Century Bancorp, Inc. Reports Third Quarter Results and Declares Quarterly Dividend.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. -- 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 $1,197,000, or $0.22 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 third quarter ended September September: see month. 30, 2006, compared to net income of $1,532,000, or $0.28 per share diluted, for the third quarter of 2005. Included in income for the current quarter is approximately $354,000 of Federal Home Loan Bank (FHLB FHLB Federal Home Loan Bank ) stock dividend income. This dividend is for the second and third quarter of 2006 because the FHLB did not declare a dividend in the second quarter. For the first nine months of 2006, net income totaled $3,600,000, or $0.65 per share diluted, compared to net income of $5,609,000, or $1.01 per share diluted, for the same period a year ago. 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 $27,775,000 for the first nine months ended September 30, 2006, versus $30,678,000 for the same period in 2005. The 9.5% decrease in net interest income for the period is mainly due to a decrease of twenty basis points in the net interest margin as well as a $30,124,000 or 1.9% decrease in average earnings assets. At September 30, 2006, total equity was $107.3 million compared to $103.2 million at December 31, 2005. Century's leverage ratio stood at 8.78% on September 30, 2006, compared to 8.63% for the same period a year ago. Book value as of September 30, 2006 was $19.37 per share compared to $18.90 for the same period last year. Century's allowance for loan losses was $9.8 million or 1.36% of loans outstanding at the end of the third quarter, compared to $9.6 million, or 1.28% of loans outstanding at end of the previous quarter and $9.3 million or 1.35% at December 31, 2005. Non-performing assets totaled $0.3 million at September 30, 2006, compared to $0.3 million at the end of the previous quarter and $1.3 million at September 30, 2005. Century's Board of Directors voted a regular quarterly dividend of 12.00 cents ($0.12) per share on Century Class A common stock, and 6.00 cents ($0.06) per share on Century Class B common stock. The dividends were declared payable November 15, 2006 to stockholders of record on November 1, 2006. Century Bancorp, Inc., 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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