2Q profits jump 62% for Centrix Bank
Centrix Bank's profits shot up in the second quarter to $2.4 million, or 76 cents a common share -- a 62 percent increase compared to the same quarter last year.
That brings the Bedford-based commercial bank's net income to $4 million for the first six months of the year -- a 51 percent increase compared to the same period in 2011.
Some of the increase was due to an investment selloff. Without that, the increases for the quarter and half would have been 6 percent and 20 percent, respectively.Just about every measure reflected growth. Assets and net loan went up 13 percent, to $800 million and $541 million, respectively, while deposits increased 12 percent, to $651 million. The bank now has a book value per common share of $16.91 compared to $14.71 a year ago.
Nonperforming assets as a percent of total assets was 0.62 percent, a tenth of percent below last year, resulting in the bank's allowance of loan loses as a percent of total loan to drop from 1.28 percent, to 1.22 percent.
"Centrix Bank's second-quarter growth and earnings strength reflects our focus on strategic organic growth, primarily through gains in market share, and careful and opportunistic management of our investment portfolio," said CEO Joseph Reilly.