TAMPA, FL., August 1, 2022 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, released its financial results for the second quarter of 2022.
Net income of $987,000 for the quarter ended June 30, 2022, was 33% lower than the first quarter of 2022 and 50% lower than the second quarter of 2021 due to the winding down of the Paycheck Protection Program (“PPP”). During the second quarter, assets, deposits, and core loans grew to record levels.
Second Quarter 2022 Highlights (compared to second quarter 2021)
- Net earnings decreased 50%;
- Total assets increased 11%;
- Core loans (total loans less PPP loans) increased 6%;
- Total deposits increased 11%;
- Earnings per share decreased 50%.
Net income for the quarter ended June 30, 2022, was $987,000 or $0.48 per share, compared to the net income of $1,960,000, or $0.95 per share for the quarter ended June 30, 2021, primarily due to lower volumes of PPP forgiveness, non-interest income and higher non-interest expenses.
Book value per share as of June 30, 2022, was $24.64, an increase of 12% over the $22.03 book value per share as of June 30, 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 $697 million as of June 30, 2022, an increase of $69 million, or 11%, from $628 million as of June 30, 2021.
“With over 40% of assets in cash and less than .5% in bonds, our balance sheet is extraordinarily well-positioned to benefit throughout this rising interest rate cycle. Also, why earnings are ahead of budget,” said John M. Barrett, President & Chief Executive Officer, First Citrus Bank.
The bank experienced solid loan originations of $32 million in the second quarter compared to $38 million for the prior year quarter. Total loans decreased to $392 million by June 30, 2022, a decrease of $60 million, or 13%, from $452 million as of June 30, 2021, due to PPP loan payoffs. Excluding PPP loans of $1.6 million and $81.7 million for the first quarter of 2022 and 2021 respectively, core loans increased $20.4 million or 6%, led by commercial real estate loan growth of $26.2 million.
We continue to deliver on our proven track record of maintaining excellent credit quality with low levels of non-performing loans. At June 30, 2022, loans delinquent 30 to 89 days totaled $1.2 million unchanged from June 30, 2021. At June 30, 2022, there were no non-performing loans, defined as nonaccrual loans and loans 90 days past due accruing interest, compared to $.8 million or .18% at June 30, 2021. At June 30, 2022, there were no temporary loan payment deferments in response to the CARES Act.
Total deposits as of June 30, 2022, were $629 million, an increase of $62 million, or 11%, over 2021. Demand deposit balances represented 57% of 2022 total deposits.
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