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First Citrus Bancorporation has been recognized as Florida's leading community bank for the second consecutive year by American Banker, ranking in the top 100 nationwide. The bank supported 2,272 businesses and reinvested over $180 million in local communities through the SBA Payroll Protection Program. As of February 2021, FCIT was ranked the 5th best performing regional bank stock in the southeastern U.S. The bank plans to open a new branch this summer, further enhancing its commitment to the Tampa Bay area.
First Citrus Bancorporation (OTC: FCIT) announced record-breaking financial results for Q1 2021, reporting a net income of $1,705,000, a 104% increase from the previous year. Key metrics included a 39% growth in assets to $609 million, a 41% increase in loans to $478 million, and a 43% rise in deposits to $551 million. Earnings per share grew by 102%, reaching $0.83. The bank also paid a $0.45 special cash dividend on March 4, 2021. Despite a slight increase in delinquent loans, nonperforming loans decreased to 0.21%. The bank plans to expand with a new location in St. Petersburg.
First Citrus Bank is set to open its first full-service branch in St. Petersburg, Florida, by June 2021. The new location will be at 300 1st Ave South, promising to enhance community banking services. With a strong track record in local lending, the bank has loaned a significant portion of its deposits back into the community. The bank's commitment is exemplified by its recent accolades, including being a Top 5 SBA lender in Tampa Bay. This expansion aims to support local businesses and families, aligning with the bank's mission of fostering economic success in the Tampa Bay area.
First Citrus Bancorporation (OTC: FCIT) announced a special cash dividend of $0.45 per share, payable on March 4, 2021 for shareholders of record as of February 16, 2021. This marks the fifth consecutive year of record earnings and matching cash dividends, highlighting the bank's robust performance. As a regional bank, First Citrus Bancorporation has been ranked third among its peers in the Southeastern U.S. by S&P Global for its performance over the last three years, demonstrating its strong market position.
First Citrus Bancorporation (OTC Markets: FCIT) reported record earnings for Q3 2020, achieving net income of $1,337,000, a 71% increase year-over-year. Key highlights include asset growth of 36%, loan growth of 37%, and deposit growth of 37%, largely driven by the SBA Paycheck Protection Program. Year-to-date earnings reached $3,462,000 or $1.70 per share, up from $2,787,000 or $1.38 in 2019. The bank's total assets climbed to $566 million. A $0.40 special cash dividend was paid in March 2020.