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First Citrus Bank grows earnings in Q1

April 26, 2021 - First Citrus Bancorporation reported net earnings of $1.7 million, or 81 cents a share, for the first quarter of 2021, compared to net earnings of $835,000 or 40 cents a share, in the same period a year ago. First Citrus (OTC Markets: FCIT), based in Tampa and the parent company of First Citrus Bank, ended the quarter on March 31 with $609 million in total assets, up 39 percent from the same day in 2020. The bank credited loans made under the Small Business Administration's Paycheck Protection Program and related depository accounts established with new PPP loan customers. Total loans grew to $478 million by March 31, an increase of $140 million, or 41 percent, from $338 million a year earlier. The first quarter of 2021 had the best quarterly operating performance in the bank's history, John Barrett, president and CEO, said in a news release. "The Paycheck Protection Program created a seam in the market that we’ll continue to capitalize on as we open our newest full-service location this summer in downtown St. Petersburg," Barrett said. The bank plans to open an office at 300 1st Ave. S. in June.

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