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First Citrus Bancorporation, Inc. Reports First Quarter 2018 Earnings

TAMPA, Fla., April 16, 2018 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Pink:FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the first quarter of 2018, with quarterly earnings of $609,000, or $0.32 per share.

first citrus bancorporation logo.jpg


/EIN News/ -- First Quarter 2018 Highlights (compared to first quarter 2017)

  • Net earnings growth of 8.6%;
  • Book value per share growth of 11.3%;
  • Asset growth of 13.9%;
  • Loan growth of 9.4%;
  • Demand deposit balance growth of 28.1%;
  • Earnings per share $0.32, a reduction of $0.02;
  • Return on equity 7.92%, a reduction of 1.13%.

Net income for the three months ended March 31, 2018 was $609,000, or $0.32 per share, compared to net income of $561,000, or $0.34 per share for the three months ended March 31, 2017.  The common stock offering completed on December 29, 2017 and increased shares outstanding by 286,339, reducing EPS by $0.05 per share.  The additional shares were sold at a 24% premium to book value.

Book value per share at March 31, 2018 was $16.06, an increase of 11.3% over the $14.43 book value per share at March 31, 2017.     

Total assets were $369 million at March 31, 2018, an increase of $45 million, or 13.9% from $324 million at March 31, 2017.

Total loans grew to $291 million at March 31, 2018, an increase of $25 million, or 9.4% from $266 million at March 31, 2017.  DDA balances for March 31, 2018 were $101.5 million, an increase of $22.2 million, or 28.1% over 2017.  DDA balances represented 32.4% of 2018 total deposits.

“We believe the opportunity for accelerated market share growth continues to be extraordinary. Which is why we raised capital last year for the first time in over a decade,” says John M. Barrett, President and Chief Executive Officer.       

Comparative Consolidated Balance Sheet
(Unaudited) 
                       
Assets    3/31/2018
     3/31/2017
  Percent
Change
Cash and Due From Banks $ 62,487,662     41,833,480     49 %
Investment Securities & Fed Funds Sold   1,682,145     674,662     149 %
                   
Total Loans   291,364,280     266,315,693     9.4 %
Allowance for Loan Losses   (2,296,425 )   (2,459,256 )   (7 %)
Net Loans   289,067,855     263,856,437     10 %
                   
Premises and Equipment, Net   7,696,865     7,940,003     (3 %)
Cash Surrender Value of Bank-Owned Life Insurance        5,405,142     5,231,897     3 %
Other Assets   3,161,189     4,881,241     (35 %)
Total Assets $ 369,500,858     324,417,720     13.9 %
                   
Liabilities and Shareholders' Equity                  
Deposits $ 309,808,412     265,406,472     17 %
                   
FHLB Advances and Fed Funds Purchased   22,000,000     30,000,000     (27 %)
Subordinated Debentures   4,942,000     3,947,000     25 %
Other Liabilities   1,832,644     1,277,393     43 %
Total Deposits and Liabilities   338,583,056     300,630,865     13 %
                   
Shareholders' Equity   30,917,802     23,786,855     30 %
                   
Total Liabilities and Shareholders' Equity $ 369,500,858     324,417,720     13.9 %
 


Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
                               
  First Quarter   Year Ended 
December 31
  2018    2017   2017 2016
Interest Income $ 3,918       3,263     $ 13,717     11,457
Interest Expense    649       439       2,078     1,600
Net Interest Income   3,269       2,824       11,639     9,857
Provision for Loan Losses   134       360       480     217
Net Interest Income After Provision   3,135       2,464       11,159     9,640
Noninterest Income   463       669       2,209     1,093
Noninterest Expense   2,792       2,249       9,260     8,756
Earnings Before Income Taxes   806       884       4,108     1,977
Income Taxes   197       323       1,595     702
Net Earnings $ 609       561     $ 2,513     1,275
Basic EPS $ 0.32       0.34     $ 1.46     0.77
Book Value Per Share at End of Period        $ 16.06       14.43     $ 15.94     14.19
Shares Outstanding   1,925,303       1,648,569       1,922,478     1,648,569
Dividends (paid March 2, 2018) $   0.20     $ 0.10     $ 0.10     -
 

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 OTC Pink under ticker symbol “FCIT.”

About First Citrus Bank
First Citrus Bank, a $368 million commercial bank, was established in 1999 and is headquartered in Tampa.  Ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine IB Independent Banker, it serves businesses and individuals through a range of tailored financial solutions.  Specializing in retail and commercial banking services, First Citrus 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
                    jlinton@firstcitrus.com

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