments	35,103	31,079	22,563
Proceeds from sales of equity securities	—	—	6,679
Proceeds from redemption of FHLB stock and equity investments	39,564	78,244	36,919
Purchases of FHLB stock and equity investments	(19,915)	(99,902)	(39,796)
Net loan paydowns (originations)	(158,986)	(138,085)	(388,304)
Proceeds from sales of customer receivables	—	7,600	—
Purchases of premises and equipment	(20,338)	(11,162)	(6,904)
Proceeds from (purchases of) BOLI	(3,147)	4,035	951
Proceeds from sales of premises and equipment	322	20	430
Net proceeds from sales of OREO	273	278	203
Proceeds from sales of repossessed assets	230	160	168
Net cash provided by (used in) investing activities	(34,221)	(382,856)	(327,073)
(continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

	Years Ended December 31,
	2025	2024	2023
FINANCING ACTIVITIES:
Net change in deposits	210,850	104,506	351,551
Net change in other borrowings	132,214	(433,377)	288,667
Proceeds from FHLB borrowings	3,756,000	8,143,952	2,019,000
Repayment of FHLB borrowings	(4,276,773)	(7,624,691)	(1,959,710)
Net proceeds from issuance of subordinated notes	147,428	—	—
Purchase/redemption of subordinated notes	—	(1,805)	(4,365)
Proceeds from stock option exercises	693	2,624	1,082
Cash paid to tax authority related to tax withholding on share-based awards	(784)	(576)	(597)
Purchase of common stock	(23,182)	(1,505)	(44,803)
Proceeds from the issuance of common stock for dividend reinvestment plan	954	1,160	1,224
Cash dividends paid	(43,371)	(43,630)	(43,582)
Net cash provided by (used in) financing activities	(95,971)	146,658	608,467
Net increase (decrease) in cash and cash equivalents	(36,375)	(134,349)	361,258
Cash and cash equivalents at beginning of period	426,161	560,510	199,252
Cash and cash equivalents at end of period	$389,786	$426,161	$560,510
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
Interest paid	$178,550	$198,646	$137,292
Income taxes paid	$12,952	$15,750	$15,750
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Loans transferred to other repossessed assets and real estate through foreclosure	$441	$850	$226
Loans transferred from held for investment to held for sale	$—	$—	$8,093

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