Form 4: MidWestOne Financial Group Director Charles N. Funk Reports Changes in Beneficial Ownership
SEC Form 4
Director Charles N. Funk reports changes in beneficial ownership of MidWestOne Financial Group, Inc. stock due to tax withholding and ESOP allocation.
Summary
- Charles N. Funk, a director of MidWestOne Financial Group, Inc., filed a Form 4 on February 19, 2025, reporting changes in his beneficial ownership of the company's stock.
- On February 15, 2025, 459 shares of common stock were disposed of to cover payroll taxes related to the vesting of restricted stock units at a price of $32.07 per share.
- As of February 15, 2025, Funk directly owns 127,784 shares of common stock.
- Funk also indirectly owns 7,471.76 shares through the Employee Stock Ownership Plan (ESOP), which increased by 50.119 shares since his last filing due to an allocation on February 14, 2025.
- The report includes 13.082 Dividend Equivalents credited to unvested time-based RSUs, less 0.229 fractional Dividend Equivalent paid out in cash upon vesting on February 15, 2025.
- Kenneth R. Urmie, Corporate Secretary, signed the report on behalf of Charles N. Funk under a power of attorney dated April 27, 2023.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the filing reflects routine transactions related to stock-based compensation and employee benefits. There are no indications of significant positive or negative developments.
Positives
- The increase in ESOP holdings indicates continued participation in the company's employee stock ownership plan.
Negatives
- The disposal of shares to cover payroll taxes reduces Funk's direct ownership slightly.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates standard activity related to stock-based compensation and employee benefit plans.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect standard insider activity.
Key Dates
| Date | Description |
|---|---|
| April 27, 2023 | Date of Power of Attorney granted to Kenneth R. Urmie. |
| February 14, 2025 | Date of allocation to ESOP account. |
| February 15, 2025 | Date of transaction (disposal of shares for tax withholding). |
| February 19, 2025 | Date of Form 4 filing. |
Keywords
Form 4, beneficial ownership, MidWestOne Financial Group, MOFG, director, Charles N. Funk, ESOP, stock, dividend equivalents, restricted stock units
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