Southside Bancshares, Inc. Declares Fourth Quarter and Special Cash Dividends

Rhea-AI Summary

The Board of Directors of Southside Bancshares, Inc. (NASDAQ:SBSI) has declared a quarterly cash dividend of $0.34 per common share, along with a special cash dividend of $0.04, totaling $0.38. This combined dividend is scheduled for payment on December 8, 2022, to shareholders recorded on November 23, 2022. CEO Lee R. Gibson emphasized the company's strong financial performance and commitment to shareholder returns, marking a consistent history of annual dividend increases.

Positive

• Regular quarterly cash dividend of $0.34 per share reflects strong financial performance.
• Special cash dividend of $0.04 per share showcases commitment to shareholders.
• Total combined cash dividend of $0.38 demonstrates continued profitability.

Negative

• None.

TYLER, Texas, Nov. 03, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Southside Bancshares, Inc., (NASDAQ:SBSI), parent company of Southside Bank declared a regular quarterly cash dividend of $0.34 per common share. In a separate action, the Board declared a special cash dividend of $0.04 per common share. The combined cash dividend of $0.38 is scheduled for payment on December 8, 2022, to common stock shareholders of record on November 23, 2022.

“We are very pleased to announce our regular quarterly cash dividend and a special cash dividend of $0.04, which demonstrates our strong financial performance and commitment to our shareholders,” stated Lee R. Gibson, President and Chief Executive Officer of Southside Bancshares, Inc. “We are proud to continue our long record of annual dividend increases.”

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $7.45 billion in assets as of September 30, 2022, that wholly-owns Southside Bank. Southside Bank currently operates 56 branches and a network of 75 ATMs/ITMs throughout East Texas, Southeast Texas and the greater Dallas/Fort Worth, Austin and Houston areas. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.

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 e-mail notification of company news, events and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Julie Shamburger at (903) 531-7134, or julie.shamburger@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, discussions of the effect of our expansion, 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, tax reform, inflation, the impacts related to or resulting from Russia’s invasion of Ukraine and 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, higher interest rates and general economic and recessionary 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, supply chain disruptions, labor shortages and additional interest rate increases 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, 2021, under “Part I - Item 1. Forward Looking Information” 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.

For further information:
Julie Shamburger
(903) 531-7134

FAQ

What is the dividend amount declared by Southside Bancshares, Inc. (SBSI) in November 2022?

Southside Bancshares, Inc. declared a total cash dividend of $0.38 per share in November 2022.

When will the dividends be paid to shareholders of Southside Bancshares, Inc. (SBSI)?

The dividends will be paid on December 8, 2022.

Who is eligible to receive the dividend from Southside Bancshares, Inc. (SBSI)?

Shareholders of record on November 23, 2022, are eligible to receive the dividend.

How often does Southside Bancshares, Inc. (SBSI) declare dividends?

Southside Bancshares, Inc. has a history of declaring regular quarterly dividends and annual increases.

What do the dividends indicate about Southside Bancshares, Inc. (SBSI)?

The dividends indicate the company's strong financial performance and commitment to returning value to shareholders.