TAMPA, FL., October 19, 2020 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the third quarter of 2020.
September 30, 2020, YTD earnings were the highest on record after the third quarter produced the strongest quarterly earnings performance in company history. During the third quarter, assets, deposits, and loans grew to record levels largely due to loans made under the SBA Paycheck Protection Program (PPP) and related depository accounts established with new PPP loan customers. Net income in the third quarter was $1,337,000.
Third Quarter 2020 Highlights (compared to third quarter 2019)
- Net earnings growth of 71%;
- Asset growth of 36%;
- Loan growth of 37%;
- Deposit growth of 37%;
- Return on equity growth of 55%;
- Earnings per share growth of 68%.
Nine Months YTD 2020 Highlights (compared to nine months YTD 2019)
- Net earnings growth of 24%;
- Earnings per share growth of 23%;
- Book value per share growth of 10%.
Net earnings for the nine months ended September 30, 2020, was $3,462,000, or $1.70 per share, compared to the net income of $2,787,000, or $1.38 per share for the nine months ended September 30, 2019.
Book value per share at September 30, 2020, was $19.99, an increase of 10% over the $18.12 book value per share at September 30, 2019. A $0.40 special cash dividend per share of Common, Class A Preferred, and Class B Preferred was paid on March 4, 2020.
Total assets were $566 million at September 30, 2020, an increase of $149 million, or 36% from $417 million at September 30, 2019.
Total loans grew to $440 million at September 30, 2020, an increase $119 million, or 37% from $321 million at September 30, 2019, primarily due to loans made under the Paycheck Protection Program.
Total deposits for September 30, 2020, were $469 million, an increase of $127 million, or 37% over 2019, primarily due to deposits made in connection with the Paycheck Protection Program. Demand deposit balances represented 51% of 2020 total deposits.
The Bank meets all regulatory requirements for “well-capitalized” status and has elected to opt-in to the Community Bank Leverage Ratio framework.
“As we close out the third quarter, we are proud of the way our bankers stepped in as the economy’s first responders for over one thousand Bay area businesses and families. You are now seeing their spirited performance play out more in our salutary financial results too. We will continue championing our community as we aim to finish 2020 strong,” said John Barrett, President and CEO of First Citrus Bank.
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