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First Citrus Bancorporation, Inc. Reports Second Quarter 2017 Net Earnings Growth of 275%

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TAMPA, Fla., July 17, 2017 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC:FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the second quarter of 2017, with quarterly earnings of $544,000, or $0.33 per basic and diluted share. 

first citrus bancorporation logo.jpg



Second Quarter 2017 Highlights (compared to second quarter 2016)

  • Net earnings growth of 275%;
  • Book value per share growth of 7.7%;
  • Asset growth of 16%;
  • Loan growth of 20%;
  • Demand deposit average balance growth of 20%;
  • Earnings per share growth of 267%;
  • Return on equity growth of 249%.

After adjusting for the October 17, 2016 5% stock dividend, book value per share ended June 30, 2017 at $14.67, an increase of 7.7% over the $13.62 book value per share at June 30, 2016.     

Total assets were $334.1 million at June 30, 2017, an increase of $46.5 million, or 16% from $287.6 million at June 30, 2016.  YTD profits were strong at $1,105,000; up 207%.

Total loans grew to $283.2 million at June 30, 2017, an increase $47.6 million, or 20% from $235.6 million at June 30, 2016.  DDA balances for June 30, 2017 averaged $79.8 million, an increase of $13.3 million, or 20% over 2016.  DDA balances represented 30% of 2017 total deposits.

"Our plan is working and we anticipate continued improvements in our operating performance as the new norm," stated John M. Barrett, President and Chief Executive Officer. 

 
Comparative Consolidated Balance Sheet
(Unaudited)
 
Assets 6/30/2017 6/30/2016 Percent
Change
Cash and Due From Banks $35,083,702   35,727,054   (2%)  
Investment Securities & Fed Funds Sold   2,063,273   2,068,587   0%  
       
Total Loans   283,221,221   235,569,901   20%  
Allowance for Loan Losses   (2,571,398)   (2,282,643)   13%  
Net Loans   280,649,823   233,287,258   20%  
       
Premises and Equipment, Net   7,865,960   8,072,544   (3%)  
Cash Surrender Value of Bank-Owned Life Insurance   5,275,484   5,097,010   4%  
Other Assets   3,203,757   3,410,196   (6%)  
Total Assets $334,141,999   287,662,649   16%  
       
Liabilities and Shareholders' Equity      
Deposits $273,475,323   236,179,446   16%  
       
FHLB Advance and Fed Funds Purchased   30,000,000   24,000,000   25%  
Subordinated Debentures   4,897,000   3,947,000   24%  
Other Liabilities   1,432,317   1,062,540   35%  
Total Deposits and Liabilities   309,804,640   265,188,986   17%  
       
Shareholders' Equity   24,337,359   22,473,663   8%  
       
Total Liabilities and Shareholders' Equity $334,141,999   287,662,649   16%  


Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
             
    Second Quarter   Six Months Ended
June 30
    2017 2016   2017 2016
Interest Income   $3,503 2,918   $6,766 5,735
Interest Expense     490 407     929 802
Net Interest Income     3,013 2,511     5,837 4,933
Provision for Loan Losses     120 154     480 184
Net Interest Income After Provision     2,893 2,357     5,357 4,749
Noninterest Income     295 21     964 109
Noninterest Expense     2,328 2,139     4,577 4,304
Earnings Before Income Taxes     860 239     1,744 554
Income Taxes     316 94     639 194
Net Earnings   $544 145   $1,105 360
Basic EPS*   $0.33 0.09   $0.67 0.22
Diluted EPS*   $0.33 0.09   $0.67 0.22
Book Value Per Share at End of Period*   $14.67 13.62   $14.76 13.62
Dividends (paid March 3, 2017)   $0.10 -   $0.10 -
*Adjusted for 5% stock dividend on October 17, 2016
 


About First Citrus Bancorporation, Inc.

First Citrus Bancorporation, Inc. is a Florida corporation and the parent bank holding company for First Citrus Bank, a Florida commercial bank.  First Citrus Bancorporation, Inc. is headquartered in Tampa, Florida.  Stock trades on the OTCPink under ticker symbol "FCIT."

About First Citrus Bank
First Citrus Bank, a $334 million commercial bank, was established in 1999 and headquartered in Tampa.
Ranked as one of the Top 25 Commercial Loan Producers in the Nation by IB Independent Banker Magazine, it serves businesses and individuals through a range of tailored financial solutions designed to fit their needs.  Specializing in retail and commercial banking services, the Bank has five locations throughout Tampa Bay.

First Citrus Bank creates a more vibrant Tampa Bay through financing economic growth at the local level.  For additional information, please visit http://www.firstcitrus.com.

Information in this release relating to the Company's future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as "expects," "believe," "will," "intends," "will be" or "would." First Citrus Bancorporation assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.

For more information contact: 
John Linton, EVP & Chief Financial Officer
813.792.7177
jlinton@firstcitrus.com

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