BEDFORD, N.H., Jan. 30, 2014 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced fourth quarter and full year 2013 financial results. 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.
The Bank recorded 12% year-over-year earnings growth for the year ended December 31, 2013, with net income available to common shareholders of $7.4 million or $2.29 per diluted common share, compared with $6.6 million or $2.08 per diluted common share, for the year ended December 31, 2012. Net income in 2012 included after-tax gains on the discretionary sale of select investment securities of $829,000. Excluding these net gains in 2012, net income available to common shareholders for the year ended December 31, 2013 increased 28% over the 2012 comparable period, which would have totaled $5.8 million.
For the quarter ended December 31, 2013, the Bank reported net income available to common shareholders of $2.0 million or $0.63 per diluted common share, compared with $908,000 or $0.28 per diluted common share for the same period last year, which included a $1.2 million after tax loss on a loan default.
Joseph B. Reilly, President/CEO, stated: "We were particularly proud of the Bank's fourth quarter and full year earnings performance because it reflected core operating income gains. We demonstrated 16% year-over-year loan growth that drove meaningful interest income expansion, complemented by diligent margin management. Similarly to our peers, due to the continued low interest rate environment, we experienced downward pressure on rates, but we were able to counter it with strong loan growth and a solid funding strategy. As a result, we were successful in maintaining net interest margin stability throughout the year."
Total assets at December 31, 2013 reached $907.7 million, up 10% from $823.4 million at December 31, 2012, reflecting growth of $84.3 million. Net loans grew 16% to $677.4 million at December 31, 2013 from $584.9 million at December 31, 2012. Deposits increased 16% to $733.6 million at December 31, 2013, compared to $633.7 million at December 31, 2012. The Bank's performance contributed to increased shareholder value with its book value per common share at December 31, 2013 increasing 6% to $18.97, from $17.85 at December 31, 2012.
Asset quality remained strong. Net loan charge-offs, pre-tax, were $1.0 million for the year ended December 31, 2013, compared with net charge-offs, pre-tax, of $2.7 million for the comparable 2012 period. Total non-performing assets as a percent of total assets at December 31, 2013 were 0.76%, compared to 0.64% at December 31, 2012. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.10% at year-end 2013, compared to 1.13% at year-end 2012.
Reilly concluded, "We are gratified by the Bank's performance, and continue to pursue opportunities to grow. At the end of November, we opened an office in Nashua, N.H., our seventh full service office. And, through the Bank's and our employees' personal support of charitable and civic organizations, gave back to the communities that have given so much to Centrix. We look forward to continuing to deliver value to our shareholders."
A copy of the Fourth Quarter Report 2013 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."
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 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 honored as the 2013 "Leading Lender" in the U.S. Small Business Administration 504 Loan Program for N.H. and a 2012 "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, 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