TAMPA, FL., April 25, 2022 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, released its financial results for the first quarter of 2022.
Net earnings of $1,463,000 for the quarter ended March 31, 2022, was 28% higher than the fourth quarter of 2021 and 14% lower than the first quarter of 2021. During the first quarter, assets, deposits, and core loans (total loans less PPP loans) grew to record levels.
First Quarter 2022 Highlights (compared to first quarter 2021)
- Net earnings decreased 14%;
- Total assets increased 13%;
- Core loans increased 6%;
- Total deposits increased 13%;
- Earnings per share decreased 15%.
Net income for the quarter ended March 31, 2022, was $1,463,000 or $0.71 per share, compared to the net income of $1,705,000, or $0.83 per share for the quarter ended March 31, 2021, primarily due to lower volumes of PPP forgiveness and higher non-interest expenses partially offset by higher non-interest income.
Book value per share as of March 31, 2022, was $24.16, an increase of 15% over the $21.08 book value per share as of March 31, 2021. A $0.12 special cash dividend per share of Common, Class A Preferred, and Class B Preferred stock was paid on March 14, 2022.
Total assets were $689 million as of March 31, 2022, an increase of $80 million, or 13%, from $609 million as of March 31, 2021.
The bank experienced record loan originations of $52 million in the first quarter of 2022 compared to $32 million in the prior year quarter. Despite this record quarter, total loans decreased by $80 million or 17%, from $478 million at March 31, 2021, to $398 million at March 31, 2022, primarily due to a $102 million decrease in the PPP loan portfolio from $109 million to $7 million during the corresponding period. Excluding the significant PPP portfolio decrease, the bank’s core loans increased $22 million or 6% from March 31, 2021, to March 31, 2022, led primarily by a $17 million increase in the commercial real estate portfolio.
We continue to deliver on our proven track record of maintaining excellent credit quality with record low non-performing loans. At March 31, 2022, loans delinquent 30 to 89 days totaled of $.04 million compared to $1.2 million at March 31, 2021. At March 31, 2022, there were no non-performing loans, defined as nonaccrual loans and loans 90 days past due accruing interest, compared to $1.0 million or .21% at March 31, 2021. At March 31, 2022, there were no temporary loan payment deferments in response to the CARES Act, compared to five loans totaling $12.4 million or 2.6% of total loans at March 31, 2021.
Total deposits as of March 31, 2022, were $622 million, an increase of $71 million, or 13%, over 2021. Demand deposit balances represented 54% of 2022 total deposits.
“Virtually all the PPP loans have been retired, and with the momentum from record core loan production, we’re anticipating meaningful traction in the loan portfolio for the balance of the year. In today’s rising rate environment, that’s a boon for revenue growth,” said John M. Barrett, President & Chief Executive Officer, First Citrus Bank.
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