-----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, M/x3pzq0By4Uv+sng9kn4WKgLlt5x0bpipfUIZ3UEmrNsmYK84pRm/oTetIO1IcD uKSQoVdwJHTiMgFFQphKFQ== 0000950135-99-002525.txt : 19990512 0000950135-99-002525.hdr.sgml : 19990512 ACCESSION NUMBER: 0000950135-99-002525 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990511 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: 10-Q SEC ACT: SEC FILE NUMBER: 000-15752 FILM NUMBER: 99616589 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 10-Q 1 CENTURY BANK & TRUST COMPANY 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 1999 -------------------------------------------------- or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission file number 0-15752 CENTURY BANCORP, INC. (Exact name of registrant as specified in its charter) COMMONWEALTH OF MASSACHUSETTS 04-2498617 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 400 MYSTIC AVENUE, MEDFORD, MA 02155 (Address of principal executive offices) (Zip Code)
(781)391-4000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. X Yes No --- --- Indicate the number of shares outstanding of each of the registrant's classes of common stock as of March 31, 1999: CLASS A COMMON STOCK, $1.00 PAR VALUE 3,643,397 SHARES CLASS B COMMON STOCK, $1.00 PAR VALUE 2,178,770 SHARES SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: MAY 07, 1999 CENTURY BANCORP, INC. - ---------------------------------- ---------------------------------- (Registrant) /s/ Paul V. Cusick, Jr. /s/ Kenneth A. Samuelian - ---------------------------------- ---------------------------------- PAUL V. CUSICK, JR. KENNETH A. SAMUELIAN VICE PRESIDENT AND TREASURER VICE PRESIDENT AND CONTROLLER, (PRINCIPAL FINANCIAL OFFICER) CENTURY BANK & TRUST COMPANY (CHIEF ACCOUNTING OFFICER) 1 of 13 2 Century Bancorp, Inc.
Page Index Number Part I. Financial Information Item 1. Financial Statements Consolidated Balance Sheets: March 31, 1999 and December 31, 1998. 3 Consolidated Statements of Income: Three (3) Months Ended March 31, 1999 and 1998. 4 Consolidated Statements of Changes in Stockholders Equity: Three (3) Months Ended March 31, 1999 and 1998. 5 Consolidated Statements of Cash Flows: Three (3) Months Ended March 31, 1999 and 1998. 6 Notes to Consolidated Financial Statements 7 - 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 - 11 Item 3. Quantitative and Qualitative Disclosure About Market Risk 12 Part II. Other Information Item 1 through Item 6 13
2 of 13 3 PART I - Item 1 Century Bancorp, Inc. - Consolidated Balance Sheets (unaudited)
(000's) Mar 31, Dec 31, Assets 1999 1998 --------- --------- Cash and due from banks $ 45,139 $ 34,518 Federal funds sold and interest-bearing deposits in other banks 348 26,501 --------- --------- Total cash and cash equivalents 45,487 61,019 --------- --------- Securities available-for-sale, amortized cost $224,135 and $210,290, respectively 222,630 210,157 Securities held-to-maturity, market value $160,595 and $160,109, respectively 161,888 159,875 Loans, net of unearned discount: Commercial & industrial 68,174 64,822 Construction & land development 25,479 21,691 Commercial real estate 191,962 187,285 Industrial revenue bonds 330 1,034 Residential real estate 85,386 87,518 Consumer 12,939 14,355 Home equity 19,020 18,839 Overdrafts 293 359 --------- --------- Total loans, net of unearned discount 403,583 395,903 Less allowance for loan losses (6,173) (6,022) --------- --------- Net loans 397,410 389,881 Bank premises and equipment, net 10,399 10,543 Accrued interest receivable 7,136 6,518 Other assets 15,982 15,333 --------- --------- Total assets $ 860,932 $ 853,326 ========= ========= Liabilities Deposits: Demand deposits $ 123,190 $ 163,241 Savings and NOW deposits 167,058 153,207 Money market accounts 81,613 84,848 Time deposits 230,355 242,129 --------- --------- Total deposits 602,216 643,425 Securities sold under agreements to repurchase 42,460 57,690 Federal Home Loan Bank (FHLB) borrowings and other borrowed funds 116,601 34,846 Other liabilities 8,933 27,564 Long term debt 28,750 28,750 --------- --------- Total liabilities 798,960 792,275 Stockholders' equity Class A common stock, $1.00 par value per share; 3,678 3,673 authorized 10,000,000 shares; issued 3,678,397 Class B common stock, $1.00 par value per share; 2,227 2,227 authorized 5,000,000 shares; issued 2,226,320 Additional paid-in capital 10,978 10,965 Retained earnings 46,331 44,451 Treasury stock, Class A, 35,000 shares (223) (136) Treasury stock, Class B, 47,550 shares (41) (41) --------- --------- 62,950 61,139 Accumulated other comprehensive income (loss) (978) (88) --------- --------- Total stockholders' equity 61,972 61,051 --------- --------- Total liabilities and stockholders' equity $ 860,932 $ 853,326 ========= =========
See accompanying Notes to Consolidated Financial Statements 3 of 13 4 Century Bancorp, Inc. - Consolidated Statements of Income (unaudited) - --------------------------------------------------------------------------------
(000's except share data) Three months ended March 31, 1999 1998 ---------- ---------- Interest income Loans $ 8,648 $ 7,306 Securities held-to-maturity 2,325 1,810 Securities available-for-sale 3,014 1,457 Federal funds sold and interest-bearing deposits in other banks 163 361 ---------- ---------- Total interest income 14,150 10,934 Interest expense Savings and NOW deposits 926 1,049 Money market accounts 571 493 Time deposits 2,927 2,147 Securities sold under agreements to repurchase 414 320 FHLB borrowings and other borrowed funds 1,374 71 ---------- ---------- Total interest expense 6,212 4,080 ---------- ---------- Net interest income 7,938 6,854 Provision for loan losses 225 165 ---------- ---------- Net interest income after provision for loan losses 7,713 6,689 Other operating income Service charges on deposit accounts 425 441 Lockbox fees 391 382 Brokerage commissions 350 285 Gain on sales of loans 0 22 Other income 132 117 ---------- ---------- Total other operating income 1,298 1,247 ---------- ---------- Operating expenses Salaries and employee benefits 3,515 3,237 Occupancy 398 345 Equipment 335 316 Other 1,352 1,174 ---------- ---------- Total operating expenses 5,600 5,072 ---------- ---------- Income before income taxes 3,411 2,864 Provision for income taxes 1,275 1,062 ---------- ---------- Net income $ 2,136 $ 1,802 ========== ========== Share data: Weighted average number of shares outstanding, basic 5,825,528 5,792,160 Weighted average number of shares outstanding, diluted 5,858,711 5,853,993 Net income per share, basic $ 0.37 $ 0.31 Net income per share, diluted $ 0.36 $ 0.31 Cash dividends declared: Class A common stock $ 0.0600 $ 0.0500 Class B common stock $ 0.0170 $ 0.0070
See accompanying Notes to Consolidated Financial Statements. 4 of 13 5 Century Bancorp, Inc. - Consolidated Statement of Changes in Stockholders' Equity (unaudited) - --------------------------------------------------------------------------------
Class A Class B Additional Treasury Common Common Paid-In Retained Stock Three months ended March 31, 1998 Stock Stock Capital Earnings Class A ---------------------------------------------------------------------- (000's) Balance at December 31, 1997 $ 3,541 $ 2,327 $ 10,877 $ 37,180 ($ 136) Net income -- -- -- 1,802 -- Other comprehensive income, net of tax: Decrease in unrealized gain on securities available-for-sale -- -- -- -- -- Comprehensive income Conversion of Class B common stock to Class A common stock, 25,200 shares 26 (26) -- -- -- Stock options exercised, 3,250 shares 3 -- 9 -- -- Cash dividends, Class A common stock, $.050 per share, per quarter -- -- -- (176) -- Cash dividends, Class B common stock, $.0070 per share, per quarter -- -- -- (16) -- -------- -------- -------- -------- -------- Balance at March 31, 1998 $ 3,570 $ 2,301 $ 10,886 $ 38,790 ($ 136) ======== ======== ======== ======== ======== 1999 Balance at December 31, 1998 $ 3,673 $ 2,227 $ 10,965 $ 44,451 ($ 136) Net income -- -- -- 2,136 -- Other comprehensive income, net of tax: Increase in unrealized loss on securities available-for-sale -- -- -- -- -- Comprehensive income Stock options exercised, 5,000 shares 5 -- 13 -- -- Treasury stock repurchase -- -- -- -- (87) Cash dividends, Class A common stock, $.060 per share, per quarter -- -- -- (219) -- Cash dividends, Class B common stock, $.0170 per share, per quarter -- -- -- (37) -- -------- -------- -------- -------- -------- Balance at March 31, 1999 $ 3,678 $ 2,227 $ 10,978 $ 46,331 ($ 223) ======== ======== ======== ======== ========
Accumulated Treasury Other Total Stock Comprehensive Stockholders' Three months ended March 31, Class B Income (Loss) Equity ------------------------------------------- 1998 Balance at December 31, 1997 ($ 41) $ 109 $ 53,857 Net income -- -- 1,802 Other comprehensive income, net of tax: Decrease in unrealized gain on securities available-for-sale -- (135) (135) -------- Comprehensive income 1,667 Conversion of Class B common stock to Class A common stock, 25,200 shares -- -- -- Stock options exercised, 3,250 shares -- -- 12 Cash dividends, Class A common stock, $.050 per share, per quarter -- -- (176) Cash dividends, Class B common stock, $.0070 per share, per quarter -- -- (16) -------- -------- -------- Balance at March 31, 1998 ($ 41) ($ 26) $ 55,344 ======== 1999 Balance at December 31, 1998 ($ 41) ($ 88) $ 61,051 Net income -- -- 2,136 Other comprehensive income, net of tax: Increase in unrealized loss on securities available-for-sale -- (890) (890) -------- Comprehensive income 1,246 Stock options exercised, 5,000 shares -- -- 18 Treasury stock repurchase -- -- (87) Cash dividends, Class A common stock, $.060 per share, per quarter -- -- (219) Cash dividends, Class B common stock, $.0170 per share, per quarter -- -- (37) -------- -------- -------- Balance at March 31, 1999 ($ 41) ($ 978) $ 61,972 ========
See accompanying Notes to Consolidated Financial Statements. 5 of 13 6 Century Bancorp, Inc. - Consolidated Statements of Cash Flows (unaudited) - --------------------------------------------------------------------------------
1999 1998 For the three months ended March 31, (000's) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,136 $ 1,802 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 225 165 Deferred income taxes (178) (195) Net depreciation and amortization 485 133 Increase in accrued interest receivable (618) (254) Increase in other assets (195) (146) Loans originated for sale 0 (1,283) Proceeds from sales of loans 0 1,449 Gain on sales of loans 0 (22) Decrease in other liabilities (639) (6,770) -------- -------- Net cash provided by (used in) operating activities 1,216 (5,121) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities of securities available-for-sale 35,620 16,500 Purchase of securities available-for-sale (49,424) (21,198) Proceeds from maturities of securities held-to-maturity 32,577 26,500 Purchase of securities held-to-maturity (34,739) (35,987) Decrease in payable for investments purchased (17,992) 0 Net increase in loans (7,685) (3,114) Capital expenditures (206) (416) -------- -------- Net cash used in investing activities (41,849) (17,715) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in time deposits (11,664) (5,353) Net decrease in demand, savings, money market and NOW deposits (29,435) (19,243) Net proceeds from the issuance of common stock 18 12 Treasury Stock repurchase (87) 0 Cash Dividends (256) (192) Net decrease in securities sold under agreements to repurchase (15,230) (1,620) Net increase(decrease) in FHLB borrowings and other borrowed funds 81,755 (10,333) -------- -------- Net cash provided by (used in) financing activities 25,101 (36,729) -------- -------- Net decrease in cash and cash equivalents (15,532) (59,565) Cash and cash equivalents at beginning of year 61,019 97,892 -------- -------- Cash and cash equivalents at end of period $ 45,487 $ 38,327 ======== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 6,553 $ 4,982 Income taxes 1,592 332 Noncash transactions: Property acquired through foreclosure $ 0 $ 130 Change in unrealized losses on securities available-for-sale, net of taxes ($ 890) ($ 135)
See accompanying Notes to Consolidated Financial Statements. 6 of 13 7 Century Bancorp Inc. Notes to Consolidated Financial Statements BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary to present a fair statement of the results for the interim period presented of Century Bancorp, Inc. (the "Company") and its wholly owned subsidiary, Century Bank and Trust Company (the "Bank"). The results of operations for the interim period ended March 31, 1999, are not necessarily indicative of results for the entire year. It is suggested that these statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on form 10K for year ended December 31, 1998. The financial statements have been prepared in conformity with generally accepted accounting principles and to general practices within the banking industry. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ from those estimates. Material estimates that are susceptible to change in the near-term relate to the allowance for losses on loans. Management believes that the allowance for losses on loans is adequate based on independent appraisals and review of other factors associated with the assets. While management uses available information to recognize losses on loans, future additions to the allowance for loans may be necessary based on changes in economic conditions. In addition, regulatory agencies periodically review the Company's allowance for losses on loans. Such agencies may require the Company to recognize additions to the allowance for loans based on their judgements about information available to them at the time of their examination. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. The Company provides a full range of banking services to consumer, business and municipal customers in Massachusetts. As a bank holding company, the Company is subject to the regulation and supervision of the Federal Reserve Board. The Bank, a state chartered financial institution, is subject to supervision and regulation by applicable state and federal banking agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation (the "FDIC"), and the Massachusetts Division of Banks. The Bank is also subject to various requirements and restrictions under federal and state law, including requirements to maintain reserves against deposits, restrictions on the types and amounts of loans that may be granted and the interest that may be charged thereon, and limitations on the types of investments that may be made and the types of services that 7 of 13 8 may be offered. Various consumer laws and regulations also affect the operations of the Bank. In addition to the impact of regulation, commercial banks are affected significantly by the actions of the Federal Reserve Board as it attempts to control the money supply and credit availability in order to influence the economy. All aspects of the Company's business are highly competitive. The Company faces aggressive competition from other lending institutions and from numerous other providers of financial services. 8 of 13 9 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. OVERVIEW For the quarter ended and year-to-date ended March 31, 1999. Earnings for the first quarter ended March 31, 1999 were $2.1 million, an increase of 18.5% when compared with the first quarter 1998 earnings of $1.8 million. Diluted earnings per share for the first quarter 1999 were $0.36 versus $0.31 for the first quarter of 1998. The increase was mainly attributable to the purchase of Haymarket. YEAR 2000 The Company has completed its assessment of Year 2000 issues and developed a plan, budget, and testing strategy for mission-critical systems. The Company relies on its recently converted new core processing system for critical data warehousing and transaction processing. Other, less critical, systems are supported by purchased applications software. The Company is continually evaluating mission-critical vendor plans and monitoring project milestones. The Company has tested its key transaction processing system and has substantially completed testing its core processing system and most other applications. The vendor has disclosed that its core processing system is Year 2000 compliant. There can be no guarantee that the systems of other companies, or third party vendors on which the Company's systems rely, will be remedied on a timely basis. Therefore, the Company could be negatively impacted to the extent other entities not affiliated with the Company are unsuccessful in properly addressing their respective Year 2000 compliance responsibilities. Specific factors that might cause such material differences include, but are not limited to, the availability and cost of personnel trained in this area and the ability to locate and correct all relevant computer codes. The Company will continue to utilize both internal and external resources to update, or replace, develop and test all software information systems for Year 2000 modification. The Company's cost of Year 2000 remediation, which includes its cost of converting to its new core processing system, is expected to approach $1.8 - $2.0 million, of which approximately $1.5 million has been incurred. The Company expects that the majority of the costs yet to be incurred will be to replace or update existing hardware and software on non-mission critical items, which will be capitalized and amortized in accordance with the Company's existing accounting policy. In most instances, upgrades to computer hardware and software are being made to improve the capacity and performance of the systems as well as to achieve Year 2000 compliance. Maintenance and modification costs will be expensed as incurred. The costs of the project and the date on which the Bank plans to complete Year 2000 testing are based on management's best estimates, which were derived utilizing numerous assumptions of future events including the continued availability of certain resources, third party modification plans and other factors. The Bank has also assessed the impact of the Year 2000 issue on its major borrowing customers. Borrowers that could experience a significant disruption in their business due to a Year 2000 failure have been 9 of 13 10 Management's Discussion and Analysis of Financial Condition and Results of Operation (con't.) identified. Management has received responses from this identified group, with a small number requiring further follow-up. Management has substantially completed this assessment. Large deposit customers associated with lockbox services have been identified and assessed. These customers will continue to be monitored for Year 2000 compliance. A contingency plan is being completed for high risk assessed systems. This plan will cover preparing business resumption and liquidity needs in the event of possible Year 2000 disruptions. The Bank's contingency plan is expected to be in place by the second quarter of 1999. FINANCIAL CONDITION Loans On March 31, 1999 total loans outstanding, net of unearned discount, were $403.6 million, an increase of 1.9% from the total on December 31, 1998. At March 31, 1999 commercial real estate loans accounted for 47.6% and residential real estate loans accounted for 21.2% of total loans. Construction loans increased to $25.5 million at March 31, 1999 from $21.7 million at the end of the previous quarter. Allowance for Loan Losses The allowance for loan losses was 1.53% of total loans on March 31, 1999 compared with 1.52% on December 31, 1998. Net charge-offs for the three month period ended March 31, 1999, were $74 thousand, compared with net recoveries of $63 thousand for the same period in 1998. The allowance for loan losses is based on management's overview of the quality of the loan portfolio, previous loan loss experience and current economic conditions. As of March 31, 1999, loans on non-accrual status totaled $1.9 million or .46% of loans; loans past due 90 days or more totaled $460 thousand. Securities Held-to-Maturity The securities held-to-maturity portfolio totaled $161.9 million on March 31, 1999, an increase of 1.3% from the total on December 31, 1998. The portfolio is concentrated in United States Treasury and Agency securities and an estimated weighted average maturity of 6.3 years. Securities Available-for-Sale The securities available-for-sale portfolio totaled $222.6 million at March 31, 1999, an increase of 5.9% from December 31, 1998. The portfolio is concentrated in United States Treasury and Agency securities and an estimated weighted average maturity of 7.2 years. Total securities available-for-sale increased primarily as a result of leveraged balance sheet transactions. Deposits and Borrowed Funds On March 31, 1999 deposits totaled $602.2 million, representing a 6.4% 10 of 13 11 Management's Discussion and Analysis of Financial Condition and Results of Operation (con't.) decrease in total deposits from December 31, 1998. Total deposits decreased primarily as a result of the cyclical municipal deposit trends. Borrowed funds totaled $159.1 million compared to $92.5 million at December 31, 1998. The majority of the increase was an increase in borrowings from the Federal Home Loan Bank which were primarily used for leveraged balance sheet transactions. RESULTS OF OPERATIONS Net Interest Income For the three month period ended March 31, 1999 net interest income totaled $7.9 million, an increase of 15.8% from the comparable period in 1998. Interest income was primarily affected positively by the acquisition of Haymarket. The net yield on average earning assets on a fully taxable equivalent basis decreased to 4.11% in the first three months of 1999 from 5.01% during the same period in 1998. Provision for Loan Losses For the three month period ended March 31, 1999 the loan loss provision totaled $225 thousand compared to $165 thousand for the same period in 1998. Loan loss provision increased due to growth in the loan portfolio. The Company's loan loss allowance as a percentage of total loans outstanding has increased from 1.46% at March 31, 1998 to 1.53% at March 31, 1999, respectively. Non-Interest Income and Expense Other operating income for the quarter ended March 31, 1999 was $1.3 million consistent with the first quarter of 1998.Lockbox fees increased 2.4% due to an increase in lockbox volume relating to customers added during the period. During the first quarter 1999, operating expenses increased by $528 thousand to $5.6 million or 10.4% from the same quarter last year. The first quarter increase reflects expenses associated with the Haymarket acquisition. Approximately half of the increase was in salaries and employee benefits with the remaining half in all other expenses. Income Taxes For the first quarter of 1999, the Company's income taxes totaled $1.3 million on pretax income of $3.4 million for an effective tax rate of 37.4%. For last year's corresponding quarter, the Company's income taxes totaled $1.1 million on pretax income of $2.9 million for an effective rate of 37.1%. 11 of 13 12 ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK The response is incorporated herein by reference from the discussion under the subcaption "Market Risk and Asset Liability Management" of the caption "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" on pages 9 and 10 of the Annual Report which is incorporated herein by reference. 12 of 13 13 PART II - OTHER INFORMATION Item 1 Legal proceedings - The Company is not engaged in any legal proceedings of a material nature at the present time. From time to time, the Company is party to routing legal proceedings within the normal course of business. Such routine legal proceedings, in the aggregate, are believed by management to be immaterial to the Company's financial condition and results of operation. Item 2 Change in securities - Not applicable Item 3 Defaults upon senior securities - Not applicable Item 4 Submission of matters to a vote - Not applicable Item 5 Other information - Not applicable Item 6 Exhibits and reports on form 8-K - Not applicable 13 of 13 EX-27 2 FDS
9 0000812348 CENTURY BANCORP, INC. 1,000 3-MOS DEC-31-1999 JAN-01-1999 MAR-31-1999 45,139 348 0 0 222,630 161,888 160,595 403,583 6,173 860,932 602,216 104,860 8,933 28,750 0 0 5,905 56,067 860,932 8,648 5,339 163 14,150 4,424 6,212 7,938 225 0 5,600 3,411 2,136 0 0 2,136 .37 .36 4.11 1,876 460 1,007 11,105 6,022 118 44 6,173 6,173 0 0
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