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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 001-42396

SOUTHSIDE BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Texas

75-1848732

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

1201 S. Beckham Avenue,

Tyler,

Texas

75701

(Address of Principal Executive Offices)

(Zip Code)

903-531-7111

(Registrant’s telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $1.25 par value

SBSI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the issuer’s common stock, par value $1.25, outstanding as of October 24, 2025 was 30,066,126 shares.

TABLE OF CONTENTS


GLOSSARY OF ACRONYMS, ABBREVIATIONS AND TERMS			1
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)			3
CONSOLIDATED BALANCE SHEETS			3
CONSOLIDATED STATEMENTS OF INCOME			4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)			5
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY			6
CONSOLIDATED STATEMENTS OF CASH FLOWS			8
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			10
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			43
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			65
ITEM 4. CONTROLS AND PROCEDURES			66
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			66
ITEM 1A. RISK FACTORS			66
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			67
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			67
ITEM 4. MINE SAFETY DISCLOSURES			67
ITEM 5. OTHER INFORMATION			67
ITEM 6. EXHIBITS			68
EXHIBIT INDEX			68
SIGNATURES			69

Table of Contents

SOUTHSIDE BANCSHARES, INC.

Glossary of Acronyms, Abbreviations and Terms

The acronyms, abbreviations and terms listed below are used in various sections of this Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."


Entities:
Southside Bancshares, Inc.						Bank holding company for Southside Bank
Southside Bank						Texas state bank and wholly owned subsidiary of Southside Bancshares, Inc.
Company						Combined entities of Southside Bancshares, Inc. and its subsidiaries, including Southside Bank
Bank						Southside Bank
Southside						Southside Bancshares, Inc.

Other Acronyms, Abbreviations and Terms:
2024 Form 10-K						Southside Bancshares, Inc. Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025
401(k) Plan						401(k) Defined Contribution Plan
Acquired Retirement Plan						OmniAmerican Bank defined benefit pension plan
AFS						Available for sale
ALCO						Asset/Liability Committee
AOCI						Accumulated other comprehensive income or loss
ASC						Accounting Standards Codification
ASU						Accounting Standards Update issued by the FASB
ATM						Automated teller machines
Basel Committee						Basel Committee on Banking Supervision
BOLI						Bank owned life insurance
CDs						Certificates of deposit
CECL						ASC 326, Financial Instruments- Credit Losses, also known as Current Expected Credit Losses
CET1						Common Equity Tier 1
CMOs						Collateralized mortgage obligations
CRE						Commercial real estate
ESOP						Employee Stock Ownership Plan
ETR						Effective tax rate
Exchange Act						Securities Exchange Act of 1934, as amended
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
Federal Reserve						The Board of Governors of the Federal Reserve System
FHLB						Federal Home Loan Bank
FRBNY						Federal Reserve Bank of New York
FRDW						Federal Reserve Discount Window
FTE						Fully-taxable equivalents measurements (non-GAAP)
GAAP						United States generally accepted accounting principles
GSEs						U.S. government-sponsored enterprises
Guidelines						Interagency Guidelines Prescribing Standards for Safety and Soundness adopted by federal banking agencies
HTM						Held to maturity
ITM						Interactive teller machines

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MBS						Mortgage-backed securities
MVPE						Market value of portfolio equity
OREO						Other real estate owned
Plan						Stock Repurchase Plan
Repurchase agreements						Securities sold under agreements to repurchase
Restoration Plan						Nonfunded supplemental retirement plan
Retirement Plan						Defined benefit pension plan
ROU						Right-of-use
RSU						Restricted stock units
SBA						Small Business Administration
SEC						U.S. Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate provided by the Federal Reserve Bank of New York
U.S.						United States

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(UNAUDITED)
(in thousands, except share amounts)


	September 30, 2025		December 31, 2024

ASSETS
Cash and due from banks	$	90,519	$	91,409
Interest earning deposits	365,263		281,945
Federal funds sold	11,130		52,807
Total cash and cash equivalents	466,912		426,161
Securities:
Securities AFS, at estimated fair value (amortized cost of $1,307,864 and $1,587,416, respectively)	1,292,431		1,533,894
Securities HTM (estimated fair value of $1,106,186 and $1,113,482, respectively)	1,263,401		1,279,234
FHLB stock, at cost	9,359		33,818
Equity investments	9,552		9,467
Loans held for sale	497		1,946
Loans:
Loans	4,765,289		4,661,597
Less: Allowance for loan losses	(45,294)		(44,884)
Net loans	4,719,995		4,616,713
Premises and equipment, net	147,187		141,648
Operating lease ROU assets	12,734		13,860
Goodwill	201,116		201,116
Other intangible assets, net	1,161		1,754
Interest receivable	35,413		46,724
Deferred tax asset, net	30,573		34,492
Unsettled trades to sell securities	9,093		—

BOLI	139,697		138,313
Other assets	44,039		38,308
Total assets	$	8,383,160	$	8,517,448

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest bearing	$	1,411,764	$	1,357,152
Interest bearing	5,549,823		5,297,096
Total deposits	6,961,587		6,654,248
Other borrowings	99,374		76,443
FHLB borrowings	101,332		731,909
Subordinated notes, net of unamortized debt issuance costs	239,601		92,042
Trust preferred subordinated debentures, net of unamortized debt issuance costs	60,278		60,274


Operating lease liabilities	14,670		15,779
Other liabilities	71,468		74,811
Total liabilities	7,548,310		7,705,506

Off-balance-sheet arrangements, commitments and contingencies (Note 12)

Shareholders’ equity:
Common stock: ($1.25 par value, 80,000,000 shares authorized, 38,103,037 shares issued at September 30, 2025 and 38,077,992 shares issued at December 31, 2024)	47,629		47,598
Paid-in capital	795,346		793,586
Retained earnings	342,023		326,793
Treasury stock: (shares at cost, 8,037,536 at September 30, 2025 and 7,699,182 at December 31, 2024)	(242,044)		(231,137)
AOCI	(108,104)		(124,898)
Total shareholders’ equity	834,850		811,942
Total liabilities and shareholders’ equity	$	8,383,160	$	8,517,448

The accompanying notes are an integral part of these consolidated financial statements.

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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in thousands, except per share data)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Interest income:
Loans	$	69,699	$	71,896	$	204,538	$	209,791
Taxable investment securities	5,578		7,150		18,146		21,126
Tax-exempt investment securities	8,245		9,813		25,209		31,611
MBS	14,174		11,976		40,737		33,179
FHLB stock and equity investments	374		582		1,381		1,488
Other interest earning assets	3,826		4,286		10,735		15,452
Total interest and dividend income	101,896		105,703		300,746		312,647
Interest expense:
Deposits	38,758		38,532		113,432		115,196
FHLB borrowings	2,847		6,488		12,405		18,893
Subordinated notes	2,319		937		4,186		2,829
Trust preferred subordinated debentures	1,025		1,180		3,054		3,526
Other borrowings	1,229		3,102		3,833		9,783
Total interest expense	46,178		50,239		136,910		150,227
Net interest income	55,718		55,464		163,836		162,420
Provision for (reversal of) credit losses	1,092		2,389		2,472		1,962
Net interest income after provision for credit losses	54,626		53,075		161,364		160,458
Noninterest income:
Deposit services	6,069		6,199		18,023		18,341
Net gain (loss) on sale of securities AFS	(24,395)		(1,929)		(24,949)		(2,510)

Gain (loss) on sale of loans	164		115		318		(101)
Trust fees	2,081		1,628		5,725		4,420
BOLI	871		857		2,503		3,408
Brokerage services	1,172		1,068		3,511		3,163
Other	2,048		233		5,247		2,731
Total noninterest income (loss)	(11,990)		8,171		10,378		29,452
Noninterest expense:
Salaries and employee benefits	22,803		22,233		67,457		67,330
Net occupancy	3,761		3,613		10,786		10,725

Advertising, travel & entertainment	907		734		2,781		2,479
ATM expense	444		412		1,227		1,105
Professional fees	1,451		1,206		4,372		3,435
Software and data processing	2,770		2,951		8,636		8,667
Communications	321		423		1,046		1,282
FDIC insurance	920		939		2,822		2,859
Amortization of intangibles	172		278		593		922

Other	3,985		3,543		14,160		10,174
Total noninterest expense	37,534		36,332		113,880		108,978
Income before income tax expense	5,102		24,914		57,862		80,932
Income tax expense	189		4,390		9,629		14,224
Net income	$	4,913	$	20,524	$	48,233	$	66,708

Earnings per common share – basic	$	0.16	$	0.68	$	1.59	$	2.20
Earnings per common share – diluted	$	0.16	$	0.68	$	1.59	$	2.20
Cash dividends paid per common share	$	0.36	$	0.36	$	1.08	$	1.08

The accompanying notes are an integral part of these consolidated financial statements.

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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

(in thousands)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	4,913	$	20,524	$	48,233	$	66,708
Other comprehensive income (loss):
Securities AFS and transferred securities:
Change in unrealized holding gain (loss) on AFS securities during the period	16,327		6,593		(2,504)		(1,094)




Reclassification adjustment for amortization related to AFS and HTM debt securities	2,079		2,119		6,112		6,210

Reclassification adjustment for net (gain) loss on sale of AFS securities, included in net income	24,395		1,929		24,949		2,510

Derivatives:
Change in net unrealized gain (loss) on effective cash flow hedge interest rate swap derivatives	828		(13,658)		(2,715)		4,641

Reclassification adjustment of net (gain) loss related to derivatives designated as cash flow hedges	(1,988)		(5,688)		(6,427)		(18,112)

Retirement plans:
Amortization of net actuarial loss, included in net periodic benefit cost	614		156		1,844		471

Change in net actuarial loss	—		(1,002)		—		(1,002)
Other comprehensive income (loss), before tax	42,255		(9,551)		21,259		(6,376)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(8,874)		2,006		(4,465)		1,339
Other comprehensive income (loss), net of tax	33,381		(7,545)		16,794		(5,037)
Comprehensive income (loss)	$	38,294	$	12,979	$	65,027	$	61,671

The accompanying notes are an integral part of these consolidated financial statements.

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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(UNAUDITED)

(in thousands, except share and per share data)


	Common Stock		Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
Balance at December 31, 2024	$	47,598	$	793,586	$	326,793	$	(231,137)	$	(124,898)	$	811,942


Net income	—		—		21,507		—		—		21,507
Other comprehensive income (loss)	—		—		—		—		(6,916)		(6,916)
Issuance of common stock for dividend reinvestment plan (8,897 shares)	11		253		—		—		—		264

Stock compensation expense	—		914		—		—		—		914
Net issuance of common stock under employee stock plans (22,675 shares)	—		(368)		(130)		350		—		(148)
Cash dividends paid on common stock ($0.36 per share)	—		—		(10,940)		—		—		(10,940)



Balance at March 31, 2025	47,609		794,385		337,230		(230,787)		(131,814)		816,623
Net income	—		—		21,813		—		—		21,813
Other comprehensive income (loss)	—		—		—		—		(9,671)		(9,671)
Issuance of common stock for dividend reinvestment plan (8,984 shares)	11		239		—		—		—		250
Purchase of common stock (424,435 shares)	—		—		—		(11,904)		—		(11,904)
Stock compensation expense	—		686		—		—		—		686
Net issuance of common stock under employee stock plans (86,579 shares)	—		(985)		(113)		1,391		—		293
Cash dividends paid on common stock ($0.36 per share)	—		—		(10,890)		—		—		(10,890)



Balance at June 30, 2025	47,620		794,325		348,040		(241,300)		(141,485)		807,200
Net income	—		—		4,913		—		—		4,913
Other comprehensive income (loss)	—		—		—		—		33,381		33,381
Issuance of common stock for dividend reinvestment plan (7,164 shares)	9		216		—		—		—		225
Purchase of common stock (26,692 shares)	—		—		—		(804)		—		(804)
Stock compensation expense	—		790		—		—		—		790
Net issuance of common stock under employee stock plans (3,519 shares)	—		15		(109)		60		—		(34)
Cash dividends paid on common stock ($0.36 per share)	—		—		(10,821)		—		—		(10,821)
Balance at September 30, 2025	$	47,629	$	795,346	$	342,023	$	(242,044)	$	(108,104)	$	834,850

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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (continued)

(UNAUDITED)

(in thousands, except share and per share data)


	Common Stock		Paid In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
Balance at December 31, 2023	$	47,550	$	788,840	$	282,355	$	(231,995)	$	(113,462)	$	773,288


Net income	—		—		21,511		—		—		21,511
Other comprehensive income (loss)	—		—		—		—		2,603		2,603
Issuance of common stock for dividend reinvestment plan (10,683 shares)	13		293		—		—		—		306

Stock compensation expense	—		756		—		—		—		756
Net issuance of common stock under employee stock plans (23,575 shares)	—		75		(95)		370		—		350
Cash dividends paid on common stock ($0.36 per share)	—		—		(10,892)		—		—		(10,892)


Balance at March 31, 2024	47,563		789,964		292,879		(231,625)		(110,859)		787,922
Net income	—		—		24,673		—		—		24,673
Other comprehensive income (loss)	—		—		—		—		(95)		(95)
Issuance of common stock for dividend reinvestment plan (11,060 shares)	14		276		—		—		—		290
Purchase of common stock (57,966 shares)	—		—		—		(1,510)		—		(1,510)
Stock compensation expense	—		761		—		—		—		761
Net issuance of common stock under employee stock plans (23,778 shares)	—		(442)		(95)		371		—		(166)
Cash dividends paid on common stock ($0.36 per share)	—		—		(10,905)		—		—		(10,905)


Balance at June 30, 2024	47,577		790,559		306,552		(232,764)		(110,954)		800,970
Net income	—		—		20,524		—		—		20,524
Other comprehensive income (loss)	—		—		—		—		(7,545)		(7,545)
Issuance of common stock for dividend reinvestment plan (8,701 shares)	11		279		—		—		—		290

Stock compensation expense	—		987		—		—		—		987
Net issuance of common stock under employee stock plans (38,553 shares)	—		424		(121)		630		—		933
Cash dividends paid on common stock ($0.36 per share)	—		—		(10,905)		—		—		(10,905)
Balance at September 30, 2024	$	47,588	$	792,249	$	316,050	$	(232,134)	$	(118,499)	$	805,254

The accompanying notes are an integral part of these consolidated financial statements.

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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)


	Nine Months Ended
	September 30,
	2025		2024
OPERATING ACTIVITIES:
Net income	$	48,233	$	66,708
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and net amortization	8,005		7,518
Securities premium amortization (discount accretion), net	5,708		4,657
Loan (discount accretion) premium amortization, net	660		298
Provision for (reversal of) credit losses	2,472		1,962
Stock compensation expense	2,390		2,504
Deferred tax expense (benefit)	(546)		(878)

Net (gain) loss on sale of AFS securities	24,949		2,510

Loss on impairment of investments	—		868
Net loss on premises and equipment	1,655		28
Gross proceeds from sales of loans held for sale	13,050		13,423
Gross originations of loans held for sale	(11,601)		(11,289)
Net (gain) loss on consumer receivables	—		412
Net (gain) loss on OREO	109		95

Gain on purchase of subordinated notes	—		(178)
Net change in:
Interest receivable	11,311		12,601
Other assets	90		(39,564)
Interest payable	1,648		(449)
Other liabilities	(38,046)		1,815
Net cash provided by (used in) operating activities	70,087		63,041

INVESTING ACTIVITIES:
Securities AFS:
Purchases	(594,646)		(752,237)
Sales	411,502		126,248
Maturities, calls and principal repayments	424,932		545,836
Securities HTM:

Maturities, calls and principal repayments	18,107		20,951

Proceeds from redemption of FHLB stock and equity investments	39,564		56,115
Purchases of FHLB stock and equity investments	(15,190)		(84,501)
Net loan paydowns (originations)	(105,191)		(50,985)
Proceeds from sales of customer receivables	—		7,600
Purchases of premises and equipment	(13,195)		(6,094)
Proceeds from (purchases of) BOLI	1,143		4,035
Proceeds from sales of premises and equipment	324		17
Net proceeds from sales of OREO	273		278
Proceeds from sales of repossessed assets	200		114
Net cash provided by (used in) investing activities	167,823		(132,623)

(continued)

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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(UNAUDITED)
(in thousands)
	Nine Months Ended
	September 30,
	2025		2024
FINANCING ACTIVITIES:
Net change in deposits	307,291		(114,005)
Net change in other borrowings	22,931		(404,010)
Proceeds from FHLB borrowings	3,346,000		6,068,951
Repayment of FHLB borrowings	(3,976,577)		(5,521,553)
Net proceeds from issuance of subordinated notes	147,619		—
Purchase/redemption of subordinated notes	—		(1,805)
Proceeds from stock option exercises	693		1,403
Cash paid to tax authority related to tax withholding on share-based awards	(582)		(286)
Purchase of common stock	(12,622)		(1,510)
Proceeds from the issuance of common stock for dividend reinvestment plan	739		886

Cash dividends paid	(32,651)		(32,702)
Net cash provided by (used in) financing activities	(197,159)		(4,631)

Net increase (decrease) in cash and cash equivalents	40,751		(74,213)
Cash and cash equivalents at beginning of period	426,161		560,510
Cash and cash equivalents at end of period	$	466,912	$	486,297

SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:

Interest paid	$	135,262	$	150,676
Income taxes paid	$	12,500	$	12,000

SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:

Loans transferred to other repossessed assets and real estate through foreclosure	$	314	$	806





Unsettled trades to purchase securities	$	—	$	19,904
Unsettled trades to sell securities	$	9,093	$	—

The accompanying notes are an integral part of these consolidated financial statements.

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SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. Summary of Significant Accounting and Reporting Policies

Basis of Presentation

In this report, the words “the Company,” “we,” “us,” and “our” refer to the combined entities of Southside Bancshares, Inc. and its subsidiaries, including Southside Bank. The words “Southside” and “Southside Bancshares” refer to Southside Bancshares, Inc. The words “Southside Bank” and “the Bank” refer to Southside Bank.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, not all information required by GAAP for complete financial statements is included in these interim statements. In the opinion of management, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted only of normal recurring items. The preparation of these consolidated financial statements in accordance with GAAP requires the use of management’s estimates. These estimates are subjective in nature and involve matters of judgment. Actual amounts could differ from these estimates.

Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the financial statements and notes thereto in our 2024 Form 10-K.

Accounting Changes and Reclassifications

Certain prior period amounts may be reclassified to conform to current year presentation.

2. Earnings Per Share

Earnings per share on a basic and diluted basis are calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic and Diluted Earnings:
Net income	$	4,913	$	20,524	$	48,233	$	66,708
Less: Earnings allocated to participating securities	3		14		30		41
Net income available to common shareholders	$	4,910	$	20,510	$	48,203	$	66,667
Basic weighted-average shares outstanding	30,067		30,286		30,229		30,276
Add: Stock awards	68		84		87		56
Diluted weighted-average shares outstanding	30,135		30,370		30,316		30,332
Basic earnings per share:
Net income	$	0.16	$	0.68	$	1.59	$	2.20
Diluted earnings per share:
Net income	$	0.16	$	0.68	$	1.59	$	2.20

For the three and nine months ended September 30, 2025, there were approximately 442,000 and 471,000 anti-dilutive shares outstanding, respectively. For the three and nine months ended September 30, 2024, there were 539,000 and 534,000 anti-dilutive shares outstanding, respectively.

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3. Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):


	Three Months Ended September 30, 2025

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(123,451)	$	(3)	$	(18,031)	$	(141,485)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	16,327		828		—		17,155
Reclassification adjustments included in net income	26,474		(1,988)		614		25,100
Income tax (expense) benefit	(8,989)		243		(128)		(8,874)
Net current-period other comprehensive income (loss), net of tax	33,812		(917)		486		33,381
Ending balance, net of tax	$	(89,639)	$	(920)	$	(17,545)	$	(108,104)

	Nine Months Ended September 30, 2025

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(112,199)	$	6,303	$	(19,002)	$	(124,898)
Other comprehensive income (loss):
Other comprehensive (loss) income before reclassifications	(2,504)		(2,715)		—		(5,219)
Reclassification adjustments included in net income	31,061		(6,427)		1,844		26,478

Income tax (expense) benefit	(5,997)		1,919		(387)		(4,465)
Net current-period other comprehensive income (loss), net of tax	22,560		(7,223)		1,457		16,794

Ending balance, net of tax	$	(89,639)	$	(920)	$	(17,545)	$	(108,104)

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	Three Months Ended September 30, 2024

	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(109,881)	$	17,444	$	(18,517)	$	(110,954)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	6,593		(13,658)		(1,002)		(8,067)
Reclassification adjustments included in net income	4,048		(5,688)		156		(1,484)
Income tax (expense) benefit	(2,235)		4,063		178		2,006
Net current-period other comprehensive income (loss), net of tax	8,406		(15,283)		(668)		(7,545)
Ending balance, net of tax	$	(101,475)	$	2,161	$	(19,185)	$	(118,499)

	Nine Months Ended September 30, 2024
	Unrealized Gains (Losses) on Securities		Unrealized Gains (Losses) on Derivatives		Retirement Plans		Total
Beginning balance, net of tax	$	(107,499)	$	12,803	$	(18,766)	$	(113,462)


Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications	(1,094)		4,641		(1,002)		2,545
Reclassification adjustments included in net income	8,720		(18,112)		471		(8,921)
Income tax (expense) benefit	(1,602)		2,829		112		1,339
Net current-period other comprehensive income (loss), net of tax	6,024		(10,642)		(419)		(5,037)
Ending balance, net of tax	$	(101,475)	$	2,161	$	(19,185)	$	(118,499)

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The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024






Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)	$	(2,079)	$	(2,119)	$	(6,112)	$	(6,210)
Tax (expense) benefit	437		445		1,284		1,304
Net of tax	(1,642)		(1,674)		(4,828)		(4,906)

Unrealized gains and losses on available for sale securities:
Realized net gain (loss) on sale of securities (2)	(24,395)		(1,929)		(24,949)		(2,510)


Tax (expense) benefit	5,123		405		5,239		527
Net of tax	(19,272)		(1,524)		(19,710)		(1,983)

Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)	1,988		5,688		6,427		18,112
Tax (expense) benefit	(417)		(1,195)		(1,349)		(3,804)
Net of tax	1,571		4,493		5,078		14,308





Amortization of pension plan:
Net actuarial loss (4)	(614)		(156)		(1,844)		(471)


Tax (expense) benefit	128		33		387		99
Net of tax	(486)		(123)		(1,457)		(372)
Total reclassifications for the period, net of tax	$	(19,829)	$	1,172	$	(20,917)	$	7,047

(1) Included in interest income on the consolidated statements of income.

(2) Listed as net gain (loss) on sale of securities AFS on the consolidated statements of income.

(3) Included in interest expense for FHLB borrowings and deposits on the consolidated statements of income.

(4) These AOCI components are included in the computation of net periodic pension cost (income) presented in “Note 8 – Employee Benefit Plans.”

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4. Securities

Debt securities

The amortized cost, gross unrealized gains and losses and estimated fair value of investment and mortgage-backed AFS and HTM securities, net of allowance for credit losses, as of September 30, 2025 and December 31, 2024 are reflected in the tables below (in thousands):


	September 30, 2025
	Amortized		Gross Unrealized		Gross Unrealized		Less: Allowance for		Estimated
AVAILABLE FOR SALE	Cost		Gains		Losses		Credit Losses		Fair Value
Investment securities:
U.S. Treasury	$	49,650	$	12	$	—	$	—	$	49,662

State and political subdivisions	274,142		1,195		27,246		—		248,091
Corporate bonds and other	16,717		460		234		—		16,943

MBS: (1)
Residential	965,126		11,311		998		—		975,439
Commercial	2,229		67		—		—		2,296
Total	$	1,307,864	$	13,045	$	28,478	$	—	$	1,292,431



	Amortized		Gross Unrealized		Gross Unrealized		Estimated		Less: Allowance for		Net Carrying
HELD TO MATURITY	Cost		Gains		Losses		Fair Value		Credit Losses		Amount
Investment securities:














State and political subdivisions	$	1,042,425	$	776	$	149,376	$	893,825	$	26	$	1,042,399
Corporate bonds and other	112,668		665		2,716		110,617		29		112,639
MBS: (1)
Residential	79,349		12		5,416		73,945		—		79,349
Commercial	29,014		—		1,215		27,799		—		29,014
Total	$	1,263,456	$	1,453	$	158,723	$	1,106,186	$	55	$	1,263,401


	December 31, 2024
	Amortized		Gross Unrealized		Gross Unrealized		Less: Allowance for		Estimated
AVAILABLE FOR SALE	Cost		Gains		Losses		Credit Losses		Fair Value
Investment securities:
U.S. Treasury	$	173,880	$	76	$	—	$	—	$	173,956

State and political subdivisions	458,013		36		43,717		—		414,332
Corporate bonds and other	14,646		263		401		—		14,508

MBS: (1)
Residential	935,639		835		10,088		—		926,386
Commercial	5,238		—		526		—		4,712
Total	$	1,587,416	$	1,210	$	54,732	$	—	$	1,533,894




















	Amortized		Gross Unrealized		Gross Unrealized		Estimated		Less: Allowance for		Net Carrying
HELD TO MATURITY	Cost		Gains		Losses		Fair Value		Credit Losses		Amount
Investment securities:
State and political subdivisions	$	1,040,912	$	4,004	$	152,697	$	892,219	$	—	$	1,040,912
Corporate bonds and other	124,095		17		6,553		117,559		—		124,095
MBS: (1)
Residential	84,660		8		8,549		76,119		—		84,660
Commercial	29,567		—		1,982		27,585		—		29,567
Total	$	1,279,234	$	4,029	$	169,781	$	1,113,482	$	—	$	1,279,234

(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.

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From time to time, we transfer securities from AFS to HTM due to overall balance sheet strategies and our intent and ability to hold these securities until maturity. We did not transfer any securities from AFS to HTM during the nine months ended September 30, 2025 or the year ended December 31, 2024. The remaining net unamortized, unrealized loss on the transferred securities included in AOCI in the accompanying balance sheets totaled $98.9 million ($78.2 million, net of tax) at September 30, 2025 and $105.1 million ($83.0 million, net of tax) at December 31, 2024. Any net unrealized gain or loss on the transferred securities included in AOCI at the time of transfer will be amortized over the remaining life of the underlying security as an adjustment to the yield on those securities. Securities transferred with losses included in AOCI continue to be included in management’s assessment for impairment for each individual security.

Investment securities and MBS with carrying values of $1.95 billion and $2.18 billion were pledged as of September 30, 2025 and December 31, 2024, respectively, to collateralize borrowings from the FRDW, repurchase agreements and public fund deposits, for potential liquidity needs or other purposes as required by law. At September 30, 2025 and December 31, 2024, the amount of excess collateral at the FRDW was $382.2 million and $431.7 million, respectively.

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The following tables present the fair value and unrealized losses on AFS, if applicable, for which an allowance for credit losses has not been recorded, as well as HTM investment securities and MBS, if applicable, as of September 30, 2025 and December 31, 2024, segregated by major security type and length of time in a continuous loss position (in thousands):


	September 30, 2025
	Less Than 12 Months				More Than 12 Months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AVAILABLE FOR SALE
Investment securities:


State and political subdivisions	$	—	$	—	$	200,368	$	27,246	$	200,368	$	27,246
Corporate bonds and other	—		—		5,748		234		5,748		234

MBS:
Residential	64,783		260		10,828		738		75,611		998

Total	$	64,783	$	260	$	216,944	$	28,218	$	281,727	$	28,478

HELD TO MATURITY
Investment securities:
State and political subdivisions	$	127,853	$	5,503	$	716,470	$	143,873	$	844,323	$	149,376
Corporate bonds and other	—		—		84,432		2,716		84,432		2,716
MBS:
Residential	2,460		197		71,055		5,219		73,515		5,416
Commercial	—		—		27,799		1,215		27,799		1,215
Total	$	130,313	$	5,700	$	899,756	$	153,023	$	1,030,069	$	158,723

	December 31, 2024
	Less Than 12 Months				More Than 12 Months				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AVAILABLE FOR SALE
Investment securities:


State and political subdivisions	$	12,089	$	64	$	398,304	$	43,653	$	410,393	$	43,717
Corporate bonds and other	2,967		33		5,612		368		8,579		401

MBS:
Residential	723,855		6,517		31,527		3,571		755,382		10,088
Commercial	2,223		12		2,489		514		4,712		526
Total	$	741,134	$	6,626	$	437,932	$	48,106	$	1,179,066	$	54,732

HELD TO MATURITY
Investment securities:
State and political subdivisions	$	73,272	$	1,779	$	704,563	$	150,918	$	777,835	$	152,697
Corporate bonds and other	2,212		149		111,392		6,404		113,604		6,553
MBS:
Residential	2,548		292		73,064		8,257		75,612		8,549
Commercial	—		—		27,585		1,982		27,585		1,982
Total	$	78,032	$	2,220	$	916,604	$	167,561	$	994,636	$	169,781

For those AFS debt securities in an unrealized loss position (i) where management has the intent to sell or (ii) where it will more-likely-than-not be required to sell the security before the recovery of its amortized cost basis, we recognize the loss in earnings. For those AFS debt securities in an unrealized loss position that do not meet either of these criteria, management assesses whether the decline in fair value has resulted from credit-related factors, using both qualitative and quantitative criteria. Determining the allowance under the credit loss method requires the use of a discounted cash flow method to assess the credit losses. Any credit-related impairment will be recognized in allowance for credit losses on the balance sheet with a corresponding adjustment to earnings. Noncredit-related temporary impairment, the portion of the impairment relating to factors other than credit (such as changes in market interest rates), is recognized in other comprehensive income, net of tax.

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As of September 30, 2025 and December 31, 2024, we did not have an allowance for credit losses on our AFS securities, based on our consideration of the qualitative factors associated with each security type in our AFS portfolio. The unrealized losses on our investment and MBS are due to changes in interest rates and spreads and other market conditions. We had 191 and 421 AFS debt securities in an unrealized loss position at September 30, 2025 and December 31, 2024, respectively. Our state and political subdivisions are highly rated municipal securities with a long history of no credit losses. Our AFS MBS are highly rated securities, which are either explicitly or implicitly backed by the U.S. Government through its agencies and which are highly rated by major ratings agencies and also have a long history of no credit losses. Our corporate bonds and other investment securities consist of primarily investment grade bonds.

We assess the likelihood of default and the potential amount of default when assessing our HTM securities for credit losses. We utilize term structures and, due to no prior loss exposure on our state and political subdivision securities or our corporate securities, we currently apply a third-party average loss given default rate to model these securities. We elected to use the collective evaluation method to model our HTM securities, which aligns with our third-party fair value measurement process. The model determined an expected credit loss over the life of the HTM securities of $55,000, and such amount was recognized as credit loss for the nine months ended September 30, 2025, and no provision of credit loss was recognized for the three months ended September 30, 2025. For the three and nine months ended September 30, 2024, no provision for credit loss was recognized. Management evaluated the remote expectation of loss on the HTM portfolio, along with the qualitative factors associated with these securities, as well as the credit loss estimate of the model and concluded that an allowance for credit loss of $55,000 was sufficient as of September 30, 2025, due to the securities being highly rated municipals and primarily investment grade corporates with a long history of no credit losses. As of September 30, 2025, two corporate bonds were rated below investment grade.

The accrued interest receivable on our debt securities is excluded from the credit loss estimate and is included in interest receivable on our consolidated balance sheets. As of September 30, 2025, accrued interest receivable on AFS and HTM debt securities totaled $7.1 million and $7.8 million, respectively. As of December 31, 2024, accrued interest receivable on AFS and HTM debt securities totaled $13.6 million and $12.9 million, respectively. No HTM debt securities were past-due or on nonaccrual status as of September 30, 2025 or December 31, 2024.

The following table reflects interest income recognized on securities for the periods presented (in thousands):



	Three Months Ended September 30,
	2025		2024
U.S. Treasury	$	734	$	2,315

State and political subdivisions	11,424		12,994

Corporate bonds and other	1,665		1,654
MBS	14,174		11,976
Total interest income on securities	$	27,997	$	28,939



	Nine Months Ended September 30,
	2025		2024
U.S. Treasury	$	3,737	$	6,404

State and political subdivisions	34,743		41,151
Corporate bonds and other	4,875		5,182
MBS	40,737		33,179
Total interest income on securities	$	84,092	$	85,916

There was a $24.9 million net realized loss as a result of sales from the AFS securities portfolio for the nine months ended September 30, 2025, which consisted of $25.4 million in realized losses and $2.0 million in realized gains, as well as a net loss of $1.5 million on the unwind of fair value MBS and municipal securities hedges in the AFS securities portfolio. There was a $2.5 million net realized loss as a result of sales from the AFS securities portfolio for the nine months ended September 30, 2024, which consisted of $6.1 million in realized losses and $88,000 in realized gains, offset by a net gain of $3.5 million on the unwinding of fair value hedges on municipal securities in the AFS securities portfolio. In addition, during the three months ended September 30, 2024, we recorded an impairment charge of $868,000 consisting of a loss of $685,000 on the sale of approximately $10.0 million of AFS municipal securities and a loss of $183,000 on the unwind of the related fair value hedges, sold on October 1, 2024. There were no sales from the HTM portfolio during the three and nine months ended September 30, 2025 or 2024. We calculate realized gains and losses on sales of securities under the specific identification method.

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Expected maturities on our securities may differ from contractual maturities because issuers may have the right to call or prepay obligations. MBS are presented in total by category since MBS are typically issued with stated principal amounts and are backed by pools of mortgages that have loans with varying maturities. The characteristics of the underlying pool of mortgages, such as fixed-rate or adjustable-rate, as well as prepayment risk, are passed on to the security holder. The term of a mortgage-backed pass-through security thus approximates the term of the underlying mortgages and can vary significantly due to prepayments.

The amortized cost and estimated fair value of AFS and HTM securities at September 30, 2025, are presented below by contractual maturity (in thousands):


	September 30, 2025
	Amortized Cost		Fair Value
AVAILABLE FOR SALE
Investment securities:
Due in one year or less	$	50,084	$	50,098
Due after one year through five years	4,991		5,081
Due after five years through ten years	16,007		16,195
Due after ten years	269,427		243,322
	340,509		314,696
MBS:	967,355		977,735
Total	$	1,307,864	$	1,292,431


	September 30, 2025
	Amortized Cost		Fair Value
HELD TO MATURITY
Investment securities:
Due in one year or less	$	140	$	139
Due after one year through five years	25,238		25,351
Due after five years through ten years	125,603		123,125
Due after ten years	1,004,112		855,827
	1,155,093		1,004,442
MBS:	108,363		101,744
Total	$	1,263,456	$	1,106,186

Equity Investments

Equity investments on our consolidated balance sheets include Community Reinvestment Act funds with a readily determinable fair value as well as equity investments without readily determinable fair values. At September 30, 2025 and December 31, 2024, we had equity investments recorded in our consolidated balance sheets of $9.6 million and $9.5 million, respectively.

Any realized and unrealized gains and losses on equity investments are reported in income. Equity investments without readily determinable fair values are recorded at cost, less impairment, if any. For the three and nine months ended September 30, 2025, there was no gain or loss on the sale of equity securities.

The following is a summary of unrealized and realized gains and losses on equity investments recognized in other noninterest income in the consolidated statements of income during the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net gains (losses) recognized during the period on equity investments	$	51	$	191	$	146	$	112
Less: Net gains recognized during the period on equity investments sold during the period	—		—		—		—
Unrealized gains (losses) recognized during the reporting period on equity investments held at the reporting date	$	51	$	191	$	146	$	112

Equity investments are assessed quarterly for other-than-temporary impairment. Based upon that evaluation, management does not consider any of our equity investments to be other-than-temporarily impaired at September 30, 2025.

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FHLB Stock

Our FHLB stock, which has limited marketability, is carried at cost and is assessed quarterly for other-than-temporary impairment. Based upon evaluation by management at September 30, 2025, our FHLB stock was not impaired and thus was not considered to be other-than-temporarily impaired.

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5. Loans and Allowance for Loan Losses

Loans in the accompanying consolidated balance sheets are classified as follows (in thousands):


	September 30, 2025		December 31, 2024
Real estate loans:
Construction	$	519,528	$	537,827
1-4 family residential	730,061		740,396
Commercial	2,688,712		2,579,735
Commercial loans	429,952		363,167
Municipal loans	353,324		390,968
Loans to individuals	43,712		49,504
Total loans	4,765,289		4,661,597
Less: Allowance for loan losses	45,294		44,884
Net loans	$	4,719,995	$	4,616,713

Construction Real Estate Loans

Our construction loans are collateralized by property located primarily in or near the market areas we serve. Some of our construction loans will be owner occupied upon completion. Construction loans for non-owner occupied projects are financed, but these typically have cash flows from leases with tenants, secondary sources of repayment, and in some cases, additional collateral. Our construction loans have both adjustable and fixed interest rates during the construction period. Construction loans to individuals are typically priced and made with the intention of granting the permanent loan on the completed property. Commercial construction loans typically have adjustable interest rates and are subject to underwriting standards similar to that of the commercial real estate loan portfolio. Owner occupied 1-4 family residential construction loans are subject to the underwriting standards of the permanent loan.

1-4 Family Residential Real Estate Loans

Residential loan originations are generated by our mortgage loan officers, in-house origination staff, marketing efforts, present customers, walk-in customers and referrals from real estate agents and builders. We focus our lending efforts primarily on the origination of loans secured by first mortgages on owner occupied 1-4 family residences. Substantially all of our 1-4 family residential originations are secured by properties located in or near our market areas.

Our 1-4 family residential loans generally have maturities ranging from 15 to 30 years. These loans are typically fully amortizing with monthly payments sufficient to repay the total amount of the loan. Our 1-4 family residential loans are made at both fixed and adjustable interest rates.

Underwriting for 1-4 family residential loans includes debt-to-income analysis, credit history analysis, appraised value and down payment considerations. Changes in the market value of real estate can affect the potential losses in the residential portfolio.

Commercial Real Estate Loans

Commercial real estate loans as of September 30, 2025 consisted of $1.92 billion of owner and non-owner occupied real estate, $739.1 million of loans secured by multi-family properties and $33.2 million of loans secured by farmland. Commercial real estate loans primarily include loans collateralized by retail, commercial office buildings, multi-family residential buildings, medical facilities and offices, senior living, assisted living and skilled nursing facilities, warehouse facilities, hotels and churches. In determining whether to originate commercial real estate loans, we generally consider such factors as the financial condition of the borrower and the debt service coverage of the property. Commercial real estate loans are made at both fixed and adjustable interest rates for terms generally up to 20 years.

Commercial Loans

Our commercial loans are diversified loan types including short-term working capital loans for inventory and accounts receivable and short- and medium-term loans for equipment or other business capital expansion. In our commercial loan underwriting, we assess the creditworthiness, ability to repay and the value and liquidity of the collateral being offered. Terms of commercial loans are generally commensurate with the useful life of the collateral offered.

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Municipal Loans

We have made loans to municipalities and school districts primarily throughout the state of Texas, with a small percentage originating outside of the state. The majority of the loans to municipalities and school districts have tax or revenue pledges and in some cases are additionally supported by collateral. Municipal loans made without a direct pledge of taxes or revenues are usually made based on some type of collateral that represents an essential service. These loans allow us to earn a higher yield than we could if we purchased municipal securities for similar durations.

Loans to Individuals

Substantially all originations of our loans to individuals are made to consumers in our market areas. The majority of loans to individuals are collateralized by titled equipment, which are primarily automobiles. Loan terms vary according to the type and value of collateral, length of contract and creditworthiness of the borrower. The underwriting standards we employ for consumer loans include an application, a determination of the applicant’s payment history on other debts, with the greatest weight being given to payment history with us and an assessment of the borrower’s ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of the applicant is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, in relation to the proposed loan amount. Most of our loans to individuals are collateralized, which management believes assists in limiting our exposure.

Credit Quality Indicators

We categorize loans into risk categories on an ongoing basis based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. We use the following definitions for risk ratings:

•Pass (Rating 1 – 4) – This rating is assigned to all satisfactory loans. This category, by definition, consists of acceptable credit. Credit and collateral exceptions should not be present, although their presence would not necessarily prohibit a loan from being rated Pass, if deficiencies are in the process of correction. These loans are not included in the Watch List.

•Pass Watch (Rating 5) – These loans require some degree of special treatment, but not due to credit quality. This category does not include loans specially mentioned or adversely classified; however, particular attention is warranted to characteristics such as:

▪A lack of, or abnormally extended payment program;

▪A heavy degree of concentration of collateral without sufficient margin;

▪A vulnerability to competition through lesser or extensive financial leverage; and

▪A dependence on a single or few customers or sources of supply and materials without suitable substitutes or alternatives.

•Special Mention (Rating 6) – A Special Mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in our credit position at some future date. Special Mention loans are not adversely classified and do not expose us to sufficient risk to warrant adverse classification.

•Substandard (Rating 7) – Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

•Doubtful (Rating 8) – Loans classified as Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation, in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.

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The following tables set forth the amortized cost basis by class of financing receivable and credit quality indicator for the periods presented (in thousands):


September 30, 2025	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2025		2024		2023		2022		2021		Prior
Construction real estate:
Pass	$	76,105	$	102,162	$	84,508	$	11,572	$	16,301	$	6,425	$	120,107	$	417,180
Pass watch	30,118		180		—		359		—		—		7,943		38,600
Special mention	1,399		—		—		41,461		412		60		20,168		63,500
Substandard	57		—		—		—		54		28		—		139
Doubtful	—		—		109		—		—		—		—		109
Total construction real estate	$	107,679	$	102,342	$	84,617	$	53,392	$	16,767	$	6,513	$	148,218	$	519,528
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

1-4 family residential real estate:
Pass	$	38,412	$	46,113	$	69,888	$	146,765	$	129,517	$	293,589	$	824	$	725,108
Pass watch	—		—		—		—		—		—		—		—
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		112		—		661		3,602		269		4,644
Doubtful	—		169		—		—		—		140		—		309
Total 1-4 family residential real estate	$	38,412	$	46,282	$	70,000	$	146,765	$	130,178	$	297,331	$	1,093	$	730,061
Current period gross charge-offs	$	—	$	56	$	—	$	—	$	—	$	13	$	—	$	69

Commercial real estate:
Pass	$	485,665	$	247,805	$	358,042	$	502,994	$	420,483	$	309,961	$	43,742	$	2,368,692
Pass watch	—		—		51,900		103,718		—		—		—		155,618
Special mention	21,218		—		1,569		49,716		165		12,515		—		85,183
Substandard	1,074		32,018		—		28,181		12,168		5,778		—		79,219
Doubtful	—		—		—		—		—		—		—		—
Total commercial real estate	$	507,957	$	279,823	$	411,511	$	684,609	$	432,816	$	328,254	$	43,742	$	2,688,712
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial loans:
Pass	$	65,103	$	51,484	$	30,011	$	27,868	$	9,436	$	5,660	$	207,515	$	397,077
Pass watch	—		47		—		329		58		—		—		434
Special mention	103		256		191		540		746		4		6,753		8,593
Substandard	2,901		12,723		298		661		8		63		5,787		22,441
Doubtful	81		805		263		113		104		41		—		1,407
Total commercial loans	$	68,188	$	65,315	$	30,763	$	29,511	$	10,352	$	5,768	$	220,055	$	429,952
Current period gross charge-offs	$	—	$	1,031	$	383	$	140	$	139	$	23	$	—	$	1,716

Municipal loans:
Pass	$	—	$	1,800	$	31,920	$	55,377	$	60,982	$	203,245	$	—	$	353,324
Pass watch	—		—		—		—		—		—		—		—
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total municipal loans	$	—	$	1,800	$	31,920	$	55,377	$	60,982	$	203,245	$	—	$	353,324
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Loans to individuals:
Pass	$	15,298	$	10,135	$	6,091	$	4,564	$	3,083	$	2,222	$	2,012	$	43,405
Pass watch	—		—		—		—		—		—		—		—
Special mention	—		—		—		—		—		—		—		—
Substandard	9		—		6		2		51		3		1		72
Doubtful	191		3		18		20		2		1		—		235
Total loans to individuals	$	15,498	$	10,138	$	6,115	$	4,586	$	3,136	$	2,226	$	2,013	$	43,712
Current period gross charge-offs (1)	$	1,210	$	34	$	15	$	59	$	21	$	18	$	—	$	1,357

Total loans	$	737,734	$	505,700	$	634,926	$	974,240	$	654,231	$	843,337	$	415,121	$	4,765,289
Total current period gross charge-offs (1)	$	1,210	$	1,121	$	398	$	199	$	160	$	54	$	—	$	3,142

(1) Includes $886,000 in charged off demand deposit overdrafts reported as 2025 originations.

Southside Bancshares, Inc. |22

Table of Contents


December 31, 2024	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Total
	2024		2023		2022		2021		2020		Prior
Construction real estate:
Pass	$	130,555	$	122,724	$	46,499	$	17,710	$	3,564	$	5,923	$	132,096	$	459,071
Pass watch	209		—		59,700		—		574		591		16,999		78,073
Special mention	—		—		—		429		—		72		—		501
Substandard	—		112		—		59		—		—		—		171
Doubtful	—		—		—		—		—		11		—		11
Total construction real estate	$	130,764	$	122,836	$	106,199	$	18,198	$	4,138	$	6,597	$	149,095	$	537,827
Current period gross charge-offs	$	—	$	24	$	—	$	—	$	—	$	—	$	—	$	24

1-4 family residential real estate:
Pass	$	43,040	$	65,458	$	153,335	$	139,048	$	106,116	$	226,550	$	1,524	$	735,071
Pass watch	—		—		—		—		—		—		—		—
Special mention	—		—		—		505		—		—		—		505
Substandard	50		225		—		225		1,326		2,833		—		4,659
Doubtful	—		—		—		—		—		161		—		161
Total 1-4 family residential real estate	$	43,090	$	65,683	$	153,335	$	139,778	$	107,442	$	229,544	$	1,524	$	740,396
Current period gross charge-offs	$	—	$	31	$	—	$	—	$	10	$	220	$	—	$	261

Commercial real estate:
Pass	$	363,370	$	410,213	$	632,216	$	509,927	$	132,562	$	223,551	$	41,568	$	2,313,407
Pass watch	—		11,953		65,206		22,440		4,090		24,599		983		129,271
Special mention	3,983		—		79,280		175		—		13,232		—		96,670
Substandard	—		—		27,994		6,409		250		5,649		—		40,302
Doubtful	—		—		—		—		—		85		—		85
Total commercial real estate	$	367,353	$	422,166	$	804,696	$	538,951	$	136,902	$	267,116	$	42,551	$	2,579,735
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	78	$	—	$	78

Commercial loans:
Pass	$	83,118	$	51,895	$	39,449	$	13,887	$	5,875	$	3,091	$	155,671	$	352,986
Pass watch	—		30		603		787		29		513		4,972		6,934
Special mention	—		327		29		83		—		101		180		720
Substandard	365		99		281		137		22		1		1,100		2,005
Doubtful	31		244		134		61		—		52		—		522
Total commercial loans	$	83,514	$	52,595	$	40,496	$	14,955	$	5,926	$	3,758	$	161,923	$	363,167
Current period gross charge-offs	$	24	$	462	$	590	$	85	$	—	$	12	$	—	$	1,173

Municipal loans:
Pass	$	1,949	$	34,398	$	57,862	$	64,041	$	41,115	$	188,309	$	—	$	387,674
Pass watch	—		—		—		—		892		2,402		—		3,294
Special mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total municipal loans	$	1,949	$	34,398	$	57,862	$	64,041	$	42,007	$	190,711	$	—	$	390,968
Current period gross charge-offs	$	—	$	—	$	—

SOUTHSIDE BANCSHARES INC 10-Q