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<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(MARK ONE)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended SEPTEMBER 30, 1997
----------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
------------------------ --------------------
Commission file number 0-10849
SOUTHSIDE BANCSHARES CORP.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
MISSOURI 43-1262037
- --------------------------------- -------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
3606 GRAVOIS AVENUE, ST. LOUIS, MISSOURI 63116
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 776-7000
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
---- ----
At NOVEMBER 12, 1997, the number of shares outstanding of the
registrant's common stock was 2,825,670.
<PAGE> 2
SOUTHSIDE BANCSHARES CORP.
INDEX
<TABLE>
<CAPTION>
Page
----
<S> <C>
Part I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements:
Condensed Consolidated Balance Sheets at
September 30, 1997 and December 31, 1996 3
Condensed Consolidated Statements of Income for
the nine months and three months ended
September 30, 1997 and September 30, 1996 4
Condensed Consolidated Statements of Cash Flows for
the nine months ended September 30, 1997
and September 30, 1996 5
Notes to Condensed Consolidated Financial Statements 6
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 7
Signatures 8
</TABLE>
<PAGE> 3
SOUTHSIDE BANCSHARES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
(dollars in thousands except share data)
(unaudited)
<TABLE>
<CAPTION>
SEPTEMBER 30, December 31,
ASSETS 1997 1996
----------------- -----------------
<S> <C> <C>
Cash and due from banks $ 16,861 $ 17,156
Federal funds sold 14,000 13,500
Investments in debt securities:
Available-for-sale, at market value 68,498 66,650
Held-to-maturity, at amortized cost
(approximate market value of $105,045
in 1997, and $121,377 in 1996) 104,042 120,644
---------- ----------
Total investments in debt securities 172,540 187,294
---------- ----------
Loans, net of unearned discount 318,883 294,463
Less allowance for possible loan losses (6,117) (5,602)
---------- ----------
Loans, net 312,766 288,861
---------- ----------
Bank premises and equipment 10,913 10,785
Other assets 10,388 10,311
---------- ----------
TOTAL ASSETS $537,468 $527,907
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 57,144 $ 58,046
Interest-bearing demand and savings 186,836 185,589
Time deposits 227,268 223,641
---------- ----------
Total deposits 471,248 467,276
Short-term borrowings 5,353 1,623
Debt of employee stock ownership plan - 1,779
Other liabilities 4,589 4,388
---------- ----------
Total liabilities 481,190 475,066
---------- ----------
Commitments and contingent liabilities
Shareholders' equity:
Cumulative preferred stock, no par value, 1,000,000 shares
authorized and unissued - -
Common stock, $1 par value, 5,000,000 shares authorized,
2,859,010 shares issued and outstanding in 1997 and 1996 2,859 2,859
Surplus 5,964 5,819
Retained earnings 49,706 46,448
Unearned employee stock ownership plan shares (1,433) (1,581)
Treasury stock, 33,340 shares in 1997 and 22,340 shares in 1996 (837) (450)
Net unrealized losses on available-for-sale securities 19 (254)
---------- ----------
Total shareholders' equity 56,278 52,841
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $537,468 $527,907
========== ==========
See accompanying notes to condensed consolidated financial statements.
</TABLE>
3
<PAGE> 4
SOUTHSIDE BANCSHARES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(dollars in thousands except share data)
(unaudited)
<TABLE>
<CAPTION>
NINE MONTHS ENDED THREE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1997 1996 1997 1996
--------- --------- ---------- ---------
<S> <C> <C> <C> <C>
INTEREST INCOME:
Interest and fees on loans $20,410 $20,215 $7,105 $7,085
Interest on investments in debt securities:
Taxable 7,233 6,548 2,332 2,306
Exempt from Federal income taxes 947 952 329 317
Interest on short-term investments 602 748 232 212
--------- --------- --------- ---------
TOTAL INTEREST INCOME 29,192 28,463 9,998 9,920
--------- --------- --------- ---------
INTEREST EXPENSE:
Interest on interest-bearing demand and savings deposits 4,324 4,221 1,468 1,448
Interest on time deposits 9,024 8,671 3,083 2,915
Interest on short-term borrowings 158 79 72 28
Interest on debt of employee stock ownership plan 105 132 34 37
--------- --------- --------- ---------
TOTAL INTEREST EXPENSE 13,611 13,103 4,657 4,428
--------- --------- --------- ---------
NET INTEREST INCOME 15,581 15,360 5,341 5,492
Provision for possible loan losses 45 45 15 15
--------- --------- --------- ---------
NET INTEREST INCOME AFTER PROVISION
FOR POSSIBLE LOAN LOSSES 15,536 15,315 5,326 5,477
--------- --------- --------- ---------
NONINTEREST INCOME:
Trust department 749 658 244 201
Service charges on deposit accounts 988 937 338 312
Net gains (losses) on sale of other real estate
owned and other foreclosed property (26) 52 (4) 75
Other 369 288 113 82
--------- --------- --------- ---------
TOTAL NONINTEREST INCOME 2,080 1,935 691 670
--------- --------- --------- ---------
NONINTEREST EXPENSES:
Salaries and employee benefits 5,597 5,521 1,913 1,871
Net occupancy and equipment expense 1,816 1,763 624 586
Data processing 343 351 114 108
Other 3,526 3,164 1,220 1,162
--------- --------- --------- ---------
TOTAL NONINTEREST EXPENSES 11,282 10,799 3,871 3,727
--------- --------- --------- ---------
INCOME BEFORE FEDERAL INCOME TAX EXPENSE 6,334 6,451 2,146 2,420
Federal income tax expense 1,680 1,701 571 577
--------- --------- --------- ---------
NET INCOME $ 4,654 $ 4,750 $1,575 $ 1,843
========= ========= ========= =========
SHARE DATA:
Earnings per common share $1.70 $1.76 $0.57 $0.68
========= ========= ========= =========
Dividends paid per common share $0.51 $0.35 $0.18 $0.13
========= ========= ========= =========
Average common shares outstanding 2,739,926 2,698,864 2,742,181 2,710,294
========= ========= ========= =========
See accompanying notes to condensed consolidated financial statements.
</TABLE>
4
<PAGE> 5
SOUTHSIDE BANCSHARES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
1997 1996
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 4,654 $ 4,750
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 1,146 1,426
Provision for possible loan losses 45 45
Other operating activities, net (255) 309
------- --------
Total adjustments 936 1,780
------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 5,590 6,530
------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net (increase) decrease in Federal funds sold (500) 1,500
Proceeds from maturities of and principal payments on
debt securities 37,849 36,069
Purchases of debt securities (22,891) (51,721)
Net (increase) decrease in loans (26,276) 6,609
Recoveries of loans previously charged off 745 876
Proceeds from sales of other real estate owned and other
foreclosed property 232 617
Purchases of bank premises and equipment (963) (l,086)
------- --------
NET CASH USED IN INVESTING ACTIVITIES (11,804) (7,136)
------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease)in demand and savings deposits 345 (4,509)
Net increase in time deposits 3,627 6,010
Net increase in short-term borrowings 3,730 1,146
Payments to acquire treasury stock (387) (283)
Cash dividends paid (1,396) (956)
------- --------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 5,919 1,408
------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS (295) 802
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 17,156 16,930
------- --------
CASH AND CASH EQUIVALENTS, END OF QUARTER $16,861 $17,732
======= =======
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest on deposits and borrowings $13,307 $13,105
Income taxes 2,010 1,718
======= =======
Noncash transactions:
Transfers to other real estate owned in settlement of loans
$ 389 $ 381
======= =======
See accompanying notes to condensed consolidated financial statements.
</TABLE>
5
<PAGE> 6
SOUTHSIDE BANCSHARES CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997 AND 1996
(unaudited)
BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q and
Rule 10-01 of Regulation S-X. They do not include all information and
footnotes required by generally accepted accounting principles for complete
consolidated financial statements. In the opinion of management, all
adjustments, consisting of normal recurring accruals, considered necessary for
a fair presentation have been included. For further information, refer to
Southside Bancshares Corp.'s (the Company) Annual Report on Form 10-K for the
year ended December 31, 1996. Operating results for the nine months ended
September 30, 1997 are not necessarily indicative of the results that may be
expected for the year ending December 31, 1997.
6
<PAGE> 7
PART II. OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K
Exhibit 11 - Computation on Net Income Per Common Share*
Exhibit 27 - Financial Data Schedule*
Reports on Form 8-K
None
* Previously filed.
7
<PAGE> 8
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 thereunto duly authorized.
SOUTHSIDE BANCSHARES CORP.
December 12, 1997 /s/ Thomas M. Teschner
-------------------------------------
Thomas M. Teschner President
(Principal Executive Officer)
December 12, 1997 /s/ Joseph W. Pope
-------------------------------------
Joseph W. Pope Senior Vice President
and Chief Financial Officer
(Principal Financial Officer,
Controller, and Principal
Accounting Officer)
7
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