Southside Bancshares, Inc. Increases and Declares Cash Dividend

Rhea-AI Summary

Southside Bancshares, Inc. (NASDAQ:SBSI) announced a 2.9% increase in its quarterly cash dividend, raising it from $0.34 to $0.35 per common share. The dividend will be paid on March 2, 2023, to shareholders of record as of February 16, 2023. President and CEO Lee R. Gibson emphasized the company's commitment to creating value for shareholders and its confidence in financial strength. Southside Bancshares, as of December 31, 2022, reported approximately $7.56 billion in assets and operates 55 branches across Texas.

Positive

• Quarterly cash dividend increased by 2.9%, enhancing shareholder income.
• Company shows confidence in financial strength with continued dividend growth.

Negative

• None.

TYLER, Texas, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Southside Bancshares, Inc., (NASDAQ:SBSI), parent company of Southside Bank, approved a 2.9% increase to the regular quarterly cash dividend of $0.01, to $0.35 per common share and declared a regular quarterly cash dividend of $0.35 per common share. The cash dividend of $0.35 is scheduled for payment on March 2, 2023, to common stock shareholders of record on February 16, 2023.

“We are proud to continue our long history of increases to the quarterly cash dividend,” stated Lee R. Gibson, President and Chief Executive Officer of Southside Bancshares, Inc. “The increase reflects our ongoing commitment to creating value for our shareholders, as well as our confidence in the financial strength of Southside.”

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $7.56 billion in assets as of December 31, 2022, that wholly-owns Southside Bank. Southside Bank currently operates 55 branches and a network of 74 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 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, 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:
Lindsey Bailes
903-630-7965

FAQ

What is the new dividend amount for Southside Bancshares (SBSI)?

The new quarterly cash dividend for Southside Bancshares is $0.35 per common share.

When will the dividend be paid to shareholders of SBSI?

The dividend will be paid on March 2, 2023.

What date is the record for shareholders to receive the dividend?

The record date for shareholders to receive the dividend is February 16, 2023.

How much did Southside Bancshares increase its dividend in 2023?

Southside Bancshares increased its dividend by 2.9% in 2023.