Centrix Bank Reports Double-Digit Year-Over-Year Asset, Loan And Earnings Growth in Second Quarter, First Half 2012

BEDFORD, N.H., July 25, 2012 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced second quarter and six month 2012 financial results, highlighted by solid asset and income growth.  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.

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For the quarter ended June 30, 2012, the Bank reported net income available to common shareholders of $2.4 million or $0.76 per common share (diluted), up 62% from $1.5 million or $0.47 per common share (diluted) for the same period last year.  The Bank recorded similarly strong earnings for the first six months of 2012, with net income available to common shareholders of $4.0 million or $1.25 per common share (diluted), compared with $2.6 million or $0.84 per common share (diluted) in the first half of 2011, an increase of 51%.  Net income available to common shareholders for the second quarter of 2012 included gains on the discretionary sale of select investment securities.  Excluding these discretionary gains in 2012, net income available to common shareholders for the three and six months ended June 30, 2012 would have totaled $1.6 million and $3.1 million, respectively, resulting in a 6% and 20% increase, respectively, in 2012 net income over the 2011 comparable periods.

Total assets at June 30, 2012 were $800.2 million, up $90.8 million or 13%, compared to $709.4 million at June 30, 2011.  Net loans grew to $540.6 million at June 30, 2012 from $476.3 million at June 30, 2011, an increase of 13%.  Deposits at June 30, 2012 totaled $651.4 million, compared to $581.5 million at June 30, 2011, representing 12% growth.  Reflecting this growth and progress, the Bank's book value per common share at June 30, 2012 increased to $16.91, compared to $14.71 a year ago.

Joseph B. Reilly, President/CEO, commented: "Centrix Bank's second quarter growth and earnings strength reflects our focus on strategic organic growth, primarily through gains in market share, and careful and opportunistic management of our investment portfolio.  We have successfully built new banking relationships and expanded relationships with existing customers to drive operating income growth."

The Bank has diligently maintained a high level of asset quality.  Net charge-offs for the six months ending June 30, 2012 totaled $212,000, compared with net charge-offs of $252,000 for the comparable period in 2011.  The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.22% at June 30, 2012, compared to 1.28% at June 30, 2011.  Non-performing assets as a percent of total assets at June 30, 2012 were 0.62%, compared to 0.72% at June 30, 2011.  The continued low level of non-performing assets is a direct result of the diligent management of problem loans.

Reilly concluded: "We believe our strong risk management and credit quality standards, combined with our outreach efforts, have enabled us to identify sound relationship and lending opportunities while minimizing risk.  Our Board of Directors and employees have played a critical role in presenting Centrix to the business community and generating important leads.  We are gratified that we have been able to deliver ongoing positive results to our shareholders while serving our customers' needs."

A copy of the Second Quarter Report 2012 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 the 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 honored as a "Leading Lender" in the U.S. Small Business Administration 504 Loan Program 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