XML 54 R38.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefits and Stock Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation
The impact of share-based compensation on the Company’s financial results is presented below:
For the Year Ended December 31,
(In thousands)202120202019
Share-based compensation expense1
$8,685 $7,304 $7,244 
Income tax benefit(2,067)(1,737)(1,723)
1Excludes $0.9 million in 2021 associated with replacement options granted in the acquisition of Legacy Bank.
Schedule of Unrecognized Compensation Cost, Nonvested Awards
The total unrecognized compensation cost and the weighted-average period over which unrecognized compensation cost is expected to be recognized related to non-vested share-based compensation arrangements at December 31, 2021 is presented below:
(In thousands)Unrecognized
Compensation
Cost
Weighted-Average Period Remaining (Years)
Restricted stock awards$7,645 1.71
Restricted stock units3,282 2.07
Stock options— — 
Total$10,927 1.82
Schedule of Nonvested Share Activity A summary of the status of the Company’s non-vested RSAs as of December 31, 2021, and changes during the year then ended, is presented below:
Restricted
Award
Shares
Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2021425,154 $20.03 
Granted218,695 35.08 
Forfeited/Canceled(39,729)21.72 
Vested(205,416)23.03 
Non-vested at December 31, 2021398,704 $26.68 
A summary of the status of the Company’s non-vested RSUs as of December 31, 2021, and changes during the year then ended, is presented below:
Restricted
Award
Shares
Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2021309,597 $23.54 
Granted103,073 35.24 
Forfeited/Canceled(52,827)25.83 
Vested(74,622)25.95 
Non-vested at December 31, 2021285,221 $26.71 
Schedule of Restricted Stock and Restricted Stock Units Activity
Information regarding restricted stock awards during each of the following years is presented below:
For the Year Ended December 31,
202120202019
Shares granted218,695 379,869 157,861 
Weighted-average grant date fair value$35.08 $18.36 $26.86 
Fair value of awards vested1
$4,731 $3,745 $4,128 
1Based on grant date fair value, in thousands
Information regarding restricted stock units during each of the following years is presented below:
For the Year Ended December 31,
202120202019
Shares granted103,073 171,287 75,002 
Weighted-average grant date fair value$35.24 $17.29 $30.02 
Fair value of awards vested1
$1,936 $2,962 $2,864 
1Based on grant date fair value, in thousands
Schedule of Stock Option Valuation Assumptions The fair value of options granted is estimated on the date of grant using the Black-Scholes options-pricing model. In 2021, as part of the acquisition of Legacy Bank, the Company granted to each holder of Legacy Bank options, an option to purchase shares of Seacoast common stock on the same terms and conditions as the Legacy Bank option, with the number of shares and exercise price reflective of the conversion ratio specified in the merger agreement. The Company issued no stock options in 2020.     
For the Year Ended December 31,
 202120202019
Risk-free interest rates0.12 %n/a2.53 %
Expected dividend yield1.65 %n/a— %
Expected volatility36.87 %n/a34.50 %
Expected lives (years)1.0n/a5.0
Schedule of Stock Options Roll Forward
A summary of the Company’s stock options as of December 31, 2021, and changes during the year then ended, is presented below:
 OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate
Intrinsic
Value
(000s)
Outstanding at January 1, 2021839,884 $22.94 
Granted356,497 16.70 
Exercised(384,035)19.10 
Forfeited(2,166)18.65 
Outstanding at December 31, 2021810,180 $22.02 4.45$10,829 
Exercisable at December 31, 2021810,180 $22.02 4.45$10,829 
Schedule of Stock Option Activity nformation related to stock options during each of the following years:
For the Year Ended December 31,
202120202019
Options granted356,497 n/a3,438 
Weighted-average grant date fair value$16.70 n/a$28.42 
Intrinsic value of stock options exercised, in thousands5,808 830 277 
Schedule of Options Outstanding and Remaining Contractual Life of Stock Options
The following table presents information related to stock options as of December 31, 2021: 
Range of Exercise PricesOptions
Outstanding
Remaining
Contractual
Life (Years)
Options
Exercisable
Weighted
Average
Exercise
Price
$5.88 to $14.82
300,299 2.2300,299 $12.12 
$15.80 to $28.69
331,814 5.5331,814 26.09 
$31.15 to $31.15
178,067 6.3178,067 31.15 
Total810,180 4.5810,180 $22.02 
Schedule of Employee Stock Purchase Plan Activity Employee contributions to the ESPP are made through payroll deductions. 
 202120202019
ESPP shares purchased14,834 19,713 16,320 
Weighted-average employee purchase price$32.43 $20.68 $25.39