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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2010
Sep. 30, 2010
Sep. 30, 2011
Restated
Sep. 30, 2011
Restated
Interest income        
Loans $ 16,926 $ 52,128 $ 16,229 $ 50,630
Investment securities - taxable 20 72 11 49
Investment securities - tax-exempt 2,366 8,209 3,069 9,507
Mortgage-backed and related securities 13,378 37,937 13,292 37,899
FHLB stock and other investments 59 200 50 182
Other interest earning assets 4 19 2 15
Total interest income 32,753 98,565 32,653 98,282
Interest expense        
Deposits 4,874 14,612 3,879 11,966
Short-term obligations 2,086 5,633 1,643 5,077
Long-term obligations 4,504 14,585 3,115 10,397
Total interest expense 11,464 34,830 8,637 27,440
Net interest income 21,289 63,735 24,016 70,842
Provision for loan losses 3,201 9,328 1,454 5,452
Net interest income after provision for loan losses 18,088 54,407 22,562 65,390
Noninterest income        
Deposit services 4,280 12,744 4,098 12,005
Gain on sale of securities available for sale 8,008 23,024 3,609 9,080
Gain on sale of securities carried at fair value through income 0 0 254 592
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 3,274 7,357
FHLB advance option impairment charges 0 0 (7,819) (7,819)
Gain on sale of loans 517 1,197 402 967
Trust income 645 1,736 672 1,968
Bank owned life insurance income 297 867 288 835
Other 931 2,728 957 3,021
Total noninterest income 14,678 42,221 5,735 28,006
Noninterest expense        
Salaries and employee benefits 10,891 33,048 11,280 34,593
Occupancy expense 1,720 5,025 1,866 5,365
Equipment expense 532 1,441 540 1,558
Advertising, travel & entertainment 616 1,697 591 1,694
ATM and debit card expense 223 602 235 716
Director fees 197 590 193 584
Supplies 189 665 186 571
Professional fees 418 1,363 571 1,583
Postage 195 612 178 543
Telephone and communications 349 1,068 285 967
FDIC Insurance 804 2,172 212 1,710
Other 1,521 4,803 1,559 4,660
Total noninterest expense 17,655 53,086 17,696 54,544
Income before income tax expense 15,111 43,542 10,601 38,852
Provision for income tax expense 3,811 10,296 2,038 7,924
Net income 11,300 33,246 8,563 30,928
Less: Net income attributable to the noncontrolling interest (252) (1,301) 0 (1,358)
Net income attributable to Southside Bancshares, Inc $ 11,048 $ 31,945 $ 8,563 $ 29,570
Earnings per common share - basic (in dollars per share) $ 0.67 $ 1.93 $ 0.52 $ 1.80
Earnings per common share - diluted (in dollars per share) $ 0.67 $ 1.93 $ 0.52 $ 1.80
Dividends paid per common share (in dollars per share) $ 0.17 $ 0.51 $ 0.18 $ 0.52