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Southside Bancshares , Inc. (NYSE:SBSI), a regional bank with a market capitalization of $892 million and trading at a P/E ratio of 10.1, announced on Monday the approval of its 2025 Incentive Plan during the company’s Annual Meeting on May 14, 2025. According to InvestingPro data, the company has maintained dividend payments for 28 consecutive years, currently offering a 4.9% yield. The plan, which was detailed in the company’s proxy statement filed on March 27, 2025, reserves 1,200,000 shares of common stock for issuance under the incentive program.
The Tyler, Texas-based state commercial bank reported that 82.33% of outstanding shares were represented at the Annual Meeting. Shareholders voted on several key proposals, including the election of directors, the advisory vote on executive compensation (say-on-pay), and the ratification of Ernst & Young LLP as the company’s independent registered certified public accounting firm for the year ending December 31, 2025.
The election of directors resulted in three directors being appointed for three-year terms expiring in 2028, and one director for a one-year term expiring in 2026. The say-on-pay proposal, which is a non-binding advisory vote on the compensation of the company’s named executive officers, was also approved. Additionally, the appointment of Ernst & Young LLP as the independent registered certified public accounting firm was ratified by shareholders.
The filing also included Exhibit 99.1, which contains the full text of the 2025 Incentive Plan. This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Southside Bancshares Inc. reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.71, which exceeded analysts’ expectations of $0.68. Despite this positive EPS result, the company’s revenue fell short of projections, coming in at $64.08 million compared to the anticipated $67.37 million. The company’s net income for the quarter was $21.5 million, and its net interest margin improved slightly to 2.86%. Southside Bancshares is expanding its Commercial & Industrial lending initiative, which now represents about 25% of its total loan pipeline. The company is optimistic about mid-single-digit loan growth for 2025 and anticipates a 16% increase in trust fee income, projecting it to reach approximately $7 million. CEO Lee Gibson expressed optimism about the company’s future, emphasizing the strong loan pipeline and anticipated growth. Additionally, Southside Bancshares’ exposure to the oil and gas industry stands at $111 million, which poses a potential volatility risk.
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