First Citrus Bancorporation, Inc. Reports Fourth Quarter 2018 Net Earnings Growth of 70% and Surpasses $400 Million in Assets   

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TAMPA, Fla., Jan. 14, 2019 (GLOBE NEWSWIRE) -- First Citrus Bancorporation, Inc. (OTC Markets: ), the parent bank holding company for First Citrus Bank, has released its financial results for the fourth quarter of 2018.  The bank surpassed $400 million in assets for the first time in December 2018, placing it in the top five Tampa Bay community banks by asset size.

Fourth Quarter 2018 Highlights (compared to fourth quarter 2017)

Net income for the twelve months ended December 31, 2018 was $3.9 million, or $2.00 per share, compared to the net income of $2.5 million, or $1.44 per share for the twelve months ended December 31, 2017.

Book value per share at December 31, 2018 was $16.96, an increase of $1.02 over the $15.94 book value per share at December 31, 2017.  A $0.20 special cash dividend per share of Common, Class A Preferred and Class B Preferred was paid on March 2, 2018.  In addition, a 5% stock dividend per share of Common, Class A Preferred and Class B Preferred was issued on October 17, 2018.

Total assets were $403.3 million at December 31, 2018, an increase of $44.9 million, or 13% from $358.4 million at December 31, 2017.

Total loans grew to $312 million at December 31, 2018, an increase $25.7 million, or 9% from $286.3 million at December 31, 2017. 

Demand deposits for December 31, 2018 were $108.7 million, an increase of $12.6 million, or 13% over 2017.  Demand deposit balances represented 34% of 2018 total deposits.

“For the fifth consecutive year, earnings per share growth exceeded 50%.  What’s really special, however, is our upside potential, since our 2019 forecast calls for continued record profits,” said John Barrett, President and CEO of First Citrus Bank.  “This year marks our twenty-year anniversary.  We’re honored to continue helping Tampa Bay families become more financially secure and businesses economically successful.”

 

First Citrus Bank enhances vibrancy throughout Tampa Bay by helping families become more financially secure and businesses economically successful.  For additional information, please visit .

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
jlinton@firstcitrus.com

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Globe Newswire: 13:15 GMT Monday 14th January 2019

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