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Deal Overview

Buyer:
Southside Bancshares, Inc.
Actual Acquirer:
Southside Bank
Target:
Diboll State Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
6/12/2017
Announcement Date:
6/12/2017
Announced Deal Value ($ M):
224.22
Status:
Completed
Completion Date:
11/30/2017
Announced Deal Value Per Share ($ )
261.42

Consideration Breakout
Cash ($M) 23.9
Common Stock ($M) 204.7
Common Stock Issued 5,534,925

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 223.6 221.0
Price / Tangible Book (%) 241.2 222.2
Price / Earnings (x) 18.6 20.2
Price / Deposits (%) 24.69 25.80
Price / Assets (%) 22.18 22.99
Tangible Book Premium/ Deposits (%) 15.75 15.31
Deal Terms
Description of Consideration

Southside Bancshares Inc. paid $28.12 in cash and issued 6.5021 shares of its common stock for each outstanding share of Diboll State Bancshares Inc. Target financials are for First Bank & Trust East Texas.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 115,366
Estimated Cost Savings (%) 32.00
Estimated Cost Savings ($ 000) 9,131
Est. Restructuring Charges ($ 000) 4,400
Maximum Termination Fee ($ 000) 9,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 6.50
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 14,700
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Fenimore Kay Harrison & Ford
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