TAMPA, Fla., Oct. 22, 2018 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by First Citrus Bancorporation, Inc. (OTC Pink: FCIT), please note that the Shareholder's Equity has been updated to $32,984,268 as of September 30, 2018, and Book Value Per Share at End of Period has been updated with a clarification. The corrected release follows:

First Citrus Bancorporation, Inc. (OTC Pink: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the third quarter of 2018, with quarterly earnings of $920,000, or $.48 per share.

Third Quarter 2018 Highlights (compared to third quarter 2017)

  • Net earnings growth of 40%;
  • Book value per share growth of 11.5%;
  • Asset growth of 14%;
  • Loan growth of 10%;
  • Demand deposit growth of 26%;
  • Earnings per share growth of 23%;
  • Return on equity growth of 11%.

Net income for the nine months ended September 30, 2018 was $2,618,000, or $1.36 per share, compared to net income of $1,764,000, or $1.06 per share for the nine months ended September 30, 2017.

Book value per share at September 30, 2018 was $17.13, an increase of 11.5% over the $15.37 book value per share at September 30, 2017.

Total assets were $389.2 million at September 30, 2018, an increase of $47.6 million, or 14% from $341.6 million at September 30, 2017.

Total loans grew to $306 million at September 30, 2018, an increase of $26.7 million, or 10% from $279.3 million at September 30, 2017.

DDA balances for September 30, 2018 were $107.7 million, an increase of $22.4 million, or 26% over 2017.  DDA balances represented 34% of 2018 total deposits.

“Thanks to our outstanding personnel, we’ve delivered another quarter of solid operating performance.  We’re focused on finishing 2018 strong in what’s shaping up to be another record year,” said John M. Barrett, President and Chief Executive Officer.

Comparative Consolidated Balance Sheet
      
(Unaudited)      
            
Assets9/30/2018 9/30/2017 Percent
Change
      
Cash and Due From Banks$67,156,600 46,625,910 44%      
Investment Securities & Fed Funds Sold2,093,085 2,031,777 3%      
            
Total Loans306,004,715 279,274,195 10%      
Allowance for Loan Losses(2,438,021) (2,596,273) (6%)      
Net Loans303,566,694 276,677,922 10%      
            
Premises and Equipment, Net7,706,309 7,806,563 (1%)      
Cash Surrender Value of Bank-Owned Life Insurance5,488,864 5,319,365 3%      
Other Assets3,231,345 3,120,500 4%      
Total Assets$389,242,897 341,582,037 14%      
            
Liabilities and Shareholders' Equity           
Checking Deposits$107,654,344 85,230,578 26%      
Money-Market Deposits132,037,594 107,087,153 23%      
Time and Savings Deposits79,296,653 90,872,535 (13%)      
Total Deposits$318,988,591 276,995,341 15%      
            
FHLB Advances and Fed Funds Purchased30,000,000 30,000,000 0%      
Subordinated Debentures4,942,000 5,647,000 (12%)      
Other Liabilities2,328,038 1,594,655 46%      
Total Deposits and Liabilities356,258,629 314,236,996 13%      
            
Shareholders' Equity32,984,268 27,345,041 21%      
            
Total Liabilities and Shareholders' Equity$389,242,897 341,582,037 14%      


Comparative Consolidated Statements of Earnings
 
(Unaudited - dollars in thousands except per share data) 
       
 Third Quarter
 Nine Months Ended
September 30

 
 20182017 20182017 
Interest Income$4,3623,672 $12,28210,438 
Interest Expense 795554 2,0981,483 
  Net Interest Income3,5673,118 10,1848,955 
Provision for Loan Losses1105 330485 
  Net Interest Income After Provision3,4573,113 9,8548,470 
Noninterest Income280278 1,3421,242 
Noninterest Expense2,5062,349 7,7036,926 
  Earnings Before Income Taxes1,2311,042 3,4932,786 
Income Taxes311383 8751,022 
Net Earnings$920659 $2,6181,764 
Earnings Per Share$0.480.39 $1.361.06 
Book Value Per Share at End of Period*$17.1315.37 $17.1315.37 
Shares Outstanding1,925,3031,778,765 1,925,3031,778,765 
Dividends  -- $0.20$0.10 
*The Board of Directors has declared a 5% stock dividend per share of Common, Class A Preferred, and Class B Preferred. The dividend is payable on October 17, 2018 to shareholders of record as of October 3, 2018. The dividend will increase the number of shares currently outstanding by 96,265 shares bringing total outstanding shares to 2,021,568.      
       

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.  Ranked as the third best performing regional bank stock in the Southeastern United States for the past five years by S&P Global Market Intelligence.  Stock trades on the OTC Pink under ticker symbol “FCIT.”

About First Citrus Bank
First Citrus Bank, a $389 million commercial bank, was established in 1999 and is headquartered in Tampa.  Ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine IB Independent Banker, it serves businesses and individuals through a range of tailored financial solutions.  Specializing in retail and commercial banking services, First Citrus Bank has five locations throughout Tampa Bay.

First Citrus Bank enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful.  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.

For more information contact: 
John Linton, EVP & Chief Financial Officer
813.792.7177