Massachusetts | 0-15752 | 04-2498617 | ||
(State or other jurisdiction of incorporation) |
(Commission File No.) | (IRS Employer Identification No.) |
400 Mystic Avenue | 02155 | |
Medford, MA | (Zip Code) | |
(Address of principal executive offices) |
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)) |
(c) | Exhibits |
99.1 | Century Bancorp, Inc. press release dated October 11, 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 |
September 30, | December 31, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and Due From Banks |
$ | 39,904 | $ | 37,215 | ||||
Federal Funds Sold and Interest-bearing
Deposits In Other Banks |
138,504 | 151,337 | ||||||
Short-term Investments |
24,183 | 113,918 | ||||||
Securities Available-For-Sale (AFS) |
1,281,275 | 909,391 | ||||||
Securities Held-to-Maturity |
134,189 | 230,116 | ||||||
Federal Home Loan Bank of Boston stock, at cost |
15,531 | 15,531 | ||||||
Loans: |
||||||||
Commercial & Industrial |
84,765 | 90,654 | ||||||
Construction & Land Development |
54,498 | 53,583 | ||||||
Commercial Real Estate |
458,858 | 433,337 | ||||||
Residential Real Estate |
235,636 | 207,787 | ||||||
Consumer and Other |
6,419 | 6,594 | ||||||
Home Equity |
111,131 | 114,209 | ||||||
Total Loans |
951,307 | 906,164 | ||||||
Less: Allowance for Loan Losses |
16,002 | 14,053 | ||||||
Net Loans |
935,305 | 892,111 | ||||||
Bank Premises and Equipment |
21,971 | 21,228 | ||||||
Accrued Interest Receivable |
5,993 | 6,601 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
217 | 508 | ||||||
Other Assets |
64,126 | 61,014 | ||||||
Total Assets |
$ | 2,663,912 | $ | 2,441,684 | ||||
Liabilities |
||||||||
Demand Deposits |
$ | 345,180 | $ | 322,002 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
691,103 | 649,402 | ||||||
Money Market Accounts |
569,410 | 513,359 | ||||||
Time Deposits |
499,716 | 417,260 | ||||||
Total Interest Bearing |
1,760,229 | 1,580,021 | ||||||
Total Deposits |
2,105,409 | 1,902,023 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
133,030 | 108,550 | ||||||
Other Borrowed Funds |
193,143 | 222,118 | ||||||
Total Borrowed Funds |
326,173 | 330,668 | ||||||
Other Liabilities |
33,186 | 27,885 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,500,851 | 2,296,659 | ||||||
Total Stockholders Equity |
163,061 | 145,025 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,663,912 | $ | 2,441,684 | ||||
Quarter Ended September 30, | Nine months ended September 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Interest Income: |
||||||||||||||||
Loans |
$ | 12,030 | $ | 11,900 | $ | 36,147 | $ | 36,084 | ||||||||
Securities Held-to-Maturity |
1,304 | 1,645 | 4,595 | 5,501 | ||||||||||||
Securities Available-for-Sale |
6,042 | 4,618 | 17,104 | 14,630 | ||||||||||||
Federal Funds Sold and Interest-bearing
Deposits In Other Banks |
262 | 465 | 967 | 1,246 | ||||||||||||
Total Interest Income |
19,638 | 18,628 | 58,813 | 57,461 | ||||||||||||
Interest Expense: |
||||||||||||||||
Savings and NOW Deposits |
592 | 940 | 2,023 | 3,254 | ||||||||||||
Money Market Accounts |
627 | 876 | 2,109 | 3,189 | ||||||||||||
Time Deposits |
2,512 | 2,162 | 7,285 | 5,746 | ||||||||||||
Securities Sold Under Agreements to Repurchase |
82 | 116 | 290 | 466 | ||||||||||||
Other Borrowed Funds and Subordinated Debentures |
1,987 | 1,946 | 5,826 | 6,351 | ||||||||||||
Total Interest Expense |
5,800 | 6,040 | 17,533 | 19,006 | ||||||||||||
Net Interest Income |
13,838 | 12,588 | 41,280 | 38,455 | ||||||||||||
Provision For Loan Losses |
1,200 | 1,200 | 3,600 | 4,225 | ||||||||||||
Net Interest Income After
Provision for Loan Losses |
12,638 | 11,388 | 37,680 | 34,230 | ||||||||||||
Other Operating Income |
||||||||||||||||
Service Charges on Deposit Accounts |
2,031 | 2,003 | 5,854 | 5,878 | ||||||||||||
Lockbox Fees |
658 | 745 | 2,129 | 2,193 | ||||||||||||
Net Gain on Sales of Investments |
883 | | 1,245 | 1,027 | ||||||||||||
Other Income |
931 | 664 | 2,651 | 2,678 | ||||||||||||
Total Other Operating Income |
4,503 | 3,412 | 11,879 | 11,776 | ||||||||||||
Operating Expenses |
||||||||||||||||
Salaries and Employee Benefits |
7,357 | 6,844 | 21,948 | 21,619 | ||||||||||||
Occupancy |
1,059 | 937 | 3,285 | 3,003 | ||||||||||||
Equipment |
608 | 454 | 1,700 | 1,537 | ||||||||||||
FDIC Assessment |
413 | 785 | 1,612 | 2,175 | ||||||||||||
Other |
2,618 | 2,293 | 7,495 | 7,143 | ||||||||||||
Total Operating Expenses |
12,055 | 11,313 | 36,040 | 35,477 | ||||||||||||
Income Before Income Taxes |
5,086 | 3,487 | 13,519 | 10,529 | ||||||||||||
Income Tax Expense |
504 | 220 | 1,015 | 879 | ||||||||||||
Net Income |
$ | 4,582 | $ | 3,267 | $ | 12,504 | $ | 9,650 | ||||||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and Due From Banks |
$ | 52,444 | $ | 52,468 | ||||
Federal Funds Sold and Interest-Bearing
Deposits in Other Banks |
305,717 | 391,526 | ||||||
Securities Available-For-Sale (AFS) |
1,038,455 | 762,522 | ||||||
Securities Held-to-Maturity |
189,100 | 219,137 | ||||||
Total Loans |
946,905 | 875,759 | ||||||
Less: Allowance for Loan Losses |
15,517 | 13,545 | ||||||
Net Loans |
931,388 | 862,214 | ||||||
Unrealized Gain on Securities AFS |
9,710 | 12,972 | ||||||
Bank Premises and Equipment |
21,416 | 21,339 | ||||||
Accrued Interest Receivable |
6,806 | 6,560 | ||||||
Goodwill |
2,714 | 2,714 | ||||||
Core Deposit Intangible |
365 | 753 | ||||||
Other Assets |
63,606 | 58,590 | ||||||
Total Assets |
$ | 2,621,721 | $ | 2,390,795 | ||||
Liabilities |
||||||||
Demand Deposits |
$ | 321,340 | $ | 291,210 | ||||
Interest Bearing Deposits: |
||||||||
Savings and NOW Deposits |
728,238 | 693,057 | ||||||
Money Market Accounts |
575,785 | 550,412 | ||||||
Time Deposits |
489,808 | 344,036 | ||||||
Total Interest Bearing |
1,793,831 | 1,587,505 | ||||||
Total Deposits |
2,115,171 | 1,878,715 | ||||||
Borrowed Funds: |
||||||||
Securities Sold Under Agreements to Repurchase |
121,750 | 138,263 | ||||||
Other Borrowed Funds |
166,637 | 165,893 | ||||||
Total Borrowed Funds |
288,387 | 304,156 | ||||||
Other Liabilities |
29,160 | 30,922 | ||||||
Subordinated Debentures |
36,083 | 36,083 | ||||||
Total Liabilities |
2,468,801 | 2,249,876 | ||||||
Total Stockholders Equity |
152,920 | 140,919 | ||||||
Total Liabilities & Stockholders Equity |
$ | 2,621,721 | $ | 2,390,795 | ||||
Total Average Earning Assets QTD |
$ | 2,554,158 | $ | 2,307,384 | ||||
Total Average Earning Assets YTD |
$ | 2,480,177 | $ | 2,248,944 | ||||
September 30, | September 30, | |||||||
2011 | 2010 | |||||||
Performance Measures: |
||||||||
Earnings per average share, basic, quarter |
$ | 0.83 | $ | 0.59 | ||||
Earnings per average share, diluted, quarter |
$ | 0.83 | $ | 0.59 | ||||
Earnings per average share, basic, year-to-date |
$ | 2.26 | $ | 1.74 | ||||
Earnings per average share, diluted, year-to-date |
$ | 2.26 | $ | 1.74 | ||||
Return on average assets, year-to-date |
0.64 | % | 0.54 | % | ||||
Return on average stockholders equity, year-to-date |
10.93 | % | 9.16 | % | ||||
Net interest margin (taxable equivalent), quarter |
2.42 | % | 2.39 | % | ||||
Net interest margin (taxable equivalent), year-to-date |
2.49 | % | 2.51 | % | ||||
Efficiency ratio, year-to-date |
62.0 | % | 65.8 | % | ||||
Book value per share |
$ | 29.43 | $ | 26.35 | ||||
Tangible book value per share |
$ | 28.90 | $ | 25.75 | ||||
Tangible capital / tangible assets |
6.02 | % | 5.87 | % | ||||
Common Share Data: |
||||||||
Average shares outstanding, basic, quarter |
5,540,597 | 5,535,548 | ||||||
Average shares outstanding, diluted, quarter |
5,541,646 | 5,537,120 | ||||||
Average shares outstanding, basic, year-to-date |
5,540,592 | 5,532,067 | ||||||
Average shares outstanding, diluted, year-to-date |
5,541,711 | 5,534,457 | ||||||
Shares outstanding Class A |
3,546,217 | 3,525,417 | ||||||
Shares outstanding Class B |
1,994,380 | 2,011,380 | ||||||
Total shares outstanding at period end |
5,540,597 | 5,536,797 | ||||||
Asset Quality and Other Data: |
||||||||
Allowance for loan losses / loans |
1.68 | % | 1.60 | % | ||||
Nonaccrual loans |
$ | 6,103 | $ | 9,472 | ||||
Nonperforming assets |
$ | 7,403 | $ | 9,851 | ||||
Loans 90 days past due and still accruing |
$ | 38 | $ | 130 | ||||
Accruing troubled debt restructures |
$ | 3,909 | $ | 1,252 | ||||
Net charge-offs, year-to-date |
$ | 1,652 | $ | 2,771 | ||||
Leverage ratio |
7.02 | % | 7.13 | % | ||||
Tier 1 risk weighted capital ratio |
14.82 | % | 14.95 | % | ||||
Total risk weighted capital ratio |
16.07 | % | 16.13 | % | ||||
Total risk weighted assets |
$ | 1,273,134 | $ | 1,164,263 |
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