Business
Seacoast Reports Fourth Quarter and Full Year 2020 Results
Record Net Income of $29.3 million Increasing 30% Quarter-over-Quarter STUART, Fla., Jan. 28, 2021 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Record Net Income of $29.3 million Increasing 30% Quarter-over-Quarter\nSTUART, Fla., Jan. 28, 2021 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2020 of $29.3 million, or $0.53 per diluted share, an increase of 30% compared to the third quarter of 2020. Adjusted net income1 for the fourth quarter of 2020 was $30.7 million, or $0.55 per diluted share, an increase of 12% compared to the third quarter of 2020. The ratio of tangible common equity to tangible assets was 11.01%, tangible book value per share increased to $16.16 and Tier 1 capital increased to 17.4%. For the full year 2020, net income was $77.8 million, or $1.44 per diluted share, compared to $98.7 million, or $1.90 per diluted share, in 2019. For the full year 2020, adjusted net income1 was $89.0 million, or $1.65 per diluted share, compared to $104.6 million, or $2.01 per diluted share, in 2019. For the fourth quarter of 2020, return on average tangible assets was 1.49%, return on average tangible shareholders' equity was 13.87%, and the efficiency ratio was 48.23%, compared to 1.20%, 11.35%, and 61.65%, respectively, in the prior quarter. For the year ended December 31, 2020, return on average tangible assets was 1.08%, return on average tangible shareholder's equity was 10.10% and the efficiency ratio was 54.84% compared to 1.56%, 14.72% and 51.71%, respectively, for the year ended December 31, 2019. Adjusted return on average tangible assets1 in the fourth quarter of 2020 was 1.50%, adjusted return on average tangible shareholders' equity1 was 14.00%, and the adjusted efficiency ratio1 was 48.75%, compared to 1.38%, 13.06%, and 54.82%, respectively, in the prior quarter. For the year ended December 31, 2020, adjusted return on average tangible assets1 was 1.17%, adjusted return on average tangible shareholder's equity1 was 10.93% and the adjusted efficiency ratio1 was 51.63% compared to 1.58%, 14.93% and 50.90%, respectively, for the year ended December 31, 2019. Dennis S. Hudson, Seacoast's Executive Chairman, said, \"We wrapped up an unprecedented year with strong performance in the fourth quarter. We continued to generate disciplined growth and delivered continued improvements in operating leverage. I am extremely proud of our team's performance th...