SOUTHSIDE BANCSHARES, INC. INCREASES STOCK REPURCHASE PLAN AUTHORIZATION
14 March 2020 - 8:11AM
Southside Bancshares, Inc. (NASDAQ:SBSI), the holding company of
Southside Bank, announced that its Board of Directors has increased
its authorization under the Company’s current Stock Repurchase Plan
(the “Plan”) by an additional 1.0 million shares, for a total
authorization to repurchase up to 2.0 million shares of the
Company's common stock from time to time.
Under the Plan, previously announced in
September 2019, the Company has purchased approximately 387,000
shares at an average price of $31.52 through March 12, 2020,
resulting in approximately 1.6 million authorized shares remaining.
“We believe the recent market volatility has created an opportunity
to purchase our shares at attractive price levels,” stated Lee R.
Gibson, President and Chief Executive Officer of Southside.
“The increased authorization reflects our continued
confidence in Southside and commitment to returning capital to our
shareholders.”
Repurchases may be carried out in open market
purchases, privately negotiated transactions and pursuant to any
trading plan that might be adopted in accordance with Rule 10b5-1
of the Securities Exchange Act of 1934, as amended. The Company has
no obligation to repurchase any shares under the Plan and may
modify, suspend or discontinue the Plan at any time.
About Southside Bancshares,
Inc.
Southside Bancshares, Inc. is a bank holding
company headquartered in Tyler, Texas, with approximately $6.75
billion in assets as of December 31, 2019. Through its
wholly-owned subsidiary, Southside Bank, Southside currently
operates 60 branches and a network of 82 ATMs/ITMs throughout East
Texas, Southeast Texas, Dallas/Fort Worth and Austin. Serving
customers since 1960, Southside Bank is a community-focused
financial institution that offers a full range of financial
products and services to individuals and businesses. These
products and services include consumer and commercial loans,
mortgages, deposit accounts, safe deposit boxes, treasury
management, wealth management, trust services, brokerage services
and an array of online and mobile services.
To learn more about Southside Bancshares, Inc.,
please visit our investor relations website at
https://investors.southside.com. Our investor relations
site provides a detailed overview of our activities, financial
information and historical stock price data. To receive
e-mail notification of company news, events and stock activity,
please register on the E-mail Notification portion of the
website. Questions or comments may be directed to Lindsey
Bailes at (903) 630-7965, or lindsey.bailes@southside.com.
Forward-Looking Statements
Certain statements of other than historical fact
that are contained in this report 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 forward-looking statements are
not guarantees of future performance, nor should they be relied
upon as representing management’s views as of any subsequent
date. These statements may include words such as
“expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,”
“could,” “should,” “may,” “might,” “will,” “would,” “seek,”
“intend,” “probability,” “risk,” “goal,” “target,” “objective,”
“plans,” “potential,” and similar expressions. Forward-looking
statements are statements with respect to our beliefs, plans,
expectations, objectives, goals, anticipations, assumptions,
estimates, intentions and future performance and are subject to
significant known and unknown risks and uncertainties, which could
cause our actual results to differ materially from the results
discussed in the forward-looking statements. For
example, discussions of the effect of our expansion, benefits of
the Share Repurchase Plan, trends in asset quality and earnings
from growth, and certain market risk disclosures are based upon
information presently available to management and are dependent on
choices about key model characteristics and assumptions and are
subject to various limitations. By their nature, certain of
the market risk disclosures are only estimates and could be
materially different from what actually occurs in the future.
Additional information concerning the Company
and its business, including additional factors that could
materially affect the Company’s financial results, is included in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2019, under “Part I - Item 1. Forward Looking
Information” and "Part I - Item 1A. Risk Factors" and in the
Company’s other filings with the Securities and Exchange
Commission. The Company disclaims any obligation to
update any factors or to announce publicly the result of revisions
to any of the forward-looking statements included herein to reflect
future events or developments.
For further information:Lindsey Bailes(903)
630-7965
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