Market Overview

First Citrus Bancorporation, Inc. Reports First Quarter 2018 Earnings

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TAMPA, Fla., April 16, 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 first quarter of 2018, with quarterly earnings of $609,000, or $0.32 per share.

first citrus bancorporation logo.jpg



First Quarter 2018 Highlights (compared to first quarter 2017)

  • Net earnings growth of 8.6%;
  • Book value per share growth of 11.3%;
  • Asset growth of 13.9%;
  • Loan growth of 9.4%;
  • Demand deposit balance growth of 28.1%;
  • Earnings per share $0.32, a reduction of $0.02;
  • Return on equity 7.92%, a reduction of 1.13%.

Net income for the three months ended March 31, 2018 was $609,000, or $0.32 per share, compared to net income of $561,000, or $0.34 per share for the three months ended March 31, 2017.  The common stock offering completed on December 29, 2017 and increased shares outstanding by 286,339, reducing EPS by $0.05 per share.  The additional shares were sold at a 24% premium to book value.

Book value per share at March 31, 2018 was $16.06, an increase of 11.3% over the $14.43 book value per share at March 31, 2017.     

Total assets were $369 million at March 31, 2018, an increase of $45 million, or 13.9% from $324 million at March 31, 2017.

Total loans grew to $291 million at March 31, 2018, an increase of $25 million, or 9.4% from $266 million at March 31, 2017.  DDA balances for March 31, 2018 were $101.5 million, an increase of $22.2 million, or 28.1% over 2017.  DDA balances represented 32.4% of 2018 total deposits.

"We believe the opportunity for accelerated market share growth continues to be extraordinary. Which is why we raised capital last year for the first time in over a decade," says John M. Barrett, President and Chief Executive Officer.       

Comparative Consolidated Balance Sheet
(Unaudited) 
                       
Assets    3/31/2018
     3/31/2017
  Percent
Change
Cash and Due From Banks $ 62,487,662     41,833,480     49 %
Investment Securities & Fed Funds Sold   1,682,145     674,662     149 %
                   
Total Loans   291,364,280     266,315,693     9.4 %
Allowance for Loan Losses   (2,296,425 )   (2,459,256 )   (7 %)
Net Loans   289,067,855     263,856,437     10 %
                   
Premises and Equipment, Net   7,696,865     7,940,003     (3 %)
Cash Surrender Value of Bank-Owned Life Insurance        5,405,142     5,231,897     3 %
Other Assets   3,161,189     4,881,241     (35 %)
Total Assets $ 369,500,858     324,417,720     13.9 %
                   
Liabilities and Shareholders' Equity                  
Deposits $ 309,808,412     265,406,472     17 %
                   
FHLB Advances and Fed Funds Purchased   22,000,000     30,000,000     (27 %)
Subordinated Debentures   4,942,000     3,947,000     25 %
Other Liabilities   1,832,644     1,277,393     43 %
Total Deposits and Liabilities   338,583,056     300,630,865     13 %
                   
Shareholders' Equity   30,917,802     23,786,855     30 %
                   
Total Liabilities and Shareholders' Equity $ 369,500,858     324,417,720     13.9 %
 


Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
                               
  First Quarter   Year Ended 
December 31
  2018    2017   2017 2016
Interest Income $ 3,918       3,263     $ 13,717     11,457
Interest Expense    649       439       2,078     1,600
Net Interest Income   3,269       2,824       11,639     9,857
Provision for Loan Losses   134       360       480     217
Net Interest Income After Provision   3,135       2,464    
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