Central Bancorp Reports Earnings for Its December 31, 1998 Quarter.SOMERVILLE Somerville. 1 City (1990 pop. 76,210), Middlesex co., E Mass., a residential and industrial suburb of Boston, on the Mystic River; settled 1630, set off from Charlestown 1842, inc. as a city 1871. , Mass.--(BUSINESS WIRE)--Jan. 27, 1999--Central Bancorp, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market:CEBK) today reported net income of $671,000, or 35 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the quarter ended December 31, 1998, and $663,000, or 34 cents per diluted share, for the corresponding quarter of the prior year. For the nine months ended December 31, 1998, net income was $1,906,000, or 98 cents per diluted share, compared to $2,014,000, or $1.04 per diluted share, for the comparable period a year earlier. The increase in earnings for the fiscal 1999 third quarter over the corresponding fiscal 1998 quarter was mainly due to an increase of $57,000 in net interest and dividend income and an increase of $175,000 in net gains taken on the sales of investment securities. Financial results during fiscal 1999 have been affected by costs associated with enhancements to data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a systems and required equipment replacements, along with costs associated with Year 2000 computer software modifications. John D. Doherty, Central Bancorp's President & Chief Executive Officer, said, "On January 8, 1999, the Plan of Reorganization and Acquisition under which Central Co-operative Bank The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It is an ethical bank, and refuses to invest in companies involved in the arms trade, genetic engineering, animal testing and use of sweated labour as stated in its became a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Central Bancorp was completed. This reorganization has provided us with greater operating flexibility to facilitate future expansion and diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. . With the holding company reorganization now completed and our stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. at a record level of $38,152,000 as of December 31, 1998, we remain very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our company's prospects as we move forward." Central Bancorp is a Massachusetts-chartered one-bank holding company. Its banking subsidiary, Central Co-operative Bank, is a Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. co-operative bank that operates eight full-service banking
offices in suburban Boston.
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Central Bancorp, Inc.
Consolidated Operating Data
(In Thousands, Except Per-Share Data)
Quarter Ended Nine Months Ended
December 31, December 31,
1998 1997 1998 1997
Net interest
and dividend income $3,098 $3,041 $8,961 $8,703
Non-interest income 358 204 877 925
Operating expenses 2,331 2,156 6,652 6,326
Income before income taxes 1,125 1,089 3,186 3,302
Income tax expense 454 426 1,280 1,288
Net income $ 671 $ 663 $1,906 $2,014
Earnings per common share $ 0.35 $ 0.34 $ 0.98 $ 1.04
Earnings per common share -
assuming dilution $ 0.35 $ 0.34 $ 0.98 $ 1.04
Central Bancorp, Inc.
Consolidated Balance Sheet Data
(In Thousands)
Dec. 31, March 31,
1998 1998
(Unaudited)
Total assets $371,324 $376,063
Total loans 285,292 281,724
Allowance for loan losses 2,946 2,886
Deposits 272,416 276,364
Borrowings 57,000 59,000
Stockholders' equity 38,152 36,786
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