Centrix Bank (OTC Bulletin Board: CXBT) today announced net income of $3.0 million for the year ended December 31, 2007, an increase of 9% compared to net income of $2.8 million for the year ended December 31, 2006.
Net income per share (diluted) was $1.01 for 2007, a 9% increase over the comparable $0.93 per share (diluted) reported for 2006. The Bank reported net income of $787,000, or $0.26 per share (diluted), for the quarters ended December 31, 2007 and 2006.
Joseph B. Reilly, President/CEO of Centrix Bank, stated that the Bank's operating performance during the fourth quarter of 2007, when compared to the same period during 2006, continues to be impacted by margin compression specific to the interest rate environment and higher operating costs. These increased operating costs include the opening of a full-service branch in Concord and investments in the Bank's operating infrastructure, including the move to a larger operations center and the launch of the new Payment Processing Solutions division. These initiatives, as they mature, are expected to provide new sources of core funding, supplement non-interest income and enhance franchise value.
Total assets at December 31, 2007 amounted to $380.9 million as compared to $324.5 million at December 31, 2006, reflecting growth of $56.4 million or 17%. Net loans grew to $305.5 million at December 31, 2007 from $250.1 million at December 31, 2006, an increase of 22%. Deposits at December 31, 2007 totaled $294.8 million compared to $257.3 million at December 31, 2006, representing 15% growth. -- Centrix Bank
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