XML 60 R47.htm IDEA: XBRL DOCUMENT
v3.24.0.1

PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets of Parent Company | 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 of Parent Company | 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 Flow of Parent Company | 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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration