DIVIDEND REINVESTMENT AND COMMON STOCK REPURCHASE PLAN
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12 Months Ended |
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Dec. 31, 2012
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Dividend Reinvestment and Common Stock Repurchase Plan [Abstract] | |
DIVIDEND REINVESTMENT AND COMMON STOCK REPURCHASE PLAN | 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, 2012, 82,555 shares were sold under this plan at an average price of $21.17 per share, reflective of other trades at the time of each sale. 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. We have a Common Stock Repurchase Plan. 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 those of Southside Bank and may, at their discretion, modify or discontinue the plan. During 2012 , the board-approved additional funding to repurchase stock in the amount of $10.0 million from which 355,500 shares of common stock were purchased at a cost of $7.4 million. During 2011, there were no shares of common stock purchased under this plan. Subsequent to December 31, 2012 through February 15, 2013, we purchased 90,300 shares of common stock at an average price of $21.03. |