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Southside Bancshares Increases Quarterly Dividend

The Associated Press

TYLER, Texas (AP) — Southside Bancshares Inc. on Thursday said its board approved a 1 cent, or 7.7 percent, increase in future quarterly cash dividends.

The move increases its regular dividend to 14 cents per share from 13 cents per share.

B. G. Hartley, chairman and chief executive officer said the company felt it was important to increase the dividend given its recent record earnings.

"We believe it is especially important to offer tangible rewards for our success in this challenging economic environment," Harley said.

The company also announced Thursday that its net income rose to $14.1 million, or 95 cents per share, for the first quarter, up from $5.5 million, 37 cents per share in the same quarter last year.

Southside Bancshares, Inc. is a bank holding company that owns Southside Bank, which has 44 banking centers in Texas.