BEDFORD, N.H., April 24, 2013 /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 2013 financial results, noting period-over-period balance sheet growth, interest expense reduction and earnings growth.
For the quarter ended March 31, 2013, the Bank reported net income available to common shareholders of $1.7 million or $0.53 per common share (diluted), compared with $1.6 million or $0.49 per common share (diluted) for the quarter ended March 31, 2012. This represents a 9% increase in 2013 net income available to common shareholders over the 2012 comparative period.
"The ability of our team to drive quality loan growth in an exceptionally competitive and rate-sensitive environment was key to increasing interest income when comparing the first quarter of 2013 to the same prior-year period," noted Joseph B. Reilly, President/CEO. "Growing interest income from existing loans has been challenging for banks because interest rate pressure has caused a downward trend when re-pricing these loans. Consequently, our success in expanding our lending portfolio combined with our focus on maximizing productivity and efficiency are key factors in our continued earnings growth."
Total assets at March 31, 2013 increased 10% to $850.9 million, compared to $775.9 million at March 31, 2012, with this growth primarily reflective of loan growth of 16% over the past year. Net loans increased to $607.0 million at the end of the first quarter 2013, compared to $521.1 million at the end of the first quarter 2012.
Reilly commented that the Bank has maintained an unwavering commitment to asset quality. The Bank had no loan charge-offs in the first quarter 2013, compared with net charge-offs of $122,000 for the same prior-year period. Non-performing assets as a percentage of total assets at March 31, 2013 were 0.60%, compared to 0.63% at March 31, 2012. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.17% at March 31, 2013, compared with 1.20% at March 31, 2012.
Deposits at March 31, 2013 grew 8% to $688.9 million, compared to $635.7 million at March 31, 2012. "Continued solid deposit growth provided Centrix with core funding to support our lending activities and manage our use of higher-cost funding alternatives," said Reilly. The Bank continued to build shareholder value with book value per common share increasing to $18.15 at March 31, 2013 from $16.30 at March 31, 2012.
Reilly concluded: "We believe our collaborative approach to business banking is the key reason we continue to attract business, even in the face of intense competition for high-quality loans."
A copy of the First 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." 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 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 2012 as a "Leading Lender" in the U.S. Small Business Administration 504 Loan Program for N.H. and the N.E. Region, 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.
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.