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 2019.
First Quarter 2019 Highlights (compared to first quarter 2018)
- Net earnings growth of 74%;
- Book value per share growth of 13%*;
- Asset growth of 7%;
- Loan growth of 5%;
- Demand deposit growth of 6%;
- Earnings per share growth of 73%*;
- Return on equity growth of 56% to 12%;
- Nonperforming assets declined 62% to .37% of assets.
Net income for the three months ended March 31, 2019 was $1,057.000, or $0.52 per share, compared to the net income of $609,000, or $0.30 per share for the three months ended March 31, 2018.
Book value per share at March 31, 2019 was $17.25, an increase of 13% over the $15.29 book value per share at March 31, 2018. A $0.25 special cash dividend per share of Common, Class A Preferred and Class B Preferred was paid on March 4, 2019.
Total assets were $396 million at March 31, 2019, an increase of $27 million, or 7% from $369 million at March 31, 2018.
Total loans grew to $305 million at March 31, 2019, an increase $13 million, or 5% from $291 million at March 31, 2018.
Demand deposits for March 31, 2019 were $108 million, an increase of $6 million, or 6% over 2018. Demand deposit balances represented 33% of 2019 total deposits.
“If you liked 2018’s record earnings, you are going to love the 74% increase in 2019’s first-quarter profits, delivering a 56% growth in return on equity to 12%. Our credit discipline remained consistent, as new loan closings were up a modest 2%. We’re pleased to see our loan pipeline refilling. While I love our balance sheet, I love our people even more. When all of your deposits are in First Citrus, you will love our bankers too,” said John Barrett, President and CEO of First Citrus Bank.
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