Massachusetts | 0-15752 | 04-2498617 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) | (IRS Employer 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)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
99.1
|
Century Bancorp, Inc. press release dated April 12, 2011. |
CENTURY BANCORP, INC. |
||||
/s/ William P. Hornby | ||||
William P. Hornby, CPA | ||||
Chief Financial Officer and Treasurer | ||||
Contact: | William P. Hornby, CPA whornby@centurybank.com |
|
Phone: | 781-393-4630 | |
Fax: | 781-393-4071 |
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and Due From Banks |
$ | 41,276 | $ | 37,215 | ||||
Federal Funds Sold and Interest-bearing
Deposits In Other Banks |
197,457 | 151,337 | ||||||
Short-term Investments |
110,951 | 113,918 | ||||||
Securities Available-For-Sale (AFS) |
972,359 | 909,391 | ||||||
Securities Held-to-Maturity |
204,100 | 230,116 | ||||||
Federal Home Loan Bank of Boston stock, at cost |
15,531 | 15,531 | ||||||
Loans: |
||||||||
Commercial & Industrial |
90,696 | 90,654 | ||||||
Construction & Land Development |
54,027 | 53,583 | ||||||
Commercial Real Estate |
448,772 | 433,337 | ||||||
Residential Real Estate |
231,876 | 207,787 | ||||||
Consumer and Other |
6,340 | 6,594 | ||||||
Home Equity |
113,151 | 114,209 | ||||||
Total Loans |
944,862 | 906,164 | ||||||
Less: Allowance for Loan Losses |
14,958 | 14,053 | ||||||
Net Loans |
929,904 | 892,111 | ||||||
Bank Premises and Equipment |
21,020 | 21,228 | ||||||
Accrued Interest Receivable |
6,568 | 6,601 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
411 | 508 | ||||||
Other Assets |
61,236 | 61,014 | ||||||
Total Assets |
$ | 2,563,527 | $ | 2,441,684 | ||||
Liabilities |
||||||||
Demand Deposits |
$ | 312,253 | $ | 322,002 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
668,236 | 649,402 | ||||||
Money Market Accounts |
552,193 | 513,359 | ||||||
Time Deposits |
499,696 | 417,260 | ||||||
Total Interest Bearing |
1,720,125 | 1,580,021 | ||||||
Total Deposits |
2,032,378 | 1,902,023 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
119,590 | 108,550 | ||||||
Other Borrowed Funds |
198,143 | 222,118 | ||||||
Total Borrowed Funds |
317,733 | 330,668 | ||||||
Other Liabilities |
29,713 | 27,885 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,415,907 | 2,296,659 | ||||||
Total Stockholders Equity |
147,620 | 145,025 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,563,527 | $ | 2,441,684 | ||||
Quarter Ended March 31, | ||||||||
2011 | 2010 | |||||||
Interest Income: |
||||||||
Loans |
$ | 12,105 | $ | 12,112 | ||||
Securities Held-to-Maturity |
1,773 | 1,985 | ||||||
Securities Available-for-Sale |
5,353 | 5,033 | ||||||
Federal Funds Sold and Interest-bearing
Deposits In Other Banks |
347 | 378 | ||||||
Total Interest Income |
19,578 | 19,508 | ||||||
Interest Expense: |
||||||||
Savings and NOW Deposits |
712 | 1,221 | ||||||
Money Market Accounts |
705 | 1,224 | ||||||
Time Deposits |
2,279 | 1,708 | ||||||
Securities Sold Under Agreements to Repurchase |
110 | 219 | ||||||
Other Borrowed Funds and Subordinated Debentures |
1,845 | 2,411 | ||||||
Total Interest Expense |
5,651 | 6,783 | ||||||
Net Interest Income |
13,927 | 12,725 | ||||||
Provision For Loan Losses |
1,200 | 1,575 | ||||||
Net Interest Income After |
||||||||
Provision for Loan Losses |
12,727 | 11,150 | ||||||
Other Operating Income |
||||||||
Service Charges on Deposit Accounts |
1,887 | 1,923 | ||||||
Lockbox Fees |
737 | 700 | ||||||
Net Gain on Sales of Investments |
164 | 378 | ||||||
Other Income |
747 | 1,258 | ||||||
Total Other Operating Income |
3,535 | 4,259 | ||||||
Operating Expenses |
||||||||
Salaries and Employee Benefits |
7,341 | 6,925 | ||||||
Occupancy |
1,251 | 1,068 | ||||||
Equipment |
558 | 550 | ||||||
FDIC Assessment |
735 | 650 | ||||||
Other |
2,325 | 2,373 | ||||||
Total Operating Expenses |
12,210 | 11,566 | ||||||
Income Before Income Taxes |
4,052 | 3,843 | ||||||
Income Tax Expense |
327 | 421 | ||||||
Net Income |
$ | 3,725 | $ | 3,422 | ||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and Due From Banks |
$ | 54,279 | $ | 52,167 | ||||
Federal Funds Sold and Interest-Bearing Deposits in Other Banks |
285,590 | 387,343 | ||||||
Securities Available-For-Sale (AFS) |
956,831 | 704,955 | ||||||
Securities Held-to-Maturity |
211,658 | 232,115 | ||||||
Total Loans |
924,867 | 876,396 | ||||||
Less: Allowance for Loan Losses |
14,587 | 12,848 | ||||||
Net Loans |
910,280 | 863,548 | ||||||
Unrealized Gain on Securities AFS |
4,708 | 10,889 | ||||||
Bank Premises and Equipment |
21,148 | 21,135 | ||||||
Accrued Interest Receivable |
6,757 | 6,563 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
466 | 852 | ||||||
Other Assets |
61,645 | 57,937 | ||||||
Total Assets |
$ | 2,516,076 | $ | 2,340,218 | ||||
Liabilities |
||||||||
Demand Deposits |
$ | 308,749 | $ | 279,184 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
710,725 | 645,156 | ||||||
Money Market Accounts |
542,739 | 542,597 | ||||||
Time Deposits |
445,696 | 311,436 | ||||||
Total Interest Bearing |
1,699,160 | 1,499,189 | ||||||
Total Deposits |
2,007,909 | 1,778,373 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
129,472 | 172,691 | ||||||
Other Borrowed Funds |
167,404 | 186,205 | ||||||
Total Borrowed Funds |
296,876 | 358,896 | ||||||
Other Liabilities |
28,924 | 30,041 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,369,792 | 2,203,393 | ||||||
Total Stockholders Equity |
146,284 | 136,825 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,516,076 | $ | 2,340,218 | ||||
Total Average Earning Assets YTD |
$ | 2,378,946 | $ | 2,200,809 | ||||
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
Performance Measures: |
||||||||
Earnings per average share, basic, quarter |
$ | 0.67 | $ | 0.62 | ||||
Earnings per average share, diluted, quarter |
$ | 0.67 | $ | 0.62 | ||||
Return on average assets, quarter |
0.60 | % | 0.59 | % | ||||
Return on average stockholders equity, quarter |
10.33 | % | 10.14 | % | ||||
Net interest margin (taxable equivalent),
quarter |
2.64 | % | 2.55 | % | ||||
Efficiency ratio, quarter |
64.2 | % | 63.9 | % | ||||
Book value per share |
$ | 26.64 | $ | 24.95 | ||||
Tangible book value per share |
$ | 26.08 | $ | 24.31 | ||||
Tangible capital / tangible assets |
5.64 | % | 5.71 | % | ||||
Common Share Data: |
||||||||
Average shares outstanding, basic, quarter |
5,540,583 | 5,530,297 | ||||||
Average shares outstanding, diluted, quarter |
5,562,327 | 5,533,070 | ||||||
Shares outstanding Class A |
3,543,717 | 3,515,917 | ||||||
Shares outstanding Class B |
1,996,880 | 2,014,380 | ||||||
Total shares outstanding at period end |
5,540,597 | 5,530,297 | ||||||
Asset Quality and Other Data: |
||||||||
Allowance for loan losses / loans |
1.58 | % | 1.50 | % | ||||
Nonaccrual loans |
$ | 10,790 | $ | 11,857 | ||||
Nonperforming assets |
$ | 11,600 | $ | 11,857 | ||||
Loans 90 days past due and still accruing |
$ | 592 | $ | 312 | ||||
Accruing troubled debt restructures |
$ | 1,726 | $ | 877 | ||||
Net charge-offs, quarter |
$ | 295 | $ | 718 | ||||
Leverage ratio |
7.21 | % | 7.23 | % | ||||
Tier 1 risk weighted capital ratio |
14.50 | % | 14.36 | % | ||||
Total risk weighted capital ratio |
15.69 | % | 15.49 | % | ||||
Total risk weighted assets |
$ | 1,247,572 | $ | 1,173,973 |
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