First Citrus Bancorporation, Inc. Reports Record-Setting Growth in 2022 First Quarter

TAMPA, Fla., April 25, 2022 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, released its financial results for the first quarter of 2022.

Net earnings of $1,463,000 for the quarter ended March 31, 2022, was 28% higher than the fourth quarter of 2021 and 14% lower than the first quarter of 2021. During the first quarter, assets, deposits, and core loans (total loans less PPP loans) grew to record levels.

First Quarter 2022 Highlights (compared to first quarter 2021)

  • Net earnings decreased 14%;
  • Total assets increased 13%;
  • Core loans increased 6%;
  • Total deposits increased 13%;
  • Earnings per share decreased 15%.

Net income for the quarter ended March 31, 2022, was $1,463,000 or $0.71 per share, compared to the net income of $1,705,000, or $0.83 per share for the quarter ended March 31, 2021, primarily due to lower volumes of PPP forgiveness and higher non-interest expenses partially offset by higher non-interest income.

Book value per share as of March 31, 2022, was $24.16, an increase of 15% over the $21.08 book value per share as of March 31, 2021. A $0.12 special cash dividend per share of Common, Class A Preferred, and Class B Preferred stock was paid on March 14, 2022.  

Total assets were $689 million as of March 31, 2022, an increase of $80 million, or 13%, from $609 million as of March 31, 2021.

The bank experienced record loan originations of $52 million in the first quarter of 2022 compared to $32 million in the prior year quarter. Despite this record quarter, total loans decreased by $80 million or 17%, from $478 million at March 31, 2021, to $398 million at March 31, 2022, primarily due to a $102 million decrease in the PPP loan portfolio from $109 million to $7 million during the corresponding period. Excluding the significant PPP portfolio decrease, the bank's core loans increased $22 million or 6% from March 31, 2021, to March 31, 2022, led primarily by a $17 million increase in the commercial real estate portfolio.   

We continue to deliver on our proven track record of maintaining excellent credit quality with record low non-performing loans. At March 31, 2022, loans delinquent 30 to 89 days totaled of $.04 million compared to $1.2 million at March 31, 2021. At March 31, 2022, there were no non-performing loans, defined as nonaccrual loans and loans 90 days past due accruing interest, compared to $1.0 million or .21% at March 31, 2021. At March 31, 2022, there were no temporary loan payment deferments in response to the CARES Act, compared to five loans totaling $12.4 million or 2.6% of total loans at March 31, 2021.

Total deposits as of March 31, 2022, were $622 million, an increase of $71 million, or 13%, over 2021. Demand deposit balances represented 54% of 2022 total deposits.

"Virtually all the PPP loans have been retired, and with the momentum from record core loan production, we're anticipating meaningful traction in the loan portfolio for the balance of the year. In today's rising rate environment, that's a boon for revenue growth," 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 $700 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)
 Cash and Due From Banks$273,186118,095131% 
 Investment Securities & Fed Funds Sold95284812% 
 Total Loans397,851477,594(17%) 
 Allowance for Loan Losses(4,104)(3,097)33% 
 Net Loans393,747474,497(17%) 
 Premises and Equipment, Net8,2687,8545% 
 Cash Surrender Value of Bank-Owned Life Insurance7,1606,9793% 
 Other Assets6,032615881% 
 Total Assets$689,345608,88813% 
 Liabilities and Shareholders' Equity

 Demand Deposits337,665298,41313% 
 Money-Market Deposits220,200181,53521% 
 Time and Savings Deposits64,35571,469(10%) 
 Total Deposits$622,220551,41713% 
 Subordinated Debentures10,84510,2855% 
 Other Liabilities6,4263,77270% 
 Total Deposits and Liabilities639,491565,47413% 
 Shareholders' Equity49,85443,41415% 
 Total Liabilities and Shareholders' Equity$689,345608,88813% 

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
  First Quarter Twelve Months
December 31
  20222021 20212020 
 Interest Income$5,3815,753 $23,38819,667 
 Interest Expense401546 2,0312,845 
 Net Interest Income4,9805,207 21,35716,822 
 Provision for Loan Losses100225 1,200784 
 Net Interest Income After Provision4,8804,982 20,15716,038 
 Noninterest Income1,254605 3,5402,342 
 Noninterest Expense4,2033,335 14,75811,989 
 Earnings Before Income Taxes1,9312,252 8,9396,391 
 Income Taxes468547 2,1061,490 
 Net Earnings$1,4631,705 $6,8334,901 
 Earnings Per Share Basic$0.710.83 $3.322.40 
 Earnings Per Share Diluted$0.690.81 $3.242.32 
 Book Value Per Share at End of Period$24.1621.08 $23.5720.70 
 Shares Outstanding2,063,6372,059,723 2,060,7232,044,574 
 Dividends$0.120.45 $0.450.40 

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