Form 4: Seacoast Banking Corp of Florida: CEO Charles Shaffer Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Charles Shaffer, Chairman, President & CEO of Seacoast Banking Corporation of Florida, reports changes in beneficial ownership of common stock and derivative securities.
Summary
- On April 1, 2025, Charles M. Shaffer, Chairman, President & CEO of Seacoast Banking Corporation of Florida, reported transactions involving the company's common stock.
- Shaffer disposed of shares to cover tax obligations related to vesting restricted stock awards at a price of $25.5 per share.
- He also acquired 17,156 shares of common stock related to an unvested time-based restricted stock award granted on April 1, 2025, which vests over three years.
- Shaffer directly owns 150,244 shares, 8,011 shares through the Employee Stock Purchase Plan, and 1,427.613 share equivalents in the Retirement Savings Plan.
- He also holds rights to buy 28,544 shares at $28.69, exercisable from April 3, 2027, and 18,952 shares at $31.15, exercisable from April 2, 2028.
- These rights were granted under the company's Amended and Restated 2013 Incentive Plan and vest over three years, contingent on continuous employment and the company's banking subsidiary meeting certain capital requirements.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine filing of insider transactions. The granting of stock options and restricted stock suggests confidence in the company's future, but the disposal of shares to cover taxes is a normal occurrence.
Positives
- The granting of restricted stock awards to the CEO aligns his interests with those of the shareholders.
- The vesting of stock options is contingent on continuous employment and the company's banking subsidiary meeting certain capital requirements, incentivizing long-term performance and stability.
Future Outlook
The document indicates future vesting dates for restricted stock awards and exercisable dates for stock options, contingent on continued employment and the company's banking subsidiary meeting certain capital requirements.
Industry Context
Insider transactions are closely monitored as they can provide insights into management's perspective on the company's prospects. This filing is a routine disclosure required by the SEC.
Comparison to Industry Standards
- Stock option and restricted stock grants are common compensation practices in the banking industry, used to align executive incentives with shareholder value.
- Vesting schedules of three years are typical for such awards, ensuring long-term commitment from executives.
- Comparing the size of these grants and option exercise prices to those of peer companies like Ameris Bancorp or CenterState Bank Corporation would provide a more comprehensive assessment of their competitiveness.
Stakeholder Impact
- The transactions have a minor impact on shareholders, as they reflect routine compensation-related activities.
- Employees holding stock options or participating in the Employee Stock Purchase Plan are indirectly affected by the stock's performance.
Key Dates
| Date | Description |
|---|---|
| 04/01/2022 | Date of grant for an unvested time-based restricted stock award, vesting over 3 years in one-third increments, beginning April 1, 2023. |
| 04/01/2023 | Date of grant for an unvested time-based restricted stock award, vesting over 3 years in one-third increments, beginning April 1, 2024. |
| 04/01/2024 | Date of grant for an unvested time-based restricted stock award, vesting over 3 years in one-third increments, beginning April 1, 2025. |
| 03/31/2025 | Share equivalents held in Company's Retirement Savings Plan as of this date. |
| 04/01/2025 | Date of Earliest Transaction and date of grant for an unvested time-based restricted stock award, vesting over 3 years in one-third increments, beginning April 1, 2026. |
| 04/03/2025 | Date of Signature. |
| 04/03/2027 | Date from which Common Stock Right to Buy at $28.69 is exercisable. |
| 04/02/2028 | Date from which Common Stock Right to Buy at $31.15 is exercisable. |
Keywords
beneficial ownership, Form 4, SEC, Seacoast Banking Corporation, SBCF, Charles Shaffer, restricted stock, stock options, insider trading
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