Bank doubles profits in second quarter
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.
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.