First Citrus Bancorporation, Inc. Reports Fourth Quarter 2018 Net Earnings Growth of 70% and Surpasses $400 Million in Assets   


TAMPA, Fla., Jan. 14, 2019 (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 2018.  The bank surpassed $400 million in assets for the first time in December 2018, placing it in the top five Tampa Bay community banks by asset size.

Fourth Quarter 2018 Highlights (compared to fourth quarter 2017)

  • Net earnings growth of 70%;
  • Book value per share growth of 6.4%*;
  • Asset growth of 13%;
  • Loan growth of 9%;
  • Demand deposit growth of 13%;
  • Earnings per share growth of 65%*;
  • Return on equity growth of 48% to 15.3%;
  • Nonperforming assets declined 88% to .12% of assets.

Net income for the twelve months ended December 31, 2018 was $3.9 million, or $2.00 per share, compared to the net income of $2.5 million, or $1.44 per share for the twelve months ended December 31, 2017.

Book value per share at December 31, 2018 was $16.96, an increase of $1.02 over the $15.94 book value per share at December 31, 2017.  A $0.20 special cash dividend per share of Common, Class A Preferred and Class B Preferred was paid on March 2, 2018.  In addition, a 5% stock dividend per share of Common, Class A Preferred and Class B Preferred was issued on October 17, 2018.

Total assets were $403.3 million at December 31, 2018, an increase of $44.9 million, or 13% from $358.4 million at December 31, 2017.

Total loans grew to $312 million at December 31, 2018, an increase $25.7 million, or 9% from $286.3 million at December 31, 2017. 

Demand deposits for December 31, 2018 were $108.7 million, an increase of $12.6 million, or 13% over 2017.  Demand deposit balances represented 34% of 2018 total deposits.

“For the fifth consecutive year, earnings per share growth exceeded 50%.  What’s really special, however, is our upside potential, since our 2019 forecast calls for continued record profits,” said John Barrett, President and CEO of First Citrus Bank.  “This year marks our twenty-year anniversary.  We’re honored to continue helping Tampa Bay families become more financially secure and businesses economically successful.”

 
Comparative Consolidated Balance Sheet
(Unaudited)
 
 Assets   12/31/2018
    12/31/2017 Percent
Change
 
 Cash and Due From Banks$74,071,180 56,204,177 32% 
 Investment Securities & Fed Funds Sold 2,205,784 2,133,512 3% 
     
 Total Loans 311,996,985 286,342,461 9% 
 Allowance for Loan Losses (2,674,478)(2,600,696)3% 
 Net Loans 309,322,507 283,741,765 9% 
     
 Premises and Equipment, Net 7,648,566 7,767,843 (2%) 
 Cash Surrender Value of Bank-Owned Life Insurance 6,537,208 5,363,548 22% 
 Other Assets 3,513,663 3,238,235 9% 
 Total Assets$403,298,908 358,449,080 13% 
     
 Liabilities and Shareholders' Equity   
 Demand Deposits$108,757,031 96,110,446 13% 
 Money-Market Deposits  128,804,927 103,892,413 24% 
 Time and Savings Deposits 86,193,267 87,931,538 (2%) 
 Total Deposits$323,755,225 287,934,397 12% 
     
 FHLB Advances and Fed Funds Purchased 38,000,000 33,000,000 15% 
 Subordinated Debentures 4,942,000 5,247,000 (6%) 
 Other Liabilities 2,310,325 1,623,860 42% 
 Total Deposits and Liabilities 369,007,551 327,805,257 13% 
     
 Shareholders' Equity 34,291,357 30,643,823 12% 
     
 Total Liabilities and Shareholders' Equity$403,298,908 358,449,080 13% 
         

 

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
      
   Fourth Quarter
   
 Twelve Months   
Ended December 31

 
     2018   2017      2018    2017 
 Interest Income$4,6203,773  $16,902 14,211 
 Interest Expense  937593   3,035 2,076 
 Net Interest Income 3,6833,180   13,867 12,135 
 Provision for Loan Losses 60(5)  390 480 
 Net Interest Income After Provision 3,6233,185   13,477 11,655 
 Noninterest Income 496706   1,838 1,948 
 Noninterest Expense 2,4552,569   10,158 9,495 
 Earnings Before Income Taxes 1,6641,322   5,157 4,108 
 Income Taxes 387573   1,262 1,595 
 Net Earnings$1,277749  $3,895 2,513 
 Earnings Per Share Basic*$0.630.38  $2.00 1.44 
 Earnings Per Share Diluted*$0.630.38  $1.99 1.44 
 Book Value Per Share at End of Period*$16.9615.94  $16.96 15.94 
 Shares Outstanding 2,021,6221,922,478   2,021,622 1,922,478 
 Dividends   --  $0.20$0.10 
 *A 5% stock dividend per share of Common, Class A Preferred and  Class B Preferred was issued on 10/17/2018.         
 

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.  Ranked as the fourth-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 $403 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 enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful.  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.


            

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