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Centric Financial Corporation (OTC: CFCX) announced the resignation of Clair Finkenbinder, Executive VP, CIO, and Director of Operations, effective April 1, 2022. His departure is due to a new opportunity outside the banking sector. Patricia A. Husic, President and CEO, expressed appreciation for Finkenbinder's contributions, particularly in technology enhancements and team development. A successor will be named in due course. Centric Bank, a community bank with assets of $983 million, has garnered several awards, including being recognized as one of the Best Banks to Work For by American Banker.
Centric Financial Corporation (CFCX) reported strong financial results for Q4 and FY 2021, with net income of $3.8 million in Q4, up $4.5 million from Q3, and $10.3 million for the year. Earnings per share were $0.45 for Q4 and $1.23 for the year. Key highlights include a 9% organic loan growth, increased net interest margin to 4.47%, and a tangible book value increase to $11.17 per share. Nonperforming assets declined to $12.9 million. The bank maintains a capital position labeled 'well capitalized' with a total risk-based capital of 13.53%.
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.
Centric Financial Corporation (OTC: CFCX) announced the release of an Investor Presentation to discuss its Q3 2021 operational results. This presentation will be shared during upcoming investor meetings and is accessible on the company's website. Founded in 2007, Centric, based in Pennsylvania, has $1.1 billion in assets and is recognized for its organic loan growth and community service. The bank has received several accolades, including being named a Best Bank to Work For by American Banker.
Patricia A. Husic, President & CEO of Centric Financial Corporation and Centric Bank (CFCX), has been recognized as one of American Banker's 25 Most Powerful Women in Banking for the seventh year in a row. This accolade highlights her leadership in promoting diversity and supporting small businesses in Pennsylvania during the pandemic. Centric Bank, valued at $1.1 billion, has achieved significant milestones, including being named a Top Team in American Banker's rankings and winning Best Banks to Work For awards for multiple years. Husic and other honorees will be celebrated at a gala in NYC on October 21.
Centric Financial Corporation (CFCX) has released an Investor Presentation for upcoming meetings, highlighting second quarter 2021 results. The presentation is available on their website. Established in 2007, Centric Bank, with assets of $1.1 billion, excels in organic loan growth, offering competitive financial services across various sectors. Recognized multiple times by American Banker for its workplace and financial achievements, Centric operates in several Pennsylvania locations including Harrisburg and Hershey.
Centric Financial Corporation (CFCX) reported strong financial results for Q2 2021, with a net income of $3.6 million ($0.42 per diluted share), a 59% increase from Q2 2020. Year-to-date net income reached $7.2 million, up 90% year-over-year. Key highlights include a net interest margin of 3.94%, a decrease in cost of deposits to 0.40%, and organic loan growth of $35 million since Q1. Return on Assets (ROA) and Return on Equity (ROE) stood at 1.29% and 15.99%, respectively. Despite increased noninterest expenses, Centric maintains a disciplined growth strategy with strong commercial lending activity.
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