Centrix Bank Reports Second Quarter, First Half 2013 Financial Results

BEDFORD, N.H., July 24, 2013 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced second quarter and six month 2013 financial results, highlighted by solid asset, loan and deposit growth and increased net 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 June 30, 2013, the Bank reported net income available to common shareholders of $2.0 million or $0.63 per common share (diluted), compared with $2.4 million or $0.76 per common share (diluted) for the same period last year.  For the first six months of 2013, net income available to common shareholders totaled $3.7 million or $1.16 per common share (diluted), compared with $4.0 million or $1.25 per common share (diluted) in the first half of 2012.  Net income available to common shareholders for the second quarter and first half of 2012 included gains on the discretionary sale of select investment securities of $829,000, after applicable income taxes.  Excluding these net 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 29% and 19% increase, respectively, in 2013 net income available to common shareholders over the 2012 comparable periods.

Total assets at June 30, 2013 were $895.0 million, up $94.8 million or 12%, compared to $800.2 million at June 30, 2012.  Net loans grew to $622.1 million at June 30, 2013 from $540.6 million at June 30, 2012, an increase of 15%.  Deposits at June 30, 2013 totaled $724.2 million, compared to $651.4 million at June 30, 2012, representing 11% growth.  Reflecting this growth and progress, the Bank's book value per common share at June 30, 2013 increased to $18.51, compared to $16.91 a year ago.

Joseph B. Reilly, President/CEO, commented: "As Centrix Bank enters its fifteenth year of operations, we find that our exclusive focus on providing high-quality commercial banking products and services to our target markets has served us well.  We believe our consistent performance and growth continues to validate our strategy and core philosophy to provide outstanding service and financial solutions."

Asset quality remained consistent.  Net charge-offs for the six months ended June 30, 2013 totaled $248,000, compared with net charge-offs of $212,000 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 1.13% at June 30, 2013, compared to 1.22% at June 30, 2012.  This decline is attributed to the resolution of loan workout situations that had associated specific reserves established for collateral shortfalls.  Non-performing assets as a percent of total assets at June 30, 2013 were 0.75%, compared to 0.62% at June 30, 2012.  The continued low level of non-performing assets reflects the Bank's solid underwriting practices and diligent management of problem loans.

Reilly concluded: "We remain steadfast in our credit and risk management practices.  While competition for business remains intense, we have been able to find quality relationship opportunities and make our case for the value we provide.  Our C-Beyond approach has been successful over the years in keeping our non-performing loan and charge-off levels low in comparison with our peer banks, and enabled us to generate steady growth in shareholder value."

A copy of the Second 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."  For more information about financial reports, please contact Lucy T. Gobin, Senior Executive Vice President, CFO & COO at (603) 647-4446 or lgobin@centrixbank.com.

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 also 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