First Citrus Bancorporation, Inc. Reports Third Quarter 2017 Net Earnings Growth of 30%

Oct 16, 2017

TAMPA, Fla., Oct. 16, 2017 (GLOBE NEWSWIRE) -- 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 2017, with record quarterly earnings of $659,000, or $0.39 per basic and diluted share.

Third Quarter 2017 Highlights (compared to third quarter 2016)

* Net earnings growth of 30%;
* Book value per share growth of 10.3%;
* Asset growth of 12%;
* Loan growth of 18%;
* Demand deposit average balance growth of 18%;
* Earnings per share growth of 26%;
* Return on equity growth of 18%.

Net income for the nine months ended September 30, 2017 was $1,764,000, or $1.06 per share, compared to net income of $865,000, or $0.52 per share for the nine months ended September 30, 2016, an increase of $899,000, or 104%

After adjusting for the October 17, 2016 5% stock dividend, book value per share ended September 30, 2017 at $15.37, an increase of 10.3% over the $13.94 book value per share at September 30, 2016.

Total assets were $341.6 million at September 30, 2017, an increase of $35.3 million, or 12% from
$306.3 million at September 30, 2016.

Total loans grew to $279.3 million at September 30, 2017, an increase $42.9 million, or 18% from
$236.4 million at September 30, 2016. DDA balances for September 30, 2017 averaged $80.5 million, an increase of $12.2 million, or 18% over 2016. DDA balances represented 30% of 2017 total deposits.

“Every $10 million in asset growth enhances our operating efficiencies, hence profit levels. Today, the number of community bank competitors is dramatically reduced. Thus, we are excited to continue capitalizing on what we feel is an extraordinary market opportunity,” stated John M. Barrett, President and Chief Executive Officer.
 
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First Citrus Bank Brandon

1314 Oakfield Drive | Brandon, FL 33511

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813-864-0929

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First Citrus Bank Carrollwood

10824 N. Dale Mabry Hwy | Tampa, FL 33618

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First Citrus Bank Citrus Park

13850 Sheldon Road | Tampa, FL 33626

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Kennedy Location Map

First Citrus Bank Kennedy

4302 West Kennedy Blvd. | Tampa, FL 33609

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813-422-6625

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First Citrus Bank South Tampa

4240 Henderson Boulevard | Tampa, FL 33629

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813-287-0992

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