PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2011

PARENT COMPANY FINANCIAL INFORMATION [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

20. PARENT COMPANY FINANCIAL INFORMATION

Condensed financial information for Southside Bancshares, Inc. (parent company only) was as follows (in thousands, except share amounts):

CONDENSED BALANCE SHEETS	December 31,			December 31,
	2011			2010
ASSETS
Cash and due from banks	$	9,348		$	8,500
Investment in bank subsidiaries at equity in underlying net assets		304,025			259,740
Investment in nonbank subsidiaries at equity in underlying net assets		2,649			3,525
Other assets		3,564			3,377
TOTAL ASSETS	$	319,586		$	275,142
LIABILITIES
Long-term debt	$	60,311		$	60,311
Other liabilities		348			370
TOTAL LIABILITIES		60,659			60,681
SHAREHOLDERS' EQUITY
Common stock ($1.25 par, 40,000,000 shares authorized, 18,517,101 shares issued in 2011 and 17,660,312 shares issued in 2010)		23,146			22,075
Paid-in capital		176,791			162,877
Retained earnings		72,646			64,179
Treasury stock (2,023,838 shares at cost)		(28,377	)		(28,377	)
Accumulated other comprehensive income (loss)		14,721			(6,293	)
TOTAL SHAREHOLDERS' EQUITY		258,927			214,461
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	319,586		$	275,142

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
	2011		2010		2009
INCOME	(in thousands)
Dividends from subsidiary	$	17,000	$	28,000	$	11,000
Interest income		98		98		102
TOTAL INCOME		17,098		28,098		11,102
EXPENSE
Interest expense		3,266		3,275		3,409
Other		2,164		1,775		1,378
TOTAL EXPENSE		5,430		5,050		4,787
Income before income tax expense		11,668		23,048		6,315
Income tax benefit		1,866		1,733		1,640
Income before equity in undistributed earnings of subsidiaries		13,534		24,781		7,955
Equity in undistributed earnings of subsidiaries		25,599		14,322		36,441
NET INCOME	$	39,133	$	39,103	$	44,396

CONDENSED STATEMENTS OF CASH FLOW

	Years Ended December 31,
	2011			2010			2009
	(in thousands)
OPERATING ACTIVITIES:
Net Income	$	39,133		$	39,103		$	44,396
Adjustments to reconcile net income to net cash provided by operations:
Equity in undistributed earnings of subsidiaries		(25,599	)		(14,322	)		(36,441	)
(Increase) decrease in other assets		(187	)		1,022			(844	)
(Decrease) increase in other liabilities		(22	)		(243	)		265
Net cash provided by operating activities		13,325			25,560			7,376
INVESTING ACTIVITIES:
Investment in subsidiaries		713			(1,701	)		1,226
Net cash provided by (used in) investing activities		713			(1,701	)		1,226
FINANCING ACTIVITIES:
Purchase of common stock		–			(4,832	)		(430	)
Proceeds from issuance of common stock		1,481			1,823			2,300
Dividends paid		(14,671	)		(13,223	)		(11,078	)
Net cash used in financing activities		(13,190	)		(16,232	)		(9,208	)
Net increase (decrease) in cash and cash equivalents		848			7,627			(606	)
Cash and cash equivalents at beginning of year		8,500			873			1,479
Cash and cash equivalents at end of year	$	9,348		$	8,500		$	873