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PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
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,
 
 
2018
 
2017
ASSETS
 
 

 
 

Cash and due from banks
 
$
11,431

 
$
8,483

Investment in bank subsidiaries at equity in underlying net assets
 
875,814

 
894,010

Investment in nonbank subsidiaries at equity in underlying net assets
 
1,826

 
1,826

Other assets
 
4,290

 
10,350

Total assets
 
$
893,361

 
$
914,669

LIABILITIES
 
 

 
 

Subordinated notes, net of unamortized debt issuance costs
 
$
98,407

 
$
98,248

Trust preferred subordinated debentures, net of unamortized debt issuance costs
 
60,246

 
60,241

Other liabilities
 
3,417

 
2,040

Total liabilities
 
162,070

 
160,529

SHAREHOLDERS’ EQUITY
 
 

 
 

Common stock: ($1.25 par value, 80,000,000 shares authorized, 37,845,224 shares issued at December 31, 2018 and 40,000,000 shares authorized and 37,802,352 shares issued at December 31, 2017)
 
47,307

 
47,253

Paid-in capital
 
762,470

 
757,439

Retained earnings
 
64,797

 
32,851

Treasury stock, at cost (4,120,475 at December 31, 2018 and 2,802,019 at December 31, 2017)
 
(93,055
)
 
(47,105
)
Accumulated other comprehensive loss
 
(50,228
)
 
(36,298
)
Total shareholders’ equity
 
731,291

 
754,140

Total liabilities and shareholders’ equity
 
$
893,361

 
$
914,669




CONDENSED STATEMENTS OF INCOME
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
Income
 

Dividends from subsidiary
 
$
90,000

 
$
27,000

 
$
30,000

Interest income
 
78

 
60

 
51

Total income
 
90,078

 
27,060

 
30,051

Expense
 
 
 
 
 
 
Interest expense
 
8,269

 
7,646

 
3,334

Other
 
3,662

 
5,869

 
3,227

Total expense
 
11,931

 
13,515

 
6,561

Income before income tax expense
 
78,147

 
13,545

 
23,490

Income tax benefit
 
2,489

 
4,242

 
2,278

Income before equity in undistributed earnings of subsidiaries
 
80,636

 
17,787

 
25,768

Equity in undistributed earnings of subsidiaries
 
(6,498
)
 
36,525

 
23,581

Net income
 
$
74,138

 
$
54,312

 
$
49,349


CONDENSED STATEMENTS OF CASH FLOWS
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
 

OPERATING ACTIVITIES:
 
 
 
 
 
 
Net Income
 
$
74,138

 
$
54,312

 
$
49,349

Adjustments to reconcile net income to net cash provided by operations:
 
 
 
 
 
 
Amortization
 
164

 
153

 
45

Equity in undistributed earnings of subsidiaries
 
6,498

 
(36,525
)
 
(23,581
)
Decrease (increase) in other assets
 
6,060

 
(2,113
)
 
(1,035
)
Increase (decrease) in other liabilities
 
1,377

 
(155
)
 
1,564

Net cash provided by operating activities
 
88,237

 
15,672

 
26,342

INVESTING ACTIVITIES:
 
 
 
 
 
 
Investment in subsidiaries
 

 
890

 
(126,000
)
Net cash paid in acquisition
 

 
(22,801
)
 

Net cash used in investing activities
 

 
(21,911
)
 
(126,000
)
FINANCING ACTIVITIES:
 
 
 
 
 
 
Net proceeds from issuance of subordinated long-term debt
 

 

 
98,060

Purchase of common stock
 
(47,193
)
 

 
(10,199
)
Proceeds from issuance of common stock
 
3,883

 
3,953

 
78,962

Cash dividends paid
 
(41,979
)
 
(32,199
)
 
(25,963
)
Net cash (used in) provided by financing activities
 
(85,289
)
 
(28,246
)
 
140,860

 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
 
2,948

 
(34,485
)
 
41,202

Cash and cash equivalents at beginning of period
 
8,483

 
42,968

 
1,766

Cash and cash equivalents at end of period
 
$
11,431

 
$
8,483

 
$
42,968