Centrix Bank posts income of $1.9m


Centrix Bank more than doubled its net income to $1.9 million, or 62 cents a share, according to the Bedford-based bank’s first quarter earning report released Wednesday.The bank also announced interest income, net loans, total assets and deposits all had increases in the double digits compared to last year.The only bad news was that more borrowers were not keeping up with payments, thanks to the still struggling economy. Non-performing assets, as a percentage of total assets tripled to two-thirds of a percent, compared to about a fifth of a percent. This caused the allowance for loan losses to rise slightly to 1.28 percent compared with 1.02 percent."Although we are seeing signs of economic improvement, we remain cautious in our approach, while recognizing opportunities to meet our customers' needs as they work to strengthen their positions in a slowly improving economy," said Joseph B. Reilly, the bank’s president and CEO.A good part of the net income, however, is due to the bank taking advantage of the rebound from the economic downturn by selling off investment securities. Without that income the company would have made just over $1 million, or 35 cents a share, which would still have been an 8 cents a share improvement over the first quarter of 2009.Total assets at the end of March were $610 million, up 14 percent. Net loans grew 13 percent to $419 million, while deposits rose 17 percent to $510.5 million. – BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW
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