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Tampa Bay-Lakeland
Business Observer Tuesday, Jul. 17, 2018 2 months ago

Bank doubles profits in second quarter

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Tampa-based First Citrus takes advantage of market conditions.

TAMPA — First Citrus Bancorporation Inc., parent bank holding company for First Citrus Bank, released its financial results for the second quarter, with earnings of $1.089 million or 56 cents per share.

Also, the Tampa-based bank’s net earnings increased by 100% over the same period in 2017, according to a press release.

“With profits doubling quarter over quarter and demand deposit growth strong, our bankers are doing a terrific job capitalizing on market conditions,” states John Barrett, the bank's president and CEO, in the release. “We’re on track with budget and excited for the second half of 2018.”

The bank’s net income for the six months ended June 30 was $1,698,000, or $0.88 per share, compared to net income of $1,105,000, or $0.67 per share for the six months ended June 30, 2017. 

The bank also reports its book value per share grew by 12.7% in the second quarter, rising from $14.76 to $16.64. Total assets also increased substantially, jumping from $334.1 million in the second quarter of 2017 to $373.7 million as of June 30, according to the release.

Also in the second quarter, First Citrus Bank’s total loans grew to $302.8 million, the release states, representing a 7% increase.

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