Tammi R. Salazar
About Tammi R. Salazar
Executive Vice President — Chief Banking Officer (NEO) at Red River Bancshares, Inc./Red River Bank; with the organization since 1998 and in executive leadership since 2021 following prior oversight of Private Banking, Mortgage, and Investments . She holds a B.S. in Finance from Louisiana Tech University and has 31+ years of banking experience; age 54 as of March 2024, with 25 years at Red River Bank as of the 2024 proxy . Company pay-versus-performance shows TSR near flat over 2022–2024 ($100 → $102.80) and net income modestly lower y/y in 2024, with strong capital return via buybacks, contextualizing incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Red River Bank | Executive Vice President — Private Banking, Mortgage, and Investments | 1998–2021 | Led relationship businesses ahead of elevation to COO, building deposit and lending franchises |
| Red River Bank | Executive Vice President — Chief Operating Officer | 2021–2024 | Enterprise operations leadership; elevated operational discipline and scalability |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Rapides Foundation | Board of Trustees (prior Chair) | Not disclosed | Regional health and philanthropy governance |
| Alexandria Country Day School | Director (prior) | Not disclosed | Education oversight and community engagement |
| Children’s Advocacy Network | Director | Not disclosed | Community services oversight |
| River Oaks Art Center | Director | Not disclosed | Arts/community development |
| Christus Cabrini Foundation | Director | Not disclosed | Healthcare philanthropy |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary (paid) | $290,289 | $312,822 | $328,287 |
| Annual cash bonus (paid) | $100,000 | $135,000 | $135,000 |
| All Other Compensation (401k, vehicle allowance, life insurance, club dues) | $22,116 | $23,035 | $22,911 |
| Base salary rate (set by Comp Committee) | — | $318,725 | $331,474 |
Performance Compensation
Annual Cash Incentive (Bonus Plan)
| Metric | Weighting | Target | Actual/Payout | Vesting | Notes |
|---|---|---|---|---|---|
| Discretionary Incentive Bonus Plan | Discretionary; not formulaic | Not defined | 2022: $100,000; 2023: $135,000; 2024: $135,000 | Cash (no vesting) | Based on individual performance and portfolio credit quality (for lenders); plan accrual set annually |
Long-Term Equity Incentive Awards (Restricted Stock under 2018 Plan)
| Approval Date | Grant Date | Shares | Grant-Date Fair Value | Vesting |
|---|---|---|---|---|
| 03/14/2024 | 04/01/2024 | 1,000 | $48,390 | 20% each Apr 1, 2025–2029 |
| 03/14/2023 | 04/01/2023 | 800 | $38,488 | 20% each Apr 1, 2024–2028 |
| 07/01/2022 | 07/01/2022 | 700 | $37,380 | 20% each Jul 1, 2023–2027 |
| 07/01/2021 | 07/01/2021 | 300 | $25,285 | 33% each Jul 1, 2024–2026 |
| 07/01/2019 | 07/01/2019 | 240 | — | 50% each Jul 1, 2024–2025 |
| 07/01/2018 | 07/01/2018 | 160 | — | 100% on Jul 1, 2024 |
Unvested RSUs at 12/31/2024 and Detailed Vesting Schedule
| Unvested Shares | Market Value | Grants | Next Vesting Dates |
|---|---|---|---|
| 2,380 | $128,472 (at $53.98/sh) | 120 (7/1/2020), 200 (7/1/2021), 420 (7/1/2022), 640 (4/1/2023), 1,000 (4/1/2024) | 7/1/2025 (120 + 200 + 420 tranches), 4/1/2025 (640 + 1,000 tranches) |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 40,925 shares (less than 1%) as of 02/28/2025 |
| Composition | Includes 37,325 shares held jointly with spouse and 2,380 unvested restricted shares (see vesting table) |
| Ownership guidelines | Exec VPs must hold ≥1× base salary in stock; all NEOs have satisfied requirements |
| Hedging/pledging | Short sales and exchange-traded options prohibited; hedging strongly discouraged and requires preclearance; margin accounts prohibited; pledging only with preclearance and demonstrated repayment capacity |
| Equity plan overhang | 26,760 restricted shares outstanding; 154,225 shares available for issuance under 2018 Plan at 12/31/2024 |
Employment Terms
| Provision | Tammi R. Salazar Terms |
|---|---|
| Employment agreement | None (at-will); separate change-in-control agreement |
| Change-in-control (CIC) economics | Lump sum = 2× (base salary + average prior 3-year bonus) + COBRA premium payments; triggers include termination other than cause/death/disability or resignation for good reason within 3 months before or 24 months after a CIC; 280G cutback if net-after-tax higher |
| CIC estimated payout (as of 12/31/2024) | Severance $940,936; SERP PV $411,816; RSU acceleration $128,472; Total $1,481,224 |
| Death/disability (estimated) | SERP PV $411,816; RSU acceleration $128,472; Split-dollar death benefit max $600,000; Total $1,140,288 |
| SERP | Present value of accumulated benefit $411,816 at 6% discount; full vesting date: 12/31/2028; payable over 15 years |
| Split-dollar life insurance | Max death benefit $500,000 (endorsement) + $100,000 (supplemental), subject to reduction if SERP is paid post full-benefit date |
| Clawback policy | Company must recover incentive-based compensation tied to financial reporting measures upon restatement; note that current incentives are not based on financial reporting measures |
Company Performance Context (for pay-for-performance)
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($) | $24,493,000* | $18,747,000* | $21,114,000* | $20,296,000* |
| Net Income ($) | $32,952,000 | $36,916,000 | $34,879,000 | $34,235,000 |
Values retrieved from S&P Global for revenue entries (marked with *).
| Pay vs. Performance (Companywide) | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR – Value of $100 investment (reinvested dividends) | $95.95 | $106.11 | $102.80 |
| Net income ($ thousands) | $36,916 | $34,879 | $34,235 |
2024 strategic/performance highlights: dividend increased 12.5% y/y; repurchased 4.6% of 12/31/2023 shares, adding $0.14 to EPS; organic expansion in New Orleans and planned Lafayette build .
Compensation Peer Group (Benchmarking risk)
Blanchard Consulting Group peer set (19 Southeastern public banks) used to assess market positioning (Company at 42nd percentile by market cap and 27th percentile by total assets) . Peer list includes: Business First Bancshares, Capital City Bank Group, CapStar Financial, Colony Bankcorp, First Guaranty Bancshares, Great Southern Bancorp, Guaranty Bancshares, Home Bancorp, Investar Holding, MetroCity Bankshares, River Financial, SmartFinancial, South Plains Financial, Southern Missouri Bancorp, Southern States Bancshares, Third Coast Bancshares, Triumph Financial, USCB Financial Holdings, Wilson Bank Holding Company .
Say-on-Pay & Shareholder Feedback
2025 marks the first Say-on-Pay vote at RRBI; board recommends Say-On-Frequency of every two years .
Additional Governance/Relationships
Family relationships disclosed: Tammi is spouse of Bryon C. Salazar (EVP — Chief Banking Officer) and first cousin of CEO R. Blake Chatelain; no other familial ties among directors/executives . Hedging/pledging restrictions and executive stock ownership guidelines aim to align executives with shareholders .
Investment Implications
- Alignment and retention: Significant unvested RSUs with clustered vest dates (Apr 1 annually through 2029 and Jul 1, 2025–2027) create ongoing retention hooks; accelerated vesting on death/disability/CIC reduces forfeiture risk .
- Selling pressure signals: Near-term vesting on 4/1/2025 and 7/1/2025 may add supply; however, ownership guidelines and hedging/pledging prohibitions constrain speculative or leveraged dispositions .
- Change-in-control economics: Double-trigger-like protection (windowed pre/post CIC) at 2× salary+bonus plus COBRA and full vesting could incentivize management continuity in strategic transactions; 280G cutback lowers “gross-up” risk .
- Pay-for-performance: Company TSR and net income trends are relatively stable; discretionary bonus structure (not formulaic) plus equity mix ties outcomes to performance without aggressive financial-reporting metrics (limited clawback exposure) .
- Governance considerations: Disclosed family relationships warrant continued board oversight of compensation and related-party policies; robust committee independence and policies mitigate conflict risk .