Centrix Bank Reports Strong Growth in First Quarter 2011
BEDFORD, N.H., April 27, 2011 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT), 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, today announced first quarter 2011 financial results, noting strong period-over-period growth.
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For the quarter ended March 31, 2011, the Bank reported net income available to common shareholders of $1,141,000 or $0.37 per common share (diluted), compared with $1,907,000 or $0.62 per common share (diluted) for the quarter ended March 31, 2010. Net income for the quarter ended March 31, 2010 includes gains on the discretionary sale of select investment securities. Excluding these discretionary gains in 2010, net income available to common shareholders for the quarter ended March 31, 2010 would have totaled $1,067,000, resulting in a 7% increase in 2011 net income over the 2010 comparative period. The net interest margin for the quarter ended March 31, 2011 was 3.76%, down from 3.82% for the quarter ended March 31, 2010.
"Our first quarter 2011 results reflect the Bank's ability to derive an increasing percentage of net income from core operations and to fund more lending through the Bank's growing deposit base," said Joseph B. Reilly, President/CEO. "In 2011, our goal is to expand market share by providing new products and services, which we will begin announcing in the near term."
Total assets at March 31, 2011 were $693.3 million, up 14% from $609.6 million at March 31, 2010, reflecting growth of $83.7 million. Net loans grew 11% to $465.4 million at the end of the first quarter 2011, compared to $419.1 million at the end of the first quarter 2010. The Bank also had an additional $6.8 million in loans held for sale at the end of the first quarter 2011. Deposits at March 31, 2011 rose 8% to $552.2 million, compared to $510.5 million at March 31, 2010.
Reilly commented, "Loan and deposit growth reflects our continuing ability to attract new relationship business and expand existing relationships. It was particularly encouraging to see increased growth-oriented loan demand. We believe this reflects an improving economic climate, even as our nation addresses continuing challenges, such as elevated unemployment rates, limited growth and high energy prices."
Net loan charge-offs in the first quarter 2011 were $258,000, compared with $69,000 for the same prior year period. Non-performing assets as a percentage of total assets at March 31, 2011 were 0.80%, compared to 0.67% at March 31, 2010. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.24% at March 31, 2011, compared with 1.28% at March 31, 2010.
"During the past three years, we have maintained a relatively low level of troubled loans," Reilly concluded. "The majority of the increase in net loan charge-offs represents the resolution of previously identified problem loans. We are generating lending opportunities while maintaining high standards for risk management."
In the first quarter 2011, Centrix Bank was recognized for its performance by two different organizations. On a national level, the Bank was ranked 58th on SNL Financial's annual list of the Best 100 performing community banks in the United States. This list included banks with assets between $500 million and $5 billion and was scored based on profitability, asset quality, loan growth and capital strength. At the state level, the Bank was recognized as a winner in New Hampshire Business Review's 2011 Best of Business Awards as recipient in the Best Bank for Small Business / Local category.
A copy of the First 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 the Company
Centrix Bank is a full service commercial bank offering highly personalized and responsive service to small to medium-sized businesses and professionals, municipalities and not-for-profit organizations. The Bank services customers throughout southern New Hampshire 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 US Banker magazine's "2010 Top 200 Community Banks" in the U.S., New Hampshire Business Review's "2011 Best of Business" for Local Best Bank for Small Business, Business NH magazine's 2010 NH's "100 Top Public Companies" and "2006 Business of the Year." The Company'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
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