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 |
|
|