One of the Tampa Bay area’s largest community banks by assets could be climbing in rank as its latest financial results surpassed $400 million.
First Citrus Bancorporation, the parent bank holding company for First Citrus Bank, reported $403.3 million in assets for the fourth quarter of fiscal 2018, a 13 percent increase over the same reporting period last year.
The increase in assets potentially puts First Citrus closer to being one of the top five largest community banks by assets in the Tampa Bay area. The bank ranked No. 6 as of June 30, 2018, according to Tampa Bay Business Journal research, reporting $358.4 million in total assets.
Overall, the community bank’s fourth-quarter results showed increases across the board, with net income at $3.9 million, or $2 per share, compared to $2.5 million for the same time last year. The bank’s loans grew to $312 million, up 9 percent from 2017, and demand deposits grew by 13 percent to $108.7 million.
“For the fifth consecutive year, earnings per share growth exceeded 50 percent. What’s really special, however, is the upside potential, since our 2019 forecast calls for continued record profits,” John Barrett, president and CEO of First Citrus Bank, said in a statement. “This year marks our 20-year anniversary. We’re honored to continue helping Tampa Bay families become more financially secure and business economically successful.”
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