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First Citrus Bancorporation, Inc. Reports Third Quarter 2018 Net Earnings Growth of 40%

TAMPA, Fla., Oct. 22, 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 third quarter of 2018, with quarterly earnings of $920,000, or $.48 per share.

Third Quarter 2018 Highlights (compared to third quarter 2017)

  • Net earnings growth of 40%;
  • Book value per share growth of 11.5%;
  • Asset growth of 14%;
  • Loan growth of 10%;
  • Demand deposit growth of 26%;
  • Earnings per share growth of 23%;
  • Return on equity growth of 11%.

Net income for the nine months ended September 30, 2018 was $2,618,000, or $1.36 per share, compared to net income of $1,764,000, or $1.06 per share for the nine months ended September 30, 2017.

Book value per share at September 30, 2018 was $17.13, an increase of 11.5% over the $15.37 book value per share at September 30, 2017.

Total assets were $389.2 million at September 30, 2018, an increase of $47.6 million, or 14% from $341.6 million at September 30, 2017.

Total loans grew to $306 million at September 30, 2018, an increase of $26.7 million, or 10% from $279.3 million at September 30, 2017.

DDA balances for September 30, 2018 were $107.7 million, an increase of $22.4 million, or 26% over 2017.  DDA balances represented 34% of 2018 total deposits.

“Thanks to our outstanding personnel, we’ve delivered another quarter of solid operating performance.  We’re focused on finishing 2018 strong in what’s shaping up to be another record year,” said John M. Barrett, President and Chief Executive Officer.

Comparative Consolidated Balance Sheet
           
(Unaudited)            
                       
Assets 9/30/2018   9/30/2017   Percent
Change
           
Cash and Due From Banks $67,156,600   46,625,910   44%            
Investment Securities & Fed Funds Sold 2,093,085   2,031,777   3%            
                       
Total Loans 306,004,715   279,274,195   10%            
Allowance for Loan Losses (2,438,021)   (2,596,273)   (6%)            
Net Loans 303,566,694   276,677,922   10%            
                       
Premises and Equipment, Net 7,706,309   7,806,563   (1%)            
Cash Surrender Value of Bank-Owned Life Insurance 5,488,864   5,319,365   3%            
Other Assets 3,231,345   3,120,500   4%            
Total Assets $389,242,897   341,582,037   14%            
                       
Liabilities and Shareholders' Equity                      
Checking Deposits $107,654,344   85,230,578   26%            
Money-Market Deposits 132,037,594   107,087,153   23%            
Time and Savings Deposits 79,296,653   90,872,535   (13%)            
Total Deposits $318,988,591   276,995,341   15%            
                       
FHLB Advances and Fed Funds Purchased 30,000,000   30,000,000   0%            
Subordinated Debentures 4,942,000   5,647,000   (12%)            
Other Liabilities 2,328,038   1,594,655   46%            
Total Deposits and Liabilities 356,258,629   314,236,996   13%            
                       
Shareholders' Equity 39,984,268   27,345,041   21%            
                       
Total Liabilities and Shareholders' Equity $389,242,897   341,582,037   14%            


Comparative Consolidated Statements of Earnings
 
(Unaudited - dollars in thousands except per share data)  
             
  Third Quarter
  Nine Months Ended
September 30

 
  2018 2017   2018 2017  
Interest Income $4,362 3,672   $12,282 10,438  
Interest Expense  795 554   2,098 1,483  
  Net Interest Income 3,567 3,118   10,184 8,955  
Provision for Loan Losses 110 5   330 485  
  Net Interest Income After Provision 3,457 3,113   9,854 8,470  
Noninterest Income 280 278   1,342 1,242  
Noninterest Expense 2,506 2,349   7,703 6,926  
  Earnings Before Income Taxes 1,231 1,042   3,493 2,786  
Income Taxes 311 383   875 1,022  
Net Earnings $920 659   $2,618 1,764  
Earnings Per Share $0.48 0.39   $1.36 1.06  
Book Value Per Share at End of Period $17.13 15.37   $17.13 15.37  
Shares Outstanding 1,925,303 1,778,765   1,925,303 1,778,765  
Dividends   - -   $0.20 $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.  Ranked as the third best performing regional bank stock in the Southeastern United States for the past five years by S&P Global Market Intelligence.  Stock trades on the OTC Pink under ticker symbol “FCIT.”

About First Citrus Bank
First Citrus Bank, a $389 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 enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful.  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

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