Centrix Bank Reports Fourth Quarter & Full Year 2011 Results

BEDFORD, N.H., Feb. 15, 2012 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT), a full service commercial bank serving small and medium-sized businesses and professionals, municipalities and not-for-profit organizations, today announced its fourth quarter and full year 2011 operating results.

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For the quarter ended December 31, 2011, the Bank reported net income available to common shareholders of $1.5 million or $0.49 per common share (diluted), compared with $957,000 or $0.31 per common share (diluted) for the same period in the prior year.  This 60% increase in net income available to common shareholders resulted primarily from strong net interest income and a decrease in the provision for loan losses.

For the years ended December 31, 2011 and 2010, net income available to common shareholders was $5.4 million.  Earnings per common share (diluted) was $1.72 for the year ended December 31, 2011, as compared to $1.75 per common share (diluted) for the same period in 2010.  However, net income for the year ended December 31, 2010 included gains on the discretionary sale of select investment securities of $1.4 million.  Excluding these gains recorded in 2010, net income available to common shareholders in 2011 would have shown growth of 18%.

Total assets at December 31, 2011 were $757.6 million, up 11% from $683.8 million at December 31, 2010, reflecting growth of $73.8 million.  Net loans grew to $520.0 million at December 31, 2011 from $450.2 million at December 31, 2010, an increase of 16%.  Deposits increased 9% to $606.8 million at December 31, 2011, compared to $555.0 million at December 31, 2010.

"By providing superior service, products and financial solutions, we have been able to grow assets, loans and deposits to record levels through expanded relationships with our customers and by earning greater market share," said Joseph B. Reilly, President/CEO.  "We continue to effectively address the challenges of a low interest rate environment, reflected by our 3.83% net interest margin in 2011, an increase from 3.77% in 2010.  Throughout 2011, we were successful in reducing our already low levels of non-performing loans.  Asset quality continues to remain strong."

Net loan charge-offs in 2011 were $1.2 million, compared to $1.0 million in 2010.  Total non-performing assets as a percentage of total assets at December 31, 2011 remained low at 0.37%, compared to 0.84% at December 31, 2010.  The Bank's loss allowance as a percent of total loans, excluding loans held for sale, was 1.17% at year-end 2011, compared with 1.27% at year-end 2010.

Reilly concluded: "Our solid results during continued challenging times reflected management's constant focus on asset quality, expense control and overall operating efficiencies.  The competitive environment remains intense, requiring constant superior execution of our promise to provide excellence in banking.  During 2011, we invested in new technology and successfully launched numerous products to support our competitive position.  Collectively, these actions have positioned us well to continue our measured progress in gaining profitable market share and building shareholder value."

A copy of the Fourth Quarter Report 2011 is available on the Bank's website at centrixbank.com.  To access the online Report, under the section titled "Investor Relations," click on "Financial Reports."  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 and 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 released in 2011 of "Top 100 Best Community Banks" in the U.S., US Banker magazine's "2011 Top 200 Community Banks" in the U.S., New Hampshire Business Review's "2011 Best of Business" for Best Bank for Small Business (Local), and Business NH Magazine's 2010 NH's "100 Top Public Companies."  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.

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