Market Expansion, Asset Growth, and Brand Awareness Gains Mark the Third Quarter for First Citrus Bancorporation, Inc.

TAMPA, FL., October 21, 2019 – 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 2019.

The first three-quarter period ending September 30, 2019 was a record earnings period, with net income up 6% over the previous year period. Due to our increased personnel roster and expansion activities in the Pinellas County market, earnings dipped 15% compared to our record third quarter in 2018.

Third Quarter 2019 Highlights (compared to third quarter 2018)

· Book value per share growth of 11%*;

· Asset growth of 7%;

· Loan growth of 5%;

· Deposit growth of 5%;

· Nonperforming assets remained near record lows, at .7% of assets compared to .6% for the previous period.

Third Quarter YTD 2019 Highlights (compared to third quarter YTD 2018)

· Net earnings growth of 6%;

· Earnings per share growth of 6%;

· Return on equity decreased from 11.0% to 10.5%.

Net income for the nine months ending September 30, 2019 was $2,787,000, or $1.38 per share, compared to the net income of $2,618,000, or $1.30 per share, for the nine months ending September 30, 2018.

Book value per share as of September 30, 2019 was $18.12, an increase of 11% over the $16.32 book value per share as of September 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 $417 million as of September 30, 2019, an increase of $28 million, or 7%, from

$389 million as of September 30, 2018.

Total loans grew to $321 million by September 30, 2019, an increase of $15 million, or 5%, from

$306 million as of September 30, 2018.

Total deposits as of September 30, 2019 were $342 million, an increase of $23 million, or 7%, over 2018. Demand deposit balances represented 37% of 2019 total deposits.

“With more balance sheet growth this quarter than the first two combined, we have good momentum to finish the year strong. We’ll kick-off 2020 by opening our first branch in over a decade, which is located in downtown St. Petersburg. The First Citrus brand continues to grow since being recognized as the 2019 Small Business of the Year by the Greater Tampa Chamber of Commerce,” said John Barrett, President and CEO of First Citrus Bank.

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