SBSI Iron Condor Strategy
SBSI (Southside Bancshares, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NYSE.
Southside Bancshares, Inc. functions as the holding company for its subsidiary, Southside Bank, which delivers a comprehensive suite of financial solutions to diverse clients, including individual consumers, commercial enterprises, governmental bodies, and non-profit organizations. Its offerings encompass a variety of deposit accounts, such as savings, money market, and both interest-bearing and non-interest-bearing checking options, alongside certificates of deposit (CDs). The institution's lending portfolio is diverse, featuring consumer loans for purposes like 1-4 family residential purchases, home equity, property improvements, and vehicle financing, in addition to other personal credit lines. Commercial lending extends to short-term working capital for managing inventory and receivables, medium-term financing for equipment acquisition or business expansion, commercial real estate ventures, and loans to municipal entities. Furthermore, construction financing is available for both single-to-four-unit residential properties and commercial real estate developments. Complementing its core banking activities, the company provides wealth management and trust services.
SBSI (Southside Bancshares, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $977.0M, a trailing P/E of 12.86, a beta of 0.57 versus the broader market, a 52-week range of 26.32-36.2, average daily share volume of 115K, a public-listing history dating back to 1998, approximately 781 full-time employees. These structural characteristics shape how SBSI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.57 indicates SBSI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SBSI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on SBSI?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
SBSI snapshot
As of August 14, 2026, spot at $33.14, ATM IV 47.40%, IV rank 13.99%, expected move 13.59%. The iron condor on SBSI below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on SBSI specifically: SBSI IV at 47.40% is on the cheap side of its 1-year range, which means a premium-selling SBSI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.59% (roughly $4.50 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SBSI expiries trade a higher absolute premium for lower per-day decay. Position sizing on SBSI should anchor to the underlying notional of $33.14 per share and to the trader's directional view on SBSI stock.
SBSI iron condor setup
The SBSI iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SBSI at $33.14 on that close, the first option leg uses a $34.80 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SBSI chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 SBSI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $34.80 | N/A |
| Buy 1 | Call | $36.45 | N/A |
| Sell 1 | Put | $31.48 | N/A |
| Buy 1 | Put | $29.83 | N/A |
SBSI iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
SBSI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SBSI. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on SBSI
Iron condors on SBSI are a delta-neutral premium-collection structure that profits if SBSI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SBSI thesis for this iron condor
The market-implied 1-standard-deviation range for SBSI extends from approximately $28.64 on the downside to $37.64 on the upside. A SBSI iron condor is a delta-neutral premium-collection structure that pays off when SBSI stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current SBSI IV rank near 13.99% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on SBSI at 47.40%. As a Financial Services name, SBSI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SBSI-specific events.
SBSI iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. SBSI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SBSI alongside the broader basket even when SBSI-specific fundamentals are unchanged. Short-premium structures like a iron condor on SBSI carry tail risk when realized volatility exceeds the implied move; review historical SBSI earnings reactions and macro stress periods before sizing. Always rebuild the position from current SBSI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SBSI?
- A iron condor on SBSI is the iron condor strategy applied to SBSI (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With SBSI stock at $33.14 on the most recent close, the strikes shown on this page are snapped to the nearest listed SBSI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SBSI iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the SBSI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 47.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SBSI iron condor?
- The breakeven for the SBSI iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The SBSI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on SBSI?
- Iron condors on SBSI are a delta-neutral premium-collection structure that profits if SBSI stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SBSI implied volatility affect this iron condor?
- SBSI ATM IV is at 47.40% with IV rank near 13.99%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.