First Citrus Bancorporation Inc. (OTC Pink: FCIT
), the parent bank holding company for First Citrus Bank, reported a 74 percent growth in net earnings for the first quarter of fiscal 2019.
The Tampa-based bank reported a net income of $1.06 million for the first quarter compared to $609,000 for the three months ending March 31, 2018.
The bank, which is one of the largest community banks by assets in the Tampa Bay area, reported in January that it had surpassed $400 million in assets for the fourth quarter of fiscal 2018.
Overall, the bank reported across-the-board growth, according to a U.S. Securities and Exchange Commission filing.
First Citrus reported asset growth of 7 percent — from $369.5 million in 2018 to $396 million this year — for the first quarter. Loan growth was up 5 percent from $291 million to $305 million; demand deposits grew 6 percent from $102 million to $108 million; and its book share value increased by 13 percent from $15.29 to $17.25.
“Our credit discipline remained consistent, as new loan closings were up a modest 2 percent. We’re pleased to see our loan pipeline refilling,” said John Barrett, president and CEO of First Citrus Bank, in a prepared statement.
First Citrus Bank has five locations throughout the Tampa Bay area.
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