Southside Bancshares, Inc. - 2018 Annual Report

2018 ANNUAL REPORT | SOUTHSIDE BANCSHARES, INC. 933026cx.indd 1

SOUTHSIDE BANCSHARES, INC. 2018 Annual Report

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SOUTHSIDE BANCSHARES, INC. 2018 Annual Report

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From Our CEO LEE R. GIBSON

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2018 Financials HIGHLIGHTS

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Content Articles COMMUNITY: OUR BEST INVESTMENT A LOOK AT COMMERCIAL REAL ESTATE LENDING COMMERCIAL & INDUSTRIAL LENDING REMODELING FOR THE FUTURE

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Southside Bancshares, Inc. BOARD MEMBERS LOCATION MAP IN MEMORY OF B.G. "BILL" HARTLEY

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Form 10-K

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2018 ANNUAL REPORT

A LETTER FROM OUR CEO

Dear Shareholders, Customers and Friends, The increase in loans as a percent of average earning assets during 2018 compared to 2017 was the primary reason for the eleven basis point increase in our net interest margin. Cost synergies and expense discipline have been areas of focus at Southside for several years. This year, our efficiency ratio, which expresses expenses as a percent of tax equivalent income, was a very solid 49.98 percent.

Our loans increased marginally by $18.4 million during 2018, due in part to larger than expected payoffs. We experienced success growing our commercial loan portfolio which increased $90.2 million, or 33.9 percent, further diversifying our loan portfolio.

We are pleased to report that 2018 was another excellent year for Southside. Continued execution on our strategic priorities and focusing on customers’ expectations and market opportunities were key components of our success. Today, Southside is stronger than ever with the talent, products, technology, market reach and scale required to deliver value to our customers and, by extension, our shareholders.

FINANCIAL RESULTS For 2018, net income increased 36.5 percent to a record $74.1 million, from $54.3 million in 2017. Our earnings per fully diluted common share increased 16.6 percent to $2.11, from $1.81 in 2017.

During 2018, our return on average tangible capital equity was 14.78 percent and our return on average assets was 1.19 percent.

Our performance in 2018 reflects the hard work and focus of the entire team with which I am privileged to work. Their dedication to excellence, innovation, accountability and teamwork set Southside apart from other community banks.

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ACQUISITION INTEGRATION

LOOKING FORWARD

In late November 2017, we closed the acquisition of Diboll State Bancshares, Inc. and successfully combined our teams, customers and operations by early 2018. This $1.0 billion acquisition expanded our geographic reach, further strengthened our position throughout East Texas, added tremendous amounts of low cost core deposit funding and nearly doubled our assets under management in Wealth Management and Trust. We are extremely impressed with the talented officers and employees who share our values and commitment to excellence in customer service and are now part of the Southside team. We believe these East Texas markets offer significant future growth potential for Southside.

Gaining market share, enhancing the customer experience, innovation, digital strategies, delivery channels, cost containment and strategic investments will be the major focus areas for our management team during 2019. The Texas economy continues to perform well and the forecast for 2019 is very promising with anticipated additional job creation, company relocations from out of state and population growth from other states. Our business plan for 2019 includes strategic initiatives to capitalize on the current economic conditions in our market areas to grow loans and deposits. As always, our strategy is primarily focused on organic growth, however we continue to search for acquisition opportunities that offer long term value for our shareholders.

As we look to the future, we take confidence from our past accomplishments and success.

COMMUNITY SERVICE The communities we serve have long been at the center of our success. That is why we are proud to take an active role in the communities in which we operate, providing leadership and investing time, money and resources to make each community a better place in which to live, work and conduct business. During 2018, Southside team members volunteered thousands of hours investing in the communities we serve. Not only do these hours served benefit our communities, they also strengthen the connections among our team members. This translates into stronger communities, stronger team members and a stronger Southside.

IN CLOSING B.G. “Bill” Hartley, the first President and CEO of Southside Bank, passed away on May 28, 2018. Under his guidance and vision, Southside became the largest bank headquartered in East Texas.

We will forever be thankful for his leadership and contributions to Southside and the East Texas community.

In January 2019, Alton Cade who has served on the Board since 2003, announced his decision to retire upon the expiration of his term in May 2019. I would like to take this opportunity to thank Alton for his loyal and dedicated service and acknowledge his meaningful contributions to Southside and the Board. Additionally, M. Richard Warner, who joined the Board upon the closing of the Diboll State Bancshares, Inc. acquisition, announced his decision to not stand for re-election upon the expiration of his term in May 2019. I would like to thank Richard for his loyal and dedicated service on the Board as well as the public company and corporate governance knowledge he imparted during his time on the Board.

INNOVATION The financial landscape in which Southside operates today is vastly different from that of just ten years ago. Technological advancements and innovations continue to transform the world and the financial industry at a rapid pace. With this transformation comes evolving customer expectations and needs, creating new opportunities for us to meet those expectations and needs.

Fortunately Southside, with our larger size and scale, is better positioned to leverage our current investments in technology, team members and processes to make strategic future investments and decisions as our customers’ product and service needs change.

I would like to thank our very talented Southside team and Board for their valuable contributions during 2018 in delivering long term value to you, our shareholders. Thank you for your confidence and investment in Southside.

SHARE REPURCHASE During the fourth quarter, the Board authorized a Stock Repurchase Plan, authorizing the purchase of up to 1.5 million shares of our common stock. We have completed the repurchase of all of the authorized shares pursuant to the plan at an average price of $32.35. We believe repurchasing our stock, given the market price, was prudent.

LEE R. GIBSON President and Chief Executive Officer

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2018 ANNUAL REPORT

FINANCIAL HIGHLIGHTS Dollars in thousands except per share amounts

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NET INCOME 2018: $74,138 2017: $54,312

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PER SHARE DATA Earnings per Common Share (Basic)

Earnings per Common Share (Diluted)

Book Value per Common Share

Cash Dividends Paid per Common Share

2018: $2.12 2017: $1.82

2018: $2.11 2017: $1.81

2018: $21.68 2017: $21.55

2018: $1.20 2017: $1.11

PERFORMANCE RATIOS Return on Average Assets

Dividend Payout Ratio (Diluted)

Return on Average Shareholders’ Equity

Net Interest Margin (GAAP)

2018: 3.02% 2017: 2.74%

2018: 1.19% 2017: 0.96%

2018: 56.87% 2017: 61.33%

2018: 9.87% 2017: 9.65%

Net Interest Margin*

2018: 3.18% 2017: 3.07%

(Fully Taxable Equivalent)

BALANCE SHEET DATA Loans

Noninterest Bearing Deposits

Other Borrowings

2018: $3,312,799 2017: $3,294,356

2018: $994,680 2017: $1,037,401

2018: $755,875 2017: $1,026,859

Securities + Other Investments

Interest Bearing Deposits

Long-Term Debt

2018: $2,197,043 2017: $2,509,811

2018: $3,430,350 2017: $3,478,046

2018: $158,653 2017: $158,489

Total Assets

Total Deposits

Total Shareholders’ Equity

2018: $6,123,494 2017: $6,498,097

2018: $4,425,030 2017: $4,515,447

2018: $731,291 2017: $754,140

*A non-GAAP measure. See "Non-GAAP Financial Measures" for more information and a reconciliation to GAAP in our Form 10-K.

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2018 ANNUAL REPORT

OUR MISSION

Bringing prosperity, security and wealth to the people and businesses of Texas.

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SOUTHSIDE BANK’S

Core Values

EXCELLENCE Our customers deserve our best work.

INTEGRITY Do the right thing even when no one is watching.

TEAMWORK We will always win together.

ACCOUNTABILITY Bravely accept responsibility, keep your word and own it.

INNOVATION Embrace and encourage change.

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HABITAT FOR HUMANITY Ft. Worth

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2018 ANNUAL REPORT

COMMUNITY: OUR BEST INVESTMENT Working together to build even stronger communities

From the very beginning, Southside was founded on community.

individuals and express gratitude for their service.

And since that moment, we've worked to create a business that helps its communities flourish. In 2018, we continued to focus on supporting the markets we serve while also identifying unique and innovative ways to give back.

Our team continued to provide financial education to the young people in our communities. Throughout the year, Southside team members taught numerous financial literacy classes to students of all ages, from elementary school to college. These students learned about making responsible financial decisions from bankers in their own community.

Teamwork, one of our core values and an important part of our culture, is an invaluable component of our communities.

Throughout the year, several Southside team members joined together to lead volunteer efforts that focused on helping those in the areas we serve.

Through a partnership with Junior Achievement (JA), Southside held three "Reverse JA in a Day" events throughout the year.

Outstanding high school students were selected to spend a day at the Bank, learning about the financial industry, discussing their future, and even obtaining career advice from our executives.

Through Habitat for Humanity, we donned our hard hats and went to work helping build homes for those in need. We rallied against hunger and malnutrition by putting together packaged foods and meals in partnership with the East Texas Food Bank, an organization that strives to fight hunger.

We look forward to, again, dreaming bigger and better for our community in 2019. That means more acts of service, both big and small, to help build even stronger communities.

We treated veterans to a complimentary lunch on Veterans Day. This was as enjoyable for our veterans as it was for our team members who delighted in the opportunity to visit with these

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2018 ANNUAL REPORT

“Every year we look for opportunities to make an even greater impact in the communities we serve.”

LEE R. GIBSON

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HABITAT FOR HUMANITY Ft. Worth

SALVATION ARMY Tyler

RAYMOND JAMES CARES Tyler

CHAMBER OF COMMERCE AFTER HOURS Tyler

EAST TEXAS YOUTH ORCHESTRA Tyler

COMMUNITY FOOD DRIVE Lufkin

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2018 ANNUAL REPORT

A LOOK AT COMMERCIAL REAL ESTATE LENDING Supporting growth & development within our markets & beyond

businesses that help our communities thrive. On the following pages, you’ll see a few of the projects we had the opportunity to finance. We look forward to more opportunities to build together in the future.

Southside has always been proud to support real estate development. We know that participating in our community through acts of service is absolutely paramount to its development, but so is pledging our financial support to help build new

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THE LOOKOUT APARTMENTS Dallas

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LENOX TRAILS APARTMENTS Katy

EYE SURGERY CENTER OF EAST TEXAS Tyler

THE LOOKOUT APARTMENTS Dallas

COURTYARD MARRIOTT Ft. Worth

HYUNDAI OF LUFKIN Lufkin

ALLIANCE TOWN CENTER Ft. Worth

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2018 ANNUAL REPORT

In 2018, Southside Bank financed over $400 million of commercial real estate projects throughout North, Central, Southeast, and East Texas.

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2018 ANNUAL REPORT

COMMERCIAL & INDUSTRIAL LENDING Big bank capabilities with the heart of a community bank

From small business lending to large commercial loans, our bankers are committed to helping businesses of all sizes with their financial needs. Building successful relationships with the people and businesses of Texas requires the ability to be flexible and responsive.

Decisions made locally and timely are a couple of the qualities that make us unique in the areas we serve.

In 2018, Southside Bank provided financing for over 1,300 commercial lending deals.

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JOHN SOULES FOODS Tyler

ELLIOTT TRUCK LINE Gilmer

RAIDER EXPRESS Ft. Worth

WILLOW BROOK COUNTRY CLUB GOLF COURSE Tyler

ATKINSON CANDY COMPANY Lufkin

TFP NUTRITION Nacogdoches

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SOUTH BROADWAY BRANCH Tyler

DOWNTOWN BRANCH Tyler

THREE LAKES BRANCH Tyler

UNIVERSITY CENTRE II Ft. Worth

JACKSONVILLE BRANCH Jacksonville

LINDALE IN-STORE BRANCH Lindale

ROOST CHICKEN SALAD & DELI Tyler

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2018 ANNUAL REPORT

REMODELING FOR THE FUTURE This year, we've taken on remodeling and construction projects at our branches to offer an even more customized and convenient retail customer service experience

“At the heart of this project is putting our customers’ needs first. Our building design, delivery channels and aesthetics need to clearly reflect that.”

In 2018, we made significant technological improvements to help deliver an even higher quality customer experience within the retail space. Given our focus, it made sense for us to reflect that within the design of our banks as well. Consequently, we continue to remodel our locations with open concepts, digital signage, thoughtful lease partners (such as Roost at our Main Branch in Tyler; pictured left) and comfort as our top qualities we designed around. We wanted each location to match up with those commitments, and every remodel currently underway is being readied to help our current and future generations of customers more than ever before.

- LEE R. GIBSON

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2018 ANNUAL REPORT

BOARD MEMBERS

Donald W. Thedford Vice Chairman of the Board

John R. (Bob) Garrett Chairman of the Board

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DIRECTORS OF SOUTHSIDE BANCSHARES, INC.

Lawrence L. Anderson, MD

S. Elaine Anderson, CPA

Michael J. Bosworth

Herbert C. Buie

Alton Cade

Patricia A. Callan

Lee R. Gibson, CPA President & CEO

George H. (Trey) Henderson, III

Melvin B. Lovelady, CPA

Tony K. Morgan, CPA

John F. Sammons, Jr.

H.J. Shands, III

William Sheehy

Preston L. Smith

M. Richard Warner

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2018 ANNUAL REPORT

OFFICERS OF SOUTHSIDE BANCSHARES, INC.

Lee R. Gibson, CPA President and Chief Executive Officer Julie N. Shamburger, CPA Sr. Executive Vice President and Chief Financial Officer Brian K. McCabe Sr. Executive Vice President and Chief Operations Officer

Tim Alexander Chief Lending Officer Suni Davis, CPA Chief Risk Officer Anne Martinez Executive Vice President and Senior Loan Review Officer Vonna Crowley, CRCM Senior Vice President and Compliance Officer

Sandi Hegwood, CPA, CIA Senior Vice President and Chief Audit Executive

Erin Byers Vice President and Loan Review Officer

April Pugh, CPA Senior Vice President and Controller

Katherine Clover, CPA, CIA Vice President and Senior Internal Auditor

Lindsey Bibby, CPA Vice President and Investor Relations Officer

Misty de Wet, CPA Vice President and Senior Internal Auditor Mary McLarry Corporate Secretary

DIRECTORS OF SOUTHSIDE BANK

Tim Alexander* Chief Lending Officer Lawrence L. Anderson, MD Physician

Tim Carter Executive Vice President

S. Elaine Anderson, CPA Retired Healthcare Executive Healthcare Consultant

Bill Clawater* Senior Executive Vice President and Chief Credit Officer

Michael J. Bosworth President Bosworth & Associates

John R. (Bob) Garrett Chairman of the Board President Fair Oil Company

Peter M. Boyd* Senior Executive Vice President Herbert C. Buie President Tyler Packing Co., Inc. Alton Cade Retired Cade Building Materials

Melvin B. Lovelady, CPA Investments Financial Planning

Patricia A. Callan Principal Callan Consulting

Brian K. McCabe* Sr. Executive Vice President and Chief Operations Officer Tony K. Morgan, CPA Founding Partner Gollob Morgan Peddy Joe Norton President Norton Companies

Lee R. Gibson, CPA President and Chief Executive Officer

John F. Sammons, Jr. Chairman and CEO Mid-States Services, Inc.

George T. Hall* Retired Banker

Julie N. Shamburger, CPA* Sr. Executive Vice President and Chief Financial Officer

George H. (Trey) Henderson, III Owner Henderson Mineral, Inc.

H.J. Shands, III Regional President, East Texas William Sheehy Retired Attorney Preston L. Smith President PSI Production, Inc. Donald W. Thedford Vice Chairman of the Board President Don’s TV & Appliance, Inc. Lonny R. Uzzell* Market President, Tyler John F. Walker, MD* Physician H. Andy Wall* Retired Banker M. Richard Warner Attorney, Retired Executive Temple-Inland, Inc. *Advisory Directors

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OFFICERS OF SOUTHSIDE BANK

Lee R. Gibson, CPA President and Chief Executive Officer

Julie N. Shamburger, CPA Sr. Executive Vice President and Chief Financial Officer

Tim Alexander Chief Lending Officer

Brian K. McCabe Sr. Executive Vice President and Chief Operations Officer

Bill Clawater Sr. Executive Vice President and Chief Credit Officer

EAST TEXAS

CENTRAL TEXAS

NORTH TEXAS

SOUTHEAST TEXAS

Regional President H.J. Shands, III

Regional President Jim Alfred

Regional President Mark Drennan

Regional President H.J. Shands, III

Market President, Tyler Lonny R. Uzzell

Executive Vice Presidents John W. Jett Phyllis Milstead

Executive Vice Presidents T. L. Arnold Faye Bond Tim Carter Mark Cundiff Matthew Zohfeld

Market President Van Watson

Senior Executive Vice President Peter Boyd Executive Vice Presidents Joel Adams Doug Bolles Pam Cunningham Jared Green Glen Greeney Kim Partin, CPA, CTFA Michael Phea Greg Sims

Executive Vice Presidents Brad Browder, CFA Joe (Trey) Denman III Ernest King, CPA

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2018 ANNUAL REPORT

SOUTHSIDE BANK LOCATION MAP

Denton

Frisco Plano

Ft. Worth

Dallas

Mineola Lindale

Cleburne

Longview

Gun Barrel City

Tyler Palestine

Nacogdoches

Lufkin

Jasper

Austin

Cleveland Splendora

Houston

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2018 ANNUAL REPORT

IN MEMORY OF OUR FOUNDER, B.G. “BILL” HARTLEY 1929-2018 Founder of Southside Bank

Under his leadership, Southside Bank became the largest bank headquartered in East Texas.

His legacy is so vast that future generations will continue to benefit from his accomplishments and philanthropy.

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2018

FORM 10-K

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Southside Bancshares, Inc. Total Return Performance 200 Southside Bancshares, Inc. Russell 2000 Index

Index Value

Peer Group 150

100

50 12/31/13

12/31/14

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g

g

g

g

g

g

g

g

g

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g

g

g

g

5PUBM 3FDPWFSZ PG -PBOT 1SFWJPVTMZ $IBSHFE 0GG

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b

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b

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b

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b

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933026.indd 32

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