First Citrus Bancorporation, Inc. Closes Third Quarter 2020 With Net Earnings Growth of 71% and Deposit Growth of 37%

Rhea-AI Summary

First Citrus Bancorporation (OTC Markets: FCIT) reported record earnings for Q3 2020, achieving net income of $1,337,000, a 71% increase year-over-year. Key highlights include asset growth of 36%, loan growth of 37%, and deposit growth of 37%, largely driven by the SBA Paycheck Protection Program. Year-to-date earnings reached $3,462,000 or $1.70 per share, up from $2,787,000 or $1.38 in 2019. The bank's total assets climbed to $566 million. A $0.40 special cash dividend was paid in March 2020.

Positive

• Record net income of $1,337,000 in Q3 2020, 71% increase YoY.
• Asset growth of 36%, reaching $566 million.
• Loan growth of 37%, totaling $440 million.
• Deposit growth of 37%, amounting to $469 million.
• Earnings per share increased by 68% to $0.65 in Q3 2020.

Negative

• None.

TAMPA, Fla., Oct. 19, 2020 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, has released its financial results for the third quarter of 2020.

September 30, 2020, YTD earnings were the highest on record after the third quarter produced the strongest quarterly earnings performance in company history. During the third quarter, assets, deposits, and loans grew to record levels largely due to loans made under the SBA Paycheck Protection Program (PPP) and related depository accounts established with new PPP loan customers. Net income in the third quarter was $1,337,000.

Third Quarter 2020 Highlights (compared to third quarter 2019)

• Net earnings growth of 71%;
• Asset growth of 36%;
• Loan growth of 37%;
• Deposit growth of 37%;
• Return on equity growth of 55%;
• Earnings per share growth of 68%.

Nine Months YTD 2020 Highlights (compared to nine months YTD 2019)

• Net earnings growth of 24%;
• Earnings per share growth of 23%;
• Book value per share growth of 10%.
  

Net earnings for the nine months ended September 30, 2020, was $3,462,000, or $1.70 per share, compared to the net income of $2,787,000, or $1.38 per share for the nine months ended September 30, 2019.

Book value per share at September 30, 2020, was $19.99, an increase of 10% over the $18.12 book value per share at September 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 $566 million at September 30, 2020, an increase of $149 million, or 36% from $417 million at September 30, 2019.

Total loans grew to $440 million at September 30, 2020, an increase $119 million, or 37% from $321 million at September 30, 2019, primarily due to loans made under the Paycheck Protection Program.

Total deposits for September 30, 2020, were $469 million, an increase of $127 million, or 37% over 2019, primarily due to deposits made in connection with the Paycheck Protection Program. Demand deposit balances represented 51% of 2020 total deposits.

The Bank meets all regulatory requirements for “well-capitalized” status and has elected to opt-in to the Community Bank Leverage Ratio framework.

"As we close out the third quarter, we are proud of the way our bankers stepped in as the economy’s first responders for over one thousand Bay area businesses and families. You are now seeing their spirited performance play out more in our salutary financial results too. We will continue championing our community as we aim to finish 2020 strong," said John Barrett, President and CEO of First Citrus Bank.

Comparative Consolidated Balance Sheet
(Unaudited - dollars in thousands)
	Assets	9/30/2020	9/30/2019	Percent Change
	Cash and Due From Banks	$110,747	78,569	41%
	Investment Securities & Fed Funds Sold	743	2,068	(64%)
	Total Loans	440,462	320,912	37%
	Allowance for Loan Losses	(2,585)	(2,499)	(3%)
	Net Loans	437,877	318,413	38%
	Premises and Equipment, Net	7,520	7,660	(2%)
	Cash Surrender Value of Bank-Owned Life Insurance	6,885	6,690	3%
	Other Assets	1,919	3,478	(45%)
	Total Assets	$565,691	416,878	36%
	Liabilities and Shareholders' Equity
	Demand Deposits	242,032	126,708	91%
	Money-Market Deposits	155,538	118,326	31%
	Time and Savings Deposits	71,500	97,123	(26%)
	Total Deposits	$469,070	342,157	37%
	FHLB Advances and Fed Funds Purchased	0	30,000	(100%)
	FRB Advances	45,240	0
	Subordinated Debentures	6,993	4,942	42%
	Other Liabilities	3,516	2,945	19%
	Total Deposits and Liabilities	524,819	380,044	38%
	Shareholders' Equity	40,872	36,834	11%
	Total Liabilities and Shareholders' Equity	$565,691	416,878	36%

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
		Third Quarter			Nine Months Ended  September 30
		2020	2019		2020	2019
	Interest Income	$5,133	4,694		$14,335	14,050
	Interest Expense	631	1,106		2,268	3,203
	Net Interest Income	4,502	3,588		12,067	10,847
	Provision for Loan Losses	300	72		484	119
	Net Interest Income After Provision	4,202	3,516		11,583	10,728
	Noninterest Income	484	344		1,505	1,111
	Noninterest Expense	3,012	2,793		8,612	8,107
	Earnings Before Income Taxes	1,674	1,067		4,476	3,732
	Income Taxes	337	286		1,014	945
	Net Earnings	$1,337	781		$3,462	2,787
	Earnings Per Share Basic	$0.65	0.39		$1.70	1.38
	Earnings Per Share Diluted	$0.63	0.37		$1.64	1.34
	Book Value Per Share at End of Period	$19.99	18.12		$19.99	18.12
	Shares Outstanding	2,044,574	2,032,716		2,044,574	2,032,716
	Dividends	-	-		$0.40	$0.25

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 and was ranked as the third best-performing regional bank stock in the Southeastern United States over the past three years by S&P Global Market Intelligence. Stock trades on the OTC Markets under ticker symbol "FCIT."

About First Citrus Bank
First Citrus Bank, a $567 million commercial bank, was established in 1999 and is headquartered in Tampa. It was selected as the Tampa Bay Chamber of Commerce 2019 Small Business of the Year and ranked as one of the Top 100 Community Banks in 2020 by American Banker. Ranked as one of the Top 25 Commercial Loan Producers in the Nation by the magazine 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 enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful. 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.

FAQ

What were First Citrus Bancorporation's Q3 2020 earnings?

First Citrus Bancorporation reported net income of $1,337,000 for Q3 2020.

How much did First Citrus Bancorporation's assets grow in Q3 2020?

Assets grew by 36% year-over-year, reaching $566 million as of September 30, 2020.

What is the loan growth percentage for First Citrus Bancorporation in Q3 2020?

Loan growth for Q3 2020 was 37%, totaling $440 million.

What is the earnings per share for First Citrus Bancorporation in Q3 2020?

Earnings per share for Q3 2020 increased to $0.65, a 68% rise compared to the previous year.

Did First Citrus Bancorporation pay any dividends recently?

Yes, a special cash dividend of $0.40 was paid on March 4, 2020.