First Citrus Releases Second Quarter 2020 Financial Statements

TAMPA, FL., July 20, 2020 – First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the second quarter of 2020. 

June 30, 2020, YTD earnings were the highest on record for the first six-month period after the second quarter produced the strongest quarterly earnings performance in company history. During the second quarter, assets, deposits, and loans grew to record levels largely due to loans made under the SBA Paycheck Protection Program (PPP). Net income in the second quarter was $1,290,000.

Second Quarter 2020 Highlights (compared to second quarter 2019)

  • Net earnings growth of 36%;
  • Asset growth of 39%;
  • Loan growth of 40%;
  • Deposit growth of 46%;
  • Return on equity growth of 24%;
  • Earnings per share growth of 35%.

Six Months YTD 2020 Highlights (compared to six months YTD 2019)

  • Net earnings growth of 6%;
  • Earnings per share growth of 5%;
  • Book value per share growth of 9%.

Net earnings for the six months ended June 30, 2020, was $2,125,000, or $1.04 per share, compared to the net income of $2,006,000, or $0.99 per share for the six months ended June 30, 2019.

Book value per share at June 30, 2020, was $19.35, an increase of 9% over the $17.73 book value per share at June 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 $549 million at June 30, 2020, an increase of $153 million, or 39% from $396 million at June 30, 2019.

Total loans grew to $438 million at June 30, 2020, an increase $126 million, or 40% from $312 million at June 30, 2019, primarily due to loans made under the Paycheck Protection Program.

Total deposits for June 30, 2020, were $473 million, an increase of $150 million, or 46% over 2019 primarily due to deposits made in connection with the Paycheck Protection Program. Demand deposit balances represented 47% of 2020 total deposits.

 “In a time of great uncertainty and change, one thing that won’t change is our steadfast commitment to Tampa Bay businesses, families and individuals,” said John Barrett, President and CEO of First Citrus Bank.

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