“The Company is realizing a lift in earnings and efficiencies from its expanded personnel roster and successful launch of its new SBA 7a business line, we surpassed $300 million in assets this quarter with 16% growth year-over-year,” said John M. Barrett, President and CEO.
Total loans increased 10% to $236 million for the Third Quarter of 2016 as compared to $213 million to the prior year quarter end. Demand deposits of $58 million, increased 18% over the prior year quarter end.
Net income for the Third Quarter of 2016 was $506 thousand, an increase of 128% over the Third Quarter of 2015. Year-to-date net income for 2016 was $865 thousand compared to $625 thousand for 2015. For the first nine months of 2016 net income increased 38% year-over-year.
Earnings-per-share of $.55 is up 37.5% year-over-year while book value per share was $14.62 at September 30, 2016, up 5% year-over-year.
Comparative Consolidated Balance Sheet
|Cash and Noninterest Bearing Due From Banks||53,310,827||38,318,838||28%|
|Investment Securities & Fed Funds Sold||2,280,260||2,459,501||-8%|
|Allowance for Loan Losses||(2,300,188)||(2,168,179)||6%|
|Premises and Equipment, Net||8,029,593||8,328,975||-4%|
|Cash Surrender Value of Bank-Owned Life Insurance||5,142,429||0||100%|
|Liabilities and Shareholders' Equity|
|FHLB Advance and Fed Funds Purchased||$30,000,000||$30,000,000||0%|
|Total Deposits and Liabilities||$283,275,741||$242,012,926||15%|
|Total Liabilities and Shareholders' Equity||$306,257,931||$263,917,067||14%|
Comparative Consolidated Statements of Earnings
|(Unaudited - $ in thousands except per share data)|
Year to Date
|Net Interest Income||2,636||2,364||7,568||6,994|
|Provision for Loan Losses||33||20||
|Net Interest Income After Provision||2,603||2,344||7,351||6,884|
|Earnings Before Income Taxes||782||369||1,328||1,035|
|Book Value Per Share at End of Period||$||14.62||$||13.94||$||14.62||$||13.94|
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 “FCIT.”
About First Citrus Bank
First Citrus Bank, a $306 million commercial bank, was established in 1999 and headquartered in Tampa, Florida. Ranked as one of the Top 25 Commercial Loan Producers in the Nation by ICBA Magazine, it serves businesses and individuals through 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.