Mitchell Craddock
About Mitchell Craddock
Mitchell Craddock, 45, was appointed Chief Operating Officer of Southside Bancshares, Inc. and Southside Bank effective upon the retirement of Brian K. McCabe on November 14, 2025; he has served as Executive Vice President and Associate Chief Operations Officer since joining the Bank in August 2024, and previously held IT and bank operations roles at Southside from 2002–2011 before spending 2011–2024 at Q2 in digital banking, most recently as Vice President of Premier Solutions focused on revenue growth and operational efficiencies . Company context during his recent tenure: in 2024 Southside delivered ROE of 11.03%, ROA of 1.06%, net income up $1.8M (+2.1%) and diluted EPS up $0.09 (+3.2%); loans grew 3.0%, deposits 1.6%, and nonperforming assets fell to 0.04% of total assets .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Southside Bank | IT and Bank Operations roles | 2002–2011 | Operational execution across technology and banking operations |
| Q2 (digital banking) | Vice President, Premier Solutions; prior roles | 2011–2024 | Led business development vision and streamlined processes/systems to drive revenue growth and efficiencies |
| Southside Bank | EVP & Associate Chief Operations Officer | Aug 2024–Nov 2025 | Senior operations leadership preparing for COO succession |
| Southside Bancshares & Southside Bank | Chief Operating Officer | Effective Nov 14, 2025 | Enterprise-wide operations leadership following COO retirement |
External Roles
- None disclosed (no external public company board or committee roles identified for Craddock in filings reviewed) .
Fixed Compensation
- Personal base salary, target bonus %, and actual bonus for Mitchell Craddock are not disclosed in the 2025 proxy or relevant 8-Ks reviewed .
- Company policy: NEO base salaries are set using peer data, role scope, performance, experience, and tenure; annual reviews apply. In 2024, leadership approved specific increases for other NEOs and set President Keith Donahoe’s salary at $510,000 upon promotion (illustrative of process; not Craddock-specific) .
Performance Compensation
Annual Incentive Program (AIP) Design (applicable to COO role in 2024)
| Metric | Weighting (COO 2024) | Threshold (50% payout) | Target (100%) | Max (150%) | 2024 Actual | Payout vs Weighted Target | Vesting |
|---|---|---|---|---|---|---|---|
| EPS | 40% | $2.26 | $2.66 | $4.03 | $2.98 (adjusted for $2.0M after-tax securities losses) | 111.7% | Cash; paid after year-end |
| Loan Growth | 15% | 4.00% | 5.00% | 7.00% | 3.00% | No payout (below threshold) | Cash |
| ROATCE | 20% | 11.70% | 13.77% | 22.13% | 15.25% (adjusted) | 108.9% | Cash |
| Qualitative Scorecard | 25% | — | — | — | Above Target | 120% payout for President; 130% for CEO/CFO/CCO/COO | Cash |
- AIP payout curve: 50% threshold, 100% target, 150% maximum; linear interpolation; below-threshold performance yields zero payout .
- 2024 AIP participants included CEO, CFO, COO, President (and CCO with NPAs metric instead of loan growth); Donahoe added in 2024 with a 45% target as % of base salary (not applicable to Craddock) .
Long-term Equity Incentives (Program structure)
| Instrument | Grant Mix | Performance Metric | Measurement Window | Vesting | Payout Range |
|---|---|---|---|---|---|
| PSUs | 50% of LTI | Company ROATCE vs KBW Nasdaq Regional Bank Index (KRX) | 3-year | Cliff vest at year 3 (employment required); accelerated on death/disability or certain change-in-control non-assumption | 0–150% based on percentile (≥75th = 150%) |
| RSUs | 50% of LTI | Time-based | 3 years | Equal annual tranches over 3 years; accelerated on death/disability or certain change-in-control non-assumption | N/A (time-based) |
- Equity grant practices: scheduled executive grants annually in Q1; no option grants in recent years; grants not timed around MNPI .
Equity Ownership & Alignment
- Anti-hedging and anti-pledging policy prohibits hedging, short sales, and pledging by executive officers, directors, and employees receiving equity grants .
- Executive stock ownership guidelines: CEO 3x salary; President 2x; CFO 2x; CLO 2x; Other executive officers 0.5x base salary; counting owned shares, ESOP (vested), 401(k) shares, IRAs, and RSUs; excludes unexercised options and unearned PSUs .
- Compliance status: not disclosed for Mitchell Craddock; 2025 proxy provides guideline attainment for NEOs but does not list Craddock .
Employment Terms
- Appointment: Boards approved Craddock’s appointment to COO effective upon McCabe’s retirement on November 14, 2025; Craddock has served as EVP & Associate COO since August 2024 .
- Employment agreement: The Company maintains employment agreements for CEO, CFO, CCO, COO (McCabe), and President (Donahoe, effective January 23, 2025); no employment agreement for Craddock is disclosed in the 2025 proxy or 8-Ks reviewed .
- Severance/change-in-control framework: Executive employment agreements provide severance for terminations without cause, for good reason, or certain change-in-control scenarios (multiples and specifics vary by executive agreement; not disclosed for Craddock) .
- Clawback/recoupment: Compensation Recoupment Policy compliant with NYSE Rule 10D-1; covers recovery of incentive-based and service-based compensation on accounting restatements or misconduct .
Performance & Track Record
- Experience: Over 20 years in banking; IT and operations leadership at Southside (2002–2011), and digital banking commercialization/operations at Q2 (2011–2024), culminating as VP of Premier Solutions driving revenue growth and operational efficiencies .
- Company performance backdrop (2024): ROE 11.03%; ROA 1.06%; net income +$1.8M YoY; diluted EPS +$0.09 YoY; loans +3.0%; deposits +1.6%; NPAs/Assets 0.04% .
Board Governance (involvement/committees)
- Bank-level committee involvement: Listed among bank officers serving on the Innovation, Digital Banking and Information Technology Committee in the 2025 proxy (as an officer participant; not a director) .
Compensation Peer Group (Benchmarking context)
- The Compensation Committee uses an 18-company peer set (assets ~$4.1–$17.5B) including RNST, AMTB, SBCF, FBMS, SFBS, CHCO, FBK, TBK, FFIN, BFST, VBTX, SMBK, STEL, HTBI, OBNK, CCBG, NBHC, SPFI for compensation and performance benchmarking .
Related Policies and Red Flags
- Insider trading: Company-maintained insider trading policy governs transactions by directors/officers/employees and Company transactions in its securities .
- Anti-hedging/pledging: Prohibited; reduces risk of misaligned incentives or forced sales under margin calls .
- Director/committee governance: Independent compensation oversight via Compensation Committee; annual reviews of charters and risk .
Investment Implications
- Alignment: Strong policy framework (anti-hedging/pledging; executive ownership guidelines; recoupment) supports alignment; individual ownership and award details for Craddock are not yet disclosed—monitor forthcoming proxies and any Form 4 filings for skin-in-the-game and potential selling pressure .
- Incentives: As COO, AIP metrics (EPS, ROATCE, Loan Growth, qualitative scorecard) and PSU design (ROATCE vs KRX) tie pay to profitability and capital efficiency, which should incentivize operational discipline and digital execution given Craddock’s background .
- Retention risk: No disclosed employment agreement for Craddock; however, the structured succession from EVP & Associate COO to COO suggests planned continuity; watch for future 8-K Item 5.02 filings that could detail any contract, severance terms, RSU/PSU grants, or retention packages .
- Execution: Craddock’s digital banking and operations experience (Q2 and Southside) is a lever for efficiency and customer experience; near-term signals will be AIP outcomes tied to EPS/ROATCE and any LTI grants under the 2025 Incentive Plan approved by shareholders .
Data sources: 2025 DEF 14A; 8-Ks dated Aug 5, 2025 and Oct 16, 2025 as cited above .