GlobeNewswire Inc | Jul 20, 2020 08:15AM EDT

July 20, 2020

TAMPA, Fla., July 20, 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 second quarter of 2020.

June 30, 2020, YTD earnings were the highest on record for the first six-month period after the second quarter produced the strongest quarterly earnings performance in company history. During the second quarter, assets, deposits, and loans grew to record levels largely due to loans made under the SBA Paycheck Protection Program (PPP). Net income in the second quarter was $1,290,000.

Second Quarter 2020 Highlights (compared to second quarter 2019)

-- Net earnings growth of 36%; -- Asset growth of 39%; -- Loan growth of 40%; -- Deposit growth of 46%; -- Return on equity growth of 24%; -- Earnings per share growth of 35%.

Six Months YTD 2020 Highlights (compared to six months YTD 2019)

-- Net earnings growth of 6%; -- Earnings per share growth of 5%; -- Book value per share growth of 9%.

Net earnings for the six months ended June 30, 2020, was $2,125,000, or $1.04 per share, compared to the net income of $2,006,000, or $0.99 per share for the six months ended June 30, 2019.

Book value per share at June 30, 2020, was $19.35, an increase of 9% over the $17.73 book value per share at June 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 $549 million at June 30, 2020, an increase of $153 million, or 39% from $396 million at June 30, 2019.

Total loans grew to $438 million at June 30, 2020, an increase $126 million, or 40% from $312 million at June 30, 2019, primarily due to loans made under the Paycheck Protection Program.

Total deposits for June 30, 2020, were $473 million, an increase of $150 million, or 46% over 2019 primarily due to deposits made in connection with the Paycheck Protection Program. Demand deposit balances represented 47% of 2020 total deposits.

"In a time of great uncertainty and change, one thing that wont change is our steadfast commitment to Tampa Bay businesses, families and individuals," said John Barrett, President and CEO of First Citrus Bank.

Comparative Consolidated Balance Sheet(Unaudited - dollars in thousands)

Assets 6/30/ 6/30/ Percent 2020 2019 Change Cash and Due $98,350 67,469 46% From Banks Investment Securities & 762 2,082 (63%) Fed Funds Sold Total Loans 437,543 311,625 40% Allowance for (2,688) (2,721) ( Loan Losses 1%) Net Loans 434,855 308,904 41% Premises and Equipment, 7,541 7,695 ( 2%) Net Cash Surrender Value of 6,837 6,639 3% Bank-Owned Life Insurance Other Assets 1,125 3,612 (69%) Total Assets $549,470 396,401 39% Liabilities and Shareholders' Equity Demand 222,596 106,015 110% Deposits Money-Market 168,849 125,651 34% Deposits Time and Savings 81,240 91,395 (11%) Deposits Total $472,685 323,061 46% Deposits FHLB Advances and Fed Funds 0 30,000 (100%) Purchased FRB Advances 28,278 0 Subordinated 4,942 4,942 0% Debentures Other 3,993 2,474 61% Liabilities Total Deposits and 509,898 360,477 41% Liabilities Shareholders' 39,572 35,924 10% Equity Total Liabilities and $549,470 396,401 39% Shareholders' Equity

Comparative Consolidated Statements of Earnings (Unaudited - dollars in thousands except per share data) Six Months Second Quarter Ended June 30 2020 2019 2020 2019 Interest $4,589 4,784 $9,202 9,356 Income Interest 679 1,081 1,637 2,097 Expense Net Interest 3,910 3,703 7,565 7,259 Income Provision for Loan 109 47 184 47 Losses Net Interest Income 3,801 3,656 7,381 7,212 After Provision Noninterest 542 287 1,021 767 Income Noninterest 2,643 2,690 5,600 5,314 Expense Earnings Before 1,700 1,253 2,802 2,665 Income Taxes Income 410 304 677 659 Taxes Net $1,290 949 $2,125 2,006 Earnings Earnings Per Share $0.63 0.47 $1.04 0.99 Basic Earnings Per Share $0.61 0.46 $1.01 0.96 Diluted Book Value Per Share $19.35 17.73 $19.35 17.73 at End of Period Shares 2,044,574 2,025,651 2,044,574 2,025,651 Outstanding 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 BankFirst Citrus Bank, a $540 million commercial bank, was established in 1999 and is headquartered in Tampa. It was selected as the Greater Tampa 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.

For more information, contact: John Linton, EVP & Chief Financial Officer813.792.7177jlinton@firstcitrus.com