First Citrus Bancorporation, Inc. Reports Second Quarter 2017 Net Earnings Growth of 275%

Jul 17, 2017

TAMPA, Fla., July 17, 2017 – First Citrus Bancorporation, Inc. (OTCPink: (FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the second quarter of 2017, with quarterly earnings of $544,000, or $0.33 per basic and diluted share.

Second Quarter 2017 Highlights (compared to second quarter 2016)

• Net earnings growth of 275%;
• Book value per share growth of 7.7%;
• Asset growth of 16%;
• Loan growth of 20%;
• Demand deposit average balance growth of 20%;
• Earnings per share growth of 267%;
• Return on equity growth of 249%.

After adjusting for the October 17, 2016 5% stock dividend, book value per share ended June 30, 2017 at $14.67, an increase of 7.7% over the $13.62 book value per share at June 30, 2016.

Total assets were $334.1 million at June 30, 2017, an increase of $46.5 million, or 16% from

$287.6 million at June 30, 2016. YTD profits were strong at $1,105,000; up 207%.

Total loans grew to $283.2 million at June 30, 2017, an increase $47.6 million, or 20% from

$235.6 million at June 30, 2016. DDA balances for June 30, 2017 averaged $79.8 million, an increase of $13.3 million, or 20% over 2016. DDA balances represented 30% of 2017 total deposits.

“Our plan is working and we anticipate continued improvements in our operating performance as the new norm,” stated John M. Barrett, President and Chief Executive Officer.

See the full article on Nasdaq GlobeNewswire
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