Parent Company Financial Statements

12 Months Ended

Dec. 31, 2012

Parent Company Financial Statements [Abstract]

Parent Company Financial Statements

22.     Parent Company Financial Statements

The balance sheets of Century Bancorp, Inc. (“Parent Company”) as of December 31, 2012 and 2011 and the statements of income and cash flows for each of the years in the three-year period ended December 31, 2012, are presented below. The statements of changes in stockholders’ equity are identical to the consolidated statements of changes in stockholders’ equity and are therefore not presented here.

BALANCE SHEETS

	December 31,
	2012		2011
	(dollars in thousands)
ASSETS:
Cash	$	19,536	$	23,467
Investment in subsidiary, at equity		193,499		170,642
Other assets		3,145		2,730
Total assets	$	216,180	$	196,839
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Liabilities	$	107	$	107
Subordinated debentures		36,083		36,083
Stockholders’ equity		179,990		160,649
Total liabilities and stockholders’ equity	$	216,180	$	196,839

STATEMENTS OF INCOME

	Year Ended December 31,
	2012			2011			2010
	(dollars in thousands)
Income:
Interest income from deposits in bank	$	33		$	100		$	156
Other income		72			72			72
Total income		105			172			228
Interest expense		2,400			2,400			2,400
Operating expenses		198			178			172
Income before income taxes and equity in undistributed income of subsidiary		(2,493	)		(2,406	)		(2,344	)
Benefit from income taxes		(848	)		(818	)		(797	)
Income before equity in undistributed income of subsidiary		(1,645	)		(1,588	)		(1,547	)
Equity in undistributed income of subsidiary		20,684			18,281			15,121
Net income	$	19,039		$	16,693		$	13,574

STATEMENTS OF CASH FLOWS

	December 31,
	2012			2011			2010
	(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	19,039		$	16,693		$	13,574
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed income of subsidiary		(20,684	)		(18,281	)		(15,121	)
Depreciation and amortization		12			12			12
Increase in other assets		(416	)		(182	)		1,422
Net cash (used in) provided by operating activities		(2,049	)		(1,758	)		(113	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from the exercise of stock options		304			53			150
Cash dividends paid		(2,186	)		(2,180	)		(2,173	)
Net cash used in financing activities		(1,882	)		(2,127	)		(2,023	)
Net increase (decrease) in cash		(3,931	)		(3,885	)		(2,136	)
Cash at beginning of year		23,467			27,352			29,488
Cash at end of year	$	19,536		$	23,467		$	27,352