First Citrus Bank sees impact from Pinellas expansion
October 21, 2019 - First Citrus Bancorporation (OTC: FCIT) reported net earnings of $781,000, or 37 cents a share, for the third quarter of 2019, compared to net earnings of $920,000, or 46 cents a share, for the same quarter in 2018. The company said in a news release that the 15 percent dip in earnings was due to increased personnel costs and expansion activities in the Pinellas County market. First Citrus Bank expects to open its first branch in more than a decade in downtown St. Petersburg in 2020. For the first nine months of 2019, the Tampa-based bank, with $416 million in total assets, reported net earnings of nearly $2.8 million, or $1.34 a share, up 6 percent from the first nine months of 2018.