Business
Seacoast Reports Second Quarter 2020 Results
Second Consecutive Quarter of Record Results in Mortgage Banking and Wealth Management Well Positioned Balance Sheet with Strong Capital and Liquidity STUART,
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Second Consecutive Quarter of Record Results in Mortgage Banking and Wealth Management\n Well Positioned Balance Sheet with Strong Capital and Liquidity STUART, Fla., July 23, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) today reported net income in the second quarter of 2020 of $25.1 million, or $0.47 per diluted share, up 8% or $1.8 million year-over-year. The ratio of tangible common equity to tangible assets was 10.19%, tangible book value per share increased to $15.11 and Tier 1 capital increased to 16.4%. For the second quarter of 2020, return on average tangible assets was 1.37%, return on average tangible shareholders' equity was 13.47%, and the efficiency ratio was 50.11%, compared to 0.11%, 0.95%, and 59.85%, respectively, in the prior quarter and 1.50%, 14.30%, and 53.48%, respectively, in the second quarter of 2019. Adjusted return on average tangible assets1 was 1.33%, adjusted return on average tangible shareholders' equity1 was 13.09%, and the adjusted efficiency ratio1 was 49.81%, compared to 0.32%, 2.86%, and 53.61%, respectively, in the prior quarter and 1.59%, 15.17%, and 51.44%, respectively, in the second quarter of 2019. Dennis S. Hudson, III, Seacoast's Chairman and CEO, said, \"Maintaining support for our customers continues to be a top priority for us in this dynamic and challenging environment. Our branches remain open for drive-thru activity and lobby appointments only, and the significant majority of our non-retail associates are working effectively from home. We continue to maintain safety standards for both customers and associates, and I am grateful to the Seacoast associates for their continued dedication to serving our customers and communities in this unprecedented time.\" Charles M. Shaffer, Seacoast's President and Chief Operating Officer said, \"We have had a longstanding commitment to maintaining a fortress balance sheet and strong capital levels, positioning us with a solid foundation despite the uncertainty of the economic outlook. Seacoast is committed to supporting its communities while maintaining strict underwriting standards and a robust liquidity position. Our mortgage banking and wealth teams delivered another quarter of record results, and we delivered $591 million in Paycheck Protection Program funding to our bus...