PR Newswire | Feb 18, 2021 10:58AM EST

2020

02/18 09:57 CST

Centric Financial Corporation Announces Earnings for 4th Quarter and Year End 2020 HARRISBURG, Pa., Feb. 18, 2021

HARRISBURG, Pa., Feb. 18, 2021 /PRNewswire/ -- Centric Financial Corporation ("Centric" or "the Company") (OTC: CFCX), the parent company of Centric Bank ("the Bank"), today reported net income for the fourth quarter and year ended December 31, 2020 of $2.8 million, or $0.33, per basic and diluted share and $9.1 million, or $1.05, per basic and diluted share, respectively.

Highlights of Performance:

* Net income increased $335 thousand, or 14%, from third quarter, an increase of $0.05 per basic and diluted share and increased $866 thousand, or 45%, over fourth quarter 2019, an increase of $0.11 per basic and diluted share. * Net interest margin increased 0.08% over third quarter 2020, ending at 3.64%. * Cost of deposits decreased to 0.43%, a reduction of 0.04% and 0.97%, respectively, from previous quarter and fourth quarter 2019. * Return on Average Assets of 1.05% for fourth quarter 2020 increased 0.11% over third quarter and 0.08% over fourth quarter 2019. * Fourth quarter Return on Average Equity of 13.44% increased 1.55% over third quarter and increased 3.36% over fourth quarter 2019. * Tangible book value per share increased $0.30 per share, or 3%, from the previous quarter and increased $1.15 per share, or 13% over the fourth quarter 2019. * Loans outstanding increased $18 million from previous quarter and $261 million from the prior year-end. Excluding PPP, core loans increased $32 million, or 4%, from third quarter and $66 million, over fourth quarter 2019.

Patricia A. Husic, President & CEO of Centric Financial Corporation and Centric Bank stated, "Centric Bank had a strong finish to the year, with the fourth quarter reporting the highest net income for 2020. Our key performance indicators reflected impactful improvements for the year. Return on equity for 2020 increased to 13% while earnings per share grew to $1.05, an increase of 26% from 2019, due to improved net income and the impact of the share buyback program implemented in the year.

We delivered core organic growth of 10% for the year, outside of the $220 million of Paycheck Protection Program Loans that were originated to support the small businesses in the communities we serve and helping to protect over 23,000 jobs. We provided a financial lifeline when these businesses needed it the most. Our team continues to work with these businesses to onboard their full relationship to Centric Bank over time. To date, we have made positive strides by onboarding 31% of those small businesses to core customers and we will remain steadfast in our efforts.

2020 has been a year of grit and resilience for the small businesses in our communities as they demonstrated their ability to pivot and survive. I am incredibly proud of our Centric Team and the role they played being the 'difference makers' in our communities by supporting small businesses with the lifeline from the Paycheck Protection Program. Our Team pivoted with remote work and creating efficiencies with technology during these challenging times. Although 2020 provided its share of bumps in the road, we remained steadfast, disciplined and laser focused on executing our key strategic goals, delivering to our shareholders and earning our independence daily."

Results of Operations - Fourth Quarter

Net income for the quarter ended December 31, 2020 was $2.8 million, or $0.33 per basic and diluted share, an increase of $335 thousand, or 14%, and $0.05 per basic and diluted share over third quarter. Compared to fourth quarter 2019 net income increased $866 thousand, or 45%, and $0.11 per basic and diluted share.

Net interest income for the quarter was $9.3 million, an increase of $379 thousand, or 4%, over third quarter. The increase from previous quarter resulted from core lending of $18 million, reduced funding expenses by 5% and recognized income of $1.2 million from PPP forgiveness which contributed to an increase of 8 basis points in net interest margin, ending the quarter at 3.64%.

Net interest income increased $2.2 million, or 31%, over fourth quarter 2019 and resulted from core lending of $66 million, reduced funding expense of 46%, recognized income of $2.8 million from PPP forgiveness, and reduced yield on earning assets of 1.00% due to the significant $215 million in PPP lending, contributing to a decrease of 11 basis points in net interest margin.

Noninterest income totaled $1.2 million for fourth quarter 2020, an increase of $275 thousand from third quarter. The increase over previous quarter was the result of higher gain on sale of mortgage loans of $54 thousand, increased swap fee income of $18 thousand, gains on the sale of securities of $188 thousand and realized gain on equity securities of $108 thousand.

Compared to fourth quarter 2019, noninterest income increased $50 thousand and was influenced by higher gains on the sales of mortgage loans of $113 thousand, a decline of $299 thousand in swap fee income, increased gain on the sale of securities of $188 thousand and $10 thousand in realized gain on equity securities.

Noninterest expense for the fourth quarter was $6.7 million, an increase of $878 thousand from third quarter. Factors affecting the increase were an increase of $321 thousand in salaries and benefits from commissions earned on mortgage activities and performance-based compensation, increased FDIC assessment of $113 thousand from increased deposit relationships, increased advertising and marketing of $51 thousand, and a prepayment penalty of $189 thousand to retire long-term, high rate, FHLB borrowings.

Compared to fourth quarter 2019, noninterest expenses increased $1.4 million and were affected by increased salary and benefits of $780 thousand as a result of performance-based compensation and the addition of staff in the Devon, Doylestown, and Lancaster offices. FDIC assessments increased by $219 thousand from the results of PPP and core banking activities. MSR amortization expense decreased $187 thousand, loan and collection expense rose by $187 thousand, and other operating expenses increased $183 thousand from the prepayment penalty for the retirement of the long-term, high rate, FHLB borrowings.

Results of Operations - Year to Date

Net income for the year ended December 31, 2020 was $9.1 million, or $1.05 per basic and diluted share, an increase of $1.8 million, or 24%, and $0.21 and $0.22 per basic and diluted share, respectively, over the prior year end.

Net interest income increased $5.7 million, or 20%, over full year 2019 and resulted from core lending of $66 million, reduced funding expense by $3.8 million, or 33%, recognized income of $2.8 million from PPP forgiveness, and reduced yield on earning assets of 0.87% due to the significant $215 million in PPP lending, all contributing to a decrease of 15 basis points in net interest margin, ending at 3.65%. The reduction in funding costs was supported by increased, low-cost, wholesale deposits and increased noninterest bearing deposits.

Noninterest income totaled $3.6 million for the year ended 2020, a decrease of $511 thousand from full year 2019. The decrease over prior year-end was the result of decreased gains on the sale of SBA loans of $631 thousand, decreased swap fee income of $393 thousand, and reduced service charges on deposits of $81 thousand due to less overdraft activity and the waiver of overdraft fees due to the COVID-19 pandemic. These decreases were somewhat offset by increased gains on sale of mortgage loans of $354 thousand, increased gains on the sale of securities of $191 thousand and the gain on equity securities of $108 thousand.

Noninterest expense totaled $22.8 million, an increase of 9%, or $1.9 million over full year 2019. The increase over prior year-end was the result of increased salaries and benefits by 14%, or $1.7 million, from new staffing in the Suburban Philadelphia and Lancaster locations, commission expense for originations on sold mortgages, and increased performance-based expense. Advertising and marketing decreased $237 thousand, or 34%, as a result of COVID related restrictions. Occupancy and equipment expense increased by $191 thousand with the additional leases for the loan production office and the new financial center in Devon, and the expanded space in Doylestown. Director expenses increased $142 thousand or 40% due to higher compensation and an increase in meeting frequency. MSR amortization expense decreased $358 thousand, loan and collection expense rose by $229 thousand, regulatory assessments increased $293 thousand largely related to the increase in PPP relationships, and other operating expenses increased $174 thousand from the prepayment penalty for the retirement of the long-term, high rate, FHLB borrowings.

Asset Quality

Provision expense increased $971 thousand from full year 2019 due to the increase of qualitative factors for the economic impact of COVID-19, an increase in classified trends during the year, higher unemployment rates, and core growth of the loan portfolio. The coverage ratio for the allowance for loan and lease loss is 1.09% of the total loan portfolio and 1.33% excluding PPP loans.

Centric continually monitors relationships with loan customers to assess the financial performance of its borrowers. The Coronavirus Aid, Relief, and Economic Security ("CARES") Act and joint regulatory agency statements made provisions to assist borrowers with short-term modifications which are not treated as troubled debt restructurings. Centric has worked with its borrowers through this unprecedented environment and has provided deferrals on a needs-based approach. As of December 31, 2020, CARES Act qualifying loan deferral balances totaled $22.2 million, or 2.3% of total loans, a reduction of $8.3 million from September 30, 2020. The bank has relatively low exposure to high risk industries such as energy and hospitality and has a proven track record with real estate lending and a low loss history in the segment. A large portion of our loan portfolio is well secured and has been underwritten with prudent standards. As the pandemic continues there remains the potential for increased levels of impaired loans throughout all segments of the portfolio.

The allowance for loan and lease losses was $10.5 million and $8.3 million at December 31, 2020 and 2019, respectively. Management believes the allowance for loan and lease losses at December 31, 2020 adequately reflects the inherent risk in the loan portfolio.

At December 31, 2020, nonperforming assets totaled $12.4 million, an increase of $400 thousand from the third quarter, and consisted of a $2.2 million increase in nonaccrual loans and a $1.5 million reduction in loans 90+ days past due. Total nonperforming assets were 1.11% of total assets at year-end, a decline of 0.01% from previous quarter and 0.34% from year-end 2019. Nonperforming assets were consistent with prior year-end in total, with changes in the asset quality mix. Nonaccrual loans increased $5.6 million, restructured loans still accruing declined $2.7 million, with a decline of $2.7 million in loans 90+ days past due.

At Period End

Dec 31, Sep 30, Jun 30, Mar 31, Dec 31,

Asset Quality (in thousands) 2020 2020 2020 2020 2019

Nonaccrual Loans $ 10,811 $ 8,568 $ 4,312 $ 4,995 $ 5,171

Restructured loans still accruing 134 460 2,749 2,751 2,785

Loans 90+ days past due & still accruing 1,423 2,969 3,477 3,576 4,078

OREO - - - - 21

Total Nonperforming Assets $ 12,369 $ 11,997 $ 10,538 $ 11,323 $ 12,055

Total Assets 1,118,012 1,074,756 1,040,400 842,973 832,204

Nonperforming assets/total assets 1.11% 1.12% 1.01% 1.34% 1.45%

SBA loans that were considered nonperforming at year end totaled $3.3 million, a reduction of $1 million from prior year-end. Nonperforming conventional loans increased by $1.5 million over the prior year-end.

Balance Sheet

At December 31, 2020, Centric's total assets were $1.1 billion compared to $832 million at the prior year end, an increase of $286 million, or 34%. The growth, year over year, was due to the significant volume of SBA guaranteed PPP loans totaling $195 million in addition to the increase of $66 million in core lending. Centric has again committed to participating in the next round of PPP lending support to its customers and communities.

Total loans ended the year at $964 million, an increase of $18 million from prior quarter. Excluding the $14 million in net PPP loan reductions from forgiveness, conventional loans grew by $32 million. Commercial loans in the conventional loan portfolio increased $5 million and CRE loans increased $27 million. Compared to prior year-end, loans increased $261 million, or 37%, with $195 million in PPP loans outstanding.

Investments in securities increased $11 million over prior quarter with increases in tax free municipals of $12 million, and taxable municipals of $4 million, offset by sales of CMOs and MBS of $7 million. The changes were brought about by execution of a strategy to increase tax-free holdings. Also sold were two held-to-maturity nonperforming bonds of $263 thousand. Year over year the investment portfolio has increased $6 million.

Total deposits ended the year at $926 million, an increase of $39 million from prior quarter. Interest-bearing deposits declined $60 million from September 30, 2020 due to the intentional shift in wholesale deposits to time deposits. Certificates of deposit increased over the third quarter by $106 million due to growth in consumer CDs of $20 million, and by $86 million in wholesale funding.

Year over year deposits increased $244 million, or 36%. Noninterest-bearing deposits increased $87 million, or 79% year over year due to participation in the PPP program and increases in core deposit relationships. Interest bearing deposits and certificates of deposits increased $97 million and $50 million respectively, due to opportunities in low cost wholesale deposits and core customer growth from December 31, 2019. Wholesale funding was leveraged to support PPP lending versus the Paycheck Protection Program Lending Facility ("PPPLF") due to the significant savings in funding costs throughout the year.

Short-term borrowings totaled $20 million at December 31, 2020, a decrease of $5 million from prior quarter. There were no short-term borrowings at the end of 2019. Long-term borrowings totaled $83 million at year end, an increase of $5 million from prior quarter as we continued to leverage low cost, long-term funding. Long-term borrowings increased $13 million over prior year end. Centric participated in the PPPLF in December, borrowing $4.7 million and leveraging low cost, long-term funding sources.

Shareholders' equity increased $3 million over third quarter and ended the period at $85 million. Year over year equity increased $7 million, or 9%. At December 31, 2020 Centric held 354,500 shares of treasury stock repurchased at a cost of $2.5 million under the company's previously announced stock repurchase plan. Tangible book value increased $0.30 per share over third quarter and ended the year at $9.94. Tangible book value increased $1.15 per share, or 13%, from December 31, 2019, as a result of increased earnings and stock repurchases over the period. Centric Bank remains above bank regulatory "Well Capitalized" standards.

Centric Financial Corporation

Consolidated Balance Sheet (Unaudited)

At Period End

Dec 31, Sep 30, Dec 31,

(Dollars in thousands) 2020 2020 2019

Assets

Cash and cash equivalents $ 82,055 $ 67,143 $ 66,869

Other investments 42,999 32,210 36,621

Loans 964,214 946,466 703,143

Less: allowance for loan losses (10,487) (10,771) (8,293)

Net loans 953,777 935,695 694,850

Premises and equipment 17,109 17,515 17,887

Accrued interest receivable 6,016 5,836 2,304

Mortgage servicing rights 1,124 1,180 1,337

Goodwill 492 492 492

Other assets 14,445 14,685 11,844

Total Assets $ 1,118,012 $ 1,074,756 $ 832,204

Liabilities

Noninterest-bearing deposits 196,367 206,594 109,799

Interest-bearing demand deposits 269,182 328,977 172,538

Money market and savings 165,398 162,304 154,188

Certificates of deposit 295,528 189,660 245,535

Interest-bearing deposits 730,108 680,941 572,261

Total deposits 926,475 887,535 682,060

Short-term borrowings 20,000 25,000 -

Long-term debt 83,422 78,866 70,435

Accrued interest payable 259 234 399

Other liabilities 3,354 1,331 1,821

Total Liabilities 1,033,509 992,966 754,715

Total Shareholders' Equity 84,503 81,790 77,489

Total Liabilities and Shareholders' Equity $ 1,118,012 $ 1,074,756 $ 832,204

Centric Financial Corporation

Consolidated Statement of Income (Unaudited)

Three months ended Twelve months ended

Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,

(Dollars in thousands) 2020 2020 2020 2020 2019 2020 2019

Interest income

Interest and dividends on securities $ 337 $ 292 $ 217 $ 251 $ 290 $ 1,097 $ 1,095

Interest and fees on loans 10,501 10,238 9,894 9,348 9,508 39,981 37,222

Other 20 36 47 135 172 238 1,092

Total interest income 10,858 10,566 10,158 9,734 9,970 41,316 39,409

Interest expense

Interest on deposits 952 1,022 1,279 2,028 2,295 5,281 9,493

Interest on borrowings 561 578 581 535 528 2,255 1,797

Total interest expense 1,513 1,600 1,860 2,563 2,823 7,536 11,290

Net interest income 9,345 8,966 8,298 7,171 7,147 33,780 28,119

Provision for loan losses 325 975 975 825 544 3,100 2,129

Net interest income after provision expense 9,020 7,991 7,323 6,346 6,603 30,680 25,990

Noninterest income

Gain on sale of SBA loans - 26 12 67 75 105 736

Gain on sale of mortgage loans 305 251 130 152 192 838 484

Other non-interest income 877 630 581 553 865 2,641 2,875

Noninterest income 1,182 907 723 772 1,132 3,584 4,095

Noninterest expense

Salaries and benefits 3,822 3,501 3,164 3,106 3,042 13,593 11,935

Occupancy and equipment 609 541 518 555 516 2,223 2,032

Professional fees 248 199 151 149 184 747 741

Data processing 280 291 267 286 275 1,124 1,131

Advertising and marketing 180 129 70 75 128 454 691

Other non-interest expense 1,529 1,129 1,026 1,011 1,156 4,695 4,382

Noninterest expense 6,668 5,790 5,196 5,182 5,301 22,836 20,912

Income before taxes 3,534 3,108 2,850 1,936 2,434 11,428 9,173

Income tax expense 738 647 591 395 504 2,371 1,888

Net income available to common shareholders $ 2,796 $ 2,461 $ 2,259 $ 1,541 $ 1,930 $ 9,057 $ 7,285

Centric Financial Corporation

Per Share Data & Performance Ratios (Unaudited)

(Dollars in thousands except per share) Three months ended Twelve months ended

Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Dec 31, Dec 31,

Earnings and Per Share Data 2020 2020 2020 2020 2019 2020 2019

Net income $ 2,796 $ 2,461 $ 2,259 $ 1,541 $ 1,930 $ 9,057 $ 7,285

Basic earnings per common share $ 0.33 $ 0.28 $ 0.26 $ 0.18 $ 0.22 $ 1.05 $ 0.84

Diluted earnings per common share $ 0.33 $ 0.28 $ 0.26 $ 0.18 $ 0.22 $ 1.05 $ 0.83

Book value (at period end) $ 10.00 $ 9.69 $ 9.33 $ 9.05 $ 8.85

Tangible book value (at period end) $ 9.94 $ 9.64 $ 9.27 $ 8.99 $ 8.79

Close price (at period end) $ 8.58 $ 7.50 $ 6.85 $ 6.96 $ 9.75

Common shares outstanding 8,790,907 8,436,407 8,758,565 8,764,174 8,758,646

Weighted average shares - basic 8,411,759 8,670,112 8,742,308 8,745,680 8,736,927 8,647,020 8,723,449

Weighted average shares - diluted 8,434,558 8,683,524 8,752,821 8,767,433 8,767,576 8,665,253 8,755,337

Performance Ratios (period to date)

Return on average assets 1.05% 0.94% 0.94% 0.77% 0.97% 0.94% 0.95%

Return on average equity 13.44% 11.89% 11.22% 7.82% 10.08% 11.13% 9.87%

Efficiency ratio 62.94% 58.82% 57.65% 65.39% 63.27% 61.09% 64.90%

Yield on Loans 4.38% 4.39% 4.62% 5.38% 5.52% 4.64% 5.64%

Yield on Average Earning Assets 4.23% 4.20% 4.41% 5.19% 5.23% 4.46% 5.33%

Cost of Deposits 0.43% 0.47% 0.66% 1.26% 1.40% 0.67% 1.48%

Cost of Funds 0.61% 0.66% 0.85% 1.43% 1.56% 0.85% 1.63%

Net interest margin 3.64% 3.56% 3.60% 3.82% 3.75% 3.65% 3.80%

Capital Ratios (at period end)

Shareholders' equity / asset ratio 7.56% 7.61% 7.85% 9.41% 9.31%

Tangible common equity / tangible assets 7.52% 7.57% 7.81% 9.36% 9.26%

Tier I leverage ratio (bank) 9..31% 9.17% 9.87% 11.54% 11.41%

Common tier 1 capital/risk-based capital (bank) 11.48% 11.53% 11.89% 12.62% 12.47%

Tier 1 risk-based capital (bank) 11.48% 11.53% 11.89% 12.62% 12.47%

Total risk-based capital (bank) 12.72% 12.78% 13.14% 13.88% 13.63%

Asset Quality Ratios

Net charge-offs/average loans (period to date) 0.26% 0.00% 0.14% 0.00% 0.10% 0.11% 0.11%

Nonperforming assets / total assets (at period end) 1.11% 1.12% 1.01% 1.34% 1.45%

Allowance for loan losses / total loans 1.09% 1.14% 1.06% 1.32% 1.18%

Allowance for loan losses / nonaccrual loans 97.00% 125.71% 227.18% 182.53% 160.37%

Centric Financial Corporation

Consolidated Average Balance Sheets and Average Yield / Cost (Unaudited)

Three Months Ended

December 31, 2020 December 31, 2019

Average Average

Balance Interest Rate Balance Interest Rate

INTEREST EARNING ASSETS

Fed Funds & Bank Balances $ 31,862 $ 20 0.24 $ 33,120 $ 172 2.06

Restricted Invest - Bank Stocks 3,846 57 5.93 2,321 36 6.23

Total Securities 32,936 280 3.40 37,737 254 2.69

Total Loans 953,608 10,501 4.38 683,581 9,508 5.52

Total Earning Assets 1,022,252 10,858 4.23 756,758 9,971 5.23

Allowance for Loan Losses (10,955) (8,192)

Non-earning Assets 51,876 45,603

TOTAL AVERAGE ASSETS $ 1,063,173 $ 794,170

INTEREST BEARING LIABILITIES

Checking, Money Market, Savings 466,405 381 0.32 277,431 735 1.05

Time Deposits 203,947 571 1.11 260,139 1,561 2.38

Total Interest Bearing Deposits 670,351 952 0.56 537,570 2,296 1.69

Non-Interest Bearing Deposits 204,422 111,398

Total Deposits 874,773 952 0.43 648,968 2,296 1.40

Total Borrowings 103,257 561 2.15 66,587 528 3.13

Total Interest Bearing Liabilities 773,608 1,513 0.78 604,157 2,824 1.85

COST OF FUNDS 0.61 1.56

Other Liabilities 1,937 2,062

TOTAL AVERAGE LIABILITIES 979,968 717,616

STOCKHOLDER'S EQUITY 83,206 76,554

TOTAL AVG. LIABILITIES & EQUITY $ 1,063,173 $ 794,170

INTEREST RATE SPREAD 3.45 3.38

NET INTEREST INCOME $ 9,345 $ 7,147

INTEREST RATE MARGIN 3.64 3.75

Centric Financial Corporation

Consolidated Average Balance Sheets and Average Yield / Cost (Unaudited)

Twelve Months Ended

December 31, 2020 December 31, 2019

Average Average

Balance Interest Rate Balance Interest Rate

INTEREST EARNING ASSETS

Fed Funds & Bank Balances $ 29,733 $ 238 0.80 $ 46,407 $ 1,092 2.35

Restricted Invest - Bank Stocks 3,554 197 5.54 1,928 137 7.09

Total Securities 32,287 900 2.79 31,549 959 3.04

Total Loans 860,744 39,981 4.64 659,474 37,222 5.64

Total Earning Assets 926,319 41,316 4.46 739,358 39,410 5.33

Allowance for Loan Losses (9,824) (7,643)

Non-earning Assets 52,108 36,853

TOTAL AVERAGE ASSETS $968,603 $768,569

INTEREST BEARING LIABILITIES

Checking, Money Market, Savings 388,951 1,805 0.46 268,229 3,010 1.12

Time Deposits 214,670 3,475 1.62 271,237 6,484 2.39

Total Interest Bearing Deposits 603,621 5,281 0.87 539,466 9,493 1.76

Non-Interest Bearing Deposits 185,514 100,392

Total Deposits 789,135 5,281 0.67 639,858 9,493 1.48

Total Borrowings 95,931 2,256 2.33 52,617 1,797 3.39

Total Interest Bearing Liabilities 699,552 7,536 1.07 592,083 11,290 1.90

COST OF FUNDS 0.85 1.63

Other Liabilities 2,193 2,310

TOTAL AVERAGE LIABILITIES 887,259 694,784

STOCKHOLDER'S EQUITY 81,344 73,784

TOTAL AVG. LIABILITIES & EQUITY $968,603 $768,569

INTEREST RATE SPREAD 3.39 3.43

NET INTEREST INCOME $ 33,780 $ 28,119

INTEREST RATE MARGIN 3.65 3.80

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 seven years, and twice 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 effects of the Covid-19 pandemic limitations on business and how it will impact 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 & CEO717.909.8309

View original content to download multimedia: http://www.prnewswire.com/news-releases/centric-financial-corporation-announces-earnings-for-4th-quarter-and-year-end-2020-301231093.html

SOURCE Centric Financial Corporation