First Citrus Bancorporation, Inc. Closes Third Quarter 2020 With Net Earnings Growth of 71% and Deposit Growth of 37%

TAMPA, Fla., Oct. 19, 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 third quarter of 2020.

September 30, 2020, YTD earnings were the highest on record after the third quarter produced the strongest quarterly earnings performance in company history. During the third quarter, assets, deposits, and loans grew to record levels largely due to loans made under the SBA Paycheck Protection Program (PPP) and related depository accounts established with new PPP loan customers. Net income in the third quarter was $1,337,000.

Third Quarter 2020 Highlights (compared to third quarter 2019)

  • Net earnings growth of 71%;
  • Asset growth of 36%;
  • Loan growth of 37%;
  • Deposit growth of 37%;
  • Return on equity growth of 55%;
  • Earnings per share growth of 68%.

Nine Months YTD 2020 Highlights (compared to nine months YTD 2019)

  • Net earnings growth of 24%;
  • Earnings per share growth of 23%;
  • Book value per share growth of 10%.

Net earnings for the nine months ended September 30, 2020, was $3,462,000, or $1.70 per share, compared to the net income of $2,787,000, or $1.38 per share for the nine months ended September 30, 2019.

Book value per share at September 30, 2020, was $19.99, an increase of 10% over the $18.12 book value per share at September 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 $566 million at September 30, 2020, an increase of $149 million, or 36% from $417 million at September 30, 2019.

Total loans grew to $440 million at September 30, 2020, an increase $119 million, or 37% from $321 million at September 30, 2019, primarily due to loans made under the Paycheck Protection Program.

Total deposits for September 30, 2020, were $469 million, an increase of $127 million, or 37% over 2019, primarily due to deposits made in connection with the Paycheck Protection Program. Demand deposit balances represented 51% of 2020 total deposits.

The Bank meets all regulatory requirements for “well-capitalized” status and has elected to opt-in to the Community Bank Leverage Ratio framework.

"As we close out the third quarter, we are proud of the way our bankers stepped in as the economy’s first responders for over one thousand Bay area businesses and families. You are now seeing their spirited performance play out more in our salutary financial results too. We will continue championing our community as we aim to finish 2020 strong," said John Barrett, President and CEO of First Citrus Bank.

Comparative Consolidated Balance Sheet  
(Unaudited - dollars in thousands)
 Assets      9/30/20209/30/2019Percent
 Cash and Due From Banks$110,74778,56941% 
 Investment Securities & Fed Funds Sold7432,068(64%) 
 Total Loans440,462320,91237% 
 Allowance for Loan Losses(2,585)(2,499)     (3%) 
 Net Loans437,877318,41338% 
 Premises and Equipment, Net7,5207,660(2%) 
 Cash Surrender Value of Bank-Owned Life Insurance6,8856,6903% 
 Other Assets1,9193,478(45%) 
 Total Assets$565,691416,87836% 
 Liabilities and Shareholders' Equity
 Demand Deposits242,032126,70891% 
 Money-Market Deposits 155,538118,32631% 
 Time and Savings Deposits71,50097,123(26%) 
 Total Deposits$469,070342,15737% 
 FHLB Advances and Fed Funds Purchased030,000(100%) 
 FRB Advances45,2400  
 Subordinated Debentures6,9934,94242% 
 Other Liabilities3,5162,94519% 
 Total Deposits and Liabilities524,819380,04438% 
 Shareholders' Equity40,87236,83411% 
 Total Liabilities and Shareholders' Equity$565,691416,87836% 

            Comparative Consolidated Statements of Earnings
                (Unaudited - dollars in thousands except per share data)
  Third Quarter     Nine Months Ended 
September 30
         2020         2019           2020         2019 
 Interest Income$5,1334,694 $14,33514,050 
 Interest Expense6311,106 2,2683,203 
 Net Interest Income4,5023,588 12,06710,847 
 Provision for Loan Losses30072 484119 
 Net Interest Income After Provision4,2023,516 11,58310,728 
 Noninterest Income484344 1,5051,111 
 Noninterest Expense3,0122,793 8,6128,107 
 Earnings Before Income Taxes1,6741,067 4,4763,732 
 Income Taxes337286 1,014945 
 Net Earnings$1,337781 $3,4622,787 
 Earnings Per Share Basic$0.650.39 $1.701.38 
 Earnings Per Share Diluted$0.630.37 $1.641.34 
 Book Value Per Share at End of Period$19.9918.12 $19.9918.12 
 Shares Outstanding2,044,5742,032,716 2,044,5742,032,716 
 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 $567 million commercial bank, was established in 1999 and is headquartered in Tampa. It was selected as the Tampa Bay 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.


Contact Data