Strong Fourth Quarter Leads First Citrus Bancorporation, Inc. to Another Record Year

TAMPA, FL., January 27, 2020

First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2019.

The additions to our lending team are beginning to create traction in the loan portfolio. The fourth quarter period ending December 31, 2019 was the strongest growth quarter of the year for loans with 83% higher growth than the prior year quarter. More importantly, the fourth quarter checking account growth was 270% higher than the prior year quarter. 2019 was another record earnings year with net income up 2% over the prior year.

Fourth Quarter 2019 Highlights (compared to fourth quarter 2018)

* Book value per share growth of 10%*;
* Asset growth of 4%;
* Loan growth of 6%;
* Deposit growth of 7%;
* Nonperforming assets remained near record lows, at .25% of assets.

Fiscal Year End 2019 Highlights (compared to fiscal year end 2018)

* Net earnings growth of 2%;
* Earnings per share growth of 1%;
* Return on equity decreased from 12% to 11%.

Net income for the twelve months ending December 31, 2019 was $3,959,000, or $1.95 per share, compared to the net income of $3,895,000, or $1.93 per share, for the twelve months ending December 31, 2018.

Book value per share as of December 31, 2019 was $18.71, an increase of 10% over the $16.96 book value per share as of December 30, 2018. A $0.25 special cash dividend per share of Common, Class A Preferred, and Class B Preferred stock was paid on March 4, 2019.

Total assets were $419 million as of December 31, 2019, an increase of $16 million, or 4%, from

$403 million as of December 30, 2018.

Total loans grew to $332 million by December 31, 2019, an increase of $20 million, or 6%, from

$312 million as of December 31, 2018.

Total deposits as of December 31, 2019 were $348 million, an increase of $24 million, or 7%, over 2018. Demand deposit balances represented 39% of 2019 total deposits.

“In 2019, we doubled our business banking corps, opened a new office in downtown St. Petersburg, and continued to expand our branch banking team. We will build on that momentum in 2020,” said John Barrett, President and CEO of First Citrus Bank.

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