Centrix Bank Reports 13% Year-Over-Year Earnings Growth

BEDFORD, N.H., Oct. 23, 2014 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced third quarter and nine month 2014 financial results, highlighted by solid asset, loan and earnings growth.  Centrix Bank 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.

For the quarter ended September 30, 2014, the Bank reported net income available to common shareholders of $2.2 million or $0.67 per diluted common share, compared with $1.6 million or $0.50 per diluted common share for the quarter ended September 30, 2013.  For the nine months ended September 30, 2014, net income available to common shareholders totaled $6.1 million or $1.86 per diluted common share, compared with $5.4 million or $1.66 per diluted common share in the first nine months of 2013, growth of 13%.

Joseph B. Reilly, President/CEO, commented: "Despite the protracted low interest rate environment and intense market competition, Centrix produced strong earnings growth.  Our balance sheet growth and diligence to expense management drive those earnings."

Total assets at September 30, 2014 were $965.8 million, up $56.7 million or 6%, compared to $909.1 million at September 30, 2013.  Net loans grew to $721.8 million at September 30, 2014 from $650.4 million at September 30, 2013, an increase of $71.4 million or 11%.  Deposits at September 30, 2014 totaled $728.3 million, compared to $732.7 million at September 30, 2013.  The Bank anticipated a decline in deposits following the announcement of the March 3, 2014 Definitive Merger Agreement with Eastern Bank Corporation.  Reflecting the Bank's ongoing growth and financial performance, the Bank's book value per common share at September 30, 2014 increased to $21.05, compared to $18.13 one year ago.

Reilly continued, "While our loan growth continues to exceed expectations, our focus on credit quality remains forefront in our lending process.  That, coupled with a strong alliance with the SBA, has enabled Centrix to deliver solutions to many start-up businesses in New Hampshire, while maintaining losses at a low level."

Net charge-offs for the nine months ended September 30, 2014 totaled $480,000, compared with net charge-offs of $243,000 for the comparable period in 2013.  The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.10% at September 30, 2014, compared to 1.21% at September 30, 2013.  Non-performing assets as a percent of total assets at September 30, 2014 were 0.65%, compared to 0.98% at September 30, 2013.

Reilly concluded: "Our growth and financial performance have been exceptional throughout our history.  We look forward to continuing on the course we have set to deliver value for our customers with our new partner, Eastern Bank, when our merger becomes effective at the close of business on October 24, 2014."

A copy of the Third 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 six full service offices located in Bedford, Concord, Dover, Manchester, 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 2014 "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 found on Facebook, LinkedIn and YouTube.

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.

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SOURCE Centrix Bank

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