Centric Financial Corporation Announces Third Quarter 2021 Results

Rhea-AI Summary

Centric Financial Corporation (CFCX) reported a net loss of $711,000 for Q3 2021, or $-0.08 per diluted share, contrasting sharply with a profit of $3.6 million in Q2 2021. The loss stemmed from increased provisions for credit losses totaling $5.6 million, primarily linked to alleged fraud in a commercial lending relationship. Despite this, organic loan growth surged by $100 million year-over-year, yielding a 12% annualized growth rate. Net interest margin improved to 4.07%, while the cost of deposits decreased to 0.38%. Year-to-date net income stood at $6.5 million, a slight rise from $6.3 million in 2020.

Positive

• Organic loan growth increased by $100 million year-over-year.
• Annualized organic loan growth for 2021 is 12%.
• Net interest margin rose to 4.07%, up 51 basis points from Q3 2020.
• Cost of deposits decreased to 0.38%, the lowest in bank history.
• Year-to-date net income reached $6.5 million, a slight increase from the previous year.

Negative

• Reported a net loss of $711,000 for Q3 2021.
• Provision for credit losses increased by $5.6 million, primarily due to alleged fraud.
• Return on Average Assets decreased to 0.79% from 0.89% year-over-year.
• Noninterest income declined slightly to $879,000 from previous quarters.

HARRISBURG, Pa., Nov. 5, 2021 /PRNewswire/ -- Centric Financial Corporation ("Centric" or "the Company") (OTC: CFCX), the parent company of Centric Bank ("the Bank"), reported a net loss of $711 thousand, or $-0.08 per common share diluted, for the third quarter 2021. For the first nine months of 2021, net income was $6.5 million, or $0.77 per common share diluted, compared to $0.72 per common share diluted for the same period last year.  Pre-tax, pre-provision income was $5.2 million for the quarter.

Highlights of Performance:

• Quarterly net income was a loss of $711 thousand compared to the second quarter's net income of $3.6 million. The decline in net income was due to an increase in provision for credit loss expense of $5.6 million related to losses and reserves posted during the quarter.
• Net interest margin increased 13 basis points over prior quarter and 51 basis points over third quarter 2020, ending at 4.07%.
• Cost of deposits decreased to 0.38%, an improvement of 2 and 9 basis points from the previous quarter and third quarter 2020, respectively.
• For the first nine months of 2021 Return on Average Assets was 0.79%, down from the 0.89% for the same period last year. Return on Average Equity decreased 7% from the prior year-to-date period and ended at 9.65%.
• Tangible book value per share ended the quarter at $10.72, decreasing $0.07 per share from the previous quarter and increasing $1.08 per share, or 11%, over the third quarter 2020.
• Organic loan growth increased $100 million over the third quarter 2020. Annualized organic loan growth is 12% for 2021.

Patricia A. Husic, President & CEO of Centric Financial Corporation and Centric Bank stated, "The financial results for the third quarter of 2021 were adversely affected from the loan charge-offs and increased provision for loan losses, largely attributed to a single commercial lending relationship with purported fraud. Despite the credit loss in the third quarter, we have experienced positive momentum from the second quarter to include:  loan growth of $20 million, resulting in an 8% overall loan growth for 2021; yield on loans increased by 14 basis points to 4.79%; cost of deposits decreasing further to 0.38%, the lowest level in the history of the bank. We continue to focus on executing our key initiatives and remain well positioned for future sustainable growth and profitability."

Results of Operations – Third Quarter

The quarter ended September 30, 2021 was a net loss of $711 thousand, or -$0.08 per diluted share, down from net income of $3.6 million reported for the second quarter 2021.  Earnings for the third quarter 2021 were adversely affected by a provision for credit losses of $6.1 million, which was primarily due to one commercial relationship with an impact of $5.1 million, which involved alleged fraudulent activities by the borrower.  Pre-tax, pre-provision income was $5.2 million for the quarter.

Net interest income for the quarter was $10.4 million, on par with the prior quarter.  PPP loan servicing fees contributed $1.7 million to interest income in the current quarter.  Net interest income increased $1.4 million, or 16%, over third quarter 2020, increasing the net interest margin by 51 basis points.  This was achieved through organic loan growth of $100 million, as well as a 41 basis point increase in loan yields, and a reduction in the cost of funds of 15 basis points as the bank has shifted the mix of deposits.  There is a balance of $2.1 million in remaining PPP deferred income to be recognized in future periods.

Noninterest income totaled $879 thousand for the third quarter, down slightly from the second quarter 2021 and third quarter 2020.  During the third quarter 2021, the Bank has seen a reemergence of prior sources of income and recognized a gain on sale of SBA loans of $116 thousand, an increase of $90 thousand from third quarter 2020.  Mortgage related income decreased $163 thousand, or 47%, from the prior quarter and 33% from third quarter 2020. The market adjustment on equity securities increased $100 thousand over the second quarter 2021. 

Noninterest expense of $6.1 million for the third quarter 2021 improved from the second quarter by $239 thousand.  Salaries and benefits decreased $193 thousand, from lower incentive compensation expense during the quarter.  Loan and collection expense increased $79 thousand due to legal expenses related to collection efforts, offset by a reduction in marketing expense and amortization of mortgage servicing rights.  Compared to third quarter 2020, noninterest expenses increased $316 thousand.  FDIC assessment expense rose $87 thousand due to the increased customer base related to PPP, salary and benefits expense increased $68 thousand related to increased benefits cost and a decrease in incentive compensation.  Licensing & software expense grew by $52 thousand related to PPP forgiveness processing. 

Results of Operations – Year to Date

Net income for the nine months of 2021 was $6.5 million, or $0.78 and $0.77 per basic and diluted share, respectively, compared to the $0.72 per basic and diluted share for the prior year.  Provision for credit loss expense increased $4.2 million due to the loan losses and specific allocations discussed in the asset quality section below.  Pre-tax pre-provision income was $15.2 million.

Net interest income was $31.1 million and increased $6.7 million, or 27%, over the nine months ended September 30, 2020.   Interest and fees on loans increased $4.7 million, with an increase in PPP deferred fee income of $3.4 million as well as increases in core lending of $100 million.  Although average balances on deposits grew year over year by $160 million, rates on deposits declined 36 basis points, reducing funding expense by $1.5 million.  Net interest margin for the period ending September 30, 2021, was 4.00%, a 35 basis-point improvement from the 3.65% achieved during the first nine months of 2020.

Noninterest income totaled $2.8 million for the first nine months of 2021, an increase of $411 thousand, or 17%, from the same period 2020.  Mortgage income rose 58%, or $337 thousand, from the production and sale of residential mortgage loans.  The return of Small Business Administration lending produced a gain on sale of SBA loans of $263 thousand for 2021, an increase of $158 thousand.  Cash management account analysis products added $100 thousand to service charges on deposit accounts, debit card income increased by $72 thousand, offset by a reduction of other service fees on loans of $129 thousand related to lower origination fee income on commercial lines of credit. 

Noninterest expense totaled $18.7 million, an increase of 16%, or $2.6 million, over 2020.  The Bank's largest noninterest expense continues to be the investment in our employees as salaries and benefits, which rose 13%, or $1.3 million. The increase is due to a $72 thousand increase in mortgage commission expense, $112 thousand in other lending-based incentives, and increases in health care and other benefit expense of $291 thousand.  Occupancy and equipment expense increased by $197 thousand related to the expansion in the Philadelphia market.  FDIC assessment expense expanded $356 thousand due to the increase in our customer base related to PPP and core growth, loan and collection expense increased $152 thousand, and advertising and marketing grew $152 thousand, or 55%, as these activities were significantly limited in 2020.  License and software fees increased $180 thousand with PPP related licensing expense of $105 thousand.

Asset Quality

Provision expense of $6.1 million was taken in the third quarter 2021 as a result of a $20 million increase in core lending activity, an impact of $5.1 million related to one commercial relationship with alleged fraud, and 7 other lending relationships for which losses were recorded which impacted the provision by $0.8 million.  $2.9 million of the impact of the single relationship is a specific allocation that we hope to be able to reduce in future quarters as more reliable information becomes available.  We are continuing collection efforts where prudent, for potential recoveries.

	Three months ended						Nine months ended
	Sep 30,	Jun 30,	Mar 31,	Dec 31,	Sep 30,		Sep 30,	Sep 30,
(in thousands)	2021	2021	2021	2020	2020		2021	2020
Charge offs	5,405	264	57	610	-		5,726	298
Recoveries	7	15	1	-	1		23	1
Net Charge offs	5,398	249	56	610	(1)		5,703	297

For the nine months ending September 30, 2021, total provision expense amounted to $7.0 million, an increase of $4.2 million, or 152%, from the $2.8 million taken in the first nine months of 2020.  The coverage ratio for the allowance for loan and lease loss is 1.28% of the total loan portfolio and 1.34% excluding PPP loans. The balance for allowance for loan and lease losses increased to $11.8 million from the $10.8 million on September 30, 2020, a 9% increase.  Management believes the allowance for loan and lease losses on September 30, 2021 adequately reflects the inherent risk in the loan portfolio.

On September 30, 2021, nonperforming assets totaled $13.8 million, a decrease of $1.2 million from the second quarter, due to a $1.4 million decrease in loans 90+ days past due.  From September 30, 2020, nonaccrual loans increased $1.8 million.  Total nonperforming assets were 1.24% of total assets at quarter end, an improvement of 0.11% from previous quarter and an increase of 0.13% from September 30, 2020.

	At Period End
	Sep 30,	Jun 30,	Mar 31,	Dec 31,	Sep 30,
Asset Quality  (in thousands)	2021	2021	2021	2020	2020
Nonaccrual Loans	$    10,389	$    10,178	$   10,120	$    10,811	$      8,568
Restructured loans still accruing	187	188	-	134	460
Loans 90+ days past due & still accruing	3,249	4,692	1,937	1,423	2,969
OREO	-	-	-	-	-
Total Nonperforming Assets	$    13,825	$    15,057	$   12,057	$    12,369	$    11,997
Total Assets	1,111,518	1,110,872	1,122,986	1,118,012	1,074,756
Nonperforming assets/total assets	1.24%	1.36%	1.07%	1.11%	1.12%

SBA loans that were considered nonperforming on September 30, 2021 totaled $3.2 million.

Balance Sheet

Assets grew by $37 million year over year to $1.1 billion, despite the reduction of PPP loan balances by $204 million.  Cash and cash equivalents grew $57 million, coupled with a reduction in net loans of $27 million.  Investments in securities remained consistent with the prior quarter and increased $11 million over the same quarter prior year, with increases in tax free municipals of $13 million.

Total loans ended the period at $919 million, a decline of $41 million from prior quarter.  Excluding the $61 million in net PPP loan reductions from forgiveness, organic loan growth was $20 million.  Commercial loans increased $11 million and CRE loans increased $15 million over the prior quarter with PPP loan balances declining $204 million to $82 million as a result of SBA loan forgiveness during the 2021 year. Core loan growth increased $100 million, or 14%, year over year with $89 million attributed to CRE loan growth and $18 million in commercial loans. 

Total deposits ended the period at $937 million, down slightly from the prior quarter as higher rate certificates of deposits declined $54 million while other interest-bearing deposits increased $63 million.  The shift out of certificates of deposit was due to the reduction of wholesale funding of $23 million from the prior quarter.

Total deposits declined $8 million from prior quarter due to a reduction in municipal noninterest bearing accounts and increased $49 million from September 30, 2020 with an $82 million, or 50%, growth in core money market deposits and a $32 million decline in certificates of deposit.  Wholesale funding increased $12 million from the prior quarter and was reduced by $83 million from September 2020.  A 10% increase in noninterest bearing deposits over prior year brought the ratio of noninterest deposits to total deposits to 24% on September 30, 2021. 

Shareholders' equity ended the period at $91 million. Year over year equity increased $10 million, or 12%.  At September 30, 2021, Centric held 313,264 shares of treasury stock with a balance of $2.2 million, repurchased under the Company's stock repurchase plan during 2020.  No new treasury shares have been purchased in 2021.  Tangible book value of $10.72 remained consistent with second quarter and increased $1.08 per share, or 11%, over September 30, 2020, as a result of increased earnings and stock repurchases.  Centric Bank remains above bank regulatory "Well Capitalized" standards with total risk-based capital for the Bank of 12.81% on September 30, 2021. 

Centric Financial Corporation
Consolidated Balance Sheet (Unaudited)
	At Period End
	Sep 30,	Jun 30,	Sep 30,
(Dollars in thousands)	2021	2021	2020
Assets
Cash and cash equivalents	$        124,034	$           78,309	$           67,143
Other investments	43,102	44,401	32,210
Loans	919,116	960,193	946,466
Less: allowance for loan losses	(11,775)	(11,082)	(10,771)
Net loans	907,341	949,111	935,695
Premises and equipment	15,954	16,341	17,515
Accrued interest receivable	4,644	5,624	5,836
Mortgage servicing rights	1,026	1,037	1,180
Goodwill	492	492	492
Other assets	14,925	15,557	14,685
Total Assets	$     1,111,518	$     1,110,872	$     1,074,756
Liabilities
Noninterest-bearing deposits	226,801	244,342	206,594
Interest-bearing demand deposits	308,396	266,014	328,977
Money market and savings	244,078	223,246	162,304
Certificates of deposit	157,677	211,537	189,660
Interest-bearing deposits	710,151	700,797	680,941
Total deposits	936,952	945,139	887,535
Short-term borrowings	10,000	10,000	25,000
Long-term debt	70,480	60,687	78,866
Accrued interest payable	200	107	234
Other liabilities	2,501	2,961	1,331
Total Liabilities	1,020,133	1,018,894	992,966
Total Shareholders' Equity	91,385	91,978	81,790
Total Liabilities and Shareholders' Equity	$     1,111,518	$     1,110,872	$     1,074,756

 

Centric Financial Corporation
Consolidated Statement of Income (Unaudited)
	Three months ended						Nine months ended
	Sep 30,	Jun 30,	Mar 31,	Dec 31,	Sep 30,		Sep 30,	Sep 30,
(Dollars in thousands)	2021	2021	2021	2020	2020		2021	2020
Interest income
Interest and dividends on securities	$         334	$          349	$          365	$          337	$          292		$      1,048	$          760
Interest and fees on loans	11,311	11,411	11,413	10,501	10,238		34,135	29,480
Other	32	15	16	20	36		63	218
Total interest income	11,677	11,775	11,794	10,858	10,566		35,246	30,458
Interest expense
Interest on deposits	866	937	981	952	1,022		2,784	4,329
Interest on borrowings	400	424	501	561	578		1,325	1,694
Total interest expense	1,266	1,361	1,482	1,513	1,600		4,109	6,023
Net interest income	10,411	10,414	10,312	9,345	8,966		31,137	24,435
Provision for loan losses	6,092	450	450	325	975		6,992	2,775
Net interest income after provision expense	4,319	9,964	9,862	9,020	7,991		24,145	21,660
Noninterest income
Gain on sale of SBA loans	116	147	-	-	26		263	105
Gain on sale of mortgage loans	157	313	319	305	251		789	533
Other non-interest income	606	462	693	877	630		1,761	1,764
Noninterest income	879	922	1,012	1,182	907		2,813	2,402
Noninterest expense
Salaries and benefits	3,569	3,762	3,717	3,822	3,501		11,048	9,771
Occupancy and equipment	590	593	628	609	541		1,811	1,614
Professional fees	181	202	210	248	199		593	499
Data processing	327	294	280	280	291		901	844
Advertising and marketing	110	145	171	180	129		426	274
Other non-interest expense	1,329	1,349	1,285	1,529	1,129		3,963	3,166
Noninterest expense	6,106	6,345	6,291	6,668	5,790		18,742	16,168
Income before taxes	(908)	4,541	4,583	3,534	3,108		8,216	7,894
Income tax expense	(197)	943	949	738	647		1,695	1,633
Net income available to common shareholders	$      (711)	$      3,598	$      3,634	$      2,796	$      2,461		$      6,521	$      6,261

 

Centric Financial Corporation
Per Share Data & Performance Ratios (Unaudited)
(Dollars in thousands except per share)	Three months ended						Nine months ended
	Sep 30,	Jun 30,	Mar 31,	Dec 31,	Sep 30,		Sep 30,	Sep 30,
Earnings and Per Share Data	2021	2021	2021	2020	2020		2021	2020
Net income	$     (711)	$    3,598	$      3,634	$      2,796	$      2,461		$    6,521	$    6,261
Basic earnings per common share	$    (0.08)	$      0.43	$         0.43	$         0.33	$         0.28		$       0.78	$       0.72
Diluted earnings per common share	$    (0.08)	$      0.42	$         0.43	$         0.33	$         0.28		$       0.77	$       0.72
Book value  (at period end)	$    10.78	$    10.85	$      10.43	$      10.00	$         9.69
Tangible book value (at period end)	$    10.72	$    10.79	$      10.38	$         9.94	$         9.64
Close price (at period end)	$      9.50	$      9.75	$         9.40	$         8.58	$         7.50
Common shares outstanding	8,477,518	8,475,143	8,452,057	8,448,903	8,436,407
Weighted average shares - basic	8,419,882	8,408,969	8,402,984	8,411,759	8,670,112		8,410,674	8,726,012
Weighted average shares - diluted	8,525,573	8,511,644	8,490,150	8,434,558	8,683,524		8,509,252	8,746,034
Performance Ratios (period to date)
Return on average assets	-0.26%	1.29%	1.33%	1.05%	0.94%		0.79%	0.89%
Return on average equity	-3.04%	15.99%	16.80%	13.44%	11.89%		9.65%	10.34%
Efficiency ratio	54.09%	55.63%	55.53%	62.94%	58.82%		55.09%	60.37%
Yield on loans	4.80%	4.65%	4.76%	4.38%	4.39%		4.73%	4.75%
Yield on average earning assets	4.57%	4.45%	4.55%	4.23%	4.20%		4.52%	4.55%
Cost of deposits	0.38%	0.40%	0.44%	0.43%	0.47%		0.40%	0.76%
Cost of funds	0.51%	0.54%	0.59%	0.61%	0.66%		0.54%	0.94%
Net interest margin	4.07%	3.94%	3.98%	3.64%	3.56%		4.00%	3.65%
Capital Ratios (at period end)
Shareholders' equity / asset ratio	8.22%	8.28%	7.85%	7.56%	7.61%
Tangible common equity / tangible assets	8.18%	8.24%	7.81%	7.52%	7.57%
Tier I leverage ratio (bank)	9.79%	9.62%	9.39%	9.31%	9.17%
Common tier 1 capital/risk-based capital (bank)	11.56%	11.66%	11.59%	11.48%	11.53%
Tier 1 risk-based capital (bank)	11.56%	11.66%	11.59%	11.48%	11.53%
Total risk-based capital (bank)	12.81%	12.89%	12.83%	12.72%	12.78%
Asset Quality Ratios
Net charge-offs/average loans (period to date)	2.31%	0.10%	0.02%	0.26%	0.00%		0.70%	0.05%
Nonperforming assets / total assets (at period end)	1.24%	1.36%	1.07%	1.11%	1.12%
Allowance for loan losses / total loans	1.28%	1.15%	1.09%	1.09%	1.14%
Allowance for loan losses / nonaccrual loans	113.35%	108.89%	107.52%	97.00%	125.71%

 

 

Centric Financial Corporation
Consolidated Average Balance Sheets and Average Yield / Cost (Unaudited)
	Three Months Ended
	September 30, 2021				September 30, 2020
	Average				Average
	Balance	Interest	Rate		Balance	Interest	Rate
Interest Earning Assets
Fed funds & bank balances	$       31,723	$         32	0.40		$       36,348	$         36	0.40
Restricted stock	2,948	33	4.38		3,830	59	6.16
Total securities	43,410	302	2.78		32,693	232	2.84
Total loans	935,813	11,311	4.80		928,339	10,238	4.39
Total Earning Assets	1,013,895	11,677	4.57		1,001,210	10,566	4.20
Allowance for loan losses	(11,795)				(10,345)
Non-earning assets	85,746				55,230
Total Average Assets	$  1,087,846				$  1,046,095
Interest-Bearing Liabilities
Checking, money market, savings	497,672	539	0.43		447,731	346	0.31
Certificates of deposit	171,009	326	0.76		200,936	676	1.34
Total interest-bearing deposits	668,681	866	0.51		648,667	1,022	0.63
Noninterest-bearing deposits	243,541				208,468
Total deposits	912,222	866	0.38		857,135	1,022	0.47
Total borrowings	79,084	400	2.00		103,989	578	2.20
Total Interest-Bearing Liabilities	747,765	1,266	0.67		752,656	1,600	0.84
Cost of funds			0.51				0.66
Other liabilities	2,964				2,174
Total Average Liabilities	994,270				963,298
Total Shareholders' Equity	93,576				82,797
Total Avg. Liabilities and Shareholders' Equity	$  1,087,846				$  1,046,095
Interest Rate Spread			3.90				3.36
Net Interest Income		$ 10,411				$   8,966
Interest Rate Margin			4.07				3.56

 

Centric Financial Corporation
Consolidated Average Balance Sheets and Average Yield / Cost (Unaudited)
	Nine Months Ended
	September 30, 2021				September 30, 2020
	Average				Average
	Balance	Interest	Rate		Balance	Interest	Rate
Interest Earning Assets
Fed funds & bank balances	$       31,318	$         63	0.26		$       29,019	$      218	1.01
Restricted stock	3,073	132	5.76		3,456	139	5.39
Total securities	43,095	916	2.83		32,069	620	2.58
Total loans	963,931	34,135	4.73		829,564	29,480	4.75
Total Earning Assets	1,041,417	35,246	4.52		894,107	30,458	4.55
Allowance for loan losses	(11,207)				(9,444)
Non-earning assets	68,539				52,186
Total Average Assets	$  1,098,750				$     936,849
Interest-Bearing Liabilities
Checking, money market, savings	472,604	1,527	0.43		362,945	1,425	0.52
Certificates of deposit	209,822	1,257	0.80		218,270	2,904	1.78
Total interest-bearing deposits	682,426	2,784	0.55		581,215	4,329	0.99
Noninterest-bearing deposits	237,808				179,165
Total deposits	920,234	2,784	0.40		760,381	4,329	0.76
Total borrowings	85,058	1,325	2.07		93,471	1,694	2.40
Total Interest-Bearing Liabilities	767,485	4,109	0.71		674,686	6,023	1.19
Cost of funds			0.54				0.94
Other liabilities	3,400				2,278
Total Average Liabilities	1,008,693				856,130
Total Shareholders' Equity	90,057				80,719
Total Avg. Liabilities and Shareholders' Equity	$  1,098,750				$     936,849
Interest Rate Spread			3.81				3.36
Net Interest Income		$ 31,137				$ 24,435
Interest Rate Margin			4.00				3.65

About the Company

Founded in 2007, Centric Financial Corporation, and its subsidiary, Centric Bank, is headquartered in south central Pennsylvania with assets of $1.1 billion and remains a leader in organic loan growth.  A locally owned, locally loaned community bank, Centric Bank provides competitive and pro-growth financial services to businesses, professionals, individuals, families, and the health care industry.  An American Banker 2020, 2019 and 2018 Best Banks to Work For, three-time Best Places to Work, Top 50 Fastest-Growing Companies for eight years, and three times ranked a Top 200 Publicly Traded Community Bank by American Banker for financial performance.    

Centric Bank has financial centers located in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, Devon, and Lancaster, loan production offices in Lancaster and Devon, and an Operations and Executive Office campus in Hampden Township, Cumberland County. To learn more about Centric Bank, call 717.657.7727, 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; the residual effects of the Covid-19 pandemic on business and impact to the economy, the effects of competition, 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

 

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SOURCE Centric Financial Corporation

FAQ

What was Centric Financial Corporation's net loss in Q3 2021?

Centric Financial Corporation reported a net loss of $711,000, or $-0.08 per diluted share, in Q3 2021.

How much did organic loan growth increase for Centric Financial Corporation in 2021?

Organic loan growth for Centric Financial Corporation increased by $100 million year-over-year, representing a 12% annualized growth rate.

What was the net interest margin reported by Centric Financial Corporation for Q3 2021?

The net interest margin for Q3 2021 was 4.07%, which is an increase of 51 basis points compared to Q3 2020.

What is the cost of deposits for Centric Financial Corporation as of Q3 2021?

The cost of deposits decreased to 0.38% in Q3 2021, marking the lowest level in the bank's history.

What was the year-to-date net income for Centric Financial Corporation in Q3 2021?

For the first nine months of 2021, Centric Financial Corporation reported a net income of $6.5 million.