-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L3RhbW8RLU/8y772KQVz26FVimxilRioK8TjUy0uGGmXa+tcz7HCUUqzfejeS63P gLAmk+40rf7rBIzOwBYh1A== 0000929638-03-000057.txt : 20030408 0000929638-03-000057.hdr.sgml : 20030408 20030408171904 ACCESSION NUMBER: 0000929638-03-000057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030408 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030408 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY BANCORP INC CENTRAL INDEX KEY: 0000812348 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 042498617 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15752 FILM NUMBER: 03643150 BUSINESS ADDRESS: STREET 1: 400 MYSTIC AVENUE CITY: MEDFORD STATE: MA ZIP: 01887 BUSINESS PHONE: 6173934606 MAIL ADDRESS: STREET 1: 400 MYSTIC AVE CITY: MEDFORD STATE: MA ZIP: 01887 8-K 1 a1207760.txt
- ------------------------------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT: APRIL 8, 2003 CENTURY BANCORP, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) MASSACHUSETTS ______ (STATE OR OTHER JURISDICTION OF (COMMISSION FILE NO.) 04-2498617 INCORPORATION) 0-15752 (IRS EMPLOYER IDENTIFICATION NO.) 400 MYSTIC AVENUE 02155 MEDFORD, MA (ZIP CODE) (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (781) 391-4000 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) - -------------------------------------------------------------------------------------------------------
Item 5. Other Events. ------------ On April 8, 2003, Century Bancorp, Inc. (the "Company"), the Massachusetts bank holding company for Century Bank and Trust Company, issued a press release announcing the Company's results for the quarter ended March 31, 2003. The Company is attaching this press release as Exhibit 99.1 to this Current Report on Form 8-K Item 7. Financial Statements, Pro forma Financial Information and Exhibits. ------------------------------------------------------------------ (A)(B) Inapplicable (C) Exhibits 99.1 Press Release issued by the Company on April 8, 2003 for the quarter ended March 31, 2003. SIGNATURES Pursuant to the requirement of the Securities and Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CENTURY BANCORP, INC. /s/ Paul V. Cusick, Jr. _____________________ Paul V. Cusick, Jr. Chief Financial Officer Dated: April 8, 2003 Exhibit 99.1 [GRAPHIC OMITTED] NEWS RELEASE FOR IMMEDIATE RELEASE Contact: Paul V. Cusick, Jr. Phone: (781) 393-4601 Fax: (781) 393-4071 CENTURY BANCORP, INC. REPORTS FIRST QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND MEDFORD, MA, APRIL 8, 2003---Century Bancorp Inc. (NASDAQ:CNBKA) () today announced net income of $204,000, or $0.04 per share diluted, for the first quarter ended March 31, 2003, compared to net income of $3,004,000, or $0.54 per share diluted, for the first quarter of 2002. Included in income for the quarter ended March 31, 2003 is the previously announced net tax charge of $3,229,000 associated with recent Massachusetts legislation that disallows the dividend deduction from a REIT. The tax charge includes additional state excise taxes, including interest (net of the federal tax deduction associated with such taxes and interest), relating to the years 1999 through 2002. Century's income before income taxes increased $666,000 or 14.0%. At March 31, 2003, total equity capital was $98.7 million compared to $82.9 million at March 31, 2002. Century's leverage ratio stood at 7.67% on March 31, 2003, compared to 9.12% for the same period a year ago. Book value as of March 31, 2003 was $17.88 per share compared to $15.03 for the same period last year. Century's allowance for loan losses was $8.8 million, or 1.76% of loans outstanding at the end of the first quarter, compared to $7.4 million, or 1.59% of loans outstanding at March 31, 2002. Non-accruing loans totaled $0.5 million at March 31, 2003, compared to $0.5 million at the end of the previous quarter and $0.7 million at March 31, 2002. Net interest income totaled $11.7 million for the quarter ended March 31, 2003, versus $11.0 million for the same period in 2002. The 6.4% increase in net interest income for the year is mainly due to a 27.5% increase in the average balances of earning assets, combined with a similar increase in deposits and borrowed funds. The increase in volume was partially offset by a sixty-three basis point decrease in the net interest margin. --more -- On March 21, 2003, the Company completed the acquisition of Capital Crossings Bank's "Capital Crossing" branch office at 1220 Boylston Street, Chestnut Hill, Massachusetts, and substantially all of the retail deposits at Capital Crossing's main office at 101 Summer Street, Boston, Massachusetts. Century closed the Chestnut Hill branch and transferred all customers of the branch to its nearby branch office at 1184 Boylston Street, Brookline, Massachusetts. In addition, Century transferred all of the retail deposits from Capital Crossing's Summer Street branch to its branch at 24 Federal Street, Boston, Massachusetts. The acquisition included $192.7 million in deposits. 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 ($0.0550) per share on Century Class B common stock. The dividends were declared payable May 15, 2003 to stockholders of record on May 1, 2003. Century Bancorp, Inc., through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating nineteen full-service branches in the Greater Boston area, offers a full range of Business, Personal, Cash Management, Municipal and Investment products. Century Bank and Trust Company is a member of the FDIC and is an Equal Housing Lender. This press release contains certain "forward-looking statements" with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Century Bancorp, Inc. and Subsidiaries Consolidated Comparative Statements of Condition March 31, 2003 and 2002 (000's)
March 31, March 31, Assets 2003 2002 - ------ -------------- -------------- Cash and Due From Banks $74,423 $46,188 Federal Funds Sold and Interest-bearing Deposits In Other Banks 93,019 17 Securities Available-For-Sale (AFS) 878,546 551,002 Securities Held-to-Maturity 168,969 127,986 Loans: Commercial & Industrial 46,360 49,465 Construction & Land Development 31,404 37,315 Commercial Real Estate 281,837 250,184 Residential Real Estate 89,524 92,593 Consumer and Other 9,229 8,164 Home Equity 39,764 29,963 -------------- -------------- Total Loans 498,118 467,684 Less: Allowance for Loan Losses 8,751 7,444 -------------- -------------- Net Loans 489,367 460,240 Bank Premises and Equipment 14,451 11,751 Accrued Interest Receivable 9,643 8,978 Goodwill 2,717 2,717 Core Deposit Intangible 4,059 117 Other Assets 16,220 13,783 -------------- -------------- Total Assets $1,751,414 $1,222,779 ============== ============== Liabilities - ----------- Demand Deposits $252,972 $212,186 Interest Bearing Deposits: Savings and NOW Deposits 285,437 199,893 Money Market Accounts 455,162 272,865 Time Deposits 323,180 183,902 -------------- -------------- Total Interest Bearing 1,063,779 656,660 -------------- -------------- Total Deposits 1,316,751 868,846 Borrowed Funds: Securities Sold Under Agreements to Repurchase 52,710 66,440 Federal Home Loan Bank Advances and Other 126,835 157,674 -------------- -------------- Total Borrowed Funds 179,545 224,114 Other Liabilities 127,696 18,157 Long Term Debt 28,750 28,750 -------------- -------------- Total Liabilities 1,652,742 1,139,867 Stockholders' Equity - -------------------- Common Stock 5,949 5,947 Additional Paid-In Capital 11,128 11,101 Retained Earnings 81,469 72,681 Treasury Stock (5,982) (5,982) Accumulated Other Comprehensive Income, Net of Taxes 6,108 (835) --------------- -------------- Total Stockholders' Equity 98,672 82,912 --------------- -------------- Total Liabilities & Stockholders' Equity $1,751,414 $1,222,779 =============== ==============
Century Bancorp, Inc. and Subsidiaries Consolidated Comparative Statements of Income For the Quarter and Year-to-date ending March 31, 2003 and 2002 (000's)
(unaudited) Quarter & Year-to-date ------------------------------- 2003 2002 ------------------------------- Interest Income: Loans $8,533 $8,587 Securities Held-to-Maturity 1,519 1,959 Securities Available-for-Sale 7,618 6,095 Federal Funds Sold and Interest-bearing Deposits In Other Banks 69 141 ------------ -------------- Total Interest Income 17,739 16,782 Interest Expense: Savings and NOW Deposits 494 585 Money Market Accounts 1,153 1,025 Time Deposits 1,907 1,909 Securities Sold Under Agreements to Repurchase 140 189 FHLB Borrowings, Other Borrowed Funds and Long Term Debt 2,366 2,098 ------------ -------------- Total Interest Expense 6,060 5,806 ------------ -------------- Net Interest Income 11,679 10,976 Provision For Loan Losses 225 300 ------------ -------------- Net Interest Income After Provision for Loan Losses 11,454 10,676 Other Operating Income Service Charges on Deposit Accounts 1,145 1,077 Lockbox Fees 801 887 Brokerage Commissions 135 267 Other Income 227 217 ------------ -------------- Total Other Operating Income 2,308 2,448 Operating Expenses Salaries 4,041 4,131 Employee Benefits 1,322 1,092 Occupancy 650 571 Equipment 288 539 Other 2,039 2,035 ------------ -------------- Total Operating Expenses 8,340 8,368 ------------ -------------- Income Before Income Taxes 5,422 4,756 Provision for Income Taxes 5,218 1,752 ------------ -------------- Net Income $204 $3,004 ============ ==============
Century Bancorp, Inc. and Subsidiaries Consolidated Year-to-Date Average Comparative Statements of Condition March 31, 2003 and 2002 (000's)
March 31, March 31, Assets 2003 2002 - ------ --------------- --------------- Cash and Due From Banks $60,342 $56,261 Federal Funds Sold and Interest-Bearing Deposits in Other Banks 23,719 34,691 Securities Available-For-Sale (AFS) 767,645 485,566 Securities Held-to-Maturity 121,768 135,332 Total Loans 501,831 457,775 Less: Allowance for Loan Losses 8,629 7,278 --------------- --------------- Net Loans 493,202 450,497 Bank Premises and Equipment 13,222 11,840 Accrued Interest Receivable 9,695 8,202 Goodwill 2,717 2,717 Core Deposit Intangible 437 142 Other Assets 11,826 12,989 --------------- --------------- Total Assets $1,504,573 $1,198,237 =============== =============== Liabilities - ----------- Demand Deposits $250,413 $220,135 Interest Bearing Deposits: Savings and NOW Deposits 289,128 220,810 Money Market Accounts 318,956 225,964 Time Deposits 265,455 198,971 Total Interest Bearing --------------- --------------- 873,539 645,745 --------------- --------------- Total Deposits 1,123,952 865,880 Borrowed Funds: Securities Sold Under Agreements to Repurchase 54,612 67,399 Federal Home Loan Bank Advances and Other 172,326 133,059 --------------- --------------- Total Borrowed Funds 226,938 200,458 Other Liabilities 24,041 17,794 Long Term Debt 28,750 28,750 --------------- --------------- Total Liabilities 1,403,681 1,112,882 Stockholders' Equity - -------------------- Common Stock 5,949 5,947 Additional Paid-In Capital 11,125 11,096 Retained Earnings 83,119 71,685 Treasury Stock (5,982) (5,982) Accumulated Other Comprehensive Income, Net of Taxes 6,681 2,609 --------------- --------------- Total Stockholders' Equity 100,892 85,355 --------------- --------------- Total Liabilities & Stockholders' Equity $1,504,573 $1,198,237 =============== =============== Total Earning Assets 1,414,963 1,109,349 =============== ===============
Century Bancorp, Inc. and Subsidiaries Consolidated Selected Key Financial Information March 31, 2003 and 2002 (000's)
2003 2002 -------------- -------------- PERFORMANCE MEASURES: Earnings per average share, basic, quarter $0.04 $0.54 Earnings per average share, diluted, quarter $0.04 $0.54 Earnings per average share, basic , year-to-date $0.04 $0.54 Earnings per average share, diluted, year-to-date $0.04 $0.54 Return on average assets 0.06% 1.02% Return on average stockholders' equity 0.82% 14.27% Net interest margin (taxable equivalent) 3.33% 3.96% Efficiency ratio 59.6% 62.3% Book value per share $17.88 $15.03 Common Share Data: Average shares outstanding, basic, quarter 5,517,616 5,515,350 Average shares outstanding, basic, year-to-date 5,517,616 5,515,350 Average shares outstanding, diluted, quarter 5,537,151 5,526,697 Average shares outstanding, diluted, year-to-date 5,537,151 5,526,697 Shares outstanding Class A 3,402,725 3,391,170 Shares outstanding Class B 2,115,100 2,124,730 -------------- -------------- Total shares outstanding 5,517,825 5,515,900 ============== ============== ASSETS QUALITY AND OTHER DATA: Allowance for loan losses / loans 1.76% 1.59% Nonaccrual loans $533 $701 Nonperforming assets $533 $701 Loans 90 days past due and still accruing $1 $8 Net (recoveries) charge-offs ($20) ($32) Leverage ratio 7.67% 9.12% Tier 1 risk weighted capital ratio 15.85% 18.20% Total risk weighted capital ratio 17.07% 19.59% Total risk weighted assets $722,887 $597,120
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