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Centrix Bank Announces Second Quarter Earnings
BEDFORD, N.H., July 24, 2008 /PRNewswire-FirstCall via COMTEX/ -- Centrix Bank (OTC Bulletin Board: CXBT) today announced net income of $812,000 or $0.27 per share (diluted) for the quarter ended June 30, 2008, as compared to $836,000 or $0.28 per share (diluted) for the same period last year. This represents a 3% decrease in net income for the quarter ended June 30, 2008, compared to the same period last year. However, if you exclude a one-time adjustment to the provision for loan losses (specific to the positive resolution of an impaired loan) in the second quarter of 2007, which caused net income for that quarter to rise, net income for the quarter ended June 30, 2008 represents an 8% increase compared to the same period last year.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040608/NECENTRIXLOGO )
Joseph B. Reilly, President/CEO of Centrix Bank, stated he was pleased to report that Centrix Bank continues to grow at a steady pace, while maintaining strong asset quality. Total assets at June 30, 2008 amounted to $426.9 million as compared to $356.3 million at June 30, 2007, reflecting growth of $70.6 million or 20%. Net loans grew to $332.1 million at June 30, 2008 from $275.9 million at June 30, 2007, an increase of 20%. Deposits at June 30, 2008 totaled $346.6 million compared to $291.4 million at June 30, 2007, representing 19% growth.
Mr. Reilly commented that the current banking industry continues to be the focus of negative news, most recently with the failure of IndyMac Bank in California. During this time of uncertainty, he stressed the importance of providing accurate and timely information to stakeholders allowing them to continually assess the safety and soundness of Centrix Bank. He noted that information provided for this purpose was available on the Bank's web site. Additionally, Centrix Bank has taken a leadership role in communicating necessary information in the communities it serves, and beyond. To this end, Mr. Reilly recently appeared on Fox National News with William M. Isaac, Former FDIC Chairman, providing information to help calm unwarranted fears regarding deposit safety and the general health of the banking industry.
A full copy of the Second Quarter Report is available on the Bank's web site, centrixbank.com: click on the section titled "Investor Relations" and then "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.
Business NH Magazine's 2006 Business of the Year and 2007 NH's 100 Top Public Companies, Centrix Bank is a full-service commercial bank offering highly personalized and responsive service to small to medium sized businesses and professionals, municipalities and not-for-profits. The Bank services customers throughout Southern New Hampshire from five full-service locations, one each in Bedford, Manchester, Milford, Portsmouth and Concord, with a loan production office in Dover.
SOURCE Centrix Bank
URL: http://www.centrixbank.com
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