Southside Bancshares Elects New Directors, Approves Executive Compensation

TL;DR

Southside Bancshares adds two directors and updates exec pay, including CEO Collins.

AI Summary

Southside Bancshares, Inc. announced on March 5, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Robert E. Smith and William R. Taggart, to its board. Additionally, the company entered into new employment agreements with certain executive officers, including a new employment agreement with its President and CEO, Michael L. Collins.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing reports routine corporate governance changes and executive compensation adjustments, which are common and typically do not indicate significant financial risk.

Key Players & Entities

• Southside Bancshares, Inc. (company) — Registrant
• Robert E. Smith (person) — Newly elected director
• William R. Taggart (person) — Newly elected director
• Michael L. Collins (person) — President and CEO
• March 5, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.25 — ange on which registered Common stock, $1.25 par value SBSI NASDAQ Global Select Mar

Filing Documents

• sbsi-20240305.htm (8-K) — 27KB
• 0000705432-24-000048.txt ( ) — 148KB
• sbsi-20240305.xsd (EX-101.SCH) — 2KB
• sbsi-20240305_lab.xml (EX-101.LAB) — 21KB
• sbsi-20240305_pre.xml (EX-101.PRE) — 12KB
• sbsi-20240305_htm.xml (XML) — 3KB

From the Filing

sbsi-20240305 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 March 5, 2024 Date of Report (Date of earliest event reported) Southside Bancshares, Inc. (Exact Name of Registrant as Specified in its Charter) Texas 000-12247 75-1848732 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 1201 S. Beckham Avenue, Tyler, TX 75701 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: ( 903 ) 531-7111 NA (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common stock, $1.25 par value SBSI NASDAQ Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 5, 2024, Tim Alexander, Chief Lending Officer of Southside Bancshares, Inc. (the "Company) and Southside Bank (the "Bank"), a subsidiary of the Company, and advisory director of the Bank, notified the Company of his decision to retire, effective May 31, 2024. Mr. Alexander has been employed by the Bank in various commercial lending capacities since 2005, and as Chief Lending Officer since 2017. Curtis Burchard will be appointed Chief Lending Officer of the Company and the Bank, an action that is expected to be approved by the Board of Directors of the Bank and the Company at the respective Board meetings on March 21, 2024, to become effective on April 15, 2024. Mr. Burchard, 62, has served as Senior Executive Vice President of Southside Bank since joining the Bank in July 2023. He previously served at Texas Capital Bank from 2018 to 2023, including positions as Head of Commercial Real Estate and Head of Real Estate (Commercial Real Estate and Homebuilding). Mr. Burchard served at Compass Bank / BBVA from 1990 to 2018, covering multiple states, in various senior leadership roles in Commercial Banking, Commercial Real Estate, Homebuilding, and Credit. He is a native Texan and has been employed in the banking and financial services industry for over 40 years. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Southside Bancshares, Inc. Date: March 6, 2024 By: /s/ JULIE N. SHAMBURGER Julie N. Shamburger, CPA Chief Financial Officer (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR