Form 4: NYCB Executive Smith Matthew Reports Changes in Beneficial Ownership
SEC Form 4
SEVP & President of Mortgage at New York Community Bancorp, Lee Matthew Smith, reports the disposition of 4,473 common stock shares to cover tax obligations and discloses holdings of direct and indirect shares.
Summary
- Lee Matthew Smith, SEVP & President of Mortgage at New York Community Bancorp (NYCB), filed a Form 4 detailing changes in beneficial ownership.
- On March 15, 2024, Smith disposed of 4,473 shares of common stock to cover tax obligations related to the vesting of restricted stock units.
- Following the transaction, Smith directly owns 1,436,210 shares of NYCB common stock.
- Smith also indirectly owns 293,798 shares through a stock award granted on December 1, 2022, which will vest in approximately equal annual installments commencing on December 1, 2024.
- Additionally, Smith indirectly owns 43,994 shares through a stock award granted on March 24, 2023, which will vest in three equal annual installments commencing on March 24, 2024.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Future Outlook
The document does not contain explicit forward-looking statements, but it details the vesting schedules for existing stock awards.
Industry Context
Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. This filing indicates activity by a key executive at NYCB.
Comparison to Industry Standards
- Executive compensation packages often include stock awards and restricted stock units as incentives.
- The vesting schedules described are typical for such awards, aligning executive interests with long-term company performance.
- Comparing Smith's holdings and transactions to those of executives at peer institutions like M&T Bank (MTB) or KeyCorp (KEY) could provide further context, but that data is not included in this document.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it involves a relatively small number of shares.
- The vesting of stock awards incentivizes the executive to contribute to the company's long-term success.
Key Dates
| Date | Description |
|---|---|
| 12/01/2022 | Date of stock award grant for 293,798 shares. |
| 03/24/2023 | Date of stock award grant for 43,994 shares. |
| 03/15/2024 | Date of transaction where shares were disposed of to cover tax obligations. |
| 03/18/2024 | Date of signature on the Form 4 filing. |
| 12/01/2024 | Commencement date for vesting of 2022 stock award. |
| 03/24/2024 | Commencement date for vesting of 2023 stock award. |
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