BEDFORD, N.H., April 25, 2012 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: [ CXBT ]), 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, today announced first quarter 2012 financial results, noting strong period-over-period balance sheet growth and earnings.

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For the quarter ended March 31, 2012, the Bank reported net income available to common shareholders of $1,559,000 or $0.49 per common share (diluted), compared with $1,141,000 or $0.37 per common share (diluted) for the quarter ended March 31, 2011. This represents a 37% increase in 2012 net income over the 2011 comparative period. The net interest margin for the quarter ended March 31, 2012 was 3.78%, up from 3.76% for the quarter ended March 31, 2011.

"Our strong first quarter 2012 results are a direct reflection of the Bank's ability to generate increased net interest income by maintaining a solid net interest margin, despite significant pressure on rates driven by the continuing low-interest rate environment," said Joseph B. Reilly, President/CEO. "During 2012, we will work to gain market share by providing personalized financial solutions delivered with highly responsive service while controlling operating expenses, thereby also continuing to deliver meaningful value to our shareholders."

Total assets at March 31, 2012 increased 12% to $775.9 million, compared with $693.3 million at March 31, 2011, reflecting growth of $82.6 million. Net loans grew 12% to $521.1 million at the end of the first quarter 2012, compared to $465.4 million at the end of the first quarter 2011. Deposits at March 31, 2012 rose 15% to $635.7 million, compared to $552.2 million at March 31, 2011.

Reilly commented, "We are seeing some improvement in the economic climate. The Bank's loan and deposit growth reflects our ability to earn new, as well as expand existing business relationships. While our competitors continue to enter our geographic market, small businesses, municipalities and not-for-profit organizations recognize how important it is to have an experienced financial partner to help them fully and effectively leverage their resources. This corresponds perfectly with our depth of banking experience and our strength in developing personalized financial solutions."

Net loan charge-offs in the first quarter 2012 were $122,000, compared with $258,000 for the same prior year period. Non-performing assets as a percentage of total assets at March 31, 2012 were 0.63%, compared to 0.80% at March 31, 2011. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.20% at March 31, 2012, compared with 1.24% at March 31, 2011.

"Since inception, our commitment to credit quality has been a priority," Reilly concluded. "This is evidenced by our consistently low level of net loan charge-offs and troubled loans, even during the worst of the economic downturn. Management works diligently to maintain the balance between loan growth and booking strong credits."

In the first quarter 2012, Centrix Bank was recognized for the second consecutive year by SNL Financial for the Bank's superior performance, being named to SNL Financial's annual list of the top 100 "Best 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.

A copy of the First 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 Reports." 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 the Company

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. (2011 & 2012), 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 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

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Centrix Bank Reports Assets Up 12% In First Quarter 2012

Centrix Bank Reports Assets Up 12% In First Quarter 2012