Market Overview

First Citrus Bancorporation, Inc. Reports Second Quarter 2018 Net Earnings Growth of 100%

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TAMPA, Fla., July 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 second quarter of 2018, with quarterly earnings of $1,089,000, or $.56 per share.

first citrus bancorporation logo.jpg



Second Quarter 2018 Highlights (compared to second quarter 2017)

  • Net earnings growth of 100%;
  • Book value per share growth of 12.7%;
  • Asset growth of 12%;
  • Loan growth of 7%;
  • Demand deposit balance growth of 33%;
  • Earnings per share growth of 70%;
  • Return on equity growth of 60%.

Net income for the six months ended June 30, 2018 was $1,698,000, or $0.88 per share, compared to net income of $1,105,000, or $0.67 per share for the six months ended June 30, 2017. 

Book value per share at June 30, 2018 was $16.64, an increase of 12.7% over the $14.76 book value per share at June 30, 2017.

Total assets were $373.7 million at June 30, 2018, an increase of $39.6 million, or 12% from $334.1 million at June 30, 2017.

Total loans grew to $302.8 million at June 30, 2018, an increase of $19.6 million, or 7% from $283.2 million at June 30, 2017.  DDA balances for June 30, 2018 were $106.8 million, an increase of $26.6 million, or 33% over 2017.  DDA balances represented 35% of 2018 total deposits.

"With profits doubling quarter over quarter and demand deposit growth strong, our bankers are doing a terrific job capitalizing on market conditions," said John M. Barrett, President and Chief Executive Officer.  "We're on track with budget and excited for the second half of 2018."

Comparative Consolidated Balance Sheet
(Unaudited)
       
Assets    6/30/2018        6/30/2017     Percent
Change
Cash and Due From Banks $ 54,486,910     35,083,702     55 %
Investment Securities & Fed Funds Sold   2,115,431     2,063,273     3 %
       
Total Loans   302,819,437     283,221,221     7 %
Allowance for Loan Losses   (2,412,484 )   (2,571,398 )   (6 %)
Net Loans   300,406,953     280,649,823     7 %
       
Premises and Equipment, Net   7,671,516     7,865,960     (2 %)
Cash Surrender Value of Bank-Owned Life Insurance   5,446,762     5,275,484     3 %
Other Assets   3,545,658     3,203,757     (11 %)
Total Assets $ 373,673,230     334,141,999     12 %
       
Liabilities and Shareholders' Equity      
Deposits $ 304,665,474     273,475,323     11 %
       
FHLB Advances and Fed Funds Purchased   30,000,000     30,000,000     0 %
Subordinated Debentures   4,942,000     4,897,000     1 %
Other Liabilities   2,029,871     1,432,317     42 %
Total Deposits and Liabilities   341,637,345     309,804,640     10 %
       
Shareholders' Equity   32,035,885     24,337,359     32 %
       
Total Liabilities and Shareholders' Equity $ 373,673,230     334,141,999     12 %


 
Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
             
  Second Quarter     Six Months Ended
June 30
    2018     2017       2018       2017
Interest Income $ 4,002     3,503     $ 7,920       6,766
Interest Expense    654     490       1,302       929
Net Interest Income   3,348     3,013       6,617       5,837
Provision for Loan Losses   86     120       220       480
Net Interest Income After Provision   3,262     2,893       6,397       5,357
Noninterest Income   599     295       1,062       964
Noninterest Expense
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