Century Bancorp (CNBKA) Reports Q3 Earnings; Approves Quarterly Dividend on Class A & B Shares

October 14, 2008 4:53 PM EDT

Century Bancorp, Inc. (NASDAQ: CNBKA) reports Q3 EPS of $0.46 compared to $0.52 per share for the third quarter ended September 30, 2007.

Net interest income totaled $32.8 million for the first nine months of 2008 as compared to $29.1 million for the same period in 2007.

At September 30, 2008, total equity was $122.3 million compared to $118.8 million at December 31, 2007.

The Company's allowance for loan losses was $10.3 million or 1.28% of loans outstanding at the end of the third quarter of 2008, compared to $9.6 million, or 1.30% of loans outstanding at September 30, 2007 and $9.6 million, or 1.33% of loans outstanding at December 31, 2007. Non-performing assets totaled $4.5 million at September 30, 2008, compared to $1.8 million at December 31, 2007 and $1.0 million at September 30, 2007. Non-performing assets increased primarily as a result of an increase in consumer mortgages and small business loans on non-accrual.

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. [SM]

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