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.
Click here to receive FREE breaking news email alerts for Century BanCorp Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com