First Citrus Bancorporation, Inc. Announces Third Quarter Earnings and Surpasses $300 Million in Assets

First Citrus Bancorporation, Inc. Announces Third Quarter Earnings TAMPA, Fla.–(BUSINESS WIRE)–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 2016.

“The Company is realizing a lift in earnings and efficiencies from its expanded personnel roster and successful launch of its new SBA 7a business line, we surpassed $300 million in assets this quarter with 16% growth year-over-year”

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“The Company is realizing a lift in earnings and efficiencies from its expanded personnel roster and successful launch of its new SBA 7a business line, we surpassed $300 million in assets this quarter with 16% growth year-over-year,” said John M. Barrett, President and CEO.

Total loans increased 10% to $236 million for the Third Quarter of 2016 as compared to $213 million to the prior year quarter end. Demand deposits of $58 million, increased 18% over the prior year quarter end.

Net income for the Third Quarter of 2016 was $506 thousand, an increase of 128% over the Third Quarter of 2015. Year-to-date net income for 2016 was $865 thousand compared to $625 thousand for 2015. For the first nine months of 2016 net income increased 38% year-over-year.

Earnings-per-share of $.55 is up 37.5% year-over-year while book value per share was $14.62 at September 30, 2016, up 5% year-over-year.

Comparative Consolidated Balance Sheet

(Unaudited)

Assets

9/30/3016

9/30/2015

% Change

Cash and Noninterest Bearing Due From Banks 53,310,827 38,318,838 28%
Investment Securities & Fed Funds Sold 2,280,260 2,459,501 -8%
Total Loans 236,355,226 213,600,974 10%
Allowance for Loan Losses (2,300,188) (2,168,179) 6%
Net Loans 234,055,038 211,432,795 10%
Premises and Equipment, Net 8,029,593 8,328,975 -4%
Cash Surrender Value of Bank-Owned Life Insurance 5,142,429 0 100%
Other Assets 3,439,784 3,376,958 2%
Total Assets $306,257,931 $263,917,067 14%
Liabilities and Shareholders’ Equity
Deposits $247,833,997 $207,728,195 16%
FHLB Advance and Fed Funds Purchased $30,000,000 $30,000,000 0%
Subordinated Debentures 3,947,000 3,847,000 3%
Other Liabilities 1,494,744 437,731 71%
Total Deposits and Liabilities $283,275,741 $242,012,926 15%
Shareholders’ Equity $22,982,190 $21,904,141 5%
Total Liabilities and Shareholders’ Equity $306,257,931 $263,917,067 14%

Comparative Consolidated Statements of Earnings

(Unaudited – $ in thousands except per share data)

3rd Quarter

Year to Date

2016

2015

2016

2015

Interest Income $ 3,026 2,727

8,761

8,069
Interest Expense 390 363 1,193 1,075
Net Interest Income 2,636 2,364 7,568 6,994
Provision for Loan Losses 33 20

217

110
Net Interest Income After Provision 2,603 2,344 7,351 6,884
Noninterest Income 301 99 692 277
Noninterest Expense 2,122 2,074 6,715 6,126
Earnings Before Income Taxes 782 369 1,328 1,035
Income Taxes 276 147 463 410
Net Earnings $ 506 222 865 625
Basic EPS $ 0.32 $ 0.14 $ 0.55 $ 0.40
Diluted EPS $ 0.32 $ 0.14 $ 0.55 $ 0.40
Book Value Per Share at End of Period $ 14.62 $ 13.94 $ 14.62 $ 13.94

About First Citrus Bancorporation, Inc.

First Citrus Bancorporation, Inc. is a Florida corporation and the parent bank holding company for First Citrus Bank, a Florida commercial bank. First Citrus Bancorporation, Inc. is headquartered in Tampa, Florida. Stock trades on the OTCPink under “FCIT.”

About First Citrus Bank

First Citrus Bank, a $306 million commercial bank, was established in 1999 and headquartered in Tampa, Florida. Ranked as one of the Top 25 Commercial Loan Producers in the Nation by ICBA Magazine, it serves businesses and individuals through tailored financial solutions designed to fit their needs. Specializing in retail and commercial banking services, the Bank has five locations throughout Tampa Bay.

First Citrus Bank creates a more vibrant Tampa Bay through financing economic growth at the local level. For additional information, please visit http://www.firstcitrus.com.

Information in this release relating to the Company’s future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as “expects,” “believe,” “will,” “intends,” “will be” or “would.” First Citrus Bancorporation assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.

Contacts

First Citrus Bancorporation, Inc.
John Linton, 813-792-7177
EVP & Chief Financial Officer
jlinton@firstcitrus.com

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