10-Q 1 sbsi-20240331.htm 10-Q sbsi-20240331
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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 March 31, 2024
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)
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 classTrading SymbolName of each exchange on which registered
Common Stock, $1.25 par valueSBSINASDAQ Global Select Market
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 FilerAccelerated filer
Non-accelerated filerSmaller 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 April 24, 2024 was 30,284,712 shares.



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 BankTexas state bank and wholly owned subsidiary of Southside Bancshares, Inc.
CompanyCombined entities of Southside Bancshares, Inc. and its subsidiaries, including Southside Bank
BankSouthside Bank
SouthsideSouthside Bancshares, Inc.
Other Acronyms, Abbreviations and Terms:
2023 Form 10-KSouthside Bancshares, Inc. Annual Report on Form 10-K filed with the SEC on February 27, 2024
401(k) Plan401(k) Defined Contribution Plan
Acquired Retirement PlanOmniAmerican Bank defined benefit pension plan
AFSAvailable for sale
ALCOAsset/Liability Committee
AOCIAccumulated other comprehensive income or loss
ASCAccounting Standards Codification
ASUAccounting Standards Update issued by the FASB
ATMAutomated teller machines
BTFPThe Federal Reserve’s Bank Term Funding Program
Basel CommitteeBasel Committee on Banking Supervision
BOLIBank owned life insurance
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CDsCertificates of deposit
CECLASC 326, Financial Instruments- Credit Losses, also known as Current Expected Credit Losses
CET1Common Equity Tier 1
CMOsCollateralized mortgage obligations
CRE
Commercial real estate
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Economic Aid ActEconomic Aid to Hard-Hit Small Business, Nonprofits and Venues Act
ESOPEmployee Stock Ownership Plan
ETREffective tax rate
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Federal ReserveThe Board of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FRBNYFederal Reserve Bank of New York
FRDWFederal Reserve Discount Window
FTEFully-taxable equivalents measurements
GAAPUnited States generally accepted accounting principles
GSEsU.S. government-sponsored enterprises
Southside Bancshares, Inc. |1

GuidelinesInteragency Guidelines Prescribing Standards for Safety and Soundness adopted by federal banking agencies
HTMHeld to maturity
ITMInteractive teller machines
LIBORLondon Interbank Offered Rate
MBSMortgage-backed securities
MVPEMarket value of portfolio equity
OREOOther real estate owned
Repurchase agreementsSecurities sold under agreements to repurchase
Restoration PlanNonfunded supplemental retirement plan
Retirement PlanDefined benefit pension plan
ROURight-of-use
SBASmall Business Administration
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate provided by the Federal Reserve Bank of New York
U.S.United States

Southside Bancshares, Inc. |2

PART I.   FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share amounts)
March 31,
2024
December 31,
2023
 
ASSETS  
Cash and due from banks$96,744 $122,021 
Interest earning deposits307,257 391,719 
Federal funds sold65,372 46,770 
Total cash and cash equivalents469,373 560,510 
Securities:
Securities AFS, at estimated fair value (amortized cost of $1,454,043 and $1,332,467, respectively)
1,405,221 1,296,294 
Securities HTM (estimated fair value of $1,152,186 and $1,166,162, respectively)
1,306,898 1,307,053 
FHLB stock, at cost27,958 11,936 
Equity investments9,554 9,691 
Loans held for sale756 10,894 
Loans:  
Loans4,577,368 4,524,510 
Less:  Allowance for loan losses(43,557)(42,674)
Net loans4,533,811 4,481,836 
Premises and equipment, net139,491 138,950 
Operating lease ROU assets14,876 14,837 
Goodwill201,116 201,116 
Other intangible assets, net2,588 2,925 
Interest receivable39,716 50,489 
Deferred tax asset, net29,876 30,426 
Unsettled trades to sell securities6,406  
BOLI136,604 136,330 
Other assets29,619 31,627 
Total assets$8,353,863 $8,284,914 
   
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
Noninterest bearing$1,358,827 $1,390,407 
Interest bearing5,186,933 5,159,274 
Total deposits6,545,760 6,549,681 
Other borrowings457,685 509,820 
FHLB borrowings312,466 212,648 
Subordinated notes, net of unamortized debt issuance costs93,913 93,877 
Trust preferred subordinated debentures, net of unamortized debt issuance costs60,271 60,270 
Unsettled trades to purchase securities7,160  
Operating lease liabilities16,744 16,704 
Other liabilities71,942 68,626 
Total liabilities7,565,941 7,511,626 
   
Off-balance-sheet arrangements, commitments and contingencies (Note 12)
  
Shareholders’ equity:  
Common stock:  ($1.25 par value, 80,000,000 shares authorized, 38,050,389 shares issued at March 31, 2024 and 38,039,706 shares issued at December 31, 2023)
47,563 47,550 
Paid-in capital789,964 788,840 
Retained earnings292,879 282,355 
Treasury stock: (shares at cost, 7,766,701 at March 31, 2024 and 7,790,276 at December 31, 2023)
(231,625)(231,995)
AOCI(110,859)(113,462)
Total shareholders’ equity787,922 773,288 
Total liabilities and shareholders’ equity$8,353,863 $8,284,914 
The accompanying notes are an integral part of these consolidated financial statements.
Southside Bancshares, Inc. |3


SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except per share data)
Three Months Ended
March 31,
 20242023
Interest income:  
Loans$68,211 $54,776 
Taxable investment securities6,967 5,712 
Tax-exempt investment securities11,088 13,916 
MBS10,119 4,329 
FHLB stock and equity investments333 245 
Other interest earning assets6,040 1,870 
Total interest income102,758 80,848 
Interest expense:  
Deposits38,198 19,906 
FHLB borrowings5,950 3,141 
Subordinated notes956 999 
Trust preferred subordinated debentures1,175 1,031 
Other borrowings3,131 2,418 
Total interest expense49,410 27,495 
Net interest income53,348 53,353 
Provision for (reversal of) credit losses58 (40)
Net interest income after provision for credit losses53,290 53,393 
Noninterest income:  
Deposit services5,985 6,422 
Net gain (loss) on sale of securities AFS(18)(2,146)
Net gain on sale of equity securities 2,416 
Gain (loss) on sale of loans(436)104 
Trust fees1,336 1,467 
BOLI784 1,675 
Brokerage services1,014 697 
Other1,059 1,398 
Total noninterest income9,724 12,033 
Noninterest expense:  
Salaries and employee benefits23,113 21,856 
Net occupancy3,362 3,734 
Advertising, travel & entertainment950 1,050 
ATM expense325 355 
Professional fees1,154 1,372 
Software and data processing2,856 2,055 
Communications449 327 
FDIC insurance943 544 
Amortization of intangibles337 478 
Other3,392 3,078 
Total noninterest expense36,881 34,849 
Income before income tax expense26,133 30,577 
Income tax expense4,622 4,543 
Net income$21,511 $26,034 
Earnings per common share – basic$0.71 $0.83 
Earnings per common share – diluted$0.71 $0.83 
Cash dividends paid per common share$0.36 $0.35 
The accompanying notes are an integral part of these consolidated financial statements.
Southside Bancshares, Inc. |4


SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in thousands)
Three Months Ended
March 31,
20242023
Net income$21,511 $26,034 
Other comprehensive income (loss):  
Securities AFS and transferred securities:
Change in unrealized holding gain (loss) on AFS securities during the period(5,887)13,019 
Reclassification adjustment for amortization related to AFS and HTM debt securities2,023 1,992 
Reclassification adjustment for net (gain) loss on sale of AFS securities, included in net income18 2,146 
Derivatives:
Change in net unrealized gain (loss) on effective cash flow hedge interest rate swap derivatives13,616 (6,976)
Reclassification adjustment of net (gain) loss related to derivatives designated as cash flow hedges(6,642)(5,108)
Pension plans:
Amortization of net actuarial loss, included in net periodic benefit cost167 173 
Other comprehensive income (loss), before tax3,295 5,246 
Income tax (expense) benefit related to items of other comprehensive income (loss)(692)(1,102)
Other comprehensive income (loss), net of tax2,603 4,144 
Comprehensive income (loss)$24,114 $30,178 

The accompanying notes are an integral part of these consolidated financial statements.
Southside Bancshares, Inc. |5


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, 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 
 Common
Stock
Paid In
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Income (Loss)
Total
Shareholders’
Equity
Balance at December 31, 2022$47,501 $784,545 $239,610 $(188,203)$(137,456)$745,997 
Net income— — 26,034 — — 26,034 
Other comprehensive income (loss)— — — — 4,144 4,144 
Issuance of common stock for dividend reinvestment plan (8,026 shares)
10 292 — — — 302 
Purchase of common stock (457,394 shares)
— — — (15,945)— (15,945)
Stock compensation expense— 914 — — — 914 
Net issuance of common stock under employee stock plans (23,919 shares)
— 368 (91)295 — 572 
Cash dividends paid on common stock ($0.35 per share)
— — (10,988)— — (10,988)
Balance at March 31, 2023$47,511 $786,119 $254,565 $(203,853)$(133,312)$751,030 

The accompanying notes are an integral part of these consolidated financial statements.
Southside Bancshares, Inc. |6






SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
 Three Months Ended
March 31,
 20242023
OPERATING ACTIVITIES:  
Net income$21,511 $26,034 
Adjustments to reconcile net income to net cash provided by operations:  
Depreciation and net amortization2,468 2,636 
Securities premium amortization (discount accretion), net1,686 3,586 
Loan (discount accretion) premium amortization, net114 89 
Provision for (reversal of) credit losses58 (40)
Stock compensation expense756 914 
Deferred tax expense (benefit)(142)(194)
Net (gain) loss on sale of AFS securities18 2,146 
Net gain on sale of equity securities (2,416)
Net loss on premises and equipment6 4 
Gross proceeds from sales of loans held for sale4,824 4,309 
Gross originations of loans held for sale(2,778)(4,049)
Net (gain) loss on consumer receivables512  
Net (gain) loss on OREO (51)
Net change in:  
Interest receivable10,773 14,460 
Other assets17,911 (3,082)
Interest payable(1,612)3,253 
Other liabilities2,187 (23,968)
Net cash provided by (used in) operating activities58,292 23,631 
INVESTING ACTIVITIES:  
Securities AFS:
Purchases(386,212)(361,685)
Sales917 237,316 
Maturities, calls and principal repayments264,068 8,617 
Securities HTM:  
Maturities, calls and principal repayments879 14,970 
Proceeds from sales of equity securities 3,785 
Proceeds from redemption of FHLB stock and equity investments29,930 18,370 
Purchases of FHLB stock and equity investments(45,815)(25,973)
Net loan paydowns (originations)(53,390)(5,342)
Proceeds from sales of customer receivables7,600  
Purchases of premises and equipment(2,565)(2,183)
Proceeds from (purchases of) BOLI1,549  
Proceeds from sales of premises and equipment(2) 
Net proceeds from sales of OREO 144 
Proceeds from sales of repossessed assets91 93 
Net cash provided by (used in) investing activities(182,950)(111,888)
(continued)
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES
Southside Bancshares, Inc. | 7



CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(UNAUDITED)
(in thousands)
 Three Months Ended
March 31,
 20242023
FINANCING ACTIVITIES:  
Net change in deposits(3,926)(359,846)
Net change in other borrowings(52,135)404,474 
Proceeds from FHLB borrowings1,580,000 1,078,000 
Repayment of FHLB borrowings(1,480,182)(898,175)
Proceeds from stock option exercises434 640 
Cash paid to tax authority related to tax withholding on share-based awards(84)(68)
Purchase of common stock (14,842)
Proceeds from the issuance of common stock for dividend reinvestment plan306 302 
Cash dividends paid(10,892)(10,988)
Net cash provided by (used in) financing activities33,521 199,497 
Net increase (decrease) in cash and cash equivalents(91,137)111,240 
Cash and cash equivalents at beginning of period560,510 199,252 
Cash and cash equivalents at end of period$469,373 $310,492 
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:  
Interest paid$51,022 $24,242 
Income taxes paid$ $ 
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:  
Loans transferred to other repossessed assets and real estate through foreclosure$113 $13 
Unsettled trades to purchase securities$(7,160)$ 
Unsettled trades to sell securities$6,406 $4,044 
Unsettled trades to repurchase common stock$ $(957)

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



Southside Bancshares, Inc. |8

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 Annual Report on Form 10-K for the year ended December 31, 2023. 
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
March 31,
 20242023
Basic and Diluted Earnings:  
Net income$21,511 $26,034 
Basic weighted-average shares outstanding30,262 31,372 
Add:  Stock awards43 92 
Diluted weighted-average shares outstanding30,305 31,464 
Basic earnings per share:
Net income$0.71 $0.83 
Diluted earnings per share:
Net income$0.71 $0.83 
For the three months ended March 31, 2024, there were approximately 630,000 anti-dilutive shares. For the three months ended March 31, 2023, there were 121,000 anti-dilutive shares.
Southside Bancshares, Inc. |9

3.     Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss) by component are as follows (in thousands):
Three Months Ended March 31, 2024
Unrealized Gains (Losses) on SecuritiesUnrealized Gains (Losses) on DerivativesRetirement PlansTotal
Beginning balance, net of tax$(107,499)$12,803 $(18,766)$(113,462)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications(5,887)13,616  7,729 
Reclassification adjustments included in net income2,041 (6,642)167 (4,434)
Income tax (expense) benefit807 (1,465)(34)(692)
Net current-period other comprehensive income (loss), net of tax(3,039)5,509 133 2,603 
Ending balance, net of tax$(110,538)$18,312 $(18,633)$(110,859)
Three Months Ended March 31, 2023
Unrealized Gains (Losses) on SecuritiesUnrealized Gains (Losses) on DerivativesRetirement PlansTotal
Beginning balance, net of tax$(149,181)$31,227 $(19,502)$(137,456)
Other comprehensive income (loss):
Other comprehensive income (loss) before reclassifications13,019 (6,976) 6,043 
Reclassification adjustments included in net income4,138 (5,108)173 (797)
Income tax (expense) benefit(3,603)2,537 (36)(1,102)
Net current-period other comprehensive income (loss), net of tax13,554 (9,547)137 4,144 
Ending balance, net of tax$(135,627)$21,680 $(19,365)$(133,312)



Southside Bancshares, Inc. |10

The reclassification adjustments out of accumulated other comprehensive income (loss) included in net income are presented below (in thousands):
Three Months Ended
March 31,
20242023
Unrealized gains and losses on securities transferred:
Amortization of unrealized gains and losses (1)
$(2,023)$(1,992)
Tax benefit425 418 
Net of tax(1,598)(1,574)
Unrealized gains and losses on available for sale securities:
Realized net gain (loss) on sale of securities (2)
(18)(2,146)
Tax (expense) benefit4 451 
Net of tax(14)(1,695)
Derivatives:
Realized net gain (loss) on interest rate swap derivatives (3)
6,642 5,108 
Tax benefit(1,395)(1,072)
Net of tax5,247 4,036 
Amortization of pension plan:
Net actuarial loss (4)
(167)(173)
Tax benefit34 36 
Net of tax(133)(137)
Total reclassifications for the period, net of tax$3,502 $630 
(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, other 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.”
Southside Bancshares, Inc. |11

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 as of March 31, 2024 and December 31, 2023 are reflected in the tables below (in thousands):
 March 31, 2024
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities:
U.S. Treasury$139,205 $ $19 $139,186 
State and political subdivisions594,449 126 46,030 548,545 
Corporate bonds and other 14,587 37 915 13,709 
MBS: (1)
   
Residential700,572 2,613 4,108 699,077 
Commercial5,230 30 556 4,704 
Total$1,454,043 $2,806 $51,628 $1,405,221 
HELD TO MATURITY
Investment securities:   
State and political subdivisions$1,039,958 $6,658 $138,034 $908,582 
Corporate bonds and other146,884 437 12,847 134,474 
MBS: (1)
Residential89,952 9 8,578 81,383 
Commercial30,104  2,357 27,747 
Total $1,306,898 $7,104 $161,816 $1,152,186 

 December 31, 2023
Amortized
Gross
Unrealized
Gross UnrealizedEstimated
AVAILABLE FOR SALECostGainsLossesFair Value
Investment securities: 
U.S. Treasury
$139,706 $19 $ $139,725 
State and political subdivisions603,913 362 35,530 568,745 
Corporate bonds and other 14,569 31 507 14,093 
MBS: (1)
 
Residential
569,039 3,202 3,258 568,983 
Commercial
5,240 44 536 4,748 
Total$1,332,467 $3,658 $39,831 $1,296,294 
HELD TO MATURITY
Investment securities:
State and political subdivisions$1,039,440 $10,070 $126,233 $923,277 
Corporate bonds and other146,712 488 15,738 131,462 
MBS: (1)
 
Residential90,619 13 7,263 83,369 
Commercial30,282  2,228 28,054 
Total$1,307,053 $10,571 $151,462 $1,166,162 
(1) All MBS are issued and/or guaranteed by U.S. government agencies or U.S. GSEs.

From time to time, we transfer securities from AFS to HTM due to overall balance sheet strategies. We did not transfer any securities from AFS to HTM during the three months ended March 31, 2024 or the year ended December 31, 2023. The remaining net unamortized, unrealized loss on the transferred securities included in AOCI in the accompanying balance sheets totaled $111.5 million ($88.1 million, net of tax) at March 31, 2024 and $113.5 million ($89.7 million, net of tax) at December 31, 2023. 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
Southside Bancshares, Inc. |12

transferred with losses included in AOCI continue to be included in management’s assessment for impairment for each individual security. We transferred these securities due to overall balance sheet strategies, and our management has the current intent and ability to hold these securities until maturity.
Investment securities and MBS with carrying values of $2.31 billion and $2.28 billion were pledged as of March 31, 2024 and December 31, 2023, respectively, to collateralize FHLB borrowings, borrowings from the FRDW, including from the BTFP, repurchase agreements and public fund deposits, for potential liquidity needs or other purposes as required by law. At March 31, 2024 and December 31, 2023, the amount of excess collateral at the FRDW was $251.9 million and $213.1 million, respectively.
The following tables present the fair value and unrealized losses on AFS and HTM investment securities and MBS, if applicable, for which an allowance for credit losses has not been recorded as of March 31, 2024 and December 31, 2023, segregated by major security type and length of time in a continuous loss position (in thousands):
March 31, 2024
 Less Than 12 MonthsMore Than 12 MonthsTotal
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
Fair Value
Unrealized
Loss
AVAILABLE FOR SALE      
Investment securities:
U.S. Treasury$139,186 $19 $ $ $139,186 $19 
State and political subdivisions7,464 73 524,101 45,957 531,565 46,030 
Corporate bonds and other3,450 108 9,332 807 12,782 915 
MBS:
Residential249,034 980 35,223 3,128 284,257 4,108 
Commercial  2,455 556 2,455 556 
Total$399,134 $1,180 $571,111 $50,448 $970,245 $51,628 
HELD TO MATURITY
Investment securities:
State and political subdivisions$35,016 $563 $711,680 $137,471 $746,696 $138,034 
Corporate bonds and other2,714 125 126,059 12,722 128,773 12,847 
MBS:
Residential  80,792 8,578 80,792 8,578 
Commercial  27,747 2,357 27,747 2,357 
Total$37,730 $688 $946,278 $161,128 $984,008 $161,816 
December 31, 2023
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$26,371 $297 $516,520 $35,233 $542,891 $35,530 
Corporate bonds and other8,103 319 5,071 188 13,174 507 
MBS:
Residential150,865 549 36,864 2,709 187,729 3,258 
Commercial  2,484 536 2,484 536 
Total$185,339 $1,165 $560,939 $38,666 $746,278 $39,831 
HELD TO MATURITY      
Investment securities:
State and political subdivisions$16,549 $123 $713,499 $126,110 $730,048 $126,233 
Corporate bonds and other9,956 1,135 114,787 14,603 124,743 15,738 
MBS:
Residential  82,747 7,263 82,747 7,263 
Commercial  28,054 2,228 28,054 2,228 
Total $26,505 $1,258 $939,087 $150,204 $