First Citrus Bancorporation, Inc. Reports First Quarter 2018 Earnings

Apr 16, 2018

TAMPA, Fla., April 16, 2018 – First Citrus Bancorporation, Inc. (OTC Pink: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the first quarter of 2018, with quarterly earnings of $609,000, or $0.32 per share.

First Quarter 2018 Highlights (compared to first quarter 2017)

· Net earnings growth of 8.6%;
· Book value per share growth of 11.3%;
· Asset growth of 13.9%;
· Loan growth of 9.4%;
· Demand deposit average balance growth of 28.1%;
· Earnings per share $0.32, a reduction of $0.02;
· Return on equity 7.92%, a reduction of 1.13%.

Net income for the three months ended March 31, 2018 was $609,000, or $0.32 per share, compared to net income of $561,000, or $0.34 per share for the three months ended March 31, 2017.  The common stock offering completed on December 29, 2017 and increased shares outstanding by 286,339, reducing EPS by $0.05 per share.  The additional shares were sold at a 24% premium to book value.

Book value per share at March 31, 2018 was $16.06, an increase of 11.3% over the $14.43 book value per share at March 31, 2017.     

Total assets were $369 million at March 31, 2018, an increase of $45 million, or 13.9% from $324 million at March 31, 2017.

Total loans grew to $291 million at March 31, 2018, an increase of $25 million, or 9.4% from $266 million at March 31, 2017.  DDA balances for March 31, 2018 were $101.5 million, an increase of $22.2 million, or 28.1% over 2017.  DDA balances represented 32.4% of 2018 total deposits.

“We believe the opportunity for accelerated market share growth continues to be extraordinary. Which is why we raised capital last year for the first time in over a decade,” says John M. Barrett, President and Chief Executive Officer.

See the original article on (Nasdaq Globenewswire)

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Brandon Location Map

First Citrus Bank Brandon

1314 Oakfield Drive | Brandon, FL 33511

Customer Service

813-864-0929

Loans

813-269-5414

Fax

813-864-0937

Monday - Thursday

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Friday

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Carrollwood Location Map

First Citrus Bank Carrollwood

10824 N. Dale Mabry Hwy | Tampa, FL 33618

Customer Service

813-926-2848

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813-269-5414

Fax

813-269-5416

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Friday

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Citrus Park Location Map

First Citrus Bank Citrus Park

13850 Sheldon Road | Tampa, FL 33626

Customer Service

813-926-5588

Loans

813-269-5414

Fax

813-864-1250

Monday - Thursday

  • Lobby: 9:00am - 4:00pm
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Friday

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Kennedy Location Map

First Citrus Bank Kennedy

4302 West Kennedy Blvd. | Tampa, FL 33609

Customer Service

813-422-6625

Loans

813-269-5414

Fax

813-422-6650

Monday - Thursday

  • Lobby: 9:00am - 4:00pm
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Friday

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South Tampa Location Map

First Citrus Bank South Tampa

4240 Henderson Boulevard | Tampa, FL 33629

Customer Service

813-287-0992

Loans

813-269-5414

Fax

813-287-0322

Monday - Thursday

  • Lobby: 9:00am - 4:00pm
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Friday

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