Centrix finishes year on a strong note

Centrix Bank finished the year with a quarterly net income of $1.5 million, or 49 cents a diluted share — 60 percent more than the same quarter the previous year — the company announced last week.That brings the Bedford-based bank’s yearly profit to $5.4 million, or $1.72 diluted share, roughly the same as 2010. But income in 2010 was inflated by the sale of $1.4 million in securities. Adjusting for that, the annual profit growth was 18 percent.Assets rose 11 percent to $757.6 million, net loans grew 16 percent to $520 million, and deposits went up 9 percent to $606.8 million.Net loan charge-offs for the year rose to $1.2 million, a $200,000 increase, but nonperforming assets as a percentage of total assets were 0.37 percent, down from 0.84 percent.The loan allowance for 2011 was 1.17 percent of total loans, compared to 1.27 percent the previous year.”Our solid results during continued challenging times reflected management’s constant focus on asset quality, expense control and overall operating efficiencies,” said Joseph B. Reilly, the bank’s president and CEO. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

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