First Quarter Leads First Citrus Bancorporation, Inc. to Record Deposit Growth

First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the first quarter of 2020.

Collaboration between our deposit and lending teams is fueling low-cost deposit growth. The year over year period ending March 31, 2020, was the strongest core deposit growth period since 2004. More importantly, low-cost deposit growth was the highest in the company’s history. First-quarter profits were down 21% largely due to personnel additions on the business and retail banking roster.

First Quarter 2020 Highlights (compared to first quarter 2019)

  • Book value per share growth of 8%*;
  • Asset growth of 10%;
  • Loan growth of 11%;
  • Demand deposit growth of 32%;
  • Total deposit growth of 19%.

Net income for the three months ended March 31, 2020, was $835,000, or $0.41 per share, compared to the net income of $1,057,000, or $0.52 per share for the three months ended March 31, 2019.

Book value per share as of March 31, 2020, was $18.71, an increase of 8.5% over the $17.25 book value per share as of March 31, 2019. A $0.40 special cash dividend per share of Common, Class A Preferred, and Class B Preferred stock was paid on March 4, 2020.

Total assets were $437 million as of March 31, 2020, an increase of $41 million, or 10%, from $396 million as of March 31, 2019.

Total loans grew to $338 million by March 31, 2020, an increase of $33 million, or 11%, from $312 million as of March 31, 2019.

Total deposits as of March 31, 2020, were $386 million, an increase of $62 million, or 19%, over 2019. Demand deposit balances represented 37% of 2020 total deposits.

“We’ve made significant gains on the recruiting front as evidenced by the improvements in demand deposit growth. The Payroll Protection Program launched this past month, created an unexpected but welcomed seam in the market to nimbly add clients from regional and money center competitors. Another tailwind to enhance the First Citrus brand,” said John Barrett, President and CEO of First Citrus Bank.

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