Century Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Quarterly Dividend, Payable on February 15, 2013
For the year, the company's total interest income was $81,494,000 compared to $78,065,000 a year ago. Net interest income was $61,954,000 compared to $55,299,000 a year ago. The 12.0% increase in net interest income for the period is due to an 11.5% increase in the average balances of earning assets, combined with a similar increase in average deposits. Net interest income after provision for loan losses was $57,804,000 compared to $50,749,000 a year ago. Income before income taxes was $20,431,000 compared to $18,247,000 a year ago. Net income was $19,039,000 compared to $16,693,000 a year ago. Earnings per average Class A share, diluted was $3.43 compared to $3.01 a year ago. Return on average assets was 0.65% compared to 0.63% a year ago. Return on average equity was 11.06% compared to 10.72% a year ago. Book value per share as on December 31, 2012 was $32.40 compared to $28.98 a year ago. Tangible book value per share as on December 31, 2012 was $31.91 compared to $28.47 a year ago.
The company's board of directors voted a regular quarterly dividend of 12.00 cents per share on the company's Class A common stock, and 6.00 cents per share on the company's Class B common stock. The dividends were declared payable February 15, 2013 to stockholders of record on February 1, 2013.