Centric Financial Corporation Announces Second Quarter 2022 Earnings

Rhea-AI Summary

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.

Positive

• Core loan growth of $29 million for the quarter, annualized growth rate of 14%.
• Net interest margin increased to 4.06%, up 16 basis points over the first quarter.
• Tangible book value per share increased by $0.93, or 8.6%, from Q2 2021.

Negative

• Net income declined by $650 thousand, or 18%, compared to Q2 2021.
• Reduction in PPP deferred fee income of $1.1 million compared to last year.

HARRISBURG, Pa., July 29, 2022 /PRNewswire/ -- Centric Financial Corporation ("Centric" or "the Company") (OTC: CFCX), the parent company of Centric Bank ("the Bank"), reported net income of $2.9 million, or $0.34 per common share diluted, for the second quarter 2022. For the first six months of 2022, net income was $5.7 million, or $0.67 per common share diluted.   

Highlights of Performance:

• Core loan growth, excluding the impact of PPP loans, increased $29 million over the first quarter, an annualized growth rate of 14% and $75 million over the second quarter 2021.
• Organic deposit growth was $1.4 million over prior quarter and increased $44 million, or 5%, over second quarter 2021.
• Net interest margin increased 16 basis points over the first quarter, ending at 4.06%, and up 12 basis points over same quarter prior year. 
• Tangible book value per share of $11.72 increased $0.28 per share from the previous quarter and increased $0.93 per share, or 8.6%, over second quarter 2021.
• Cost of deposits decreased one basis point from first quarter to 0.36%, a reduction from the 0.40% at second quarter 2021.
• Return on Average Assets of 1.14% increased 5% over the prior quarter with a decline of 15 basis points from second quarter 2021 which was impacted by PPP deferred income of $3.3 million.  

Patricia A. Husic, President & CEO of Centric Financial Corporation and Centric Bank stated, "We again delivered a solid quarter of financial results. Organic loan growth for the quarter was $29 million, with the increase driven largely from commercial real estate and commercial loans. The annualized growth rate for the quarter was 14%. During the quarter, our return on average assets increased to 1.14% while our net interest margin expanded to 4.06%. Loans that repriced with rising rates and floors being exceeded contributed about 25%, while the volume of our loan growth drove the majority of those increases.

Our team continues to be intentional in their business development efforts and disciplined with the pricing of both loans and deposits. Non-interest bearing deposits remain consistent with the first quarter results, or 28% of total deposits. Our expansion in the greater Philadelphia region continues to drive in good momentum as we onboard full relationship customers in these markets. We are leveraging the Centric Way of Banking in those communities and our success is evidenced with our growth. Loans in that region comprise 54% of our total balance sheet and 29% of total non-interest bearing deposits. We have seized opportunities stemming from the impact of past M&A in the Philadelphia region, and there is more yet to capitalize upon.  Our company is well positioned for the future."

Results of Operations – Second Quarter

Net income for the quarter ended June 30, 2022 was $2.9 million, or $0.34 per diluted share, an increase of 5% over first quarter 2021.  Compared to second quarter 2021, net income declined $650 thousand, or 18%, and $0.08 per diluted share. The decline from the same quarter a year ago was the result of less PPP deferred fee income of $1.1 million as the PPP segment of lending has reduced by $131 million from June 30, 2021 and is currently $11.4 million in balances outstanding.

Net interest income for the quarter was $9.8 million, an increase of $667 thousand over first quarter.  The increase in the federal funds rate drove other interest income up $112 thousand with a decline in average balances.  Organic loan growth of $29 million coupled with rising rates increased interest on loans by $525 thousand over first quarter.   The cost of deposits remained consistent with first quarter while balances on borrowings declined $15 million at the end of the first quarter, reducing interest expense on borrowing in the second quarter by 15%. 

Organic loan growth expanded $75 million, loan yields increased by 6 basis points, and PPP deferred fee income declined $1.1 million compared to the second quarter 2021, culminating in a decline of $938 thousand in interest on loans.  Interest expense decreased by $223 thousand due to reduced cost of funds and a shift in the mix of deposits and reduced borrowings from the second quarter 2021 contributed to the reduction of net interest income of $626 thousand, producing a net interest margin of 4.06%, which is an increase of 12 basis points over the same period 2021.

Noninterest income totaled $1.0 million for the second quarter, an increase of 11%, or $100 thousand, over the prior quarter, driven by a reduction in mortgage related income of $149 thousand which was more than offset by other loan fee income, increasing $235 thousand.  Compared to the second quarter 2021, noninterest income increased $105 thousand, primarily due to increased swap referral fee income, increased service charge on deposits, and second quarter 2021 having a loss on equity securities of $80 thousand offset somewhat by a reduction in other loan and servicing income of $83 thousand.   

Noninterest expense of $6.6 million for the second quarter increased over first quarter by $448 thousand, or 7%.  Salaries and benefits increased $196 thousand due to the expansion of the lending teams in the Philadelphia area and supporting credit personnel, as well as filling vacancies in the Cash Management team.  Increases of $264 thousand in other non-interest expense were across areas such as loan and collection expense, travel, and SBA mortgage servicing rights amortization expense, partially offset by a reduction in FDIC assessment expense by $149 thousand. 

Compared to second quarter 2021, noninterest expenses increased 4%.  Salary and benefits and occupancy and equipment were relatively flat.  FDIC assessments decreased $155 thousand as peak deposits from PPP efforts and wholesale funding which supported the PPP lending have declined.  Loan and collection expense increased $100 thousand due to core lending efforts, and software and licensing costs increased $63 thousand. 

Results of Operations – Year to Date

Net income for the first six months of 2022 ended at $5.7 million, or $0.67 per diluted share, a decrease of $1.5 million over the prior year, as the reduction in PPP deferred fees declined by $2.5 million year over year due to PPP loan forgiveness of $131 million.  Excluding PPP deferred fees for both years, core net income before tax increased by $620 thousand, or 11%.

Net interest income decreased $1.8 million to $18.9 million over the six months ended June 30, 2021.   Interest and fees on loans decreased $2.4 million, primarily due to the $2.5 million decline in PPP deferred fee income.   Interest income on commercial real-estate loans increased $1.3 million, or 10%, over the same period last year, largely driven by volume.  Total interest expense declined $550 thousand, or 19%, from last year.  Reduction in rate and balances in certificates of deposit contributed $530 thousand to the decrease from last year.  Increases in money market deposit balances and increased rates of 6 basis points somewhat offset the benefit by $259 thousand.  Net interest margin for the period ending June 30, 2022, was 3.98%, a two basis point increase over the first six months of 2021.

Noninterest income totaled $2.0 million for the first six months of 2022, consistent with the same period 2021 with changes in revenue streams.  Loan fees increased 50%, or $292 thousand, along with swap referral fees increasing $223 thousand.  Gain on loans held for sale decreased $452 thousand. 

Noninterest expense totaled $12.8 million, consistent with the $12.6 million last year.  Salaries and benefits declined 3% due to lower commission on mortgage activity, open positions during 2022 and health insurance expense reduction of $98 thousand.  Data processing services increased 18% from expanded utilization of products on the Bank's core operating systems.  Advertising and marketing expenses were reduced by 33%.  FDIC assessments were reduced in 2022 by $195 thousand connected to the release of wholesale funding at the end of 2021.  Other operating expenses increased $230,000, with increases in license fees and software maintenance, travel and lodging, and SBA mortgage servicing rights amortization

Asset Quality

Provision expense of $850 thousand for the first six months of 2022 was consistent with last year's $900 thousand.  The coverage ratio for the allowance for loan and lease loss increased to 1.46% compared to $1.15% last year, or 1.36%, excluding PPP loans which declined by $131 million.  The allowance for loan and lease losses amounted to $13.2 million and $11.1 million at June 30, 2022 and 2021, respectively.  Management believes the allowance for loan and lease losses at June 30, 2022 adequately reflects the inherent risk in the loan portfolio.

At June 30, 2022, nonperforming assets totaled $12.6 million, relatively flat from the first quarter and an improvement of $2.5 million over June 30, 2021.  Compared to last year, loans 90+ days past due were reduced by $4.7 million with $1.3 million moving into nonaccrual.  Other changes to nonaccrual loans consisted of SBA loans being processed for collection and reimbursement of the guarantee, while other relationships moved into nonaccrual status due to the hardships encountered during 2021.  SBA loans that were considered nonperforming at June 30, 2022 totaled $2.9 million, a decrease of $559 thousand from a year ago.  Nonperforming conventional loans also declined by $1.9 million from a year ago.  Total nonperforming assets were 1.21% of total assets at quarter end, a reduction of 11%, from June 30, 2021.

 

	At Period End
	Jun 30,	Mar 31,	Dec 31,	Sep 30,	Jun 30,
Asset Quality  (in thousands)	2022	2022	2021	2021	2021
Nonaccrual Loans	$     12,382	$     12,137	$   12,674	$     10,389	$     10,178
Restructured loans still accruing	179	181	184	187	188
Loans 90+ days past due & still accruing	-	-	-	3,249	4,692
OREO	-	-	-	-	-
Total Nonperforming Assets	$     12,561	$     12,318	$   12,858	$     13,825	$     15,057
Total Assets	1,035,817	1,033,874	983,206	1,111,518	1,110,872
Nonperforming assets/total assets	1.21 %	1.19 %	1.31 %	1.24 %	1.36 %

 

Balance Sheet

At June 30, 2022, Centric's total assets were $1.0 billion compared to $1.1 billion at June 30, 2021, a decrease of $75 million and consistent with March 31, 2022.  Cash and cash equivalents were reduced by $9 million coinciding with the reduction in borrowings of $16 million.  Total loans outstanding decreased $56 million as a result of PPP loan forgiveness. 

Total loans ended the period at $904 million, an increase of $18 million from prior quarter.  Organic loan growth was $29 million.  Commercial loans increased $4 million and CRE loans increased $25 million.  Compared to the same period last year, PPP loan balances forgiven amounted to $131 million, resulting in core loan growth of $75 million, or 9%.  CRE grew $51 million and commercial loans increased 17%, or $38 million.  Remaining PPP loan balances outstanding were $11 million at period end.  Annualized core loan growth is 14% through June 30, 2022.    

Investments in securities declined from the prior quarter due to principal payments on mortgage-backed securities as well as a called debt security, and also decreased over last year by $3 million primarily due to the sale of an equity security late in 2021. 

Total deposits ended the period at $879 million, similar to the prior quarter in balances and mix.   From June 30, 2021, money market and savings grew 26%, or $58 million, while noninterest bearing deposits remained consistent.  Certificates of deposit and interest-bearing demand deposit balances declined $88 million and $40 million, respectively, largely due to a reduction in wholesale funding of $110 million at the end of 2021.

Short-term borrowings of $10 million matured in the fourth quarter 2021 and were not replaced as liquidity remained strong.  Long-term borrowings totaled $55 million at quarter end, consistent with the prior quarter and decreased $6 million from the same period last year. 

Shareholders' equity increased $2.5 million over first quarter 2022 and ended the period at $100 million.  Year over year, equity increased $8 million, or 9%.  At June 30, 2022, Centric held 275,497 shares of treasury stock repurchased under the Company's stock repurchase plan during 2020.  No new treasury shares have been purchased in 2022.  Tangible book value increased $0.28 per share over first quarter and ended the period at $11.72.  Tangible book value increased $0.93 per share, or 9%, from June 30, 2021, as a result of increased earnings over the period.  Centric Bank remains above bank regulatory "Well Capitalized" standards.

 

Centric Financial Corporation
Consolidated Balance Sheet (Unaudited)
	At Period End
	Jun 30,	Mar 31,	Jun 30,
(Dollars in thousands)	2022	2022	2021
Assets
Cash and cash equivalents	$           69,247	$           82,481	$           78,309
Other investments	40,916	43,333	44,401
Loans	904,203	885,820	960,193
Less: allowance for loan losses	(13,172)	(12,808)	(11,082)
Net loans	891,031	873,012	949,111
Premises and equipment	12,632	12,800	13,425
Accrued interest receivable	3,709	3,938	5,624
Mortgage servicing rights	747	867	1,037
Goodwill	492	492	492
Other assets	17,043	16,951	18,473
Total Assets	$      1,035,817	$      1,033,874	$      1,110,872
Liabilities
Noninterest-bearing deposits	247,258	246,908	244,342
Interest-bearing demand deposits	226,210	222,657	266,014
Money market and savings	281,547	289,980	223,246
Certificates of deposit	123,880	117,932	211,537
Total interest-bearing deposits	631,637	630,569	700,797
Total deposits	878,895	877,477	945,139
Short-term borrowings	-	-	10,000
Long-term debt & leases	54,723	54,913	60,687
Accrued interest payable	82	87	107
Other liabilities	1,923	3,678	2,961
Total Liabilities	935,623	936,155	1,018,894
Total Shareholders' Equity	100,194	97,719	91,978
Total Liabilities and Shareholders' Equity	$      1,035,817	$      1,033,874	$      1,110,872

 

Centric Financial Corporation
Consolidated Statement of Income
(Unaudited)
	Three months ended						Six months ended
	Jun 30,	Mar 31,	Dec 31,	Sep 30,	Jun 30,		Jun 30,	Jun 30,
(Dollars in thousands)	2022	2022	2021	2021	2021		2022	2021
Interest income
Interest and dividends on securities	$         288	$         307	$           289	$         334	$           349		$           595	$         714
Interest and fees on loans	10,473	9,948	11,935	11,311	11,411		20,421	22,824
Other	149	37	20	32	15		186	31
Total interest income	10,910	10,292	12,244	11,677	11,775		21,202	23,569
Interest expense
Interest on deposits	796	788	820	866	937		1,584	1,918
Interest on borrowings	326	383	402	400	424		709	925
Total interest expense	1,122	1,171	1,222	1,266	1,361		2,293	2,843
Net interest income	9,788	9,121	11,022	10,411	10,414		18,909	20,726
Provision for loan losses	450	400	604	6,092	450		850	900
Net interest income after provision expense	9,338	8,721	10,418	4,319	9,964		18,059	19,826
Noninterest income
Gain on sale of SBA loans	-	-	164	116	147		-	147
Gain on sale of mortgage loans	100	79	153	157	313		179	632
Other non-interest income	927	848	485	606	462		1,775	1,155
Noninterest income	1,027	927	802	879	922		1,954	1,934
Noninterest expense
Salaries and benefits	3,739	3,543	3,397	3,569	3,762		7,282	7,479
Occupancy and equipment	589	627	615	590	593		1,216	1,221
Professional fees	227	219	212	181	202		446	412
Data processing	343	332	312	327	294		675	574
Advertising and marketing	109	102	55	110	145		211	316
Other non-interest expense	1,597	1,333	1,810	1,329	1,349		2,930	2,634
Noninterest expense	6,604	6,156	6,401	6,106	6,345		12,760	12,636
Income before taxes	3,761	3,492	4,819	(908)	4,541		7,253	9,124
Income tax expense	813	693	991	(197)	943		1,506	1,892
Net income available to common shareholders	$     2,948	$     2,799	$       3,828	$      (711)	$       3,598		$       5,747	$     7,232

 

Centric Financial Corporation
Per Share Data & Performance Ratios (Unaudited)
(Dollars in thousands except per share)	Three months ended						Six months ended
	Jun 30,	Mar 31,	Dec 31,	Sep 30,	Jun 30,		Jun 30,	Jun 30,
Earnings and Per Share Data	2022	2022	2021	2021	2021		2022	2021
Net income	$    2,948	$    2,799	$      3,828	$      (711)	$       3,598		$     5,747	$     7,232
Basic earnings per common share	$      0.35	$      0.33	$        0.45	$     (0.08)	$         0.43		$       0.68	$       0.86
Diluted earnings per common share	$      0.34	$      0.33	$        0.45	$     (0.08)	$         0.42		$       0.67	$       0.85
Book value  (at period end)	$    11.77	$    11.49	$      11.23	$     10.78	$       10.85
Tangible book value (at period end)	$    11.72	$    11.43	$      11.17	$     10.72	$       10.79
Close price (at period end)	$      9.92	$      9.95	$        9.70	$       9.50	$         9.75
Common shares outstanding	8,510,462	8,503,283	8,481,197	8,477,518	8,475,143
Weighted average shares - basic	8,466,897	8,450,699	8,425,194	8,419,882	8,408,969		8,458,843	8,405,994
Weighted average shares - diluted	8,564,001	8,552,790	8,533,882	8,525,573	8,511,644		8,558,440	8,500,956
Performance Ratios (period to date)
Return on average assets	1.14 %	1.09 %	1.50 %	-0.26 %	1.29 %		1.11 %	1.31 %
Return on average equity	11.88 %	11.57 %	16.45 %	-3.04 %	15.99 %		11.72 %	16.39 %
Efficiency ratio	60.13 %	61.46 %	53.61 %	54.09 %	55.63 %		60.77 %	55.58 %
Yield on loans	4.72 %	4.66 %	5.27 %	4.80 %	4.65 %		4.69 %	4.70 %
Yield on average earning assets	4.53 %	4.40 %	4.97 %	4.57 %	4.45 %		4.47 %	4.50 %
Cost of deposits	0.36 %	0.37 %	0.38 %	0.38 %	0.40 %		0.37 %	0.42 %
Cost of funds	0.48 %	0.51 %	0.52 %	0.51 %	0.54 %		0.50 %	0.56 %
Net interest margin	4.06 %	3.90 %	4.47 %	4.07 %	3.94 %		3.98 %	3.96 %
Capital Ratios (at period end)
Shareholders' equity / asset ratio	9.67 %	9.45 %	9.68 %	8.22 %	8.28 %
Tangible common equity / tangible assets	9.63 %	9.41 %	9.64 %	8.18 %	8.24 %
Tier I leverage ratio (bank)	11.26 %	11.10 %	10.83 %	9.79 %	9.62 %
Common tier 1 capital/risk-based capital (bank)	12.13 %	12.25 %	12.28 %	11.56 %	11.66 %
Tier 1 risk-based capital (bank)	12.13 %	12.25 %	12.28 %	11.56 %	11.66 %
Total risk-based capital (bank)	13.38 %	13.50 %	13.53 %	12.81 %	12.89 %
Asset Quality Ratios
Net charge-offs/average loans (period to date)	0.04 %	0.00 %	-0.01 %	2.31 %	0.10 %		0.02 %	0.06 %
Nonperforming assets / total assets (at period end)	1.21 %	1.19 %	1.31 %	1.24 %	1.36 %
Allowance for loan losses / total loans	1.46 %	1.45 %	1.42 %	1.28 %	1.15 %
Allowance for loan losses / nonaccrual loans	106.38 %	105.53 %	92.45 %	113.35 %	108.89 %

 

Centric Financial Corporation
Consolidated Average Balance Sheets and Average Yield / Cost (Unaudited)
	Three Months Ended
	June 30, 2022				June 30, 2021
	Average				Average
	Balance	Interest	Rate		Balance	Interest	Rate
Interest Earning Assets
Fed funds & bank balances	$       33,221	$      149	1.81		$       31,197	$         15	0.20
Restricted stock	1,870	28	5.94		2,786	47	6.77
Total securities	41,797	260	2.49		43,454	302	2.78
Total loans	889,729	10,473	4.72		983,644	11,411	4.65
Total Earning Assets	966,617	10,910	4.53		1,061,081	11,775	4.45
Allowance for loan losses	(13,039)				(11,118)
Non-earning assets	84,621				61,386
Total Average Assets	$  1,038,199				$  1,111,349
Interest-Bearing Liabilities
Checking, money market, savings	514,687	608	0.48		484,832	526	0.43
Certificates of deposit	115,388	188	0.65		208,892	411	0.79
Total interest-bearing deposits	630,075	796	0.51		693,724	937	0.54
Noninterest-bearing deposits	250,949				247,169
Total deposits	881,024	796	0.36		940,893	937	0.40
Total borrowings	54,841	326	2.37		77,002	424	2.19
Total Interest-Bearing Liabilities	684,916	1,122	0.66		770,726	1,361	0.71
Cost of funds			0.48				0.54
Other liabilities	3,030				3,439
Total Average Liabilities	938,895				1,021,334
Total Shareholders' Equity	99,303				90,015
Total Avg. Liabilities and Shareholders' Equity	$  1,038,199				$  1,111,349
Interest Rate Spread			3.87				3.74
Net Interest Income		$   9,788				$ 10,414
Interest Rate Margin			4.06				3.94

 

Centric Financial Corporation
Consolidated Average Balance Sheets and Average Yield / Cost (Unaudited)
	Six Months Ended
	June 30, 2022				June 30, 2021
	Average				Average
	Balance	Interest	Rate		Balance	Interest	Rate
Interest Earning Assets
Fed funds & bank balances	$       35,100	$      186	1.07		$       31,112	$         31	0.20
Restricted stock	2,139	59	5.55		3,136	100	6.42
Total securities	42,313	536	2.53		42,935	614	2.86
Total loans	877,633	20,421	4.69		978,222	22,824	4.70
Total Earning Assets	957,184	21,202	4.47		1,055,406	23,569	4.50
Allowance for loan losses	(12,844)				(10,908)
Non-earning assets	86,632				59,794
Total Average Assets	$  1,030,972				$  1,104,292
Interest-Bearing Liabilities
Checking, money market, savings	506,653	1,184	0.47		459,862	988	0.44
Certificates of deposit	120,056	400	0.67		229,551	930	0.82
Total interest-bearing deposits	626,709	1,584	0.51		689,413	1,918	0.56
Noninterest-bearing deposits	241,242				234,894
Total deposits	867,951	1,584	0.37		924,307	1,918	0.42
Total borrowings	61,907	709	2.29		88,095	925	2.10
Total Interest-Bearing Liabilities	688,615	2,293	0.67		777,508	2,843	0.73
Cost of funds			0.50				0.56
Other liabilities	3,057				3,621
Total Average Liabilities	932,915				1,016,024
Total Shareholders' Equity	98,057				88,268
Total Avg. Liabilities and Shareholders' Equity	$  1,030,972				$  1,104,292
Interest Rate Spread			3.80				3.77
Net Interest Income		$ 18,909				$ 20,726
Interest Rate Margin			3.98				3.96

 

About the Company

An American Banker 2021, 2020, 2019, and 2018 Best Banks to Work For, four-time American Banker Most Powerful Women in Banking Top Team, three-time Best Places to Work, and Top 50 Fastest-Growing Companies for eight years, Centric Bank is headquartered in south central Pennsylvania with assets of $1.0 billion and remains a leader in organic loan growth. A locally owned, locally loaned community bank, Centric Bank provides highly competitive and pro-growth financial services to businesses, professionals, individuals, families, and to the health care and dental industries with the Doctor Centric Bank Division. Centric Bank was named one of the Top 200 Community Banks in the U.S. in 2022, 2021, 2020, and 2019. 

Founded in 2007, Pennsylvania-based Centric Bank has financial centers located in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, Devon, and Lancaster, as well as commercial loan offices in Devon, Doylestown, Lancaster, and an Operations and Executive Office campus in Hampden Township, Cumberland County. To learn more about Centric Bank, call 888.274.2033 or visit CentricBank.com. Connect with them on Twitter, Facebook, LinkedIn, and Instagram.

Centric Financial Corporation is traded over the counter (OTC-Pink) with the ticker symbol CFCX.

Cautionary Note Regarding Forward-looking Statements:

This news release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts.  Actual results and trends could differ materially from those set forth in such statements and there can be no assurances that we will be able to continue to successfully execute on our strategic plan.  Factors that could cause actual results to differ from those expressed or implied by the forward looking statements include, but are not limited to, the following:  changes in current or future market conditions; changes in key personnel; the effects of terrorism, natural disasters and pandemics and their impact on the economy; cybersecurity risks; the effects of competition and development of competing financial products and services; changes in laws and regulations; the interest rate environment; changes in credit quality; inability to raise capital, if necessary, under favorable conditions; volatilities in the securities markets;  other deteriorating economic conditions; and other risks and uncertainties.

Contact:  Patricia A. Husic
President & CEO
717.909.8309

View original content to download multimedia:https://www.prnewswire.com/news-releases/centric-financial-corporation-announces-second-quarter-2022-earnings-301596433.html

SOURCE Centric Financial Corporation

FAQ

What was Centric Financial Corporation's net income for Q2 2022?

Centric Financial Corporation reported a net income of $2.9 million for Q2 2022.

How much did Centric Financial Corporation's tangible book value increase in Q2 2022?

The tangible book value per share increased by $0.93, or 8.6%, in Q2 2022.

What was the annualized loan growth rate for Centric Financial Corporation in Q2 2022?

The annualized loan growth rate in Q2 2022 was 14%.

How did the net interest margin change for Centric Financial Corporation in Q2 2022?

The net interest margin increased to 4.06% in Q2 2022, up 16 basis points from Q1.

What decline did Centric Financial Corporation experience in net income compared to Q2 2021?

Net income for Q2 2022 declined by $650 thousand, or 18%, compared to Q2 2021.