XML 41 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1
PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
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 SHEETSDecember 31,
 20232022
ASSETS  
Cash and due from banks$5,097 $20,235 
Investment in bank subsidiaries at equity in underlying net assets917,035 879,449 
Investment in nonbank subsidiaries at equity in underlying net assets1,826 1,826 
Other assets4,765 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 costs60,270 60,265 
Other liabilities1,288 985 
Total liabilities155,435 159,924 
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 capital788,840 784,545 
Retained earnings282,355 239,610 
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’ equity773,288 745,997 
Total liabilities and shareholders’ equity$928,723 $905,921 
CONDENSED STATEMENTS OF INCOME
 Years Ended December 31,
 202320222021
Income
Dividends from subsidiary$85,000 $85,000 $100,000 
Interest income135 72 42 
Other587 — — 
Total income85,722 85,072 100,042 
Expense   
Interest expense8,424 6,412 9,636 
Other3,319 3,148 4,162 
Total expense11,743 9,560 13,798 
Income before income tax expense73,979 75,512 86,244 
Income tax benefit2,314 1,992 2,889 
Income before equity in undistributed earnings of subsidiaries76,293 77,504 89,133 
Equity in undistributed earnings of subsidiaries10,399 27,516 24,268 
Net income$86,692 $105,020 $113,401 


CONDENSED STATEMENTS OF CASH FLOWS
 Years Ended December 31,
 202320222021
 
OPERATING ACTIVITIES:   
Net Income$86,692 $105,020 $113,401 
Adjustments to reconcile net income to net cash provided by operations:   
Amortization159 145 277 
Stock compensation expense360 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 liabilities303 204 (1,732)
Net cash provided by operating activities76,174 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 stock1,709 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 period20,235 19,189 100,016 
Cash and cash equivalents at end of period$5,097 $20,235 $19,189