Centrix Bank announced yesterday their first quarter 2010 financial results. These results highlight record period-over-period growth and returns. A copy of the entire First Quarter Report 2010 is available on the Bank’s website at centrixbank.com.
Highlights for the quarter ended March 31, 2010 include the Bank reporting 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 last year. This represents an increase of 131 percent.
Net interest margin for the quarter ended March 31, 2010 was 3.82 percent. This is up from 3.78 percent for the quarter ended March 31, 2009. Return on average assets increased to 1.27 percent for the quarter ended March 31, 2010, from 0.67 percent for the same period last year.
Total assets as of March 31, 2010 were $609.6 million, up 14 percent from $536.5 million as of March 31, 2009. This reflects growth of $73.1 million. Net loans grew 13 percent 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. Centrix 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 percent to $510.5 million, compared to $436.8 million at March 31, 2009.
Joseph B. Reilly, President and Chief Executive Officer, said, “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. 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.”
Centrix Bank is a full service commercial bank with headquarters in Bedford, New Hampshire. They offer highly personalized and responsive service to small and medium sized businesses and professionals, municipalities, and not-for-profits. They service customers throughout Southern New Hampshire. They do this from six full service offices located in Bedford, Concord, Dover, Manchester, Milford, and Portsmouth. Founded in 1998, Centrix Bank is a New Hampshire State-chartered, FDIC-insured bank.