Business
Seacoast Reports Second Quarter 2021 Results
Pipelines Expand Sequentially, in Line with a Flourishing Florida Economy Record Quarter for Wealth Management, Interchange Income, and Growth in Transaction
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Pipelines Expand Sequentially, in Line with a Flourishing Florida Economy Record Quarter for Wealth Management, Interchange Income, and Growth in Transaction Account Balances STUART, Fla., July 22, 2021 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) today reported net income in the second quarter of 2021 of $31.4 million, or $0.56 per diluted share, a decrease of 7% compared to the first quarter of 2021, and an increase of 25% compared to the second quarter of 2020. Adjusted net income1 for the second quarter of 2021 was $33.3 million, or $0.59 per diluted share, a decrease of 6% compared to the first quarter of 2021, and an increase of 31% compared to the second quarter of 2020. The ratio of tangible common equity to tangible assets was 10.43%, tangible book value per share increased to $17.08 and Tier 1 capital increased to 18.3%. For the second quarter of 2021, return on average tangible assets was 1.48%, return on average tangible shareholders' equity was 13.88%, and the efficiency ratio was 54.93%, compared to 1.70%, 15.62%, and 53.21%, respectively, in the prior quarter, and 1.37%, 13.47%, and 50.11%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the second quarter of 2021 was 1.52%, adjusted return on average tangible shareholders' equity1 was 14.27%, and the adjusted efficiency ratio1 was 53.49%, compared to 1.75%, 16.01%, and 51.99%, respectively, in the prior quarter, and 1.33%, 13.09%, and 49.60%, respectively, in the prior year quarter. Charles M. Shaffer, Seacoast's President and CEO, said, “Our investments over the last six months in commercial banking talent and technology are evident in the pipeline growth this quarter, and we continue to see strong economic expansion in our markets. Our transaction account balances have grown $860 million from the start of the year, a reflection of the strength of our customer franchise. While this significant growth in deposits is impacting our net interest margin, our low-cost funding base positions us for success as rates increase and as demand for credit continues to expand in the coming periods.” Mr. Shaffer further commented, “We continue to steadily build shareholder value through consistent growth in our tangible book value per share, which has increased 13% year-over-...