Bank posts dramatic rise in profits

TAMPA — First Citrus Bancorporation, parent of Tampa-based First Citrus Bank, squeezed 74% growth in year-over-year profits in the first quarter over 2018.

The big rise in profits was complemented with several other robust financial metrics. The list includes:

• Net income for the three months ended March 31 was $1,057,000, or 52 cents per share, compared to net income of $609,000, or 30 per share, for the three months ended March 31, 2018, according to a statement from the bank;

• Book value per share was $17.25 for the quarter, an increase of 13% over the $15.29 book value per share through March 31, 2018. 

• Total assets were $396 million through March 31, an increase of $27 million, or 7% from $369 million through March 31, 2018;

• Total loans grew to $305 million through March 31, an increase of $13 million, or 5% from $291 million through March 31, 2018.

• Demand deposits through March 31 were $108 million, an increase of $6 million, or 6% over 2018. Demand deposit balances represented 33% of 2019 total deposits; and

• A dividend of 25 cents per share was paid March 4.

“If you liked 2018’s record earnings, you are going to love the 74% increase in 2019’s first-quarter profits, delivering a 56% growth in return on equity to 12%. Our credit discipline remained consistent, as new loan closings were up a modest 2%,” says First Citrus Bank  President and CEO John Barrett in the statement. “We’re pleased to see our loan pipeline refilling. While I love our balance sheet, I love our people even more. When all of your deposits are in First Citrus, you will love our bankers too.”

Ranked as one of the top 25 commercial loan producers nationally by the magazine IB Independent Banker, First Citrus was founded in 1999.