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 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 |

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

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration