Southside Bancshares, Inc. Financial Ratios — SBSI Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	42.9	36.37	41.36	21.61	53.34	67.7	72.65	77.14	62.2	57.4	58.77	40.82	28.09	25.11	17.87
Return on Assets (%)	1.24	1.06	1.23	0.5	0.88	0.92	0.9	1.17	1.16	1.19	1.59	1.42	1.09	1.05	0.81
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.59	2.82	2.84	2.66	5.09	5.17	5.75	6.63	5.73	5.1	4.78	4.39	4.22	4.06	4.48
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	39.22	33.03	34.15	14.36	30.25	33.94	39.67	39.81	41.54	39.45	54.76	47.25	40.31	41.64	34.86
Profit Margin (%)	30.16	27.09	30.39	16.03	25.95	28.06	30.59	35.01	35.29	34.66	47.47	41.48	34.56	34.32	29.2
Net Income to Common Margin (%)	30.16	27.09	30.39	16.03	25.95	28.06	30.59	35.01	35.29	34.66	47.47	41.47	34.54	34.3	29.18
Effective Tax Rate (%)	20.43	17.98	11.01	- -	14.2	17.3	22.89	12.06	15.06	12.13	13.32	12.21	14.28	17.59	16.23
Dvd Payout Ratio (%)	35.06	55.01	39.06	86.01	56.98	52.61	59.29	56.62	57.03	52.59	39.3	42.77	50.25	49.27	62.63
Sustainable Growth Rate (%)	27.86	16.36	25.21	3.02	22.94	32.08	29.58	33.46	26.72	27.21	35.67	23.36	13.97	12.74	6.68

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	683	581	633	958	1,208	2,334	1,176	878	1,170	1,130	543	551	893	976	734
ST Debt	362	151	73	297	645	867	- -	- -	- -	- -	- -	- -	- -	76	419
LT Debt	321	429	560	660	563	1,468	1,176	878	1,170	1,130	543	551	893	900	315
Total Debt/EBITDA	202.99	161.01	164.7	276.96	140.06	256.99	115.19	62.49	96.61	93.51	47.52	49.57	84.46	93.36	69.19
Net Debt/EBITDA	190.14	119.24	150.54	252.48	130.68	239.2	96.51	53.49	84.98	83.15	28.39	37.64	34.31	56.15	31.65
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.9	2.93	3.02	1.84	1.48	1.25	1.23	1.83	1.89	2.26	3.13	3.8	3.98	4.4	4.7
Long-Term Debt/Equity (%)	123.99	166.59	215.65	155.29	126.67	283.24	155.92	120.02	145.43	129.09	59.5	73.8	115.52	110.85	37.16
Long-Term Debt/Capital (%)	41.22	63.56	75.91	63.11	43.8	61.07	93.62	88.67	90.16	87.69	70.48	65.72	73.03	66.63	27.77
Long-Term Debt/Total Assets (%)	9.72	13.26	16.24	13.74	10.9	26.38	18.1	14.33	17.34	16.12	7.48	7.28	10.78	10.57	3.7
Total Debt/Equity (%)	263.81	225.25	243.95	225.22	272.02	450.44	155.92	120.02	145.43	129.09	59.5	73.8	115.52	120.26	86.61
Total Debt/Capital (%)	87.7	85.94	85.87	91.53	94.05	97.11	93.62	88.67	90.16	87.69	70.48	65.72	73.03	72.28	64.74
Total Debt/Total Assets (%)	20.68	17.93	18.37	19.92	23.4	41.96	18.1	14.33	17.34	16.12	7.48	7.28	10.78	11.46	8.62
Net Debt to Equity	247.11	166.81	222.98	205.31	253.78	419.25	130.63	102.73	127.92	114.79	35.55	56.04	46.93	72.33	39.61
Net Debt/Capital (%)	86.98	81.9	84.75	90.79	93.65	96.9	92.48	87.01	88.19	85.14	57.07	57.88	51.15	60.08	44.77
EBITDA	3	4	4	3	9	9	10	14	12	12	11	11	11	10	11
EBITDA-CapEx	-1	- -	-2	-2	5	3	1	1	-4	1	3	2	4	-1	-10
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.9	2.93	3.02	1.84	1.48	1.25	1.23	1.83	1.89	2.26	3.13	3.8	3.98	4.4	4.7
Long-Term Debt/Equity (%)	123.99	166.59	215.65	155.29	126.67	283.24	155.92	120.02	145.43	129.09	59.5	73.8	115.52	110.85	37.16
Long-Term Debt/Capital (%)	41.22	63.56	75.91	63.11	43.8	61.07	93.62	88.67	90.16	87.69	70.48	65.72	73.03	66.63	27.77
Long-Term Debt/Total Assets (%)	9.72	13.26	16.24	13.74	10.9	26.38	18.1	14.33	17.34	16.12	7.48	7.28	10.78	10.57	3.7
Total Debt/Equity (%)	263.81	225.25	243.95	225.22	272.02	450.44	155.92	120.02	145.43	129.09	59.5	73.8	115.52	120.26	86.61
Total Debt/Capital (%)	87.7	85.94	85.87	91.53	94.05	97.11	93.62	88.67	90.16	87.69	70.48	65.72	73.03	72.28	64.74
Total Debt/Total Assets (%)	20.68	17.93	18.37	19.92	23.4	41.96	18.1	14.33	17.34	16.12	7.48	7.28	10.78	11.46	8.62
CFO/Total Liabilities	2.42	2.33	1.87	1.28	1.55	1.72	1.6	2.27	1.36	1.48	2.46	3.32	1.06	1.32	1.22
CFO/CapEx	18.79	22.38	10.51	10.86	19.38	13.24	9.52	9.1	5.07	7.92	18.66	24.35	11.57	9.12	4.61
Altman's Z-Score	0.14	0.15	0.17	0.12	0.13	0.16	0.14	0.17	0.18	0.16	0.2	0.18	0.16	0.16	0.16

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.93	6.68	6.63	5.85	7.51	7.34	6.62	7.59	7.58	7.06	6.14	5.72	5.03	5.31	5.35
Days Sales Outstanding	52.69	54.66	55.08	62.35	48.59	49.7	55.17	48.07	48.15	51.72	59.48	63.79	72.63	68.8	68.16
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	374	384	514	580	640	998	1,005	1,110	1,253	1,030	1,362	1,156	962	962	916
- Cash & Cash Equivalents	43	151	54	85	81	162	191	126	131	108	202	115	514	373	384
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	683	581	633	958	1,208	2,334	1,176	878	1,170	1,130	543	551	893	976	734
Enterprise Value	731	196	755	1,146	307	1,691	451	-129	-66	-536	-1,062	292	45	31	4
Total Capital	779	676	737	1,046	1,284	2,404	1,256	990	1,298	1,289	770	838	1,223	1,351	1,134
Total Debt/Capital (%)	87.7	85.94	85.87	91.53	94.05	97.11	93.62	88.67	90.16	87.69	70.48	65.72	73.03	72.28	64.74
Total Debt / EV	0.93	2.96	0.84	0.84	3.94	1.38	2.6	-6.83	-17.78	-2.11	-0.51	1.88	19.88	31.19	192
EV/Sales	5.64	1.53	5.57	8.82	1.81	9.62	2.54	- -	- -	- -	- -	1.15	0.18	0.12	0.02
EV/EBITDA	217.33	54.33	196.41	331.43	35.56	186.15	44.22	- -	- -	- -	- -	26.3	4.25	2.99	0.36
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	9.94	2.82	12.69	20.45	4.2	19.5	4.92	- -	- -	- -	- -	1.29	0.56	0.31	0.04
EV/Free Cash Flow to Firm	9.44	2.7	11.59	18.73	4	18.13	4.45	- -	- -	- -	- -	1.24	0.52	0.28	0.03
Diluted Market Cap	375	384	515	583	642	1,002	1,012	1,115	1,259	1,033	1,367	1,161	963	965	919
Diluted Enterprise Value	1,014	814	1,094	1,456	1,769	3,175	1,997	1,866	2,298	2,054	1,708	1,596	1,343	1,568	1,269
EV per Share	33.98	9.07	35.59	53.16	11.24	62.36	15.13	- -	- -	- -	- -	9.09	1.46	1.03	0.13
TTM Sales	130	128	136	130	170	176	178	212	211	237	239	253	251	258	237
TTM EBITDA	3	4	4	3	9	9	10	14	12	12	11	11	11	10	11
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	74	70	60	56	73	87	92	122	81	91	156	227	80	102	94
TTM Free Cash Flow to Firm	77	73	65	61	77	93	101	136	96	102	164	236	87	113	114

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	4.83	5.28	7.9	9.52	8.37	10.75	9.98	8.21	13.05	10.13	8.31	4.92	11.1	8.53	8.05
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	731	196	755	1,146	307	1,691	451	-129	-66	-536	-1,062	292	45	31	4
Low Price	14.3	16.47	17.53	21.98	23.45	19.08	30.47	29.28	31.29	23.51	30.79	31.18	25.38	25.3	25.85
EV/Sales	5.64	1.53	5.57	8.82	1.81	9.62	2.54	- -	- -	- -	- -	1.15	0.18	0.12	0.02
EV/EBITDA	217.33	54.33	196.41	331.43	35.56	186.15	44.22	- -	- -	- -	- -	26.3	4.25	2.99	0.36
Price/Earnings	9.57	11.06	12.47	27.83	14.55	20.22	18.51	14.97	16.81	12.54	12.01	11.01	11.1	10.88	13.24
Price/Earnings Average	9.06	11.09	10.83	28.45	16.5	16.06	18.84	16.15	15.43	11.91	11.09	11.84	11.02	10.53	12.91
Price/Earnings High	10.16	12.36	13.16	33.63	18.09	20.93	20.64	17.59	17.15	15.25	13.02	13.69	14.31	13.02	14.44
Price/Earnings Low	7.86	10.25	9.03	22.75	14.55	10.48	16.74	13.8	14.16	9.5	8.84	9.54	8.99	8.67	11.26
Price/Book Value	3.91	4.04	4.93	6.54	8.38	14.37	12.55	9.9	9.82	6.49	5.99	4.03	2.91	2.57	2.29
Price/Book Value Average	3.7	4.05	4.28	6.69	9.51	11.42	12.77	10.68	9.01	6.17	5.53	4.33	2.89	2.49	2.23
Price/Book Value High	4.15	4.51	5.21	7.91	10.43	14.88	14	11.64	10.02	7.9	6.5	5.01	3.76	3.07	2.5
Price/Book Value Low	3.21	3.74	3.57	5.35	8.38	7.45	11.35	9.13	8.27	4.92	4.41	3.49	2.36	2.05	1.95
Price/Tangible Book Value	1.58	1.63	2.16	1.78	1.85	2.36	1.9	2.17	2.12	1.55	1.93	2.14	1.69	1.58	1.42
Price/Tangible Book Value Average	1.5	1.63	1.88	1.82	2.1	1.88	1.93	2.34	1.95	1.47	1.79	2.3	1.68	1.53	1.38
Price/Tangible Book Value High	1.68	1.82	2.28	2.16	2.3	2.45	2.12	2.55	2.17	1.89	2.1	2.66	2.18	1.89	1.55
Price/Tangible Book Value Low	1.3	1.51	1.57	1.46	1.85	1.23	1.72	2	1.79	1.17	1.42	1.85	1.37	1.26	1.21
Price/Sales	2.89	3	3.79	4.46	3.78	5.67	5.66	5.24	5.93	4.35	5.7	4.57	3.83	3.73	3.86
Price/Sales Average	2.73	3	3.29	4.56	4.28	4.51	5.76	5.65	5.44	4.13	5.26	4.91	3.81	3.61	3.77
Price/Sales High	3.07	3.35	4	5.39	4.7	5.87	6.31	6.16	6.05	5.29	6.18	5.68	4.94	4.46	4.21
Price/Sales Low	2.37	2.78	2.74	3.65	3.78	2.94	5.12	4.83	5	3.29	4.2	3.96	3.11	2.97	3.29
Price/Cash Flow	5.09	5.51	8.63	10.35	8.77	11.5	10.96	9.07	15.55	11.38	8.72	5.1	12.04	9.45	9.76
Price/Cash Flow Average	4.82	5.53	7.5	10.58	9.95	9.14	11.15	9.78	14.27	10.81	8.06	5.49	11.96	9.15	9.52
Price/Cash Flow High	5.4	6.16	9.11	12.5	10.91	11.91	12.22	10.66	15.86	13.84	9.46	6.35	15.52	11.3	10.65
Price/Cash Flow Low	4.18	5.11	6.25	8.46	8.77	5.97	9.91	8.36	13.1	8.62	6.42	4.42	9.76	7.52	8.3
Price/Free Cash Flow Average	4.58	5.3	6.86	9.73	9.49	8.54	10.16	8.86	11.97	9.62	7.68	5.29	11.03	8.26	7.85
Price/Free Cash Flow High	5.13	5.9	8.34	11.51	10.41	11.12	11.14	9.65	13.31	12.32	9.02	6.12	14.31	10.21	8.77
Price/Free Cash Flow Low	3.97	4.9	5.72	7.78	8.37	5.57	9.03	7.57	10.99	7.67	6.12	4.26	9	6.8	6.84
EV/Sales Average	7.66	6.36	7.56	11.28	10.93	16.86	11.31	9.2	10.36	8.44	6.69	6.63	5.32	5.95	5.24
EV/Sales High	8	6.7	8.27	12.11	11.34	18.23	11.86	9.71	10.97	9.6	7.61	7.4	6.46	6.8	5.69
EV/Sales Low	7.3	6.13	7.01	10.36	10.42	15.3	10.67	8.38	9.92	7.6	5.62	5.67	4.62	5.31	4.76
EV/EBITDA Average	295.46	225.96	266.59	423.91	214.86	326.44	196.73	138.74	180.79	165.51	139.96	151.14	126.17	146.72	117.16
EV/EBITDA High	308.33	238.15	291.58	455.1	222.98	352.88	206.33	146.36	191.4	188.23	159.16	168.62	153.11	167.72	127.13
EV/EBITDA Low	281.6	217.85	247.27	389.51	204.88	296.16	185.58	126.35	173.01	149.13	117.63	129.37	109.56	130.94	106.42
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	17.4	17.77	24.22	26.89	23.46	36.79	33.68	31.75	37.14	31.03	41.82	35.99	31.32	31.76	30.39
High Price	18.48	19.86	25.56	32.5	29.17	38.08	37.57	37.32	37.89	37.74	45.36	44.75	40.38	38	33.14
Enterprise Value Average	994	815	1,025	1,466	1,853	2,965	2,008	1,949	2,190	2,000	1,598	1,678	1,334	1,535	1,243
Enterprise Value High	1,038	859	1,121	1,574	1,923	3,206	2,106	2,056	2,318	2,275	1,818	1,872	1,619	1,754	1,349
Enterprise Value Low	948	786	951	1,347	1,767	2,690	1,894	1,775	2,095	1,802	1,343	1,437	1,159	1,370	1,129

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	22	21	21	27	27	29	35	34	34	33	32	32	30	30	30
Diluted Weighted Avg Shares	22	22	21	22	27	27	30	35	34	33	33	32	31	30	30
Basic Weighted Avg Shares	22	22	21	22	27	27	30	35	34	33	33	32	31	30	30
Revenue per Share	6.03	5.93	6.39	6.03	6.21	6.48	5.95	6.06	6.26	7.14	7.34	7.88	8.17	8.51	7.87
EBITDA per Share	0.16	0.17	0.18	0.16	0.32	0.33	0.34	0.4	0.36	0.36	0.35	0.35	0.34	0.35	0.35
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.82	1.61	1.94	0.97	1.61	1.82	1.82	2.12	2.21	2.47	3.48	3.27	2.82	2.92	2.3
Basic EPS from Cont Ops	1.88	1.61	1.94	0.97	1.61	1.82	1.82	2.12	2.21	2.47	3.48	3.27	2.82	2.92	2.3
Diluted EPS, GAAP	1.82	1.61	1.94	0.96	1.61	1.81	1.81	2.11	2.2	2.47	3.47	3.26	2.82	2.91	2.29
Diluted EPS from Cont Ops	1.88	1.61	1.94	0.96	1.61	1.81	1.81	2.11	2.2	2.47	3.47	3.26	2.82	2.91	2.29
Dividend per Share	0.68	0.88	0.76	0.83	0.92	0.96	1.08	1.2	1.26	1.3	1.37	1.4	1.42	1.44	1.44
Cash Flow per Share	3.42	3.22	2.81	2.6	2.67	3.2	3.07	3.5	2.39	2.73	4.79	7.05	2.6	3.36	3.11
Free Cash Flow per Basic Share	3.24	3.08	2.54	2.36	2.54	2.96	2.75	3.12	1.92	2.38	4.54	6.76	2.38	2.99	2.44
Cash & Equivalents per Share	15.16	35.59	18.47	18.15	56.48	60.52	57.96	60.54	73.76	81.19	91.1	44.04	58.95	62.96	54.62
Book Value per Share	4.45	4.4	4.91	4.11	2.8	2.56	2.68	3.21	3.78	4.78	6.98	8.94	10.74	12.36	13.27
Tangible Book Value per Share	10.98	10.9	11.19	15.08	12.68	15.57	17.76	14.66	17.49	20.01	21.63	16.82	18.54	20.11	21.42

Southside Bancshares, Inc.

Profitability (USD)

Credit (USD)

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Enterprise Value (USD)

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Per Share Data Items (USD)