2014

Centrix Bank Reports 40% Year-Over-Year Income Growth in Third Quarter 2012

BEDFORD, N.H., Oct. 24, 2012 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced third quarter and year-to-date 2012 financial results, highlighted by substantial income growth.  Centrix is a full service commercial bank providing highly personalized and responsive service to small and medium-sized businesses and professionals, municipalities and not-for-profit organizations.

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For the quarter ended September 30, 2012, the Bank reported net income available to common shareholders of $1.7 million or $0.55 per common share (diluted), up 40% from $1.2 million or $0.39 per common share (diluted) for the same period last year.  The Bank recorded similarly strong earnings for year-to-date 2012, with net income available to common shareholders of $5.7 million or $1.80 per common share (diluted), compared with $3.9 million or $1.23 per common share (diluted) in the first nine months of 2011, an increase of 48%.  Year-to-date 2012 net income available to common shareholders included gains on the discretionary sale of securities.  Excluding these gains in 2012, net income available to common shareholders for the nine months ended September 30, 2012 would have totaled $4.9 million, resulting in a 26% increase in 2012 net income over the 2011 comparable period.

Joseph B. Reilly, President/CEO stated, "We believe a key driver of our success is that our experienced lenders and business development staff provide superior consulting and financial solutions to our customers and not simply generic products or services.  This has resulted in strong loyalty and high levels of customer retention and has provided the compelling value required to encourage business prospects to move their business to Centrix.  Although the economic environment is challenging, our team has been successful in creating opportunities by providing the tools our customers need to navigate through uncertain times."

Total assets at September 30, 2012 increased 8% to $820.1 million, compared to $758.9 million at September 30, 2011.  Net loans grew to $556.6 million at September 30, 2012 from $492.9 million at September 30, 2011, an increase of 13%.  Deposits at September 30, 2012 totaled $661.5 million, compared to $603.2 million at September 30, 2011, representing 10% growth.  Reflecting this growth and progress, the Bank's book value per common share at September 30, 2012 increased 15% to $17.73, compared to $15.44 a year ago.

The Bank maintained solid asset quality.  Net charge-offs for the nine months ended September 30, 2012 totaled $469,000, compared with net charge-offs of $881,000 for the comparable period in 2011.  The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.19% at September 30, 2012 and 2011.  Non-performing assets as a percent of total assets at September 30, 2012 were 0.94%, compared to 0.42% at September 30, 2011.  This increase in non-performing assets is due to the addition of real-estate owned (REO) and a loan relationship exhibiting weakness.

Reilly concluded: "By seeking out new loan and deposit opportunities, maintaining exceptional relationships with customers, and carefully managing expenses, we were able to continue our strong earnings growth, thereby building shareholder value, even in this weakened economic environment that has presented significant competition for quality customers and credits."

A copy of the Third Quarter Report 2012 is available on the Bank's website at centrixbank.com.  To access the online Report, under the section titled "Investor Relations," click on "Financial Documents."  For more information about financial reports, please contact Lucy T. Gobin, Senior Executive Vice President, CFO & COO at (603) 647-4446 or lgobin@centrixbank.com.

About Centrix Bank
Centrix Bank 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.  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 the top 100 "Best Performing Community Banks" in the U.S. (2012 & 2011), American Banker's "2012 Top 200 Community Banks" in the U.S., New Hampshire Business Review's "2012 Best of Business" for Best Bank for Small Business (Local), and Business NH Magazine's 2010 NH's "100 Top Public Companies."  The Bank was also honored in 2011 as a "Leading Lender" in the U.S. Small Business Administration 504 Loan Program and a "Leadership Bank" in the New Hampshire Bar Foundation's IOLTA Program.  The Bank'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.  Centrix Bank can also be found on Facebook and LinkedIn.

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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