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First Citrus Bancorporation, Inc. Reports Third Quarter 2017 Net Earnings Growth of 30%

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| Source: First Citrus Bank

TAMPA, Fla., Oct. 16, 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 third quarter of 2017, with record quarterly earnings of $659,000, or $0.39 per basic and diluted share. 

Third Quarter 2017 Highlights (compared to third quarter 2016)

  • Net earnings growth of 30%;
  • Book value per share growth of 10.3%;
  • Asset growth of 12%;
  • Loan growth of 18%;
  • Demand deposit average balance growth of 18%;
  • Earnings per share growth of 26%;
  • Return on equity growth of 18%.

Net income for the nine months ended September 30, 2017 was $1,764,000, or $1.06 per share, compared to net income of $865,000, or $0.52 per share for the nine months ended September 30, 2016, an increase of $899,000, or 104%

After adjusting for the October 17, 2016 5% stock dividend, book value per share ended September 30, 2017 at $15.37, an increase of 10.3% over the $13.94 book value per share at September 30, 2016.     

Total assets were $341.6 million at September 30, 2017, an increase of $35.3 million, or 12% from
$306.3 million at September 30, 2016.

Total loans grew to $279.3 million at September 30, 2017, an increase $42.9 million, or 18% from
$236.4 million at September 30, 2016.  DDA balances for September 30, 2017 averaged $80.5 million, an increase of $12.2 million, or 18% over 2016.  DDA balances represented 30% of 2017 total deposits.

“Every $10 million in asset growth enhances our operating efficiencies, hence profit levels. Today, the number of community bank competitors is dramatically reduced. Thus, we are excited to continue capitalizing on what we feel is an extraordinary market opportunity,” stated John M. Barrett, President and Chief Executive Officer. 

Comparative Consolidated Balance Sheet
(Unaudited)
Assets9/30/20179/30/2016Percent
Change
Cash and Due From Banks$46,625,910 53,310,827 (13%)
Investment Securities & Fed Funds Sold2,031,777 2,280,260 (11%)
    
Total Loans279,274,195 236,355,226 18%
Allowance for Loan Losses(2,596,273)(2,300,188)13%
Net Loans276,677,922 234,055,038 18%
    
Premises and Equipment, Net7,806,563 8,029,593 (3%)
Cash Surrender Value of Bank-Owned Life Insurance5,319,365 5,142,429 3%
Other Assets3,120,500 3,439,784 (9%)
Total Assets$341,582,037 306,257,931 12%
    
Liabilities and Shareholders' Equity   
Deposits$276,995,341 247,833,997 12%
    
FHLB Advances and Fed Funds Purchased30,000,000 30,000,000 0%
Subordinated Debentures5,647,000 3,947,000 43%
Other Liabilities1,594,655 1,494,744 7%
Total Deposits and Liabilities314,236,996 283,275,741 11%
    
Shareholders' Equity27,345,041 22,982,190 19%
    
Total Liabilities and Shareholders' Equity$341,582,037 306,257,931 12%


Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
      
  Third Quarter  Nine Months Ended
September 30
  2017   2016   2017   2016
Interest Income$3,6723,026 $10,4388,761
Interest Expense554390 1,4831,193
Net Interest Income3,1182,636 8,9557,568
Provision for Loan Losses533 485217
Net Interest Income After Provision3,1132,603 8,4707,351
Noninterest Income278301 1,242692
Noninterest Expense2,3492,122 6,9266,715
Earnings Before Income Taxes1,042782 2,7861,328
Income Taxes383276 1,022463
Net Earnings$659506 $1,764865
Basic EPS*$0.390.31 $1.060.52
Diluted EPS*$0.390.31 $1.060.52
Book Value Per Share at End of Period*$15.3713.94 $15.3713.94
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 $347 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