Southside Bancshares Inc. in Tyler, Tex., said in a Securities and Exchange Commision filing late Tuesday that it would restate its consolidated statement of cash flows in earnings reports for 2004, 2005 and 2006.
The $1.6 billion-asset company said that an internal audit found that cash flows from operating, investing and financing activities were incorrect due to a lack of non-cash adjustment.
There was no change in the company’s total cash and cash equivalents, net increase in cash and cash equivalents, consolidated statements of income, consolidated balance sheets, or consolidated statements of changes in shareholders’ equity and comprehensive income. There would also be no adjustments to net income, earnings per share, total assets or regulatory capital.
Southside’s shares rose more than 7% Tuesday but were down more than 5% in early after-market trading.
