Century Bancorp reports first 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.--(BUSINESS WIRE)--April 10, 1996--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) today announced first quarter net income of $1,184,000 or $0.21 per share, compared to net income of $1,043,000, or $0.18 per share, for the first quarter ended March 31, 1995. Total equity capital was $43.5 million at March 31, 1996, compared to $39.1 million at March 31, 1995. Century's leverage ratio at March 31, 1996, stood at 8.29 percent, compared to a leverage ratio of 8.30 percent on March 31, 1995. Book value at March 31, 1996 was $7.59 per share. Century's allowance for possible loan losses was $4.2 million, or 1.48 percent of loans outstanding at the end of the first quarter, compared to $4.5 million, or 1.66 percent of loans outstanding at March 31, 1995. Non-accruing loans totaled $2.9 million at March 31, 1996, compared to $3.8 million at the end of the previous quarter. Other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most totaled $0.5 million at March 31, 1996, compared to $0.8 million at the end of the previous quarter. Century's board of directors voted a regular quarterly dividend of 4.00 cents ($0.04 per share on Century Class A common stock, and 0.56 cents ($0.0056) 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 May 15, 1996 to stockholders of record on May 1, 1996. Century Bancorp Inc., and its subsidiary bank, Century Bank and Trust Company, have 16 offices throughout eastern Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. .
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1st Quarter and Year-to-Date, Ended March 31,
1996 1995
Net income (000) $1,184 $1,043 Earnings per share $0.21 $0.18 Provision for possible loan losses (000) $255 $405 Total assets (000) $523,236 $454,236 Weighted average number of shares outstanding 5,726,227 5,722,450 -0- CONTACT: Century Bancorp Inc. Paul V Paul V, 1552–1621, pope (1605–21), a Roman named Camillo Borghese; successor of Leo XI. He was created cardinal (1596) by Clement VIII and was renowned for his knowledge of canon law. . Cusick The name Cusick may refer to: People
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