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

Rhea-AI Summary

First Citrus Bancorporation (OTC: FCIT) announced record financial results for Q2 2021, achieving net earnings of $1.96 million, up 52% year-over-year. Key highlights include:

• Asset growth of 14% to $628 million
• Non-PPP loan growth of 12%
• Demand deposit growth of 41%
• Earnings per share increased to $0.95

Additionally, the book value per share rose 14% to $22.03. The bank opened a new branch in St. Petersburg while reducing PPP loans and maintaining low nonperforming loans.

Positive

• Net earnings of $1.96 million, highest in company history.
• Asset growth of 14% to $628 million.
• Non-PPP loan growth of 12%, reaching $370 million.
• Earnings per share growth of 51% to $0.95.
• Demand deposits increased 41%, totaling $313 million.

Negative

• PPP loans decreased, indicating reduced reliance on government programs.
• Loans delinquent 30 to 89 days increased to $115,000 from $62,000.

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

Net earnings of $1,960,000 for the quarter ended June 30, 2021, was the highest in company history. During the second quarter, assets, deposits, and non-Paycheck Protection Program ("PPP") loans also grew to record levels.

Second Quarter 2021 Highlights (compared to second quarter 2020)

• Net earnings growth of 52%;
• Asset growth of 14%;
• Non-PPP loan growth of 12%;
• Demand deposit growth of 41%;
• Deposit growth of 20%;
• Earnings per share growth of 51%.

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

Book value per share as of June 30, 2021, was $22.03, an increase of 14% over the $19.35 book value per share as of June 30, 2020. A $0.45 special cash dividend per share of Common, Class A Preferred, and Class B Preferred stock was paid on March 4, 2021.

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

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

As of June 30, 2021, loans delinquent 30 to 89 days totaled $115,000, compared to $62,000 for the prior year period. Nonperforming loans, defined as nonaccrual loans and loans 90 days past due accruing interest, totaled $ .8 million or .18% of total loans compared to $1.8 million or .41% for the prior year period. All remaining temporary loan payment deferments made to borrowers under the CARES Act have resumed their regular payment schedules.

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

“Our people are executing well, capitalizing on the core deposit growth and retention opportunity generated from PPP,” said John Barrett, President and CEO of First Citrus Bank. “Concurrently, we hit the ground running opening our new branch in downtown St. Pete which opened last month. As a result, we’ve turned in another record quarter of earnings and year-to-date operating performance.”

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 fifth best-performing regional bank stock in the Southeastern United States over the past five years by S&P Global Market Intelligence. Stock trades on the OTC 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 as one of the Top 100 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 Tampa Bay Chamber of Commerce 2019 Small Business of the Year and 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 personal and business banking services with six 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 https://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.

	Comparative Consolidated Balance Sheet
	(Unaudited - dollars in thousands)
	Assets	6/30/2021	6/30/2020	Percent Change
	Cash and Due From Banks	$161,768	98,350	64%
	Investment Securities & Fed 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 Bank-Owned Life Insurance	7,024	6,837	3%
	Other Assets	1,354	1,125	20%
	Total Assets	$627,928	549,470	14%
	Liabilities and Shareholders' Equity
	Demand Deposits	313,214	222,596	41%
	Money-Market Deposits	185,151	168,849	10%
	Time and Savings Deposits	68,866	81,240	(15%)
	Total Deposits	$567,231	472,685	20%
	FHLB Advances and Fed Funds 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%
	Shareholders' Equity	45,400	39,572	15%
	Total Liabilities and Shareholders' Equity	$627,928	549,470	14%

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
		Second Quarter			Six Months Ended June 30
		2021	2020		2021	2020
	Interest Income	$5,899	4,589		$11,652	9,202
	Interest Expense	552	679		1,098	1,637
	Net Interest Income	5,347	3,910		10,554	7,565
	Provision for Loan Losses	375	109		600	184
	Net Interest Income After Provision	4,972	3,801		9,954	7,381
	Noninterest Income	1,067	542		1,672	1,021
	Noninterest Expense	3,441	2,643		6,776	5,600
	Earnings Before Income Taxes	2,598	1,700		4,850	2,802
	Income Taxes	638	410		1,185	677
	Net Earnings	$1,960	1,290		$3,665	2,125
	Earnings Per Share Basic	$0.95	0.63		$1.78	1.04
	Earnings Per Share Diluted	$0.93	0.61		$1.74	1.01
	Book Value Per Share at End of Period	$22.03	19.35		$22.03	19.35
	Shares Outstanding	2,060,723	2,044,574		2,060,723	2,044,574
	Dividends	-	-		$0.45	0.40

 

FAQ

What were First Citrus Bancorporation's earnings for Q2 2021?

First Citrus Bancorporation reported net earnings of $1.96 million for Q2 2021.

How much did the total assets grow for FCIT in Q2 2021?

Total assets grew by 14% to $628 million in Q2 2021.

What is the earnings per share for FCIT for the second quarter of 2021?

Earnings per share for FCIT was $0.95 for Q2 2021.

How much did demand deposits increase for First Citrus Bank in Q2 2021?

Demand deposits increased by 41% to $313 million in Q2 2021.

What was the book value per share for FCIT as of June 30, 2021?

The book value per share for FCIT was $22.03 as of June 30, 2021.