As we enter National Small Business Week celebrated April 30 through May 6, Centric Bank is shattering expectations with a #1 ranking in Pennsylvania for approved SBA 7(a) loans and finishes with strong first quarter 2017 results.
Harrisburg, Pennsylvania (PRWEB)
April 28, 2017
Centric Financial Corporation, Inc. (“Centric”) (CFCX), the holding company for Centric Bank, reported unaudited results for the first quarter ended March 31, 2017 of $781,000 in net income, a 105% increase over the first quarter 2016. Centric Bank surpassed the half-billion dollar mark in total assets at the end of the first quarter of 2017, a significant milestone in the bank’s 10-year history.
“As we enter National Small Business Week celebrated April 30 through May 6, I’m pleased to announce that Centric Bank is shattering expectations with a #1 ranking in Pennsylvania for approved SBA 7(a) loans,” says Patricia A. (Patti) Husic, President & CEO. “Our loan originations totaled $62 million as of March 31, as compared to $34 million during the first quarter of 2016, an 80% increase. The universal barrier to growth for small business is access to capital, but Centric Bank fuels the job creators, the entrepreneurs, women business enterprises, startups, and high-potential companies. There are nearly one million small businesses in the state, and we continue to lead and lend with purpose as the financial backbone for many of them.”
Total assets were $510 million at March 31, 2017, an increase of $120 million, or 31% for the same period end 2016. Total loans grew $121 million to $448 million, an increase of 37% from the same period for the prior year. Loan growth continued in 2017 as commercial real estate loans increased by $19.1 million.
Total deposits were $429 million at March 31, 2017, an increase of $106 million, or 33% over the same period end 2016. Non-interest bearing deposits are 14% of total deposits and remain a significant component of deposits, a key strategic initiative for the bank.
Gross loan originations for the first quarter 2017 are $61,897,275; they were $34,305,320 for 2016, an 80% increase. SBA 7(a) gross loan generation for the first quarter was $3,493,700, or 16 loans. For 2016, the gross generation was $3,649,000, or 9 loans.
For the three months ending March 31, 2017, total income was $781,000 versus $382,000 for the same quarter 2016, and net interest income increased 41% to $4,559,000 for the same period. Provision for loan losses increased $235,000 over the same period 2016 due to robust loan growth. Asset quality on…