Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Century Bancorp reports 18% rise in Q4 earnings

Century Bancorp has reported an increase of 18.4%

Century Bancorp has reported a net income of $2.81 million, or $0.51 per diluted share, for the fourth quarter ended December 31, 2008, an increase of 18.4%, compared to $2.37 million, or $0.43 per diluted share, for the fourth quarter ended December 31, 2007.

The company posted net interest income of $11.93 million for the quarter, as compared to $10.10 million for the same quarter of 2007.

For the year ended December 31, 2008, net income totalled $9.05 million, or $1.63 per diluted share, an increase of 15%, compared to $7.86 million, or $1.42 per diluted share, for 2007.

Net interest income totalled $44.8 million for 2008, as compared to $39.2 million for 2007. The 14.2% increase in net interest income for the year is due to an increase of 35 basis points in the net interest margin, from 2.65% on a fully taxable equivalent basis in 2007 to 3% on the same basis for 2008, according to Century Bancorp.

Total assets increased 7.2% from $1.7 billion at December 31, 2007 to $1.80 billion at December 31, 2008. Deposits totalled $1.26 billion at December 31, 2008, compared to $1.13 billion as of December 31, 2007.