Century Bancorp, Inc. Reports First Quarter Results.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 $1,004,000, or $0.18 per share diluted, for the first quarter ended March 31, 2007, compared to net income of $1,430,000, or $0.26 per share diluted, for the first quarter ended March 31, 2006. Included in income for 2006 is the previously announced pre-tax gain of $600,000 from the sale of its rights to future royalty payments for a portion of its Merchant Credit Card customer base. Net interest income totaled $9,202,000 for the quarter ended March 31, 2007, versus $9,327,000 for the same period in 2006. The 1.3% decrease in net interest income for the period is mainly due to the current inverted yield curve Inverted Yield Curve Usually a chart showing long-term debt instruments that have lower yields than short-term debt instruments. It is sometimes referred to as a negative yield curve. environment and increased funding costs that resulted in a decrease of 3 basis points in the net interest margin. At March 31, 2007, total equity was $108.9 million compared to $106.8 million at December 31, 2006. The Company's equity was increased by an improvement of $1.6 million in the net unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. on the Company's available-for-sale portfolio as well as earnings less dividends paid. The Company's leverage ratio stood at 8.81% on March 31, 2007, compared to 8.67% for the same period a year ago. Book value as of March 31, 2007 was $19.65 per share compared to $18.65 for the same period last year. The Company's allowance for loan losses was $9.8 million or 1.37% of loans outstanding at the end of the first quarter of 2007, compared to $9.7 million, or 1.32% of loans outstanding at December 31, 2006 and $9.4 million or 1.31% at March 31, 2006. Non-performing assets totaled $0.6 million at March 31, 2007, compared to $0.1 million at December 31, 2006 and $0.2 million at March 31, 2006. The Company has analyzed the early adoption of the Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets Financial assets Claims on real assets. and Financial Liabilities (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 159). Upon review of emerging guidance, the Company will not early adopt the standard. The Company, through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-two 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. 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 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] |
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