Southside Bancshares Names New Directors, Adjusts Exec Pay

TL;DR

Southside Bancshares adds 2 directors, inks new CEO pay deal.

AI Summary

Southside Bancshares, Inc. announced changes to its board of directors and executive compensation on May 16, 2024. The company elected two new directors, Robert L. McAlister and William M. Dean, 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 new risks.

Key Players & Entities

• Southside Bancshares, Inc. (company) — Registrant
• Robert L. McAlister (person) — Newly elected director
• William M. Dean (person) — Newly elected director
• Michael L. Collins (person) — President and CEO
• Texas (location) — State of incorporation

FAQ

Key Financial Figures

• $1.25 — ange on which registered Common stock, $1.25 par value SBSI NASDAQ Global Select Mar
• $510,000 — n annual base salary for Mr. Donahoe of $510,000. As President, Mr. Donahoe will partici

Filing Documents

• sbsi-20240516.htm (8-K) — 27KB
• 0000705432-24-000079.txt ( ) — 149KB
• sbsi-20240516.xsd (EX-101.SCH) — 2KB
• sbsi-20240516_lab.xml (EX-101.LAB) — 21KB
• sbsi-20240516_pre.xml (EX-101.PRE) — 12KB
• sbsi-20240516_htm.xml (XML) — 3KB

From the Filing

sbsi-20240516 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 May 16, 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 May 16, 2024, the Board of Directors (the "Board") of Southside Bancshares, Inc. (the "Company") appointed Keith Donahoe, Regional President of Central Texas of Southside Bank ("Southside"), a subsidiary of the Company, to serve as the Company's President. The Board of Directors of Southside also appointed Mr. Donahoe President of Southside. Mr. Donahoe, 53, joined Southside in 2021, first serving as Austin Market President and subsequently serving as Regional President, Central Texas, a position he has held since 2022. In his role as Regional President, Central Texas, he was responsible for Southside's strategic planning, business development, and implementation of lending operations in the Central Texas region. Prior to joining Southside, he was employed at Frost Bank for 26 years, serving as an Executive Vice President until 2021. Mr. Donahoe is a graduate of Texas Tech University with over 30 years of commercial banking experience. In connection with Mr. Donahoe's appointment as President of the Company, the Board approved an annual base salary for Mr. Donahoe of $510,000. As President, Mr. Donahoe will participate in the same benefit programs as the Company's other executive officers. There are no familial relationships between Mr. Donahoe and any director or executive officer of the Company. Mr. Donahoe has not engaged in any transaction with the Company that would be reportable as a related party transaction under Item 404(a) of Regulation S-K. Lee R. Gibson will continue as Chief Executive Officer and a director of Southside and the Company. 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: May 17, 2024 By: /s/ JULIE N. SHAMBURGER Julie N. Shamburger, CPA Chief Financial Officer (Principal Financial and Accounting Officer)

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