First Citrus Bancorporation, Inc. Reports Third Quarter 2017 Net Earnings Growth of 30%

TAMPA, Fla., Oct. 16, 2017 -- First Citrus Bancorporation, Inc. (OTCPink:FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the third quarter of 2017, with record quarterly earnings of $659,000, or $0.39 per basic and diluted share.

Third Quarter 2017 Highlights (compared to third quarter 2016)

Net earnings growth of 30%;
Book value per share growth of 10.3%;
Asset growth of 12%;
Loan growth of 18%;
Demand deposit average balance growth of 18%;
Earnings per share growth of 26%;
Return on equity growth of 18%.

Net income for the nine months ended September 30, 2017 was $1,764,000, or $1.06 per share, compared to net income of $865,000, or $0.52 per share for the nine months ended September 30, 2016, an increase of $899,000, or 104%

After adjusting for the October 17, 2016 5% stock dividend, book value per share ended September 30, 2017 at $15.37, an increase of 10.3% over the $13.94 book value per share at September 30, 2016.

Total assets were $341.6 million at September 30, 2017, an increase of $35.3 million, or 12% from
$306.3 million at September 30, 2016.

Total loans grew to $279.3 million at September 30, 2017, an increase $42.9 million, or 18% from
$236.4 million at September 30, 2016. DDA balances for September 30, 2017 averaged $80.5 million, an increase of $12.2 million, or 18% over 2016. DDA balances represented 30% of 2017 total deposits.

“Every $10 million in asset growth enhances our operating efficiencies, hence profit levels. Today, the number of community bank competitors is dramatically reduced. Thus, we are excited to continue capitalizing on what we feel is an extraordinary market opportunity,” stated John M. Barrett, President and Chief Executive Officer.

Comparative Consolidated Balance Sheet
(Unaudited)
Assets	9/30/2017		9/30/2016		Percent Change
Cash and Due From Banks	$46,625,910		53,310,827		(13	%)
Investment Securities & Fed Funds Sold	2,031,777		2,280,260		(11	%)

Total Loans	279,274,195		236,355,226		18	%
Allowance for Loan Losses	(2,596,273	)	(2,300,188	)	13	%
Net Loans	276,677,922		234,055,038		18	%

Premises and Equipment, Net	7,806,563		8,029,593		(3	%)
Cash Surrender Value of Bank-Owned Life Insurance	5,319,365		5,142,429		3	%
Other Assets	3,120,500		3,439,784		(9	%)
Total Assets	$341,582,037		306,257,931		12	%

Liabilities and Shareholders' Equity
Deposits	$276,995,341		247,833,997		12	%

FHLB Advances and Fed Funds Purchased	30,000,000		30,000,000		0	%
Subordinated Debentures	5,647,000		3,947,000		43	%
Other Liabilities	1,594,655		1,494,744		7	%
Total Deposits and Liabilities	314,236,996		283,275,741		11	%

Shareholders' Equity	27,345,041		22,982,190		19	%

Total Liabilities and Shareholders' Equity	$341,582,037		306,257,931		12	%

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)

	Third Quarter		Nine Months Ended September 30
	2017	2016	2017	2016
Interest Income	$3,672	3,026	$10,438	8,761
Interest Expense	554	390	1,483	1,193
Net Interest Income	3,118	2,636	8,955	7,568
Provision for Loan Losses	5	33	485	217
Net Interest Income After Provision	3,113	2,603	8,470	7,351
Noninterest Income	278	301	1,242	692
Noninterest Expense	2,349	2,122	6,926	6,715
Earnings Before Income Taxes	1,042	782	2,786	1,328
Income Taxes	383	276	1,022	463
Net Earnings	$659	506	$1,764	865
Basic EPS*	$0.39	0.31	$1.06	0.52
Diluted EPS*	$0.39	0.31	$1.06	0.52
Book Value Per Share at End of Period*	$15.37	13.94	$15.37	13.94
Dividends (paid March 3, 2017)	$0.10	-	$0.10	-
*Adjusted for 5% stock dividend on October 17, 2016

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 OTCPink under ticker symbol “FCIT.”

About First Citrus Bank
First Citrus Bank, a $347 million commercial bank, was established in 1999 and headquartered in Tampa.
Ranked as one of the Top 25 Commercial Loan Producers in the Nation by IB Independent Banker Magazine, it serves businesses and individuals through a range of tailored financial solutions designed to fit their needs. Specializing in retail and commercial banking services, the 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
[email protected]

First Citrus Bancorporation, Inc. Reports Third Quarter 2017 Net Earnings Growth of 30%

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