Centrix reports quarterly gains

Centrix Bank reported another strong quarter despite a slight uptick in nonperforming assets. Net income for the Bedford-based community bank for the third quarter (which ended Sept. 30) almost doubled to $1.2 million or 39 cents a diluted share bringing the total net income year-to-date up to $4.8 million, compared to $2 million at this point in 2009. Nonperforming assets as a percentage of total assets also doubled to 1 percent from the same time last year, and the bank had to charge off $500,000 last quarter, compared to $144,000 in the third quarter of 2009. But the bank allowance for loan losses, as a percentage of total loans remained the same: about 1.2 percent. “As a percentage of total loans and assets, loan loss reserves and nonperforming assets remain at low levels,” said Joseph B. Reilly, Centrix’s president and chief executive. “Although we are not seeing any dramatic economic improvement, we are seeing signs of stabilization and modest recovery.” The main reason for the profitable quarter is the spread between interest it is getting on loans and the interest it has had to pay on deposits. Total assets are now up to $660 million, a 13 percent increase. Net loans increased at the same rate to $446 million and deposits went up 10 percent to $531 million. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW