First Citrus (FCIT) reported second-quarter earnings on July 20, with another record quarter. These results were primarily fueled by PPP loans and COVID-19 re-positioning. The company’s valuation has taken a hit since February and is now at a level not seen since 2018.
Second-Quarter Earnings
The company reported quarterly earnings per share of $0.63, a 53% increase over the previous quarter. Year over year, the company has earnings growth of 36%, coupled with asset growth of 39%. Loan and deposit growth at 40% and 46%, respectively.
This growth comes on