First Citrus Bancorporation, Inc. Closes 2021 With Net Earnings Growth of 39% and Deposit Growth of 26%

TAMPA, Fla., Jan. 26, 2022 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2021.

December 31, 2021, YTD earnings were the highest on record, growing to $6,833,000, despite lower fourth quarter loan sales and lower SBA Paycheck Protection Program (“PPP”) loan forgiveness volume. Non-interest expenses were higher due to the opening of our downtown St. Petersburg branch location in June 2021. During the fourth quarter, assets and deposits grew to record levels largely due to new depository relationships garnered as a result of new customer relationships acquired from PPP. Net income in the fourth quarter was $1,146,000 compared to $1,439,000 for the prior year quarter.

Fiscal Year End 2021 Highlights (compared to fiscal year end 2020)

  • Net earnings increased 39%;
  • Earnings per share increased 38%;
  • Book value per share increased 14%;
  • Return on average equity increased 22%.

Fourth Quarter 2021 Highlights (compared to fourth quarter 2020)

  • Net earnings decreased 20%;
  • Total assets increased 25%;
  • Core loans increased 7%;
  • Total deposits increased 26%;
  • Earnings per share basic increased 21%.

Net earnings for the twelve months ended December 31, 2021, was $6,833,000, or $3.32 per share, compared to the net income of $4,901,000, or $2.40 per share for the twelve months ended December 31, 2020. Net income for 2021 produced a return on average equity of 15.2% compared to 12.4% for the prior year period.

Book value per share at December 31, 2021, was $23.57, an increase of 13.9% over the $20.70 book value per share at December 31, 2020. A $0.45 special cash dividend per share of Common, Class A Preferred, and Class B Preferred was paid on March 4, 2021.

Total assets were $660 million at December 31, 2021, an increase of $131 million, or 25% from $529 million at December 31, 2020.

Core loans, representing all loans exclusive of PPP loans, increased to $378 million, an increase of $26 million, or 7.4%, at December 31, 2021, while total loans declined to $399 million at December 31, 2021, a decrease of $33 million, or 8% from $432 million at December 31, 2020. The decline in total loans was primarily due to $60 million of PPP forgiveness granted by the SBA. PPP loans declined to 289 loans totaling $20.6 million at December 31, 2021 from 1,200 loans totaling $80.1 million at December 31, 2020.

At December 31, 2021, the bank had loans delinquent 30 to 89 days of $300,000 compared to $200,000 at December 31, 2020. At December 31, 2021, the bank had no nonperforming loans, defined as nonaccrual loans and loans 90 days past due accruing interest, compared to $3.7 million or .86% of total loans for the prior year. At December 31, 2021, the bank had no temporary loan payment deferments. In response to the CARES Act that launched in 2020, the bank had five loans totaling $12.4 million or 2.8% of total loans at December 31, 2020.

Total deposits for December 31, 2021, were $596 million, an increase of $122 million, or 26% over 2020, primarily due to deposits resulting from new customers acquired in connection with PPP. Demand deposits as a percentage of total deposits increased from 51% to 53% as December 31, 2021, and 2020, respectively.

"With 38% earnings per share growth, 15% return on equity, total assets surpassing $650 million and zero non-performing loans, we’re pleased to turn in our sixth consecutive year of record operating performance. Continually proud of how our associates deliver for clients, as we build upon our long-term track record of shareholder success in 2022,” said John M. Barrett, President & Chief Executive Officer, First Citrus Bank.

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 and was ranked as the third best-performing regional bank stock in the Southeastern United States over the past three years by S&P Global Market Intelligence. Stock trades on the OTC Markets under ticker symbol "FCIT".

About First Citrus Bank
First Citrus Bank, a $660 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 100 Community Banks in 2021 by American Banker and named Top 5 SBA Lender in Tampa Bay for 2020 by the SBA. First Citrus Bank was selected as the Tampa Bay Chamber of Commerce 2019 Small Business of the Year and ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine Independent Banker. It serves businesses and individuals through a range of tailored financial solutions specializing in personal and business banking services with six locations throughout Tampa Bay.

First Citrus Bank enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful. For additional information, please visit

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.

Comparative Consolidated Balance Sheet
(Unaudited - dollars in thousands)

 Assets       12/31/202112/31/2020Percent

 Cash and Due From Banks$243,52580,823201% 
 Investment Securities & Fed Funds Sold418475(12%) 
 Total Loans398,734431,547(8%) 
 Allowance for Loan Losses   (4,003)(2,872)39% 
 Net Loans394,731428,675(8%) 
 Premises and Equipment, Net8,3157,5959% 
 Cash Surrender Value of Bank-Owned Life Insurance7,1156,9343% 
 Other Assets5,8714,19340% 
 Total Assets$659,975528,69525% 
 Liabilities and Shareholders' Equity

 Demand Deposits318,171242,92731% 
 Money-Market Deposits 206,399161,68328% 
 Time and Savings Deposits71,18469,3613% 
 Total Deposits$595,754473,97126% 
 FHLB Advances and Fed Funds Purchased00  
 Subordinated Debentures10,8438,85422% 
 Other Liabilities4,8013,50037% 
 Total Deposits and Liabilities611,398486,32526% 
 Shareholders' Equity48,57742,37015% 
 Total Liabilities and Shareholders' Equity   $659,975528,69525% 

            Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
   Fourth Quarter Twelve Months
December 31
  20212020  20212020          
 Interest Income$5,6135,332 $23,38819,667 
 Interest Expense431576 2,0312,844 
 Net Interest Income5,1824,756 21,35716,823 
 Provision for Loan Losses300300 1,200784 
 Net Interest Income After Provision4,8824,456 20,15716,039 
 Noninterest Income687857 3,5822,362 
 Noninterest Expense4,1433,398 14,80012,010 
 Earnings Before Income Taxes1,4261,915 8,9396,391 
 Income Taxes280476 2,1061,490 
 Net Earnings$1,1461,439 $6,8334,901 
 Earnings Per Share Basic$0.560.70 $3.322.40 
 Earnings Per Share Diluted$0.540.68 $3.242.32 
 Book Value Per Share at End of Period$23.5720.70 $23.5720.70 
 Shares Outstanding2,060,7232,044,574 2,060,7232,044,574 
 Dividends-- $0.45$0.40 

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