Century Bancorp Announces Record Earnings, Up 23%, for 2011; 12% Asset Growth to Record Size of $2.7BB; Regular Dividend Declared
Century Bancorp, Inc. (NASDAQ: CNBKA) today announced record net income of $16,693,000 for the year ended December 31, 2011, or $3.01 per share diluted, an increase of 23.0% compared to net income of $13,574,000 or $2.45 per share diluted, for the same period a year ago. Total assets increased 12.3% from $2.4 billion at December 31, 2010 to $2.7 billion at December 31, 2011. For the quarter ended December 31, 2011, net income totaled $4,189,000 or $0.76 per share diluted, an increase of 6.8% compared to net income of $3,924,000 or $0.71 per share diluted, for the same period a year ago.
Net interest income totaled $55.3 million for the year ended December 31, 2011 compared to $51.8 million for 2011. The 6.8% increase in net interest income for the period is due to a 10.7% increase in the average balances of earning assets, combined with a similar increase in average deposits, offset slightly by a decrease in the net interest margin from 2.52% on a fully taxable equivalent basis in 2010 to 2.48% on the same basis for 2011.
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