Century Bancorp, Inc. Reports Fourth Quarter Results and Declares Quarterly Dividend.Business Editors MEDFORD Medford. 1 City (1990 pop. 57,407), Middlesex co., E Mass., a residential and industrial suburb of Boston, on the Mystic River; settled 1630, inc. as a city 1892. Wax, paper, clothing, and furniture are among its products. , Mass.--(BUSINESS WIRE)--Jan. 21, 2003 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) today announced net income of $3,461,000, or $0.62 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 December: see month. 31, 2002, compared to net income of $2,852,000, or $0.52 per share diluted, for the fourth quarter of 2001. For the entire year 2002, net income totaled $13,504,000, or $2.44 per share diluted, compared to $10,859,000, or $1.96 per share diluted, for the same period a year ago. Included in income for the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ended December 31, 2002 is a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta , realized gain Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. of $359,000 associated with the sale of bank premises premises n. 1) in real estate, land and the improvements on it, a building, store, shop, apartment, or other designated structure. The exact premises may be important in determining if an outbuilding (shed, cabana, detached garage) is insured or whether a person . At December 31, 2002, total equity capital was $100.3 million compared to $84.6 million at December 31, 2001. Century's leverage ratio stood at 8.28% on December 31, 2002, compared to 9.68% for the same period a year ago. Book value as of December 31, 2002 was $18.17 per share compared to $15.34 for the same period last year. Century's allowance for loan losses was $8.5 million, or 1.65% of loans outstanding at the end of the fourth quarter, compared to $7.1 million, or 1.54% of loans outstanding at December 31, 2001. Non-accruing loans totaled $0.5 million at December 31, 2002, compared to $0.7 million at the end of the previous quarter and $0.4 million at December 31, 2001. Net interest income totaled $46.4 million for the year ended December 31, 2002, versus $39.8 million for the same period in 2001. The 16.7% increase in net interest income for the year is mainly due to a 25.9% increase in the average balances of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin , combined with a similar increase in deposits and borrowed funds. The increase in volume was partially offset by a twenty-nine basis point decrease in the net interest margin. On October October: see month. 30, 2002, the Company and Capital Crossing Bank announced the signing of a definitive agreement under which the Company's wholly-owned subsidiary, Century Bank and Trust Company will acquire Capital Crossing's branch office at 1220 Boylston Street Boylston Street is the name of a major east-west thoroughfare in the city of Boston, Massachusetts and its western suburbs. It begins at its eastern end in central Boston as the continuation of Essex Street at the intersection of Tremont, and forms the southern boundary of Boston , Chestnut Hill, Massachusetts Located six miles west of downtown Boston, Massachusetts, Chestnut Hill is a wealthy suburban village notable for its stately old houses, scenic landscape, and the historic campus of Boston College. , and substantially all of its retail deposits in its main office at 101 Summer Street, Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New . The agreement includes the acquisition of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $233.0 million in deposits and $4.0 million of related loans. The transaction is subject to customary conditions, including regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval, and is expected to close in the first quarter of 2003. Century's Board of Directors voted a regular quarterly dividend of 11.00 cents ($0.11) per share on Century Class A common stock, and 5.50 cents ($0.0550) per share on Century Class B common stock. The dividends were declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. payable February February: see month. 14, 2003 to stockholders of record on January January: see month. 31, 2003. Century Bancorp, Inc., through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating nineteen full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. 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, Cash Management, Municipal and Investment products. 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.
Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Condition
December 31, 2002 and 2001 (000's)
December 31, December 31,
Assets 2002 2001
Cash and Due From Banks $63,188 $71,820
Federal Funds Sold and Interest-bearing
Deposits In Other Banks 59,017 106,013
Securities Available-For-Sale (AFS) 761,531 460,833
Securities Held-to-Maturity 127,209 142,608
Loans:
Commercial & Industrial 46,044 59,162
Construction & Land Development 33,155 39,256
Commercial Real Estate 291,598 241,419
Residential Real Estate 92,291 88,450
Consumer and Other 9,634 8,469
Home Equity 41,527 26,016
Total Loans 514,249 462,772
Less: Allowance for Loan Losses 8,506 7,112
Net Loans 505,743 455,660
Bank Premises and Equipment 12,928 11,882
Accrued Interest Receivable 9,370 7,561
Goodwill 2,717 2,717
Core Deposit Intangible 0 167
Other Assets 15,498 11,761
Total Assets $1,557,201 $1,271,022
Liabilities
Demand Deposits $248,340 $227,319
Interest Bearing Deposits:
Savings and NOW Deposits 275,834 187,676
Money Market Accounts 357,921 242,665
Time Deposits 264,189 230,748
Total Interest Bearing 897,944 661,089
Total Deposits 1,146,284 888,408
Borrowed Funds:
Securities Sold Under Agreements to
Repurchase 51,800 72,840
Federal Home Loan Bank Advances and Other 169,420 143,481
Total Borrowed Funds 221,220 216,321
Other Liabilities 60,691 52,944
Long Term Debt 28,750 28,750
Total Liabilities 1,456,945 1,186,423
Stockholders' Equity
Common Stock 5,949 5,947
Additional Paid-In Capital 11,123 11,093
Retained Earnings 81,755 70,123
Treasury Stock (5,982) (5,982)
Accumulated Other Comprehensive Income,
Net of Taxes 7,411 3,418
Total Stockholders' Equity 100,256 84,599
Total Liabilities & Stockholders'
Equity $1,557,201 $1,271,022
Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Income
For the Quarter and Year-to-date ending
December 31, 2002 and 2001 (000's)
Quarter(unaudited) Year-to-date
2002 2001 2002 2001
Interest Income:
Loans $9,269 $8,765 $35,953 $36,849
Securities Held-to-Maturity 1,607 2,142 7,150 9,381
Securities Available-for-Sale 7,402 5,080 27,311 19,113
Federal Funds Sold and Interest-
bearing Deposits In Other Banks 188 184 710 2,116
Total Interest Income 18,466 16,171 71,124 67,459
Interest Expense:
Savings and NOW Deposits 594 594 2,514 3,413
Money Market Accounts 1,242 743 4,730 3,334
Time Deposits 1,873 2,248 7,510 11,727
Securities Sold Under
Agreements to Repurchase 155 202 696 1,647
FHLB Borrowings, Other Borrowed
Funds and Long Term Debt 2,429 1,971 9,268 7,580
Total Interest Expense 6,293 5,758 24,718 27,701
Net Interest Income 12,173 10,413 46,406 39,758
Provision For Loan Losses 300 375 1,200 1,500
Net Interest Income After
Provision for Loan Losses 11,873 10,038 45,206 38,258
Other Operating Income
Service Charges on Deposit
Accounts 1,132 1,001 4,418 3,379
Lockbox Fees 817 847 3,463 3,439
Brokerage Commissions 166 302 1,038 1,248
Investment Transactions 0 0 0 47
Other Income 264 203 1,347 750
Total Other Operating Income 2,379 2,353 10,266 8,863
Adjusted Operating Income 14,252 12,391 55,472 47,121
Operating Expenses
Salaries 4,517 4,041 17,449 15,157
Employee Benefits 1,147 1,006 4,260 3,613
Occupancy 640 518 2,301 2,121
Equipment 494 495 2,134 1,871
Other 1,880 1,896 7,945 7,263
Total Operating Expenses 8,678 7,956 34,089 30,025
Income Before Income Taxes 5,574 4,435 21,383 17,096
Provision for Income Taxes 2,113 1,583 7,879 6,237
Net Income $3,461 $2,852 $13,504 $10,859
Century Bancorp, Inc. and Subsidiaries
Consolidated Year-to-Date Average Comparative Statements of Condition
December 31, 2002 and 2001 (000's)
December 31, December 31,
Assets 2002 2001
Cash and Due From Banks $55,270 $51,643
Federal Funds Sold and Interest-Bearing
Deposits in Other Banks 45,273 52,784
Securities Available-For-Sale (AFS) 571,027 330,217
Securities Held-to-Maturity 126,675 151,975
Total Loans 488,465 443,395
Less: Allowance for Loan Losses 7,828 6,582
Net Loans 480,637 436,813
Bank Premises and Equipment 11,953 10,195
Accrued Interest Receivable 9,446 7,618
Goodwill 2,714 2,853
Core Deposit Intangible 69 266
Other Assets 18,529 14,560
Total Assets $1,321,593 $1,058,924
Liabilities
Demand Deposits $232,372 $209,188
Interest Bearing Deposits:
Savings and NOW Deposits 249,756 197,599
Money Market Accounts 268,504 130,717
Time Deposits 214,480 230,070
Total Interest Bearing 732,740 558,386
Total Deposits 965,112 767,574
Borrowed Funds:
Securities Sold Under Agreements to Repurchase 61,718 71,826
Federal Home Loan Bank Advances and Other 157,781 94,257
Total Borrowed Funds 219,499 166,083
Other Liabilities 15,984 17,238
Long Term Debt 28,750 28,750
Total Liabilities 1,229,345 979,645
Stockholders' Equity
Common Stock 5,948 5,947
Additional Paid-In Capital 11,111 11,093
Retained Earnings 76,073 65,486
Treasury Stock (5,982) (5,571)
Accumulated Other Comprehensive Income, Net
of Taxes 5,098 2,324
Total Stockholders' Equity 92,248 79,279
Total Liabilities & Stockholders'
Equity $1,321,593 $1,058,924
Total Earning Assets 1,231,440 978,371
Century Bancorp, Inc. and Subsidiaries
Consolidated Selected Key Financial Information
December 31, 2002 and 2001 (000's)
2002 2001
Performance Measures:
Earnings per average share, basic, quarter $0.63 $0.52
Earnings per average share, diluted, quarter $0.62 $0.52
Earnings per average share, basic, year-to-date $2.45 $1.96
Earnings per average share, diluted, year-to-date $2.44 $1.96
Return on average assets 1.02% 1.03%
Return on average stockholders' equity 14.64% 13.70%
Net interest margin (taxable equivalent) 3.77% 4.06%
Efficiency ratio 60.1% 61.7%
Book value per share $18.17 $15.34
Common Share Data:
Average shares outstanding, basic, quarter 5,517,400 5,515,350
Average shares outstanding, basic,
year-to-date 5,516,590 5,535,309
Average shares outstanding, diluted, quarter 5,539,137 5,524,578
Average shares outstanding, diluted,
year-to-date 5,534,059 5,541,745
Shares outstanding Class A 3,397,315 3,377,420
Shares outstanding Class B 2,120,110 2,137,930
Total shares outstanding 5,517,425 5,515,350
Assets Quality and Other Data:
Allowance for loan losses / loans 1.65% 1.54%
Nonaccrual loans $511 $423
Nonperforming assets $511 $423
Loans 90 days past due and still accruing $0 $9
Net (recoveries) charge-offs ($194) $50
Leverage ratio 8.28% 9.68%
Tier 1 risk weighted capital ratio 16.77% 17.29%
Total risk weighted capital ratio 17.98% 18.74%
Total risk weighted assets $707,885 $608,542
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