First Citrus Bancorporation, Inc. Announces Third Quarter Earnings and Surpasses $300 Million in Assets

Oct 17, 2016

First Citrus Bancorporation, Inc. (OTCPink:FCIT) the parent bank holding company for First Citrus Bank has released its financial results for the Third Quarter of 2016.

The Company is realizing a lift in earnings and efficiencies from its expanded personnel roster and successful launch of its new SBA 7a business line. We surpassed $300 million in assets this quarter with 16% growth year-over-year,” said John M. Barrett, President and CEO.

Total loans increased 10% to $236 million for the Third Quarter of 2016 as compared to $213 million to the prior year quarter end. Demand deposits of $58 million, increased 18% over the prior year quarter end.

Net income for the Third Quarter of 2016 was $506 thousand, an increase of 128% over the Third Quarter of 2015. Year-to-date net income for 2016 was $865 thousand compared to $625 thousand for 2015. For the first nine months of 2016 net income increased 38% year-over-year.

Earnings-per-share of $.55 is up 37.5% year-over-year while book value per share was $14.62 at September 30, 2016, up 5% year-over-year.

See the full article on Business Wire

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