Century Bancorp, Inc. Reports Third 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)--Oct. 8, 2002 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 $3,403,000 or $0.61 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, 2002, compared to net income of $2,795,000, or $0.50 per share diluted for the third quarter of 2001. For the first nine months of 2002, net income totaled $10,043,000, or $1.82 per share diluted, compared to $8,007,000, or $1.44 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 September 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 $97.3 million at September 30, 2002, compared to $84.2 million at September 30, 2001. Century's leverage ratio at September 30, 2002, stood at 8.59% compared to a leverage ratio of 9.58% on September 30, 2001. Book value at September 30, 2002 was $17.64 per share. Century's allowance for loan losses was $8.2 million, or 1.61% of loans outstanding at the end of the third quarter, compared to $7.1 million, or 1.60% of loans outstanding at September 30, 2001. Non-accruing loans totaled $0.7 million at September 30, 2002, compared to $0.7 million at the end of the previous quarter and $0.5 million at September 30, 2001. 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 ($0.050) 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 November November: see month. 15, 2002 to stockholders of record on November 1, 2002. Net interest income totaled $34.2 million for the nine months ended September 30, 2002, versus $29.3 million for the same period in 2001. The 16.7% increase in net interest income for the nine months is due mainly to a 23.1% increase in the average balances of earnings assets, combined with a similar increase in deposits and borrowed funds. The increase in volume was partially offset by a twenty-one twenty-one: see blackjack. basis point decrease in the net interest margin. Century Bancorp, Inc., through its subsidiary bank, Century Bank and Trust Company, a state chartered full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. commercial bank, operating nineteen 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, Cash Management and Investment products.
Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Condition
September 30, 2002 and 2001 (000's)
September 30, September 30,
2002 2001
Assets
Cash and Due From Banks $65,475 $43,547
Temporary Funds 3,514 129,507
Securities Available-For-Sale (AFS) 650,693 365,829
Securities Held-to-Maturity 123,225 149,101
Loans:
Commercial & Industrial 53,698 69,883
Construction & Land Development 48,820 38,659
Commercial Real Estate 268,671 214,991
Residential Real Estate 94,990 85,881
Consumer and Other 7,950 7,935
Home Equity 37,557 23,430
Overdrafts 275 351
Total Loans 511,961 441,130
Less: Allowance for Loan Losses 8,224 7,051
Net Loans 503,737 434,079
Bank Premises and Equipment 12,138 11,502
Goodwill 2,717 2,785
Core Deposit Intangible 17 217
Other Assets 22,207 19,081
Total Assets $1,383,723 $1,155,648
Liabilities
Demand Deposits $248,165 $204,263
Interest Bearing Deposits:
Savings and NOW Deposits 221,751 181,165
Money Market Accounts 306,669 244,432
Time Deposits 225,969 212,584
Total Interest Bearing 754,389 638,181
Total Deposits 1,002,554 842,444
Borrowed Funds:
Securities Sold Under
Agreements to Repurchase 58,040 64,790
Federal Home Loan Bank
Advances and Other 170,403 112,219
Total Borrowed Funds 228,443 177,009
Other Liabilities 26,652 23,222
Long Term Debt 28,750 28,750
Total Liabilities 1,286,399 1,071,425
Stockholders' Equity
Common Stock 5,949 5,947
Additional Paid-In Capital 11,122 11,093
Retained Earnings 78,784 67,715
Treasury Stock (5,982) (5,982)
Accumulated Other Comprehensive
Income, Net of Taxes 7,451 5,450
Total Stockholders' Equity 97,324 84,223
Total Liabilities &
Stockholders' Equity $1,383,723 $1,155,648
Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Income
For the Quarter and Year-to-date ending
September 30, 2002 and 2001 (000's)
Quarter Year-to-date
2002 2001 2002 2001
Interest Income:
Loans $9,168 $9,060 $26,684 $28,084
Securities Held-to-Maturity 1,759 2,273 5,543 7,239
Securities Available-for-Sale 6,920 5,047 19,909 14,033
Temporary Funds 243 505 522 1,932
Total Interest Income 18,090 16,885 52,658 51,288
Interest Expense:
Savings and NOW Deposits 684 946 1,920 2,819
Money Market Accounts 1,293 928 3,488 2,591
Time Deposits 1,950 2,628 5,637 9,479
Borrowed Funds and
Long Term Debt 2,605 2,311 7,380 7,054
Total Interest Expense 6,532 6,813 18,425 21,943
Net Interest Income 11,558 10,072 34,233 29,345
Provision For Loan Losses 300 375 900 1,125
Net Interest Income After
Provision for Loan Losses 11,258 9,697 33,333 28,220
Other Operating Income
Service Charges on Deposit
Accounts 1,096 896 3,286 2,378
Lockbox Fees 787 788 2,646 2,592
Brokerage Commissions 285 269 872 946
Investment Transactions 0 20 0 47
Other Income 292 197 1,083 547
Total Other Operating Income 2,460 2,170 7,887 6,510
Adjusted Operating Income 13,718 11,867 41,220 34,730
Operating Expenses
Salaries 4,460 3,748 12,932 11,116
Employee Benefits 966 855 3,113 2,607
Occupancy 562 524 1,661 1,603
Equipment 563 472 1,640 1,376
Other 1,848 1,847 6,065 5,367
Total Operating Expenses 8,399 7,446 25,411 22,069
Income Before Income
Taxes 5,319 4,421 15,809 12,661
Provision for Income
Taxes 1,916 1,626 5,766 4,654
Net Income $3,403 $2,795 $10,043 $8,007
Century Bancorp, Inc. and Subsidiaries
Consolidated Year-to-Date Average Comparative Statements of Condition
September 30, 2002 and 2001 (000's)
Sept. 30, Sept. 30,
2002 2001
Assets
Cash and Due From Banks $ 54,457 $ 50,838
Temporary Funds 41,707 58,779
Securities Available-For-Sale (AFS) 545,788 317,054
Securities Held-to-Maturity 129,621 154,919
Total Loans 482,024 439,637
Less: Allowance for Loan Losses 7,643 6,377
Net Loans 474,381 433,260
Bank Premises and Equipment 11,728 9,610
Goodwill 2,715 2,888
Core Deposit Intangible 91 292
Other Assets 22,335 18,391
Total Assets $ 1,282,823 $ 1,046,031
Liabilities
Demand Deposits $ 225,813 $ 203,056
Interest Bearing Deposits:
Savings and NOW Deposits 241,944 197,809
Money Market Accounts 255,116 122,954
Time Deposits 206,309 237,485
Total Interest Bearing 703,369 558,248
Total Deposits 929,182 761,304
Borrowed Funds:
Securities Sold Under
Agreements to Repurchase 63,561 72,332
Federal Home Loan Bank
Advances and Other 153,869 90,091
Total Borrowed Funds 217,430 162,423
Other Liabilities 17,232 16,150
Long Term Debt 28,750 28,750
Total Liabilities 1,192,594 968,627
Stockholders' Equity
Common Stock 5,947 5,947
Additional Paid-In Capital 11,107 11,093
Retained Earnings 74,592 64,260
Treasury Stock (5,982) (5,433)
Accumulated Other Comprehensive
Income, Net of Taxes 4,565 1,537
Total Stockholders' Equity 90,229 77,404
Total Liabilities &
Stockholders' Equity $ 1,282,823 $ 1,046,031
Total Earning Assets 1,192,117 968,025
Century Bancorp, Inc. and Subsidiaries
Consolidated Selected Key Financial Information
September 30, 2002 and 2001 (000's)
2002 2001
Performance Measures:
Earnings per average share,
basic, quarter $ 0.62 $ 0.50
Earnings per average share,
diluted, quarter $ 0.61 $ 0.50
Earnings per average share,
basic & diluted, year-to-date $ 1.82 $ 1.44
Return on average assets 1.05% 1.02%
Return on average stockholders'
equity 14.88% 13.83%
Net interest margin
(taxable equivalent) 3.83% 4.04%
Efficiency ratio 60.3% 61.5%
Book value per share $ 17.64 $ 15.27
Common Share Data:
Average shares outstanding,
basic, quarter 5,517,400 5,538,502
Average shares outstanding,
basic, year-to-date 5,516,317 5,542,035
Average shares outstanding,
diluted, quarter 5,537,009 5,550,007
Average shares outstanding,
diluted, year-to-date 5,532,417 5,547,604
Shares outstanding Class A 3,396,870 3,377,420
Shares outstanding Class B 2,120,530 2,137,930
Total shares outstanding 5,517,400 5,515,350
Assets Quality and Other Data:
Allowance for loan
losses / loans 1.61% 1.60%
Nonaccrual loans $ 688 $ 491
Nonperforming assets $ 688 $ 491
Loans 90 days past due and
still accruing $ 0 $ 45
Net Recoveries $ 212 $ 264
Leverage ratio 8.59% 9.58%
Tier 1 risk weighted capital ratio 17.30% 17.77%
Total risk weighted capital ratio 18.53% 19.45%
Total risk weighted assets $ 668,688 $ 572,891
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