CENTURY BANK REPORTS EARNINGS, DECLARES DIVIDEND
CENTURY BANK REPORTS EARNINGS, DECLARES DIVIDEND SOMERVILLE, Mass., Jan. 22 /PRNewswire/ -- Century Bancorp, Inc.
(NASDAQ: CNBKA) today reported net income of $79,200 for the fourth quarter of 1991 and $640,100 for the year.
Stockholders' equity totaled $37.1 million at the end of 1991, resulting in a leverage ratio of 7.91 percent, compared to 7.63 percent at the end of 1990. Book value at Dec. 31, 1991 stood at $6.48 per share. Century's loan loss reserve amounted to $4.9 million at Dec. 31, 1991. Century's decrease in earnings continues to be attributed primarily to non-accruing loans and other real estate owned. Century's non-accruing loans totaled $9.8 million at the end of the fourth quarter, other real estate owned totaled $13.4 million. Century's board of directors voted a regular quarterly dividend of 2.5 cents per share on Century Class A common stock and 0.35 cents per share on Class B common stock. The dividends were declared payable Feb. 18, 1992, to stockholders of record Feb. 3, 1992. Century Bancorp, Inc., with 14 offices in eastern Massachusetts, has three subsidiaries: Century Bank and Trust Company, headquartered in Somerville; Century North Shore Bank and Trust Company, headquartered in Lynn; and Century Bank/Suffolk, headquartered in Chelsea. CENTURY BANCORP, INC. Financial Summary Fourth Quarter ended 12/31/91 12/31/90 Net income (000) $79 $112 Earnings per share 1 cent 2 cents Loan loss provision (000) 1,055 866 Year ended 12/31/91 12/31/90 Net income (000) $640 $1,254 Earnings per share 11 cents 22 cents Loan loss provision (000) 2,945 2,676 Total assets (000) 467,725 481,029 Total average shares outstanding during all periods was 5,722,450. -0- 1/22/92 /CONTACT: Paul V. Cusick, Jr. of Century Bancorp, 617-391-4000/ (CNBKA) CO: Century Bancorp, Inc. ST: Massachusetts IN: FIN SU: ERN
PB -- NE015 -- 2339 01/22/92 13:06 EST
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|Date:||Jan 22, 1992|
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