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After busy second quarter, Centric Financial earnings rise

Centric Financial Corp.’s growth continued, as it reported a 73 percent increase in earnings for the first six months of 2015 against the same period in 2014.

The Lower Paxton Township-based bank holding company for four-branch Centric Bank announced earnings of $756,000 for the first half of 2015, a $320,000 jump from the same period of 2014, according to a bank news release.

Second-quarter earnings stood at $452,000, up 49 percent from the first quarter of 2015.

The bank also reported 4 percent growth in assets to $329 million compared to June 30, 2014. Total loans as of June 30 this year were at $282 million, up 17 percent from last year. Deposits, at $292 million, were up 1 percent.

The early part of the second quarter saw two milestones for Centric. It made its first expansion outside of the region when it opened a loan production office in Bucks County. Then on April 10, it entered the public trading market on the OTC exchange. The company trades its shares at the ticker symbol CFCX.

Michael Sadowski

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