Century Bancorp, Inc. Reports Second Quarter Results and Increases Quarterly Dividend.Business Editors 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 $3,636,000 or $0.66 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 second quarter ended June June: see month. 30, 2002, compared to net income of $2,666,000, or $0.48 per share diluted for the second quarter of 2001. For the first six months of 2002, net income totaled $6,640,000, or $1.20 per share diluted, compared to $5,212,000, or $0.94 per share diluted, for the same period a year ago. Included in income for the second quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ended June 30, 2002 is a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain 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 . Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $92.9 million at June 30, 2002, compared to $77.7 million at June 30, 2001. Century's leverage ratio at June 30, 2002, stood at 8.81% compared to a leverage ratio of 9.41% on June 30, 2001. Book value at June 30, 2002 was $16.83 per share. Century's allowance for loan losses was $7.7 million, or 1.55% of loans outstanding at the end of the second quarter, compared to $6.6 million, or 1.50% of loans outstanding at June 30, 2001. Non-accruing loans totaled $0.7 million at June 30, 2002, compared to $0.7 million at the end of the previous quarter and $1.2 million at June 30, 2001. Century's Board of Directors voted to increase quarterly dividends from 10.00 cents ($0.10) per share to 11.00 cents ($0.11) per share on Century Class A common stock, and from 5.00 cents ($0.050) per share to 5.50 cents ($0.055) 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 August 15, 2002 to stockholders of record on August 1, 2002. Net interest income totaled $22.7 million for the six months ended June 30, 2002, versus $19.3 million for the same period in 2001. The 17.7% increase in net interest income for the six months is due mainly to a 20.7% increase in the average balances of earnings assets, combined with a similar increase in deposits and borrowed funds. A more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. mix of deposits also contributed to the increase in net interest income. 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 Commercial, Consumer, Cash Management and Investment products.
Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Condition
June 30, 2002 (000's)
June 30, June 30,
Assets 2002 2001
Cash and Due From Banks $49,124 $50,210
Temporary Funds 45,520 25,503
Securities Available-For-Sale (AFS) 572,508 362,143
Securities Held-to-Maturity 128,390 144,552
Loans:
Commercial & Industrial 50,455 72,321
Construction & Land Development 42,433 33,557
Commercial Real Estate 269,267 219,508
Residential Real Estate 94,650 82,808
Consumer and Other 8,011 11,322
Home Equity 32,473 21,508
Overdrafts 296 537
Total Loans 497,585 441,561
Less: Allowance for Loan Losses 7,720 6,605
Net Loans 489,865 434,956
Bank Premises and Equipment 12,016 9,415
Goodwill 2,717 2,854
Core Deposit Intangible 67 267
Other Assets 22,586 21,715
Total Assets $1,322,793 $1,051,615
Liabilities
Demand Deposits $222,774 $194,893
Interest Bearing Deposits:
Savings and NOW Deposits 208,373 176,510
Money Market Accounts 305,152 160,379
Time Deposits 216,933 221,228
Total Interest Bearing 730,458 558,117
Total Deposits 953,232 753,010
Borrowed Funds:
Securities Sold Under Agreements to Repurchase 56,890 65,410
Federal Home Loan Bank Advances and Other 170,413 92,505
Total Borrowed Funds 227,303 157,915
Other Liabilities 20,625 34,254
Long Term Debt 28,750 28,750
Total Liabilities 1,229,910 973,929
Stockholders' Equity
Common Stock 5,949 5,947
Additional Paid-In Capital 11,122 11,093
Retained Earnings 75,872 65,323
Treasury Stock (5,982) (5,461)
Accumulated Other Comprehensive Income,
Net of Taxes 5,922 784
Total Stockholders' Equity 92,883 77,686
Total Liabilities & Stockholders' Equity $1,322,793 $1,051,615
Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Income
For the Quarter and Year-to-date ending
June 30, 2002 (000's)
Quarter Year-to-date
2002 2001 2002 2001
Interest Income:
Loans $8,929 $9,312 $17,516 $19,024
Securities Held-to-Maturity 1,825 2,390 3,784 4,966
Securities Available-for-Sale 6,894 4,558 12,989 8,986
Temporary Funds 138 868 279 1,427
Total Interest Income 17,786 17,128 34,568 34,403
Interest Expense:
Savings and NOW Deposits 651 972 1,236 1,873
Money Market Accounts 1,170 866 2,195 1,663
Time Deposits 1,778 3,201 3,687 6,851
Borrowed Funds and
Long Term Debt 2,488 2,314 4,775 4,743
Total Interest Expense 6,087 7,353 11,893 15,130
Net Interest Income 11,699 9,775 22,675 19,273
Provision For Loan Losses 300 375 600 750
Net Interest Income After
Provision for Loan Losses 11,399 9,400 22,075 18,523
Other Operating Income
Service Charges on
Deposit Accounts 1,113 773 2,190 1,482
Lockbox Fees 972 974 1,859 1,804
Brokerage Commissions 320 337 587 677
Investment Transactions 0 0 0 27
Other Income 574 175 791 350
Total Other Operating Income 2,979 2,259 5,427 4,340
Adjusted Operating Income 14,378 11,659 27,502 22,863
Operating Expenses
Salaries 4,341 3,752 8,472 7,368
Employee Benefits 1,055 886 2,147 1,752
Occupancy 528 520 1,099 1,079
Equipment 538 463 1,077 904
Other 2,182 1,820 4,217 3,520
Total Operating Expenses 8,644 7,441 17,012 14,623
Income Before Income Taxes 5,734 4,218 10,490 8,240
Provision for Income Taxes 2,098 1,552 3,850 3,028
Net Income $3,636 $2,666 $6,640 $5,212
Century Bancorp, Inc. and Subsidiaries
Consolidated Year-to-Date Average Comparative Statements of Condition
June 30, 2002 (000's)
June 30, June 30,
Assets 2002 2001
Cash and Due From Banks $53,927 $50,427
Temporary Funds 33,611 60,450
Securities Available-For-Sale (AFS) 524,861 299,325
Securities Held-to-Maturity 132,041 158,433
Total Loans 470,336 440,039
Less: Allowance for Loan Losses 7,438 6,152
Net Loans 462,898 433,887
Bank Premises and Equipment 11,531 9,240
Goodwill 2,715 2,921
Core Deposit Intangible 116 317
Other Assets 22,257 18,219
Total Assets $1,243,957 $1,033,219
Liabilities
Demand Deposits $220,272 $201,797
Interest Bearing Deposits:
Savings and NOW Deposits 237,026 194,828
Money Market Accounts 243,651 112,343
Time Deposits 198,689 247,213
Total Interest Bearing 679,366 554,384
Total Deposits 899,638 756,181
Borrowed Funds:
Securities Sold Under
Agreements to Repurchase 65,959 71,212
Federal Home Loan Bank
Advances and Other 145,004 86,416
Total Borrowed Funds 210,963 157,628
Other Liabilities 17,029 15,484
Long Term Debt 28,750 28,750
Total Liabilities 1,156,380 958,043
Stockholders' Equity
Common Stock 5,947 5,947
Additional Paid-In Capital 11,099 11,093
Retained Earnings 73,106 62,935
Treasury Stock (5,982) (5,399)
Accumulated Other Comprehensive
Income, Net of taxes 3,407 600
Total Stockholders' Equity 87,577 75,176
Total Liabilities &
Stockholders' Equity $1,243,957 $1,033,219
Total Earning Assets $1,155,608 $957,325
Century Bancorp, Inc. and Subsidiaries
Consolidated Selected Key Financial Information
June 30, 2002 (000's)
2002 2001
Performance Measures:
Earnings per average share, basic &
diluted, quarter $0.66 $0.48
Earnings per average share, basic
& diluted, year-to-date $1.20 $0.94
Return on average assets 1.08% 1.02%
Return on average stockholders' equity 15.29% 13.98%
Net interest margin (taxable equivalent) 3.93% 4.03%
Efficiency ratio 60.5% 61.9%
Book value per share $16.83 $14.02
Common Share Data:
Average shares outstanding, basic, quarter 5,515,982 5,540,350
Average shares outstanding, basic,
year-to-date 5,515,767 5,543,831
Average shares outstanding, diluted, quarter 5,536,224 5,548,550
Average shares outstanding, diluted,
year-to-date 5,530,548 5,547,047
Shares outstanding Class A 3,396,870 3,402,420
Shares outstanding Class B 2,120,530 2,137,930
Total shares outstanding 5,517,400 5,540,350
Assets Quality and Other Data:
Allowance for loan losses / loans 1.55% 1.50%
Nonaccrual loans $674 $1,181
Nonperforming assets $674 $1,181
Loans 90 days past due and still accruing $324 $0
Net Recoveries $8 $193
Leverage ratio 8.81% 9.41%
Tier 1 risk weighted capital ratio 17.19% 18.06%
Total risk weighted capital ratio 18.37% 19.84%
Total risk weighted assets $656,352 $549,069
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