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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
________________________________________________________________________________
Date of Report (Date of earliest event
reported): December 6, 1995 (December 1, 1995)
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SOUTHSIDE BANCSHARES CORP.
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(Exact name of registrant as specified in its charter)
MISSOURI
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(State or other jurisdiction of incorporation)
0-10849 43-1262037
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(Commission File Number) (IRS Employer Identification No.)
3606 GRAVOIS AVENUE, ST. LOUIS, MISSOURI 63116
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 776-7000
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On December 1, 1995, Southside Bancshares Corp. (the" Registrant") issued a
press release, attached here to as Exhibit 99(i) (a), announcing record earnings
and a fourth quarter 1995 cash dividend.
On December 1, 1995, Southside Bancshares Corp. (the" Registrant") issued a
press release, attached here to as Exhibit 99(i) (b), announcing a 10 for 1
stock split.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED - Not applicable
(b) PRO FORMA FINANCIAL INFORMATION - Not applicable
(c) EXHIBITS - The following exhibits are included with this Report:
Exhibit 99(i)(a) Record earnings and fourth quarter 1995
cash dividend
Exhibit 99(i)(b) 10 for 1 stock split
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOUTHSIDE BANCSHARES CORP.
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(Registrant)
December 6, 1995 By: /S/ Thomas M. Teschner
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Thomas M. Teschner,
President
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EXHIBIT INDEX
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<CAPTION>
Reg. S-K
Item 601
Exhibit No. Exhibit Page
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Exhibit 99(i)(a) Record earnings and fourth quarter 1995 cash dividend................................................
Exhibit 99(i)(b) 10 for 1 stock split.................................................................................
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EXHIBIT 99(i)(a)
SOUTHSIDE BANCSHARES CORP. NEWS RELEASE
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NEWS FOR IMMEDIATE RELEASE
Contact: Joseph W. Pope Traded: NASDAQ/SCM
(314) 776-7000 or Symbol: SBCO
(314) 577-6628
SOUTHSIDE ANNOUNCES RECORD EARNINGS
St. Louis, December 1, 1995 - Thomas M. Teschner, President and CEO of Southside
Bancshares Corp. (the "Company") announced today that the Company's $5,341,000
in net income through the first nine months of 1995 represents a new all-time
high in earnings for the Company. The previous record was set in 1994, when the
Company's net income was $5,014,000 for the entire fiscal year. "Obviously, we
are pleased with these results; however, the net income amount included the
effects of two nonrecurring items which resulted in after-tax income of
$1,370,000," stated Mr. Teschner. The nonrecurring items Mr. Teschner referred
to were the sale of the Company's smallest subsidiary bank, Bay-Hermann-Berger
Bank, in March, 1995 and a litigation settlement involving the Company's lead
bank, South Side National Bank in St. Louis, in February, 1995.
In addition to the record earnings, Southside reported a 55% decrease in
nonperforming assets over the past twelve months. The current level of
$3,237,000 represents only .64% of total assets.
In related news, the Company also announced a $1.00 per share fourth quarter
dividend. The cash dividend will be paid on December 15, 1995 to shareholders
of record as of December 10, 1995.
-end-
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SOUTHSIDE BANCSHARES CORP. NEWS RELEASE
NEWS FOR IMMEDIATE RELEASE
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<CAPTION>
Contact: Joseph W. Pope Traded: NASDAQ/SCM
(314) 776-7000 or Symbol: SBCO
(314) 577-6628
Southside Bancshares
Corp. Exchange: NASD/SCM
symbol: SBCO
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3 MOS. ENDED 3 MOS. ENDED PCT CHG.
09/30/95 09/30/94
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<S> <C> <C> <C>
Net interest income $4,916 $5,041 -2%
(in thousands)
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Net income $1,402 $1,326 +6%
(in thousands)
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Earnings Per Share $5.24 $5.12 +2%
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9 MOS. ENDED 9 MOS. ENDED PCT CHG.
09/30/95 09/30/94
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Net interest income
(in thousands) $14,783 $14,521 +2%
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Net income
(in thousands) $5,341 $3,790 +41%
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Earnings Per Share $20.25 $14.63 +38%
09/30/95 09/30/94 PCT CHG.
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Non-performing Assets $3,237 $7,141 -55%
====================================================================
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EXHIBIT 99(i)(b)
SOUTHSIDE BANCSHARES CORP. NEWS RELEASE
- -------------------------------------------------------------------------------
NEWS FOR IMMEDIATE RELEASE
Contact: Joseph W. Pope Traded: NASDAQ/SCM
(314) 776-7000 or Symbol: SBCO
(314) 577-6628
SOUTHSIDE ANNOUNCES 10 FOR 1 STOCK SPLIT
St. Louis, December 1, 1995 - Southside Bancshares Corp. ("the Company")
announced today that its Board of Directors has approved a ten for one stock
split. The additional shares are to be distributed on February 15, 1996 to
shareholders of record on January 31, 1996. The Company also reported that the
quarterly dividend will be reduced on a ten to one basis.
"Given the relatively high per share price of the Company's common stock in
comparison to the majority of the bank stocks on the market today, the Board of
Directors believes that the stock split should result in improved marketability
and wider distribution of the Company's stock, thus enhancing shareholder
value," said Mr. Thomas M. Teschner, the Company's President and Chief Executive
Officer.
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