Century Bancorp reports second 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)--July 9, 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 second quarter net income of $1,298,000 or $0.23 per share, compared to net income of $1,081,000, or $0.19 per share, for the second quarter ended June June: see month. 30, 1995. Total equity capital was $44.4 million at June 30, 1996, compared to $40.5 million at June 30, 1995. Century's leverage ratio at June 30, 1996, stood at 8.01 percent, compared to a leverage ratio of 8.17 percent on June 30, 1995. Book value at June 30, 1996 was $7.75 per share. Century's allowance for possible loan losses was $4.0 million, or 1.41 percent of loans outstanding at the end of the second quarter, compared to $4.5 million, or 1.60 percent of loans outstanding at June 30, 1995. Non-accruing loans totaled $2.7 million at June 30, 1996, compared to $2.9 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 $313 thousand at June 30, 1996, compared to $474 thousand 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 August 15, 1996 to stockholders of record on August 1, 1996. Century Bancorp Inc., and its subsidiary bank, Century Bank and Trust Co., have 16 offices throughout eastern Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. .
2nd quarter, ended June 30,
1996 1995
Net income (000) $1,298 $1,081 Earnings per share (a) $0.23 $0.19 Provision for possible loan losses (000) $255 $405
(a) Weighted average number of
shares outstanding 5,736,220 5,722,450
-0-
Year-to-date, ended June 30,
1996 1995
Net income (000) $2,483 $2,124 Earnings per share (b) $0.43 $0.37 Provision for possible loan losses (000) $510 $810 Total assets (000) $531,975 $476,844
(b) Weighted average number of
shares outstanding 5,731,224 5,722,450
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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