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Centric Financial Corporation (OTC: CFCX) reported a net income of $3.0 million or $0.35 per share for Q3 2022, consistent with Q2. Year-to-date net income reached $8.8 million, a 34% increase from the prior year. The stock price rose 37% to $13.60 amid a pending merger with First Commonwealth Financial Corporation. Core loan growth increased $34 million over Q2, with a total of $933 million in loans. Notably, the net interest margin improved by 47 basis points to 4.53%.
On October 5, 2022, Patti Husic, President & CEO of Centric Financial Corporation (CFCX), was recognized as one of American Banker's Most Powerful Women to Watch. Under Husic's leadership, Centric Bank has grown into a $1.1 billion institution since its founding in 2007, winning multiple awards including Best Banks to Work For and Top 200 Community Banks. Centric will merge with First Commonwealth Financial Corporation (FCF: NYSE) with the merger expected to close after January 1, 2023, pending regulatory approvals.
Centric Bank has announced the promotion of Maura E. Cohen to Vice President, Director of Mortgage Services and Consumer Lending. With 15 years at the bank, Cohen aims to enhance profitability through a focused sales culture. Previously, she monitored mortgage operations, ensuring quality control standards. Under her leadership, an eight-member team will oversee all mortgage activities. Centric Bank, headquartered in Harrisburg, PA, is recognized as a community bank with assets of $1.1 billion and has been praised for its organic loan growth.
Centric Financial Corporation (CFCX) reported net income of $2.9 million or $0.34 per share for Q2 2022, marking a 5% increase over Q1 2022 but an 18% decline year-over-year. Core loan growth reached $29 million with an annualized rate of 14%, and organic deposits grew by $1.4 million. The net interest margin improved to 4.06%, up 16 basis points from Q1. However, the reduction in PPP loan balances and deferred income impacted overall revenue. The company’s tangible book value rose to $11.72, an 8.6% increase from the previous year.
Centric Bank, a subsidiary of Centric Financial Corporation (OTC: CFCX), has appointed Sandra J. Schultz as interim Chief Operations Officer. Ms. Schultz, who has been with Centric since 2008 and currently serves as Chief Financial Officer, brings over 30 years of banking experience. She has previously managed various operations within the bank and holds an MBA. Centric Bank is recognized as a top community bank with over $1.1 billion in assets and has received several accolades for workplace culture.
Centric Bank has announced the promotion of Christopher J. Bickel to the position of Commercial Revenue Officer. In this enhanced role, he will oversee the Cash Management department and focus on increasing the bank's commercial fee income. Bickel, who has been instrumental in growing the suburban Philadelphia loan portfolio to 53% of the bank's total, aims to expand Centric's services and drive revenue growth. Centric Bank operates across central Pennsylvania and suburban Philadelphia, emphasizing community-focused financial services.
Centric Bank, a subsidiary of Centric Financial Corporation (OTC: CFCX), has been recognized by American Banker as one of the Top 200 Community Banks in the U.S. for the fourth consecutive year, ranking #147. In 2021, Centric Bank provided $91 million in PPP loans to 1,100 small businesses, demonstrating its commitment to supporting local enterprises. The ranking is based on Return on Average Equity over a three-year period, highlighting Centric's impressive performance among banks with less than $2 billion in assets.
Centric Bank has appointed Todd Ferrara as Senior Vice President and Director of Cash Management. With over 25 years of banking experience, Ferrara will oversee the Cash Management department, supporting seven financial centers and three loan offices in Pennsylvania and suburban Philadelphia. His expertise aims to enhance customer service and promote organic growth. Ferrara previously held a leadership role at Bryn Mawr Trust. Centric Bank continues to expand, with assets of $1.1 billion and a strong focus on the suburban Philadelphia market, where over 53% of its loan portfolio is generated.
Centric Financial Corporation (CFCX) reported first quarter 2022 net income of $2.8 million, or $0.33 per share, a decline from $3.8 million in Q4 2021.
Core net income rose 17% quarter-over-quarter, driven by organic loan growth of $29 million and a $62 million increase in core deposits. Tangible book value per share increased by 10% year-over-year, reaching $11.43.
Challenges included a drop in net interest margin to 3.90% and a decline in noninterest income by 8% year-over-year, largely due to reduced mortgage income amid rising rates.
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