1 NASDAQ: SBSI KBW Winter Financial Services Conference February 16, 2023 Forward-Looking Statements • Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be "forward-looking statements" within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forwardlooking statements are not guar ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ 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 000-12247 SOUTHSIDE BANCSHARES, INC. (Exact name of registrant as specified in its charter) Indicate by ...

Southside Bancshares, Inc. (NASDAQ:SBSI) Q4 2022 Earnings Conference Call January 27, 2023 12:00 PM ET Company Participants Lindsey Bailes - VP, IR Lee Gibson - President and CEO Julie Shamburger - CFO Conference Call Participants Will Jones - KBW Brad Milsaps - Piper Sandler Brian Conner - Hovde Group Operator Good day and thank you for standing by and welcome to Southside Bancshares, Inc. Fourth Quarter and Year End 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the sp ...

Table of Contents 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 transition period from ____________ to ____________ Commission file number: 000-12247 SOUTHSIDE BANCSHARES, INC. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) 1201 S. Beckham Avenue, Tyler, Texas 75701 (Address of Principal Executi ...

Southside Bancshares, Inc. (NASDAQ:SBSI) Q3 2022 Earnings Conference Call October 25, 2022 12:00 PM ET Company Participants Suni Davis - Chief Risk Officer Lee Gibson - President & Chief Executive Officer Julie Shamburger - Chief Financial Officer Conference Call Participants Brad Milsaps - Piper Sandler Brady Gailey - KBW Presentation Operator Good day, and thank you for standing by. Welcome to Southside Bancshares, Inc. Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a l ...

Table of Contents 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 June 30, 2022 OR ☐ 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: 000-12247 SOUTHSIDE BANCSHARES, INC. (Exact name of registrant as specified in its chart ...

Southside Bancshares, Inc. (NASDAQ:SBSI) Q2 2022 Earnings Conference Call July 25, 2022 12:00 PM ET CompanyParticipants Lindsey Bailes - Vice President of Investor Relations Officer Lee Gibson - President & Chief Executive Officer Julie Shamburger - Chief Financial Officer Conference Call Participants Brady Gailey - KBW Brett Rabatin - Hovde Group Brad Milsaps - Piper Sandler Matt Olney - Stephens Inc. Operator Good day and thank you for standing by and welcome to the Southside Bancshares, Inc. Second Quart ...

Table of Contents 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 March 31, 2022 OR ☐ 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: 000-12247 SOUTHSIDE BANCSHARES, INC. (Exact name of registrant as specified in its char ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $0.77 and a return on average tangible common equity of 15.2% [7] - Net income for the first quarter was $25 million, a decrease of $3.7 million from the previous quarter [17] - The efficiency ratio increased slightly to 48.15% from 47.61% in the previous quarter [32] - The net interest margin decreased to 3.22% from the previous quarter [29] Business Line Data and Key Metrics Changes - The loan portfolio increased by $172.9 million to $3.79 billion, driven by strong growth in the real estate portfolio [18] - Commercial real estate (CRE) loans increased by $124.4 million, and construction loans increased by $42.3 million [18] - The allowance for loan losses as a percentage of total loans was 0.93% [21] Market Data and Key Metrics Changes - The company experienced strong asset quality metrics with non-performing assets at $11.5 million, or 0.16% of total assets [20] - Brokered deposits increased significantly, with 85% of $676 million hedged with fixed-rate swaps [13] - The securities portfolio decreased by $314.8 million or 11% on a linked quarter basis [22] Company Strategy and Development Direction - The company anticipates solid loan demand to continue for most of 2022, maintaining a loan growth estimate of 9% net of PPP loans [12] - The company is actively looking for acquisition opportunities but is not seeing many sellers in desirable geographic locations [80] - The strategy includes managing interest rate risks through the use of brokered deposits and cash flow hedges [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic conditions in their markets, particularly in the DFW and Austin areas, which are among the highest performing growth markets [14] - The company is encouraged about second quarter loan prospects despite some expected loan payoffs [11] - Management noted that competition is primarily on pricing rather than credit quality, which could impact growth [86] Other Important Information - The company approved a new stock repurchase plan to buy back up to 1 million shares [28] - The duration of the entire securities portfolio increased to 8.1 years from 5.9 years in the previous quarter [26] - The company recognized a net unrealized loss in the securities portfolio of $103.7 million compared to an unrealized gain of $111.7 million at year-end [25] Q&A Session Summary Question: Details on brokered positive deposit hedges and impact on spread income - Management explained that they replaced short-term borrowings with brokered deposits at a lower rate, which will help determine future funding costs [38] Question: Outlook on bond portfolio growth - Management indicated plans to grow the bond portfolio if they become confident that rates have stabilized [40] Question: Loan growth guidance and expected payoffs - Management confirmed that while there are expected payoffs, the loan pipeline remains strong, and they are cautious about overpromising future growth [44] Question: Securities portfolio duration and market rates - Management clarified that the extension in duration reflects a strategy to manage interest rate risks and that they are monitoring market conditions closely [46] Question: Impact of expenses and guidance for the year - Management provided insights on expense management, indicating that they expect quarterly non-interest expenses to average around $32.5 million for the year [49] Question: Commercial real estate and construction growth outlook - Management highlighted strong demand in multifamily construction and noted competitive pricing pressures in the market [86]

Financial Performance - For the year ended December 31, 2021, net income was $113.4 million, compared to $82.2 million for 2020, representing a 38% increase[18]. - Diluted earnings per common share for the year ended December 31, 2021, was $3.47, up from $2.47 in 2020, reflecting a 40% increase[18]. - Net interest income for 2021 was $189.557 million, compared to $187.265 million in 2020, indicating a slight increase[250]. - Net interest income for the year ended December 31, 2021 was $189.6 million, an increase of $2.3 million, or 1.2%, compared to $187.3 million in 2020[252]. - Total interest income was $215.987 million, a decrease from $231.828 million in 2020[250]. - Total interest income decreased by $15.8 million, or 6.8%, to $216.0 million for the year ended December 31, 2021, compared to $231.8 million in 2020[252]. - Total interest expense decreased by $18.1 million, or 40.7%, to $26.4 million for the year ended December 31, 2021, compared to $44.6 million in 2020[252]. - Total interest expense decreased by $26.4 million, or 37.2%, to $44.6 million for the year ended December 31, 2020, compared to $71.0 million in 2019[254]. - Net interest margin (FTE) increased to 3.16% for the year ended December 31, 2021, compared to 3.07% for the same period in 2020[252]. Asset and Capital Management - As of December 31, 2021, total assets were $7.26 billion, total loans were $3.65 billion, total deposits were $5.72 billion, and total equity was $912.2 million[18]. - Southside Bank's Common Equity Tier 1 (CET1) risk-based capital ratio is 14.17%, significantly above the regulatory minimum of 4.5%[53]. - The Tier 1 risk-based capital ratio for Southside Bank stands at 15.43%, exceeding the required minimum of 6.0%[53]. - Total risk-based capital ratio for Southside Bank is 18.15%, well above the minimum requirement of 8.0%[53]. - The leverage ratio for Southside Bank is 10.33%, surpassing the minimum of 4.0%[53]. - Southside Bank's capital ratios as of December 31, 2021, indicate strong capital adequacy compared to regulatory minimums[53]. - The company has opted to adopt a transition option for the CECL accounting standard, allowing for a three-year phase-in period for regulatory capital impacts[56]. - The company is required to submit capital restoration plans if it becomes undercapitalized, with holding companies guaranteeing these plans[81]. - Southside Bank maintains a total risk-based capital ratio of 10 percent or greater, qualifying as well-capitalized under FDICIA regulations[80]. Workforce and Diversity - Approximately 809 full-time equivalent employees were employed as of December 31, 2021, with an average employee tenure exceeding eight years[34]. - Women and ethnic minorities represented approximately 69% and 36% of the workforce, respectively, as of December 31, 2021[35]. - Approximately 45% of the workforce has remote working capabilities, with most employees having returned to office and branch locations[124]. Regulatory Environment - The company is subject to extensive federal and state regulations that could impact its operations, including lending practices and capital requirements, particularly under the Dodd-Frank Act and Basel III[176]. - The Dodd-Frank Act established a minimum DRR of 1.35% of estimated insured deposits, with the FDIC setting it at 2.0% since 2010[75]. - The Dodd-Frank Act mandates that the assessment base for calculating deposit insurance assessments be based on average consolidated total assets minus average tangible equity[75]. - The Federal Reserve's stress testing guidance applies to banking organizations with more than $10 billion in total consolidated assets, which may influence industry capital standards[58]. - The Volcker Rule prohibits Southside Bank from proprietary trading and acquiring certain interests in hedge or private equity funds[70]. Economic Conditions - The Texas economy continues to experience growth, with economic activity returning close to pre-pandemic levels[32]. - As of December 31, 2021, economic conditions in Texas have returned close to pre-pandemic levels, with commercial activity improving[122]. - The company’s profitability is significantly dependent on economic conditions in Texas, where it primarily operates, making it vulnerable to local economic downturns[160]. Competition and Market Position - The company faces increasing competition from various financial institutions, including fintech companies and credit unions, which have significant competitive advantages[33]. - The company faces intense competition from larger national, regional, and community banks, as well as various financial institutions, which may impact its market position[149]. Risk Management - The effectiveness of the company's risk management processes is critical, as failures could lead to unexpected losses[155]. - The company relies on analytical and forecasting models for risk management, which may not always be accurate, especially during market stress[152]. - The company is subject to credit quality risks, with potential losses from borrowers failing to repay loans, particularly during economic downturns[129]. - The allowance for loan losses is based on management's estimates and may be insufficient, particularly in light of economic conditions and potential borrower distress due to COVID-19[153]. COVID-19 Impact - The company modified business practices in response to COVID-19, including closing traditional lobbies and implementing business continuity plans[124]. - The emergence of new variants of COVID-19 poses risks of further economic disruptions and potential reimplementation of business restrictions[122]. - The company has modified business practices due to COVID-19, with a portion of employees working remotely, which introduces additional operational and cybersecurity risks[135]. Dividend Policy - Southside Bank's dividend policy is to pay dividends consistent with maintaining liquidity and preserving applicable capital ratios, subject to board discretion[89]. - The company may reduce or cease to pay common stock dividends in the future, which could adversely affect the market price of its common stock[146]. - Southside Bank is subject to restrictions on capital distributions if it fails to remain adequately capitalized, including limitations on dividends and management fees[81]. Loan Portfolio and Collateral - Approximately 74.0% of the company's loans have real estate as a primary or secondary component of collateral as of December 31, 2021[130]. - Energy loans represented approximately 1.91% of the company's loan portfolio as of December 31, 2021, with potential risks from declining crude oil prices impacting loan demand and portfolio performance[174]. Securities and Investments - The company purchased $540.5 million in highly rated primarily Texas municipal securities during 2021[242]. - A net realized gain of $3.9 million was achieved from sales of AFS securities for the year ended December 31, 2021[242]. - The company's securities portfolio increased from $2.70 billion at December 31, 2020, to $2.86 billion at December 31, 2021, reflecting a growth of $158.8 million or 5.9%[241]. Interest Rate Sensitivity - The company’s net interest income is significantly impacted by fluctuations in interest rates, with the Federal Reserve indicating intentions to raise rates in March 2022[251]. - Average yield on earning assets decreased to 3.58% for the year ended December 31, 2021 from 3.75% in 2020[255]. - Average yield on earning assets decreased to 3.75% for the year ended December 31, 2020 from 4.28% in 2019[256].