Centrix Bank Reports 17% Year-Over-Year Loan Growth

BEDFORD, N.H., Oct. 30, 2013 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced third quarter and nine month 2013 financial results, highlighted by solid asset, loan and deposit growth and increased income generated from operations.  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.

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For the quarter ended September 30, 2013, the Bank reported net income available to common shareholders of $1.6 million or $0.50 per diluted common share, compared with $1.7 million or $0.55 per diluted common share for the quarter ended September 30, 2012.  For the nine months ended September 30, 2013, net income available to common shareholders totaled $5.4 million or $1.66 per diluted common share, compared with $5.7 million or $1.80 per diluted common share in the first nine months of 2012.  Net income available to common shareholders in 2012 included $829,000 in gains on the discretionary sale of investment securities, after applicable income taxes.  Excluding these gains in 2012, net income available to common shareholders for the nine months ended September 30, 2013 increased 10% over the 2012 comparable period, which would have totaled $4.9 million.

Joseph B. Reilly, President/CEO, commented: "Despite a tepid economic environment, our third quarter reflected strong balance sheet growth.  While competition is rigorous, our lending and business development teams continue to generate new business.  We believe our commitment to service and delivering client-specific financial solutions continue to give us an important competitive advantage."

Deposits at September 30, 2013 totaled $732.7 million, compared to $661.5 million at September 30, 2012, representing 11% growth.  Total assets at September 30, 2013 were $909.1 million, up $89.0 million or 11%, compared to $820.1 million at September 30, 2012.  Net loans grew to $650.4 million at September 30, 2013 from $556.6 million at September 30, 2012, an increase of $93.8 million or 17%.   

Reilly continued, "Our SBA lending continues to be strong.  While businesses remain guarded about the economy, we continue to see positive signs, including increased interest in working capital loans and an uptick in construction lending for high-quality commercial and residential projects.  Our commercial real estate lending, with a focus on owner-occupied properties, has continued to be a growth opportunity.  We welcome growth, while continually maintaining an emphasis on managing credit risk and overall asset quality, which has been a hallmark of Centrix Bank's financial performance throughout the years."

Net charge-offs for the nine months ended September 30, 2013 totaled $243,000, compared with net charge-offs of $469,000 for the comparable period in 2012.  The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.21% at September 30, 2013, compared to 1.12% at September 30, 2012.  This increase in allowance for loan losses is attributed to a specific loan workout situation.  Non-performing assets as a percent of total assets at September 30, 2013 were 0.98%, compared to 0.71% at September 30, 2012.

Reflecting the Bank's ongoing growth and financial performance, the Bank's book value per common share at September 30, 2013 increased to $18.13, compared to $17.73 one year ago.

Reilly concluded: "Our experienced lending team and relationship managers are attracting new business and securing customer loyalty by delivering comprehensive customized financial solutions.  We look forward to continuing on the course we have set to deliver value for our customers, which translates into value enhancement for our shareholders."

A copy of the Third 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.  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 "Top 200 Community Banks" in the U.S. (2013 & 2012), 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 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.

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