Southside Bancshares Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Southside Bancshares Inc. filed its Q1 2024 10-Q report on April 26, 2024.</b>

AI Summary

SOUTHSIDE BANCSHARES INC (SBSI) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Southside Bancshares Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's IRS number is 751848732. Southside Bancshares Inc. is incorporated in Texas (TX). The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking SOUTHSIDE BANCSHARES INC, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the company's financial health, operational efficiency, and strategic direction.

Risk Assessment

Risk Level: low — SOUTHSIDE BANCSHARES INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report for public companies, indicating no immediate or unusual risks.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and asset growth to assess Southside Bancshares Inc.'s ongoing financial performance.

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-04-26 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Reporting period start date)
• 2023-12-31 — Previous Year End (Fiscal year end)

Key Players & Entities

• SOUTHSIDE BANCSHARES INC (company) — FILER
• SBSI (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-26 (date) — FILED AS OF DATE
• 751848732 (company) — IRS NUMBER
• TX (location) — STATE OF INCORPORATION

FAQ

Industry Context

Southside Bancshares Inc. operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, Southside Bancshares Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare the Q1 2024 results with previous quarters and the same period in 2023 to identify performance trends.
3. Analyze any disclosed risk factors or legal proceedings that may impact the company's future operations.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, following the company's previous 10-K annual report and prior 10-Q filings.

Key Financial Figures

• $1.25 — ange on which registered Common Stock, $1.25 par value SBSI NASDAQ Global Select Mar
• $1 — of the issuer's common stock, par value $1.25, outstanding as of April 24, 2024 wa

Filing Documents

• sbsi-20240331.htm (10-Q) — 3002KB
• sbsi_033124ex311.htm (EX-31.1) — 11KB
• sbsi_033124ex312.htm (EX-31.2) — 11KB
• sbsi_033124ex32.htm (EX-32) — 7KB
• 0000705432-24-000069.txt (&nbsp;) — 15276KB
• sbsi-20240331.xsd (EX-101.SCH) — 54KB
• sbsi-20240331_cal.xml (EX-101.CAL) — 135KB
• sbsi-20240331_def.xml (EX-101.DEF) — 361KB
• sbsi-20240331_lab.xml (EX-101.LAB) — 851KB
• sbsi-20240331_pre.xml (EX-101.PRE) — 641KB
• sbsi-20240331_htm.xml (XML) — 3633KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 57

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 58

OTHER INFORMATION

PART II. OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 58

RISK FACTORS

ITEM 1A. RISK FACTORS 58

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 59

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 59

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 59

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 59

EXHIBITS

ITEM 6. EXHIBITS 60 EXHIBIT INDEX 60

SIGNATURES

SIGNATURES 61 Table of Contents SOUTHSIDE BANCSHARES, INC. Glossary of Acronyms, Abbreviations and Terms The acronyms, abbreviations and terms listed below are used in various sections of this Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations." Entities: Southside Bancshares, Inc. Bank holding company for Southside Bank Southside Bank Texas state bank and wholly owned subsidiary of Southside Bancshares, Inc. Company Combined entities of Southside Bancshares, Inc. and its subsidiaries, including Southside Bank Bank Southside Bank Southside Southside Bancshares, Inc. Other Acronyms, Abbreviations and Terms: 2023 Form 10-K Southside Bancshares, Inc. Annual Report on Form 10-K filed with the SEC on February 27, 2024 401(k) Plan 401(k) Defined Contribution Plan Acquired Retirement Plan OmniAmerican Bank defined benefit pension plan AFS Available for sale ALCO Asset/Liability Committee AOCI Accumulated other comprehensive income or loss ASC Accounting Standards Codification ASU Accounting Standards Update issued by the FASB ATM Automated teller machines BTFP The Federal Reserve's Bank Term Funding Program Basel Committee Basel Committee on Banking Supervision BOLI Bank owned life insurance CARES Act Coronavirus Aid, Relief, and Economic Security Act CDs Certificates of deposit CECL ASC 326, Financial Instruments- Credit Losses, also known as Current Expected Credit Losses CET1 Common Equity Tier 1 CMOs Collateralized mortgage obligations CRE Commercial real estate Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 Economic Aid Act Economic Aid to Hard-Hit Small Business, Nonprofits and Venues Act ESOP Employee Stock Ownership Plan ETR Effective tax rate Exchange Act Securities Exchange Act of 1934 FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation Federal Reserve The

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts) March 31, 2024 December 31, 2023 ASSETS Cash and due from banks $ 96,744 $ 122,021 Interest earning deposits 307,257 391,719 Federal funds sold 65,372 46,770 Total cash and cash equivalents 469,373 560,510 Securities: Securities AFS, at estimated fair value (amortized cost of $ 1,454,043 and $ 1,332,467 , respectively) 1,405,221 1,296,294 Securities HTM (estimated fair value of $ 1,152,186 and $ 1,166,162 , respectively) 1,306,898 1,307,053 FHLB stock, at cost 27,958 11,936 Equity investments 9,554 9,691 Loans held for sale 756 10,894 Loans: Loans 4,577,368 4,524,510 Less: Allowance for loan losses ( 43,557 ) ( 42,674 ) Net loans 4,533,811 4,481,836 Premises and equipment, net 139,491 138,950 Operating lease ROU assets 14,876 14,837 Goodwill 201,116 201,116 Other intangible assets, net 2,588 2,925 Interest receivable 39,716 50,489 Deferred tax asset, net 29,876 30,426 Unsettled trades to sell securities 6,406 — BOLI 136,604 136,330 Other assets 29,619 31,627 Total assets $ 8,353,863 $ 8,284,914 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Noninterest bearing $ 1,358,827 $ 1,390,407 Interest bearing 5,186,933 5,159,274 Total deposits 6,545,760 6,549,681 Other borrowings 457,685 509,820 FHLB borrowings 312,466 212,648 Subordinated notes, net of unamortized debt issuance costs 93,913 93,877 Trust preferred subordinated debentures, net of unamortized debt issuance costs 60,271 60,270 Unsettled trades to purchase securities 7,160 — Operating lease liabilities 16,744 16,704 Other liabilities 71,942 68,626 Total liabilities 7,565,941 7,511,626 Off-balance-sheet arrangements, commitments and contingencies (Note 12) Shareholders' equity: Common stock: ($ 1.25 par value, 80,000,000 shares authorized, 38,050,389 shares issued at March 31, 2024 and 38,039,706 shares issued at

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting and Reporting Policies Basis of Presentation In this report, the words "the Company," "we," "us," and "our" refer to the combined entities of Southside Bancshares, Inc. and its subsidiaries, including Southside Bank. The words "Southside" and "Southside Bancshares" refer to Southside Bancshares, Inc. The words "Southside Bank" and "the Bank" refer to Southside Bank. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, not all information required by GAAP for complete financial statements is included in these interim statements. In the opinion of management, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted only of normal recurring items. The preparation of these consolidated financial statements in accordance with GAAP requires the use of management's estimates. These estimates are subjective in nature and involve matters of judgment. Actual amounts could differ from these estimates. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023. Accounting Changes and Reclassifications Certain prior period amounts may be reclassified to conform to current year presentation. 2. Earnings Per Share Earnings per share on a basic and diluted basis are calculated as follows (in thousands, except per share amounts): Three Months Ended March 31, 2024 2023 Basic and Diluted Earnings: Net income $ 21,511 $ 26,034 Basic weighted-average shares outstanding 30,262 31,372 Add: Stock awards 43 92 Diluted weighted-average shares outstandi

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View this 10-Q filing on SEC EDGAR