First Citrus Bancorporation, Inc. Closes Second Quarter 2019 With Planned Expansion Into Pinellas County

TAMPA, FL. – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the second quarter of 2019.

June 30, 2019 YTD earnings were the highest on record for the first six month period after the strongest first quarter earnings performance in company history. Due to fewer loans sold in the secondary market, earnings declined compared to our record second quarter in 2018.

Second Quarter 2019 Highlights (compared to second quarter 2018)

  • Book value per share growth of 12%*;
  • Asset growth of 6%;
  • Loan growth of 3%;
  • Deposit growth of 6%;
  • Nonperforming assets decline of (39%) to .6% of assets.

Second Quarter YTD 2019 Highlights (compared to second quarter YTD 2018)

  • Net earnings growth of 18%;
  • Earnings per share growth of 18%;
  • Return on equity increase from 10.8% to 11.5%.

Net income for the six months ended June 30, 2019 was $2,006,000, or $0.99 per share, compared to the net income of $1,698,000, or $0.84 per share for the six months ended June 30, 2018.

Book value per share at June 30, 2019 was $17.73, an increase of 12% over the $15.85 book value per share at June 30, 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 June 30, 2019, an increase of $22 million, or 6% from $374 million at June 30, 2018.

Total loans grew to $312 million at June 30, 2019, an increase of $9 million, or 3% from $303 million at June 30, 2018.

Total deposits for June 30, 2019 were $323 million, an increase of $18 million, or 6% over 2018. Demand deposit balances represented 33% of 2019 total deposits.

“It’s an exciting time for us at First Citrus Bank, with profits up 18% for the first six months of 2019 in comparison to this time last year. We’re positioned for growth, both internally and externally, with a 13% expansion of our personnel roster and a planned opening of a new loan production office in downtown St. Petersburg. Our leadership in the Pinellas County market is exceptional and we look forward to opening in the coming months,” said John Barrett, President and CEO of First Citrus Bank.

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