First Citrus Bancorporation, Inc. Announces First Quarter Earnings

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 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.