First Citrus Bancorporation, Inc. Reports Record Annual Profits and Fourth Quarter 2017 Net Earnings

Jan 23, 2018

TAMPA, Fla., January 23, 2018 – First Citrus Bancorporation, Inc. (OTC Pink: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2017, with record annual profits of $2,513,000, or $1.46 per share and record quarterly earnings of $749,000, or $0.40 per share.

Fourth Quarter 2017 Highlights (compared to fourth quarter 2016)

· Net earnings growth of 83%;
· Book value per share growth of 12%;
· Asset growth of 15%;
· Loan growth of 13%;
· Demand deposit average balance growth of 18%;
· Earnings per share growth of 59%;
· Return on equity growth of 41%.

Net income for the twelve months ended December 31, 2017 was $2,513,000, or $1.46 per share, compared to net income of $1,275,000, or $0.77 per share for the twelve months ended December 31, 2016, an increase of $1,238,000 or 97%.

Book value per share at December 31, 2017 was $15.94, an increase of 12.3% over the $14.19 book value per share at December 31, 2016.

Total assets were $358.4 million at December 31, 2017, an increase of $45.5 million, or 15% from $313.0 million at December 31, 2016.

Total loans grew to $286.3 million at December 31, 2017, an increase $33.2 million, or 13% from $253.1 million at December 31, 2016. DDA balances for December 31, 2017 averaged $82.6 million, an increase of $12.6 million, or 18% over 2016. DDA balances represented 33% of 2017 total deposits.

“More than half of Tampa Bay’s community banks were sold over the past 18 months. Thus the opportunity to grow market share is emboldened. It’s no surprise that our 2018 budget projects assets to exceed $400 million with continued record profits,” stated John M. Barrett, President and Chief Executive Officer.

See the original article on (Nasdaq Globenewswire)

Brandon Location Map

First Citrus Bank Brandon

1314 Oakfield Drive | Brandon, FL 33511

Customer Service

813-864-0929

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813-269-5414

Fax

813-864-0937

Monday - Thursday

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Friday

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Carrollwood Location Map

First Citrus Bank Carrollwood

10824 N. Dale Mabry Hwy | Tampa, FL 33618

Customer Service

813-926-2848

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813-269-5414

Fax

813-269-5416

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Friday

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Citrus Park Location Map

First Citrus Bank Citrus Park

13850 Sheldon Road | Tampa, FL 33626

Customer Service

813-926-5588

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813-269-5414

Fax

813-864-1250

Monday - Thursday

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Friday

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Kennedy Location Map

First Citrus Bank Kennedy

4302 West Kennedy Blvd. | Tampa, FL 33609

Customer Service

813-422-6625

Loans

813-269-5414

Fax

813-422-6650

Monday - Thursday

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Friday

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South Tampa Location Map

First Citrus Bank South Tampa

4240 Henderson Boulevard | Tampa, FL 33629

Customer Service

813-287-0992

Loans

813-269-5414

Fax

813-287-0322

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Friday

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