SeaCoast Banking Corp. of Florida Files Definitive Proxy Statement

Ticker: SBCF · Form: DEF 14A · Filed: Apr 8, 2024 · CIK: 730708

Seacoast Banking Corp Of Florida DEF 14A Filing Summary
FieldDetail
CompanySeacoast Banking Corp Of Florida (SBCF)
Form TypeDEF 14A
Filed DateApr 8, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$10 billion, $1.7 billion, $488.2 million, $104.0 m, $172.6 million
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Executive Compensation, Corporate Governance, SeaCoast Banking

TL;DR

<b>SeaCoast Banking Corp. of Florida has filed its Definitive Proxy Statement for the fiscal year ending December 31, 2023.</b>

AI Summary

SEACOAST BANKING CORP OF FLORIDA (SBCF) filed a Proxy Statement (DEF 14A) with the SEC on April 8, 2024. SeaCoast Banking Corp. of Florida filed a Definitive Proxy Statement (DEF 14A) on April 8, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Stuart, Florida. The filing includes information related to equity awards granted to executive officers. Data points for equity awards are provided for fiscal years 2020 through 2023.

Why It Matters

For investors and stakeholders tracking SEACOAST BANKING CORP OF FLORIDA, this filing contains several important signals. This DEF 14A filing provides shareholders with crucial information regarding executive compensation and corporate governance matters, enabling informed voting decisions at the upcoming shareholder meeting. The detailed breakdown of equity awards and their valuations over multiple fiscal years allows for an analysis of compensation trends and potential impacts on shareholder value.

Risk Assessment

Risk Level: — SEACOAST BANKING CORP OF FLORIDA shows moderate risk based on this filing. The filing is a routine DEF 14A, providing standard disclosures on executive compensation and corporate governance, with no immediate red flags or significant new information that would alter the risk profile.

Analyst Insight

Review the executive compensation details and any proposals presented to shareholders to understand potential impacts on company strategy and shareholder returns.

Key Numbers

  • 2023 — Fiscal Year End (Conformed period of report)
  • 2024-04-08 — Filing Date (Filed as of date)

Key Players & Entities

  • SEACOAST BANKING CORP OF FLORIDA (company) — Filer name
  • DEF 14A (document) — Filing type
  • 2024-04-08T00:00:00.000Z (date) — Filing date
  • 2023-12-31 (date) — Fiscal year end
  • STUART (location) — City of business address
  • FL (location) — State of business address
  • 772 288 6063 (phone) — Business phone number

FAQ

When did SEACOAST BANKING CORP OF FLORIDA file this DEF 14A?

SEACOAST BANKING CORP OF FLORIDA filed this Proxy Statement (DEF 14A) with the SEC on April 8, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by SEACOAST BANKING CORP OF FLORIDA (SBCF).

Where can I read the original DEF 14A filing from SEACOAST BANKING CORP OF FLORIDA?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SEACOAST BANKING CORP OF FLORIDA.

What are the key takeaways from SEACOAST BANKING CORP OF FLORIDA's DEF 14A?

SEACOAST BANKING CORP OF FLORIDA filed this DEF 14A on April 8, 2024. Key takeaways: SeaCoast Banking Corp. of Florida filed a Definitive Proxy Statement (DEF 14A) on April 8, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located in Stuart, Florida..

Is SEACOAST BANKING CORP OF FLORIDA a risky investment based on this filing?

Based on this DEF 14A, SEACOAST BANKING CORP OF FLORIDA presents a moderate-risk profile. The filing is a routine DEF 14A, providing standard disclosures on executive compensation and corporate governance, with no immediate red flags or significant new information that would alter the risk profile.

What should investors do after reading SEACOAST BANKING CORP OF FLORIDA's DEF 14A?

Review the executive compensation details and any proposals presented to shareholders to understand potential impacts on company strategy and shareholder returns. The overall sentiment from this filing is neutral.

How does SEACOAST BANKING CORP OF FLORIDA compare to its industry peers?

SeaCoast Banking Corp. of Florida operates within the commercial banking sector, providing a range of financial services.

Are there regulatory concerns for SEACOAST BANKING CORP OF FLORIDA?

As a publicly traded company, SeaCoast Banking Corp. of Florida is subject to SEC regulations, including the requirement to file proxy statements for shareholder meetings.

Industry Context

SeaCoast Banking Corp. of Florida operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, SeaCoast Banking Corp. of Florida is subject to SEC regulations, including the requirement to file proxy statements for shareholder meetings.

What Investors Should Do

  1. Analyze the compensation structure for named executive officers.
  2. Review any shareholder proposals and management's recommendations.
  3. Assess the company's stated corporate governance practices.

Key Dates

  • 2024-04-08: Filing Date — Definitive Proxy Statement filed
  • 2023-12-31: Fiscal Year End — Period covered by the filing

Year-Over-Year Comparison

This is the initial filing of the DEF 14A for the fiscal year 2023, following previous filings for earlier periods.

Filing Stats: 4,512 words · 18 min read · ~15 pages · Grade level 13.6 · Accepted 2024-04-08 17:27:20

Key Financial Figures

  • $10 billion — owth, propelling the company beyond the $10 billion asset threshold with increased market s
  • $1.7 billion — r management increase by 23% in 2023 to $1.7 billion. Our commitment to superior service con
  • $488.2 million — Net interest income increased by 33% to $488.2 million in 2023, with net interest margin (on a
  • $104.0 m — from 3.69% in 2022. Net income reached $104.0 million, with pre-tax pre-provision earni
  • $172.6 million — rovision earnings 2 increasing by 5% to $172.6 million. On an adjusted basis, which excludes d
  • $242.6 million — e-provision earnings 1 increased 19% to $242.6 million. Our industry-leading capital levels,
  • $10.1 billion — atives. Our loan portfolio grew 24% to $10.1 billion as of December 31, 2023, marking a $1.9
  • $1.9 billion — lion as of December 31, 2023, marking a $1.9 billion increase from the previous year. Total
  • $11.8 billion — us year. Total deposits grew by 18% to $11.8 billion as of December 31, 2023, an increase of
  • $1.8 billion — as of December 31, 2023, an increase of $1.8 billion from the prior year, with transaction d
  • $104.0 million — December 31, 2023, the Company reported $104.0 million in net income, or $1.23 per share. Net
  • $1.23 — ported $104.0 million in net income, or $1.23 per share. Net revenue for the same per
  • $567.4 m — re. Net revenue for the same period was $567.4 million, an increase of 31% year-over-yea
  • $154.7 million — an adjusted basis, the Company reported $154.7 million in adjusted net income 1 , or $1.83 per
  • $1.83 — 7 million in adjusted net income 1 , or $1.83 per share 1 . Adjusted return on tangib

Filing Documents

Executive Compensation Program Highlights

Executive Compensation Program Highlights The Compensation and Governance Committee ("CGC") is committed to aligning our compensation strategies with our evolving business strategy, good governance and effective risk management practices, and our efforts to generate superior long-term returns for our shareholders. To this end, we emphasize pay-for-performance in executive compensation programs. We believe that our executive compensation strategy strongly aligns our CEO and other executives' pay with our long-term shareholder interests. The CGC uses a peer group analysis to inform its design of the compensation structure and its compensation decisions. The following table summarizes the primary elements of our executive compensation for 2023: Pay Element Purpose Determination 2023 Results Base Salary Recognize performance of job responsibilities and attract and retain individuals with superior talent. Reflects the CGC's assessment of the executive's experience, skills and value to Seacoast. Salary changes for our NEOs in 2023 were made largely to reflect additional work by the senior leadership team related to the successful transition to a mid-size bank and the acquisition of Professional Holding Company, and its banking subsidiary, Professional Bank, Seacoast's first acquisition of a publicly traded company, as well as alignment of NEO base salaries with a new mid-size bank peer group. Mr. Shaffer's base salary increased by 31% and Mr. Forlenza's by 32% in 2023. Salary increase for the remaining NEOs was 19%. Annual Short-Term Incentive Awards Recognize achievement of our short-term business strategy objectives and individual executive performance. Incorporates both quantitative and qualitative goals. Reflects the individual executive's performance against pre-established individual goals, as well as relative bank performance. In FY2023, these goals included performance relative to peers for return on average tangible equity, earnings per share growth,

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