Century Bancorp, Inc. Announces 15% Earnings Growth for 2008 and an Increase in Assets to $1.8 Billion; Regular Dividend Declared.MEDFORD, Mass. -- Century 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 :CNBKA) (www.century-bank.com) ("the Company") today announced net income of $2,811,000, or $0.51 per share 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. , for the fourth quarter ended December 31, 2008, an increase of 18.4% when compared to net income of $2,374,000, or $0.43 per share diluted, for the fourth quarter ended December 31, 2007. For the year ended December 31, 2008, net income totaled $9,046,000, or $1.63 per share diluted, an increase of 15.0% when compared to net income of $7,864,000, or $1.42 per share diluted, for 2007. The Company's effective tax rate declined from 31.0% in 2007 to 20.0% in 2008 primarily as a result of an increase in tax-exempt interest Tax-Exempt Interest Interest income that is exempt from federal income tax. Although it is not directly taxed, this income may still be required to determine other tax calculations such as social security benefits. income. Included in income for the year ended December 31, 2007 is the after-tax gain of $872,000 or $0.16 per share diluted, on the sale of the building which housed the Company's previous location for a branch located in Medford Square. Total assets increased 7.2% from $1.7 billion at December 31, 2007 to $1.8 billion at December 31, 2008. Net interest income totaled $44.8 million for 2008 as compared to $39.2 million for 2007. The 14.2% increase in net interest income for the year is due to an increase of 35 basis points in the net interest margin, from 2.65% on a fully taxable equivalent basis in 2007 to 3.00% on the same basis for 2008. At December 31, 2008, total equity was $120.5 million compared to $118.8 million at December 31, 2007. The Company's equity increased as a result of earnings offset by an increase in accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. other comprehensive loss, net of taxes, primarily as a result of the December 31, 2008 revaluation Revaluation A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. of pension assets and liabilities and dividends paid. The Company's leverage ratio stood at 9.05% at December 31, 2008, compared to 9.56% at December 31, 2007. Book value as of December 31, 2008 was $21.76 per share compared to $21.43 at December 31, 2007. The Company's allowance for loan losses was $11.1 million or 1.33% of loans outstanding at December 31, 2008, compared to $9.6 million, or 1.33% of loans outstanding at December 31, 2007. Non-performing assets totaled $3.7 million at December 31, 2008, compared to $1.8 million at December 31, 2007. Non-performing assets increased primarily as a result of an increase in consumer mortgages and small business loans on non-accrual. The Company's Board of Directors voted a regular quarterly dividend of 12.00 cents ($0.12) per share on the Company's Class A common stock, and 6.00 cents ($0.06) per share on the Company's Class B common stock. The dividends were declared payable February 17, 2009 to stockholders of record on February 2, 2009. The Company, through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-three full-service branches in the Greater Boston Greater Boston is the area of the Commonwealth of Massachusetts surrounding the city of Boston, Massachusetts. While Metro Boston tends to be the "Inner Core" surrounding the City of Boston, Greater Boston overlaps the North and South Shores, as well as the MetroWest region. area, offers a full range of Business, Personal and Institutional Services. During the fourth quarter of 2008, a branch was opened at 522 Main Street in Winchester, Massachusetts Winchester is a town located in Middlesex County, Massachusetts. As of the 2000 census, the town had a population of 20,500. History The land on which Winchester now sits was purchased from Native Americans by representatives of the settlement of Charlestown in 1639, and . Century Bank and Trust Company is a member of the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and is an Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . This press release contains certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion