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SOUTHSIDE BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
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TEXAS
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75-1848732
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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1201 S. Beckham, Tyler, Texas
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75701
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
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||||
| PART I. FINANCIAL INFORMATION | ||||
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ITEM 1.
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1 | |||
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ITEM 2.
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28 | |||
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ITEM 3.
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44 | |||
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ITEM 4.
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45 | |||
| PART II. OTHER INFORMATION | ||||
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ITEM 1.
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45 | |||
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ITEM 1A.
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45 | |||
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ITEM 2.
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45 | |||
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ITEM 3.
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45 | |||
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ITEM 4.
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45 | |||
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ITEM 5.
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45 | |||
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ITEM 6.
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46 | |||
| 47 | ||||
| 48 | ||||
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March 31,
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December 31,
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|||||||
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2011
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2010
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||||||
| ASSETS | ||||||||
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Cash and due from banks
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$ | 48,185 | $ | 56,188 | ||||
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Interest earning deposits
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1,435 | 22,885 | ||||||
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Total cash and cash equivalents
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49,620 | 79,073 | ||||||
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Investment securities:
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||||||||
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Available for sale, at estimated fair value
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320,720 | 299,344 | ||||||
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Held to maturity, at amortized cost
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1,495 | 1,495 | ||||||
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Mortgage-backed and related securities:
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||||||||
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Available for sale, at estimated fair value
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1,091,710 | 946,043 | ||||||
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Held to maturity, at amortized cost
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407,939 | 417,862 | ||||||
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FHLB stock, at cost
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29,216 | 34,712 | ||||||
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Other investments, at cost
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2,064 | 2,064 | ||||||
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Loans held for sale
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2,665 | 6,583 | ||||||
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Loans:
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||||||||
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Loans
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1,063,644 | 1,077,920 | ||||||
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Less: allowance for loan losses
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(19,780 | ) | (20,711 | ) | ||||
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Net Loans
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1,043,864 | 1,057,209 | ||||||
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Premises and equipment, net
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50,340 | 50,144 | ||||||
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Goodwill
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22,034 | 22,034 | ||||||
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Other intangible assets, net
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708 | 777 | ||||||
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Interest receivable
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15,215 | 18,033 | ||||||
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Deferred tax asset
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6,269 | 6,677 | ||||||
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Other assets
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54,857 | 57,571 | ||||||
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TOTAL ASSETS
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$ | 3,098,716 | $ | 2,999,621 | ||||
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LIABILITIES AND EQUITY
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||||||||
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Deposits:
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||||||||
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Noninterest bearing
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$ | 459,906 | $ | 423,304 | ||||
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Interest bearing
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1,740,917 | 1,711,124 | ||||||
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Total Deposits
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2,200,823 | 2,134,428 | ||||||
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Short-term obligations:
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||||||||
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Federal funds purchased and repurchase agreements
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2,981 | 3,844 | ||||||
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FHLB advances
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214,456 | 189,094 | ||||||
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Other obligations
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2,144 | 2,651 | ||||||
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Total Short-term obligations
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219,581 | 195,589 | ||||||
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Long-term obligations:
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||||||||
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FHLB advances
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322,242 | 373,479 | ||||||
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Long-term debt
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60,311 | 60,311 | ||||||
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Total Long-term obligations
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382,553 | 433,790 | ||||||
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Other liabilities
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73,376 | 20,378 | ||||||
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TOTAL LIABILITIES
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2,876,333 | 2,784,185 | ||||||
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Off-Balance-Sheet Arrangements, Commitments and Contingencies (Note 10)
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||||||||
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Shareholders' equity:
|
||||||||
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Common stock - $1.25 par, 40,000,000 shares authorized, 18,465,255 shares
issued in 2011 (including 790,405 shares declared on March 31, 2011 as a stock
dividend) and 17,660,312 shares issued in 2010
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23,081 | 22,075 | ||||||
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Paid-in capital
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178,274 | 162,877 | ||||||
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Retained earnings
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53,117 | 64,567 | ||||||
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Treasury stock (2,023,838 shares at cost)
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(28,377 | ) | (28,377 | ) | ||||
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Accumulated other comprehensive loss
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(5,575 | ) | (6,819 | ) | ||||
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TOTAL SHAREHOLDERS' EQUITY
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220,520 | 214,323 | ||||||
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Noncontrolling interest
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1,863 | 1,113 | ||||||
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TOTAL EQUITY
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222,383 | 215,436 | ||||||
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TOTAL LIABILITIES AND EQUITY
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$ | 3,098,716 | $ | 2,999,621 | ||||
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Three Months
|
||||||||
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Ended March 31,
|
||||||||
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2011
|
2010
|
|||||||
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Interest income
|
||||||||
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Loans
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$ | 17,271 | $ | 17,765 | ||||
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Investment securities – taxable
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18 | 26 | ||||||
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Investment securities – tax-exempt
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3,229 | 2,826 | ||||||
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Mortgage-backed and related securities
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11,297 | 14,277 | ||||||
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FHLB stock and other investments
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80 | 82 | ||||||
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Other interest earning assets
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10 | 11 | ||||||
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Total interest income
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31,905 | 34,987 | ||||||
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Interest expense
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||||||||
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Deposits
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4,036 | 5,005 | ||||||
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Short-term obligations
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1,729 | 1,680 | ||||||
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Long-term obligations
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3,881 | 5,226 | ||||||
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Total interest expense
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9,646 | 11,911 | ||||||
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Net interest income
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22,259 | 23,076 | ||||||
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Provision for loan losses
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2,138 | 3,867 | ||||||
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Net interest income after provision for loan losses
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20,121 | 19,209 | ||||||
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Noninterest income
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||||||||
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Deposit services
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3,879 | 4,064 | ||||||
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Gain on sale of securities available for sale
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1,805 | 8,355 | ||||||
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Total other-than-temporary impairment losses
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– | (39 | ) | |||||
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Portion of loss recognized in other comprehensive income (before taxes)
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– | (36 | ) | |||||
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Net impairment losses recognized in earnings
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– | (75 | ) | |||||
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Gain on sale of loans
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283 | 281 | ||||||
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Trust income
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651 | 530 | ||||||
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Bank owned life insurance income
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286 | 285 | ||||||
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Other
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1,105 | 933 | ||||||
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Total noninterest income
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8,009 | 14,373 | ||||||
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Noninterest expense
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||||||||
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Salaries and employee benefits
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11,691 | 10,942 | ||||||
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Occupancy expense
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1,721 | 1,643 | ||||||
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Equipment expense
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493 | 437 | ||||||
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Advertising, travel & entertainment
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553 | 537 | ||||||
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ATM and debit card expense
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215 | 167 | ||||||
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Director fees
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191 | 177 | ||||||
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Supplies
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224 | 270 | ||||||
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Professional fees
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555 | 406 | ||||||
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Postage
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179 | 186 | ||||||
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Telephone and communications
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337 | 373 | ||||||
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FDIC Insurance
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763 | 679 | ||||||
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Other
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1,810 | 1,635 | ||||||
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Total noninterest expense
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18,732 | 17,452 | ||||||
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Income before income tax expense
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9,398 | 16,130 | ||||||
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Provision for income tax expense
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1,216 | 3,955 | ||||||
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Net income
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8,182 | 12,175 | ||||||
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Less: Net income attributable to the noncontrolling interest
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(865 | ) | (530 | ) | ||||
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Net income attributable to Southside Bancshares, Inc.
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$ | 7,317 | $ | 11,645 | ||||
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Earnings per common share – basic
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$ | 0.45 | $ | 0.70 | ||||
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Earnings per common share – diluted
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$ | 0.45 | $ | 0.70 | ||||
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Dividends paid per common share
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$ | 0.17 | $ | 0.17 | ||||
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Three Months Ended
March 31,
|
||||||||
|
2011
|
2010
|
|||||||
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Common Stock
|
||||||||
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Balance, beginning of period
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$ | 22,075 | $ | 20,928 | ||||
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Issuance of common stock (14,538 shares in 2011 and 60,543 shares in 2010)
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18 | 76 | ||||||
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Stock dividend declared
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988 | 942 | ||||||
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Balance, end of period
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23,081 | 21,946 | ||||||
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Paid-in capital
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||||||||
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Balance, beginning of period
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162,877 | 146,357 | ||||||
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Issuance of common stock (14,538 shares in 2011 and 60,543 shares in 2010)
|
274 | 396 | ||||||
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Tax benefit of incentive stock options
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2 | 145 | ||||||
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Stock dividend declared
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15,121 | 14,562 | ||||||
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Balance, end of period
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178,274 | 161,460 | ||||||
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Retained earnings
|
||||||||
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Balance, beginning of period
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64,567 | 53,812 | ||||||
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Net income attributable to Southside Bancshares, Inc.
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7,317 | 11,645 | ||||||
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Dividends paid on common stock ($0.17 per share in 2011 and $0.17 per share in 2010)
|
(2,658 | ) | (2,552 | ) | ||||
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Stock dividend declared
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(16,109 | ) | (15,504 | ) | ||||
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Balance, end of period
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53,117 | 47,401 | ||||||
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Treasury Stock
|
||||||||
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Balance, beginning of period
|
(28,377 | ) | (23,545 | ) | ||||
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Purchase of common stock (1,101 shares in 2010)
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– | (24 | ) | |||||
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Balance, end of period
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(28,377 | ) | (23,569 | ) | ||||
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Accumulated other comprehensive loss
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||||||||
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Balance, beginning of period
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(6,819 | ) | 4,229 | |||||
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Net unrealized gains on available for sale securities, net of tax
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2,187 | 560 | ||||||
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Reclassification adjustment for gains on sales of available for sale securities included in net income, net of tax
|
(1,174 | ) | (5,431 | ) | ||||
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Non-credit portion of other-than-temporary impairment losses on available for sale securities, net of tax
|
– | 23 | ||||||
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Reclassification of other-than-temporary impairment charges on available for sale securities included in net income, net of tax
|
– | 49 | ||||||
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Adjustment to net periodic benefit cost, net of tax
|
231 | 161 | ||||||
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Net change in accumulated other comprehensive income (loss)
|
1,244 | (4,638 | ) | |||||
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Balance, end of period
|
(5,575 | ) | (409 | ) | ||||
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Total shareholders’ equity
|
220,520 | 206,829 | ||||||
|
Noncontrolling interest
|
||||||||
|
Balance, beginning of period
|
1,113 | 468 | ||||||
|
Net income attributable to noncontrolling interest shareholders
|
865 | 530 | ||||||
|
Capital distribution to noncontrolling interest shareholders
|
(115 | ) | (156 | ) | ||||
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Balance, end of period
|
1,863 | 842 | ||||||
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Total equity
|
$ | 222,383 | $ | 207,671 | ||||
|
Comprehensive income
|
||||||||
|
Net income
|
$ | 8,182 | $ | 12,175 | ||||
|
Net change in accumulated other comprehensive income (loss)
|
1,244 | (4,638 | ) | |||||
|
Comprehensive income
|
9,426 | 7,537 | ||||||
|
Comprehensive income attributable to the noncontrolling interest
|
(865 | ) | (530 | ) | ||||
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Comprehensive income attributable to Southside Bancshares, Inc.
|
$ | 8,561 | $ | 7,007 | ||||
|
Three Months Ended
March 31,
|
||||||||
|
2011
|
2010
|
|||||||
|
OPERATING ACTIVITIES:
|
||||||||
|
Net income
|
$ | 8,182 | $ | 12,175 | ||||
|
Adjustments to reconcile net income to net cash provided by operations:
|
||||||||
|
Depreciation
|
806 | 775 | ||||||
|
Amortization of premium
|
8,708 | 7,120 | ||||||
|
Accretion of discount and loan fees
|
(1,171 | ) | (1,271 | ) | ||||
|
Provision for loan losses
|
2,138 | 3,867 | ||||||
|
Decrease in interest receivable
|
2,818 | 3,134 | ||||||
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(Increase) decrease in other assets
|
(2,299 | ) | 1,052 | |||||
|
Net change in deferred taxes
|
(262 | ) | (50 | ) | ||||
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Decrease in interest payable
|
(409 | ) | (430 | ) | ||||
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Increase in other liabilities
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1,356 | 4,380 | ||||||
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Decrease in loans held for sale
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3,918 | 821 | ||||||
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Gain on sale of securities available for sale
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(1,805 | ) | (8,355 | ) | ||||
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Net other-than-temporary impairment losses
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– | 75 | ||||||
|
Gain on sale of assets
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– | (7 | ) | |||||
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Loss on retirement of assets
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90 | – | ||||||
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Impairment on other real estate owned
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130 | 20 | ||||||
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Gain on sale of other real estate owned
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– | (15 | ) | |||||
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Net cash provided by operating activities
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22,200 | 23,291 | ||||||
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INVESTING ACTIVITIES:
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||||||||
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Proceeds from sales of investment securities available for sale
|
9,801 | 12,265 | ||||||
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Proceeds from sales of mortgage-backed securities available for sale
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172,354 | 388,909 | ||||||
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Proceeds from maturities of investment securities available for sale
|
8,722 | 2,784 | ||||||
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Proceeds from maturities of mortgage-backed securities available for sale
|
73,933 | 96,982 | ||||||
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Proceeds from maturities of mortgage-backed securities held to maturity
|
13,356 | 18,129 | ||||||
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Proceeds from redemption of FHLB stock
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9,738 | 2,360 | ||||||
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Purchases of investment securities available for sale
|
(29,344 | ) | (15,248 | ) | ||||
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Purchases of mortgage-backed securities available for sale
|
(353,601 | ) | (317,794 | ) | ||||
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Purchases of mortgage-backed securities held to maturity
|
(5,301 | ) | (215,686 | ) | ||||
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Purchases of FHLB stock and other investments
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(4,242 | ) | (36 | ) | ||||
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Net decrease in loans
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10,529 | 11,328 | ||||||
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Purchases of premises and equipment
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(1,092 | ) | (1,795 | ) | ||||
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Proceeds from sales of premises and equipment
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– | 38 | ||||||
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Proceeds from sales of other real estate owned
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– | 419 | ||||||
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Proceeds from sales of repossessed assets
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1,517 | 1,199 | ||||||
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Net cash used in investing activities
|
(93,630 | ) | (16,146 | ) | ||||
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Three Months Ended
|
||||||||
|
March 31,
|
||||||||
|
2011
|
2010
|
|||||||
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FINANCING ACTIVITIES:
|
||||||||
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Net increase in demand and savings accounts
|
44,367
|
125,151
|
||||||
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Net increase (decrease) in certificates of deposit
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26,827
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(67,420
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)
|
|||||
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Net decrease in federal funds purchased and repurchase agreements
|
(863
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)
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(6,155
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)
|
||||
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Proceeds from FHLB advances
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1,074,136
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1,203,170
|
||||||
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Repayment of FHLB advances
|
(1,100,011
|
)
|
(1,273,780
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)
|
||||
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Net capital distributions to non-controlling interest in consolidated entities
|
(115
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)
|
(156
|
)
|
||||
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Tax benefit of incentive stock options
|
2
|
145
|
||||||
|
Purchase of common stock
|
–
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(24
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)
|
|||||
|
Proceeds from the issuance of common stock
|
292
|
472
|
||||||
|
Dividends paid
|
(2,658
|
)
|
(2,552
|
)
|
||||
|
Net cash provided by (used in) financing activities
|
41,977
|
(21,149
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)
|
|||||
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Net decrease in cash and cash equivalents
|
(29,453
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)
|
(14,004
|
)
|
||||
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Cash and cash equivalents at beginning of period
|
79,073
|
52,166
|
||||||
|
Cash and cash equivalents at end of period
|
$
|
49,620
|
$
|
38,162
|
||||
|
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION:
|
||||||||
|
Interest paid
|
$
|
10,055
|
$
|
12,341
|
||||
|
Income taxes paid
|
–
|
–
|
||||||
|
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
|
Acquisition of other repossessed assets and real estate through foreclosure
|
$
|
1,576
|
$
|
1,930
|
||||
|
Declaration of 5% stock dividend
|
16,109
|
15,504
|
||||||
|
Adjustment to pension liability
|
(355
|
)
|
(247
|
)
|
||||
|
Unsettled trades to purchase securities
|
(52,044
|
)
|
(37,458
|
)
|
||||
|
Unsettled trades to sell securities
|
–
|
1,453
|
||||||
|
Unsettled issuances of brokered CDs
|
–
|
19,830
|
||||||
|
Three Months
|
||||||||
|
Ended March 31,
|
||||||||
|
2011
|
2010
|
|||||||
|
Basic and Diluted Earnings:
|
||||||||
|
Net Income - Southside Bancshares, Inc.
|
$
|
7,317
|
$
|
11,645
|
||||
|
Basic weighted-average shares outstanding:
|
16,429
|
16,546
|
||||||
|
Add: Stock options
|
5
|
67
|
||||||
|
Diluted weighted-average shares outstanding
|
16,434
|
16,613
|
||||||
|
Basic Earnings Per Share:
|
||||||||
|
Net Income - Southside Bancshares, Inc.
|
$
|
0.45
|
$
|
0.70
|
||||
|
Diluted Earnings Per Share:
|
||||||||
|
Net Income - Southside Bancshares, Inc.
|
$
|
0.45
|
$
|
0.70
|
||||
|
Three Months Ended March 31, 2011
|
|||||||||
|
Before-Tax
|
Tax
|
Net-of-Tax
|
|||||||
|
Amount
|
Expense
|
Amount
|
|||||||
|
Unrealized gains on securities:
|
|||||||||
|
Unrealized holding gains arising during period
|
$ | 3,364 | $ | (1,177 | ) | $ | 2,187 | ||
|
Less: reclassification adjustment for gains included in net income
|
1,805 | (631 | ) | 1,174 | |||||
|
Net unrealized gains on securities
|
1,559 | (546 | ) | 1,013 | |||||
|
Change in pension plans
|
355 | (124 | ) | 231 | |||||
|
Other comprehensive income
|
$ | 1,914 | $ | (670 | ) | $ | 1,244 | ||
|
Three Months Ended March 31, 2010
|
|||||||||
|
Before-Tax
|
Tax (Expense)
|
Net-of-Tax
|
|||||||
|
Amount
|
Benefit
|
Amount
|
|||||||
|
Unrealized losses on securities:
|
|||||||||
|
Unrealized holding gains arising during period
|
$ | 861 | $ | (301 | ) | $ | 560 | ||
|
Non credit portion of other-than-temporary
impairment losses on the AFS securities
|
36 | (13 | ) | 23 | |||||
|
Less: reclassification adjustment for gains included in net income
|
8,355 | (2,924 | ) | 5,431 | |||||
|
Less: reclassification of other-than-temporary impairment charges on AFS securities included in net income
|
(75 | ) | 26 | (49 | ) | ||||
|
Net unrealized losses on securities
|
(7,383 | ) | 2,584 | (4,799 | ) | ||||
|
Change in pension plans
|
247 | (86 | ) | 161 | |||||
|
Other comprehensive loss
|
$ | (7,136 | ) | $ | 2,498 | $ | (4,638 | ) | |
|
March 31, 2011
|
||||||||||||||||||||
|
Gross
|
Gross Unrealized
Losses
|
|||||||||||||||||||
|
Amortized
|
Unrealized
|
Non-Credit
|
Estimated
|
|||||||||||||||||
|
AVAILABLE FOR SALE:
|
Cost
|
Gains
|
OTTI
|
Other
|
Market Value
|
|||||||||||||||
|
Investment Securities:
|
||||||||||||||||||||
|
U.S. Treasury
|
$ | 4,700 | $ | – | $ | – | $ | – | $ | 4,700 | ||||||||||
|
State and Political Subdivisions
|
308,998 | 8,837 | – | 2,820 | 315,015 | |||||||||||||||
|
Other Stocks and Bonds
|
2,925 | – | 1,920 | – | 1,005 | |||||||||||||||
|
Mortgage-backed Securities:
|
||||||||||||||||||||
|
U.S. Government Agencies
|
164,473 | 4,983 | – | 656 | 168,800 | |||||||||||||||
|
Government-Sponsored Enterprises
|
915,951 | 13,490 | – | 6,531 | 922,910 | |||||||||||||||
|
Total
|
$ | 1,397,047 | $ | 27,310 | $ | 1,920 | $ | 10,007 | $ | 1,412,430 | ||||||||||
|
March 31, 2011
|
|||||||||||||||||
|
Gross
|
Gross Unrealized Losses
|
||||||||||||||||
|
Amortized
|
Unrealized
|
Non-Credit
|
Estimated
|
||||||||||||||
|
HELD TO MATURITY:
|
Cost
|
Gains
|
OTTI
|
Other
|
Market Value
|
||||||||||||
|
Investment Securities:
|
|||||||||||||||||
|
State and Political Subdivisions
|
$ | 1,011 | $ | 81 | $ | – | $ | – | $ | 1,092 | |||||||
|
Other Stocks and Bonds
|
484 | 20 | – | – | 504 | ||||||||||||
|
Mortgage-backed Securities:
|
|||||||||||||||||
|
U.S. Government Agencies
|
20,432 | 601 | – | 16 | 21,017 | ||||||||||||
|
Government-Sponsored Enterprises
|
387,507 | 7,419 | – | 1,187 | 393,739 | ||||||||||||
|
Total
|
$ | 409,434 | $ | 8,121 | $ | – | $ | 1,203 | $ | 416,352 | |||||||
|
December 31, 2010
|
|||||||||||||||||||
|
Gross
|
Gross Unrealized Losses
|
||||||||||||||||||
|
Amortized
|
Unrealized
|
Non-Credit
|
Estimated
|
||||||||||||||||
|
AVAILABLE FOR SALE:
|
Cost
|
Gains
|
OTTI
|
Other
|
Market Value
|
||||||||||||||
|
Investment Securities:
|
|||||||||||||||||||
|
U.S. Treasury
|
$ | 4,700 | $ | – | $ | – | $ | – | $ | 4,700 | |||||||||
|
State and Political Subdivisions
|
296,357 | 4,445 | – | 6,540 | 294,262 | ||||||||||||||
|
Other Stocks and Bonds
|
3,117 | 1 | 2,736 | – | 382 | ||||||||||||||
|
Mortgage-backed Securities:
|
|||||||||||||||||||
|
U.S. Government Agencies
|
149,402 | 5,311 | – | 179 | 154,534 | ||||||||||||||
|
Government-Sponsored Enterprises
|
777,921 | 16,049 | – | 2,461 | 791,509 | ||||||||||||||
|
Total
|
$ | 1,231,497 | $ | 25,806 | $ | 2,736 | $ | 9,180 | $ | 1,245,387 | |||||||||
|
December 31, 2010
|
|||||||||||||||||
|
Gross
|
Gross Unrealized Losses
|
||||||||||||||||
|
Amortized
|
Unrealized
|
Non-Credit
|
Estimated
|
||||||||||||||
|
HELD TO MATURITY:
|
Cost
|
Gains
|
OTTI
|
Other
|
Market Value
|
||||||||||||
|
Investment Securities:
|
|||||||||||||||||
|
State and Political Subdivisions
|
$ | 1,012 | $ | 44 | $ | – | $ | – | $ | 1,056 | |||||||
|
Other Stocks and Bonds
|
483 | 14 | – | – | 497 | ||||||||||||
|
Mortgage-backed Securities:
|
|||||||||||||||||
|
U.S. Government Agencies
|
21,888 | 631 | – | 55 | 22,464 | ||||||||||||
|
Government-Sponsored Enterprises
|
395,974 | 8,743 | – | 609 | 404,108 | ||||||||||||
|
Total
|
$ | 419,357 | $ | 9,432 | $ | – | $ | 664 | $ | 428,125 | |||||||
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||
|
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
Fair Value
|
Unrealized
Loss
|
|||||||||||||
|
As of March 31, 2011:
|
||||||||||||||||||
|
Available for Sale
|
||||||||||||||||||
|
State and Political Subdivisions
|
$ | 98,793 | $ | 2,778 | $ | 268 | $ | 42 | $ | 99,061 | $ | 2,820 | ||||||
|
Other Stocks and Bonds
|
– | – | 1,005 | 1,920 | 1,005 | 1,920 | ||||||||||||
|
Mortgage-Backed Securities
|
497,018 | 7,081 | 9,551 | 106 | 506,569 | 7,187 | ||||||||||||
|
Total
|
$ | 595,811 | $ | 9,859 | $ | 10,824 | $ | 2,068 | $ | 606,635 | $ | 11,927 | ||||||
|
Held to Maturity
|
||||||||||||||||||
|
Mortgage-Backed Securities
|
$ | 62,218 | $ | 249 | $ | 34,296 | $ | 954 | $ | 96,514 | $ | 1,203 | ||||||
|
Total
|
$ | 62,218 | $ | 249 | $ | 34,296 | $ | 954 | $ | 96,514 | $ | 1,203 | ||||||
|
As of December 31, 2010:
|
||||||||||||||||||
|
Available for Sale
|
||||||||||||||||||
|
State and Political Subdivisions
|
$ | 136,671 | $ | 6,501 | $ | 270 | $ | 39 | $ | 136,941 | $ | 6,540 | ||||||
|
Other Stocks and Bonds
|
– | – | 189 | 2,736 | 189 | 2,736 | ||||||||||||
|
Mortgage-Backed Securities
|
312,985 | 2,475 | 21,779 | 165 | 334,764 | 2,640 | ||||||||||||
|
Total
|
$ | 449,656 | $ | 8,976 | $ | 22,238 | $ | 2,940 | $ | 471,894 | $ | 11,916 | ||||||
|
Held to Maturity
|
||||||||||||||||||
|
Mortgage-Backed Securities
|
$ | 52,676 | $ | 644 | $ | 1,104 | $ | 20 | $ | 53,780 | $ | 664 | ||||||
|
Total
|
$ | 52,676 | $ | 644 | $ | 1,104 | $ | 20 | $ | 53,780 | $ | 664 | ||||||
|
TRUP
|
Par
|
Credit
Loss
|
Amortized Cost
|
Fair Value
|
Tranche
|
Credit Rating
|
||||||||||||||||||||
| 1 | $ | 2,000 | $ | 1,075 | $ | 925 | $ | 285 | C1 |
Ca
|
||||||||||||||||
| 2 | 2,000 | 550 | 1,450 | 360 | B1 |
Ca
|
||||||||||||||||||||
| 3 | 2,000 | 1,450 | 550 | 360 | B2 | C | ||||||||||||||||||||
| $ | 6,000 | $ | 3,075 | $ | 2,925 | $ | 1,005 | |||||||||||||||||||
|
Three Months Ended March 31, 2011
|
|||||||||
|
Impairment
Related to
Credit Loss
|
Impairment
Related to
All
Other Factors
|
Total
Impairment
|
|||||||
|
Balance, beginning of the period
|
$ | 3,075 | $ | 2,694 | $ | 5,769 | |||
|
Charges on securities for which other-than-temporary impairment charges were not previously recognized
|
– | – | – | ||||||
|
Additional charges on securities for which other-than-temporary impairment charges were previously recognized
|
– | – | – | ||||||
|
Balance, end of the period
|
$ | 3,075 | $ | 2,694 | $ | 5,769 | |||
|
Three Months Ended
|
||||||||
|
March 31,
2011
|
March 31,
2010
|
|||||||
|
U.S. Treasury
|
$
|
1
|
$
|
2
|
||||
|
State and Political Subdivisions
|
3,237
|
2,836
|
||||||
|
Other Stocks and Bonds
|
9
|
14
|
||||||
|
Mortgage-backed Securities
|
11,297
|
14,277
|
||||||
|
Total interest income on securities
|
$
|
14,544
|
$
|
17,129
|
||||
|
March 31, 2011
|
||||||||
|
Amortized
Cost
|
Fair Value
|
|||||||
|
(in thousands)
|
||||||||
|
Available for sale securities:
|
||||||||
|
Investment Securities
|
||||||||
|
Due in one year or less
|
$ | 6,946 | $ | 6,981 | ||||
|
Due after one year through five years
|
6,991 | 7,170 | ||||||
|
Due after five years through ten years
|
27,240 | 28,332 | ||||||
|
Due after ten years
|
275,446 | 278,237 | ||||||
| 316,623 | 320,720 | |||||||
|
Mortgage-backed securities
|
1,080,424 | 1,091,710 | ||||||
|
Total
|
$ | 1,397,047 | $ | 1,412,430 | ||||
|
March 31, 2011
|
||||||||
|
Amortized
Cost
|
Fair Value
|
|||||||
|
(in thousands)
|
||||||||
|
Held to maturity securities:
|
||||||||
|
Investment Securities
|
||||||||
|
Due in one year or less
|
$ | – | $ | – | ||||
|
Due after one year through five years
|
– | – | ||||||
|
Due after five years through ten years
|
484 | 504 | ||||||
|
Due after ten years
|
1,011 | 1,092 | ||||||
| 1,495 | 1,596 | |||||||
|
Mortgage-backed securities
|
407,939 | 414,756 | ||||||
|
Total
|
$ | 409,434 | $ | 416,352 | ||||
|
At
|
At
|
||||||
|
March 31,
|
December 31,
|
||||||
|
2011
|
2010
|
||||||
|
Real Estate Loans:
|
|||||||
|
Construction
|
$ | 111,635 | $ | 115,094 | |||
|
1-4 Family residential
|
218,178 | 219,031 | |||||
|
Other
|
202,986 | 200,723 | |||||
|
Commercial loans
|
143,265 | 148,761 | |||||
|
Municipal loans
|
198,561 | 196,594 | |||||
|
Loans to individuals
|
189,019 | 197,717 | |||||
|
Total loans
|
$ | 1,063,644 | $ | 1,077,920 | |||
|
·
|
Satisfactory (Rating 1 – 4) – This rating is assigned to all satisfactory loans. This category, by definition, should consist of completely acceptable credit. Credit and collateral exceptions should not be present, although their presence would not necessarily prohibit a loan from being rated Satisfactory, if deficiencies are in process of correction. These loans will not be included in the Watch List.
|
|
·
|
Satisfactory (Rating 5) – Special Treatment Required – (Pass Watch) – These loans require some degree of special treatment, but not due to credit quality. This category does not include loans specially mentioned or adversely classified by the Loan Review Officer or regulatory authorities; however, particular attention must be accorded such credits due to characteristics such as:
|
|
|
·
|
A lack of, or abnormally extended payment program;
|
|
|
·
|
A heavy degree of concentration of collateral without sufficient margin;
|
|
|
·
|
A vulnerability to competition through lesser or extensive financial leverage;
|
|
|
·
|
A dependence on a single, or few customers, or sources of supply and materials without suitable substitutes or alternatives.
|
|
·
|
Special Mention (Rating 6) – A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.
|
|
·
|
Substandard (Rating 7) – Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.
|
|
·
|
Doubtful (Rating 8) – Loans classified Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation, in full, on the basis of currently known facts, conditions and values, highly questionable and improbable.
|
|
·
|
Loss (Rating 9) – Loans classified Loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.
|
|
·
|
Changes in lending policies or procedures, including underwriting, collection, charge-off, and recovery procedures;
|
|
·
|
Changes in local, regional and national economic and business conditions including entry into new markets;
|
|
·
|
Changes in the volume or type of credit extended;
|
|
·
|
Changes in the experience, ability, and depth of lending management;
|
|
·
|
Changes in the volume and severity of past due, nonaccrual, restructured, or classified loans;
|
|
·
|
Changes in loan review or Board oversight; and,
|
|
·
|
Changes in the level of concentrations of credit.
|
|
Three Months Ended March 31, 2011
|
|||||||||||||||||||||||||
|
Real Estate
|
|||||||||||||||||||||||||
|
Construction
|
1-4 Family Residential
|
Other
|
Commercial Loans
|
Municipal Loans
|
Loans to Individuals
|
Unallocated
|
Total
|
||||||||||||||||||
|
Balance at beginning of period
|
$ | 2,585 | $ | 1,988 | $ | 3,354 | $ | 3,746 | $ | 607 | $ | 7,978 | $ | 453 | $ | 20,711 | |||||||||
|
Provision for loan losses
|
247 | 74 | (148 | ) | 190 | (2 | ) | 1,634 | 143 | 2,138 | |||||||||||||||
|
Loans charged off
|
– | (319 | ) | (80 | ) | (550 | ) | – | (3,099 | ) | – | (4,048 | ) | ||||||||||||
|
Recoveries of loans charged off
|
– | 65 | 195 | 111 | – | 608 | – | 979 | |||||||||||||||||
|
Balance at end of period
|
$ | 2,832 | $ | 1,808 | $ | 3,321 | $ | 3,497 | $ | 605 | $ | 7,121 | $ | 596 | $ | 19,780 | |||||||||
|
Ending balance – individually evaluated for impairment
|
$ | 1,157 | $ | 763 | $ | 835 | $ | 1,798 | $ | 118 | $ | 427 | $ | – | $ | 5,098 | |||||||||
|
Ending balance – collectively evaluated for impairment
|
1,675 | 1,045 | 2,486 | 1,699 | 487 | 6,694 | 596 | 14,682 | |||||||||||||||||
|
Balance at end of period
|
$ | 2,832 | $ | 1,808 | $ | 3,321 | $ | 3,497 | $ | 605 | $ | 7,121 | $ | 596 | $ | 19,780 | |||||||||
|
Three Months Ended March 31, 2010
|
|||||||||||||||||||||||||
|
Real Estate
|
|||||||||||||||||||||||||
|
Construction
|
1-4 Family Residential
|
Other
|
Commercial Loans
|
Municipal Loans
|
Loans to Individuals
|
Unallocated
|
Total
|
||||||||||||||||||
|
Balance at beginning of period
|
$ | 3,080 | $ | 1,460 | $ | 3,175 | $ | 3,184 | $ | 400 | $ | 7,321 | $ | 1,276 | $ | 19,896 | |||||||||
|
Provision for loan losses
|
195 | 234 | 144 | 590 | 114 | 2,523 | 67 | 3,867 | |||||||||||||||||
|
Loans charged off
|
(873 | ) | (108 | ) | (200 | ) | (613 | ) | – | (3,132 | ) | – | (4,926 | ) | |||||||||||
|
Recoveries of loans charged off
|
15 | 3 | – | 58 | – | 555 | – | 631 | |||||||||||||||||
|
Balance at end of period
|
$ | 2,417 | $ | 1,589 | $ | 3,119 | $ | 3,219 | $ | 514 | $ | 7,267 | $ | 1,343 | $ | 19,468 | |||||||||
|
Ending balance – individually evaluated for impairment
|
$ | 1,172 | $ | 451 | $ | 550 | $ | 1,293 | $ | 133 | $ | 473 | $ | – | $ | 4,072 | |||||||||
|
Ending balance – collectively evaluated for impairment
|
1,245 | 1,138 | 2,569 | 1,926 | 381 | 6,794 | 1,343 | 15,396 | |||||||||||||||||
|
Balance at end of period
|
$ | 2,417 | $ | 1,589 | $ | 3,119 | $ | 3,219 | $ | 514 | $ | 7,267 | $ | 1,343 | $ | 19,468 | |||||||||
|
Three Months Ended March 31,
|
||||||||
|
2011
|
2010
|
|||||||
|
(in thousands)
|
||||||||
|
Reserve For Unfunded Loan Commitments:
|
||||||||
|
Balance at beginning of year
|
$
|
30
|
$
|
5
|
||||
|
Provision for losses on unfunded loan commitments
|
–
|
15
|
||||||
|
Balance at end of year
|
$
|
30
|
$
|
20
|
||||
|
Real Estate
|
||||||||||||||||||||||||||||
|
March 31, 2011
|
Construction
|
1-4 Family Residential
|
Other
|
Commercial Loans
|
Municipal Loans
|
Loans to Individuals
|
Total
|
|||||||||||||||||||||
|
Loans individually evaluated for impairment
|
$ | 9,826 | $ | 7,832 | $ | 10,294 | $ | 10,978 | $ | 709 | $ | 1,474 | $ | 41,113 | ||||||||||||||
|
Loans collectively evaluated for impairment
|
101,809 | 210,346 | 192,692 | 132,287 | 197,852 | 187,545 | 1,022,531 | |||||||||||||||||||||
|
Total ending loans balance
|
$ | 111,635 | $ | 218,178 | $ | 202,986 | $ | 143,265 | $ | 198,561 | $ | 189,019 | $ | 1,063,644 | ||||||||||||||
|
Real Estate
|
||||||||||||||||||||||||||||
|
December 31, 2010
|
Construction
|
1-4 Family Residential
|
Other
|
Commercial Loans
|
Municipal Loans
|
Loans to Individuals
|
Total
|
|||||||||||||||||||||
|
Loans individually evaluated for impairment
|
$ | 10,355 | $ | 8,331 | $ | 10,688 | $ | 12,144 | $ | 738 | $ | 1,625 | $ | 43,881 | ||||||||||||||
|
Loans collectively evaluated for impairment
|
104,739 | 210,700 | 190,035 | 136,617 | 195,856 | 196,092 | 1,034,039 | |||||||||||||||||||||
|
Total ending loans balance
|
$ | 115,094 | $ | 219,031 | $ | 200,723 | $ | 148,761 | $ | 196,594 | $ | 197,717 | $ | 1,077,920 | ||||||||||||||
|
March 31, 2011
|
Pass
|
Pass Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||||||||||||||
|
Construction
|
$ | 101,810 | $ | 760 | $ | 1,362 | $ | 7,623 | $ | 80 | $ | – | $ | 111,635 | ||||||||||||||
|
1-4 Family residential
|
210,346 | 634 | 1,347 | 5,093 | 758 | – | 218,178 | |||||||||||||||||||||
|
Other
|
192,692 | 100 | 4,732 | 5,364 | 98 | – | 202,986 | |||||||||||||||||||||
|
Commercial loans
|
132,287 | 1,983 | 1,186 | 7,459 | 350 | – | 143,265 | |||||||||||||||||||||
|
Municipal loans
|
197,852 | 258 | – | 451 | – | – | 198,561 | |||||||||||||||||||||
|
Loans to individuals
|
176,061 | 8,328 | 23 | 2,818 | 1,780 | 9 | 189,019 | |||||||||||||||||||||
|
Total
|
$ | 1,011,048 | $ | 12,063 | $ | 8,650 | $ | 28,808 | $ | 3,066 | $ | 9 | $ | 1,063,644 | ||||||||||||||
|
December 31, 2010
|
Pass
|
Pass Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
Total
|
|||||||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||||||||||||||
|
Construction
|
$ | 104,739 | $ | 761 | $ | 1,420 | $ | 8,174 | $ | – | $ | – | $ | 115,094 | ||||||||||||||
|
1-4 Family residential
|
210,699 | 812 | 1,379 | 5,332 | 809 | – | 219,031 | |||||||||||||||||||||
|
Other
|
190,036 | 102 | 4,784 | 5,418 | 298 | 85 | 200,723 | |||||||||||||||||||||
|
Commercial loans
|
136,617 | 2,273 | 1,224 | 8,403 | 199 | 45 | 148,761 | |||||||||||||||||||||
|
Municipal loans
|
195,856 | 258 | – | 480 | – | – | 196,594 | |||||||||||||||||||||
|
Loans to individuals
|
182,174 | 8,766 | 27 | 4,564 | 2,175 | 11 | 197,717 | |||||||||||||||||||||
|
Total
|
$ | 1,020,121 | $ | 12,972 | $ | 8,834 | $ | 32,371 | $ | 3,481 | $ | 141 | $ | 1,077,920 | ||||||||||||||
|
At
March 31,
2011
|
At
December 31,
2010
|
|||||||
| (in thousands) | ||||||||
|
Nonaccrual loans
|
$ | 14,289 | $ | 14,524 | ||||
|
Accruing loans past due more than 90 days
|
63 | 7 | ||||||
|
Restructured loans
|
2,036 | 2,320 | ||||||
|
Other real estate owned
|
452 | 220 | ||||||
|
Repossessed assets
|
353 | 638 | ||||||
|
Total Nonperforming Assets
|
$ | 17,193 | $ | 17,709 | ||||
| March 31, 2011 | December 31, 2010 | |||||||||||
|
Nonaccrual
|
Accruing Loans Past Due More Than 90 Days
|
Nonaccrual |
Accruing Loans Past Due More Than 90 Days
|
|||||||||
|
Real Estate Loans:
|
||||||||||||
|
Construction
|
$
|
4,225
|
$
|
–
|
$
|
4,730
|
$
|
–
|
||||
|
1-4 Family residential
|
2,778
|
–
|
2,353
|
–
|
||||||||
|
Other
|
2,006
|
–
|
1,428
|
–
|
||||||||
|
Commercial loans
|
1,903
|
63
|
1,799
|
–
|
||||||||
|
Loans to individuals
|
3,377
|
–
|
4,214
|
7
|
||||||||
|
Total
|
$
|
14,289
|
$
|
63
|
$
|
14,524
|
$
|
7
|
||||
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than
90 Days Past Due
|
Total
Past Due
|
Loans Not Past Due
|
Total
|
|||||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||||||||||
|
Construction
|
$ | 1,032 | $ | 285 | $ | 4,225 | $ | 5,542 | $ | 106,093 | $ | 111,635 | ||||||||||||
|
1-4 Family residential
|
3,536 | 762 | 2,778 | 7,076 | 211,102 | 218,178 | ||||||||||||||||||
|
Other
|
951 | – | 2,006 | 2,957 | 200,029 | 202,986 | ||||||||||||||||||
|
Commercial loans
|
600 | 522 | 1,966 | 3,088 | 140,177 | 143,265 | ||||||||||||||||||
|
Municipal loans
|
– | – | – | – | 198,561 | 198,561 | ||||||||||||||||||
|
Loans to individuals
|
4,161 | 585 | 3,377 | 8,123 | 180,896 | 189,019 | ||||||||||||||||||
|
Total
|
$ | 10,280 | $ | 2,154 | $ | 14,352 | $ | 26,786 | $ | 1,036,858 | $ | 1,063,644 | ||||||||||||
|
March 31,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
Loans with no allocated allowance for loan losses
|
$ | 45 | $ | 69 | ||||
|
Loans with allocated allowance for loan losses
|
16,245 | 16,699 | ||||||
|
Total
|
$ | 16,290 | $ | 16,768 | ||||
|
Amount of the allowance for loan losses allocated
|
$ | 3,457 | $ | 3,864 | ||||
|
March 31, 2011
|
||||||||
|
Interest Income Recognized
|
Accruing Interest
at Original
Contracted Rate
|
|||||||
|
Real Estate Loans:
|
||||||||
|
Construction
|
$ | 3 | $ | 80 | ||||
|
1-4 Family residential
|
3 | 47 | ||||||
|
Other
|
15 | 38 | ||||||
|
Commercial loans
|
4 | 22 | ||||||
|
Municipal loans
|
– | – | ||||||
|
Loans to individuals
|
120 | 351 | ||||||
|
Total
|
$ | 145 | $ | 538 | ||||
|
March 31, 2011
|
Unpaid Contractual Principal Balance
|
Recorded Investment With No Allowance
|
Recorded Investment With Allowance
|
Total Recorded Investment
|
Loan Losses Allocated
|
Average Recorded Investment
|
||||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||||||||||
|
Construction
|
$ | 5,564 | $ | – | $ | 4,225 | $ | 4,225 | $ | 512 | $ | 4,290 | ||||||||||||
|
1-4 Family residential
|
2,837 | – | 2,778 | 2,778 | 465 | 2,490 | ||||||||||||||||||
|
Other
|
2,398 | – | 2,006 | 2,006 | 219 | 1,633 | ||||||||||||||||||
|
Commercial loans
|
1,941 | – | 1,903 | 1,903 | 703 | 1,821 | ||||||||||||||||||
|
Municipal loans
|
– | – | – | – | – | – | ||||||||||||||||||
|
Loans to individuals
|
5,668 | 45 | 5,333 | 5,378 | 1,558 | 6,003 | ||||||||||||||||||
|
Total
|
$ | 18,408 | $ | 45 | $ | 16,245 | $ | 16,290 | $ | 3,457 | $ | 16,237 | ||||||||||||
|
December 31, 2010
|
Unpaid Contractual Principal Balance
|
Recorded Investment With No Allowance
|
Recorded Investment With Allowance
|
Total Recorded Investment
|
Loan Losses Allocated
|
Average Recorded Investment
|
||||||||||||||||||
|
Real Estate Loans:
|
||||||||||||||||||||||||
|
Construction
|
$ | 6,045 | $ | – | $ | 4,730 | $ | 4,730 | $ | 562 | $ | 6,013 | ||||||||||||
|
1-4 Family residential
|
2,453 | – | 2,354 | 2,354 | 426 | 1,250 | ||||||||||||||||||
|
Other
|
1,807 | – | 1,428 | 1,428 | 179 | 1,445 | ||||||||||||||||||
|
Commercial loans
|
1,826 | – | 1,799 | 1,799 | 719 | 1,950 | ||||||||||||||||||
|
Municipal loans
|
– | – | – | – | – | – | ||||||||||||||||||
|
Loans to individuals
|
6,854 | 69 | 6,388 | 6,457 | 1,978 | 7,904 | ||||||||||||||||||
|
Total
|
$ | 18,985 | $ | 69 | $ | 16,699 | $ | 16,768 | $ | 3,864 | $ | 18,562 | ||||||||||||
|
|
March 31,
|
December 31, | ||||||
|
|
2011 |
2010
|
||||||
|
FHLB Advances
(1)
|
||||||||
|
Varying maturities to 2028
|
$ | 322,242 | $ | 373,479 | ||||
|
Long-term Debt
(2)
|
||||||||
|
Southside Statutory Trust III Due 2033
(3)
|
20,619 | 20,619 | ||||||
|
Southside Statutory Trust IV Due 2037
(4)
|
23,196 | 23,196 | ||||||
|
Southside Statutory Trust V Due 2037
(5)
|
12,887 | 12,887 | ||||||
|
Magnolia Trust Company I Due 2035
(6)
|
3,609 | 3,609 | ||||||
|
Total Long-term Debt
|
60,311 | 60,311 | ||||||
|
Total Long-term Obligations
|
$ | 382,553 | $ | 433,790 | ||||
|
(1)
|
At March 31, 2011, the weighted average cost of these advances was 3.60%.
|
|
|
(2)
|
This long-term debt consists of trust preferred securities that qualify under the risk-based capital guidelines as Tier 1 capital, subject to certain limitations.
|
|
|
(3)
|
This debt carries an adjustable rate of 3.247% through June 29, 2011 and adjusts quarterly at a rate equal to three-month LIBOR plus 294 basis points.
|
|
|
(4)
|
This debt carries a fixed rate of 6.518% through October 30, 2012 and thereafter, adjusts quarterly at a rate equal to three-month LIBOR plus 130 basis points.
|
|
|
(5)
|
This debt carries a fixed rate of 7.48% through December 15, 2012 and thereafter, adjusts quarterly at a rate equal to three-month LIBOR plus 225 basis points.
|
|
|
(6)
|
This debt carries an adjustable rate of 2.1125% through May 22, 2011 and thereafter, adjusts quarterly at a rate equal to three-month LIBOR plus 180 basis points.
|
|
Advance
Commitment
|
Option
Expiration Date
|
Advance Commitment
Term at Exercise Date
|
Advance
Commitment
Rate
|
Option Fee Paid
|
||||||
|
$
|
25,000
|
09/20/12
|
36 months
|
1.325%
|
$
|
1,105
|
||||
|
25,000
|
09/20/12
|
48 months
|
1.674%
|
1,410
|
||||||
|
20,000
|
10/09/12
|
36 months
|
1.153%
|
789
|
||||||
|
20,000
|
10/09/12
|
48 months
|
1.466%
|
1,042
|
||||||
|
20,000
|
10/09/12
|
60 months
|
1.807%
|
1,216
|
||||||
|
20,000
|
05/17/12
|
48 months
|
1.710%
|
917
|
||||||
|
20,000
|
05/17/12
|
60 months
|
2.085%
|
1,102
|
||||||
|
20,000
|
03/18/13
|
60 months
|
2.510%
|
1,528
|
||||||
|
15,000
|
03/18/13
|
36 months
|
1.622%
|
828
|
||||||
|
15,000
|
03/18/13
|
48 months
|
2.086%
|
1,017
|
||||||
|
$
|
200,000
|
$
|
10,954
|
|||||||
|
Three Months Ended March 31,
|
||||||||||||||||
|
Defined Benefit
|
||||||||||||||||
|
Pension Plan
|
Restoration Plan
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Service cost
|
$
|
394
|
$
|
339
|
$
|
43
|
$
|
29
|
||||||||
|
Interest cost
|
741
|
678
|
100
|
72
|
||||||||||||
|
Expected return on assets
|
(972
|
)
|
(879
|
)
|
–
|
–
|
||||||||||
|
Net loss recognition
|
285
|
213
|
81
|
45
|
||||||||||||
|
Prior service credit amortization
|
(10
|
)
|
(10
|
)
|
(1
|
)
|
(1
|
)
|
||||||||
|
Net periodic benefit cost
|
$
|
438
|
$
|
341
|
$
|
223
|
$
|
145
|
||||||||
|
Number of Options
|
Weighted Average Exercise Prices
|
Weighted Average Remaining Contract Life (Years)
|
Aggregate Intrinsic Value
(in thousands)
|
|||||||||
|
Outstanding at December 31, 2010
|
10,825
|
$
|
10.38
|
–
|
–
|
|||||||
|
Exercised
|
(838
|
)
|
$
|
10.38
|
–
|
–
|
||||||
|
Cancelled
|
–
|
$
|
–
|
–
|
–
|
|||||||
|
Outstanding at March 31, 2011
|
9,987
|
$
|
10.38
|
2.0
|
$
|
100
|
||||||
|
Exercisable at March 31, 2011
|
9,987
|
$
|
10.38
|
2.0
|
$
|
100
|
||||||
|
At
|
At
|
At
|
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||
|
2011
|
2010
|
2010
|
||||||||
|
Carrying Value
|
$ | 16,290 | $ | 16,768 | $ | 20,438 | ||||
|
Valuation Allowance
|
3,457 | 3,864 | 4,363 | |||||||
|
Total Reported Fair Value
|
$ | 12,833 | $ | 12,904 | $ | 16,075 | ||||
|
As of March 31, 2011
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Securities Available For Sale
|
Input
|
Input
|
Input
|
Fair Value
|
||||||||||||
|
Investment Securities:
|
||||||||||||||||
|
U.S. Treasury
|
$ | 4,700 | $ | – | $ | – | $ | 4,700 | ||||||||
|
State and Political Subdivisions
|
– | 315,015 | – | 315,015 | ||||||||||||
|
Other Stocks and Bonds
|
– | – | 1,005 | 1,005 | ||||||||||||
|
Mortgage-backed Securities:
|
||||||||||||||||
|
U.S. Government Agencies
|
– | 168,800 | – | 168,800 | ||||||||||||
|
Government-Sponsored Enterprise
|
– | 922,910 | – | 922,910 | ||||||||||||
|
Total
|
$ | 4,700 | $ | 1,406,725 | $ | 1,005 | $ | 1,412,430 | ||||||||
|
As of December 31, 2010
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Securities Available For Sale
|
Input
|
Input
|
Input
|
Fair Value
|
||||||||||||
|
Investment Securities:
|
||||||||||||||||
|
U.S. Treasury
|
$ | 4,700 | $ | – | $ | – | $ | 4,700 | ||||||||
|
State and Political Subdivisions
|
– | 294,262 | – | 294,262 | ||||||||||||
|
Other Stocks and Bonds
|
193 | – | 189 | 382 | ||||||||||||
|
Mortgage-backed Securities:
|
||||||||||||||||
|
U.S. Government Agencies
|
– | 154,534 | – | 154,534 | ||||||||||||
|
Government-Sponsored Enterprise
|
– | 791,509 | – | 791,509 | ||||||||||||
|
Total
|
$ | 4,893 | $ | 1,240,305 | $ | 189 | $ | 1,245,387 | ||||||||
|
Three Months Ended
March 31,
|
||||||||
|
2011
|
2010
|
|||||||
|
Other Stocks and Bonds
|
||||||||
|
Balance at Beginning of Period
|
$ | 189 | $ | 270 | ||||
|
Total gains or losses (realized/unrealized):
|
||||||||
|
Included in earnings (or changes in net assets)
|
– | (75 | ) | |||||
|
Included in other comprehensive income (loss)
|
816 | 36 | ||||||
|
Purchases
|
– | – | ||||||
|
Issuances
|
– | – | ||||||
|
Settlements
|
– | – | ||||||
|
Transfers in and/or out of Level 3
|
– | – | ||||||
|
Balance at End of Period
|
$ | 1,005 | $ | 231 | ||||
|
The amount of total gains or losses for the periods included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date
|
$ | – | $ | (75 | ) | |||
|
|
Cash and cash equivalents
- The carrying amounts for cash and cash equivalents is a reasonable estimate of those assets' fair value.
|
|
|
Investment and mortgage-backed and related securities
- Fair values for these securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices for similar securities or estimates from independent pricing services.
|
|
|
FHLB stock and other investments
- The carrying amount of FHLB stock is a reasonable estimate of those assets’ fair value.
|
|
|
Loans receivable
- For adjustable rate loans that reprice frequently and with no significant change in credit risk, the carrying amounts are a reasonable estimate of those assets' fair value. The fair value of fixed rate loans is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Nonperforming loans are estimated using discounted cash flow analyses or the underlying value of the collateral where applicable.
|
|
|
Deposit liabilities
- The fair value of demand deposits, savings accounts, and certain money market deposits is the amount on demand at the reporting date, that is, the carrying value. Fair values for fixed rate certificates of deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities.
|
|
|
Federal funds purchased and repurchase agreements -
Federal funds purchased and repurchase agreements generally have an original term to maturity of one day and thus are considered short-term borrowings. Consequently, their carrying value is a reasonable estimate of fair value.
|
|
|
FHLB advances
- The fair value of these advances is estimated by discounting the future cash flows using rates at which advances would be made to borrowers with similar credit ratings and for the same remaining maturities.
|
|
|
Long-term debt
- The carrying amount for the long-term debt is estimated by discounting future cash flows using estimated rates at which long-term debt would be made to borrowers with similar credit ratings and for the remaining maturities. This type of debt is not issued as frequently since the economic crisis beginning in 2007 and change to the capital rates issued in 2010. Therefore, the discount rate is a best estimate.
|
|
At March 31, 2011
|
At December 31, 2010
|
|||||||||||||||
|
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
|||||||||||||
|
(in thousands)
|
||||||||||||||||
|
Financial assets:
|
||||||||||||||||
|
Cash and cash equivalents
|
$ | 49,620 | $ | 49,620 | $ | 79,073 | $ | 79,073 | ||||||||
|
Investment securities:
|
||||||||||||||||
|
Available for sale, at estimated fair value
|
320,720 | 320,720 | 299,344 | 299,344 | ||||||||||||
|
Held to maturity, at amortized cost
|
1,495 | 1,596 | 1,495 | 1,553 | ||||||||||||
|
Mortgage-backed and related securities:
|
||||||||||||||||
|
Available for sale, at estimated fair value
|
1,091,710 | 1,091,710 | 946,043 | 946,043 | ||||||||||||
|
Held to maturity, at amortized cost
|
407,939 | 414,756 | 417,862 | 426,572 | ||||||||||||
|
FHLB stock and other investments, at cost
|
31,280 | 31,280 | 36,776 | 36,776 | ||||||||||||
|
Loans, net of allowance for loan losses
|
1,043,864 | 1,048,970 | 1,057,209 | 1,066,125 | ||||||||||||
|
Loans held for sale
|
2,665 | 2,665 | 6,583 | 6,583 | ||||||||||||
|
Financial liabilities:
|
||||||||||||||||
|
Retail deposits
|
$ | 2,200,823 | $ | 2,206,155 | $ | 2,134,428 | $ | 2,138,587 | ||||||||
|
Federal funds purchased and repurchase agreements
|
2,981 | 2,981 | 3,844 | 3,844 | ||||||||||||
|
FHLB advances
|
536,698 | 552,821 | 562,573 | 578,561 | ||||||||||||
|
Long-term debt
|
60,311 | 45,526 | 60,311 | 50,673 | ||||||||||||
|
March 31, 2011
|
December 31, 2010
|
|||||
|
Unused commitments:
|
||||||
|
Due in one year or less
|
$ | 75,386 | $ | 64,984 | ||
|
Due after one year
|
40,742 | 48,267 | ||||
|
Total
|
$ | 116,128 | $ | 113,251 | ||
|
·
|
general economic conditions, either globally, nationally, in the State of Texas, or in the specific markets in which we operate, including, without limitation, the deterioration of the commercial real estate, residential real estate, construction and development, credit and liquidity markets, which could cause an adverse change in our net interest margin, or a decline in the value of our assets, which could result in realized losses;
|
|
·
|
legislation, regulatory changes or changes in monetary or fiscal policy that adversely affect the businesses in which we are engaged, including the impact of the Dodd-Frank Act, the Federal Reserve’s actions with respect to interest rates and other regulatory responses to current economic conditions;
|
|
·
|
adverse changes in the status or financial condition of the Government-Sponsored Enterprises (the “GSEs”) impacting the GSEs’ guarantees or ability to pay or issue debt;
|
|
·
|
adverse changes in the credit portfolio of other U.S. financial institutions relative to the performance of certain of our investment securities;
|
|
·
|
economic or other disruptions caused by acts of terrorism in the United States, Europe or other areas;
|
|
·
|
changes in the interest rate yield curve such as flat, inverted or steep yield curves, or changes in the interest rate environment that impact interest margins and may impact prepayments on the mortgage-backed securities portfolio;
|
|
·
|
increases in our nonperforming assets;
|
|
·
|
our ability to maintain adequate liquidity to fund operations and growth;
|
|
·
|
the failure of our assumptions underlying allowance for loan losses and other estimates;
|
|
·
|
unexpected outcomes of, and the costs associated with, existing or new litigation involving us;
|
|
·
|
changes impacting our balance sheet and leverage strategy;
|
|
·
|
our ability to monitor interest rate risk;
|
|
·
|
significant increases in competition in the banking and financial services industry;
|
|
·
|
changes in consumer spending, borrowing and saving habits;
|
|
·
|
technological changes;
|
|
·
|
our ability to increase market share and control expenses;
|
|
·
|
the effect of changes in federal or state tax laws;
|
|
·
|
the effect of compliance with legislation or regulatory changes;
|
|
·
|
the effect of changes in accounting policies and practices;
|
|
·
|
risks of mergers and acquisitions including the related time and cost of implementing transactions and the potential failure to achieve expected gains, revenue growth or expense savings;
|
|
·
|
credit risks of borrowers, including any increase in those risks due to changing economic conditions; and
|
|
·
|
risks related to loans secured by real estate, including the risk that the value and marketability of collateral could decline.
|
|
·
|
A permanent increase in deposit insurance coverage to $250,000 per account, unlimited deposit insurance on noninterest bearing transaction accounts beginning December 31, 2010 through December 31, 2012, and an increase in the minimum Deposit Insurance Fund reserve requirement from 1.15% to 1.35%, with assessments to be based on assets as opposed to deposits.
|
|
·
|
New disclosure and other requirements relating to executive compensation and corporate governance.
|
|
·
|
Amendments to the Truth in Lending Act aimed at improving consumer protections with respect to mortgage originations, including originator compensation, minimum repayment standards, and prepayment considerations.
|
|
·
|
The establishment of the Financial Stability Oversight Council, which will be responsible for identifying and monitoring systemic risks posed by financial firms, activities, and practices.
|
|
·
|
The development of regulations to limit debit card interchange fees.
|
|
·
|
The future elimination of newly issued trust preferred securities as a permitted element of Tier 1 capital.
|
|
·
|
The creation of a special regime to allow for the orderly liquidation of systemically important financial companies, including the establishment of an orderly liquidation fund.
|
|
·
|
The development of regulations to address derivatives markets, including clearing and exchange trading requirements and a framework for regulating derivatives-market participants.
|
|
·
|
Enhanced supervision of credit rating agencies through the Office of Credit Ratings within the SEC.
|
|
·
|
Increased regulation of asset-backed securities, including a requirement that issuers of asset-backed securities retain at least 5% of the risk of the asset-backed securities.
|
|
·
|
The establishment of a Bureau of Consumer Financial Protection, within the Federal Reserve, to serve as a dedicated consumer-protection regulatory body.
|
|
AVERAGE BALANCES AND YIELDS
|
||||||||||||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
|
(unaudited)
|
||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||
|
March 31, 2011
|
March 31, 2010
|
|||||||||||||||||||
|
AVG
BALANCE
|
INTEREST
|
AVG
YIELD
|
AVG
BALANCE
|
INTEREST
|
AVG
YIELD
|
|||||||||||||||
|
ASSETS
|
||||||||||||||||||||
|
INTEREST EARNING ASSETS:
|
||||||||||||||||||||
|
Loans (1) (2)
|
$ | 1,069,043 | $ | 18,205 | 6.91 | % | $ | 1,025,834 | $ | 18,558 | 7.34 | % | ||||||||
|
Loans Held For Sale
|
3,722 | 37 | 4.03 | % | 3,144 | 31 | 4.00 | % | ||||||||||||
|
Securities:
|
||||||||||||||||||||
|
Investment Securities (Taxable)(4)
|
9,056 | 18 | 0.81 | % | 9,355 | 26 | 1.13 | % | ||||||||||||
|
Investment Securities (Tax-Exempt)(3)(4)
|
305,066 | 4,786 | 6.36 | % | 247,646 | 4,208 | 6.89 | % | ||||||||||||
|
Mortgage-backed and Related Securities (4)
|
1,395,808 | 11,297 | 3.28 | % | 1,392,925 | 14,277 | 4.16 | % | ||||||||||||
|
Total Securities
|
1,709,930 | 16,101 | 3.82 | % | 1,649,926 | 18,511 | 4.55 | % | ||||||||||||
|
FHLB stock and other investments, at cost
|
32,485 | 80 | 1.00 | % | 39,068 | 82 | 0.85 | % | ||||||||||||
|
Interest Earning Deposits
|
16,062 | 10 | 0.25 | % | 21,358 | 11 | 0.21 | % | ||||||||||||
|
Total Interest Earning Assets
|
2,831,242 | 34,433 | 4.93 | % | 2,739,330 | 37,193 | 5.51 | % | ||||||||||||
|
NONINTEREST EARNING ASSETS:
|
||||||||||||||||||||
|
Cash and Due From Banks
|
45,705 | 47,162 | ||||||||||||||||||
|
Bank Premises and Equipment
|
50,371 | 47,191 | ||||||||||||||||||
|
Other Assets
|
109,855 | 122,258 | ||||||||||||||||||
|
Less: Allowance for Loan Loss
|
(20,053 | ) | (19,811 | ) | ||||||||||||||||
|
Total Assets
|
$ | 3,017,120 | $ | 2,936,130 | ||||||||||||||||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||
|
INTEREST BEARING LIABILITIES:
|
||||||||||||||||||||
|
Savings Deposits
|
$ | 80,882 | 60 | 0.30 | % | $ | 71,455 | 83 | 0.47 | % | ||||||||||
|
Time Deposits
|
845,905 | 2,801 | 1.34 | % | 734,287 | 3,660 | 2.02 | % | ||||||||||||
|
Interest Bearing Demand Deposits
|
790,440 | 1,175 | 0.60 | % | 692,601 | 1,262 | 0.74 | % | ||||||||||||
|
Total Interest Bearing Deposits
|
1,717,227 | 4,036 | 0.95 | % | 1,498,343 | 5,005 | 1.35 | % | ||||||||||||
|
Short-term Interest Bearing Liabilities
|
219,113 | 1,729 | 3.20 | % | 260,281 | 1,680 | 2.62 | % | ||||||||||||
|
Long-term Interest Bearing Liabilities – FHLB Dallas
|
348,401 | 3,076 | 3.58 | % | 489,658 | 4,424 | 3.66 | % | ||||||||||||
|
Long-term Debt (5)
|
60,311 | 805 | 5.41 | % | 60,311 | 802 | 5.39 | % | ||||||||||||
|
Total Interest Bearing Liabilities
|
2,345,052 | 9,646 | 1.67 | % | 2,308,593 | 11,911 | 2.09 | % | ||||||||||||
|
NONINTEREST BEARING LIABILITIES:
|
||||||||||||||||||||
|
Demand Deposits
|
430,368 | 391,603 | ||||||||||||||||||
|
Other Liabilities
|
25,029 | 26,037 | ||||||||||||||||||
|
Total Liabilities
|
2,800,449 | 2,726,233 | ||||||||||||||||||
|
SHAREHOLDERS’ EQUITY (6)
|
216,671 | 209,897 | ||||||||||||||||||
|
Total Liabilities and Shareholders’ Equity
|
$ | 3,017,120 | $ | 2,936,130 | ||||||||||||||||
|
NET INTEREST INCOME
|
$ | 24,787 | $ | 25,282 | ||||||||||||||||
|
NET INTEREST MARGIN ON AVERAGE EARNING ASSETS
|
3.55 | % | 3.74 | % | ||||||||||||||||
|
NET INTEREST SPREAD
|
3.26 | % | 3.42 | % | ||||||||||||||||
|
(1)
|
Interest on loans includes fees on loans that are not material in amount.
|
|
(2)
|
Interest income includes taxable-equivalent adjustments of $971 and $824 for the three months ended March 31, 2011 and 2010, respectively.
|
|
(3)
|
Interest income includes taxable-equivalent adjustments of $1,557 and $1,382 for the three months ended March 31, 2011 and 2010, respectively.
|
|
(4)
|
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.
|
|
(5)
|
Represents junior subordinated debentures issued by us to Southside Statutory Trust III, IV, and V in connection with the issuance by Southside Statutory Trust III of $20 million of trust preferred securities, Southside Statutory Trust IV of $22.5 million of trust preferred securities, Southside Statutory Trust V of $12.5 million of trust preferred securities and junior subordinated debentures issued by FWBS to Magnolia Trust Company I in connection with the issuance by Magnolia Trust Company I of $3.5 million of trust preferred securities.
|
|
(6)
|
Includes average equity of noncontrolling interest of $1,505 and $847 for the three months ended March 31, 2011 and 2010, respectively.
|
|
|
|
|
Actual
|
For Capital
Adequacy Purposes
|
To Be Well Capitalized Under Prompt Corrective Actions Provisions
|
||||||||||||||||
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
|
As of March 31, 2011:
|
(dollars in thousands)
|
|||||||||||||||||
|
Total Capital (to Risk Weighted Assets)
|
||||||||||||||||||
|
Consolidated
|
$
|
279,963
|
21.52
|
%
|
$
|
104,094
|
8.00
|
%
|
N/A
|
N/A
|
||||||||
|
Bank Only
|
$
|
272,170
|
20.93
|
%
|
$
|
104,036
|
8.00
|
%
|
$
|
130,045
|
10.00
|
%
|
||||||
|
Tier 1 Capital (to Risk Weighted Assets)
|
||||||||||||||||||
|
Consolidated
|
$
|
263,611
|
20.26
|
%
|
$
|
52,047
|
4.00
|
%
|
N/A
|
N/A
|
||||||||
|
Bank Only
|
$
|
255,818
|
19.67
|
%
|
$
|
52,018
|
4.00
|
%
|
$
|
78,027
|
6.00
|
%
|
||||||
|
Tier 1 Capital (to Average Assets) (1)
|
||||||||||||||||||
|
Consolidated
|
$
|
263,611
|
8.85
|
%
|
$
|
119,202
|
4.00
|
%
|
N/A
|
N/A
|
||||||||
|
Bank Only
|
$
|
255,818
|
8.59
|
%
|
$
|
119,095
|
4.00
|
%
|
$
|
148,869
|
5.00
|
%
|
||||||
|
As of December 31, 2010:
|
||||||||||||||||||
|
Total Capital (to Risk Weighted Assets)
|
||||||||||||||||||
|
Consolidated
|
$
|
274,175
|
21.09
|
%
|
$
|
103,981
|
8.00
|
%
|
N/A
|
N/A
|
||||||||
|
Bank Only
|
$
|
263,186
|
20.27
|
%
|
$
|
103,882
|
8.00
|
%
|
$
|
129,853
|
10.00
|
%
|
||||||
|
Tier 1 Capital (to Risk Weighted Assets)
|
||||||||||||||||||
|
Consolidated
|
$
|
257,837
|
19.84
|
%
|
$
|
51,991
|
4.00
|
%
|
N/A
|
N/A
|
||||||||
|
Bank Only
|
$
|
246,848
|
19.01
|
%
|
$
|
51,941
|
4.00
|
%
|
$
|
77,912
|
6.00
|
%
|
||||||
|
Tier 1 Capital (to Average Assets) (1)
|
||||||||||||||||||
|
Consolidated
|
$
|
257,837
|
8.45
|
%
|
$
|
122,026
|
4.00
|
%
|
N/A
|
N/A
|
||||||||
|
Bank Only
|
$
|
246,848
|
8.10
|
%
|
$
|
121,893
|
4.00
|
%
|
$
|
152,367
|
5.00
|
%
|
||||||
|
At
|
At
|
At
|
||||||||
|
March 31,
|
December 31,
|
March 31,
|
||||||||
|
2011
|
2010
|
2010
|
||||||||
|
(in thousands)
|
||||||||||
|
Real Estate Loans:
|
||||||||||
|
Construction
|
$ | 111,635 | $ | 115,094 | $ | 103,968 | ||||
|
1-4 Family Residential
|
218,178 | 219,031 | 216,283 | |||||||
|
Other
|
202,986 | 200,723 | 209,412 | |||||||
|
Commercial Loans
|
143,265 | 148,761 | 153,670 | |||||||
|
Municipal Loans
|
198,561 | 196,594 | 155,304 | |||||||
|
Loans to Individuals
|
189,019 | 197,717 | 178,807 | |||||||
|
Total Loans
|
$ | 1,063,644 | $ | 1,077,920 | $ | 1,017,444 | ||||
|
At
March 31,
2011
|
At
December 31,
2010
|
At
March 31,
2010
|
||||||||
|
(in thousands)
|
||||||||||
|
Nonaccrual loans
|
$ | 14,289 | $ | 14,524 | $ | 18,334 | ||||
|
Accruing loans past due more than 90 days
|
63 | 7 | – | |||||||
|
Restructured loans
|
2,036 | 2,320 | 2,199 | |||||||
|
Other real estate owned
|
452 | 220 | 1,769 | |||||||
|
Repossessed assets
|
353 | 638 | 603 | |||||||
|
Total Nonperforming Assets
|
$ | 17,193 | $ | 17,709 | $ | 22,905 | ||||
|
At
March 31,
2011
|
At
December 31,
2010
|
At
March 31,
2010
|
||||||||||
|
(unaudited)
|
||||||||||||
|
Asset Quality Ratios:
|
||||||||||||
|
Nonaccruing loans to total loans
|
1.34
|
%
|
1.35
|
%
|
1.80
|
%
|
||||||
|
Allowance for loan losses to nonaccruing loans
|
138.43
|
142.60
|
106.19
|
|||||||||
|
Allowance for loan losses to nonperforming assets
|
115.05
|
116.95
|
84.99
|
|||||||||
|
Allowance for loan losses to total loans
|
1.86
|
1.92
|
1.91
|
|||||||||
|
Nonperforming assets to total assets
|
0.55
|
0.59
|
0.75
|
|||||||||
|
Net charge-offs to average loans
|
1.16
|
1.25
|
1.70
|
|||||||||
|
ITEM 1.
|
|
|
We are party to legal proceedings arising in the normal conduct of business. Management believes that at March 31, 2011 such litigation is not material to our financial position or results of operations.
|
|
ITEM 1A.
|
|
|
Additional information regarding risk factors appears in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Forward Looking Statements” of this Form 10-Q and in Part I — “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2010. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.
|
|
|
Not Applicable.
|
|
ITEM 3.
|
|
|
Not Applicable.
|
|
ITEM 4.
|
|
ITEM 5.
|
|
|
Not Applicable.
|
|
ITEM 6.
|
|
Exhibit No.
|
||
|
3 (a)
|
–
|
Amended and Restated Articles of Incorporation of Southside Bancshares, Inc. effective April 17, 2009 (filed as Exhibit 3(a) to the Registrant's Form 8-K, filed April 20, 2009, and incorporated herein by reference).
|
|
3 (b)(i)
|
–
|
Amended and Restated Bylaws of Southside Bancshares, Inc. effective February 28, 2008 (filed as Exhibit 3(b) to the Registrant’s Form 8-K, filed March 5, 2008, and incorporated herein by reference).
|
|
3(b)(ii)
|
–
|
Amendment No. 1 to the Amended and Restated Bylaws of Southside Bancshares, Inc. effective August 27, 2009 (filed as Exhibit 3.1 to the Registrant’s Form 8-K/A, filed September 10, 2009, and incorporated herein by reference).
|
|
3(b)(iii)
|
–
|
Amendment No. 2 to the Amended and Restated Bylaws of Southside Bancshares, Inc. effective September 2, 2010 (filed as Exhibit 3.1 to the Registrant’s Form 8-K, filed September 2, 2010, and incorporated herein by reference).
|
|
*31.1
|
–
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
*31.2
|
–
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
*32
|
–
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
*Filed herewith.
|
|
SOUTHSIDE BANCSHARES, INC.
|
|||
|
|
|||
|
BY:
|
/s/ B. G. HARTLEY
|
||
|
B. G. Hartley, Chairman of the Board
|
|||
|
and Chief Executive Officer
|
|||
|
(Principal Executive Officer)
|
|||
| DATE: May 6, 2011 | |||
|
|
|||
|
BY:
|
/s/ LEE R. GIBSON
|
||
|
Lee R. Gibson, CPA, Senior Executive Vice President and Chief Financial Officer
|
|||
|
(Principal Financial Officer)
|
|||
| DATE: May 6, 2011 | |||
| Exhibit Number | Description |
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
*The certifications attached as Exhibit 32 accompany this quarterly report on Form 10-Q and are “furnished” to the Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” by us for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|