Massachusetts | 0-15752 | 04-2498617 | ||
(State or other jurisdiction of | (Commission File No.) | (IRS Employer | ||
incorporation) | Identification No.) |
400 Mystic Avenue Medford, MA (Address of principal executive offices) |
02155 (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
CENTURY BANCORP, INC. |
||||
/s/ William P. Hornby, CPA | ||||
William P. Hornby, CPA | ||||
Chief Financial Officer and Treasurer | ||||
Contact: |
William P. Hornby, CPA | |
whornby@century-bank.com | ||
Phone: |
781-393-4630 | |
Fax: |
781-393-4071 |
June 30, | December 31, | |||||||
Assets | 2010 | 2009 | ||||||
Cash and Due From Banks |
$ | 49,410 | $ | 42,627 | ||||
Federal Funds Sold and Interest-bearing Deposits In Other
Banks |
306,859 | 356,015 | ||||||
Short-term Investments |
140,999 | 18,518 | ||||||
Securities Available-For-Sale (AFS) |
778,660 | 647,796 | ||||||
Securities Held-to-Maturity |
178,731 | 217,643 | ||||||
Federal Home Loan Bank of Boston stock, at cost |
15,531 | 15,531 | ||||||
Loans: |
||||||||
Commercial & Industrial |
112,017 | 141,061 | ||||||
Construction & Land Development |
55,992 | 60,349 | ||||||
Commercial Real Estate |
381,671 | 361,823 | ||||||
Residential Real Estate |
193,635 | 188,096 | ||||||
Consumer and Other |
7,546 | 7,720 | ||||||
Home Equity |
117,486 | 118,076 | ||||||
Total Loans |
868,347 | 877,125 | ||||||
Less: Allowance for Loan Losses |
14,350 | 12,373 | ||||||
Net Loans |
853,997 | 864,752 | ||||||
Bank Premises and Equipment |
21,482 | 21,015 | ||||||
Accrued Interest Receivable |
5,776 | 5,806 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
702 | 896 | ||||||
Other Assets |
64,347 | 60,722 | ||||||
Total Assets |
$ | 2,419,208 | $ | 2,254,035 | ||||
Liabilities
|
||||||||
Demand Deposits |
$ | 308,398 | $ | 279,874 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
627,421 | 575,592 | ||||||
Money Market Accounts |
536,067 | 553,883 | ||||||
Time Deposits |
356,550 | 292,638 | ||||||
Total Interest Bearing |
1,520,038 | 1,422,113 | ||||||
Total Deposits |
1,828,436 | 1,701,987 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
124,080 | 118,745 | ||||||
Other Borrowed Funds |
229,994 | 234,024 | ||||||
Total Borrowed Funds |
354,074 | 352,769 | ||||||
Other Liabilities |
57,581 | 30,466 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,276,174 | 2,121,305 | ||||||
Total Stockholders Equity |
143,034 | 132,730 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,419,208 | $ | 2,254,035 | ||||
Quarter Ended June 30, | Six months ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Interest Income: |
||||||||||||||||
Loans |
$ | 12,068 | $ | 12,026 | $ | 24,180 | $ | 23,815 | ||||||||
Securities Held-to-Maturity |
1,875 | 2,180 | 3,860 | 4,403 | ||||||||||||
Securities Available-for-Sale |
4,979 | 5,225 | 10,012 | 10,254 | ||||||||||||
Federal Funds Sold and Interest-bearing Deposits In
Other Banks |
403 | 763 | 781 | 1,305 | ||||||||||||
Total Interest Income |
19,325 | 20,194 | 38,833 | 39,777 | ||||||||||||
Interest Expense: |
||||||||||||||||
Savings and NOW Deposits |
1,093 | 1,337 | 2,314 | 2,733 | ||||||||||||
Money Market Accounts |
1,089 | 1,718 | 2,313 | 3,653 | ||||||||||||
Time Deposits |
1,876 | 2,561 | 3,584 | 5,168 | ||||||||||||
Securities Sold Under Agreements to Repurchase |
131 | 117 | 350 | 325 | ||||||||||||
Other Borrowed Funds and Subordinated Debentures |
1,994 | 2,499 | 4,405 | 5,144 | ||||||||||||
Total Interest Expense |
6,183 | 8,232 | 12,966 | 17,023 | ||||||||||||
Net Interest Income |
13,142 | 11,962 | 25,867 | 22,754 | ||||||||||||
Provision For Loan Losses |
1,450 | 1,050 | 3,025 | 2,900 | ||||||||||||
Net Interest
Income After Provision for Loan Losses |
11,692 | 10,912 | 22,842 | 19,854 | ||||||||||||
Other Operating Income |
||||||||||||||||
Service Charges on Deposit Accounts |
1,952 | 2,006 | 3,875 | 4,028 | ||||||||||||
Lockbox Fees |
748 | 753 | 1,448 | 1,494 | ||||||||||||
Net Gain on Sales of Investments |
649 | | 1,027 | 978 | ||||||||||||
Other Income |
756 | 781 | 2,014 | 1,710 | ||||||||||||
Total Other Operating Income |
4,105 | 3,540 | 8,364 | 8,210 | ||||||||||||
Operating Expenses |
||||||||||||||||
Salaries and Employee Benefits |
7,850 | 6,541 | 14,775 | 13,429 | ||||||||||||
Occupancy |
998 | 995 | 2,066 | 2,140 | ||||||||||||
Equipment |
533 | 654 | 1,083 | 1,282 | ||||||||||||
FDIC Assessment |
740 | 1,623 | 1,390 | 2,116 | ||||||||||||
Other |
2,477 | 2,470 | 4,850 | 4,766 | ||||||||||||
Total Operating Expenses |
12,598 | 12,283 | 24,164 | 23,733 | ||||||||||||
Income Before Income Taxes |
3,199 | 2,169 | 7,042 | 4,331 | ||||||||||||
Income Tax Expense |
238 | 162 | 659 | 438 | ||||||||||||
Net Income |
$ | 2,961 | $ | 2,007 | $ | 6,383 | $ | 3,893 | ||||||||
June 30, | June 30, | |||||||
Assets | 2010 | 2009 | ||||||
Cash and Due From Banks |
$ | 51,926 | $ | 60,662 | ||||
Federal Funds Sold and Interest-Bearing Deposits in Other Banks |
376,595 | 225,121 | ||||||
Securities Available-For-Sale (AFS) |
741,425 | 566,475 | ||||||
Securities Held-to-Maturity |
224,320 | 209,356 | ||||||
Total Loans |
876,900 | 839,887 | ||||||
Less: Allowance for Loan Losses |
13,354 | 12,369 | ||||||
Net Loans |
863,546 | 827,518 | ||||||
Unrealized Gain on Securities AFS |
11,900 | 2,004 | ||||||
Bank Premises and Equipment |
21,316 | 21,697 | ||||||
Accrued Interest Receivable |
6,607 | 7,246 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
803 | 1,194 | ||||||
Other Assets |
58,191 | 49,155 | ||||||
Total Assets |
$ | 2,359,343 | $ | 1,973,142 | ||||
Liabilities |
||||||||
Demand Deposits |
$ | 283,737 | $ | 272,869 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
669,164 | 472,471 | ||||||
Money Market Accounts |
552,640 | 437,400 | ||||||
Time Deposits |
330,530 | 329,881 | ||||||
Total Interest Bearing |
1,552,334 | 1,239,752 | ||||||
Total Deposits |
1,836,071 | 1,512,621 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
146,515 | 96,154 | ||||||
Other Borrowed Funds |
171,175 | 174,401 | ||||||
Total Borrowed Funds |
317,690 | 270,555 | ||||||
Other Liabilities |
30,605 | 30,434 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,220,449 | 1,849,693 | ||||||
Total Stockholders Equity |
138,894 | 123,449 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,359,343 | $ | 1,973,142 | ||||
Total Average Earning Assets QTD |
$ | 2,237,469 | $ | 1,901,684 | ||||
Total Average Earning Assets YTD |
$ | 2,219,240 | $ | 1,840,839 | ||||
June 30, | June 30, | |||||||
2010 | 2009 | |||||||
Performance Measures: |
||||||||
Earnings per average share, basic, quarter |
$ | 0.54 | $ | 0.36 | ||||
Earnings per average share, diluted, quarter |
$ | 0.54 | $ | 0.36 | ||||
Earnings per average share, basic, year-to-date |
$ | 1.15 | $ | 0.70 | ||||
Earnings per average share, diluted, year-to-date |
$ | 1.15 | $ | 0.70 | ||||
Return on average assets, year-to-date |
0.55 | % | 0.40 | % | ||||
Return on average stockholders equity, year-to-date |
9.27 | % | 6.36 | % | ||||
Net interest margin (taxable equivalent), quarter |
2.58 | % | 2.64 | % | ||||
Net interest margin (taxable equivalent), year-to-date |
2.57 | % | 2.62 | % | ||||
Efficiency ratio, year-to-date |
66.0 | % | 73.4 | % | ||||
Book value per share |
$ | 25.86 | $ | 22.64 | ||||
Tangible book value per share |
$ | 25.25 | $ | 21.96 | ||||
Tangible capital / tangible assets |
5.78 | % | 5.97 | % | ||||
Common Share
Data: |
||||||||
Average shares outstanding, basic, quarter |
5,530,297 | 5,530,724 | ||||||
Average shares outstanding, diluted, quarter |
5,532,980 | 5,531,329 | ||||||
Average shares outstanding, basic, year-to-date |
5,530,297 | 5,534,233 | ||||||
Average shares outstanding, diluted, year-to-date |
5,533,025 | 5,534,345 | ||||||
Shares outstanding Class A |
3,518,917 | 3,503,467 | ||||||
Shares outstanding Class B |
2,011,380 | 2,026,830 | ||||||
Total shares outstanding at period end |
5,530,297 | 5,530,297 | ||||||
Asset Quality and Other Data |
||||||||
Allowance for loan losses / loans |
1.65 | % | 1.60 | % | ||||
Nonaccrual loans |
$ | 10,679 | $ | 17,097 | ||||
Nonperforming assets |
$ | 10,758 | $ | 17,097 | ||||
Loans 90 days past due and still accruing |
$ | 7 | $ | | ||||
Accruing troubled debt restructures |
$ | 1,220 | $ | | ||||
Net charge-offs, year-to-date |
$ | 1,048 | $ | 656 | ||||
Leverage ratio |
7.23 | % | 7.91 | % | ||||
Tier 1 risk weighted capital ratio |
14.47 | % | 15.08 | % | ||||
Total risk weighted capital ratio |
15.68 | % | 16.33 | % | ||||
Total risk weighted assets |
$ | 1,182,496 | $ | 1,061,287 |