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Southside Bancshares, Inc (SBSI) Announces Record Annual Earnings

Southside Bancshares, Inc (SBSI) announced that the company has reported financial results for the three months and year ended December 31, 2007.

During this period, Southside reported record net income of $16.7 million for the year ended December 31, 2007, an increase of $1.7 million, or 11.2% compared to the previous quarter.

Net income also increased. During this period, net income increased by $655,000 to $4.8 million from $4.2 million, an increase of 15.7%.

Earnings per fully diluted share increased $0.05, or 16.1%, to $0.36 for the three months ended December 31, 2007, compared to $0.31 for the same period in 2006.

Lastly, the return on average shareholders’ equity increased to 14.05%, compared to 13.48%, for the same period in 2006. The annual return on average assets increased to 0.87%, for the twelve months ended December 31, 2007, compared to 0.81%, for the same period in 2006.

B.G. Hartley, CEO, stated, “2007 was a remarkable year. Our well established business plan, anchored by well quantified credit standards, conservative balance sheet management and the retention of a seasoned management team, allowed Southside to distinguish itself in one of the most challenging environments for financial institutions in several decades.”

Hartley added, “Despite the current uncertainty, your company, during 2007 acquired Fort Worth National Bancshares, successfully issued trust preferred securities, opened two denovo branches, started Southside Financial Group, experienced solid growth in its core business and finished with record annual net income. We believe our current strength gives us the opportunity to expand and execute our business model in 2008 and beyond. The resulting flexibility at this time of tremendous volatility in the financial markets appears to have become a very precious commodity.”

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