Market Overview

First Citrus Bancorporation, Inc. Reports Record Annual Profits and Fourth Quarter 2017 Net Earnings

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TAMPA, Fla., Jan. 23, 2018 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC:FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2017, with record annual profits of $2,513,000, or $1.46 per share and record quarterly earnings of $749,000, or $0.40 per share. 

first citrus bancorporation logo.jpg



Fourth Quarter 2017 Highlights (compared to fourth quarter 2016)

  • Net earnings growth of 83%;
  • Book value per share growth of 12%;
  • Asset growth of 15%;
  • Loan growth of 13%;
  • Demand deposit average balance growth of 18%;
  • Earnings per share growth of 59%;
  • Return on equity growth of 41%.

Net income for the twelve months ended December 31, 2017 was $2,513,000, or $1.46 per share, compared to net income of $1,275,000, or $0.77 per share for the twelve months ended December 31, 2016, an increase of $1,238,000 or 97%.

Book value per share at December 31, 2017 was $15.94, an increase of 12.3% over the $14.19 book value per share at December 31, 2016.     

Total assets were $358.4 million at December 31, 2017, an increase of $45.5 million, or 15% from $313.0 million at December 31, 2016.

Total loans grew to $286.3 million at December 31, 2017, an increase $33.2 million, or 13% from $253.1 million at December 31, 2016.  DDA balances for December 31, 2017 averaged $82.6 million, an increase of $12.6 million, or 18% over 2016.  DDA balances represented 33% of 2017 total deposits.

"More than half of Tampa Bay's community banks were sold over the past 18 months.  Thus the opportunity to grow market share is emboldened.  It's no surprise that our 2018 budget projects assets to exceed $400 million with continued record profits," stated John M. Barrett, President and Chief Executive Officer.

 
Comparative Consolidated Balance Sheet
(Unaudited)
 
Assets 12/31/2017 12/31/2016 Percent
Change
Cash and Due From Banks $ 56,204,177   43,425,413   29 %
Investment Securities & Fed Funds Sold   2,133,512   2,219,937   (4 %)
       
Total Loans   286,342,461   253,148,717   13 %
Allowance for Loan Losses   (2,600,696 ) (2,311,812 ) 12 %
Net Loans   283,741,765   250,836,905   13 %
       
Premises and Equipment, Net   7,767,843   8,011,530   (3 %)
Cash Surrender Value of Bank-Owned Life Insurance   5,363,548   5,188,255   3 %
Other Assets   3,238,235   3,313,532   (2 %)
Total Assets $ 358,449,080   312,995,572   15 %
       
Liabilities and Shareholders' Equity      
Deposits $ 287,934,397   248,530,126   16 %
       
FHLB Advances and Fed Funds Purchased   33,000,000   35,025,000   (6 %)
Subordinated Debentures   5,247,000   3,947,000   33 %
Other Liabilities   1,623,860   2,107,293   (23 %)
Total Deposits and Liabilities   327,805,257   289,609,419   13 %
       
Shareholders' Equity   30,643,823   23,386,153   31 %
       
Total Liabilities and Shareholders' Equity $ 358,449,080   312,995,572   15 %


 

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
           
     Fourth Quarter     Year to Date
    2017   2016     2017 2016
Interest Income $ 3,773   2,696   $ 14,211 11,457
Interest Expense    593   407     2,076 1,600
Net Interest Income   3,180   2,289     12,135 9,857
Provision for Loan Losses   (5 ) -     480 217
Net Interest Income After Provision   3,185   2,289     11,655 9,640
Noninterest Income   706   401     1,948 1,093
Noninterest Expense   2,569   2,041     9,495 8,756
Earnings Before Income Taxes   1,322   649     4,108 1,977
Income Taxes   573   239     1,595 702
Net Earnings $ 749   410   $ 2,513 1,275
Basic EPS* $ 0.40   0.25   $ 1.46 0.77
Book Value Per Share at End of Period* $ 15.94   14.19   $ 15.94 14.19
Shares Outstanding   1,922,478   1,648,569     1,922,478 1,648,569
Dividends (paid March 3, 2017)   -     -   $ 0.10 -
                 


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