PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

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


CONDENSED BALANCE SHEETS	December 31,
	2021		2020
ASSETS
Cash and due from banks	$	19,189	$	100,016
Investment in bank subsidiaries at equity in underlying net assets	1,046,215		1,028,609
Investment in nonbank subsidiaries at equity in underlying net assets	1,826		1,826
Other assets	4,384		4,732
Total assets	$	1,071,614	$	1,135,183
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated notes, net of unamortized debt issuance costs	$	98,534	$	197,251
Trust preferred subordinated debentures, net of unamortized debt issuance costs	60,260		60,255
Other liabilities	648		2,380
Total liabilities	159,442		259,886
Shareholders’ equity:
Common stock: ($1.25 par value, 80,000,000 shares authorized, 37,968,969 shares issued at December 31, 2021 and 37,934,819 shares issued at December 31, 2020)	47,461		47,419
Paid-in capital	780,501		771,511
Retained earnings	179,813		111,208
Treasury stock: (shares at cost, 5,616,917 at December 31, 2021 and 4,983,645 at December 31, 2020)	(155,308)		(123,921)
AOCI	59,705		69,080
Total shareholders’ equity	912,172		875,297
Total liabilities and shareholders’ equity	$	1,071,614	$	1,135,183

CONDENSED STATEMENTS OF INCOME


	Years Ended December 31,
	2021		2020		2019
Income
Dividends from subsidiary	$	100,000	$	72,000	$	50,000
Interest income	42		55		83
Total income	100,042		72,055		50,083
Expense
Interest expense	9,636		8,129		8,436
Other	4,162		3,240		2,927
Total expense	13,798		11,369		11,363
Income before income tax expense	86,244		60,686		38,720
Income tax benefit	2,889		2,375		2,368
Income before equity in undistributed earnings of subsidiaries	89,133		63,061		41,088
Equity in undistributed earnings of subsidiaries	24,268		19,092		33,466
Net income	$	113,401	$	82,153	$	74,554

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
	2021		2020		2019

OPERATING ACTIVITIES:
Net Income	$	113,401	$	82,153	$	74,554
Adjustments to reconcile net income to net cash provided by operations:
Amortization	277		202		173
Stock compensation expense	306		197		—
Equity in undistributed earnings of subsidiaries	(24,268)		(19,092)		(33,466)
Loss on redemption of subordinated notes	1,118		—		—
Net change in other assets	348		(546)		104
Net change in other liabilities	(1,732)		(58)		(979)
Net cash provided by operating activities	89,450		62,856		40,386
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	(34,148)		(30,989)		(2,181)
Proceeds from issuance of common stock	8,546		2,723		3,037
Cash dividends paid	(44,569)		(43,204)		(42,521)

Net cash (used in) provided by financing activities	(170,277)		27,008		(41,665)

Net (decrease) increase in cash and cash equivalents	(80,827)		89,864		(1,279)
Cash and cash equivalents at beginning of period	100,016		10,152		11,431
Cash and cash equivalents at end of period	$	19,189	$	100,016	$	10,152