First Citrus Bancorporation, Inc. Closes Second Quarter 2020 With Net Earnings Growth of 36% and Deposit Growth of 46%

TAMPA, Fla., July 20, 2020 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the second quarter of 2020. 

June 30, 2020, YTD earnings were the highest on record for the first six-month period after the second quarter produced the strongest quarterly earnings performance in company history. During the second quarter, assets, deposits, and loans grew to record levels largely due to loans made under the SBA Paycheck Protection Program (PPP). Net income in the second quarter was $1,290,000.

Second Quarter 2020 Highlights (compared to second quarter 2019)

  • Net earnings growth of 36%;
  • Asset growth of 39%;
  • Loan growth of 40%;
  • Deposit growth of 46%;
  • Return on equity growth of 24%;
  • Earnings per share growth of 35%.

Six Months YTD 2020 Highlights (compared to six months YTD 2019)

  • Net earnings growth of 6%;
  • Earnings per share growth of 5%;
  • Book value per share growth of 9%.

Net earnings for the six months ended June 30, 2020, was $2,125,000, or $1.04 per share, compared to the net income of $2,006,000, or $0.99 per share for the six months ended June 30, 2019.

Book value per share at June 30, 2020, was $19.35, an increase of 9% over the $17.73 book value per share at June 30, 2019. A $0.40 special cash dividend per share of Common, Class A Preferred and Class B Preferred was paid on March 4, 2020. 

Total assets were $549 million at June 30, 2020, an increase of $153 million, or 39% from $396 million at June 30, 2019.

Total loans grew to $438 million at June 30, 2020, an increase $126 million, or 40% from $312 million at June 30, 2019, primarily due to loans made under the Paycheck Protection Program.

Total deposits for June 30, 2020, were $473 million, an increase of $150 million, or 46% over 2019 primarily due to deposits made in connection with the Paycheck Protection Program. Demand deposit balances represented 47% of 2020 total deposits.

"In a time of great uncertainty and change, one thing that won’t change is our steadfast commitment to Tampa Bay businesses, families and individuals," said John Barrett, President and CEO of First Citrus Bank.

Comparative Consolidated Balance Sheet
(Unaudited - dollars in thousands)

               Assets   6/30/20206/30/2019Percent
               Cash and Due From Banks$98,35067,46946%               
               Investment Securities & Fed Funds Sold7622,082(63%)               
               Total Loans437,543311,62540%               
               Allowance for Loan Losses(2,688)(2,721)  ( 1%)               
               Net Loans434,855308,90441%               
               Premises and Equipment, Net7,5417,695( 2%)               
               Cash Surrender Value of Bank-Owned Life Insurance6,8376,6393%               
               Other Assets1,1253,612(69%)               
               Total Assets$549,470396,40139%               
               Liabilities and Shareholders' Equity                  
               Demand Deposits222,596106,015110%               
               Money-Market Deposits 168,849125,65134%               
               Time and Savings Deposits81,24091,395(11%)               
               Total Deposits $472,685323,06146%               
               FHLB Advances and Fed Funds Purchased030,000(100%)               
               FRB Advances28,2780                
               Subordinated Debentures4,9424,9420%               
               Other Liabilities3,9932,47461%               
               Total Deposits and Liabilities509,898360,47741%               
               Shareholders' Equity39,57235,92410%               
               Total Liabilities and Shareholders' Equity $549,470396,40139%               

  Comparative Consolidated Statements of Earnings
  (Unaudited - dollars in thousands except per share data)
         Second Quarter
      Six Months
      Ended June 30

                 2020   2019  2020   2019              
               Interest Income $4,589 4,784  $9,202 9,356              
               Interest Expense  679 1,081  1,637 2,097              
                 Net Interest Income 3,910 3,703  7,565 7,259              
               Provision for Loan Losses 109 47  184 47              
                 Net Interest Income After Provision 3,801 3,656  7,381 7,212              
               Noninterest Income 542 287  1,021 767              
               Noninterest Expense 2,643 2,690  5,600 5,314              
                 Earnings Before Income Taxes 1,700 1,253  2,802 2,665              
               Income Taxes 410 304  677 659              
               Net Earnings$1,290949 $2,1252,006              
               Earnings Per Share Basic$0.630.47 $1.040.99              
               Earnings Per Share Diluted$0.610.46 $1.010.96              
               Book Value Per Share at End of Period$19.3517.73 $19.3517.73              
               Shares Outstanding2,044,5742,025,651 2,044,5742,025,651              
               Dividends-- $0.40$0.25              

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 and was ranked as the third best-performing regional bank stock in the Southeastern United States over the past three years by S&P Global Market Intelligence. Stock trades on the OTC Markets under ticker symbol "FCIT."

About First Citrus Bank
First Citrus Bank, a $540 million commercial bank, was established in 1999 and is headquartered in Tampa. It was selected as the Greater Tampa Chamber of Commerce 2019 Small Business of the Year and ranked as one of the Top 100 Community Banks in 2020 by American Banker. Ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine 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

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.


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