Century Bancorp 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.--(BUSINESS WIRE)--Oct. 7, 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 third quarter net income of $1,404,000 or $0.24 per share, compared to net income of $1,292,000, or $0.23 per share, for the third quarter ended Sept. 30, 1995. For the first nine months of 1996, net income totaled $3,886,000 or $0.68 per share, compared to $3,416,000, or $0.60 per share for the same period a year ago. Total equity capital was $45.8 million at Sept. 30, 1996, compared to $41.6 million at Sept. 30, 1995. Century's leverage ratio at Sept. 30, 1996, stood at 8.16 percent, compared to a leverage ratio of 8.29 percent on Sept. 30, 1995. Book value at Sept. 30, 1996 was $7.98 per share. Century's allowance for possible loan losses was $4.1 million, or 1.45 percent of loans outstanding at the end of the third quarter, compared to $4.3 million, or 1.50 percent of loans outstanding at Sept. 30, 1995. Non-accruing loans totaled $2.8 million at Sept. 30, 1996, compared to $2.7 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 $280 thousand at Sept. 30, 1996, compared to $313 thousand at the end of the previous quarter. Century's board of directors voted a regular quarterly dividend of 4.00 cent ($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 delcared payable Nov. 15, 1996 to stockholders of record on Nov. 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. .
3rd Quarter, Ended September 30,
1996 1995
Net Income (000) $1,404 $1,292
Earnings Per Share* $0.24 $0.23
Provision For Possible
Loan Losses (000) $ 255 $ 375
*Weighted Average Number
of Shares Outstanding 5,738,706 5,722,530
Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , Ended September September: see month. 30, 1996 1995 Net Income (000) $3,886 $3,416 Earnings Per Share** $0.68 $0.60 Provision For Possible Loan Losses (000) $765 $1,185 Total assets (000) $537,588 $478,358 **Weighted Average Number of Shares Outstanding 5,733,736 5,722,477 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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