Southside Bancshares, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2024

Fourth quarter net income of $21.8 million;Fourth quarter earnings per diluted common share of $0.71;Annualized return on fourth quarter average assets of 1.03%;Annualized return on fourth quarter average tangible common equity of 14.12%(1); andNonperforming assets decreased to 0.04% of total assets. TYLER, Texas, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter and year ended December 31, 2024. Southside reported net income of $21.8 million for the three months ended December 31, 2024, an increase of $4.5 million, or 25.8%, compared to $17.3 million for the same period in 2023. Earnings per diluted common share increased $0.14, or 24.6%, to $0.71 for the three months ended December 31, 2024, from $0.57 for the same period in 2023. The annualized return on average shareholders’ equity for the three months ended December 31, 2024, was 10.54%, compared to 9.31% for the same period in 2023. The annualized return on average assets was 1.03% for the three months ended December 31, 2024, compared to 0.85% for the same period in 2023. “For the year ended December 31, 2024, net income increased $1.8 million to $88.5 million when compared to 2023, earnings per share increased $0.09 to $2.91, and the return on average tangible common equity was 14.92%. For 2024, loan growth was 3.0% and linked quarter loans increased $83.5 million, or 7.3% annualized, most of which occurred in December,” stated Lee R. Gibson, Chief Executive Officer of Southside. “We recorded losses of $540,000 associated with two branch closures during 2024. Linked quarter our net interest margin decreased 12 basis points. Asset quality metrics remain solid with the nonperforming assets to total assets ratio decreasing to 0.04%. Late fourth quarter loan growth combined with anticipated mid-single digit 2025 loan growth should lead to an increasing net interest margin during 2025.” Operating Results for the Three Months Ended December 31, 2024 Net income was $21.8 million for the three months ended December 31, 2024, compared to $17.3 million for the same period in 2023, an increase of $4.5 million, or 25.8%. Earnings per diluted common share were $0.71 and $0.57 for the three months ended December 31, 2024 and 2023, respectively. The increase in net income was a result of the increase in noninterest income and the decrease in the provision for credit losses, partially offset by increases in noninterest expense and income tax expense and a decrease in net interest income. Annualized returns on average assets and average shareholders’ equity for the three months ended December 31, 2024 were 1.03% and 10.54%, respectively, compared to 0.85% and 9.31%, respectively, for the three months ended December 31, 2023. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 56.08% and 54.00%, respectively, for the three months ended December 31, 2024, compared to 53.30% and 50.86%, respectively, for the three months ended December 31, 2023, and 53.94% and 51.90%, respectively, for the three months ended September 30, 2024. Net interest income for the three months ended December 31, 2024 was $53.7 million, a decrease of $0.8 million, or 1.4%, from the same period in 2023. The decrease in net interest income was due to the decrease in the average yield of interest earning assets and increases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by the increase in the average balance of interest earning assets. Linked quarter, net interest income decreased $1.8 million, or 3.2%, compared to $55.5 million for the three months ended September 30, 2024, due to the decrease in the average yield of interest earning assets, partially offset by the decrease in the average rate paid on our interest bearing liabilities, the increase in the average balance of interest earning assets and the change in the mix of our interest bearing liabilities. Our net interest margin and tax-equivalent net interest margin(1) decreased to 2.70% and 2.83%, respectively, for the three months ended December 31, 2024, compared to 2.83% and 2.99%, respectively, for the same period in 2023. Linked quarter, net interest margin and tax-equivalent net interest margin(1) decreased from 2.82% and 2.95%, respectively, for the three months ended September 30, 2024. Noninterest income was $12.3 million for the three months ended December 31, 2024, an increase of $9.8 million, or 391.0%, compared to $2.5 million for the same period in 2023. The increase was due to a decrease in net loss on sale of securities available for sale (“AFS”) and an increase in other noninterest income, partially offset by a decrease in bank owned life insurance (“BOLI”) income. The decrease in net loss on sale of securities AFS was due to a net loss of $10.4 million for the three months ended December 31, 2023, related to the strategic repositioning of the securities portfolio. On a linked quarter basis, noninterest income increased $4.1 million, or 50.3%, compared to the three months ended September 30, 2024. The increase was primarily due to an increase in other noninterest income and a decrease in net loss on sale of securities AFS. The increase in other noninterest income was primarily due to an increase in swap fee income for the three months ended December 31, 2024, and an impairment charge of $868,000 on the sale of approximately $10 million of AFS municipal securities and the unwind of the related fair value swaps realized during the three months ended September 30, 2024. Noninterest expense increased $3.0 million, or 8.5%, to $38.2 million for the three months ended December 31, 2024, compared to $35.2 million for the same period in 2023, due to increases in salaries and employee benefits, other noninterest expense, professional fees and software and data processing expense, partially offset by decreases in advertising, travel and entertainment expense. On a linked quarter basis, noninterest expense increased by $1.8 million, or 5.0%, compared to the three months ended September 30, 2024, due to increases in salaries and employee benefits expense, other noninterest expense and professional fees. Income tax expense increased $2.5 million, or 111.2%, for the three months ended December 31, 2024, compared to the same period in 2023. On a linked quarter basis, income tax expense increased $0.3 million, or 6.1%. Our effective tax rate (“ETR”) increased to 17.6% for the three months ended December 31, 2024, compared to 11.3% for the three months ended December 31, 2023. On a linked quarter basis, the ETR was 17.6% for both the three months ended September 30, 2024 and December 31, 2024. The higher ETR for the three months ended December 31, 2024 compared to the same period in 2023, was primarily due to a decrease in net tax-exempt income as a percentage of pre-tax income. Operating Results for the Year Ended December 31, 2024 Net income was $88.5 million for the year ended December 31, 2024, compared to $86.7 million for the same period in 2023, an increase of $1.8 million, or 2.1%. Earnings per diluted common share were $2.91 for the year ended December 31, 2024, compared to $2.82 for the same period in 2023, an increase of 3.2%. The increase in net income was primarily a result of the increase in noninterest income, decrease in provision for credit losses and the increase in net interest income, partially offset by the increases in noninterest expense and income tax expense. Returns on average assets and average shareholders’ equity for the year ended December 31, 2024 were 1.06% and 11.03%, respectively, compared to 1.11% and 11.50%, respectively, for the year ended December 31, 2023. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 55.69% and 53.52%, respectively, for the year ended December 31, 2024, compared to 53.81% and 51.30%, respectively, for the year ended December 31, 2023. Net interest income was $216.1 million for the year ended December 31, 2024, compared to $215.0 million for the same period in 2023, an increase of $1.1 million, or 0.5%, due to increases in the average balance and the average yield of interest earning assets, partially offset by increases in the average rate paid on and average balance of our interest bearing liabilities. Our net interest margin and tax-equivalent net interest margin(1) were 2.74% and 2.88%, respectively, for the year ended December 31, 2024, compared to 2.92% and 3.09%, respectively, for the same period in 2023. Noninterest income was $41.7 million for the year ended December 31, 2024, an increase of $5.9 million, or 16.5%, compared to $35.8 million for the same period in 2023. The increase was primarily due to a decrease in net loss on sale of securities AFS and an increase in brokerage services income, partially offset by decreases in the net gain on sale of equity securities, BOLI income and deposit services income. Noninterest expense was $147.1 million for the year ended December 31, 2024, compared to $140.6 million for the same period in 2023, an increase of $6.6 million, or 4.7%. The increase was primarily due to increases in salaries and employee benefits, software and data processing expense and other noninterest expense, partially offset by decreases in advertising, travel and entertainment expense and amortization of intangibles. Income tax expense increased $4.4 million, or 30.8%, for the year ended December 31, 2024, compared to the same period in 2023. Our ETR was approximately 17.6% and 14.3% for the year ended December 31, 2024 and 2023, respectively. The higher ETR for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to a decrease in net tax-exempt income as a percentage of pre-tax income. Balance Sheet Data At December 31, 2024, Southside had $8.52 billion in total assets, compared to $8.28 billion at December 31, 2023 and $8.36 billion at September 30, 2024. Loans at December 31, 2024 were $4.66 billion, an increase of $137.1 million, or 3.0%, compared to $4.52 billion at December 31, 2023. Linked quarter, loans increased $83.5 million, or 1.8%, due to increases of $157.1 million in commercial real estate loans and $4.3 million in commercial loans. These increases were partially offset by decreases of $48.0 million in construction loans, $15.0 million in 1-4 family residential loans, $11.1 million in municipal loans and $3.8 million in loans to individuals. Securities at December 31, 2024 were $2.81 billion, an increase of $209.8 million, or 8.1%, compared to $2.60 billion at December 31, 2023. Linked quarter, securities increased $116.3 million, or 4.3%, from $2.70 billion at September 30, 2024. Deposits at December 31, 2024 were $6.65 billion, an increase of $104.6 million, or 1.6%, compared to $6.55 billion at December 31, 2023. Linked quarter, deposits increased $218.5 million, or 3.4%, from $6.44 billion at September 30, 2024. During the three months ended December 31, 2024, public fund deposits increased $156.8 million, or 14.6%, compared to September 30, 2024. At December 31, 2024, we had 178,662 total deposit accounts with an average balance of $33,000. Our estimated uninsured deposits were 38.1% of total deposits as of December 31, 2024. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 19.5% as of December 31, 2024. Our noninterest bearing deposits represent approximately 20.4% of total deposits. Linked quarter, our cost of interest bearing deposits decreased nine basis points from 3.01% in the prior quarter to 2.92%. Linked quarter, our cost of total deposits decreased seven basis points from 2.38% in the prior quarter to 2.31%. Our cost of interest bearing deposits increased 64 basis points, from 2.34% for the year ended December 31, 2023, to 2.98% for the year ended December 31, 2024. Our cost of total deposits increased 59 basis points, from 1.77% for the year ended December 31, 2023, to 2.36% for the year ended December 31, 2024. Capital Resources and Liquidity Our capital ratios and contingent liquidity sources remain solid. During the fourth quarter ended December 31, 2024, we did not purchase any common stock pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. We have not purchased any common stock pursuant to the Stock Repurchase Plan subsequent to December 31, 2024. As of December 31, 2024, our total available contingent liquidity, net of current outstanding borrowings, was $2.23 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit. Asset Quality Nonperforming assets at December 31, 2024 were $3.6 million, or 0.04% of total assets, a decrease of $0.4 million, or 10.3%, compared to $4.0 million, or 0.05% of total assets, at December 31, 2023. Linked quarter, nonperforming assets decreased $4.1 million, or 53.1%, from $7.7 million at September 30, 2024 due to a $4.1 million decrease in nonaccrual loans primarily from the payoff of one commercial real estate loan. Classified loans totaled $48.0 million on December 31, 2024, compared to $42.0 million at September 30, 2024 and $19.2 million at December 31, 2023. The allowance for loan losses totaled $44.9 million, or 0.96% of total loans, at December 31, 2024, compared to $44.3 million, or 0.97% of total loans, at September 30, 2024. The allowance for loan losses was $42.7 million, or 0.94% of total loans, at December 31, 2023. For the three months ended December 31, 2024, we recorded a provision for credit losses for loans of $1.6 million, compared to a provision of $2.2 million and $2.3 million for the three months ended December 31, 2023 and September 30, 2024, respectively. Net charge-offs were $1.0 million for the three months ended December 31, 2024, compared to net charge-offs of $1.3 million and $0.4 million for the three months ended December 31, 2023 and September 30, 2024, respectively. Net charge-offs were $1.9 million for the year ended December 31, 2024, compared to net charge-offs of $2.8 million for the year ended December 31, 2023. We recorded a reversal of provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the three months ended December 31, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures $0.1 million for both of the three-month periods ended December 31, 2023 and September 30, 2024. We recorded a reversal of provision for credit losses for off-balance-sheet credit exposures of $0.8 million for the year ended December 31, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the year ended December 31, 2023. The balance of the allowance for off-balance-sheet credit exposures was $3.1 million and $3.9 million at December 31, 2024 and 2023, respectively, and is included in other liabilities. Dividend Southside Bancshares, Inc. declared a fourth quarter cash dividend of $0.36 per share on November 7, 2024, which was paid on December 6, 2024, to all shareholders of record as of November 21, 2024. _______________ (1) Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. Conference Call Southside's management team will host a conference call to discuss its fourth quarter and year ended December 31, 2024 financial results on Wednesday, January 29, 2025 at 11:00 a.m. CST. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events. Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register.vevent.com/register/BI54b435198f6143e589b32994aed51233 to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process. For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call. Non-GAAP Financial Measures Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread. Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio. These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure. Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables. A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables. About Southside Bancshares, Inc. Southside Bancshares, Inc. is a bank holding company with approximately $8.52 billion in assets as of December 31, 2024, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 72 ATMs/ITMs. To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com. Forward-Looking Statements Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company's ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate increases, tax reform, inflation, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations and general economic concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, labor shortages and changes in interest rates by the Federal Reserve. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under “Part I - Item 1. Forward Looking Information” and “Part I - Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. Southside Bancshares, Inc.Consolidated Financial Summary (Unaudited)(Dollars in thousands) As of 2024 2023 Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,ASSETS Cash and due from banks$ 91,409 $ 130,147 $ 114,283 $ 96,744 $ 122,021 Interest earning deposits 281,945 333,825 272,469 307,257 391,719 Federal funds sold 52,807 22,325 65,244 65,372 46,770 Securities available for sale, at estimated fair value 1,533,894 1,408,437 1,405,944 1,405,221 1,296,294 Securities held to maturity, at net carrying value 1,279,234 1,288,403 1,305,975 1,306,898 1,307,053 Total securities 2,813,128 2,696,840 2,711,919 2,712,119 2,603,347 Federal Home Loan Bank stock, at cost 33,818 40,291 32,991 27,958 11,936 Loans held for sale 1,946 768 1,352 756 10,894 Loans 4,661,597 4,578,048 4,589,365 4,577,368 4,524,510 Less: Allowance for loan losses (44,884) (44,276) (42,407) (43,557) (42,674)Net loans 4,616,713 4,533,772 4,546,958 4,533,811 4,481,836 Premises & equipment, net 141,648 138,811 138,489 139,491 138,950 Goodwill 201,116 201,116 201,116 201,116 201,116 Other intangible assets, net 1,754 2,003 2,281 2,588 2,925 Bank owned life insurance 138,313 137,489 136,903 136,604 136,330 Other assets 142,851 124,876 133,697 130,047 137,070 Total assets$ 8,517,448 $ 8,362,263 $ 8,357,702 $ 8,353,863 $ 8,284,914 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest bearing deposits$ 1,357,152 $ 1,377,022 $ 1,366,924 $ 1,358,827 $ 1,390,407 Interest bearing deposits 5,297,096 5,058,680 5,129,008 5,186,933 5,159,274 Total deposits 6,654,248 6,435,702 6,495,932 6,545,760 6,549,681 Other borrowings and Federal Home Loan Bank borrowings 808,352 865,856 763,700 770,151 722,468 Subordinated notes, net of unamortized debtissuance costs 92,042 92,006 91,970 93,913 93,877 Trust preferred subordinated debentures, net of unamortized debt issuance costs 60,274 60,273 60,272 60,271 60,270 Other liabilities 90,590 103,172 144,858 95,846 85,330 Total liabilities 7,705,506 7,557,009 7,556,732 7,565,941 7,511,626 Shareholders' equity 811,942 805,254 800,970 787,922 773,288 Total liabilities and shareholders' equity$ 8,517,448 $ 8,362,263 $ 8,357,702 $ 8,353,863 $ 8,284,914 Southside Bancshares, Inc.Consolidated Financial Highlights (Unaudited)(Dollars and shares in thousands, except per share data) Three Months Ended 2024 2023 Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Income Statement: Total interest and dividend income$ 101,689 $105,703 $104,186 $102,758 $ 98,939 Total interest expense 47,982 50,239 50,578 49,410 44,454 Net interest income 53,707 55,464 53,608 53,348 54,485 Provision for (reversal of) credit losses 1,384 2,389 (485) 58 2,281 Net interest income after provision for (reversal of) credit losses 52,323 53,075 54,093 53,290 52,204 Noninterest income Deposit services 6,084 6,199 6,157 5,985 6,305 Net gain (loss) on sale of securities available for sale — (1,929 ) (563) (18) (10,386)Gain (loss) on sale of loans 138 115 220 (436) 178 Trust fees 1,773 1,628 1,456 1,336 1,431 Bank owned life insurance 848 857 1,767 784 2,602 Brokerage services 1,054 1,068 1,081 1,014 944 Other 2,384 233 1,439 1,059 1,427 Total noninterest income 12,281 8,171 11,557 9,724 2,501 Noninterest expense Salaries and employee benefits 22,960 22,233 21,984 23,113 21,152 Net occupancy 3,629 3,613 3,750 3,362 3,474 Advertising, travel & entertainment 884 734 795 950 1,127 ATM expense 378 412 368 325 318 Professional fees 1,645 1,206 1,075 1,154 1,315 Software and data processing 2,931 2,951 2,860 2,856 2,644 Communications 320 423 410 449 435 FDIC insurance 931 939 977 943 892 Amortization of intangibles 249 278 307 337 370 Other 4,232 3,543 3,239 3,392 3,456 Total noninterest expense 38,159 36,332 35,765 36,881 35,183 Income before income tax expense 26,445 24,914 29,885 26,133 19,522 Income tax expense 4,659 4,390 5,212 4,622 2,206 Net income$ 21,786 $20,524 $24,673 $ 21,511 $ 17,316 Common Share Data: Weighted-average basic shares outstanding 30,343 30,286 30,280 30,262 30,235 Weighted-average diluted shares outstanding 30,459 30,370 30,312 30,305 30,276 Common shares outstanding end of period 30,379 30,308 30,261 30,284 30,249 Earnings per common share Basic$ 0.72 $ 0.68 $ 0.81 $ 0.71 $ 0.57 Diluted 0.71 0.68 0.81 0.71 0.57 Book value per common share 26.73 26.57 26.47 26.02 25.56 Tangible book value per common share 20.05 19.87 19.75 19.29 18.82 Cash dividends paid per common share 0.36 0.36 0.36 0.36 0.37 Selected Performance Ratios: Return on average assets 1.03% 0.98% 1.19% 1.03% 0.85%Return on average shareholders’ equity 10.54 10.13 12.46 11.02 9.31 Return on average tangible common equity (1) 14.12 13.69 16.90 15.07 13.10 Average yield on earning assets (FTE) (1) 5.24 5.51 5.45 5.38 5.30 Average rate on interest bearing liabilities 3.12 3.28 3.32 3.22 3.04 Net interest margin (FTE) (1) 2.83 2.95 2.87 2.86 2.99 Net interest spread (FTE) (1) 2.12 2.23 2.13 2.16 2.26 Average earning assets to average interest bearing liabilities 129.55 128.51 128.62 127.71 131.65 Noninterest expense to average total assets 1.80 1.73 1.72 1.77 1.73 Efficiency ratio (FTE) (1) 54.00 51.90 52.71 55.54 50.86 (1)Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. Southside Bancshares, Inc.Consolidated Financial Highlights (Unaudited)(Dollars in thousands) Three Months Ended 2024 2023 Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,Nonperforming Assets:$ 3,589 $ 7,656 $ 6,918 $ 7,979 $ 4,001 Nonaccrual loans 3,185 7,254 6,110 7,709 3,889 Accruing loans past due more than 90 days — — — — — Restructured loans 2 — 145 151 13 Other real estate owned 388 388 648 119 99 Repossessed assets 14 14 15 — — Asset Quality Ratios: Ratio of nonaccruing loans to: Total loans 0.07% 0.16% 0.13% 0.17% 0.09%Ratio of nonperforming assets to: Total assets 0.04 0.09 0.08 0.10 0.05 Total loans 0.08 0.17 0.15 0.17 0.09 Total loans and OREO 0.08 0.17 0.15 0.17 0.09 Ratio of allowance for loan losses to: Nonaccruing loans 1,409.23 610.37 694.06 565.01 1,097.30 Nonperforming assets 1,250.60 578.32 613.00 545.90 1,066.58 Total loans 0.96 0.97 0.92 0.95 0.94 Net charge-offs (recoveries) to average loans outstanding 0.08 0.04 0.02 0.03 0.11 Capital Ratios: Shareholders’ equity to total assets 9.53 9.63 9.58 9.43 9.33 Common equity tier 1 capital 13.04 13.07 12.72 12.43 12.28 Tier 1 risk-based capital 14.07 14.12 13.76 13.47 13.32 Total risk-based capital 16.49 16.59 16.16 15.92 15.73 Tier 1 leverage capital 9.67 9.61 9.40 9.22 9.39 Period end tangible equity to period end tangible assets (1) 7.33 7.38 7.33 7.17 7.04 Average shareholders’ equity to average total assets 9.76 9.67 9.52 9.35 9.13 (1)Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. Southside Bancshares, Inc.Consolidated Financial Highlights (Unaudited)(Dollars in thousands) Three Months Ended 2024 2023 Loan Portfolio CompositionDec 31, Sep 30, Jun 30, Mar 31, Dec 31,Real Estate Loans: Construction$ 537,827 $ 585,817 $ 546,040 $ 599,464 $ 789,744 1-4 Family Residential 740,396 755,406 738,037 720,508 696,738 Commercial 2,579,735 2,422,612 2,472,771 2,413,345 2,168,451 Commercial Loans 363,167 358,854 359,807 358,053 366,893 Municipal Loans 390,968 402,041 416,986 427,225 441,168 Loans to Individuals 49,504 53,318 55,724 58,773 61,516 Total Loans$ 4,661,597 $ 4,578,048 $ 4,589,365 $ 4,577,368 $ 4,524,510 Summary of Changes in Allowances: Allowance for Loan Losses Balance at beginning of period$ 44,276 $ 42,407 $ 43,557 $ 42,674 $ 41,760 Loans charged-off (1,232) (773) (721) (634) (1,572)Recoveries of loans charged-off 277 365 444 347 284 Net loans (charged-off) recovered (955) (408) (277) (287) (1,288)Provision for (reversal of) loan losses 1,563 2,277 (873) 1,170 2,202 Balance at end of period$ 44,884 $ 44,276 $ 42,407 $ 43,557 $ 42,674 Allowance for Off-Balance-Sheet Credit Exposures Balance at beginning of period$ 3,320 $ 3,208 $ 2,820 $ 3,932 $ 3,853 Provision for (reversal of) off-balance-sheet credit exposures (179) 112 388 (1,112) 79 Balance at end of period$ 3,141 $ 3,320 $ 3,208 $ 2,820 $ 3,932 Total Allowance for Credit Losses$ 48,025 $ 47,596 $ 45,615 $ 46,377 $ 46,606 Southside Bancshares, Inc.Consolidated Financial Highlights (Unaudited)(Dollars in thousands) Year ended December 31, 2024 2023 Income Statement: Total interest and dividend income$ 414,336 $ 359,741 Total interest expense 198,209 144,714 Net interest income 216,127 215,027 Provision for (reversal of) credit losses 3,346 9,154 Net interest income after provision for (reversal of) credit losses 212,781 205,873 Noninterest income Deposit services 24,425 25,497 Net gain (loss) on sale of securities available for sale (2,510) (15,976)Net gain on sale of equity securities — 5,058 Gain (loss) on sale of loans 37 563 Trust fees 6,193 5,910 Bank owned life insurance 4,256 5,823 Brokerage services 4,217 3,305 Other 5,115 5,654 Total noninterest income 41,733 35,834 Noninterest expense Salaries and employee benefits 90,290 85,625 Net occupancy 14,354 14,694 Advertising, travel & entertainment 3,363 4,093 ATM expense 1,483 1,351 Professional fees 5,080 5,351 Software and data processing 11,598 9,395 Communications 1,602 1,469 FDIC insurance 3,790 3,558 Amortization of intangibles 1,171 1,697 Other 14,406 13,345 Total noninterest expense 147,137 140,578 Income before income tax expense 107,377 101,129 Income tax expense 18,883 14,437 Net income$ 88,494 $ 86,692 Common Share Data: Weighted-average basic shares outstanding 30,293 30,704 Weighted-average diluted shares outstanding 30,369 30,759 Common shares outstanding end of period 30,379 30,249 Earnings per common share Basic$ 2.92 $ 2.82 Diluted 2.91 2.82 Book value per common share 26.73 25.56 Tangible book value per common share 20.05 18.82 Cash dividends paid per common share 1.44 1.42 Selected Performance Ratios: Return on average assets 1.06% 1.11%Return on average shareholders’ equity 11.03 11.50 Return on average tangible common equity (1) 14.92 16.03 Average yield on earning assets (FTE) (1) 5.40 5.06 Average rate on interest bearing liabilities 3.24 2.64 Net interest margin (FTE) (1) 2.88 3.09 Net interest spread (FTE) (1) 2.16 2.42 Average earning assets to average interest bearing liabilities 128.60 134.07 Noninterest expense to average total assets 1.76 1.80 Efficiency ratio (FTE) (1) 53.52 51.30 (1)Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. Southside Bancshares, Inc.Consolidated Financial Highlights (Unaudited)(Dollars in thousands) Year ended December 31, 2024 2023 Nonperforming Assets:$ 3,589 $ 4,001 Nonaccrual loans 3,185 3,889 Accruing loans past due more than 90 days — — Restructured loans 2 13 Other real estate owned 388 99 Repossessed assets 14 — Asset Quality Ratios: Ratio of nonaccruing loans to: Total loans 0.07% 0.09%Ratio of nonperforming assets to: Total assets 0.04 0.05 Total loans 0.08 0.09 Total loans and OREO 0.08 0.09 Ratio of allowance for loan losses to: Nonaccruing loans 1,409.23 1,097.30 Nonperforming assets 1,250.60 1,066.58 Total loans 0.96 0.94 Net charge-offs (recoveries) to average loans outstanding 0.04 0.06 Capital Ratios: Shareholders’ equity to total assets 9.53 9.33 Common equity tier 1 capital 13.04 12.28 Tier 1 risk-based capital 14.07 13.32 Total risk-based capital 16.49 15.73 Tier 1 leverage capital 9.67 9.39 Period end tangible equity to period end tangible assets (1) 7.33 7.04 Average shareholders’ equity to average total assets 9.58 9.63 (1)Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. Year ended December 31,Loan Portfolio Composition 2024 2023 Real Estate Loans: Construction$ 537,827 $ 789,744 1-4 Family Residential 740,396 696,738 Commercial 2,579,735 2,168,451 Commercial Loans 363,167 366,893 Municipal Loans 390,968 441,168 Loans to Individuals 49,504 61,516 Total Loans$ 4,661,597 $ 4,524,510 Summary of Changes in Allowances: Allowance for Loan Losses Balance at beginning of period$ 42,674 $ 36,515 Loans charged-off (3,360) (4,204)Recoveries of loans charged-off 1,433 1,454 Net loans (charged-off) recovered (1,927) (2,750)Provision for (reversal of) loan losses 4,137 8,909 Balance at end of period$ 44,884 $ 42,674 Allowance for Off-Balance-Sheet Credit Exposures Balance at beginning of period$ 3,932 $ 3,687 Provision for (reversal of) off-balance-sheet credit exposures (791) 245 Balance at end of period$ 3,141 $ 3,932 Total Allowance for Credit Losses$ 48,025 $ 46,606 The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information. Southside Bancshares, Inc.Average Balances and Average Yields and Rates (Annualized) (Unaudited)(Dollars in thousands) Three Months Ended December 31, 2024 September 30, 2024 Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/RateASSETS Loans (1)$ 4,604,175 $ 70,155 6.06% $ 4,613,028 $ 72,493 6.25%Loans held for sale 1,562 23 5.86% 871 11 5.02%Securities: Taxable investment securities (2) 784,321 6,949 3.52% 791,914 7,150 3.59%Tax-exempt investment securities (2) 1,138,271 10,793 3.77% 1,174,445 11,825 4.01%Mortgage-backed and related securities (2) 1,031,187 12,043 4.65% 886,325 11,976 5.38%Total securities 2,953,779 29,785 4.01% 2,852,684 30,951 4.32%Federal Home Loan Bank stock, at cost, and equity investments 37,078 591 6.34% 41,159 582 5.63%Interest earning deposits 273,656 3,160 4.59% 281,313 3,798 5.37%Federal funds sold 43,121 508 4.69% 33,971 488 5.71%Total earning assets 7,913,371 104,222 5.24% 7,823,026 108,323 5.51%Cash and due from banks 102,914 100,578 Accrued interest and other assets 454,387 455,091 Less: Allowance for loan losses (44,418) (42,581) Total assets$ 8,426,254 $ 8,336,114 LIABILITIES AND SHAREHOLDERS’ EQUITY Savings accounts$ 594,196 1,456 0.97% $ 598,116 1,490 0.99%Certificates of deposit 1,187,800 13,537 4.53% 1,087,613 12,647 4.63%Interest bearing demand accounts 3,459,122 23,468 2.70% 3,409,911 24,395 2.85%Total interest bearing deposits 5,241,118 38,461 2.92% 5,095,640 38,532 3.01%Federal Home Loan Bank borrowings 572,993 5,557 3.86% 618,708 6,488 4.17%Subordinated notes, net of unamortized debt issuance costs 92,024 945 4.09% 91,988 937 4.05%Trust preferred subordinated debentures, net of unamortized debt issuance costs 60,274 1,095 7.23% 60,273 1,180 7.79%Repurchase agreements 80,891 782 3.85% 83,297 899 4.29%Other borrowings 61,196 1,142 7.42% 137,482 2,203 6.37%Total interest bearing liabilities 6,108,496 47,982 3.12% 6,087,388 50,239 3.28%Noninterest bearing deposits 1,383,204 1,344,165 Accrued expenses and other liabilities 112,320 98,331 Total liabilities 7,604,020 7,529,884 Shareholders’ equity 822,234 806,230 Total liabilities and shareholders’ equity$ 8,426,254 $ 8,336,114 Net interest income (FTE) $ 56,240 $ 58,084 Net interest margin (FTE) 2.83% 2.95%Net interest spread (FTE) 2.12% 2.23% Interest on loans includes net fees on loans that are not material in amount.For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. Note: As of December 31, 2024 and September 30, 2024, loans totaling $3.2 million and $7.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. Southside Bancshares, Inc.Average Balances and Average Yields and Rates (Annualized) (Unaudited)(Dollars in thousands) Three Months Ended June 30, 2024 March 31, 2024 Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/RateASSETS Loans (1)$ 4,595,980 $ 70,293 6.15% $ 4,559,602 $ 68,849 6.07%Loans held for sale 1,489 24 6.48% 8,834 18 0.82%Securities: Taxable investment securities (2) 783,856 7,009 3.60% 780,423 6,967 3.59%Tax-exempt investment securities (2) 1,254,097 12,761 4.09% 1,285,922 13,168 4.12%Mortgage-backed and related securities (2) 830,504 11,084 5.37% 764,713 10,119 5.32%Total securities 2,868,457 30,854 4.33% 2,831,058 30,254 4.30%Federal Home Loan Bank stock, at cost, and equity investments 40,467 573 5.69% 40,063 333 3.34%Interest earning deposits 300,047 4,105 5.50% 380,181 5,202 5.50%Federal funds sold 75,479 1,021 5.44% 62,599 838 5.38%Total earning assets 7,881,919 106,870 5.45% 7,882,337 105,494 5.38%Cash and due from banks 110,102 114,379 Accrued interest and other assets 424,323 441,783 Less: Allowance for loan losses (43,738) (42,973) Total assets$ 8,372,606 $ 8,395,526 LIABILITIES AND SHAREHOLDERS’ EQUITY Savings accounts$ 604,753 1,454 0.97% $ 604,529 1,424 0.95%Certificates of deposit 1,020,099 11,630 4.59% 941,947 10,341 4.42%Interest bearing demand accounts 3,513,068 25,382 2.91% 3,634,936 26,433 2.92%Total interest bearing deposits 5,137,920 38,466 3.01% 5,181,412 38,198 2.97%Federal Home Loan Bank borrowings 606,851 6,455 4.28% 607,033 5,950 3.94%Subordinated notes, net of unamortized debt issuance costs 92,017 936 4.09% 93,895 956 4.10%Trust preferred subordinated debentures, net of unamortized debt issuance costs 60,271 1,171 7.81% 60,270 1,175 7.84%Repurchase agreements 88,007 955 4.36% 92,177 967 4.22%Other borrowings 143,169 2,595 7.29% 137,287 2,164 6.34%Total interest bearing liabilities 6,128,235 50,578 3.32% 6,172,074 49,410 3.22%Noninterest bearing deposits 1,346,274 1,338,384 Accrued expenses and other liabilities 101,399 100,014 Total liabilities 7,575,908 7,610,472 Shareholders’ equity 796,698 785,054 Total liabilities and shareholders’ equity$ 8,372,606 $ 8,395,526 Net interest income (FTE) $ 56,292 $ 56,084 Net interest margin (FTE) 2.87% 2.86%Net interest spread (FTE) 2.13% 2.16% Interest on loans includes net fees on loans that are not material in amount.For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. Note: As of June 30, 2024 and March 31, 2024, loans totaling $6.1 million and $7.7 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. Southside Bancshares, Inc.Average Balances and Average Yields and Rates (Annualized) (Unaudited)(Dollars in thousands) Three Months Ended December 31, 2023 Average Balance Interest Average Yield/RateASSETS Loans (1) $ 4,473,618 $ 67,886 6.02%Loans held for sale 1,858 27 5.77%Securities: Taxable investment securities (2) 852,023 7,970 3.71%Tax-exempt investment securities (2) 1,456,187 15,688 4.27%Mortgage-backed and related securities (2) 581,548 6,865 4.68%Total securities 2,889,758 30,523 4.19%Federal Home Loan Bank stock, at cost, and equity investments 24,674 296 4.76%Interest earning deposits 150,763 2,054 5.41%Federal funds sold 93,149 1,286 5.48%Total earning assets 7,633,820 102,072 5.30%Cash and due from banks 110,380 Accrued interest and other assets 374,120 Less: Allowance for loan losses (41,822) Total assets$ 8,076,498 LIABILITIES AND SHAREHOLDERS’ EQUITY Savings accounts$ 610,453 1,432 0.93%Certificates of deposit 910,759 9,691 4.22%Interest bearing demand accounts 3,469,120 24,498 2.80%Total interest bearing deposits 4,990,332 35,621 2.83%Federal Home Loan Bank borrowings 262,709 1,430 2.16%Subordinated notes, net of unamortized debt issuance costs 93,859 965 4.08%Trust preferred subordinated debentures, net of unamortized debt issuance costs 60,269 1,195 7.87%Repurchase agreements 96,622 1,008 4.14%Other borrowings 294,683 4,235 5.70%Total interest bearing liabilities 5,798,474 44,454 3.04%Noninterest bearing deposits 1,424,961 Accrued expenses and other liabilities 115,388 Total liabilities 7,338,823 Shareholders’ equity 737,675 Total liabilities and shareholders’ equity$ 8,076,498 Net interest income (FTE) $ 57,618 Net interest margin (FTE) 2.99%Net interest spread (FTE) 2.26% Interest on loans includes net fees on loans that are not material in amount.For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. Note: As of December 31, 2023, loans totaling $3.9 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. Southside Bancshares, Inc.Average Balances and Average Yields and Rates (Unaudited)(Dollars in thousands) Year ended December 31, 2024 December 31, 2023 Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/RateASSETS Loans (1)$4,593,280 $ 281,790 6.13% $4,300,138 $ 247,431 5.75%Loans held for sale 3,179 76 2.39% 1,681 96 5.71%Securities: Taxable investment securities (2) 785,145 28,075 3.58% 845,907 31,186 3.69%Tax-exempt investment securities (2) 1,212,844 48,547 4.00% 1,554,519 64,568 4.15%Mortgage-backed and related securities (2) 878,623 45,222 5.15% 470,692 19,450 4.13%Total securities 2,876,612 121,844 4.24% 2,871,118 115,204 4.01%Federal Home Loan Bank stock, at cost, and equity investments 39,688 2,079 5.24% 24,971 1,185 4.75%Interest earning deposits 308,628 16,265 5.27% 83,343 4,364 5.24%Federal funds sold 53,709 2,855 5.32% 79,948 4,124 5.16%Total earning assets 7,875,096 424,909 5.40% 7,361,199 372,404 5.06%Cash and due from banks 106,965 107,018 Accrued interest and other assets 443,733 397,860 Less: Allowance for loan losses (43,428) (37,890) Total assets$8,382,366 $7,828,187 LIABILITIES AND SHAREHOLDERS’ EQUITY Savings accounts$ 600,375 5,824 0.97% $ 636,603 5,633 0.88%Certificates of deposit 1,059,793 48,155 4.54% 862,211 30,906 3.58%Interest bearing demand accounts 3,503,878 99,678 2.84% 3,122,319 71,618 2.29%Total interest bearing deposits 5,164,046 153,657 2.98% 4,621,133 108,157 2.34%Federal Home Loan Bank borrowings 601,366 24,450 4.07% 276,584 6,777 2.45%Subordinated notes, net of unamortized debt issuance costs 92,478 3,774 4.08% 96,024 3,920 4.08%Trust preferred subordinated debentures, net of unamortized debt issuance costs 60,272 4,621 7.67% 60,267 4,504 7.47%Repurchase agreements 86,071 3,603 4.19% 91,132 3,431 3.76%Other borrowings 119,672 8,104 6.77% 345,544 17,925 5.19%Total interest bearing liabilities 6,123,905 198,209 3.24% 5,490,684 144,714 2.64%Noninterest bearing deposits 1,353,065 1,485,896 Accrued expenses and other liabilities 102,778 97,509 Total liabilities 7,579,748 7,074,089 Shareholders’ equity 802,618 754,098 Total liabilities and shareholders’ equity$8,382,366 $7,828,187 Net interest income (FTE) $ 226,700 $ 227,690 Net interest margin (FTE) 2.88% 3.09%Net interest spread (FTE) 2.16% 2.42% Interest on loans includes net fees on loans that are not material in amount.For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. Note: As of December 31, 2024 and 2023, loans totaling $3.2 million and $3.9 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented. Southside Bancshares, Inc.Non-GAAP Reconciliation (Unaudited)(Dollars and shares in thousands, except per share data) Three Months Ended Year ended 2024 2023 2024 2023 Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,Reconciliation of return on average common equity to return on average tangible common equity: Net income $ 21,786 $ 20,524 $ 24,673 $ 21,511 $ 17,316 $ 88,494 $ 86,692 After-tax amortization expense 196 220 243 266 292 925 1,341 Adjusted net income available to common shareholders $ 21,982 $ 20,744 $ 24,916 $ 21,777 $ 17,608 $ 89,419 $ 88,033 Average shareholders' equity $ 822,234 $ 806,230 $ 796,698 $ 785,054 $ 737,675 $ 802,618 $ 754,098 Less: Average intangibles for the period (203,020) (203,288) (203,581) (203,910) (204,267) (203,448) (204,887) Average tangible shareholders' equity $ 619,214 $ 602,942 $ 593,117 $ 581,144 $ 533,408 $ 599,170 $ 549,211 Return on average tangible common equity 14.12% 13.69% 16.90% 15.07% 13.10% 14.92% 16.03% Reconciliation of book value per share to tangible book value per share: Common equity at end of period $ 811,942 $ 805,254 $ 800,970 $ 787,922 $ 773,288 $ 811,942 $ 773,288 Less: Intangible assets at end of period (202,870) (203,119) (203,397) (203,704) (204,041) (202,870) (204,041)Tangible common shareholders' equity at end of period $ 609,072 $ 602,135 $ 597,573 $ 584,218 $ 569,247 $ 609,072 $ 569,247 Total assets at end of period $8,517,448 $8,362,263 $8,357,702 $8,353,863 $8,284,914 $8,517,448 $8,284,914 Less: Intangible assets at end of period (202,870) (203,119) (203,397) (203,704) (204,041) (202,870) (204,041)Tangible assets at end of period $8,314,578 $8,159,144 $8,154,305 $8,150,159 $8,080,873 $8,314,578 $8,080,873 Period end tangible equity to period end tangible assets 7.33% 7.38% 7.33% 7.17% 7.04% 7.33% 7.04% Common shares outstanding end of period 30,379 30,308 30,261 30,284 30,249 30,379 30,249 Tangible book value per common share $ 20.05 $ 19.87 $ 19.75 $ 19.29 $ 18.82 $ 20.05 $ 18.82 Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE): Net interest income (GAAP) $ 53,707 $ 55,464 $ 53,608 $ 53,348 $ 54,485 $ 216,127 $ 215,027 Tax-equivalent adjustments: Loans 598 608 633 656 680 2,495 2,724 Tax-exempt investment securities 1,935 2,012 2,051 2,080 2,453 8,078 9,939 Net interest income (FTE) (1) 56,240 58,084 56,292 56,084 57,618 226,700 227,690 Noninterest income 12,281 8,171 11,557 9,724 2,501 41,733 35,834 Nonrecurring income (2) (25) 2,797 (576) 18 8,376 2,214 7,370 Total revenue $ 68,496 $ 69,052 $ 67,273 $ 65,826 $ 68,495 $ 270,647 $ 270,894 Noninterest expense $ 38,159 $ 36,332 $ 35,765 $ 36,881 $ 35,183 $ 147,137 $ 140,578 Pre-tax amortization expense (249) (278) (307) (337 ) (370) (1,171) (1,697)Nonrecurring expense (3) (919) (219) 2 17 22 (1,119) 78 Adjusted noninterest expense $ 36,991 $ 35,835 $ 35,460 $ 36,561 $ 34,835 $ 144,847 $ 138,959 Efficiency ratio 56.08% 53.94% 54.90% 57.95% 53.30% 55.69% 53.81%Efficiency ratio (FTE) (1) 54.00% 51.90% 52.71% 55.54% 50.86% 53.52% 51.30% Average earning assets $7,913,371 $7,823,026 $7,881,919 $7,882,337 $7,633,820 $7,875,096 $7,361,199 Net interest margin 2.70% 2.82% 2.74% 2.72% 2.83% 2.74% 2.92%Net interest margin (FTE) (1) 2.83% 2.95% 2.87% 2.86% 2.99% 2.88% 3.09% Net interest spread 1.99% 2.10% 2.00% 2.02% 2.10% 2.02% 2.25%Net interest spread (FTE) (1) 2.12% 2.23% 2.13% 2.16% 2.26% 2.16% 2.42% These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.These adjustments may include net gain or loss on sale of securities available for sale, net gain on sale of equity securities, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

Southside Bancshares, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2024

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