First Citrus gets tailwind from PPP loans
April 27, 2020 - First Citrus Bancorporation reported net earnings of $835,000, or 40 cents a share, for the first quarter of 2020, compared to $1.06 million in net income, or 52 cents a share, in the first quarter of 2019. Profits in Q1 2020 were down 21 percent largely due to personnel additions on the business and retail banking roster, the bank said in a news release. First Citrus (OTC: FCIT), the Tampa-based holding company for First Citrus Bank, also highlighted core deposit growth and low-cost deposit gains in its news release. “We’ve made significant gains on the recruiting front as evidenced by the improvements in demand deposit growth. The Payroll Protection Program launched this past month, created an unexpected but welcomed seam in the market to nimbly add clients from regional and money center competitors. Another tailwind to enhance the First Citrus brand,” Jack Barrett, president and CEO of First Citrus Bank, said in the release. The bank ended Q1 2020 with total assets of $437 million, total loans of $338 million, and total deposits of $386 million.