Massachusetts (State or other jurisdiction of incorporation) |
0-15752 (Commission File No.) |
04-2498617 (IRS Employer Identification No.) |
400 Mystic Avenue | ||
Medford, MA | 02155 | |
(Address of principal executive offices) |
(Zip Code) |
(c) | Exhibits |
99.1 | Century Bancorp, Inc. press release dated July 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 |
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and Due From Banks |
$ | 40,523 | $ | 37,215 | ||||
Federal Funds Sold and Interest-bearing
Deposits In Other Banks |
126,808 | 151,337 | ||||||
Short-term Investments |
94,091 | 113,918 | ||||||
Securities Available-For-Sale (AFS) |
1,077,478 | 909,391 | ||||||
Securities Held-to-Maturity |
196,392 | 230,116 | ||||||
Federal Home Loan Bank of Boston stock, at cost |
15,531 | 15,531 | ||||||
Loans: |
||||||||
Commercial & Industrial |
88,619 | 90,654 | ||||||
Construction & Land Development |
55,572 | 53,583 | ||||||
Commercial Real Estate |
470,041 | 433,337 | ||||||
Residential Real Estate |
232,235 | 207,787 | ||||||
Consumer and Other |
6,560 | 6,594 | ||||||
Home Equity |
110,001 | 114,209 | ||||||
Total Loans |
963,028 | 906,164 | ||||||
Less: Allowance for Loan Losses |
15,915 | 14,053 | ||||||
Net Loans |
947,113 | 892,111 | ||||||
Bank Premises and Equipment |
21,723 | 21,228 | ||||||
Accrued Interest Receivable |
7,054 | 6,601 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
314 | 508 | ||||||
Other Assets |
68,188 | 61,014 | ||||||
Total Assets |
$ | 2,597,929 | $ | 2,441,684 | ||||
Liabilities |
||||||||
Demand Deposits |
$ | 323,868 | $ | 322,002 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
654,670 | 649,402 | ||||||
Money Market Accounts |
570,338 | 513,359 | ||||||
Time Deposits |
507,330 | 417,260 | ||||||
Total Interest Bearing |
1,732,338 | 1,580,021 | ||||||
Total Deposits |
2,056,206 | 1,902,023 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
108,930 | 108,550 | ||||||
Other Borrowed Funds |
213,143 | 222,118 | ||||||
Total Borrowed Funds |
322,073 | 330,668 | ||||||
Other Liabilities |
28,225 | 27,885 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,442,587 | 2,296,659 | ||||||
Total Stockholders Equity |
155,342 | 145,025 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,597,929 | $ | 2,441,684 | ||||
Quarter Ended June 30, | Six months ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest Income: |
||||||||||||||||
Loans |
$ | 12,012 | $ | 12,068 | $ | 24,117 | $ | 24,180 | ||||||||
Securities Held-to-Maturity |
1,518 | 1,875 | 3,291 | 3,860 | ||||||||||||
Securities Available-for-Sale |
5,709 | 4,979 | 11,062 | 10,012 | ||||||||||||
Federal Funds Sold and Interest-bearing
Deposits In Other Banks |
358 | 403 | 705 | 781 | ||||||||||||
Total Interest Income |
19,597 | 19,325 | 39,175 | 38,833 | ||||||||||||
Interest Expense: |
||||||||||||||||
Savings and NOW Deposits |
719 | 1,093 | 1,431 | 2,314 | ||||||||||||
Money Market Accounts |
777 | 1,089 | 1,482 | 2,313 | ||||||||||||
Time Deposits |
2,494 | 1,876 | 4,773 | 3,584 | ||||||||||||
Securities Sold Under Agreements to Repurchase |
98 | 131 | 208 | 350 | ||||||||||||
Other Borrowed Funds and Subordinated Debentures |
1,994 | 1,994 | 3,839 | 4,405 | ||||||||||||
Total Interest Expense |
6,082 | 6,183 | 11,733 | 12,966 | ||||||||||||
Net Interest Income |
13,515 | 13,142 | 27,442 | 25,867 | ||||||||||||
Provision For Loan Losses |
1,200 | 1,450 | 2,400 | 3,025 | ||||||||||||
Net Interest Income After |
||||||||||||||||
Provision for Loan Losses |
12,315 | 11,692 | 25,042 | 22,842 | ||||||||||||
Other Operating Income |
||||||||||||||||
Service Charges on Deposit Accounts |
1,936 | 1,952 | 3,823 | 3,875 | ||||||||||||
Lockbox Fees |
734 | 748 | 1,471 | 1,448 | ||||||||||||
Net Gain on Sales of Investments |
198 | 649 | 362 | 1,027 | ||||||||||||
Other Income |
973 | 756 | 1,720 | 2,014 | ||||||||||||
Total Other Operating Income |
3,841 | 4,105 | 7,376 | 8,364 | ||||||||||||
Operating Expenses |
||||||||||||||||
Salaries and Employee Benefits |
7,250 | 7,850 | 14,591 | 14,775 | ||||||||||||
Occupancy |
975 | 998 | 2,226 | 2,066 | ||||||||||||
Equipment |
534 | 533 | 1,092 | 1,083 | ||||||||||||
FDIC Assessment |
464 | 740 | 1,199 | 1,390 | ||||||||||||
Other |
2,552 | 2,477 | 4,877 | 4,850 | ||||||||||||
Total Operating Expenses |
11,775 | 12,598 | 23,985 | 24,164 | ||||||||||||
Income Before Income Taxes |
4,381 | 3,199 | 8,433 | 7,042 | ||||||||||||
Income Tax Expense |
184 | 238 | 511 | 659 | ||||||||||||
Net Income |
$ | 4,197 | $ | 2,961 | $ | 7,922 | $ | 6,383 | ||||||||
June 30, | June 30, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and Due From Banks |
$ | 51,938 | $ | 51,926 | ||||
Federal Funds Sold and Interest-Bearing Deposits in Other Banks |
306,157 | 376,595 | ||||||
Securities Available-For-Sale (AFS) |
990,345 | 741,425 | ||||||
Securities Held-to-Maturity |
205,996 | 224,320 | ||||||
Total Loans |
940,076 | 876,900 | ||||||
Less: Allowance for Loan Losses |
15,017 | 13,354 | ||||||
Net Loans |
925,059 | 863,546 | ||||||
Unrealized Gain on Securities AFS |
7,286 | 11,900 | ||||||
Bank Premises and Equipment |
21,238 | 21,316 | ||||||
Accrued Interest Receivable |
6,822 | 6,607 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
416 | 803 | ||||||
Other Assets |
63,139 | 58,191 | ||||||
Total Assets |
$ | 2,581,110 | $ | 2,359,343 | ||||
Liabilities |
||||||||
Demand Deposits |
$ | 310,522 | $ | 283,737 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
721,931 | 669,164 | ||||||
Money Market Accounts |
570,448 | 552,640 | ||||||
Time Deposits |
473,464 | 330,530 | ||||||
Total Interest Bearing |
1,765,843 | 1,552,334 | ||||||
Total Deposits |
2,076,365 | 1,836,071 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
123,582 | 146,515 | ||||||
Other Borrowed Funds |
166,699 | 171,175 | ||||||
Total Borrowed Funds |
290,281 | 317,690 | ||||||
Other Liabilities |
28,801 | 30,605 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,431,530 | 2,220,449 | ||||||
Total Stockholders Equity |
149,580 | 138,894 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,581,110 | $ | 2,359,343 | ||||
Total Average Earning Assets QTD |
$ | 2,505,504 | $ | 2,237,469 | ||||
Total Average Earning Assets YTD |
$ | 2,442,574 | $ | 2,219,240 | ||||
June 30, | June 30, | |||||||
2011 | 2010 | |||||||
Performance Measures: |
||||||||
Earnings per average share, basic, quarter |
$ | 0.76 | $ | 0.54 | ||||
Earnings per average share, diluted, quarter |
$ | 0.76 | $ | 0.54 | ||||
Earnings per average share, basic, year-to-date |
$ | 1.43 | $ | 1.15 | ||||
Earnings per average share, diluted, year-to-date |
$ | 1.43 | $ | 1.15 | ||||
Return on average assets, year-to-date |
0.62 | % | 0.55 | % | ||||
Return on average stockholders equity, year-to-date |
10.68 | % | 9.27 | % | ||||
Net interest margin (taxable equivalent), quarter |
2.43 | % | 2.58 | % | ||||
Net interest margin (taxable equivalent), year-to-date |
2.53 | % | 2.57 | % | ||||
Efficiency ratio, year-to-date |
63.0 | % | 66.0 | % | ||||
Book value per share |
$ | 28.04 | $ | 25.86 | ||||
Tangible book value per share |
$ | 27.49 | $ | 25.25 | ||||
Tangible capital / tangible assets |
5.87 | % | 5.78 | % | ||||
Common Share Data: |
||||||||
Average shares outstanding, basic, quarter |
5,540,597 | 5,530,297 | ||||||
Average shares outstanding, diluted, quarter |
5,541,595 | 5,532,980 | ||||||
Average shares outstanding, basic, year-to-date |
5,540,590 | 5,530,297 | ||||||
Average shares outstanding, diluted, year-to-date |
5,541,743 | 5,533,025 | ||||||
Shares outstanding Class A |
3,543,717 | 3,518,917 | ||||||
Shares outstanding Class B |
1,996,880 | 2,011,380 | ||||||
Total shares outstanding at period end |
5,540,597 | 5,530,297 | ||||||
Asset Quality and Other Data: |
||||||||
Allowance for loan losses / loans |
1.65 | % | 1.65 | % | ||||
Nonaccrual loans |
$ | 12,314 | $ | 10,679 | ||||
Nonperforming assets |
$ | 12,314 | $ | 10,758 | ||||
Loans 90 days past due and still accruing |
$ | 546 | $ | 7 | ||||
Accruing troubled debt restructures |
$ | 3,921 | $ | 1,220 | ||||
Net charge-offs, year-to-date |
$ | 538 | $ | 1,048 | ||||
Leverage ratio |
7.00 | % | 7.23 | % | ||||
Tier 1 risk weighted capital ratio |
14.54 | % | 14.47 | % | ||||
Total risk weighted capital ratio |
15.79 | % | 15.68 | % | ||||
Total risk weighted assets |
$ | 1,269,913 | $ | 1,182,496 |
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