Southside Bancshares, Inc. (SBSI) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	152	136	130	128	136	130	170	176	178	212	211	236	239	253	251
+ Sales & Services Revenue	152	136	130	128	136	130	170	176	178	212	211	236	239	253	251
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	152	136	130	128	136	130	170	176	178	212	211	236	239	253	251
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	152	136	130	128	136	130	170	176	178	212	211	236	239	253	251
+ Selling, General & Admin	54	53	52	54	60	71	74	71	70	81	84	80	84	88	93
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	98	83	78	74	76	59	96	105	108	130	127	155	155	165	158
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-62	-52	-51	-42	-46	-19	-51	-60	-70	-84	-88	-93	-131	-120	-101
+ Interest Expense, Net	-198	-177	-167	-143	-138	-141	-174	-198	-231	-286	-312	-276	-242	-294	-504
+ Interest Expense	-53	-45	-36	-27	-18	-17	-20	-29	-44	-57	-71	-45	-26	-41	-145
- Interest Income	145	131	131	116	120	124	155	169	187	229	241	232	216	253	360
+ Other Non-Op (Income) Loss	135	125	116	101	91	122	123	139	161	202	224	183	112	174	403
Pretax Income	62	52	51	42	46	19	51	60	70	84	88	93	131	120	101
- Income Tax Expense (Benefit)	17	12	10	8	5	-2	7	10	16	10	13	11	17	15	14
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	46	40	40	35	41	21	44	49	54	74	75	82	113	105	87
- Net Extraordinary Losses (Gains)	3	2	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	3	2	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	43	38	38	35	41	21	44	49	54	74	75	82	113	105	87
- Minority Interest	-1	-1	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	44	39	39	35	41	21	44	49	54	74	75	82	113	105	87
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	44	39	39	35	41	21	44	49	54	74	75	82	113	105	87
Basic Weighted Avg Shares	21	22	22	22	21	22	27	27	30	35	34	33	33	32	31
Basic EPS, GAAP	2.07	1.81	1.82	1.61	1.94	0.97	1.61	1.82	1.82	2.12	2.21	2.47	3.48	3.27	2.82
Basic EPS from Cont Ops	2.14	1.85	1.88	1.61	1.94	0.97	1.61	1.82	1.82	2.12	2.21	2.47	3.48	3.27	2.82
Diluted Weighted Avg Shares	22	22	22	22	21	22	27	27	30	35	34	33	33	32	31
Diluted EPS, GAAP	2.05	1.81	1.82	1.61	1.94	0.96	1.61	1.81	1.81	2.11	2.2	2.47	3.47	3.26	2.82
Diluted EPS from Cont Ops	2.12	1.85	1.88	1.61	1.94	0.96	1.61	1.81	1.81	2.11	2.2	2.47	3.47	3.26	2.82
EBITDA	3	3	3	4	4	3	9	9	10	14	12	12	11	11	11
EBITDA Margin (%)	1.9	2.36	2.59	2.82	2.84	2.66	5.09	5.17	5.75	6.63	5.73	5.12	4.78	4.39	4.22
EBITA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	29.17	28.74	30.16	27.09	30.39	16.03	25.95	28.06	30.59	35.01	35.29	34.81	47.47	41.48	34.56
Sales per Employee	271,777	235,363	232,930	223,141	211,798	159,877	248,198	258,969	207,665	258,228	250,034	283,629	295,294	311,437	307,805
Dividend per Share	0.52	0.61	0.68	0.88	0.76	0.83	0.92	0.96	1.08	1.2	1.26	1.3	1.37	1.4	1.42
Depreciation Expense	3	3	3	4	4	3	9	9	10	14	12	12	11	11	11

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	71	97	346	787	414	414	1,564	1,666	1,758	2,143	2,518	2,734	3,005	1,464	1,861
+ Cash, Cash Equivalents & STI	52	79	326	768	392	391	1,541	1,641	1,729	2,116	2,489	2,696	2,966	1,414	1,810
+ Cash & Cash Equivalents	52	79	43	151	54	85	81	162	191	126	131	108	202	115	514
+ ST Investments	- -	- -	283	618	337	307	1,460	1,480	1,539	1,989	2,359	2,587	2,764	1,299	1,296
+ Accounts & Notes Receiv	18	18	19	19	22	22	23	25	28	27	28	39	39	49	50
+ Accounts Receivable, Net	18	18	19	19	22	22	23	25	28	27	28	39	39	49	50
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,954	2,903	2,958	2,450	3,032	4,393	3,598	3,897	4,740	3,980	4,231	4,274	4,254	6,095	6,424
+ Property, Plant & Equip, Net	46	50	51	50	52	113	108	106	134	136	154	160	158	157	154
+ Property, Plant & Equip	76	83	86	89	94	158	160	165	199	208	231	235	239	245	249
- Accumulated Depreciation	30	32	36	39	42	45	52	59	66	72	78	75	82	88	95
+ LT Investments & Receivables	1,749	1,667	287	621	731	699	2,250	2,423	2,454	2,164	2,506	2,708	2,867	2,637	2,613
+ LT Investments	1,749	1,667	287	621	731	699	2,250	2,423	2,454	2,164	2,506	2,708	2,867	2,637	2,613
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,158	1,186	2,621	1,779	2,249	3,581	1,240	1,369	2,152	1,680	1,572	1,406	1,230	3,301	3,658
+ Total Intangible Assets	23	23	23	22	22	100	98	96	224	219	214	211	208	206	204
+ Goodwill	22	22	22	22	22	91	92	92	201	201	201	201	201	201	201
+ Other Intangible Assets	1	1	1	- -	- -	9	7	5	23	18	13	10	7	5	3
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,135	1,163	2,599	1,757	2,227	3,481	1,142	1,273	1,928	1,461	1,357	1,195	1,022	3,096	3,454
Total Assets	3,024	3,000	3,304	3,237	3,446	4,807	5,162	5,564	6,498	6,123	6,749	7,008	7,260	7,559	8,285
+ Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	3	3	362	151	73	297	645	867	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	3	3	362	151	73	297	645	867	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	-867	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	-867	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	3	3	362	151	73	297	645	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	915	623	321	429	560	660	563	1,468	1,176	878	1,170	1,130	543	551	893
+ LT Borrowings	915	623	321	429	560	660	563	1,468	1,176	878	1,160	1,113	526	533	877
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	17	17	17	17
+ Other LT Liabilities	1,904	2,159	2,362	2,399	2,553	3,424	3,510	3,578	4,568	4,514	4,774	5,003	5,805	6,262	6,618
+ Accrued Liabilities	- -	- -	3	- -	- -	- -	- -	- -	- -	- -	5	16	18	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,904	2,159	2,358	2,399	2,553	3,424	3,510	3,578	4,568	4,514	4,769	4,987	5,787	6,262	6,618
Total Noncurrent Liabilities	2,819	2,782	2,683	2,828	3,113	4,085	4,073	5,045	5,744	5,392	5,944	6,133	6,347	6,813	7,512
Total Liabilities	2,822	2,784	3,045	2,980	3,186	4,382	4,718	5,045	5,744	5,392	5,944	6,133	6,347	6,813	7,512
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	167	185	200	220	240	423	459	575	805	810	814	819	828	832	836
+ Common Stock	21	22	23	24	25	33	35	39	47	47	47	47	47	48	48
+ Additional Paid in Capital	146	163	177	196	214	390	424	535	757	762	767	772	781	785	789
- Treasury Stock	24	28	28	36	38	38	38	48	47	93	94	124	155	188	232
+ Retained Earnings	54	65	73	71	79	55	42	30	33	65	80	111	180	240	282
+ Other Equity	4	-7	15	3	-21	-16	-19	-38	-36	-50	4	69	60	-137	-113
Equity Before Minority Interest	202	214	259	258	260	425	444	518	754	731	805	875	912	746	773
+ Minority/Non Controlling Interest	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	202	215	259	258	260	425	444	518	754	731	805	875	912	746	773
Total Liabilities & Equity	3,024	3,000	3,304	3,237	3,446	4,807	5,162	5,564	6,498	6,123	6,749	7,008	7,260	7,559	8,285
Shares Outstanding	22	21	22	21	21	27	27	29	35	34	34	33	32	32	30
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	17	17	17	17
Net Debt	866	546	640	430	579	873	1,127	2,173	985	751	1,029	1,005	324	418	363
Net Debt to Equity	428.07	253.65	247.11	166.81	222.98	205.31	253.78	419.25	130.63	102.73	127.92	114.79	35.55	56.04	46.93
Tangible Common Equity Ratio	5.97	6.47	7.2	7.32	6.93	6.91	6.83	7.72	8.45	8.68	9.03	9.77	9.99	7.35	7.04
Current Ratio	25.6	36.63	0.95	5.21	5.63	1.39	2.42	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Number of Employees	560	578	557	574	640	813	683	679	855	820	845	832	809	813	815

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	46	40	40	35	41	21	44	49	54	74	75	82	113	105	87
+ Depreciation & Amortization	3	3	3	4	4	3	9	9	10	14	12	12	11	11	11
+ Non-Cash Items	-3	20	29	36	27	30	22	23	32	33	20	32	12	30	24
+ Stock-Based Compensation	- -	- -	- -	1	1	1	1	2	2	2	2	3	3	3	4
+ Deferred Income Taxes	- -	1	-1	-1	-1	-1	-3	2	4	6	- -	-4	5	- -	-2
+ Asset Impairment Charge	4	- -	- -	- -	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-7	20	30	36	27	28	24	20	26	24	18	33	4	27	23
+ Chg in Non-Cash Work Cap	-21	-11	1	-4	-13	1	-2	5	-4	2	-26	-36	19	80	-41
+ (Inc) Dec in Accts Receiv	-2	- -	-1	- -	-3	3	- -	-2	- -	1	-1	-10	- -	-10	-1
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-2	-1	-1	-1	- -	- -	- -	2	1	1	1	-3	-2	1	7
+ Inc (Dec) in Other	-17	-10	3	-4	-9	-1	-1	5	-5	-1	-26	-22	22	89	-48
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	25	53	74	70	60	56	73	87	92	122	81	91	156	227	80
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	2	2	1	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	- -	2	2	1	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-7	-7	-4	-3	-6	-5	-4	-7	-10	-13	-16	-11	-8	-9	-7
+ Acq of Fixed Prod Assets	-7	-7	-4	-3	-6	-5	-4	-7	-10	-13	-16	-11	-8	-9	-7
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-268	70	-323	316	-265	141	-121	-235	202	263	-273	-138	-198	-129	69
+ Dec in LT Investment	1,358	1,761	1,188	2,181	1,375	944	962	812	827	569	980	779	494	581	2,115
+ Inc in LT Investment	-1,626	-1,691	-1,511	-1,865	-1,640	-803	-1,083	-1,046	-626	-307	-1,253	-917	-693	-710	-2,046
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	-127	- -	- -	92	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	116	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	-127	- -	- -	-24	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-22	-48	-15	-176	-97	-76	-260	-143	-111	11	-278	-76	11	-497	-390
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-296	15	-341	137	-368	-67	-384	-384	173	262	-567	-224	-194	-635	-327
+ Dividends Paid	-11	-13	-15	-19	-16	-18	-25	-26	-32	-42	-43	-43	-45	-45	-44
+ Net Cash From Debt	-27	-292	60	-102	53	11	251	260	-290	-271	245	-47	-589	7	344
+ Cash From Debt	7,964	8,950	13,270	16,011	20,740	7,102	23,022	8,257	2,786	4,229	6,915	21,896	14,998	3,519	2,308
+ Repayments of Debt	-7,991	-9,242	-13,210	-16,113	-20,687	-7,091	-22,771	-7,997	-3,076	-4,500	-6,670	-21,943	-15,587	-3,512	-1,964
+ Cash (Repurchase) of Equity	2	-3	1	-6	-1	1	1	67	1	-46	-1	-30	-33	-32	-44
+ Increase in Capital Stock	2	2	1	2	1	1	1	77	1	1	1	1	1	1	1
+ Decrease in Capital Stock	- -	-5	- -	-7	-2	- -	- -	-10	- -	-47	-2	-31	-34	-34	-45
+ Other Financing Activities	293	268	185	28	176	47	81	85	85	-104	274	251	797	476	352
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	257	-40	232	-99	212	41	308	386	-235	-462	476	131	131	406	608
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-15	27	-36	107	-96	30	-4	89	29	-78	-10	-2	93	-3	361
Capital Expenditures	-7	-7	-4	-3	-6	-5	-4	-7	-10	-13	-16	-11	-8	-9	-7
EBITDA	3	3	3	4	4	3	9	9	10	14	12	12	11	11	11
EBITDA Margin (%)	1.9	2.36	2.59	2.82	2.84	2.66	5.09	5.17	5.75	6.63	5.73	5.12	4.78	4.39	4.22
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	127	- -	- -	-92	- -	- -	- -	- -	- -	- -
Free Cash Flow	18	46	70	66	54	51	69	80	82	109	65	79	148	217	73
Free Cash Flow to Firm	-21	11	41	44	38	- -	52	56	49	59	4	40	125	182	-51
Free Cash Flow to Equity	-9	-247	130	-36	107	62	320	340	-208	-160	310	34	-439	226	417
Free Cash Flow per Basic Share	0.84	2.11	3.24	3.08	2.54	2.36	2.54	2.96	2.75	3.12	1.92	2.38	4.54	6.76	2.38
Price/Free Cash Flow	9.45	5.71	4.66	4.95	7.53	9.17	8.13	10.76	10.1	8.22	13.07	10.09	8.27	4.93	11.39
Cash Flow to Net Income	0.56	1.34	1.88	2.01	1.44	2.69	1.66	1.76	1.69	1.65	1.08	1.1	1.38	2.16	0.92

Southside Bancshares, Inc.

SBSI US

25.89