TAMPA, Fla.--(BUSINESS WIRE)--First Citrus Bancorporation, Inc. (OTCPink: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the first quarter of 2017, with quarterly earnings of $561,000, or $0.34 per basic and diluted share. Net earnings in the first quarter of 2017 increased 161% over the first quarter of 2016.
After adjusting for the October 17, 2016 5% stock dividend, the book value per share ended March 31, 2017 at $14.43, an increase of 6.6% over the $13.54 book value per share at March 31, 2016.
Total assets were $324.4 million at March 31, 2017, an increase of $41.9 million, or 15% from $282.6 million at March 31, 2016.
Total loans grew to $266.3 million at March 31, 2017, an increase $43.0 million, or 19% from $223.3 million at March 31, 2016. Average DDA balances for March 31, 2017 were $62.1 million, an increase of $13.0 million, or 26.5% over the 2016 average. DDA balances averaged 23.6% of 2017 total average deposits.
“We are off to a great start with record profits of $561,000, up 161%, during the first quarter which are tracking ahead of budget. We’re benefiting from a terrific market with fewer competitors. Noninterest income is up sharply due to our new SBA line of business building momentum. Over the trailing 12 months, our loan and deposit portfolios grew 19% and 18% respectively,” stated John M. Barrett, President and Chief Executive Officer.
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