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

TAMPA, Fla., July 17, 2017 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTCPink: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.



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)
Assets6/30/20176/30/2016Percent
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
20172016 20172016
Interest Income $3,5032,918 $6,7665,735
Interest Expense 490407 929802
Net Interest Income 3,0132,511 5,8374,933
Provision for Loan Losses 120154 480184
Net Interest Income After Provision 2,8932,357 5,3574,749
Noninterest Income 29521 964109
Noninterest Expense 2,3282,139 4,5774,304
Earnings Before Income Taxes 860239 1,744554
Income Taxes 31694 639194
Net Earnings $544145 $1,105360
Basic EPS* $0.330.09 $0.670.22
Diluted EPS* $0.330.09 $0.670.22
Book Value Per Share at End of Period* $14.6713.62 $14.7613.62
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

Source:First Citrus Bank