Profile: Southside Bancshares Inc (SBSI.O)
23 Jun 2017
Southside Bancshares, Inc., incorporated on August 11, 1982, is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities. These services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services. As of December 31, 2016, the Company operated through 60 banking centers, 17 of which are located in grocery stores.
The Company's consumer loan services include one- to four-family residential mortgage loans, home equity loans, home improvement loans, automobile loans and other installment loans. Commercial loan services include short-term working capital loans for inventory and accounts receivable, short and medium-term loans for equipment or other business capital expansion, commercial real estate loans and municipal loans. It also offers construction loans for one- to four-family residential and commercial real estate. Its municipal loans are made to municipalities, counties, school districts, and colleges primarily throughout the state of Texas. Its total loans are approximately $2.43 million. The Company's Real estate loans are divided into one- to four-family Family Residential Loans, Construction Loans and Commercial.
The Company's Commercial real estate loans primarily include loans collateralized by commercial office buildings, retail, medical facilities and offices, warehouse facilities, hotels and churches. The Company's construction loans have both adjustable and fixed interest rates during the construction period. The Company's commercial loans are diversified loan types, including short-term working capital loans for inventory and accounts receivable and short- and medium-term loans for equipment or other business capital expansion. As of December 31, 2016, the Company's total loans were $2.56 billion.
The Company invests in mortgage-backed securities (MBS), including mortgage participation certificates, which are insured or guaranteed by United States Government agencies and Government-Sponsored Enterprises (GSEs) and Collateralized Mortgage Obligation (CMOs) and real estate mortgage investment conduits (REMICs). All of its MBS were collateralized by United States Government agencies (GSEs). As of December 31, 2016, the Company's total securities amounted to $2.2 billion.
Sources of Funds
The Company offers a range of deposit accounts with a range of interest rates and terms, including savings, money market, interest and non-interest bearing checking accounts and certificates of deposit (CDs). As of December 31, 2016, the Company's total deposits were $3.5 billion.
Southside Bancshares Inc
1201 S Beckham Ave
TYLER TX 75701-3320