BEDFORD, N.H., April 21 /PRNewswire-FirstCall/ -- 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-profits, today announced first quarter 2010 financial results, highlighting record period-over-period growth and returns.
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For the quarter ended March 31, 2010, the Bank reported net income available to common stockholders of $1,907,000 or $0.62 per share (diluted), compared with $825,000 or $0.27 per share (diluted) for the same period the prior year, an increase of 131%. This significant increase resulted, in part, from gains recorded on the sale of select investment securities. Excluding these gains, net income available to common stockholders would have totaled $1,067,000 or $0.35 per share (diluted) in the first quarter 2010. Net interest margin for the quarter ended March 31, 2010 was 3.82%, up from 3.78% for the quarter ended March 31, 2009. Return on average assets increased to 1.27% for the quarter ended March 31, 2010 from 0.67% for the same period last year.
"Given market opportunity, the Bank recognized gains in its investment portfolio, further strengthening its capital position. Excluding these gains, income from operations was still very strong," said Joseph B. Reilly, President/CEO. "Economic conditions have shown improvement in the first quarter 2010 compared to the previous year, and we were able to maximize our earnings by managing net interest margin and maintaining tight control on expenses."
Total assets at March 31, 2010 were $609.6 million, up 14% from $536.5 million at March 31, 2009, reflecting growth of $73.1 million. Net loans grew 13% to $419.1 million at the end of the first quarter 2010, compared to $371.1 million at the end of the first quarter 2009. The Bank also had an additional $8.9 million in loans held for sale at the end of the first quarter 2010. Deposits at March 31, 2010 rose 17% to $510.5 million, compared to $436.8 million at March 31, 2009.
Reilly commented, "Our ability to lend enabled us to expand and strengthen relationships with customers and earn new business by demonstrating our individualized approach to analyzing credit quality and working with customers to make sound, long-term business decisions."
Net loan charge-offs in the first quarter 2010 were $69,000, compared with $119,000 for the same prior year period. Non-performing assets as a percentage of total assets at March 31, 2010 were 0.67%, compared to 0.20% at March 31, 2009. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.28% at March 31, 2010, compared with 1.02% at March 31, 2009. The increase in non-performing assets, while nominal, was a direct result of the weakened economic environment.
Reilly concluded: "Although we are seeing signs of economic improvement, we remain cautious in our approach, while recognizing opportunities to meet our customers' needs as they work to strengthen their positions in a slowly improving economy."
A copy of the First Quarter Report 2010 is available on the Bank's web site at centrixbank.com. To access the online Report, under the section titled "Investor Relations," click on "Financial Reports." For more information about Centrix Bank, please contact Lucy T. Gobin, Senior Executive Vice President, CFO & COO at (603) 647-4446 or lgobin@centrixbank.com.
About the Company
US Banker's "2009 Top 200 Community Banks" in the US, New Hampshire Business Review's "2009 Best of Business" for Local Best Bank for Small Business, and Business NH Magazine's 2009 NH's "100 Top Public Companies" & "2006 Business of the Year," 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-profits. The Bank services customers throughout Southern New Hampshire from six full service offices located in Bedford, Concord, Dover, Manchester, Milford and Portsmouth. Centrix'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.
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Centrix Bank
CONTACT: Lucy T. Gobin, Senior Executive Vice President, CFO & COO,
+1-603-647-4446, lgobin@centrixbank.com
Web Site: http://www.centrixbank.com/
