Detailed financial statements for Southside Bancshares, Inc. (SBSI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Southside Bancshares, Inc. functions as the holding company for its subsidiary, Southside Bank, which delivers a comprehensive suite of financial solutions to diverse clients, including individual consumers, commercial enterprises, governmental bodies, and non-profit organizations. Its offerings encompass a variety of deposit accounts, such as savings, money market, and both interest-bearing and non-interest-bearing checking options, alongside certificates of deposit (CDs).
Analysis Summary
Southside Bancshares, Inc. reported revenue of $419.0M in the most recent fiscal year, growing at a 5-year CAGR of 8.3%. Net income reached $69.2M, with a -3.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 49.6%, operating margin 19.9%, net margin 16.6%. Free cash flow grew at -1.5% CAGR over 5 years.
At the current price of $31.70, SBSI trades at a P/E of 12.48 and an ROE of 8.89%. Market capitalisation stands at $943M.
Balance sheet quality for SBSI: current ratio of 0.2, net cash position of $912.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $73.5M represents 106% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $205.2M | $221.1M | $268.8M | $282.3M | $281.6M | $265.3M | $293.8M | $395.6M | $456.1M | $419.0M |
| Cost of Revenue | $39.1M | $48.2M | $65.5M | $76.1M | $64.8M | $9.5M | $43.9M | $153.9M | $201.6M | $185.0M |
| Gross Profit | $166.1M | $172.9M | $203.3M | $206.2M | $216.8M | $255.9M | $250.0M | $241.7M | $254.5M | $234.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $71.3M | $69.7M | $81.3M | $84.0M | $80.5M | $84.1M | $88.0M | $93.3M | $97.4M | $98.0M |
| Operating Expenses | $106.4M | $102.4M | $119.0M | $118.4M | $123.3M | $125.0M | $130.3M | $140.6M | $147.1M | $151.4M |
| Operating Income | $59.7M | $70.4M | $84.3M | $87.8M | $93.5M | $130.8M | $119.6M | $101.1M | $107.4M | $82.6M |
| EBITDA | $68.8M | $80.6M | $98.3M | $99.9M | $105.6M | $142.2M | $130.7M | $111.7M | $117.8M | $82.8M |
| Interest Expense | $29.3M | $43.5M | $57.1M | $71.0M | $44.6M | $26.4M | $40.6M | $144.7M | $198.2M | $182.0M |
| Pre-tax Income | $59.7M | $70.4M | $84.3M | $87.8M | $93.5M | $130.8M | $119.6M | $101.1M | $107.4M | $82.6M |
| Income Tax | $10.3M | $16.1M | $10.2M | $13.2M | $11.3M | $17.4M | $14.6M | $14.4M | $18.9M | $13.4M |
| Net Income | $49.3M | $54.3M | $74.1M | $74.6M | $82.2M | $113.4M | $105.0M | $86.7M | $88.5M | $69.2M |
| EPS | $1.81 | $1.82 | $2.12 | $2.21 | $2.47 | $3.48 | $3.27 | $2.82 | $2.92 | $2.30 |
| EPS (Diluted) | $1.81 | $1.81 | $2.11 | $2.20 | $2.47 | $3.47 | $3.26 | $2.82 | $2.92 | $2.29 |
| Shares Outstanding (Diluted) | $27.2M | $30.0M | $35.1M | $33.9M | $33.3M | $32.7M | $32.3M | $30.8M | $30.4M | $30.2M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $161.6M | $190.7M | $126.5M | $130.7M | $108.4M | $201.8M | $115.4M | $513.7M | $373.4M | $384.0M |
| Short-term Investments | $1.48B | $1.54B | $1.99B | $2.36B | $2.59B | $2.76B | $1.30B | $1.30B | $1.11B | $1.26B |
| Receivables | $25.2M | $28.5M | $27.3M | $28.5M | $38.7M | $39.1M | $49.4M | $50.5M | $46.7M | $41.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.67B | $1.76B | $2.14B | $2.52B | $2.73B | $3.01B | $1.46B | $1.86B | $1.53B | $1.69B |
| Property, Plant & Equipment | $106.0M | $133.6M | $136.0M | $153.7M | $159.6M | $157.6M | $156.6M | $153.8M | $155.5M | $164.7M |
| Goodwill | $91.5M | $201.2M | $201.1M | $201.1M | $201.1M | $201.1M | $201.1M | $201.1M | $201.1M | $201.1M |
| Intangible Assets | $4.6M | $23.0M | $17.8M | $13.4M | $9.7M | $6.9M | $4.6M | $2.9M | $1.8M | $1.0M |
| Total Assets | $5.56B | $6.50B | $6.12B | $6.75B | $7.01B | $7.26B | $7.56B | $8.28B | $8.52B | $8.51B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $873.6M | $9.5M | $36.8M | $28.4M | 0 | 0 | 0 | 0 | $76.4M | $419.1M |
| Total Current Liabilities | $4.41B | $4.52B | $4.46B | $4.73B | $4.93B | $5.72B | $6.20B | $6.55B | $6.73B | $7.28B |
| Long-term Debt | $1.47B | $1.18B | $877.7M | $1.16B | $1.11B | $526.1M | $533.5M | $876.6M | $884.2M | $300.6M |
| Total Liabilities | $5.05B | $5.74B | $5.39B | $5.94B | $6.13B | $6.35B | $6.81B | $7.51B | $7.71B | $7.67B |
| Retained Earnings | $30.1M | $32.9M | $64.8M | $80.3M | $111.2M | $179.8M | $239.6M | $282.4M | $326.8M | $352.2M |
| Total Equity | $518.3M | $754.1M | $731.3M | $804.6M | $875.3M | $912.2M | $746.0M | $773.3M | $811.9M | $847.6M |
| Total Debt | $2.34B | $1.18B | $914.5M | $1.20B | $1.13B | $542.7M | $550.5M | $893.3M | $976.4M | $734.1M |
| Net Debt | $700.4M | -$553.6M | -$1.20B | -$1.29B | -$1.57B | -$2.42B | -$863.9M | -$916.7M | -$508.4M | -$912.0M |
| Working Capital | -$2.74B | -$2.77B | -$2.32B | -$2.21B | -$2.20B | -$2.72B | -$4.73B | -$4.69B | -$5.20B | -$5.60B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $49.3M | $54.3M | $74.1M | $74.6M | $82.2M | $113.4M | $105.0M | $86.7M | $88.5M | $69.2M |
| Depreciation & Amortization | $9.1M | $10.2M | $14.0M | $12.1M | $12.1M | $11.4M | $11.1M | $10.6M | $10.5M | $10.6M |
| Stock-based Compensation | $1.5M | $1.8M | $2.3M | $2.4M | $3.0M | $3.0M | $3.2M | $3.6M | $3.5M | $3.0M |
| Change in Working Capital | $5.2M | -$4.5M | $1.7M | -$26.3M | -$35.5M | $19.1M | $80.4M | -$41.4M | -$16.0M | -$35.9M |
| Operating Cash Flow | $86.7M | $91.7M | $122.4M | $80.6M | $90.5M | $156.1M | $226.5M | $79.9M | $101.8M | $93.8M |
| Capital Expenditure | -$6.5M | -$9.6M | -$13.4M | -$15.9M | -$11.4M | -$8.4M | -$9.3M | -$6.9M | -$11.2M | -$20.3M |
| Acquisitions | 0 | $91.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$10.2M | 0 | -$47.2M | -$2.2M | -$31.0M | -$34.1M | -$33.7M | -$44.8M | -$1.5M | -$23.2M |
| Dividends Paid | -$26.0M | -$32.2M | -$42.0M | -$42.5M | -$43.2M | -$44.6M | -$44.9M | -$43.6M | -$43.6M | -$43.4M |
| Free Cash Flow | $80.2M | $82.1M | $109.0M | $64.7M | $79.1M | $147.7M | $217.2M | $73.0M | $90.7M | $73.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.7% | +21.6% | +5.0% | -0.2% | -5.8% | +10.7% | +34.6% | +15.3% | -8.1% | |
| Net Income Growth (YoY) | +10.1% | +36.5% | +0.6% | +10.2% | +38.0% | -7.4% | -17.5% | +2.1% | -21.8% | |
| EPS Growth (YoY) | +0.6% | +16.5% | +4.2% | +11.8% | +40.9% | -6.0% | -13.8% | +3.5% | -21.2% | |
| Shares Change (YoY) | +10.3% | +16.9% | -3.5% | -1.8% | -1.8% | -1.3% | -4.6% | -1.3% | -0.5% | |
| FCF Growth (YoY) | +2.4% | +32.7% | -40.6% | +22.2% | +86.8% | +47.0% | -66.4% | +24.3% | -19.0% | |
| Gross Margin | 80.9% | 78.2% | 75.6% | 73.0% | 77.0% | 96.4% | 85.1% | 61.1% | 55.8% | 55.8% |
| Operating Margin | 29.1% | 31.9% | 31.4% | 31.1% | 33.2% | 49.3% | 40.7% | 25.6% | 23.5% | 19.7% |
| EBITDA Margin | 33.5% | 36.5% | 36.6% | 35.4% | 37.5% | 53.6% | 44.5% | 28.2% | 25.8% | 19.8% |
| Net Margin | 24.1% | 24.6% | 27.6% | 26.4% | 29.2% | 42.7% | 35.7% | 21.9% | 19.4% | 16.5% |
| FCF Margin | 39.1% | 37.1% | 40.5% | 22.9% | 28.1% | 55.7% | 73.9% | 18.4% | 19.9% | 17.5% |
| Effective Tax Rate | 17.3% | 22.9% | 12.1% | 15.1% | 12.1% | 13.3% | 12.2% | 14.3% | 17.6% | 16.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.94 | $2.73 | $3.10 | $1.91 | $2.38 | $4.52 | $6.74 | $2.37 | $2.99 | $2.43 |
| Dividends Per Share | $0.95 | $1.07 | $1.20 | $1.25 | $1.30 | $1.36 | $1.39 | $1.42 | $1.44 | $1.43 |
| Shares Outstanding (Basic) | $27.2M | $29.8M | $35.0M | $33.7M | $33.2M | $32.6M | $32.1M | $30.7M | $30.3M | $30.1M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 8.89% |
| Return on Invested Capital | 2.93% |
| Return on Assets | 0.87% |
| Gross Margin | 49.65% |
| Operating Margin | 19.86% |
| Net Margin | 16.61% |
Financial Health
| Debt / Equity | 1.86 |
| Current Ratio | 0.27 |
| Piotroski F-Score | 7 |
| Altman Z-Score | -0.58 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.33 | 18.51 | 14.98 | 16.81 | 12.56 | 12.02 | 11.01 | 11.11 | 10.88 | 13.21 |
| P/B | 1.93 | 1.33 | 1.52 | 1.56 | 1.18 | 1.49 | 1.55 | 1.24 | 1.18 | 1.08 |
| P/S | 4.89 | 4.55 | 4.13 | 4.44 | 3.66 | 5.13 | 3.93 | 2.43 | 2.11 | 2.19 |
| Gross Margin | 80.9% | 78.2% | 75.6% | 73.0% | 77.0% | 96.4% | 85.1% | 61.1% | 55.8% | 55.8% |
| Operating Margin | 29.1% | 31.9% | 31.4% | 31.1% | 33.2% | 49.3% | 40.7% | 25.6% | 23.5% | 19.7% |
| Net Margin | 24.1% | 24.6% | 27.6% | 26.4% | 29.2% | 42.7% | 35.7% | 21.9% | 19.4% | 16.5% |
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Explore sector: Financial Services · Banks - Regional
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