Parent Company Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

23.     Parent Company Financial Statements

The balance sheets of Century Bancorp, Inc. (“Parent Company”) as of December 31, 2016 and 2015 and the statements of income and cash flows for each of the years in the three-year period ended December 31, 2016, 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,	2016		2015
(dollars in thousands)
ASSETS:
Cash	$	2,768	$	5,230
Investment in subsidiary, at equity		263,070		236,629
Other assets		10,335		8,808
Total assets	$	276,173	$	250,667
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Liabilities	$	49	$	40
Subordinated debentures		36,083		36,083
Stockholders’ equity		240,041		214,544
Total liabilities and stockholders’ equity	$	276,173	$	250,667

STATEMENTS OF INCOME

Year Ended December 31,	2016			2015			2014
(dollars in thousands)
Income:
Dividends from subsidiary	$	2,000		$	1,500		$	—
Interest income from deposits in bank		3			13			21
Other income		28			24			72
Total income		2,031			1,537			93
Interest expense		937			792			2,329
Operating expenses		220			212			204
Income before income taxes and equity in undistributed income of subsidiary		874			533			(2,440	)
Benefit from income taxes		(383	)		(328	)		(830	)
Income before equity in undistributed income of subsidiary		1,257			861			(1,610	)
Equity in undistributed income of subsidiary		23,277			22,160			23,470
Net income	$	24,534		$	23,021		$	21,860

STATEMENTS OF CASH FLOWS

December 31,	2016			2015			2014
(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	24,534		$	23,021		$	21,860
Adjustments to reconcile net income to net cash provided by operating activities
Undistributed income of subsidiary		(23,277	)		(22,160	)		(23,470	)
Depreciation and amortization		—			3			12
Increase in other assets		(1,527	)		(1,112	)		(1,067	)
Decrease in liabilities		9			4			(71	)
Net cash (used in) operating activities		(261	)		(244	)		(2,736	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from the exercise of stock options		—			—			361
Cash dividends paid		(2,201	)		(2,200	)		(2,196	)
Net cash used in financing activities		(2,201	)		(2,200	)		(1,835	)
Net (decrease) in cash		(2,462	)		(2,444	)		(4,571	)
Cash at beginning of year		5,230			7,674			12,245
Cash at end of year	$	2,768		$	5,230		$	7,674