BEDFORD, N.H., July 27, 2011 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced second quarter and six month 2011 financial results, highlighted by solid asset and income growth. Centrix is a full service commercial bank offering highly personalized and responsive service to small and medium-sized businesses, professionals, municipalities and not-for-profit organizations.
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For the quarter ended June 30, 2011, the Bank reported net income available to common shareholders of $1.5 million or $0.47 per common share (diluted), up 9% from $1.4 million or $0.44 per common share (diluted) for the same period last year. The Bank recorded similarly strong earnings for the first six months of 2011, with net income available to common shareholders of $2.6 million or $0.84 per common share (diluted), compared to $3.3 million or $1.05 per common share (diluted) in the first half of 2010. Net income for the first six months of 2010 included gains on the discretionary sale of select investment securities. Excluding these discretionary gains in 2010, net income available to common shareholders for the six months ended June 30, 2010 would have totaled $2.4 million, resulting in an 8% increase in 2011 net income over the 2010 comparable period.
Total assets at June 30, 2011 were $709.4 million, up $62.1 million or 10%, compared to $647.3 million at June 30, 2010. Net loans grew to $476.3 million at June 30, 2011 from $433.7 million at June 30, 2010, an increase of 10%. Deposits at June 30, 2011 totaled $581.5 million, compared to $544.1 million at June 30, 2010, representing 7% growth. Reflecting this growth and progress, the Bank's book value per common share at June 30, 2011 increased to $14.71, compared with $13.07 a year ago.
Joseph B. Reilly, President/CEO, commented, "Our second quarter 2011 earnings performance was driven by an increase in interest and fee income and a reduction in our interest expense. Asset quality at Centrix is strong, and we compare favorably to our local and national community banking peers. We continue to grow loans and deposits, as our focus on producing a high level of service and diverse products has led to high customer retention levels, expansion of banking relationships and new customer relationships."
"The Bank was recently approved to participate in the U.S. Treasury's Small Business Lending Fund (SBLF) program. The Bank anticipates using this additional low-cost capital to support the expansion of its small business loan portfolio and continued overall growth. Proceeds will be used for lending to businesses in our served markets, in addition to redeeming the current Preferred Stock, with a liquidation value of $7,875,000, previously issued to the U.S. Treasury under the Capital Purchase Program (CPP)," continued Reilly.
The Bank has diligently maintained a high level of asset quality. Net charge-offs for the six months ending June 30, 2011 totaled $252,000, compared with net charge-offs of $89,000 for the comparable period in 2010. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.28% at June 30, 2011, compared with 1.27% at June 30, 2010. Non-performing assets as a percent of total assets at June 30, 2011 were 0.72%, compared to 1.12% at June 30, 2010. The decrease in non-performing assets is a direct result of the diligent management of problem loans, as well as the improving economic conditions in the Bank's local markets.
Reilly concluded: "Our lenders work closely with our customers to manage delinquencies and understand their business needs. They are also hearing talk of economic improvement from some, while others continue to face challenges. The experience and expertise of our business banking professionals enables us to work more closely and effectively with our customers. Our people have been a driving force behind our ability to help customers weather tough economic times and a key reason we continue to attract new customers seeking the best service."
A copy of the Second Quarter Report 2011 is available on the Bank's website at centrixbank.com. To access the online Report, under the section titled "Investor Relations," click on "Financial Reports." For more information about financial reports, please contact Lucy T. Gobin, Senior Executive Vice President, CFO & COO at (603) 647-4446 or [email protected].
About the Company
Centrix Bank is a full service commercial bank offering highly personalized and responsive service to small and medium-sized businesses and professionals, municipalities and not-for-profit organizations. The Bank services customers throughout southern New Hampshire and beyond from six full service offices located in Bedford, Concord, Dover, Manchester, Milford and Portsmouth, and a loan production office in Nashua. Centrix was named to SNL Financial's annual list of "Top 100 Best Community Banks" in the U.S., US Banker magazine's "2010 Top 200 Community Banks" in the U.S., New Hampshire Business Review's "2011 Best of Business" for Local Best Bank for Small Business, Business NH Magazine's 2010 NH's "100 Top Public Companies" and "2006 Business of the Year." The Company's common shares are quoted on the OTC Bulletin Board (OTCBB) under the symbol "CXBT." For more about Centrix Bank, please visit centrixbank.com or call (603) 647-4446.
Forward-Looking Statements
This release contains information and "forward-looking statements" that relate to matters that are not historical facts and are usually preceded by the words: "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target," and similar expressions. These forward-looking statements are subject to significant risks, assumptions, and uncertainties. Because of these and other uncertainties, our actual results may be materially different from those described in these forward-looking statements. The forward-looking statements in this release speak only as of the date of the release, and we do not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.
SOURCE Centrix Bank
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