"During the third quarter, we restructured a portion of our available for sale ("AFS") securities portfolio to enhance future earnings by selling approximately $325 million of primarily lower yielding long duration municipal securities and, to a lesser extent, mortgage-backed securities ("MBS"), with a combined taxable equivalent yield of approximately 3.28% at a loss of $24.4 million," stated Lee R. Gibson, Chief Executive Officer of Southside. "The majority of the sales occurred during September. The proceeds from the sale of these securities funded a portion of the loan growth during the quarter with the balance reinvested in US Agency MBS pools and Texas municipal securities. As previously disclosed, we issued $150.0 million of our subordinated debt at 7.00% fixed to floating rate notes during August. Linked quarter, net interest income increased $1.45 million and our net interest margin decreased one basis point to 2.94% due to the $150.0 million issuance of subordinated debt during the quarter. Linked quarter, total loans increased $163.4 million, with $81.0 million of this growth occurring on September 30, 2025."
Operating Results for the Three Months Ended September 30, 2025
Net income was $4.9 million for the three months ended September 30, 2025, compared to $20.5 million for the same period in 2024, a decrease of $15.6 million, or 76.1%. Earnings per diluted common share were $0.16 for the three months ended September 30, 2025, compared to $0.68 for the same period in 2024, a decrease of $0.52, or 76.5%. The decrease in net income was driven by the net loss on sale of AFS securities and, to a lesser extent, an increase in noninterest expense, partially offset by increases in several noninterest income categories, decreases in income tax expense and provision for credit losses and an increase in net interest income. For the three months ended September 30, 2025, we had a $24.4 million net loss on sale of AFS securities, compared to a net loss of $1.9 million for the same period in 2024. Annualized returns on average assets and average shareholders' equity for the three months ended September 30, 2025 were 0.23% and 2.40%, respectively, compared to 0.98% and 10.13%, respectively, for the three months ended September 30, 2024. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 54.87% and 52.99%, respectively, for the three months ended September 30, 2025, compared to 53.94% and 51.90%, respectively, for the three months ended September 30, 2024, and 55.67% and 53.70%, respectively, for the three months ended June 30, 2025.
Net interest income for the three months ended September 30, 2025 was $55.7 million, an increase of $0.3 million, or 0.5%, compared to the same period in 2024. The increase in net interest income was due to the decrease in the average rate paid on our interest bearing liabilities and the increase in the average balance of our interest earning assets, partially offset by the decrease in the average yield of our interest earning assets. Linked quarter, net interest income increased $1.5 million, or 2.7%, compared to $54.3 million for the three months ended June 30, 2025, due to increases in the average balance of and the average yield on our interest earning assets, partially offset by increases in the average balance of and average rate paid on our interest bearing liabilities.
Our net interest margin and tax-equivalent net interest margin(1) decreased to 2.81% and 2.94%, respectively, for the three months ended September 30, 2025, compared to 2.82% and 2.95%, respectively, for both the three-month periods ended September 30, 2024 and June 30, 2025.
Noninterest income, excluding the net losses on the AFS securities, was $12.4 million and $10.1 million for the three months ended September 30, 2025 and 2024, respectively, an increase of $2.3 million, or 22.8%. The increase was due to increases in other noninterest income and trust fees. On a linked quarter basis, noninterest income, excluding the net losses on the AFS securities increased $0.3 million, or 2.1%, compared to the three months ended June 30, 2025, due primarily to the increase in trust fees during the three months ended September 30, 2025.
Noninterest expense increased $1.2 million, or 3.3%, to $37.5 million for the three months ended September 30, 2025, compared to $36.3 million for the same period in 2024, primarily due to increases in salaries and employee benefits expense, other noninterest expense and professional fees. On a linked quarter basis, noninterest expense decreased by $1.7 million, or 4.4%, compared to the three months ended June 30, 2025, due to a decrease in other noninterest expense, partially offset by an increase in salaries and employee benefits expense. The decrease in other noninterest expense was primarily due to a one-time charge of $1.2 million on the demolition of an old branch facility following completion of the new branch during the three months ended June 30, 2025.
Income tax expense decreased $4.2 million, or 95.7%, for the three months ended September 30, 2025, compared to the same period in 2024. On a linked quarter basis, income tax expense decreased $4.5 million, or 96.0%. Our effective tax rate ("ETR") decreased to 3.7% for the three months ended September 30, 2025, compared to 17.6% for the three months ended September 30, 2024, and decreased from 17.8% for the three months ended June 30, 2025. The lower ETR for the three months ended September 30, 2025 compared to the same period in 2024, was primarily due to the impact of the net loss on the sale of AFS securities of $24.4 million recorded during the third quarter of 2025 on our tax-exempt income as a percentage of pre-tax income as well as a decrease in state income tax expense.
Operating Results for the Nine Months Ended September 30, 2025
Net income was $48.2 million for the nine months ended September 30, 2025, compared to $66.7 million for the same period in 2024, a decrease of $18.5 million, or 27.7%. Earnings per diluted common share were $1.59 for the nine months ended September 30, 2025, compared to $2.20 for the same period in 2024, a decrease of $0.61, or 27.7%. The decrease in net income was driven by the net loss on the sale of AFS securities and, to a lesser extent, increases in noninterest expense and provision for credit losses, partially offset by increases in several noninterest income categories, decreases in income tax expense and an increase in net interest income. For the nine months ended September 30, 2025, we had a $24.9 million net loss on sale of AFS securities, compared to a net loss of $2.5 million for the same period in 2024. Returns on average assets and average shareholders' equity for the nine months ended September 30, 2025 were 0.77% and 7.89%, respectively, compared to 1.06% and 11.19%, respectively, for the nine months ended September 30, 2024. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 55.84% and 53.89%, respectively, for the nine months ended September 30, 2025, compared to 55.56% and 53.35%, respectively, for the nine months ended September 30, 2024.
Net interest income was $163.8 million for the nine months ended September 30, 2025, compared to $162.4 million for the same period in 2024, an increase of $1.4 million, or 0.9%, due to decreases in the average rate paid on and average balance of our interest bearing liabilities and a change in the mix of our interest earning assets, partially offset by the decrease in the average yield of interest earning assets.
Our net interest margin and tax-equivalent net interest margin(1) increased to 2.79% and 2.92%, respectively, for the nine months ended September 30, 2025, compared to 2.76% and 2.90%, respectively, for the same period in 2024.
Noninterest income, excluding the net losses on sale of AFS securities, was $35.3 million and $32.0 million, respectively, for the nine months ended September 30, 2025 and 2024, an increase of $3.4 million, or 10.5%. The increase was primarily due to an increase in other noninterest income and trust fees, partially offset by a decrease in BOLI income.
Noninterest expense was $113.9 million for the nine months ended September 30, 2025, compared to $109.0 million for the same period in 2024, an increase of $4.9 million, or 4.5%. The increase was primarily due to increases in other noninterest expense and professional fees.
Income tax expense decreased $4.6 million, or 32.3%, for the nine months ended September 30, 2025, compared to the same period in 2024. Our ETR was approximately 16.6% and 17.6% for the nine months ended September 30, 2025 and 2024, respectively. The lower ETR for the nine months ended September 30, 2025, as compared to the same period in 2024, was primarily due to the impact of the net loss on the sale of AFS securities of $24.4 million recorded during the third quarter of 2025 on our tax-exempt income as a percentage of pre-tax income as well as a decrease in state income tax expense.
Balance Sheet Data
At September 30, 2025, Southside had $8.38 billion in total assets, compared to $8.52 billion at December 31, 2024 and $8.36 billion at September 30, 2024.
Loans at September 30, 2025 were $4.77 billion, an increase of $187.2 million, or 4.1%, compared to $4.58 billion at September 30, 2024. Linked quarter, loans increased $163.4 million, or 3.5%, due to increases of $82.6 million in commercial real estate loans, $49.3 million in commercial loans and $49.1 million in construction loans. These increases were partially offset by decreases of $10.4 million in municipal loans, $6.0 million in 1-4 family residential loans and $1.3 million in loans to individuals.
Securities at September 30, 2025 were $2.56 billion, a decrease of $141.0 million, or 5.2%, compared to $2.70 billion at September 30, 2024. Linked quarter, securities decreased $174.2 million, or 6.4%, from $2.73 billion at June 30, 2025.
Deposits at September 30, 2025 were $6.96 billion, an increase of $525.9 million, or 8.2%, compared to $6.44 billion at September 30, 2024. Linked quarter, deposits increased $329.6 million, or 5.0%, from $6.63 billion at June 30, 2025.
At September 30, 2025, we had 179,097 total deposit accounts with an average balance of $34,000. Our estimated uninsured deposits were 36.9% of total deposits as of September 30, 2025. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 21.7% as of September 30, 2025. Our noninterest bearing deposits represent approximately 20.3% of total deposits. Linked quarter, our cost of interest bearing deposits remained at 2.82%. Linked quarter, our cost of total deposits decreased one basis point from 2.26% in the prior quarter to 2.25%.
Our cost of interest bearing deposits decreased 16 basis points, from 2.99% for the nine months ended September 30, 2024, to 2.83% for the nine months ended September 30, 2025. Our cost of total deposits decreased 11 basis points, from 2.37% for the nine months ended September 30, 2024, to 2.26% for the nine months ended September 30, 2025.
Capital Resources and Liquidity
Our capital ratios and contingent liquidity sources remain solid. During the third quarter ended September 30, 2025, we repurchased 26,692 shares of the Company's common stock at an average price of $30.24 per share, pursuant to our Stock Repurchase Plan (the "Plan"). On October 16, 2025, the Board of the Company increased its authorization under the Company's current Plan by 1.0 million shares, for a total authorization to repurchase up to 2.0 million shares of the Company's common stock from time to time. Under the Plan, previously approved on July 20, 2023, the Company has repurchased approximately 868,000 shares at an average price per share of $28.43, resulting in approximately 1.1 million shares remaining. 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 Plan and may modify, suspend or discontinue the Plan at any time. We have not purchased any common stock pursuant to the Plan subsequent to September 30, 2025.
As of September 30, 2025, our total available contingent liquidity, net of current outstanding borrowings, was $2.77 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.
Asset Quality
Nonperforming assets at September 30, 2025 were $35.6 million, or 0.42% of total assets, an increase of $2.7 million, or 8.2%, from $32.9 million at June 30, 2025, due primarily to an increase of $3.0 million in nonaccrual loans. The increase in nonaccrual loans compared to June 30, 2025 included a $1.9 million increase in commercial loans and a $1.1 million increase in commercial real estate loans. Nonperforming assets increased $28.0 million, or 365.1%, compared to $7.7 million, or 0.09% of total assets, at September 30, 2024, due primarily to an increase of $27.5 million in restructured loans. The increase in restructured loans was due to the extension of maturity in the first quarter of 2025 on a $27.5 million commercial real estate loan to allow for an extended lease up period.
The allowance for loan losses totaled $45.3 million, or 0.95% of total loans, at September 30, 2025, compared to $44.4 million, or 0.97% of total loans, at June 30, 2025. The allowance for loan losses was $44.3 million, or 0.97% of total loans, at September 30, 2024. The decrease in allowance as a percentage of total loans compared to September 30, 2024 was primarily due to an improved commercial real estate forecast in the CECL model.
For the three months ended September 30, 2025, we recorded a provision for credit losses for loans of $1.7 million, compared to $2.3 million and $0.7 million for the three months ended September 30, 2024 and June 30, 2025, respectively. Net charge-offs were $0.8 million for the three months ended September 30, 2025, compared to net charge-offs of $0.4 million and $0.9 million for the three months ended September 30, 2024 and June 30, 2025, respectively. Net charge-offs were $2.0 million for the nine months ended September 30, 2025, compared to net charge-offs of $1.0 million for the nine months ended September 30, 2024.
We recorded a reversal of provision for credit losses on off-balance-sheet credit exposures of $0.6 million for the three months ended September 30, 2025, compared to a provision for losses on off-balance-sheet credit exposures of $0.1 million and a reversal of provision of $19,000 for the three months ended September 30, 2024 and June 30, 2025, respectively. We recorded a provision for losses on off-balance-sheet credit exposures of $8,000 for the nine months ended September 30, 2025, compared to a reversal of provision for credit losses on off-balance-sheet credit exposures of $0.6 million for the nine months ended September 30, 2024. The balance of the allowance for off-balance-sheet credit exposures was $3.1 million and $3.3 million at September 30, 2025 and 2024, respectively, and is included in other liabilities.
Dividend
Southside Bancshares, Inc. declared a third quarter cash dividend of $0.36 per share on August 7, 2025, which was paid on September 4, 2025, to all shareholders of record as of August 21, 2025.
_______________
(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 third quarter ended September 30, 2025 financial results on Friday, October 24, 2025 at 11:00 a.m. CDT. 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://registrations.events/direct/Q4I3408089094 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 $8.38 billion in assets as of September 30, 2025, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 70 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
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, 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 changes, tax reform, inflation, tariffs, 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 factors that could cause future results to differ materially from those anticipated by our forward-looking statements include general economic conditions in our markets, including the ongoing impact of higher inflation levels, interest rate fluctuations, including the impact of changes in interest rates on our financial projections, models and guidance, as well as the effects of declines in the real estate market, tariffs or trade wars (including reduced consumer spending, lower economic growth or recession, reduced demand for U.S. exports, disruptions to supply chains, and decreased demand for other banking products and services), high unemployment and increasing insurance costs, as well as the financial stress to borrowers as a result of the foregoing, 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, and our ability to manage liquidity in a rapidly changing and unpredictable market.
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, 2024, 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
2025
2024
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Sep 30,
ASSETS
Cash and due from banks
$
90,519
$
109,669
$
103,359
$
91,409
$
130,147
Interest earning deposits
365,263
260,357
293,364
281,945
333,825
Federal funds sold
11,130
20,069
34,248
52,807
22,325
Securities available for sale, at estimated fair value
1,292,431
1,457,124
1,457,939
1,533,894
1,408,437
Securities held to maturity, at net carrying value
1,263,401
1,272,906
1,278,330
1,279,234
1,288,403
Total securities
2,555,832
2,730,030
2,736,269
2,813,128
2,696,840
Federal Home Loan Bank stock, at cost
9,359
24,384
34,208
33,818
40,291
Loans held for sale
497
428
903
1,946
768
Loans
4,765,289
4,601,933
4,567,239
4,661,597
4,578,048
Less: Allowance for loan losses
(45,294
)
(44,421
)
(44,623
)
(44,884
)
(44,276
)
Net loans
4,719,995
4,557,512
4,522,616
4,616,713
4,533,772
Premises & equipment, net
147,187
147,263
142,245
141,648
138,811
Goodwill
201,116
201,116
201,116
201,116
201,116
Other intangible assets, net
1,161
1,333
1,531
1,754
2,003
Bank owned life insurance
139,697
138,826
137,962
138,313
137,489
Other assets
141,404
148,979
135,479
142,851
124,876
Total assets
$
8,383,160
$
8,339,966
$
8,343,300
$
8,517,448
$
8,362,263
LIABILITIES AND SHAREHOLDERS' EQUITY
Noninterest bearing deposits
$
1,411,764
$
1,368,453
$
1,379,641
$
1,357,152
$
1,377,022
Interest bearing deposits
5,549,823
5,263,511
5,211,210
5,297,096
5,058,680
Total deposits
6,961,587
6,631,964
6,590,851
6,654,248
6,435,702
Other borrowings and Federal Home Loan Bank borrowings
200,706
611,367
691,417
808,352
865,856
Subordinated notes, net of unamortized debtissuance costs
239,601
92,115
92,078
92,042
92,006
Trust preferred subordinated debentures, net of unamortized debt issuance costs
60,278
60,277
60,276
60,274
60,273
Other liabilities
86,138
137,043
92,055
90,590
103,172
Total liabilities
7,548,310
7,532,766
7,526,677
7,705,506
7,557,009
Shareholders' equity
834,850
807,200
816,623
811,942
805,254
Total liabilities and shareholders' equity
$
8,383,160
$
8,339,966
$
8,343,300
$
8,517,448
$
8,362,263
Southside Bancshares, Inc.Consolidated Financial Highlights (Unaudited)(Dollars and shares in thousands, except per share data)
Three Months Ended
2025
2024
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Sep 30,
Income Statement:
Total interest and dividend income
$
101,896
$
98,562
$
100,288
$
101,689
$
105,703
Total interest expense
46,178
44,296
46,436
47,982
50,239
Net interest income
55,718
54,266
53,852
53,707
55,464
Provision for (reversal of) credit losses
1,092
622
758
1,384
2,389
Net interest income after provision for (reversal of) credit losses
54,626
53,644
53,094
52,323
53,075
Noninterest income
Deposit services
6,069
6,125
5,829
6,084
6,199
Net gain (loss) on sale of securities available for sale
(24,395
)
—
(554
)
—
(1,929
)
Gain (loss) on sale of loans
164
99
55
138
115
Trust fees
2,081
1,879
1,765
1,773
1,628
Bank owned life insurance
871
833
799
848
857
Brokerage services
1,172
1,219
1,120
1,054
1,068
Other
2,048
1,990
1,209
2,384
233
Total noninterest income (loss)
(11,990
)
12,145
10,223
12,281
8,171
Noninterest expense
Salaries and employee benefits
22,803
22,272
22,382
22,960
22,233
Net occupancy
3,761
3,621
3,404
3,629
3,613
Advertising, travel & entertainment
907
950
924
884
734
ATM expense
444
405
378
378
412
Professional fees
1,451
1,401
1,520
1,645
1,206
Software and data processing
2,770
3,027
2,839
2,931
2,951
Communications
321
342
383
320
423
FDIC insurance
920
955
947
931
939
Amortization of intangibles
172
198
223
249
278
Other
3,985
6,086
4,089
4,232
3,543
Total noninterest expense
37,534
39,257
37,089
38,159
36,332
Income before income tax expense
5,102
26,532
26,228
26,445
24,914
Income tax expense
189
4,719
4,721
4,659
4,390
Net income
$
4,913
$
21,813
$
21,507
$
21,786
$
20,524
Common Share Data:
Weighted-average basic shares outstanding
30,067
30,234
30,390
30,343
30,286
Weighted-average diluted shares outstanding
30,135
30,308
30,483
30,459
30,370
Common shares outstanding end of period
30,066
30,082
30,410
30,379
30,308
Earnings per common share
Basic
$
0.16
$
0.72
$
0.71
$
0.72
$
0.68
Diluted
0.16
0.72
0.71
0.71
0.68
Book value per common share
27.77
26.83
26.85
26.73
26.57
Tangible book value per common share
21.04
20.10
20.19
20.05
19.87
Cash dividends paid per common share
0.36
0.36
0.36
0.36
0.36
Selected Performance Ratios:
Return on average assets
0.23
%
1.07
%
1.03
%
1.03
%
0.98
%
Return on average shareholders' equity
2.40
10.73
10.57
10.54
10.13
Return on average tangible common equity(1)
3.28
14.38
14.14
14.12
13.69
Average yield on earning assets (FTE)(1)
5.27
5.25
5.23
5.24
5.51
Average rate on interest bearing liabilities
3.01
2.98
3.03
3.12
3.28
Net interest margin (FTE)(1)
2.94
2.95
2.86
2.83
2.95
Net interest spread (FTE)(1)
2.26
2.27
2.20
2.12
2.23
Average earning assets to average interest bearing liabilities
129.13
129.33
128.10
129.55
128.51
Noninterest expense to average total assets
1.78
1.92
1.78
1.80
1.73
Efficiency ratio (FTE)(1)
52.99
53.70
55.04
54.00
51.90
(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
2025
2024
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Sep 30,
Nonperforming Assets:
$
35,608
$
32,909
$
32,193
$
3,589
$
7,656
Nonaccrual loans
7,955
4,998
4,254
3,185
7,254
Accruing loans past due more than 90 days
—
—
—
—
—
Restructured loans
27,501
27,512
27,505
2
—
Other real estate owned
128
380
388
388
388
Repossessed assets
24
19
46
14
14
Asset Quality Ratios:
Ratio of nonaccruing loans to:
Total loans
0.17
%
0.11
%
0.09
%
0.07
%
0.16
%
Ratio of nonperforming assets to:
