On this page of StockholderLetter.com we present the latest annual shareholder letter from SOUTHSIDE BANCSHARES INC — ticker symbol SBSI. Reading current and past SBSI letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT SOUTHSIDE BANCSHARES, INC. 2024
ANNUAL REPORT Table of Contents 2 3 A LETTER FROM OUR CEO 6 2024 CONNECTIONS 7 FINANCIAL HIGHLIGHTS 8 SOUTHSIDE BANK LOCATION MAP 10 BOARD OF DIRECTORS 12 OFFICERS AND DIRECTORS 16 FORM 10-K
AN N UAL REP ORT 2 02 4 | SOUTHSIDE BA N CS H A R ES , IN C . LEE R. GIBSON A Letter From Our CEO Dear Fellow Shareholders, I am proud to report on a successful year in our 2024 Annual Report. As I reflect on the past 12 months, I would like to give credit to our outstanding team members, whose contributions made the results below possible. We strongly believe that our workplace culture is the cornerstone of our success. This strong culture fosters collaboration, innovation, and, most importantly, a sense of belonging. Our team members are not just employees; they are the heart and soul of our institution. The inverted yield curve along with increasing regulatory burden continued to provide headwinds for the banking industry during most of 2024. Since the Federal Reserve s third federal funds rate cut in December the yield curve is significantly less inverted and at times has been flat to slightly positive. With the new presidential administration, we are seeing a positive shift in attitude towards the banking industry regulatory burden that is resulting in constructive changes in this area. 2024 FINANCIAL HIGHLIGHTS INCLUDED: OUR GROWTH AND EXPANSION An increase in net income of 2.1%, to $88.5 million; Earnings per common share increasing 3.2%, to $2.91; A return on average tangible common equity of 14.92%; Continued strong credit metrics and capital levels; and In early 2024, we opened a loan production office (LPO) in Dallas' Preston Center to further expand our growing Dallas customer base. In addition, we opened an LPO in The Woodlands to further facilitate the growth we are experiencing in the greater Houston area. We are confident in the long-term growth potential as both locations have been staffed with experienced and well-connected bankers. An increase in the cash dividend per common share. During 2025, we will complete construction of a new, modern branch in Cleveland, Texas, replacing the existing facility. Additionally, we will construct a new branch on the west side of Tyler 3
A N N UA L R E P O R T 20 24 in a rapidly expanding area. In Granbury, we will replace our current location with a newly constructed branch providing better visibility and customer convenience. Over the next several years, we expect a portion of our organic growth will be achieved by continuing to expand our branch footprint in high growth areas of Texas. Additionally, we anticipate merger and acquisition activity in Texas will increase, which may lead to additional growth opportunities for Southside. an extensive wealth of knowledge, experience, and expertise to this position, having demonstrated exceptional leadership and dedication in his role as Regional President of Central Texas over the prior three years, and serving in leadership roles at a large Texas bank for two and-a-half decades prior to joining Southside. His deep understanding of our industry, coupled with his focus on building new relationships, made him the ideal candidate to fill this important role. Keith offices at our headquarters in Tyler, working closely with me and the senior management team developing and implementing strategic initiatives designed to grow and enhance the Southside franchise. OUR RELATIONSHIP-BASED CULTURE Keith Donahoe President Southside Bank and Southside Bancshares, Inc. OUR EXPERIENCED LEADERSHIP In May 2024, the Southside Board appointed Keith Donahoe to serve as the President of Southside Bank and Southside Bancshares, Inc. Keith brings 4 Southside was once again recognized by American Banker as a Best Bank to Work For in 2024. We are proud of this recognition, but more importantly, we are proud of our team members for supporting their fellow colleagues and creating a work environment worthy of this award. By putting them first, we empower them to build lasting relationships with our customers and the communities we serve. These relationships are essential to our mission, as they allow us to understand our customers needs better and tailor our services accordingly. Our intentional focus on relationship building is woven into the fabric of our daily operations. Throughout 2024, we implemented several initiatives that emphasize the importance of personal connections, encouraging our team members to engage genuinely with customers. Whether it s through community outreach, networking, mentoring, financial
SOUTHSID E BA N CS H A R ES , IN C . Whether it s through community outreach, networking, mentoring, financial empowerment workshops, volunteer efforts, or simply being present in the communities we serve, our team members are committed to fostering trust and loyalty. empowerment workshops, volunteer efforts, or simply being present in the communities we serve, our team members are committed to fostering trust and loyalty. We recognize that when our team members feel valued and connected, they are better equipped to create positive experiences for those we serve. OUR TECHNOLOGY Looking ahead, we continue to innovate our product offerings while embracing digital banking solutions that meet the evolving needs of our customers. Our investment in technology over the years has allowed us to enhance efficiency and accessibility, ensuring that we remain competitive in an increasingly digital world. OUR BOARD MEMBERS At our shareholders meeting on May 14, three of our directors, Tony Morgan, John Sammons, and Don Thedford will be retiring. In addition, Trey Henderson is not standing for re-election. These dear friends and valued colleagues have demonstrated a deep appreciation and devotion for the work we do together as directors. Their integrity, hard work, and exceptional judgment have contributed to the success and future of Southside. We thank them for their service and wish them all the best in their future endeavors. IN CONCLUSION As we move forward, I am optimistic about the future of Southside and our strong position within the growing Texas economy. We will continue to prioritize our team members, cultivating a culture that encourages growth, collaboration, respect, and excellence, while delivering the best results for our shareholders, customers, and communities. Thank you for your continued support and trust in Southside. LEE R. GIBSON Chief Executive Officer 5
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SBSI Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
SOUTHSIDE BANCSHARES, INC.
2024

ANNUAL REPORT
Table of Contents
2
3
A LETTER FROM OUR CEO
6
2024 CONNECTIONS
7
FINANCIAL HIGHLIGHTS
8
SOUTHSIDE BANK LOCATION MAP
10
BOARD OF DIRECTORS
12
OFFICERS AND DIRECTORS
16
FORM 10-K

AN N UAL REP ORT 2 02 4 | SOUTHSIDE BA N CS H A R ES , IN C .
LEE R. GIBSON
A Letter From
Our CEO
Dear Fellow Shareholders,
I am proud to report on a successful year in our
2024 Annual Report. As I reflect on the past 12
months, I would like to give credit to our outstanding
team members, whose contributions made the
results below possible. We strongly believe that our
workplace culture is the cornerstone of our success.
This strong culture fosters collaboration, innovation,
and, most importantly, a sense of belonging.
Our team members are not just employees;
they are the heart and soul of our institution.
The inverted yield curve along with increasing
regulatory burden continued to provide headwinds
for the banking industry during most of 2024.
Since the Federal Reserve   s third federal funds
rate cut in December the yield curve is significantly
less inverted and at times has been flat to slightly
positive. With the new presidential administration,
we are seeing a positive shift in attitude towards
the banking industry regulatory burden that is
resulting in constructive changes in this area.
2024 FINANCIAL HIGHLIGHTS INCLUDED:
OUR GROWTH AND EXPANSION

An increase in net income of 2.1%, to
$88.5 million;

Earnings per common share increasing
3.2%, to $2.91;

A return on average tangible common
equity of 14.92%;

Continued strong credit metrics and
capital levels; and
In early 2024, we opened a loan production
office (LPO) in Dallas' Preston Center to
further expand our growing Dallas customer
base. In addition, we opened an LPO in The
Woodlands to further facilitate the growth we
are experiencing in the greater Houston area.
We are confident in the long-term growth
potential as both locations have been staffed
with experienced and well-connected bankers.

An increase in the cash dividend per
common share.
During 2025, we will complete construction
of a new, modern branch in Cleveland, Texas,
replacing the existing facility. Additionally, we will
construct a new branch on the west side of Tyler
3

A N N UA L R E P O R T 20 24
in a rapidly expanding area. In Granbury, we
will replace our current location with a newly
constructed branch providing better visibility and
customer convenience. Over the next several
years, we expect a portion of our organic growth
will be achieved by continuing to expand our
branch footprint in high growth areas of Texas.
Additionally, we anticipate merger and acquisition
activity in Texas will increase, which may lead to
additional growth opportunities for Southside.
an extensive wealth of knowledge, experience, and
expertise to this position, having demonstrated
exceptional leadership and dedication in his role
as Regional President of Central Texas over the
prior three years, and serving in leadership roles
at a large Texas bank for two and-a-half decades
prior to joining Southside. His deep understanding
of our industry, coupled with his focus on building
new relationships, made him the ideal candidate
to fill this important role. Keith offices at our
headquarters in Tyler, working closely with me
and the senior management team developing
and implementing strategic initiatives designed
to grow and enhance the Southside franchise.
OUR RELATIONSHIP-BASED CULTURE
Keith Donahoe
President
Southside Bank and
Southside Bancshares, Inc.
OUR EXPERIENCED LEADERSHIP
In May 2024, the Southside Board appointed Keith
Donahoe to serve as the President of Southside
Bank and Southside Bancshares, Inc. Keith brings
4
Southside was once again recognized by
American Banker as a    Best Bank to Work For
in 2024.    We are proud of this recognition, but
more importantly, we are proud of our team
members for supporting their fellow colleagues
and creating a work environment worthy of
this award. By putting them first, we empower
them to build lasting relationships with our
customers and the communities we serve. These
relationships are essential to our mission, as they
allow us to understand our customers    needs
better and tailor our services accordingly.
Our intentional focus on relationship building
is woven into the fabric of our daily operations.
Throughout 2024, we implemented several
initiatives that emphasize the importance
of personal connections, encouraging our
team members to engage genuinely with
customers. Whether it   s through community
outreach, networking, mentoring, financial

SOUTHSID E BA N CS H A R ES , IN C .
Whether it   s through community outreach,
networking, mentoring, financial empowerment
workshops, volunteer efforts, or simply being present
in the communities we serve, our team members are
committed to fostering trust and loyalty.
empowerment workshops, volunteer efforts,
or simply being present in the communities
we serve, our team members are committed
to fostering trust and loyalty. We recognize
that when our team members feel valued and
connected, they are better equipped to create
positive experiences for those we serve.
OUR TECHNOLOGY
Looking ahead, we continue to innovate our
product offerings while embracing digital banking
solutions that meet the evolving needs of our
customers. Our investment in technology over
the years has allowed us to enhance efficiency
and accessibility, ensuring that we remain
competitive in an increasingly digital world.
OUR BOARD MEMBERS
At our shareholders meeting on May 14, three
of our directors, Tony Morgan, John Sammons,
and Don Thedford will be retiring. In addition,
Trey Henderson is not standing for re-election.
These dear friends and valued colleagues have
demonstrated a deep appreciation and devotion
for the work we do together as directors. Their
integrity, hard work, and exceptional judgment
have contributed to the success and future of
Southside. We thank them for their service and
wish them all the best in their future endeavors.
IN CONCLUSION
As we move forward, I am optimistic about the
future of Southside and our strong position within
the growing Texas economy. We will continue to
prioritize our team members, cultivating a culture
that encourages growth, collaboration, respect,
and excellence, while delivering the best results for
our shareholders, customers, and communities.
Thank you for your continued support and trust
in Southside.
LEE R. GIBSON
Chief Executive Officer
5



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