-----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, ERCBMZpx+1vAfJUVCS5HOe8pBKr53SwrUtSrzokmIj5AdrdtEi4Js7BCO7Fdlo16 1ybI9xahgvJCCaywbJmj/w== 0000929638-03-000104.txt : 20030710 0000929638-03-000104.hdr.sgml : 20030710 20030710153958 ACCESSION NUMBER: 0000929638-03-000104 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030709 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030710 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: 03781943 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 a1232862.txt PRESS RELEASE
- ---------------------------------------------------------------------------------------------------------- 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: JULY 9, 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 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1 Century Bancorp, Inc. press release dated July 9, 2003 for the quarter ended June 30, 2003. ITEM 9. REGULATION FD DISCLOSURE On July 9, 2003, Century Bancorp, Inc. issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing second quarter 2003 earnings. This information is being provided under Items 9 and 12 of Form 8-K. 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: July 10, 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 SECOND QUARTER RESULTS AND DECLARES QUARTERLY DIVIDEND MEDFORD, MA, JULY 9, 2003---Century Bancorp Inc. (NASDAQ:CNBKA) () ("the Company") today announced net income of $5,080,000, or $0.92 per share diluted, for the second quarter ended June 30, 2003, compared to net income of $3,636,000, or $0.66 per share diluted, for the second quarter of 2002. Included in income for the quarter ended June 30, 2003 is an after-tax benefit of $2,040,000 of previously accrued tax expense. This benefit was the result of an agreement with the Massachusetts Department of Revenue ("DOR") settling a dispute related to taxes that the DOR claimed were owed from the Company's Real Estate Investment Trust subsidiary ("REIT"). Under the terms of the agreement, the Company paid $3,138,000, representing 50% of the amount assessed for the years 1999 through 2002 plus interest. The payment is deductible for federal tax purposes. For the first six months of 2003, net income totaled $5,285,000 or $0.95 per share diluted, compared to $6,640,000, or $1.20 per share diluted, for the same period a year ago. Included in income for the first six months of 2003 is the previously announced net tax charge of $1,183,000 associated with the REIT settlement. At June 30, 2003, total equity capital was $103.2 million compared to $92.9 million at June 30, 2002. Century's leverage ratio stood at 7.40% on June 30, 2003, compared to 8.81% for the same period a year ago. Book value as of June 30, 2003 was $18.70 per share compared to $16.83 for the same period last year. Century's allowance for loan losses was $9.0 million, or 1.82% of loans outstanding at the end of the second quarter, compared to $7.7 million, or 1.55% of loans outstanding at June 30, 2002. Non-accruing loans totaled $1.0 million at June 30, 2003, compared to $0.5 million at the end of the previous quarter and $0.7 million at June 30, 2002. --more -- Net interest income totaled $23.3 million for the six months ended June 30, 2003, versus $22.7 million for the same period in 2002. The 2.9% increase in net interest income for the year-to-date is mainly due to a 27.1% increase in the average balances of earning assets, combined with a similar increase in deposits and borrowed funds. The increase in volume was mainly the result of an acquisition of $192.7 million of deposits from Capital Crossing Bank during the first quarter of 2003. This increase in volume was mostly offset by a seventy-four basis point decrease in the net interest margin. The decrease in the net interest margin was mainly attributable to assets continuing to reprice at historically low levels without a corresponding decrease in rates paid on 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 August 15, 2003 to stockholders of record on August 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 June 30, 2003 and 2002 (000's) June 30, June 30, Assets 2003 2002 Cash and Due From Banks $67,624 $49,124 Federal Funds Sold and Interest-bearing Deposits In Other Banks 3,014 45,520 Securities Available-For-Sale (AFS) 818,919 572,508 Securities Held-to-Maturity 183,644 128,390 Loans: Commercial & Industrial 43,673 50,455 Construction & Land Development 39,950 42,433 Commercial Real Estate 270,726 269,267 Residential Real Estate 90,987 94,650 Consumer and Other 7,951 8,307 Home Equity 43,949 32,473 ---------------- --------------- Total Loans 497,236 497,585 Less: Allowance for Loan Losses 9,036 7,720 ---------------- --------------- Net Loans 488,200 489,865 Bank Premises and Equipment 15,726 12,016 Accrued Interest Receivable 9,464 9,456 Goodwill 2,717 2,717 Core Deposit Intangible 3,391 67 Other Assets 17,054 13,130 ---------------- --------------- Total Assets $1,609,753 $1,322,793 ================ =============== Liabilities Demand Deposits $269,426 $222,774 Interest Bearing Deposits: Savings and NOW Deposits 278,721 208,373 Money Market Accounts 443,371 305,152 Time Deposits 298,526 216,933 ---------------- --------------- Total Interest Bearing 1,020,618 730,458 ---------------- --------------- Total Deposits 1,290,044 953,232 Borrowed Funds: Securities Sold Under Agreements to Repurchase 49,620 56,890 Federal Home Loan Bank Advances and Other 112,431 170,413 ---------------- --------------- Total Borrowed Funds 162,051 227,303 Other Liabilities 25,698 20,625 Long Term Debt 28,750 28,750 ---------------- --------------- Total Liabilities 1,506,543 1,229,910 Stockholders' Equity Common Stock 5,950 5,949 Additional Paid-In Capital 11,149 11,122 Retained Earnings 86,058 75,872 Treasury Stock (5,982) (5,982) Accumulated Other Comprehensive Income, Net of Taxes 6,035 5,922 ---------------- --------------- Total Stockholders' Equity 103,210 92,883 ---------------- --------------- Total Liabilities & Stockholders' Equity $1,609,753 $1,322,793 ================ ===============
Century Bancorp, Inc. and Subsidiaries Consolidated Comparative Statements of Income For the Quarter and Year-to-date ending June 30, 2003 and 2002 (000's) (unaudited)
Quarter Year-to-date -------------------------- --------------------------- 2003 2002 2003 2002 -------------------------- --------------------------- Interest Income: Loans $8,387 $8,929 $16,920 $17,516 Securities Held-to-Maturity 1,804 1,825 3,323 3,784 Securities Available-for-Sale 7,776 6,894 15,394 12,989 Federal Funds Sold and Interest-bearing Deposits In Other Banks 143 138 212 279 ----------- ----------- ----------- ------------ Total Interest Income 18,110 17,786 35,849 34,568 Interest Expense: Savings and NOW Deposits 449 651 943 1,236 Money Market Accounts 1,558 1,170 2,711 2,195 Time Deposits 2,296 1,778 4,203 3,687 Securities Sold Under Agreements to Repurchase 124 184 264 373 FHLB Borrowings, Other Borrowed Funds and Long Term Debt 2,035 2,304 4,401 4,402 ----------- ----------- ----------- ------------ Total Interest Expense 6,462 6,087 12,522 11,893 ----------- ----------- ----------- ------------ Net Interest Income 11,648 11,699 23,327 22,675 Provision For Loan Losses 225 300 450 600 ----------- ----------- ----------- ------------ Net Interest Income After Provision for Loan Losses 11,423 11,399 22,877 22,075 Other Operating Income Service Charges on Deposit Accounts 1,201 1,113 2,346 2,190 Lockbox Fees 917 972 1,718 1,859 Brokerage Commissions 127 320 262 587 Other Income 259 574 486 791 ----------- ----------- ----------- ------------ Total Other Operating Income 2,504 2,979 4,812 5,427 Operating Expenses Salaries 4,393 4,341 8,434 8,472 Employee Benefits 1,284 1,055 2,606 2,147 Occupancy 651 528 1,301 1,099 Equipment 493 538 781 1,077 Other 2,173 2,182 4,211 4,217 ----------- ----------- ----------- ------------ Total Operating Expenses 8,994 8,644 17,333 17,012 ----------- ----------- ----------- ------------ Income Before Income Taxes 4,933 5,734 10,356 10,490 Income Tax Expense Provision for Income Taxes 1,899 2,098 3,888 3,850 Retroactive REIT Settlement (2,046) 0 1,183 0 ----------- ----------- ----------- ------------ Total Income Tax (Benefit) Expense (147) 2,098 5,071 3,850 Net Income $5,080 $3,636 $5,285 $6,640 =========== =========== =========== ============
Century Bancorp, Inc. and Subsidiaries Consolidated Year-to-Date Average Comparative Statements of Condition June 30, 2003 and 2002 (000's)
June 30, June 30, Assets 2003 2002 Cash and Due From Banks $59,634 $53,927 Federal Funds Sold and Interest-Bearing Deposits in Other Banks 36,313 33,611 Securities Available-For-Sale (AFS) 798,328 524,861 Securities Held-to-Maturity 140,105 132,041 Total Loans 500,661 470,336 Less: Allowance for Loan Losses 8,754 7,438 ------------------- ------------------ Net Loans 491,907 462,898 Bank Premises and Equipment 14,394 11,531 Accrued Interest Receivable 10,264 9,127 Goodwill 2,717 2,715 Core Deposit Intangible 969 116 Other Assets 15,669 13,130 ------------------- ------------------ Total Assets $1,570,300 $1,243,957 =================== ================== Liabilities Demand Deposits $253,755 $220,272 Interest Bearing Deposits: Savings and NOW Deposits 301,903 237,026 Money Market Accounts 382,063 243,651 Time Deposits 285,735 198,689 ------------------- ------------------ Total Interest Bearing 969,701 679,366 ------------------- ------------------ Total Deposits 1,223,456 899,638 Borrowed Funds: Securities Sold Under Agreements to Repurchase 53,576 65,959 Federal Home Loan Bank Advances and Other 143,524 145,004 ------------------- ------------------ Total Borrowed Funds 197,100 210,963 Other Liabilities 20,409 17,029 Long Term Debt 28,750 28,750 ------------------- ------------------ Total Liabilities 1,469,715 1,156,380 Stockholders' Equity Common Stock 5,949 5,947 Additional Paid-In Capital 11,128 11,099 Retained Earnings 83,225 73,106 Treasury Stock (5,982) (5,982) Accumulated Other Comprehensive Income, Net of Taxes 6,265 3,407 ------------------- ------------------ Total Stockholders' Equity 100,585 87,577 ------------------- ------------------ Total Liabilities & Stockholders' Equity $1,570,300 $1,243,957 =================== ================== Total Earning Assets 1,475,407 1,160,849 =================== ==================
Century Bancorp, Inc. and Subsidiaries Consolidated Selected Key Financial Information June 30, 2003 and 2002 (000's)
2003 2002 -------------------- ------------------ PERFORMANCE MEASURES: Earnings per average share, basic, quarter $0.92 $0.66 Earnings per average share, diluted, quarter $0.92 $0.66 Earnings per average share, basic , year-to-date $0.96 $1.20 Earnings per average share, diluted, year-to-date $0.95 $1.20 Return on average assets, year-to-date 0.68% 1.08% Return on average stockholders' equity, year-to- date 10.59% 15.29% Net interest margin (taxable equivalent), year-to- date 3.19% 3.93% Efficiency ratio, year-to-date 61.6% 60.5% Book value per share $18.70 $16.83 Tangible book value per share $17.59 $16.33 Tangible capital / tangible assets 6.06% 6.83% Common Share Data: Average shares outstanding, basic, quarter 5,518,093 5,515,982 Average shares outstanding, basic, year-to-date 5,538,547 5,515,767 Average shares outstanding, diluted, quarter 5,517,856 5,536,224 Average shares outstanding, diluted, year-to- date 5,537,962 5,530,548 Shares outstanding Class A 3,404,100 3,396,870 Shares outstanding Class B 2,115,100 2,120,530 -------------------- -------------------- Total shares outstanding 5,519,200 5,517,400 ==================== ==================== ASSETS QUALITY AND OTHER DATA: Allowance for loan losses / loans 1.82% 1.55% Nonaccrual loans $994 $674 Nonperforming assets $994 $674 Loans 90 days past due and still accruing $0 $324 Net (recoveries) charge-offs ($80) $8 Leverage ratio 7.40% 8.81% Tier 1 risk weighted capital ratio 17.03% 17.19% Total risk weighted capital ratio 18.28% 18.37% Total risk weighted assets $704,940 $656,352
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