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Century Bancorp Posts Higher Q1 Profit

Century Bancorp, Inc. (CNBKA: Quote) reported first-quarter net income of $3.8 million or $0.69 per share, up from last year's $3.7 million or $0.67 per share in the corresponding period.

Net interest income for the latest quarter increased 3.4 percent to $14.4 million from $13.9 million last year, due to a 11.1 percent increase in the average balances of earnings assets, combined with a similar increase in average deposits, which offset a decrease in net interest margin to 2.48 percent from last year's 2.64 percent.

Total other operating income for the quarter increased to $3.6 million from $3.5 million in the year-ago quarter.

Provision for loan losses decreased to $1.1 million from 1.2 million in the year ago period.

by RTT Staff Writer

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