BEDFORD, N.H., July 29, 2014 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced its financial results for the three and six month periods ended June 30, 2014, highlighted by solid asset, loan and deposit growth. Centrix Bank is a full service commercial bank providing highly personalized and responsive service to small and medium-sized businesses, professionals, municipalities and not-for-profit organizations.
For the quarter ended June 30, 2014, the Bank reported net income available to common shareholders of $1.9 million or $0.58 per diluted common share, compared with $2.0 million or $0.63 per diluted common share for the same period the prior year. For the first six months of 2014, net income available to common shareholders totaled $3.9 million or $1.19 per diluted common share, compared with $3.7 million or $1.16 per diluted common share in the first half of 2013.
Total assets at June 30, 2014 were $979.4 million, up $84.4 million or 9%, compared to $895.0 million at June 30, 2013. Net loans grew to $725.8 million at June 30, 2014 from $622.1 million at June 30, 2013, an increase of 17%. Deposits at June 30, 2014 totaled $802.2 million, compared to $724.2 million at June 30, 2013, representing 11% growth. Reflecting this growth and progress, the Bank's book value per common share at June 30, 2014 increased to $20.59, compared to $18.51 a year ago.
Joseph B. Reilly, President/CEO, commented: "We are pleased that our results reflect the Bank's continued ability to build core banking relationships in a very competitive banking environment. As we have grown our loan portfolio, our strong underwriting and risk management standards have been reflected in the Bank's balance sheet strength and continued sound asset quality."
Net charge-offs for the six months ended June 30, 2014 totaled $287,000, compared with net charge-offs of $248,000 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 1.13% at both June 30, 2014 and June 30, 2013. Non-performing assets as a percent of total assets at June 30, 2014 were 0.64%, compared to 0.75% at June 30, 2013. Reilly concluded: "We feel that achieving 17% year-over-year loan growth is a clear reflection of our experienced team's dedication and abilities."
As previously announced, the Centrix Bank shareholders approved the pending merger with Eastern Bank. Eastern Bank is in the process of receiving approvals for the merger from the various regulatory agencies. Centrix Bank continues to anticipate that the merger will be completed in the fall.
A copy of the Second 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 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 followed 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.
SOURCE Centrix Bank
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