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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Century BanCorp Inc | NASDAQ:CNBKA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 115.29 | 115.20 | 115.29 | 0 | 01:00:00 |
Century Bancorp, Inc. (NASDAQ:CNBKA) (www.centurybank.com) (“the Company”) today announced net income of $22,276,000 for the nine months ended September 30, 2017, or $4.00 per Class A share diluted, an increase of 23.5% compared to net income of $18,034,000, or $3.24 per Class A share diluted, for the same period a year ago. Total assets increased 2.1% from $4.46 billion at December 31, 2016 to $4.56 billion at September 30, 2017. For the quarter ended September 30, 2017, net income totaled $8,023,000 or $1.44 per Class A share diluted, an increase of 23.7% compared to net income of $6,486,000, or $1.16 per Class A share diluted, for the same period a year ago.
Net interest income totaled $63.9 million for the nine months ended September 30, 2017 compared to $55.3 million for the same period in 2016. The 15.5% increase in net interest income for the period is primarily due to an increase in average earning assets and an increase in the net interest margin. The net interest margin increased from 2.15% on a fully taxable equivalent basis in 2016 to 2.24% for the same period in 2017. This was primarily the result of an increase in rates on earning assets and prepayment penalties collected. The average balances of earning assets increased by 9.6% combined with a similar increase in average deposits. Also, interest expense increased 20.1% primarily as a result of an increase in rates and an increase in deposit balances.
The provision for loan losses increased by $165,000 from $1,175,000 for the nine months ended September 30, 2016 to $1,340,000 for the same period in 2017, primarily as a result of an increase in loan growth offset, somewhat, by changes in historical loss factors. The Company’s effective tax rate increased from 0.2% for the first nine months of 2016 to 5.6% for the same period in 2017 primarily as a result of an increase in taxable income.
At September 30, 2017, total equity was $262.6 million compared to $240.0 million at December 31, 2016. The Company’s equity increased primarily as a result of earnings and a decrease in other comprehensive loss, net of taxes, offset somewhat by dividends paid. Other comprehensive loss, net of taxes, decreased primarily as a result of a decrease in unrealized losses on securities transferred from available-for-sale to held-to-maturity, a decrease in unrealized losses on securities available-for-sale, and amortization of the pension liability.
The Company’s leverage ratio stood at 6.56% at September 30, 2017, compared to 6.28% at December 31, 2016. The increase in the leverage ratio was due to an increase in stockholders’ equity, offset somewhat by an increase in quarterly average assets. Book value as of September 30, 2017 was $47.17 per share compared to $43.11 at December 31, 2016.
The Company’s allowance for loan losses was $25.7 million or 1.22% of loans outstanding at September 30, 2017, compared to $24.4 million or 1.27% of loans outstanding at December 31, 2016. The change in the ratio of the allowance for loan losses to loans outstanding, when compared to December 31, 2016, was primarily due to changes in portfolio composition, lower historical loss rates, and qualitative factor adjustments. Non-performing assets totaled $1.6 million at September 30, 2017, compared to $1.1 million at December 31, 2016.
The Company's Board of Directors voted a regular quarterly dividend of 12.00 cents ($0.12) per share on the Company's Class A common stock, and 6.00 cents ($0.06) per share on the Company's Class B common stock. The dividends were declared payable November 15, 2017 to stockholders of record on November 1, 2017.
The Company, through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-seven full-service branches in the Greater Boston area, offers a full range of Business, Personal and Institutional Services.
Century Bank and Trust Company is a member of the FDIC and is an Equal Housing Lender.
This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.
Century Bancorp, Inc. and Subsidiaries Consolidated Comparative Statements of Condition (unaudited) (in thousands) September 30, December 31,Assets
2017 2016 Cash and Due From Banks $ 57,921 $ 62,400 Federal Funds Sold and Interest-bearing Deposits In Other Banks 195,212 173,751 Short-term Investments - 3,183 Securities Available-for-Sale (AFS) 387,790 499,297 Securities Held-to-Maturity 1,654,908 1,653,986 Federal Home Loan Bank of Boston stock, at cost 21,937 21,042 Loans: Commercial & Industrial 702,646 612,503 Municipal 128,412 135,418 Construction & Land Development 16,779 14,928 Commercial Real Estate 735,844 696,173 Residential Real Estate 272,588 241,357 Consumer and Other 18,594 11,697 Home Equity 237,784 211,857 Total Loans 2,112,647 1,923,933 Less: Allowance for Loan Losses 25,698 24,406 Net Loans 2,086,949 1,899,527 Bank Premises and Equipment, net 23,932 23,417 Accrued Interest Receivable 9,926 9,645 Goodwill 2,714 2,714 Other Assets 116,783 113,646 Total Assets $ 4,558,072 $ 4,462,608Liabilities
Demand Deposits $ 702,527 $ 689,286 Interest Bearing Deposits: Savings and NOW Deposits 1,276,135 1,304,394 Money Market Accounts 1,019,741 1,181,179 Time Deposits 607,279 478,359 Total Interest Bearing Deposits 2,903,155 2,963,932 Total Deposits 3,605,682 3,653,218 Borrowed Funds: Securities Sold Under Agreements to Repurchase 228,848 182,280 Other Borrowed Funds 358,000 293,000 Total Borrowed Funds 586,848 475,280 Other Liabilities 66,811 57,986 Subordinated Debentures 36,083 36,083 Total Liabilities 4,295,424 4,222,567 Total Stockholders' Equity 262,648 240,041 Total Liabilities & Stockholders' Equity $ 4,558,072 $ 4,462,608 Century Bancorp, Inc. and Subsidiaries Consolidated Comparative Statements of Income (unaudited) For the quarter and nine months ended September 30, 2017 and 2016 (in thousands) Quarter ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Interest Income: Loans $ 16,658 $ 15,045 $ 48,668 $ 43,380 Securities Held-to-Maturity 9,447 8,238 28,806 24,178 Securities Available-for-Sale 1,809 1,439 5,143 3,546 Federal Funds Sold and Interest-bearing Deposits In Other Banks 607 283 1,349 906 Total Interest Income 28,521 25,005 83,966 72,010 Interest Expense: Savings and NOW Deposits 1,727 1,083 4,454 2,859 Money Market Accounts 1,395 909 3,903 2,485 Time Deposits 2,095 1,464 5,648 4,216 Securities Sold Under Agreements to Repurchase 129 122 352 363 Other Borrowed Funds and Subordinated Debentures 1,822 2,213 5,695 6,767 Total Interest Expense 7,168 5,791 20,052 16,690 Net Interest Income 21,353 19,214 63,914 55,320 Provision For Loan Losses 450 375 1,340 1,175 Net Interest Income After Provision for Loan Losses 20,903 18,839 62,574 54,145 Other Operating Income Service Charges on Deposit Accounts 2,089 1,983 6,179 5,882 Lockbox Fees 735 759 2,367 2,431 Net Gain on Sales of Loans - 533 370 1,331 Other Income 1,118 950 3,226 2,878 Total Other Operating Income 3,942 4,225 12,142 12,522 Operating Expenses Salaries and Employee Benefits 10,282 10,544 32,144 30,360 Occupancy 1,427 1,509 4,663 4,639 Equipment 782 772 2,245 2,087 FDIC Assessment 340 343 1,218 1,503 Other 3,374 3,462 10,857 10,012 Total Operating Expenses 16,205 16,630 51,127 48,601 Income Before Income Taxes 8,640 6,434 23,589 18,066 Income Tax (Benefit) Expense 617 (52 ) 1,313 32 Net Income $ 8,023 $ 6,486 $ 22,276 $ 18,034 Century Bancorp, Inc. and Subsidiaries Consolidated Year-to-Date Average Comparative Statements of Condition (unaudited) (in thousands) September 30, September 30,Assets
2017 2016 Cash and Due From Banks $ 72,206 $ 69,792 Federal Funds Sold and Interest-Bearing Deposits in Other Banks 177,233 233,531 Securities Available-For-Sale (AFS) 481,550 486,120 Securities Held-to-Maturity (HTM) 1,739,189 1,504,728 Total Loans 2,036,198 1,819,727 Less: Allowance for Loan Losses 25,089 23,714 Net Loans 2,011,109 1,796,013 Unrealized (Loss)Gain on Securities AFS and HTM Transfers (6,750 ) (9,873 ) Bank Premises and Equipment 23,404 23,752 Accrued Interest Receivable 10,261 8,322 Goodwill 2,714 2,714 Other Assets 118,359 112,864 Total Assets $ 4,629,275 $ 4,227,963Liabilities
Demand Deposits $ 676,655 $ 590,669 Interest Bearing Deposits: Savings and NOW Deposits 1,479,433 1,296,861 Money Market Accounts 1,100,304 1,011,283 Time Deposits 550,996 450,800 Total Interest Bearing Deposits 3,130,733 2,758,944 Total Deposits 3,807,388 3,349,613 Borrowed Funds: Securities Sold Under Agreements to Repurchase 193,519 229,668 Other Borrowed Funds 281,097 331,555 Total Borrowed Funds 474,616 561,223 Other Liabilities 60,274 57,150 Subordinated Debentures 36,083 36,083 Total Liabilities 4,378,361 4,004,069 Total Stockholders' Equity 250,914 223,894 Total Liabilities & Stockholders' Equity $ 4,629,275 $ 4,227,963 Total Average Earning Assets - QTD $ 4,378,433 $ 4,225,093 Total Average Earning Assets - YTD $ 4,434,170 $ 4,044,106 Century Bancorp, Inc. and Subsidiaries Consolidated Selected Key Financial Information (unaudited) (in thousands, except share data) September 30, September 30, 2017 2016Performance Measures:
Earnings per average Class A share, diluted, quarter $ 1.44 $ 1.16 Earnings per average Class A share, diluted, year-to-date $ 4.00 $ 3.24 Return on average assets, year-to-date 0.64 % 0.57 % Return on average stockholders' equity, year-to-date 11.87 % 10.76 % Net interest margin (taxable equivalent), quarter 2.26 % 2.12 % Net interest margin (taxable equivalent), year-to-date 2.24 % 2.15 % Efficiency ratio, year-to-date - Non-GAAP (1) 59.1 % 62.7 % Book value per share $ 47.17 $ 41.99 Tangible book value per share - Non-GAAP (1) $ 46.68 $ 41.50 Capital / assets 5.76 % 5.44 % Tangible capital / tangible assets - Non-GAAP (1) 5.71 % 5.38 % Common Share Data: Average Class A shares outstanding, diluted, quarter & year-to-date 5,567,909 5,567,909 Shares outstanding Class A 3,605,829 3,600,729 Shares outstanding Class B 1,962,080 1,967,180 Total shares outstanding at period end 5,567,909 5,567,909Asset Quality and Other Data:
Allowance for loan losses / loans 1.22 % 1.31 % Nonaccrual loans $ 1,598 $ 958 Nonperforming assets $ 1,598 $ 958 Loans 90 days past due and still accruing $ - $ - Accruing troubled debt restructures $ 2,843 $ 4,104 Net (recoveries)charge-offs, year-to-date $ 48 $ (47 ) Leverage ratio 6.56 % 6.46 % Common equity tier 1 risk weighted capital ratio 10.53 % 10.74 % Tier 1 risk weighted capital ratio 11.81 % 12.24 % Total risk weighted capital ratio 12.83 % 13.28 % Total risk weighted assets $ 2,534,210 $ 2,328,304 (1) Non-GAAP Financial Measures are reconciled in the following tables: Calculation of Efficiency ratio: Total operating expenses(numerator) $ 51,127 $ 48,601 Net interest income $ 63,914 $ 55,320 Total other operating income 12,142 12,522 Tax equivalent adjustment 10,383 9,725 Total income(denominator) $ 86,439 $ 77,567 Efficiency ratio, year - Non-GAAP 59.1 % 62.7 % Calculation of tangible book value per share: Total stockholders' equity $ 262,648 $ 233,781 Less: goodwill 2,714 2,714 Tangible stockholders' equity(numerator) $ 259,934 $ 231,067 Total shares outstanding at period end(denominator) 5,567,909 5,567,909 Tangible book value per share - Non-GAAP $ 46.68 $ 41.50 Book value per share - GAAP $ 47.17 $ 41.99 Calculation of tangible capital / tangible assets: Total stockholders' equity $ 262,648 $ 233,781 Less: goodwill 2,714 2,714 Tangible stockholders' equity(numerator) $ 259,934 $ 231,067 Total assets $ 4,558,072 $ 4,298,323 Less: goodwill 2,714 2,714 Tangible assets(denominator) $ 4,555,358 $ 4,295,609 Tangible capital / tangible assets - Non-GAAP 5.71 % 5.38 % Capital / assets - GAAP 5.76 % 5.44 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20171010006682/en/
Century Bancorp, Inc.William P. Hornby, CPA, 781-393-4630whornby@centurybank.comFax: 781-393-4071
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