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Thursday, April 26, 2012

Bedford-based Centrix bank reports strong first-quarter earnings

BEDFORD – Centrix Bank announced first-quarter financial results, noting strong growth and earnings.

For the quarter ended March 31, the bank reported net income available to common shareholders of $1.56 million, or 49 cents per common share (diluted), compared with $1.14 million, or 37 cents per common share (diluted), for the quarter ended March 31, 2011. This represents a 37 percent increase. The net interest margin for the quarter was 3.78 percent.

Total assets increased 12 percent to $775.9 million, compared with $693.3 million as of March 31, 2011, reflecting growth of $82.6 million.

Net loans grew 12 percent to $521.1 million at the end of the first quarter, compared with $465.4 million at the end of the first quarter of 2011.

Deposits rose 15 percent to $635.7 million, compared with $552.2 million a year ago.

Net loan charge-offs in the first quarter of 2012 were $122,000, compared with $258,000 for the same period last year.

Non-performing assets as a percentage of total assets were 0.63 percent, compared with 0.80 percent the previous year.

The bank’s allowance for loan losses as a percent of total loans, excluding loans held for sale, was 1.20 percent, compared with 1.24 percent in the same quarter last year.

A copy of the first-quarter report is available at centrixbank.com. Under the section titled “Investor Relations,” click on “Financial Reports.”

– Telegraph staff