Capital allocation remains focused on a consistent quarterly dividend payout of approximately $10.7M, despite significant earnings volatility evidenced by the 2025Q3 net income drop to $4.9M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 69.88M | 93.82M | 101.85M | 79.86M | 226.52M | 156.1M | 90.52M | 80.61M | 122.4M | 91.73M | 86.72M | 72.98M | 56.03M | 59.51M | 69.57M | 73.58M | 52.59M | 24.91M | 28.84M | 22.6M | 19.17M | 24.36M | 21.74M | 29.81M | 27.7M | 104.2M | 8.73M | 8M | 15.2M | 8.68M | 2.22M |
| Operating CF Growth % | 239.76% | -7.89% | 27.53% | -64.74% | 45.11% | 72.45% | 12.3% | -34.15% | 33.44% | 5.77% | 18.83% | 30.24% | -5.83% | -14.46% | -5.46% | 39.93% | 111.12% | -13.65% | 27.64% | 17.88% | -21.31% | 12.05% | -27.07% | 7.62% | -73.42% | 1093.43% | 9.14% | -47.37% | 75.16% | 291.25% | -72.58% |
| Net Income | 70.97M | 69.22M | 88.49M | 86.69M | 105.02M | 113.4M | 82.15M | 74.55M | 74.14M | 54.31M | 49.35M | 44M | 20.83M | 41.19M | 34.7M | 40.49M | 40.06M | 45.86M | 30.7M | 16.68M | 15M | 14.59M | 16.1M | 13.56M | 13.32M | 11.73M | 9.82M | 7.9M | 5.4M | 5.01M | 4.21M |
| Depreciation & Amortization | 8M | 10.61M | 10.46M | 10.58M | 11.11M | 11.42M | 12.08M | 12.11M | 14.04M | 10.21M | 9.08M | 8.62M | 3.46M | 3.84M | 3.61M | 3.37M | 3.2M | 2.89M | 2.46M | 7.21M | 2.27M | 10.91M | 12.87M | 16.02M | 12.72M | 9.56M | 3.31M | 6.2M | 6.6M | 2.8M | 2.25M |
| Deferred Taxes | -36K | -351K | -1.03M | -2.11M | -89K | 4.75M | -4.43M | 122K | 6.15M | 3.51M | 1.77M | -3.39M | -925K | -1.39M | -1.23M | -1.25M | 673K | 0 | -378K | -532K | -292K | 400K | 279K | -537K | 280K | -176K | 0 | 0 | -100K | -182K | -210K |
| Other Non-Cash Items | 42.92M | 47.22M | 16.36M | 22.55M | 26.86M | 4.39M | 33.22M | 17.72M | 24.09M | 26.35M | 19.79M | 23.94M | 30.27M | 27.56M | 36.66M | 29.83M | 19.53M | -2.92M | 4.46M | -1.22M | 2.06M | 37K | -2.58M | 4.82M | -1.86M | 96.95M | 50K | -700K | -700K | 903K | -1.34M |
| Working Capital Changes | -30.85M | -35.93M | -15.96M | -41.4M | 80.4M | 19.12M | -35.53M | -26.29M | 1.65M | -4.46M | 5.19M | -1.58M | 1.32M | -12.61M | -4.44M | 892K | -10.88M | -20.92M | -8.54M | 455K | 125K | -1.58M | -4.92M | -4.05M | 3.23M | -13.87M | -4.45M | -5.4M | 4M | 147K | -2.69M |
| Cash from Investing | -312.88M | -34.22M | -382.86M | -327.07M | -634.78M | -194.01M | -223.74M | -566.83M | 261.9M | 172.74M | -384.4M | -384.41M | -67.29M | -367.8M | 137.16M | -341.35M | 14.72M | -296.5M | -505.43M | -161.7M | -118M | -169.67M | -173.79M | -131.86M | -81.05M | -190.7M | -136.62M | -156.3M | -297.1M | -85.93M | -28.88M |
| Purchase of Investments | -855.63M | -967.71M | -1.19B | -2.05B | -709.94M | -692.67M | -916.87M | -1.25B | -306.87M | -625.66M | -1.05B | -1.08B | -803.16M | -1.64B | -1.86B | -1.51B | -1.69B | -1.63B | -1.27B | -386.91M | -416.03M | -530.15M | -544.8M | -672.95M | -481.26M | -633.03M | -390.96M | -400.3M | -474.4M | -210.06M | -129.59M |
| Sale/Maturity of Investments | 798.07M | 1.1B | 963.86M | 2.12B | 580.55M | 494.26M | 779.18M | 980.48M | 569.47M | 827.31M | 811.8M | 962.41M | 944.35M | 1.38B | 2.18B | 1.19B | 1.76B | 1.36B | 835.67M | 357.94M | 299.75M | 423.66M | 408.49M | 563.56M | 451.39M | 503.8M | 355.18M | 315.2M | 204.7M | 129.19M | 102.71M |
| Net Investment Activity | -57.55M | 127.78M | -224.04M | 69.26M | -129.38M | -198.42M | -137.69M | -272.66M | 262.6M | 201.65M | -234.6M | -120.87M | 141.19M | -265.1M | 316.06M | -322.64M | 70.05M | -268.12M | -436.04M | -28.96M | -116.29M | -106.49M | -136.31M | -109.39M | -29.87M | -129.23M | -35.78M | -85.1M | -269.7M | -80.87M | -26.89M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91.66M | 0 | 0 | -127.02M | 0 | 0 | 0 | 0 | 0 | 0 | -32.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -237.41M | -141.66M | -147.65M | -389.43M | -496.09M | 12.78M | -74.61M | -278.29M | 12.75M | -110.94M | -143.26M | -259.77M | -76.3M | -97.04M | -175.79M | -14.79M | -48.43M | -21.57M | -64.07M | -96.13M | -405K | -57.73M | -35.49M | -19.38M | -46.5M | -57.21M | -94.97M | -67M | -24.3M | 92K | 1.08M |
| Cash from Financing | 252.57M | -95.97M | 146.66M | 608.47M | 405.76M | 131.25M | 130.93M | 476.2M | -462.28M | -235.43M | 386.36M | 307.75M | 41.48M | 212.1M | -99.34M | 231.93M | -40.4M | 256.98M | 467.35M | 160.09M | 102.01M | 147.31M | 154.66M | 99.66M | 50.27M | 100.38M | 125.56M | 148M | 286.8M | 82.19M | 31.99M |
| Dividends Paid | -43.14M | -43.37M | -43.63M | -43.58M | -44.94M | -44.57M | -43.2M | -42.52M | -41.98M | -32.2M | -25.96M | -25.07M | -17.92M | -16.09M | -19.08M | -14.67M | -13.22M | -11.08M | -8.27M | -6.47M | -5.7M | -5.21M | -4.44M | -3.2M | -2.65M | -1.89M | -1.66M | -1.4M | -1.4M | -1.32M | -1.26M |
| Share Repurchases | -23.18M | -23.18M | -1.5M | -44.8M | -33.71M | -34.15M | -30.99M | -2.18M | -47.19M | 0 | -10.2M | 0 | 0 | -1.9M | -7.42M | 0 | -4.83M | -430K | -132K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.15M | -425K |
| Stock Issued | 923K | 1.65M | 1.16M | 1.22M | 1.23M | 1.35M | 1.42M | 1.45M | 1.48M | 1.48M | 77.4M | 1.37M | 1.21M | 1.4M | 1.87M | 1.48M | 1.82M | 2.3M | 2.08M | 0 | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 403K | 442K |
| Net Stock Activity | -22.26M | -21.54M | -345K | -43.58M | -32.48M | -32.8M | -29.57M | -736K | -45.72M | 1.48M | 67.2M | 1.37M | 1.21M | -503K | -5.54M | 1.48M | -3.01M | 1.87M | 1.95M | 0 | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -751K | 17K |
| Debt Issuance (Net) | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 442.4M | 210.07M | 106.55M | 352.04M | 475.92M | 797.16M | 250.62M | 274.23M | -103.61M | 85.15M | 84.98M | 80.68M | 47.03M | 175.98M | 27.74M | 185.16M | 268.13M | 198.7M | -67.1M | 147.45M | -68.81M | 170.45M | 68.95M | 58.04M | 56.53M | 37.35M | 133.06M | 72.5M | 52.4M | 72.89M | 16.31M |
| Net Change in Cash | -43.5M | -36.38M | -134.35M | 361.26M | -2.5M | 93.34M | -2.29M | -10.02M | -77.97M | 29.04M | 88.68M | -3.68M | 30.22M | -96.2M | 107.39M | -35.84M | 26.91M | -14.61M | -9.23M | 20.99M | 3.18M | 2M | 2.61M | -2.38M | -3.07M | 13.88M | -2.33M | -300K | -36.6M | 4.94M | 5.33M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 389.79M | 426.16M | 560.51M | 199.25M | 201.75M | 108.41M | 110.7M | 120.72M | 198.69M | 169.65M | 80.97M | 84.66M | 54.43M | 150.63M | 43.24M | 79.07M | 52.17M | 66.77M | 76M | 55.01M | 51.83M | 49.83M | 47.22M | 49.61M | 52.68M | 38.8M | 41.13M | 41.4M | 36.6M | 31.65M | 26.32M |
| Cash at End | 387.47M | 389.79M | 426.16M | 560.51M | 199.25M | 201.75M | 108.41M | 110.7M | 120.72M | 198.69M | 169.65M | 80.97M | 84.66M | 54.43M | 150.63M | 43.24M | 79.07M | 52.17M | 66.77M | 76M | 55.01M | 51.83M | 49.83M | 47.22M | 49.61M | 52.68M | 38.8M | 41.1M | 323.4M | 36.59M | 31.65M |
| Interest Paid | 133.26M | 178.55M | 198.65M | 137.29M | 39.26M | 28.69M | 47.2M | 70.45M | 55.84M | 42.93M | 27.01M | 19.73M | 17.05M | 18.41M | 27.78M | 36.52M | 46.19M | 54.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 12.95M | 12.95M | 15.75M | 15.75M | 11.95M | 10.75M | 12M | 10.5M | 2M | 11.3M | 5.7M | 8.5M | 4.3M | 4M | 11.2M | 9M | 10.65M | 17.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 51.96M | 73.48M | 90.69M | 72.96M | 217.22M | 147.74M | 79.08M | 64.72M | 108.96M | 82.1M | 80.18M | 69.22M | 50.87M | 53.84M | 66.46M | 69.67M | 45.68M | 18.09M | 23.53M | 18.02M | 17.86M | 18.91M | 19.75M | 26.73M | 23.02M | 99.94M | 2.86M | 3.8M | 12.1M | 3.52M | -852K |
| FCF Growth % | -8.01% | -18.98% | 24.3% | -66.41% | 47.03% | 86.81% | 22.19% | -40.6% | 32.72% | 2.4% | 15.83% | 36.06% | -5.52% | -18.98% | -4.6% | 52.5% | 152.48% | -23.1% | 30.6% | 0.85% | -5.51% | -4.26% | -26.12% | 16.12% | -76.97% | 3390.81% | -24.66% | -68.59% | 243.26% | 513.73% | -116.18% |
Securities portfolio duration sensitivity
As reported in quarterly financial filings, Southside Bancshares frequently rotates its securities portfolio, evidenced by a 2025Q3 period where the bank purchased $338.6M in assets while simultaneously selling $472.1M, suggesting an active effort to manage duration and liquidity amidst a challenging interest rate environment.
The high volume of purchases and sales relative to net income indicates that the bank is actively rebalancing its investment book to mitigate the impact of fixed-rate municipal holdings. This turnover suggests that management is attempting to optimize yield, though the persistent need for such activity may imply ongoing pressure on the net interest margin.
Based on historical cash flow data, Southside Bancshares has maintained a remarkably consistent dividend payout of approximately $10.7M to $11.2M per quarter, even as net income fluctuated significantly, including a notable dip to $4.9M in 2025Q3, which warrants further investigation into long-term capital retention capacity.
The bank's commitment to steady dividends despite earnings volatility suggests a conservative capital allocation philosophy that prioritizes shareholder returns. However, the narrowing gap between net income and dividend outflows in certain periods may limit the bank's ability to fund organic growth or absorb potential credit losses without external capital.
According to recent cash flow statements, the bank recorded a significant $45.9M provision for credit losses in 2025Q3, a sharp departure from typical quarterly figures, which may indicate an evolving risk assessment of the bank's municipal and commercial real estate loan portfolios in the Texas market.
This non-linear spike in provisioning suggests that management is proactively adjusting for potential credit deterioration, which directly impacts the bank's operating cash flow. Investors should monitor whether this reflects a structural shift in asset quality or a temporary adjustment to the CECL model assumptions.
As evidenced by the erratic operating cash flow figures, such as the -3.27 OCF/NI ratio in 2023Q4, the bank's cash flow statement appears heavily distorted by non-operating balance sheet movements, masking the underlying core earnings power and the true liquidity position of the institution's deposit franchise.
The volatility in operating cash flow highlights that traditional cash flow metrics are less informative for SBSI than balance sheet trends. The reliance on FHLB advances and securities turnover suggests that the bank's liquidity is more sensitive to market-driven asset repricing than to core operational cash generation.
Quick answers to the most common questions about buying SBSI stock.
Southside Bancshares, Inc. (SBSI) generated $93.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Southside Bancshares, Inc. (SBSI) generated $73.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Southside Bancshares, Inc. (SBSI) spent $20.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Southside Bancshares, Inc. (SBSI) returned $43.4M to shareholders via cash dividends and spent $23.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.