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

TAMPA, Fla., Jan. 23, 2018 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Pink: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.



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)
Assets12/31/201712/31/2016Percent
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 20172016
Interest Income $3,773 2,696 $14,21111,457
Interest Expense 593 407 2,0761,600
Net Interest Income 3,180 2,289 12,1359,857
Provision for Loan Losses (5)- 480217
Net Interest Income After Provision 3,185 2,289 11,6559,640
Noninterest Income 706 401 1,9481,093
Noninterest Expense 2,569 2,041 9,4958,756
Earnings Before Income Taxes 1,322 649 4,1081,977
Income Taxes 573 239 1,595702
Net Earnings$749 410 $2,5131,275
Basic EPS*$0.40 0.25 $1.460.77
Book Value Per Share at End of Period*$15.94 14.19 $15.9414.19
Shares Outstanding 1,922,478 1,648,569 1,922,4781,648,569
Dividends (paid March 3, 2017) - - $0.10-


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 OTC Pink under ticker symbol “FCIT.”

About First Citrus Bank
First Citrus Bank, a $365 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine IB Independent Banker, it serves businesses and individuals through a range of tailored financial solutions. Specializing in retail and commercial banking services, First Citrus 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

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