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The Capitalism Distribution: Fat Tails in Action

Tue, 02 Dec 2008 14:33:00 GMT

Quick, before you read this post, ask yourself these questions: 1. What percentage of stocks beat their benchmark index over their lifetime? 2. What percentage of stocks have a negative return over their lifetime? 3. What percentage of stocks lose essentially all of their value? Not sure? The answers to all three questions are below. Want to know why a [More...]

Tyler Banking Industry on the Rise

Mon, 09 Feb 2009 21:53:00 GMT

Feb. 9--Mounds of red earth mark the site of a Citizens National Bank branch going up at the corner of Grande Boulevard and Old Jacksonville Highway.
The branches soon will add to what local bankers say is Tyler's place as a regional financial juggernaut, the largest between Dallas and Shreveport and Tulsa and Houston.
About a dozen financial institutions recently have either opened new banks, such as the First Bank and Trust branch that opened last year on Old Jacksonville Highway, or announced plans for new branches in the Tyler area.

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EDITORIAL: Growth We Don't Need: State, Local Governments Adding Jobs Faster Than the Private Sector

Wed, 04 Feb 2009 17:57:00 GMT

Feb. 4--we don't
Kansas' job market is full of opportunity when economic times are rosy.
Last month the Kansas Department of Labor released its December report showing that businesses gained 800 jobs last year for a 0.1 percent increase.

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Veteran Banker Leaves Southside Bank

Wed, 26 Nov 2008 05:54:00 GMT

Nov. 26--Veteran banking figure Bruce Davis abruptly left his position as president of Tarrant County operations for Southside Bank, formerly Fort Worth National Bank, on Nov. 19 but said his departure was a mutual decision with superiors at the parent company, Southside Bancshares.
In May 2007, he sold the bank to Tyler-based Southside Bancshares in a $36.5 million, all-cash deal and agreed to stay on.
But undisclosed "management and strategy differences" prompted Davis to leave a week ago, he said Tuesday.

[More...]

Southside Bancshares, Inc. Declares Cash Dividend

Thu, 13 Aug 2009 21:39:00 GMT

The Board of Directors of Southside Bancshares, Inc., , parent company of Southside Bank, declared a regular quarterly cash dividend of $0.14 per share payable to common stock shareholders of record August 27, 2009. The cash dividend is scheduled for payment on September 10, 2009.[More...]

Southside Bancshares, Inc. to Present at KBW 10th Annual Community Bank Investor Conference

Mon, 27 Jul 2009 20:31:00 GMT

Southside Bancshares, Inc. , will be presenting in the KBW 10th Annual Community Bank Investor Conference in New York, NY, on July 28th. Sam Dawson, President and Secretary and Lee. R. Gibson, Executive Vice President and Chief Financial Officer, of Southside Bancshares, Inc. are scheduled to present on Tuesday, July 28th at approximately 3:30 p.m. EDT.[More...]

Southside Bancshares, Inc. Announces Record Earnings for The Three and Six Months Ended June 30, 2009

Thu, 23 Jul 2009 20:46:00 GMT

Southside Bancshares, Inc. today reported its financial results for the three and six months ended June 30, 2009.Southside reported record net income of $9.4 million for the three months ended June 30, 2009, an increase of $846,000, or 9.9%, when compared to $8.5 million for the same period in 2008.Net income for the six months ended June 30, 2009, increased $9.4 million, or 67.1%, to a record $23.5 million from $14.1 million, for the same period in 2008.Earnings per diluted share increased $0.05, or 8.8%, to $0.62 for the three months ended June 30, 2009, when compared to $0.57 for the same period in 2008. Earnings per diluted share increased $0.63, or 67.0%, to $1.57 for the six months ended June 30, 2009, compared to $0.94 for the same period in 2008.The return on average shareholders' equity for the six months ended June 30, 2009, increased to 27.00% compared to 20.06% for the same period in 2008. The annual return on average assets increased to 1.74% for the six months ended June 30, 2009, compared to 1.27% for the same period in 2008.'We are pleased to report strong second quarter earnings. The successful execution of our business plan at a time when the overall economic headwinds remain a challenge is gratifying,' stated B. G. Hartley, Chairman and CEO of Southside Bancshares, Inc. 'Fifty years ago, we dedicated our operation to serving our market areas, employees and shareholders. Our dedication to our shareholders is as strong today as it was when we opened our doors as a small community bank in East Texas. We look forward to building our franchise over the next fifty years with the same commitment and the continued support of our shareholders, employees and communities.' 'The national economy has shown some signs that the pace of decline might be abating. We are indeed fortunate to be based in Texas, as our economy appears to have mitigated, thus far, the impact of the significant economic declines apparent in other areas of the country. Given the general uncertainty in the market, we continue to manage the bank with an especially high degree of prudence. Regulatory uncertainty is once again at the forefront, as fundamental changes to the regulation of financial institutions are under consideration. Should the landscape change, we will adjust our practices as needed.''The current economic and political uncertainty has led to both a positively sloped interest rate environment and to continued capital market volatility. Although this environment has led to an increase in our provision for loan losses, it has also had some favorable ramifications. Our net interest margin remained solid and as the economics of particular securities evolved, we also experienced a gain on sale of securities as we repositioned the securities portfolio as appropriate for the new economics. These two factors, mitigated by the increase in reserves, produced record earnings in the first half of 2009. We are keenly aware that these levels of securities gains are unlikely to be repeated in future quarters. Our goal is to manage the bank in order for shareholders and customers to ultimately benefit during this period of volatility. These current earnings further strengthen our capital, as well as, support our future growth. Increasing capital levels provide Southside with the critical flexibility to allow for continued strategic investments designed to enhance long-term franchise value.' 'During the second quarter, the economic environment continued to present challenges as well as opportunities. During the quarter ended June 30, 2009, our deposits, net of brokered deposits, increased slightly by $6.9 million and our loans increased a modest $4.5 million. The fixed income market presented several opportunities. During the second quarter, as mortgage credit spreads tightened in the face of increasing U. S. Treasury interest rates, we repositioned a portion of our mortgage-backed securities portfolio by selling selected securities whose market value did not compensate the bank for the potential funding risk. Later in the quarter, as U. S. Treasury interest rates increased further, we were able to replace a portion of those assets with a combination of municipal bonds and U. S. Agency mortgage-backed securities.''While economic and regulatory environments may reflect increased levels of volatility at times, Southside's traditional credit and balance sheet discipline helps moderate those external forces. Our traditional lending approach is designed so that only minor changes might be necessary as credit cycles come and go. During this period of credit volatility, this approach has allowed us to continue to partner with our customers in the same manner as we have for almost 50 years. We believe the communities we serve will benefit from this disciplined approach during good times and bad as they can look with confidence to Southside for their everyday banking needs.'Loan and Deposit GrowthFor the three months ended June 30, 2009, total loans increased slightly, $4.5 million, or 0.4% compared to March 31, 2009. When comparing June 30, 2009 to June 30, 2008, total loans increased by $38.7 million, or 4.0%. The increase occurred primarily in two categories, municipal loans and loans to individuals. Nonperforming assets increased $2.7 million, or 15.5% to $20.1 million, or 0.73% of total assets, for the three months ended June 30, 2009 when compared to March 31, 2009. This increase is primarily related to construction loans, mostly associated with the acquisition of Fort Worth National Bank and, to a lesser extent, loans to individuals purchased by Southside Financial Group. During the three months ended June 30, 2009, deposits, net of brokered deposits, increased $6.9 million, or 0.4% compared to March 31, 2009. When comparing June 30, 2009 to June 30, 2008, deposits, net of brokered deposits, increased $153.8 million, or 10.3%. The year over year increase in deposits is the result of an increase in public fund deposits combined with an overall increase in core deposits. Much of the increase in the public fund deposits is temporary and is expected to roll-off over the next twelve months. Net Interest IncomeNet interest income increased $4.6 million, or 25.5%, to $22.5 million for the three months ended June 30, 2009, when compared to $17.9 million for the same period in 2008. For the three months ended June 30, 2009, when compared to the same period in 2008, our net interest spread increased to 3.33% from 3.06% and during the same period the net interest margin increased to 3.73% from 3.65%. Compared to the previous quarter, the net interest margin and net interest spread for the three months ended June 30, 2009 decreased to 3.73% and 3.33%, respectively, from 3.83% and 3.37% for the three months ended March 31, 2009. Net Income for the Three MonthsThe increase in net income for the three months ended June 30, 2009 was primarily a result of security gains and an increase in net interest income partially offset by an increase in provision for loan losses, an increase in other-than-temporary impairment, an increase in noninterest expense and a decrease in noninterest income net of security gains. Provision for loan losses increased $470,000, or 15.9%, for the three months ended June 30, 2009, compared to the same period in 2008 due primarily to the increase in nonperforming construction loans, overall market conditions, as well as loans to individuals purchased by Southside Financial Group. Noninterest expense increased $4.0 million, or 27.6%, for the three months ended June 30, 2009, compared to the same period in 2008. The increase in noninterest expense was primarily a result of increases in personnel expense and FDIC insurance expense. The increase in personnel expense was associated with our overall growth and expansion, including Southside Financial Group, an increase in retirement expense and normal salary increases for existing personnel, all of which are reflected in salaries and employee benefits which increased a combined $1.7 million, or 18.8%, when compared to the same period in 2008. FDIC insurance premiums increased during the period, $1.7 million, or 729.7%, to $1.9 million. The increase is the result of a special FDIC assessment of $1.3 million and an overall increase in FDIC insurance premium rates.About Southside Bancshares, Inc.Southside Bancshares, Inc. is a bank holding company with approximately $2.7 billion in assets that owns 100% of Southside Bank. Southside Bank currently has 44 banking centers in Texas and operates a network of 47 ATMs. To learn more about Southside Bancshares, Inc., please visit our investor relations website at www.southside.com/investor. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the E-mail Notification portion of the website. Questions or comments may be directed to Susan Hill at 531-7220, or susan.hill@southside.com.Forward-Looking StatementsCertain statements of other than historical fact that are contained in this document and in written material, press releases and oral statements issued by or on behalf of the Company, a bank holding company, may be considered to be 'forward-looking statements' within the meaning of and subject to the protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. These statements may include words such as "expect," "estimate," "project," "anticipate," 'appear,' "believe," "could," "should," "may," "intend," "probability," "risk," "target," "objective," "plans," "potential," and similar expressions. Forward-looking statements are statements with respect to the Company's beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from the results discussed in the forward-looking statements. For example, discussions of the effect of the Company's expansion, including expectations of the costs and profitability of such expansion, trends in asset quality and earnings from growth, and certain market risk disclosures are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual income gains and losses could materially differ from those that have been estimated. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 under 'Forward-Looking Information' and Item 1A. 'Risk Factors,' and in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. At At At[More...]

Southside Bancshares, Inc. Declares Cash Dividend

Thu, 14 May 2009 20:59:00 GMT

The Board of Directors of Southside Bancshares, Inc., , parent company of Southside Bank, declared a regular quarterly cash dividend of $0.14 per share payable to common stock shareholders of record May 28, 2009. The cash dividend is scheduled for payment on June 11, 2009.[More...]

Southside Bancshares, Inc. Announces Record First Quarter Earnings NASDAQ Global Select Market Symbol - 'SBSI'

Thu, 16 Apr 2009 21:00:00 GMT

TYLER, Texas, April 16 /PRNewswire-FirstCall/ -- Southside Bancshares, Inc. ("Southside" or the "Company") today reported its financial results for the three months ended March 31, 2009.
Southside reported record net income of $14.1 million for the three months ended March 31, 2009, an increase of $8.6 million, or 155.0%, when compared to $5.5 million for the same period in 2008.
Earnings per diluted share increased $0.58, or 156.8%, to $0.95 for the three months ended March 31, 2009, when compared to $0.37 for the same period in 2008.

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Southside Bancshares, Inc. Announces an Increase in the Quarterly Cash Dividend

Thu, 16 Apr 2009 20:42:00 GMT

The Board of Directors of Southside Bancshares, Inc., , parent company of Southside Bank approved a $0.01, or 7.69%, increase in future quarterly cash dividends, from $0.13 to $0.14 per share of common stock.[More...]

Southside Bancshares, Inc. Declares 5% Stock Dividend

Thu, 09 Apr 2009 21:16:00 GMT

The Board of Directors of Southside Bancshares, Inc., , parent company of Southside Bank declared a 5% common stock dividend payable to common stock shareholders of record April 28, 2009. The stock dividend is scheduled for payment on May 14, 2009.[More...]

Southside Bancshares, Inc. Declares Cash Dividend - Feb 19 2009 5:20PM

Thu, 19 Feb 2009 21:05:00 GMT

The Board of Directors of Southside Bancshares, Inc., , parent company of Southside Bank, declared a regular quarterly cash dividend of $0.13 per share payable to common stock shareholders of record March 5, 2009. The cash dividend is scheduled for payment on March 19, 2009.[More...]

Southside Bancshares, Inc. Announces Record Earnings for the Year and Three Months Ended December 31, 2008

Fri, 30 Jan 2009 00:23:00 GMT

NASDAQ Global Select Market Symbol - 'SBSI'[More...]

Southside Bancshares Will Not Apply for Federal Funds

Thu, 13 Nov 2008 22:00:00 GMT

Southside Bancshares, Inc. , a Texas based banking institution, today announced that it will not apply for federal funds available through the Capital Purchase Program , which is part of the federal government's Troubled Assets Relief Program .[More...]