First Citrus Bancorporation, Inc. Reports Record-Setting Growth in 2022 First Quarter

Rhea-AI Summary

First Citrus Bancorporation (OTC: FCIT) reported its Q1 2022 financial results, revealing net earnings of $1.46 million, a 14% drop from Q1 2021. However, total assets and deposits rose 13%, reaching $689 million and $622 million, respectively. Core loans increased 6%, driven by growth in commercial real estate loans. The bank maintained low non-performing loans and a record loan origination of $52 million. Despite challenges with reduced PPP loan volumes affecting earnings per share, book value rose 15% to $24.16. A special cash dividend of $0.12 was paid in March 2022.

Positive

• Total assets increased by 13% to $689 million compared to Q1 2021.
• Core loans grew by 6%, primarily in the commercial real estate sector.
• Record loan originations were reported at $52 million in Q1 2022, up from $32 million in the prior year.
• Book value per share rose by 15% to $24.16.
• The bank reported virtually no non-performing loans at March 31, 2022.

Negative

• Net earnings decreased by 14% compared to Q1 2021.
• Earnings per share fell by 15% year-over-year.
• Total loans decreased by 17%, primarily due to a significant decrease in the PPP loan portfolio.

TAMPA, Fla., April 25, 2022 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: FCIT), the parent bank holding company for First Citrus Bank, released its financial results for the first quarter of 2022.

Net earnings of $1,463,000 for the quarter ended March 31, 2022, was 28% higher than the fourth quarter of 2021 and 14% lower than the first quarter of 2021. During the first quarter, assets, deposits, and core loans (total loans less PPP loans) grew to record levels.

First Quarter 2022 Highlights (compared to first quarter 2021)

• Net earnings decreased 14%;
• Total assets increased 13%;
• Core loans increased 6%;
• Total deposits increased 13%;
• Earnings per share decreased 15%.
  

Net income for the quarter ended March 31, 2022, was $1,463,000 or $0.71 per share, compared to the net income of $1,705,000, or $0.83 per share for the quarter ended March 31, 2021, primarily due to lower volumes of PPP forgiveness and higher non-interest expenses partially offset by higher non-interest income.

Book value per share as of March 31, 2022, was $24.16, an increase of 15% over the $21.08 book value per share as of March 31, 2021. A $0.12 special cash dividend per share of Common, Class A Preferred, and Class B Preferred stock was paid on March 14, 2022.  

Total assets were $689 million as of March 31, 2022, an increase of $80 million, or 13%, from $609 million as of March 31, 2021.

The bank experienced record loan originations of $52 million in the first quarter of 2022 compared to $32 million in the prior year quarter. Despite this record quarter, total loans decreased by $80 million or 17%, from $478 million at March 31, 2021, to $398 million at March 31, 2022, primarily due to a $102 million decrease in the PPP loan portfolio from $109 million to $7 million during the corresponding period. Excluding the significant PPP portfolio decrease, the bank's core loans increased $22 million or 6% from March 31, 2021, to March 31, 2022, led primarily by a $17 million increase in the commercial real estate portfolio.   

We continue to deliver on our proven track record of maintaining excellent credit quality with record low non-performing loans. At March 31, 2022, loans delinquent 30 to 89 days totaled of $.04 million compared to $1.2 million at March 31, 2021. At March 31, 2022, there were no non-performing loans, defined as nonaccrual loans and loans 90 days past due accruing interest, compared to $1.0 million or .21% at March 31, 2021. At March 31, 2022, there were no temporary loan payment deferments in response to the CARES Act, compared to five loans totaling $12.4 million or 2.6% of total loans at March 31, 2021.

Total deposits as of March 31, 2022, were $622 million, an increase of $71 million, or 13%, over 2021. Demand deposit balances represented 54% of 2022 total deposits.

"Virtually all the PPP loans have been retired, and with the momentum from record core loan production, we're anticipating meaningful traction in the loan portfolio for the balance of the year. In today's rising rate environment, that's a boon for revenue growth," said John M. Barrett, President & Chief Executive Officer, First Citrus Bank.

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 $700 million commercial bank, was established in 1999 and is headquartered in Tampa. 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 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.

Comparative Consolidated Balance Sheet (Unaudited - dollars in thousands)
	Assets	3/31/2022	3/31/2021	Percent Change
	Cash and Due From Banks	$273,186	118,095	131%
	Investment Securities & Fed Funds Sold	952	848	12%
	Total Loans	397,851	477,594	(17%)
	Allowance for Loan Losses	(4,104)	(3,097)	33%
	Net Loans	393,747	474,497	(17%)
	Premises and Equipment, Net	8,268	7,854	5%
	Cash Surrender Value of Bank-Owned Life Insurance	7,160	6,979	3%
	Other Assets	6,032	615	881%
	Total Assets	$689,345	608,888	13%
	Liabilities and Shareholders' Equity
	Demand Deposits	337,665	298,413	13%
	Money-Market Deposits	220,200	181,535	21%
	Time and Savings Deposits	64,355	71,469	(10%)
	Total Deposits	$622,220	551,417	13%
	Subordinated Debentures	10,845	10,285	5%
	Other Liabilities	6,426	3,772	70%
	Total Deposits and Liabilities	639,491	565,474	13%
	Shareholders' Equity	49,854	43,414	15%
	Total Liabilities and Shareholders' Equity	$689,345	608,888	13%

Comparative Consolidated Statements of Earnings
(Unaudited - dollars in thousands except per share data)
		First Quarter			Twelve Months Ended December 31
		2022	2021		2021	2020
	Interest Income	$5,381	5,753		$23,388	19,667
	Interest Expense	401	546		2,031	2,845
	Net Interest Income	4,980	5,207		21,357	16,822
	Provision for Loan Losses	100	225		1,200	784
	Net Interest Income After Provision	4,880	4,982		20,157	16,038
	Noninterest Income	1,254	605		3,540	2,342
	Noninterest Expense	4,203	3,335		14,758	11,989
	Earnings Before Income Taxes	1,931	2,252		8,939	6,391
	Income Taxes	468	547		2,106	1,490
	Net Earnings	$1,463	1,705		$6,833	4,901
	Earnings Per Share Basic	$0.71	0.83		$3.32	2.40
	Earnings Per Share Diluted	$0.69	0.81		$3.24	2.32
	Book Value Per Share at End of Period	$24.16	21.08		$23.57	20.70
	Shares Outstanding	2,063,637	2,059,723		2,060,723	2,044,574
	Dividends	$0.12	0.45		$0.45	0.40

FAQ

What were First Citrus Bancorporation's earnings for Q1 2022?

First Citrus Bancorporation reported net earnings of $1.46 million for Q1 2022.

How did First Citrus Bancorporation's total assets change in Q1 2022?

Total assets increased by 13% to $689 million compared to Q1 2021.

What was the earnings per share for First Citrus Bancorporation in Q1 2022?

Earnings per share for Q1 2022 were $0.71, a decrease of 15% from the previous year.

What is the current book value per share for FCIT?

As of March 31, 2022, the book value per share for FCIT was $24.16.

What were the loan origination figures for First Citrus Bancorporation in Q1 2022?

First Citrus Bancorporation reported record loan originations of $52 million in Q1 2022.