Business
Seacoast Reports Third Quarter 2021 Results
Strong Quarter for Commercial Loan Originations and Pipeline Generation Tangible Book Value Per Share Expands to $17.52, Up 13% from the Prior Year STUART,
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Strong Quarter for Commercial Loan Originations and Pipeline Generation Tangible Book Value Per Share Expands to $17.52, Up 13% from the Prior Year STUART, Fla., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) today reported net income in the third quarter of 2021 of $22.9 million, or $0.40 per diluted share, which includes merger related costs associated with acquisition activity during the quarter and an increase in the provision for loan losses associated with onboarding Legacy Bank of Florida. Third quarter 2021 results represent a decrease of 27% compared to the second quarter of 2021, and an increase of 1% compared to the third quarter of 2020. Adjusted net income1 for the third quarter of 2021 was $29.4 million, or $0.51 per diluted share, which includes an increase in the provision for loan losses associated with onboarding Legacy Bank of Florida. Third quarter 2021 adjusted results represent a decrease of 12% compared to the second quarter of 2021, and an increase of 7% compared to the third quarter of 2020. The ratio of tangible common equity to tangible assets was 10.62%, tangible book value per share increased to $17.52 and Tier 1 capital was 17.7%. For the third quarter of 2021, return on average tangible assets was 1.00%, return on average tangible shareholders' equity was 9.56%, and the efficiency ratio was 59.55%, compared to 1.48%, 13.88%, and 54.93%, respectively, in the prior quarter, and 1.20%, 11.35%, and 61.65%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the third quarter of 2021 was 1.23%, adjusted return on average tangible shareholders' equity1 was 11.72%, and the adjusted efficiency ratio1 was 51.50%, compared to 1.52%, 14.27%, and 53.49%, respectively, in the prior quarter, and 1.38%, 13.06%, and 54.82%, respectively, in the prior year quarter. Charles M. Shaffer, Seacoast's President and CEO, said, “The Seacoast team delivered another impressive quarter, resulting in 13% year-over-year growth in tangible book value per share, ending the period at $17.52, despite the noise of acquisition related activity during the quarter. Additionally, pre-tax pre-provision adjusted earnings1 improved to a record $43.9 million, up from $37.8 million in the preceding quarter. We continue to see econo...