PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Condensed financial information for Southside Bancshares, Inc. (parent company only) was as follows (in thousands, except share amounts):


CONDENSED BALANCE SHEETS	December 31,
	2022		2021
ASSETS
Cash and due from banks	$	20,235	$	19,189
Investment in bank subsidiaries at equity in underlying net assets	879,449		1,046,215
Investment in nonbank subsidiaries at equity in underlying net assets	1,826		1,826
Other assets	4,411		4,384
Total assets	$	905,921	$	1,071,614
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated notes, net of unamortized debt issuance costs	$	98,674	$	98,534
Trust preferred subordinated debentures, net of unamortized debt issuance costs	60,265		60,260
Other liabilities	985		648
Total liabilities	159,924		159,442
Shareholders’ equity:
Common stock: ($1.25 par value, 80,000,000 shares authorized, 38,000,822 shares issued at December 31, 2022 and 37,968,969 shares issued at December 31, 2021)	47,501		47,461
Paid-in capital	784,545		780,501
Retained earnings	239,610		179,813
Treasury stock: (shares at cost, 6,454,192 at December 31, 2022 and 5,616,917 at December 31, 2021)	(188,203)		(155,308)
AOCI	(137,456)		59,705
Total shareholders’ equity	745,997		912,172
Total liabilities and shareholders’ equity	$	905,921	$	1,071,614

CONDENSED STATEMENTS OF INCOME


	Years Ended December 31,
	2022		2021		2020
Income
Dividends from subsidiary	$	85,000	$	100,000	$	72,000
Interest income	72		42		55
Total income	85,072		100,042		72,055
Expense
Interest expense	6,412		9,636		8,129
Other	3,148		4,162		3,240
Total expense	9,560		13,798		11,369
Income before income tax expense	75,512		86,244		60,686
Income tax benefit	1,992		2,889		2,375
Income before equity in undistributed earnings of subsidiaries	77,504		89,133		63,061
Equity in undistributed earnings of subsidiaries	27,516		24,268		19,092
Net income	$	105,020	$	113,401	$	82,153

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
	2022		2021		2020

OPERATING ACTIVITIES:
Net Income	$	105,020	$	113,401	$	82,153
Adjustments to reconcile net income to net cash provided by operations:
Amortization	145		277		202
Stock compensation expense	342		306		197
Equity in undistributed earnings of subsidiaries	(27,516)		(24,268)		(19,092)
Loss on redemption of subordinated notes	—		1,118		—
Net change in other assets	(27)		348		(546)
Net change in other liabilities	204		(1,732)		(58)
Net cash provided by operating activities	78,168		89,450		62,856
INVESTING ACTIVITIES:


Net cash used in investing activities	—		—		—
FINANCING ACTIVITIES:
Net proceeds from issuance of subordinated long-term debt	—		(95)		98,478
Redemption of subordinated notes	—		(100,011)		—
Purchase of common stock	(33,708)		(34,148)		(30,989)
Proceeds from issuance of common stock	1,522		8,546		2,723
Cash dividends paid	(44,936)		(44,569)		(43,204)

Net cash (used in) provided by financing activities	(77,122)		(170,277)		27,008

Net increase (decrease) in cash and cash equivalents	1,046		(80,827)		89,864
Cash and cash equivalents at beginning of period	19,189		100,016		10,152
Cash and cash equivalents at end of period	$	20,235	$	19,189	$	100,016