BEDFORD, N.H., April 30, 2014 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT), 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, today announced its first quarter 2014 financial results, noting period-over-period balance sheet and earnings growth.
For the quarter ended March 31, 2014, the Bank reported net income available to common shareholders of $2.0 million or $0.61 per diluted common share, compared with $1.7 million or $0.53 per diluted common share for the quarter ended March 31, 2013. This represents an 18% increase in 2014 net income available to common shareholders over the 2013 comparative period.
Joseph B. Reilly, President/CEO, commented: "We believe that the Bank's continued growth demonstrated our ability to identify new lending relationships and retain customers by providing unique value and exceptional service and support. We feel that generating double-digit year-over-year asset, deposit and earnings growth in today's competitive environment is a significant accomplishment, and a clear reflection of our experienced team's dedication and abilities."
Total assets at March 31, 2014 increased 12% to $950.9 million, compared to $850.9 million at March 31, 2013, with this growth primarily reflective of loan growth of 16% over the past year. Net loans increased to $701.7 million at the end of the first quarter 2014, compared to $607.0 million at the end of the first quarter 2013. Deposits at March 31, 2014 grew 13% to $776.8 million, compared to $688.9 million at March 31, 2013. The Bank continued to build shareholder value with book value per common share increasing to $19.62 at March 31, 2014 from $18.15 at March 31, 2013.
Reilly commented that the Bank remains committed to asset quality. The Bank reported net loan charge-offs of $294,000 in the first quarter 2014 compared with no loan charge-offs in the first quarter 2013. Non-performing assets as a percentage of total assets at March 31, 2014 were 0.74%, compared to 0.60% at March 31, 2013. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.08% at March 31, 2014, compared with 1.17% at March 31, 2013.
Reilly concluded: "As we have continued to grow our loan portfolio, our sound loan and asset quality ratios demonstrate our ongoing commitment to strong risk management and underwriting practices, as well as early detection of problem credits so we can pro-actively address them with customers."
A copy of the First Quarter Report 2014 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 & COO at (603) 647-4446 or [email protected].
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. By employing a visionary and in-depth consultative approach called C-Beyond, Centrix Bank's talented and experienced professionals deliver the best in customized business banking solutions. The Bank services customers throughout southern New Hampshire and beyond from seven full service offices located in Bedford, Concord, Dover, Manchester, Milford, Nashua and Portsmouth. Centrix was named to SNL Financial's 2012 list of the top 100 "Best Performing Community Banks" in the U.S., American Banker's 2013 "Top 200 Community Banks" in the U.S., New Hampshire Business Review's 2014 "Best of Business" for Best Local Commercial Lender, and Business NH Magazine's 2010 NH's "100 Top Public Companies." The Bank was also honored as the 2013 "Leading Lender" in the U.S. Small Business Administration 504 Loan Program for N.H., and a 2013 "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 followed on Facebook, LinkedIn and YouTube.
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