PARENT COMPANY FINANCIAL INFORMATION |
PARENT COMPANY FINANCIAL INFORMATION Condensed financial information for Southside Bancshares, Inc. (parent company only) was as follows (in thousands, except share amounts): | | | | | | | | | | | | | | | CONDENSED BALANCE SHEETS | | December 31, | | | 2023 | | 2022 | ASSETS | | | | | Cash and due from banks | | $ | 5,097 | | | $ | 20,235 | | Investment in bank subsidiaries at equity in underlying net assets | | 917,035 | | | 879,449 | | Investment in nonbank subsidiaries at equity in underlying net assets | | 1,826 | | | 1,826 | | Other assets | | 4,765 | | | 4,411 | | Total assets | | $ | 928,723 | | | $ | 905,921 | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | Subordinated notes, net of unamortized debt issuance costs | | $ | 93,877 | | | $ | 98,674 | | Trust preferred subordinated debentures, net of unamortized debt issuance costs | | 60,270 | | | 60,265 | | Other liabilities | | 1,288 | | | 985 | | Total liabilities | | 155,435 | | | 159,924 | | Shareholders’ equity: | | | | | Common stock: ($1.25 par value, 80,000,000 shares authorized, 38,039,706 shares issued at December 31, 2023 and 38,000,822 shares issued at December 31, 2022) | | 47,550 | | | 47,501 | | Paid-in capital | | 788,840 | | | 784,545 | | Retained earnings | | 282,355 | | | 239,610 | | Treasury stock: (shares at cost, 7,790,276 at December 31, 2023 and 6,454,192 at December 31, 2022) | | (231,995) | | | (188,203) | | AOCI | | (113,462) | | | (137,456) | | Total shareholders’ equity | | 773,288 | | | 745,997 | | Total liabilities and shareholders’ equity | | $ | 928,723 | | | $ | 905,921 | |
CONDENSED STATEMENTS OF INCOME | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2023 | | 2022 | | 2021 | Income | | | Dividends from subsidiary | | $ | 85,000 | | | $ | 85,000 | | | $ | 100,000 | | Interest income | | 135 | | | 72 | | | 42 | | Other | | 587 | | | — | | | — | | Total income | | 85,722 | | | 85,072 | | | 100,042 | | Expense | | | | | | | Interest expense | | 8,424 | | | 6,412 | | | 9,636 | | Other | | 3,319 | | | 3,148 | | | 4,162 | | Total expense | | 11,743 | | | 9,560 | | | 13,798 | | Income before income tax expense | | 73,979 | | | 75,512 | | | 86,244 | | Income tax benefit | | 2,314 | | | 1,992 | | | 2,889 | | Income before equity in undistributed earnings of subsidiaries | | 76,293 | | | 77,504 | | | 89,133 | | Equity in undistributed earnings of subsidiaries | | 10,399 | | | 27,516 | | | 24,268 | | Net income | | $ | 86,692 | | | $ | 105,020 | | | $ | 113,401 | |
CONDENSED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2023 | | 2022 | | 2021 | | | | OPERATING ACTIVITIES: | | | | | | | Net Income | | $ | 86,692 | | | $ | 105,020 | | | $ | 113,401 | | Adjustments to reconcile net income to net cash provided by operations: | | | | | | | Amortization | | 159 | | | 145 | | | 277 | | Stock compensation expense | | 360 | | | 342 | | | 306 | | Equity in undistributed earnings of subsidiaries | | (10,399) | | | (27,516) | | | (24,268) | | (Gain on purchase) loss on redemption of subordinated notes | | (587) | | | — | | | 1,118 | | Net change in other assets | | (354) | | | (27) | | | 348 | | Net change in other liabilities | | 303 | | | 204 | | | (1,732) | | Net cash provided by operating activities | | 76,174 | | | 78,168 | | | 89,450 | | INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | Net cash used in investing activities | | — | | | — | | | — | | FINANCING ACTIVITIES: | | | | | | | Net proceeds from issuance of subordinated long-term debt | | — | | | — | | | (95) | | Purchase/redemption of subordinated notes | | (4,365) | | | — | | | (100,011) | | Purchase of common stock | | (45,074) | | | (33,708) | | | (34,148) | | Proceeds from issuance of common stock | | 1,709 | | | 1,522 | | | 8,546 | | Cash dividends paid | | (43,582) | | | (44,936) | | | (44,569) | | | | | | | | | Net cash (used in) provided by financing activities | | (91,312) | | | (77,122) | | | (170,277) | | | | | | | | | Net increase (decrease) in cash and cash equivalents | | (15,138) | | | 1,046 | | | (80,827) | | Cash and cash equivalents at beginning of period | | 20,235 | | | 19,189 | | | 100,016 | | Cash and cash equivalents at end of period | | $ | 5,097 | | | $ | 20,235 | | | $ | 19,189 | |
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