First Citrus Bancorporation, Inc. Reports Solid Growth in 2022 Second Quarter

TAMPA, Fla., Aug. 01, 2022 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, released its financial results for the second quarter of 2022.

Net income of $987,000 for the quarter ended June 30, 2022, was 33% lower than the first quarter of 2022 and 50% lower than the second quarter of 2021 due to the winding down of the Paycheck Protection Program (“PPP”). During the second quarter, assets, deposits, and core loans grew to record levels.

Second Quarter 2022 Highlights (compared to second quarter 2021)

  • Net earnings decreased 50%;
  • Total assets increased 11%;
  • Core loans (total loans less PPP loans) increased 6%;
  • Total deposits increased 11%;
  • Earnings per share decreased 50%.

Net income for the quarter ended June 30, 2022, was $987,000 or $0.48 per share, compared to the net income of $1,960,000, or $0.95 per share for the quarter ended June 30, 2021, primarily due to lower volumes of PPP forgiveness, non-interest income and higher non-interest expenses.

Book value per share as of June 30, 2022, was $24.64, an increase of 12% over the $22.03 book value per share as of June 30, 2021. A $0.12 special cash dividend per share of Common, Class A Preferred, and Class B Preferred stock was paid on March 14, 2022.

Total assets were $697 million as of June 30, 2022, an increase of $69 million, or 11%, from $628 million as of June 30, 2021.

“With over 40% of assets in cash and less than .5% in bonds, our balance sheet is extraordinarily well-positioned to benefit throughout this rising interest rate cycle. Also, why earnings are ahead of budget,” said John M. Barrett, President & Chief Executive Officer, First Citrus Bank.

The bank experienced solid loan originations of $32 million in the second quarter compared to $38 million for the prior year quarter. Total loans decreased to $392 million by June 30, 2022, a decrease of $60 million, or 13%, from $452 million as of June 30, 2021, due to PPP loan payoffs. Excluding PPP loans of $1.6 million and $81.7 million for the first quarter of 2022 and 2021 respectively, core loans increased $20.4 million or 6%, led by commercial real estate loan growth of $26.2 million.

We continue to deliver on our proven track record of maintaining excellent credit quality with low levels of non-performing loans. At June 30, 2022, loans delinquent 30 to 89 days totaled $1.2 million unchanged from June 30, 2021. At June 30, 2022, there were no non-performing loans, defined as nonaccrual loans and loans 90 days past due accruing interest, compared to $.8 million or .18% at June 30, 2021. At June 30, 2022, there were no temporary loan payment deferments in response to the CARES Act.

Total deposits as of June 30, 2022, were $629 million, an increase of $62 million, or 11%, over 2021. Demand deposit balances represented 57% of 2022 total deposits.

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 sixth best-performing regional bank stock in the Southeastern United States over the past five 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 $697 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 100 Community Banks in 2021 by American Banker and named Top 5 SBA Lender in Tampa Bay for 2020 by the SBA. First Citrus Bank was selected as the Tampa Bay Chamber of Commerce 2019 Small Business of the Year and 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 personal and business banking services with six 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.

Comparative Consolidated Balance Sheet
(Unaudited - dollars in thousands)
 Assets 6/30/20226/30/2021Percent
 Cash and Due From Banks$286,723161,76877% 
 Investment Securities & Fed Funds Sold9419361% 
 Total Loans392,244451,955(13%) 
 Allowance for Loan Losses(4,171)(3,476)20% 
 Net Loans388,073448,479(13%) 
 Premises and Equipment, Net8,3198,367(1%) 
 Cash Surrender Value of Bank-Owned Life Insurance7,2057,0243% 
 Other Assets6,1201,354352% 
 Total Assets$697,381627,92811% 
 Liabilities and Shareholders' Equity

 Demand Deposits358,299313,21414% 
 Money-Market Deposits211,175185,15114% 
 Time and Savings Deposits59,69568,866(13%) 
 Total Deposits$629,169567,23111% 
 FHLB Advances and Fed Funds Purchased00  
 Subordinated Debentures10,84811,038(2%) 
 Other Liabilities6,5214,25953% 
 Total Deposits and Liabilities646,538582,52811% 
 Shareholders' Equity50,84345,40012% 
 Total Liabilities and Shareholders' Equity$697,381627,92811% 

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
   Second Quarter
 Six Months Ended
June 30
  20222021 20222021 
 Interest Income$5,3995,899 $10,78011,652 
 Interest Expense391552 7921,098 
 Net Interest Income5,0085,347 9,98810,554 
 Provision for Loan Losses60375 160600 
 Net Interest Income After Provision4,9484,972 9,8289,954 
 Noninterest Income6981,067 1,9521,672 
 Noninterest Expense4,3473,441 8,5506,776 
 Earnings Before Income Taxes1,2992,598 3,2304,850 
 Income Taxes312638 7801,185 
 Net Earnings$9871,960 $2,4503,665 
 Earnings Per Share Basic$0.480.95 $1.191.78 
 Earnings Per Share Diluted$0.460.93 $1.151.74 
 Book Value Per Share at End of Period$24.6422.03 $24.6422.03 
 Shares Outstanding2,063,6372,060,723 2,063,6372,060,723 
 Dividends-- $0.120.45 


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