Southside Bancshares Inc. Files Definitive Proxy Statement

TL;DR

<b>Southside Bancshares Inc. has filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023.</b>

AI Summary

SOUTHSIDE BANCSHARES INC (SBSI) filed a Proxy Statement (DEF 14A) with the SEC on March 27, 2024. Southside Bancshares Inc. filed a DEF 14A form on March 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 1201 S Beckham, Tyler, TX 75701. The filing includes data for fiscal years 2021, 2022, and 2023. Southside Bancshares Inc. was formerly known as SOBANK INC, with a name change on July 3, 1992.

Why It Matters

For investors and stakeholders tracking SOUTHSIDE BANCSHARES INC, this filing contains several important signals. This filing is a routine proxy statement, indicating the company is preparing for shareholder meetings and related corporate actions. The detailed financial data for multiple years suggests a focus on transparency and providing shareholders with historical performance context.

Risk Assessment

Risk Level: low — SOUTHSIDE BANCSHARES INC shows low risk based on this filing. The filing is a routine DEF 14A, which is standard for public companies and does not inherently indicate significant new risks.

Analyst Insight

Review the proxy statement for details on executive compensation, board nominations, and any shareholder proposals to understand management's strategy and governance.

Key Numbers

• 2024-03-27 — Filing Date (DEF 14A filing date)
• 2024-05-15 — Period of Report (Conformed period of report)
• 2023-12-31 — Fiscal Year End (Company's fiscal year end)
• 1992-07-03 — Date of Name Change (Date Southside Bancshares Inc. changed from SOBANK INC)

Key Players & Entities

• SOUTHSIDE BANCSHARES INC (company) — Filer
• SOBANK INC (company) — Former company name
• 1201 S BECKHAM (address) — Business and Mail Address
• TYLER (location) — City
• TX (location) — State
• 75701 (postal_code) — ZIP Code

FAQ

Industry Context

Southside Bancshares Inc. operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, Southside Bancshares Inc. is subject to SEC regulations, including the requirement to file proxy statements (DEF 14A) for shareholder meetings.

What Investors Should Do

1. Review the full DEF 14A filing for detailed information on executive compensation packages.
2. Examine the board of directors' recommendations and any shareholder proposals presented.
3. Note the company's fiscal year end and the period covered by the proxy statement for context.

Key Dates

• 2024-03-27: Filing Date — Filing of the DEF 14A statement
• 2024-05-15: Period of Report — The period for which the proxy statement is relevant
• 1992-07-03: Name Change — Date of change from SOBANK INC to SOUTHSIDE BANCSHARES INC

Year-Over-Year Comparison

This is a DEF 14A filing, which is a standard disclosure document. No comparative data from a previous filing is directly presented in this extract.

Filing Documents

• sbsi-20240327.htm (DEF 14A) — 1211KB
• sbsi-20240327_g1.jpg (GRAPHIC) — 65KB
• sbsi-20240327_g10.jpg (GRAPHIC) — 524KB
• sbsi-20240327_g11.jpg (GRAPHIC) — 218KB
• sbsi-20240327_g2.jpg (GRAPHIC) — 45KB
• sbsi-20240327_g3.jpg (GRAPHIC) — 50KB
• sbsi-20240327_g4.jpg (GRAPHIC) — 52KB
• sbsi-20240327_g5.jpg (GRAPHIC) — 57KB
• sbsi-20240327_g6.jpg (GRAPHIC) — 47KB
• sbsi-20240327_g7.jpg (GRAPHIC) — 80KB
• sbsi-20240327_g8.jpg (GRAPHIC) — 75KB
• sbsi-20240327_g9.jpg (GRAPHIC) — 70KB
• 0000705432-24-000057.txt (&nbsp;) — 4997KB
• sbsi-20240327.xsd (EX-101.SCH) — 3KB
• sbsi-20240327_def.xml (EX-101.DEF) — 5KB
• sbsi-20240327_lab.xml (EX-101.LAB) — 6KB
• sbsi-20240327_pre.xml (EX-101.PRE) — 4KB
• sbsi-20240327_htm.xml (XML) — 159KB

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS 22

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS 22 COMPENSATION COMMITTEE REPORT 24 COMPENSATION DISCUSSION AND ANALYSIS 24

EXECUTIVE COMPENSATION 31

EXECUTIVE COMPENSATION 31 Summary Compensation Table 31 2023 All Other Compensation Table 32 2023 Grants of Plan-Based Awards 33 Outstanding Equity Awards at 2023 Fiscal Year End 34 2023 Option Exercises and Stock Vested 35 2023 Pension Benefits 36 Potential Payments Upon Termination or Change in Control 38 Equity Compensation Plan Information 42 PAY VERSUS PERFORMANCE 43 Pay Versus Performance Table 43 Compensation Actually Paid Table 43 PROPOSAL 2 – NON-BINDING ADVISORY VOTE ON EXECUTIVE COMPENSATION 46 COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION 46 TRANSACTIONS WITH DIRECTORS, OFFICERS AND ASSOCIATES 47 DELINQUENT SECTION 16(a) REPORTS 48 AUDIT COMMITTEE REPORT 49 INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM 50 PROPOSAL 3 – RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM 50 ANNUAL REPORT TO SHAREHOLDERS 50 SHAREHOLDER PROPOSALS 51 HOUSEHOLDING 51 GENERAL 51 APPENDIX A PROXY CARD SOUTHSIDE BANCSHARES, INC. 1201 South Beckham Avenue Tyler, Texas 75701 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD WEDNESDAY, MAY 15, 2024 Dear Shareholder: You are cordially invited to attend the 2024 Annual Meeting of Shareholders (the "Annual Meeting") of Southside Bancshares, Inc. (the "Company") to be held at Willow Brook Country Club, 3205 West Erwin Street, Tyler, Texas 75702, on Wednesday, May 15, 2024, at 11:30 a.m., central time, for the purpose of considering and acting upon the following: 1. the election of five nominees named in this proxy statement to serve as members of the Board of Directors of the Company (the "Board"), four of whom are to serve until the 2027 Annual Meeting of Shareholders and one to serve until the 2025 Annual Meeting of Shareholders; 2. a non-binding advisory vote on the compensation of the Company's named executive officers; 3. the ratification of the appointment by our Audit Committee of Ernst & Young LLP ("EY"

View Full Filing

View this DEF 14A filing on SEC EDGAR