Centrix Bank Reports 23% Increase in Earnings Year-Over-Year in 2012

BEDFORD, N.H., Jan. 30, 2013 /PRNewswire/ -- Centrix Bank (OTC Bulletin Board: [ CXBT ]) today announced fourth quarter and full year 2012 financial results. Centrix 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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The Bank recorded strong earnings for the year ended December 31, 2012, with net income available to common shareholders of $6.6 million or $2.08 per common share (diluted), compared with $5.4 million or $1.72 per common share (diluted), for the year ended December 31, 2011, an increase of 23%. Net income available to common shareholders in 2012 included gains on the discretionary sale of securities. Excluding these gains in 2012, net income available to common shareholders for the year ended December 31, 2012 would have totaled $5.8 million, an increase of 7% over the 2011 comparable period.

For the quarter ended December 31, 2012, the Bank reported net income available to common shareholders of $908,000 or $0.28 per common share (diluted), compared with $1.5 million or $0.49 per common share (diluted) for the same period last year. Operating results for the fourth quarter and full year were hindered by a $1.2 million after-tax loan loss recognized in connection with the default of a single loan relationship. Despite this, management believes that credit and underwriting practices are effective, as demonstrated by the Bank's strong historical performance.

Joseph B. Reilly , President/CEO, stated, "Our constant focus on the customer, coupled with our persistent attention to margin management and expense control, continue to drive our success. The Bank's dedicated management team and staff work diligently to offer our customers a wide array of products and excellence in service in every aspect of our business. We continue to be very pleased with our success in U.S. Small Business Administration ("SBA") lending and in 2012 were recognized by the SBA as the Leading 504 Participating Bank in both the New Hampshire and New England regions."

Total assets at December 31, 2012 increased 9% to $823.4 million, compared to $757.6 million at December 31, 2011. Net loans grew to $584.9 million at December 31, 2012 from $520.0 million at December 31, 2011, an increase of 12%. Deposits at December 31, 2012 totaled $633.7 million, compared to $606.8 million at December 31, 2011, representing 4% growth. Reflecting this growth and progress, the Bank's book value per common share at December 31, 2012 increased 12% to $17.85, compared to $15.96 a year ago.

Asset quality remains solid. Net charge-offs, pre-tax, totaled $2.7 million for the year ended December 31, 2012, inclusive of $2.1 million related to the single loan relationship referred to above. This compares with net charge-offs, pre-tax, of $1.2 million for the comparable period in 2011. The Bank's allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.13% at December 31, 2012, compared to 1.17% at December 31, 2011. Non-performing assets as a percent of total assets at December 31, 2012 was 0.64%, compared to 0.37% at December 31, 2011.

Reilly concluded, "The Bank's focus on developing full relationships with its customers is the key factor driving our growth and contributes to the Bank's ability to manage net interest margin in this extremely low interest rate environment."

A copy of the Fourth 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 Documents."

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 "2012 Top 200 Community Banks" in the U.S., 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

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Centrix Bank Reports 23% Increase in Earnings Year-Over-Year in 2012