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Seacoast BANKING CORPORATION OF FLORIDA 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 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 ' equity ' was 14.27 % , and the adjusted efficiency ratio ' 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 - year to $ 17.08 , overcoming the challenge of the pandemic . The Company is committed to maintaining our fortress balance sheet , supported by a robust capital position and a strictly underwritten credit portfolio . Our prudent capital levels , low cost of funds , and ample liquidity support further disciplined organic growth and opportunistic acquisitions as we move forward . " Financial Results Income Statement Net income was $ 31.4 million , or $ 0.56 per diluted share for the second quarter of 2021 , compared to $ 33.7 million , or $ 0.60 , for the prior quarter , and $ 25.1 million , or $ 0.47 , for the prior year quarter . For the six months ended June 30 , 2021 , net income was $ 65.1 million , or $ 1.17 per diluted share , compared to $ 25.8 million , or $ 0.49 , for the six months ended June 30 , 2020. Adjusted net income¹ was $ 33.3 million , or $ 0.59 per diluted share for the second quarter of 2021 , compared to $ 35.5 million , or $ 0.63 , for the prior quarter , and $ 25.5 million , or $ 0.48 , for the prior year quarter . For the six months ended June 30 , 2021 , adjusted net income was $ 68.7 million , or $ 1.23 per diluted share , compared to $ 30.9 million , or $ 0.59 , for the six months ended June 30 , 2020 . Net revenues were $ 81.1 million in the second quarter of 2021 , a decrease of $ 3.2 million , or 4 % , compared to the prior quarter , and a decrease of $ 1.2 million , or 1 % , compared to the prior year quarter . For the six months ended June 30 , 2021 , net revenues were $ 165.4 million , an increase of $ 5.3 million , or 3 % , compared to the six months ended June 30 , 2020. Adjusted revenues¹ were $ 81.2 million in the second quarter of 2021 , a decrease of $ 3.2 million , or 4 % , from the prior quarter , and an increase of $ 0.1 million , or 0.2 % , compared to the prior year quarter . For the six months ended June 30 , 2021 net revenues were $ 165.6 million , an increase of $ 6.7 million , or 4 % , compared to the six months ended June 30 , 2020 . ¹Non - GAAP measure , see " Explanation of Certain Unaudited Non - GAAP Financial Measures " for more information and for a reconciliation to GAAP .