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Texas
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75-1848732
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification No.)
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| Large accelerated filer | | | ☐ | | | | | | Accelerated filer | | | ☑ | |
| Non-accelerated filer | | | ☐ | | | (Do not check if a smaller reporting company) | | | Smaller reporting company | | | ☐ | |
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Title of Each Class of Securities to be Registered
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Proposed
Maximum Aggregate Offering Price |
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Amount of
Registration Fee |
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Common Stock, Warrants, Senior Debt Securities, Subordinated Debt Securities, Purchase Contracts, Units
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As of and for
the Six Months Ended June 30, 2016 |
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As of and for the Years Ended December 31,
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2015
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2014(1)
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2013
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2012
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2011
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(in thousands, except per share data)
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Balance Sheet Data: | | | | | | | | ||||||||||||||||||||||||||||||
Investment Securities
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| | | $ | 692,072 | | | | | $ | 752,135 | | | | | $ | 695,529 | | | | | $ | 728,981 | | | | | $ | 618,716 | | | | | $ | 284,452 | | |
Mortgage-backed Securities
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| | | | 1,509,188 | | | | | | 1,492,653 | | | | | | 1,395,498 | | | | | | 1,115,827 | | | | | | 1,051,898 | | | | | | 1,729,516 | | |
Loans, Net of Allowance for
Loan Losses |
| | | | 2,369,413 | | | | | | 2,412,017 | | | | | | 2,167,841 | | | | | | 1,332,396 | | | | | | 1,242,392 | | | | | | 1,068,690 | | |
Total Assets
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| | | | 5,035,005 | | | | | | 5,162,076 | | | | | | 4,807,261 | | | | | | 3,445,663 | | | | | | 3,237,403 | | | | | | 3,303,817 | | |
Deposits
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| | | | 3,570,249 | | | | | | 3,455,407 | | | | | | 3,374,417 | | | | | | 2,527,808 | | | | | | 2,351,897 | | | | | | 2,321,671 | | |
Long-term Obligations
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| | | | 559,148 | | | | | | 562,592 | | | | | | 660,363 | | | | | | 559,660 | | | | | | 429,408 | | | | | | 321,035 | | |
Shareholders’ Equity
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| | | | 472,300 | | | | | | 444,062 | | | | | | 425,243 | | | | | | 259,518 | | | | | | 257,763 | | | | | | 258,927 | | |
Income Statement Data: | | | | | | | | ||||||||||||||||||||||||||||||
Interest Income
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| | | $ | 84,101 | | | | | $ | 154,532 | | | | | $ | 123,778 | | | | | $ | 119,602 | | | | | $ | 116,020 | | | | | $ | 131,038 | | |
Interest Expense
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| | | | 13,105 | | | | | | 19,854 | | | | | | 16,956 | | | | | | 17,968 | | | | | | 26,895 | | | | | | 35,631 | | |
Provision for Loan Losses
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| | | | 6,084 | | | | | | 8,343 | | | | | | 14,938 | | | | | | 8,879 | | | | | | 10,736 | | | | | | 7,496 | | |
Deposit Service Income
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| | | | 10,184 | | | | | | 20,112 | | | | | | 15,280 | | | | | | 15,560 | | | | | | 15,433 | | | | | | 15,943 | | |
Net Gain on Sale of Securities Available for Sale
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| | | | 3,169 | | | | | | 3,660 | | | | | | 2,830 | | | | | | 8,472 | | | | | | 17,966 | | | | | | 11,795 | | |
Noninterest Income
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| | | | 20,966 | | | | | | 37,895 | | | | | | 24,489 | | | | | | 35,245 | | | | | | 40,021 | | | | | | 35,322 | | |
Noninterest Expense
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| | | | 55,222 | | | | | | 112,954 | | | | | | 97,704 | | | | | | 81,713 | | | | | | 76,107 | | | | | | 72,348 | | |
Net Income Attributable to Southside Bancshares, Inc.
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| | | | 24,911 | | | | | | 43,997 | | | | | | 20,833 | | | | | | 41,190 | | | | | | 34,695 | | | | | | 39,133 | | |
Per Share Data: | | | | | | | | ||||||||||||||||||||||||||||||
Earnings Per Common Share: | | | | | | | | ||||||||||||||||||||||||||||||
Basic
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| | | $ | 0.94 | | | | | $ | 1.65 | | | | | $ | 0.99 | | | | | $ | 1.99 | | | | | $ | 1.65 | | | | | $ | 1.86 | | |
Diluted
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| | | | 0.94 | | | | | | 1.65 | | | | | | 0.99 | | | | | | 1.99 | | | | | | 1.65 | | | | | | 1.86 | | |
Cash Dividends Paid Per
Common Share |
| | | | 0.47 | | | | | | 1.00 | | | | | | 0.96 | | | | | | 0.91 | | | | | | 1.11 | | | | | | 0.90 | | |
Book Value Per Common Share
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| | | | 17.99 | | | | | | 16.66 | | | | | | 16.00 | | | | | | 12.51 | | | | | | 12.43 | | | | | | 12.30 | | |
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Six Months
Ended June 30, 2016 |
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Year Ended December 31,
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2015
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2014
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2013
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2012
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2011
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Ratio of Earnings to Fixed Charges | | | | | | | | ||||||||||||||||||||||||||||||
Excluding interest on deposits
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| | | | 5.8 | | | | | | 6.2 | | | | | | 3.1 | | | | | | 5.7 | | | | | | 3.6 | | | | | | 3.5 | | |
Including interest on deposits
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| | | | 3.3 | | | | | | 3.6 | | | | | | 2.1 | | | | | | 3.6 | | | | | | 2.6 | | | | | | 2.4 | | |
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Securities and Exchange Commission Registration Fee
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| | | | * | | |
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FINRA Filing Fee
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| | | | ** | | |
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Trustee and Registrar and Transfer Agent Fees and Expenses
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Printing and Distributing Expenses
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Legal Fees and Expenses
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Accounting Fees and Expenses
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Listing Fees and Expenses
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Miscellaneous
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Total
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| SOUTHSIDE BANCSHARES, INC. | | |||
| By: | | | /s/ Sam Dawson | |
| Name: | | | Sam Dawson | |
| Title: | | | Chief Executive Officer | |
Signature
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Title
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Date
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/s/ W. D. Norton
W.D. Norton
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| | Chairman of the Board | | |
September 12, 2016
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/s/ John R. Garrett
John R. Garrett
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| | Vice Chairman of the Board | | |
September 12, 2016
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/s/ Sam Dawson
Sam Dawson
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| | Chief Executive Officer and Director (Principal Executive Officer) | | |
September 12, 2016
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/s/ Lee R. Gibson
Lee R. Gibson
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| | President and Director | | |
September 12, 2016
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/s/ Julie N. Shamburger
Julie N. Shamburger
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| | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
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September 12, 2016
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/s/ Lawrence Anderson
Lawrence Anderson
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| | Director | | |
September 12, 2016
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/s/ Elaine Anderson
S. Elaine Anderson
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| | Director | | |
September 12, 2016
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/s/ Herbert C. Buie
Herbert C. Buie
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| | Director | | |
September 12, 2016
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Signature
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Title
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Date
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/s/ Alton Cade
Alton Cade
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| | Director | | |
September 12, 2016
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/s/ Patricia A. Callan
Patricia A. Callan
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| | Director | | |
September 12, 2016
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/s/ Melvin B. Lovelady
Melvin B. Lovelady
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| | Director | | |
September 12, 2016
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/s/ Paul W. Powell
Paul W. Powell
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| | Director | | |
September 12, 2016
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/s/ William Sheehy
William Sheehy
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| | Director | | |
September 12, 2016
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/s/ Preston L. Smith
Preston L. Smith
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| | Director | | |
September 12, 2016
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/s/ Donald W. Thedford
Donald W. Thedford
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| | Director | | |
September 12, 2016
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| 1.1 | | | Form of Underwriting Agreement* | |
| 4.1 | | | Restated Certificate of Formation of Southside Bancshares, Inc. effective May 2, 2014 (filed as Exhibit 3(a) to the Registrant’s Form 10-Q for the quarter ended March 31, 2014, and incorporated herein by reference). | |
| 4.2 | | | Amended and Restated Bylaws of Southside Bancshares, Inc. effective November 20, 2014 (filed as Exhibit 3.1 to the Registrant’s Form 8-K, filed November 24, 2014, and incorporated herein by reference). | |
| 4.3 | | | Specimen stock certificate of Southside Bancshares, Inc. (filed as Exhibit 4.1 to the Registrant’s Form S-4/A (No. 333-196817) filed with the SEC on July 18, 2014 and incorporated herein by reference). | |
| 4.4 | | | Form of Senior Indenture | |
| 4.5 | | | Form of Subordinated Indenture | |
| 4.6 | | | Form of Senior Debt Security* | |
| 4.7 | | | Form of Subordinated Debt Security* | |
| 4.8 | | | Form of Warrant Agreement (including form of warrant certificate)* | |
| 4.9 | | | Form of Subscription Rights Agreement (including form of subscription rights certificate)* | |
| 4.10 | | | Form of Unit Agreement* | |
| 4.11 | | | Form of Purchase Contract* | |
| 5.1 | | | Opinion of Alston & Bird LLP | |
| 12.1 | | | Statement of Computation of Ratio of Earnings to Fixed Charges | |
| 23.1 | | | Consent of Ernst & Young LLP | |
| 23.2 | | | Consent of Alston & Bird LLP (included in Exhibit 5.1) | |
| 24.1 | | | Power of Attorney (included in signature pages hereto) | |
| 25.1 | | | Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 under the Senior Indenture | |
| 25.2 | | | Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 under the Subordinated Indenture | |