First Citrus Bancorporation, Inc. Announces First Quarter Earnings

TAMPA, Fla.--()--First Citrus Bancorporation, Inc. (OTCPink: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the first quarter of 2017, with quarterly earnings of $561,000, or $0.34 per basic and diluted share. Net earnings in the first quarter of 2017 increased 161% over the first quarter of 2016.

After adjusting for the October 17, 2016 5% stock dividend, the book value per share ended March 31, 2017 at $14.43, an increase of 6.6% over the $13.54 book value per share at March 31, 2016.

Total assets were $324.4 million at March 31, 2017, an increase of $41.9 million, or 15% from $282.6 million at March 31, 2016.

Total loans grew to $266.3 million at March 31, 2017, an increase $43.0 million, or 19% from $223.3 million at March 31, 2016. Average DDA balances for March 31, 2017 were $62.1 million, an increase of $13.0 million, or 26.5% over the 2016 average. DDA balances averaged 23.6% of 2017 total average deposits.

“We are off to a great start with record profits of $561,000, up 161%, during the first quarter which are tracking ahead of budget. We’re benefiting from a terrific market with fewer competitors. Noninterest income is up sharply due to our new SBA line of business building momentum. Over the trailing 12 months, our loan and deposit portfolios grew 19% and 18% respectively,” stated John M. Barrett, President and Chief Executive Officer.

     

Comparative Consolidated Balance Sheet
(Unaudited)

 

Assets

3/31/2017

3/31/2016

Percent
Change

Cash and Due From Banks

$41,833,480 40,579,405 3 %
Investment Securities & Fed Funds Sold 674,662 864,722 (22 %)
 
Total Loans 266,315,693 223,332,655 19 %
Allowance for Loan Losses (2,459,256 )   (2,160,964 )   14 %
Net Loans 263,856,437 221,171,691 19 %
 
Premises and Equipment, Net 7,940,003 8,162,278 (3 %)
Cash Surrender Value of Bank-Owned Life Insurance 5,231,897 5,052,288 4 %
Other Assets 4,881,241     6,726,305     (27 %)
Total Assets

$324,417,720

    282,556,689     15 %
 

Liabilities and Shareholders' Equity

Deposits $265,406,472 225,370,313 18 %
 
FHLB Advance and Fed Funds Purchased 30,000,000 30,000,000 0 %
Subordinated Debentures 3,947,000 3,947,000 0 %
Other Liabilities 1,277,393     921,863     39 %
Total Deposits and Liabilities 300,630,865     260,239,176     16 %
 
Shareholders' Equity 23,786,855     22,317,513     7 %
     
Total Liabilities and Shareholders' Equity $324,417,720     282,556,689     15 %
 
 
Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
                   
First Quarter

Year Ended
December 31

2017

2016

2016

2015

Interest Income $3,263 2,816 $11,457 10,451
Interest Expense 439   394 1,601   1,459
Net Interest Income 2,824 2,422 9,857 8,992
Provision for Loan Losses 360   60 217   136
Net Interest Income After Provision 2,464 2,362 9,640 8,856
Noninterest Income 669 88 1,093 644
Noninterest Expense 2,249   2,129 8,756   8,135
Earnings Before Income Taxes 884 321 1,977 1,365
Income Taxes 323   106 702   539
Net Earnings $561   215 $1,275   826
Basic EPS* $0.34 0.13 $0.77 0.50
Diluted EPS* $0.34 0.13 $0.77 0.50
Book Value Per Share at End of Period* $14.43 13.54 $14.19 13.40
Dividends (paid March 3, 2017) $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 $324 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.

Contacts

First Citrus Bancorporation, Inc.
John Linton, 813-792-7177
EVP & Chief Financial Officer
jlinton@firstcitrus.com

Release Summary

First Citrus Bancorporation, Inc. Announces First Quarter Earnings

Social Media Profiles

Contacts

First Citrus Bancorporation, Inc.
John Linton, 813-792-7177
EVP & Chief Financial Officer
jlinton@firstcitrus.com