First Citrus Bancorporation, Inc. Closes 2021 With Net Earnings Growth of 39% and Deposit Growth of 26%

TAMPA, FL., January 26, 2022 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2021.

December 31, 2021, YTD earnings were the highest on record, growing to $6,833,000, despite lower fourth quarter loan sales and lower SBA Paycheck Protection Program (“PPP”) loan forgiveness volume. Non-interest expenses were higher due to the opening of our downtown St. Petersburg branch location in June 2021. During the fourth quarter, assets and deposits grew to record levels largely due to new depository relationships garnered as a result of new customer relationships acquired from PPP. Net income in the fourth quarter was $1,146,000 compared to $1,439,000 for the prior year quarter.

Fiscal Year End 2021 Highlights (compared to fiscal year end 2020)
• Net earnings increased 39%;
• Earnings per share increased 38%;
• Book value per share increased 14%;
• Return on average equity increased 22%.

Fourth Quarter 2021 Highlights (compared to fourth quarter 2020)
• Net earnings decreased 20%;
• Total assets increased 25%;
• Core loans increased 7%;
• Total deposits increased 26%;
• Earnings per share basic increased 21%.

Net earnings for the twelve months ended December 31, 2021, was $6,833,000, or $3.32 per share, compared to the net income of $4,901,000, or $2.40 per share for the twelve months ended December 31, 2020. Net income for 2021 produced a return on average equity of 15.2% compared to 12.4% for the prior year period.

Book value per share at December 31, 2021, was $23.57, an increase of 13.9% over the $20.70 book value per share at December 31, 2020. A $0.45 special cash dividend per share of Common, Class A Preferred, and Class B Preferred was paid on March 4, 2021.

Total assets were $660 million at December 31, 2021, an increase of $131 million, or 25% from $529 million at December 31, 2020.

Core loans, representing all loans exclusive of PPP loans, increased to $378 million, an increase of $26 million, or 7.4%, at December 31, 2021, while total loans declined to $399 million at December 31, 2021, a decrease of $33 million, or 8% from $432 million at December 31, 2020. The decline in total loans was primarily due to $60 million of PPP forgiveness granted by the SBA. PPP loans declined to 289 loans totaling $20.6 million at December 31, 2021 from 1,200 loans totaling $80.1 million at December 31, 2020.

At December 31, 2021, the bank had loans delinquent 30 to 89 days of $300,000 compared to $200,000 at December 31, 2020. At December 31, 2021, the bank had no nonperforming loans, defined as nonaccrual loans and loans 90 days past due accruing interest, compared to $3.7 million or .86% of total loans for the prior year. At December 31, 2021, the bank had no temporary loan payment deferments. In response to the CARES Act that launched in 2020, the bank had five loans totaling $12.4 million or 2.8% of total loans at December 31, 2020.

Total deposits for December 31, 2021, were $596 million, an increase of $122 million, or 26% over 2020, primarily due to deposits resulting from new customers acquired in connection with PPP. Demand deposits as a percentage of total deposits increased from 51% to 53% as December 31, 2021, and 2020, respectively.

“With 38% earnings per share growth, 15% return on equity, total assets surpassing $650 million and zero non-performing loans, we’re pleased to turn in our sixth consecutive year of record operating performance. Continually proud of how our associates deliver for clients, as we build upon our long-term track record of shareholder success in 2022,” said John M. Barrett, President & Chief Executive Officer, First Citrus Bank.

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