First Citrus Bancorporation, Inc. Reports Record Annual Profits and Fourth Quarter 2017 Net Earnings
TAMPA, Fla., Jan. 23, 2018 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Pink:FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2017, with record annual profits of $2,513,000, or $1.46 per share and record quarterly earnings of $749,000, or $0.40 per share.
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Fourth Quarter 2017 Highlights (compared to fourth quarter 2016)
- Net earnings growth of 83%;
- Book value per share growth of 12%;
- Asset growth of 15%;
- Loan growth of 13%;
- Demand deposit average balance growth of 18%;
- Earnings per share growth of 59%;
- Return on equity growth of 41%.
Net income for the twelve months ended December 31, 2017 was $2,513,000, or $1.46 per share, compared to net income of $1,275,000, or $0.77 per share for the twelve months ended December 31, 2016, an increase of $1,238,000 or 97%.
Book value per share at December 31, 2017 was $15.94, an increase of 12.3% over the $14.19 book value per share at December 31, 2016.
Total assets were $358.4 million at December 31, 2017, an increase of $45.5 million, or 15% from $313.0 million at December 31, 2016.
Total loans grew to $286.3 million at December 31, 2017, an increase $33.2 million, or 13% from $253.1 million at December 31, 2016. DDA balances for December 31, 2017 averaged $82.6 million, an increase of $12.6 million, or 18% over 2016. DDA balances represented 33% of 2017 total deposits.
“More than half of Tampa Bay’s community banks were sold over the past 18 months. Thus the opportunity to grow market share is emboldened. It’s no surprise that our 2018 budget projects assets to exceed $400 million with continued record profits,” stated John M. Barrett, President and Chief Executive Officer.
| Comparative Consolidated Balance Sheet | |||||||
| (Unaudited) | |||||||
| Assets | 12/31/2017 | 12/31/2016 |
Percent Change |
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| Cash and Due From Banks | $ | 56,204,177 | 43,425,413 | 29 | % | ||
| Investment Securities & Fed Funds Sold | 2,133,512 | 2,219,937 | (4 | %) | |||
| Total Loans | 286,342,461 | 253,148,717 | 13 | % | |||
| Allowance for Loan Losses | (2,600,696 | ) | (2,311,812 | ) | 12 | % | |
| Net Loans | 283,741,765 | 250,836,905 | 13 | % | |||
| Premises and Equipment, Net | 7,767,843 | 8,011,530 | (3 | %) | |||
| Cash Surrender Value of Bank-Owned Life Insurance | 5,363,548 | 5,188,255 | 3 | % | |||
| Other Assets | 3,238,235 | 3,313,532 | (2 | %) | |||
| Total Assets | $ | 358,449,080 | 312,995,572 | 15 | % | ||
| Liabilities and Shareholders' Equity | |||||||
| Deposits | $ | 287,934,397 | 248,530,126 | 16 | % | ||
| FHLB Advances and Fed Funds Purchased | 33,000,000 | 35,025,000 | (6 | %) | |||
| Subordinated Debentures | 5,247,000 | 3,947,000 | 33 | % | |||
| Other Liabilities | 1,623,860 | 2,107,293 | (23 | %) | |||
| Total Deposits and Liabilities | 327,805,257 | 289,609,419 | 13 | % | |||
| Shareholders' Equity | 30,643,823 | 23,386,153 | 31 | % | |||
| Total Liabilities and Shareholders' Equity | $ | 358,449,080 | 312,995,572 | 15 | % | ||
| Comparative Consolidated Statements of Earnings | ||||||||
| (Unaudited - dollars in thousands except per share data) | ||||||||
| Fourth Quarter | Year to Date | |||||||
| 2017 | 2016 | 2017 | 2016 | |||||
| Interest Income | $ | 3,773 | 2,696 | $ | 14,211 | 11,457 | ||
| Interest Expense | 593 | 407 | 2,076 | 1,600 | ||||
| Net Interest Income | 3,180 | 2,289 | 12,135 | 9,857 | ||||
| Provision for Loan Losses | (5 | ) | - | 480 | 217 | |||
| Net Interest Income After Provision | 3,185 | 2,289 | 11,655 | 9,640 | ||||
| Noninterest Income | 706 | 401 | 1,948 | 1,093 | ||||
| Noninterest Expense | 2,569 | 2,041 | 9,495 | 8,756 | ||||
| Earnings Before Income Taxes | 1,322 | 649 | 4,108 | 1,977 | ||||
| Income Taxes | 573 | 239 | 1,595 | 702 | ||||
| Net Earnings | $ | 749 | 410 | $ | 2,513 | 1,275 | ||
| Basic EPS* | $ | 0.40 | 0.25 | $ | 1.46 | 0.77 | ||
| Book Value Per Share at End of Period* | $ | 15.94 | 14.19 | $ | 15.94 | 14.19 | ||
| Shares Outstanding | 1,922,478 | 1,648,569 | 1,922,478 | 1,648,569 | ||||
| Dividends (paid March 3, 2017) | - | - | $ | 0.10 | - | |||
About First Citrus Bancorporation, Inc.
First Citrus Bancorporation, Inc. is a Florida corporation and the parent bank holding company for First Citrus Bank, a Florida commercial bank. First Citrus Bancorporation, Inc. is headquartered in Tampa, Florida. Stock trades on the OTC Pink under ticker symbol “FCIT.”
About First Citrus Bank
First Citrus Bank, a $365 million commercial bank, was established in 1999 and is headquartered in Tampa. Ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine IB Independent Banker, it serves businesses and individuals through a range of tailored financial solutions. Specializing in retail and commercial banking services, First Citrus Bank has five locations throughout Tampa Bay.
First Citrus Bank creates a more vibrant Tampa Bay through financing economic growth at the local level. For additional information, please visit http://www.firstcitrus.com.
Information in this release relating to the Company’s future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as “expects,” “believe,” “will,” “intends,” “will be” or “would.” First Citrus Bancorporation assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.
For more information contact:
John Linton, EVP & Chief Financial Officer
813.792.7177
jlinton@firstcitrus.com
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