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Centric Financial reports record earnings for first quarter
Paula Wolf//May 10, 2021
Centric Financial Corp., the parent company of Centric Bank, announced that net income for the quarter ending March 31, 2021, totaled $3.6 million, or $0.43 per basic and diluted share, a record high level of quarterly earnings.
The increase over the first quarter of 2020 was $2.1 million, or 136%.
Loans outstanding jumped $305 million from the same period last year, according to a release, including $216 million from Paycheck Protection Program lending net of deferred fees. Core loan growth increased 13% over the first quarter of 2020, rising by $89 million.
The second round of PPP loans generated $83 million in the first quarter.
Patricia A. Husic, president and CEO of Centric Financial Corp. and Centric Bank, stated in the release: “Our strong first-quarter results reflected expansion of our net interest margin as a result of significant recognition of deferred Paycheck Protection Program fees, impactful growth of noninterest-bearing deposits, and further reduction in our overall cost of deposits.
She added that a strong quarter for loan originations and “growing our pipeline” was offset by paydowns and payoffs because of commercial real estate buildings and businesses being sold.
“We are continuing to see momentum in all of the markets that we serve as the economy is showing strong signs of a rebound as businesses are more fully opening and demand for lending is increasing,” Husic said.
Founded in 2007, Centric Financial Corp. is headquartered in southcentral Pennsylvania with assets of $1.1 billion.
Centric Bank has financial centers 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.
