16.	DIVIDEND REINVESTMENT AND COMMON STOCK REPURCHASE PLAN

We have a Dividend Reinvestment Plan funded by stock authorized but not yet issued. Proceeds from the sale of the common stock will be used for general corporate purposes and could be directed to our subsidiaries. For the year ended December 31, 2011, 71,127 shares were sold under this plan at an average price of $20.69 per share, reflective of other trades at the time of each sale. For the year ended December 31, 2010, 67,978 shares were sold under this plan at an average price of $20.29 per share, reflective of other trades at the time of each sale.

We instituted a Common Stock Repurchase Plan in late 1994. Under the repurchase plan, our board of directors establishes, on a quarterly basis, total dollar limitations and price per share for stock to be repurchased. Our board reviews this plan in conjunction with our capital needs and Southside Bank's capital needs and may, at their discretion, modify or discontinue the plan. At December 31, 2011, the board-approved amount to repurchase stock was $5.9 million. Prior to repurchasing additional shares of our stock, the board would set a limit on the price per share. During 2011, we did not approve any additional funding for our stock repurchase plan and no shares of common stock were purchased under this plan. During 2010, 260,476 shares of common stock were purchased under this plan at a cost of $4.8 million. During the year ended December 31, 2010, outside of the board authorized repurchase plan, 1,101 shares were repurchased, respectively, in connection with the exercise of certain employee stock options at a cost of $24,000.