Centennial Beneficial Corp., a multibank holding company in Orange, reported net income of nearly $1.1 million last year, contrasted with a loss of $924,000 in 1986. Annual revenue grew 4.3% to $34.1 million in 1987 from $32.7 million the previous year. For the fourth quarter, the company posted $549,000 in net income, contrasted with a $1-million loss in the last quarter of 1986. Quarterly revenue rose 10.6% to $9.4 million in 1987 from $8.5 million the previous year. Centennial's assets rose 13.3% to $328 million at the end of December from $289.4 million a year earlier. Total deposits increased 11% to $277.6 million at the end of the year from $249.7 million a year earlier, and total loans grew 28.8% to $270.4 million from $210 million. Centennial's major holdings are Sunwest Bank in Tustin, Sacramento First National Bank and Heritage Thrift & Loan in Brea.