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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2010
Jun. 30, 2010
Jun. 30, 2011
Restated
Jun. 30, 2011
Restated
Interest income        
Loans $ 17,437 $ 35,202 $ 17,130 $ 34,401
Investment securities - taxable 26 52 20 38
Investment securities - tax exempt 3,017 5,843 3,209 6,438
Mortgage-backed and related securities 10,282 24,559 13,310 24,607
FHLB stock and other investments 59 141 52 132
Other interest earning assets 4 15 3 13
Total interest income 30,825 65,812 33,724 65,629
Interest expense        
Deposits 4,733 9,738 4,051 8,087
Short-term obligations 1,867 3,547 1,705 3,434
Long-term obligations 4,855 10,081 3,401 7,282
Total interest expense 11,455 23,366 9,157 18,803
Net interest income 19,370 42,446 24,567 46,826
Provision for loan losses 2,260 6,127 1,860 3,998
Net interest income after provision for loan losses 17,110 36,319 22,707 42,828
Noninterest income        
Deposit services 4,400 8,464 4,028 7,907
Gain on sale of securities available for sale 6,661 15,016 3,920 5,471
Gain on sale of securities carried at fair value through income 0 0 84 338
Total other-than-temporary impairment losses 0 (39) 0 0
Portion of loss recognized in other comprehensive income (before taxes) 0 (36) 0 0
Net impairment losses recognized in earnings 0 (75) 0 0
Fair value gain (loss) - securities 0 0 2,456 4,083
Gain on sale of loans 399 680 282 565
Trust income 561 1,091 645 1,296
Bank owned life insurance income 285 570 261 547
Other 864 1,797 959 2,064
Total noninterest income 13,170 27,543 12,635 22,271
Noninterest expense        
Salaries and employee benefits 11,215 22,157 11,622 23,313
Occupancy expense 1,662 3,305 1,778 3,499
Equipment expense 472 909 525 1,018
Advertising, travel & entertainment 544 1,081 550 1,103
ATM and debit card expense 212 379 266 481
Director fees 216 393 200 391
Supplies 206 476 161 385
Professional fees 539 945 457 1,012
Postage 231 417 186 365
Telephone and communications 346 719 345 682
FDIC Insurance 689 1,368 735 1,498
Other 1,647 3,282 1,291 3,101
Total noninterest expense 17,979 35,431 18,116 36,848
Income before income tax expense 12,301 28,431 17,226 28,251
Provision for income tax expense 2,530 6,485 4,100 5,886
Net income 9,771 21,946 13,126 22,365
Less: Net income attributable to the noncontrolling interest (519) (1,049) (493) (1,358)
Net income attributable to Southside Bancshares, Inc $ 9,252 $ 20,897 $ 12,633 $ 21,007
Earnings per common share - basic (in dollars per share) $ 0.56 $ 1.26 $ 0.77 $ 1.28
Earnings per common share - diluted (in dollars per share) $ 0.56 $ 1.26 $ 0.77 $ 1.28
Dividends paid per common share (in dollars per share) $ 0.17 $ 0.34 $ 0.17 $ 0.34