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Seacoast BANKING CORPORATION OF FLORIDA SEACOAST REPORTS FIRST QUARTER 2021 RESULTS Wealth Management Exceeds $ 1 Billion in Assets Under Management Loan Pipelines Expand by 44 % in Line with Strong Florida Economic Recovery Initiates Quarterly Cash Dividend STUART , Fla . , April 22 , 2021 / GLOBE NEWSWIRE / -- Seacoast Banking Corporation of Florida ( " Seacoast " or the " Company " ) ( NASDAQ : SBCF ) today reported net income in the first quarter of 2021 of $ 33.7 million , or $ 0.60 per diluted share , an increase of 15 % compared to the fourth quarter of 2020. Adjusted net income for the first quarter of 2021 was $ 35.5 million , or $ 0.63 per diluted share , an increase of 16 % compared to the fourth quarter of 2020. The ratio of tangible common equity to tangible assets was 10.71 % , tangible book value per share increased to $ 16.62 and Tier 1 capital increased to 18.2 % . For the first quarter of 2021 , return on average tangible assets was 1.70 % , return on average tangible shareholders ' equity was 15.62 % , and the efficiency ratio was 53.21 % , compared to 1.49 % , 13.87 % , and 48.23 % , respectively , in the prior quarter . Adjusted return on average tangible assets ' in the first quarter of 2021 was 1.75 % , adjusted return on average tangible shareholders ' equity ' was 16.01 % , and the adjusted efficiency ratio was 51.99 % , compared to 1.50 % , 14.00 % , and 48.75 % , respectively , in the prior quarter . Charles M. Shaffer , Seacoast's President and CEO , said , " The Seacoast team delivered another record quarter , resulting in continued growth in tangible book value per share , ending the period at $ 16.62 , up 15 % over the prior year . Our wealth management team continues to implement a unique , high - quality approach to assisting high net worth families , foundations , and business owners in developing wealth and investment management strategies , resulting in strong growth year - over - year in assets under management . As the Florida population continues to swell and the economic recovery continues to take hold , we are capitalizing on this growth , as evidenced in our mortgage banking results , and in our loan pipelines , which increased 44 % from year - end . Mr. Shaffer added , " During the quarter , we announced the upcoming acquisition of Legacy Bank of Florida . This is an exceptional addition and further strengthens our presence in Florida's largest MSA . The transaction , which is expected to close in the third quarter of 2021 , will provide earnings per share accretion of 6 % to 2022 , and has nominal up - front dilution to tangible book value per share . ” On April 20 , 2021 , the Company's Board of Directors approved a $ 0.13 cash dividend to shareholders of record on June 15 , 2021 , to be paid June 30 , 2021 . Mr. Shaffer further commented , " I am pleased to announce the Board's decision to authorize a quarterly dividend for our shareholders . The dividend demonstrates our continued confidence in the Company's performance outlook . Asset quality , liquidity , and capital are all strong , and we continue to generate meaningful capital growth , bolstering our fortress balance sheet . Our capital ratios are more substantial than most of our peers , which continues to provide strategic flexibility , and issuing a dividend is yet another way we can provide total shareholder return while maintaining our balanced growth strategy . " Financial Results Income Statement Net income was $ 33.7 million , or $ 0.60 per diluted share for the first quarter of 2021 , compared to $ 29.3 million , or $ 0.53 , for the prior quarter . Adjusted net income was $ 35.5 million , or $ 0.63 per diluted share for the first quarter of 2021 , compared to $ 30.7 million , or $ 0.55 , for the prior quarter . Net revenues were $ 84.3 million in the first quarter of 2021 , an increase of $ 0.6 million , or 1 % , compared to the prior quarter . Adjusted revenues were $ 84.4 million in the first quarter of 2021 , an increase of $ 0.7 million , or 1 % , from the prior quarter . ' Non - GAAP measure , see " Explanation of Certain Unaudited Non - GAAP Financial Measures " for more information and for a reconciliation to GAAP .