TAMPA, Fla.--(BUSINESS WIRE)--First Citrus Bancorporation, Inc. (OTCPink:FCIT) the parent bank holding company for First Citrus Bank has released its financial results for the fourth quarter of 2016, with quarterly earnings of $425,000, or $0.26 per basic and diluted share, and year-to-date net earnings of $1,275,000, or $0.77 per basic and diluted share. Net earnings in the fourth quarter of 2016 increased 111% over the fourth quarter of 2015. Net earnings for 2016 increased 54% over the prior year.
After adjusting for the October 17, 2016 5% stock dividend, the book value per share ended 2016 at $14.19, an increase of 5.9% over the $13.40 book value per share at year end 2015.
Total assets were $312.9 million at December 31, 2016, an increase of $46.5 million, or 17% from $266.4 million at December 31, 2015.
Total loans grew to $253.1 million at December 31, 2016, an increase $30.5 million, or 14% from $222.6 million. Average DDA balances for 2016 were $54.4 million, an increase of $10 million, or 23% over the 2015 average. DDA balances averaged 23% of 2016 total average deposits.
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Comparative Consolidated Balance Sheet |
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(Unaudited) |
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| Assets |
12/31/3016 |
12/31/2015 |
% |
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| Cash and Noninterest Bearing Due From Banks | $ | 43,325,000 | 31,758,000 | 36 | % | ||||||||||
| Investment Securities & Fed Funds Sold | 805,000 | 902,000 | (11 | ) | |||||||||||
| Total Loans | 253,139,000 | 222,591,000 | 14 | ||||||||||||
| Allowance for Loan Losses | (2,312,000 | ) | (2,191,000 | ) | 6 | ||||||||||
| Net Loans | 250,827,000 | 220,400,000 | 14 | ||||||||||||
| Premises and Equipment, Net | 8,012,000 | 8,243,000 | (3 | ) | |||||||||||
| Cash Surrender Value of Bank-Owned Life Insurance | 5,188,000 | 0 | |||||||||||||
| Other Assets | 4,812,000 | 5,143,000 | (6 | ) | |||||||||||
| Total Assets | $ | 312,969,000 | 266,446,000 | 17 | % | ||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||
| Deposits | $ | 249,334,000 | 209,324,000 | 19 | % | ||||||||||
| FHLB Advance and Fed Funds Purchased | 35,025,000 | 30,000,000 | 17 | ||||||||||||
| Subordinated Debentures | 3,947,000 | 3,947,000 | 0 | ||||||||||||
| Other Liabilities | 1,277,000 | 1,072,000 | 19 | ||||||||||||
| Total Deposits and Liabilities | 289,583,000 | 244,343,000 | 19 | ||||||||||||
| Shareholders' Equity | 23,386,000 | 22,103,000 | 6 | ||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 312,969,000 | 266,446,000 | 17 | % | ||||||||||
| Comparative Consolidated Statements of Earnings | ||||||||||||||||
| (Unaudited - $ in thousands except per share data) | ||||||||||||||||
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4th Quarter |
Year to Date |
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2016 |
2015 |
2016 |
2015 |
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| Interest Income |
$ |
|
2,995 |
2,703 | 11,457 | 10,451 | ||||||||||
| Interest Expense |
408 |
383 | 1,601 | 1,459 | ||||||||||||
| Net Interest Income | 2,587 | 2,320 | 9,857 | 8,992 | ||||||||||||
| Provision for Loan Losses | - | 26 | 217 | 136 | ||||||||||||
| Net Interest Income After Provision | 2,587 | 2,294 | 9,640 | 8,856 | ||||||||||||
| Noninterest Income | 295 | 131 | 1,093 | 644 | ||||||||||||
| Noninterest Expense | 2,214 | 2,093 | 8,756 | 8,135 | ||||||||||||
| Earnings Before Income Taxes | 668 | 332 | 1,977 | 1,365 | ||||||||||||
| Income Taxes | 243 | 131 | 702 | 539 | ||||||||||||
| Net Earnings |
$ |
|
425 |
201 | 1,275 | 826 | ||||||||||
| Basic EPS* |
$ |
|
0.26 |
0.12 | 0.77 | 0.50 | ||||||||||
| Diluted EPS* |
$ |
|
0.26 |
0.12 | 0.77 | 0.50 | ||||||||||
| Book Value Per Share at End of Period* |
$ |
|
14.19 |
13.40 | 14.19 | 13.40 | ||||||||||
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*Adjusted for 5% stock dividend on October 17, 2016 |
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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 $319 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.
