TAMPA, Fla., October 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 balance 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.
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