First Citrus Bancorporation, Inc.Announces Record Continued Growth in Second Quarter 2021 and Strong Asset Quality

TAMPA, Fla., July 19, 2021 (GLOBE NEWSWIRE) – First Citrus Bancorporation, Inc. (OTC markets: FCIT), the parent banking holding company of First Citrus Bank, has released its financial results for the second quarter of 2021.

Net income of $ 1,960,000 for the quarter ended June 30, 2021 is the highest in the history of the company. During the second quarter, assets, deposits and loans unrelated to the Paycheck Protection Program (“P3”) also hit record levels.

Highlights of the second quarter of 2021 (compared to the second quarter of 2020)

  • 52% net profit growth;

  • Asset growth of 14%;

  • 12% growth in non-PPP loans;

  • Growth in sight deposits of 41%;

  • Growth of deposits of 20%;

  • 51% growth in earnings per share.

Net income for the quarter ended June 30, 2021 was $ 1,960,000 or $ 0.95 per share, compared to net income of $ 1,290,000, or $ 0.63 per share for the quarter ended June 30, 2020 .

The book value per share as at June 30, 2021 was $ 22.03, an increase of 14% over the book value of $ 19.35 per share as at June 30, 2020. A special cash dividend of $ 0.45 per share of common, class A and class B preferred shares The preferred shares were paid for on March 4, 2021.

Total assets stood at $ 628 million as of June 30, 2021, an increase of $ 79 million, or 14%, from $ 549 million as of June 30, 2020.

Total loans increased to $ 452 million as of June 30, 2021, an increase of $ 14 million, or 3%, from $ 438 million as of June 30, 2020. Excluding PPP loans, the loan portfolio was reached $ 370 million, an increase of $ 41 million, or 12% as of June 30, 2021, from $ 329 million for the prior year quarter. PPP loans decreased to 1,102 loans and totaled $ 82 million as of June 30, 2021, compared to 1,232 loans totaling $ 109 million as of June 30, 2020. The number of loans granted by the SBA reached 1,127 and totaled 98 million of dollars as of June 30. 2021.

As at June 30, 2021, loans past due 30 to 89 days totaled $ 115,000, compared to $ 62,000 for the period the previous year. Non-performing loans, defined as loans not accrued and loans past 90 days, amounting to $ 0.8 million or 0.18% of total loans, compared to $ 1.8 million or 0, 41% for the period of the previous year. All remaining temporary loan payment deferrals granted to borrowers under the CARES Act have resumed their normal payment schedules.

Total deposits as of June 30, 2021 were $ 567 million, an increase of $ 94 million, or 20%, from the previous year quarter. Demand deposits increased 41% from the prior year quarter to $ 313 million and represented 55% of total deposits.

“Our employees are performing well, taking advantage of the deposit growth and retention opportunities generated by PPP,” said John Barrett, President and CEO of First Citrus Bank. “At the same time, we embarked on the opening of our new branch in downtown St. Pete, which opened last month. As a result, we have achieved another record quarter of earnings and operating performance since the start of the year.

About First Citrus Bancorporation, Inc.
First Citrus Bancorporation, Inc., is a Florida corporation and the parent banking holding company of First Citrus Bank, a Florida commercial bank. First Citrus Bancorporation, Inc., headquartered in Tampa, Florida, was ranked the fifth best performing regional bank stocks in the Southeastern United States in the past five years by S&P Global Market Intelligence. The shares are traded on the over-the-counter markets under the ticker symbol “FCIT. “

About First Citrus Bank
First Citrus Bank, a $ 628 million commercial bank, was established in 1999 and is headquartered in Tampa. It is ranked among the 100 best community banks in 2021 by American banker and named Top 5 SBA Lender in Tampa Bay for 2020 by the SBA. First Citrus Bank was selected as the 2019 Small Business of the Year by the Tampa Bay Chamber of Commerce and ranked among the magazine’s top 25 commercial loan producers in the country. Independent banker. It serves businesses and individuals with a range of bespoke financial solutions specializing in personal and business banking services with six locations across Tampa Bay.

First Citrus Bank strengthens the vibrancy of Tampa Bay by helping families become financially secure and businesses succeed economically. For more information, please visit https://www.firstcitrus.com.

The information contained in this press release relating to the future prospects of the company, which are forward-looking statements, involves risks and uncertainties which could cause actual results to differ materially, including, but not limited to, the elements following: (1) operational, legal and regulatory risks, such as maintaining loan quality levels and origination volume, continuing relationships with major clients and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, particularly in our market area, fluctuations in interest rates, competitive products 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 analyzes of these risks and forces are incorrect and / or that the strategies developed to deal with them are unsuccessful. Forward-looking statements can be identified by the use of words such as “expects”, “believe”, “will”, “intend”, “will” or “would”. First Citrus Bancorporation assumes no obligation to update any forward-looking information contained in this announcement, except as required by applicable law.

Comparative Consolidated Balance Sheet

(Unaudited – in thousands of dollars)

Assets

6/ 30/2021

06/30/2020

Percent
Switch

Cash and bank receivables

$ 161,768

98,350

64%

Investment securities and federal funds sold

936

762

23%

Total loans

451 955

437,543

3%

Allowance for loan losses

(3,476)

(2,688)

29%

Net loans

448,479

434,855

3%

Premises and equipment, net

8 367

7,541

11%

Cash surrender value of life insurance held by the bank

7024

6,837

3%

other assets

1,354

1,125

20%

Total assets

$ 627,928

549,470

14%

Liabilities and equity

Sight deposits

313 214

222,596

41%

Money market deposits

185,151

168,849

ten%

Term deposits and savings

68,866

81,240

(15%)

Total deposits

$ 567,231

472 685

20%

FHLB and Fed Funds advances purchased

0

0

FRB advances

0

28,278

(100%)

Subordinated debentures

11,038

4,942

123%

Other liabilities

4,259

3 993

7%

Total deposits and liabilities

582,528

509,898

14%

Equity

45,400

39,572

15%

Total liabilities and equity

$ 627,928

549,470

14%

Comparative consolidated income statements

(Unaudited – in thousands of dollars except per share data)

Second quarter

Six months ended
June 30th

2021

2020

2021

2020

Interest income

$ 5,899

4,589

$ 11,652

9,202

Interest charges

552

679

1,098

1,637

Net interest income

5 347

3 910

10,554

7,565

Allowance for loan losses

375

109

600

184

Net interest income after provision

4,972

3,801

9 954

7 381

Non-interest income

1,067

542

1,672

1,021

Non-interest charges

3,441

2,643

6,776

5,600

Profit before income tax

2,598

1700

4 850

2 802

Income taxes

638

410

1,185

677

Net profit

$ 1,960

1290

$ 3,665

2 125

Basic earnings per share

$ 0.95

0.63

$ 1.78

1.04

Diluted earnings per share

$ 0.93

0.61

$ 1.74

1.01

Book value per share at end of period

$ 22.03

19.35

$ 22.03

19.35

Outstanding shares

2,060,723

2,044,574

2,060,723

2,044,574

Dividends

$ 0.45

0.40

CONTACT: For more information, contact: John Linton, EVP & Chief Financial Officer 813.792.7177 [email protected]

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