First Citrus Bancorporation, Inc. Reports Second Quarter 2018 Net Earnings Growth of 100%

Jul 16, 2018

TAMPA, Fla., July 16, 2018 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Pink:FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the second quarter of 2018, with quarterly earnings of $1,089,000, or $.56 per share.

Second Quarter 2018 Highlights (compared to second quarter 2017)

  • Net earnings growth of 100%;
  • Book value per share growth of 12.7%;
  • Asset growth of 12%;
  • Loan growth of 7%;
  • Demand deposit balance growth of 33%;
  • Earnings per share growth of 70%;
  • Return on equity growth of 60%.

Net income for the six months ended June 30, 2018 was $1,698,000, or $0.88 per share, compared to net income of $1,105,000, or $0.67 per share for the six months ended June 30, 2017. 

Book value per share at June 30, 2018 was $16.64, an increase of 12.7% over the $14.76 book value per share at June 30, 2017.

Total assets were $373.7 million at June 30, 2018, an increase of $39.6 million, or 12% from $334.1 million at June 30, 2017.

Total loans grew to $302.8 million at June 30, 2018, an increase of $19.6 million, or 7% from $283.2 million at June 30, 2017.  DDA balances for June 30, 2018 were $106.8 million, an increase of $26.6 million, or 33% over 2017.  DDA balances represented 35% of 2018 total deposits.

“With profits doubling quarter over quarter and demand deposit growth strong, our bankers are doing a terrific job capitalizing on market conditions,” said John M. Barrett, President and Chief Executive Officer.  “We’re on track with budget and excited for the second half of 2018.”

See the original article on (Nasdaq Globenewswire)

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Brandon Location Map

First Citrus Bank Brandon

1314 Oakfield Drive | Brandon, FL 33511

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813-864-0929

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813-269-5414

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Carrollwood Location Map

First Citrus Bank Carrollwood

10824 N. Dale Mabry Hwy | Tampa, FL 33618

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813-926-2848

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First Citrus Bank Citrus Park

13850 Sheldon Road | Tampa, FL 33626

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813-926-5588

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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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813-269-5414

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813-422-6650

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South Tampa Location Map

First Citrus Bank South Tampa

4240 Henderson Boulevard | Tampa, FL 33629

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813-287-0992

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813-287-0322

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