Southside Bancshares, Inc. Increases and Declares Cash Dividend

TYLER, Texas, Feb. 3 11, 2022 (GLOBE NEWSWIRE) — The board of directors of Southside Bancshares, Inc., (NASDAQ: SBSI), parent company of Southside Bank, has approved a 3.0% increase in the regular quarterly cash dividend of 0.01 $ to $0.34 per common share and declared a regular quarterly cash dividend of $0.34 per common share. The cash dividend of $0.34 is to be paid on March 3, 2022 to common shareholders of record on February 17, 2022.

“We are pleased to announce the increase in the quarterly dividend to $0.34 per share,” said Lee R. Gibson, Chief Executive Officer of Southside Bancshares, Inc. “Given the positive economic conditions in our markets and our strong balance sheet, we are excited about the outlook for 2022.”

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas with approximately $7.26 billion in assets as of December 31, 2021, which wholly owns Southside Bank. Southside Bank currently operates 56 branches and a network of 73 ATMs/ITMs in East Texas, Southeast Texas, and the 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, cash management, wealth management, trust services, brokerage services and a range of online and mobile.

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 business, financial information and historical stock price data. To receive email notification of company news, events and stock market activity, please sign up on the Email Notification portion of the website. Questions or comments can be directed to Lindsey Bailes at (903) 630-7965, or [email protected]

Forward-looking statements

Certain statements other than historical fact contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be deemed “forward-looking statements” within the meaning and subject to them. safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and should not be relied upon as representing the views of management as of any future date. These statements may include words such as “expect”, “estimate”, “project”, “anticipate”, “appear”, “believe”, “could”, “should”, “may”, “could”. , “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “goal,” “plan,” “potential,” and expressions Forward-looking statements are statements about the beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance of the Company and are subject to important risks. and known and unknown uncertainties, which could cause the actual results of the Company to differ materially from the results discussed in the forward-looking statements. For example, discussions about the effect of our expansion, the benefits of the share repurchase plan, the trends in asset quality, capital, liquidity, capacity of the company to sell non-performing assets, expense reductions, expected operating efficiencies and growth benefits and certain market risk disclosures, including the impact of interest rates, tax reform, inflation and other economic factors are based on information currently available to management and depend on choices regarding key model features and assumptions and are subject to various limitations. By their nature, certain market risk information is only an estimate and could differ materially from what actually occurs in the future. Accordingly, our results could differ materially from those estimated. The most recent factor that could cause future results to differ materially from those anticipated by our forward-looking statements includes the adverse impact of the COVID-19 pandemic and related variations on our business, financial condition, operations and our outlook, including our ability to continue our business operations in certain communities we serve, the duration of the pandemic and its continued effects on financial markets, a reduction in financial transactions and business activities resulting in lower deposits and reduced in loan originations, an increase in unemployment rates impacting the ability of our borrowers to repay their loans, our ability to manage liquidity in a rapidly changing and unpredictable market, additional interest rate changes by the Federal Reserve and other government actions in response to the pandemic , including regulations or laws enacted to counter the effects of the COVID-19 pandemic on the economy.

Additional information regarding 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 fiscal year ended December 31, 2020, under “Part I – Point 1”. Forward-Looking Information” and in other filings by the Company with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or publicly announce the outcome of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

For more information:
Lindsey Bailes
(903) 630-7965

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