Century Bancorp, Inc. (NASDAQ:CNBKA) (www.centurybank.com) (“the
Company”) today announced net income of $28,967,000 for the nine
months ended September 30, 2019, or $5.20 per Class A share
diluted, an increase of 10.2% compared to net income of
$26,288,000, or $4.72 per Class A share diluted, for the same
period a year ago. Total assets increased 2.6% from $5.16 billion
at December 31, 2018 to $5.30 billion at September 30, 2019. For
the quarter ended September 30, 2019, net income totaled
$10,084,000 or $1.81 per Class A share diluted, an increase of 5.2%
compared to net income of $9,581,000, or $1.72 per Class A share
diluted, for the same period a year ago.
Net interest income totaled $70.5 million for the nine months
ended September 30, 2019 compared to $68.9 million for the same
period in 2018. The 2.3% increase in net interest income for the
period is primarily due to an increase in average earning assets.
The net interest margin decreased from 2.19% on a fully taxable
equivalent basis in 2018 to 2.08% for the same period in 2019. This
was primarily the result of increased rates paid on deposits. The
average balances of earning assets increased by 7.9% combined with
an average yield increase of 0.30%, resulting in an increase in
interest income of $19.0 million. The average balance of interest
bearing liabilities increased 7.6% combined with an average cost of
funds increase of 0.50%, resulting in an increase in interest
expense of $17.4 million.
The Company’s effective tax rate decreased from 4.6% for the
first nine months of 2018 to 2.0% for the same period in 2019. This
was primarily as a result of a reduction in tax accruals related to
sequestration of the refundable portion of our alternative minimum
tax (AMT) credit carryforward. On January 14, 2019, the IRS updated
its announcement “Effect of Sequestration on the Alternative
Minimum Tax Credit for Corporations” to clarify that refundable AMT
credits under Section 53(e) of the Internal Revenue Code are not
subject to sequestration for taxable years beginning after December
31, 2017. Therefore, the full amount of the AMT credit carryover
will be refunded to the Company.
At September 30, 2019, total equity was $329.0 million compared
to $300.4 million at December 31, 2018. The Company’s equity
increased primarily as a result of earnings, offset somewhat by
dividends paid.
The Company’s leverage ratio stood at 7.25% at September 30,
2019, compared to 6.91% at December 31, 2018. 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, 2019 was $59.08 per share compared to
$53.96 at December 31, 2018.
The Company’s allowance for loan losses was $29.1 million or
1.22% of loans outstanding at September 30, 2019 compared to $28.5
million or 1.25% of loans outstanding at December 31, 2018, and
$28.5 million or 1.26% of loans outstanding at September 30, 2018.
The ratio of the allowance for loan losses to loans outstanding has
decreased from the same period last year, primarily as a result of
improvements in historical loss rates. Non-performing assets
totaled $1.1 million at September 30, 2019, compared to $3.5
million at December 31, 2018, and $3.7 million at September 30,
2018. Nonperforming assets decreased from the same period last
year, mainly as a result of the resolution of one residential real
estate property during the third quarter of 2019.
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, 2019 to stockholders of record on November 1, 2019.
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)
Assets
September 30, 2019
December 31, 2018
Cash and Due From Banks
$
85,014
$
89,540
Federal Funds Sold and Interest-bearing Deposits In Other Banks
249,091
252,963
Securities Available-for-Sale (AFS)
263,411
338,355
Securities Held-to-Maturity
2,164,135
2,046,647
Federal Home Loan Bank of Boston stock, at cost
14,025
17,974
Loans: Commercial & Industrial
783,950
761,775
Municipal
121,802
97,140
Construction & Land Development
7,824
13,628
Commercial Real Estate
765,385
750,362
Residential Real Estate
364,317
348,250
Consumer and Other
21,748
22,083
Home Equity
310,635
292,340
Total Loans
2,375,661
2,285,578
Less: Allowance for Loan Losses
29,097
28,543
Net Loans
2,346,564
2,257,035
Bank Premises and Equipment, net
31,520
23,921
Accrued Interest Receivable
13,275
14,406
Goodwill
2,714
2,714
Other Assets
129,432
120,380
Total Assets
$
5,299,181
$
5,163,935
Liabilities Demand Deposits
$
797,455
$
813,478
Interest Bearing Deposits: Savings and NOW Deposits
1,759,401
1,707,019
Money Market Accounts
1,249,923
1,325,888
Time Deposits
533,074
560,579
Total Interest Bearing Deposits
3,542,398
3,593,486
Total Deposits
4,339,853
4,406,964
Borrowed Funds: Securities Sold Under Agreements to
Repurchase
307,235
154,240
Other Borrowed Funds
209,188
202,378
Total Borrowed Funds
516,423
356,618
Other Liabilities
77,862
63,831
Subordinated Debentures
36,083
36,083
Total Liabilities
4,970,221
4,863,496
Total Stockholders' Equity
328,960
300,439
Total Liabilities & Stockholders' Equity
$
5,299,181
$
5,163,935
Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Income (unaudited) For the
quarter and nine months ended September 30, 2019 and 2018 (in
thousands)
Quarter ended September 30,
Nine months ended September
30,
2019
2018
2019
2018
Interest Income: Loans
$
22,117
$
20,167
$
65,106
$
57,613
Securities Held-to-Maturity
14,623
11,507
43,006
32,930
Securities Available-for-Sale
2,184
2,500
7,305
6,821
Federal Funds Sold and Interest-bearing Deposits In Other Banks
928
591
3,204
2,239
Total Interest Income
39,852
34,765
118,621
99,603
Interest Expense: Savings and NOW Deposits
5,445
2,972
16,788
7,778
Money Market Accounts
5,050
3,652
15,805
9,039
Time Deposits
3,038
2,571
8,724
7,465
Securities Sold Under Agreements to Repurchase
697
288
1,572
657
Other Borrowed Funds and Subordinated Debentures
1,852
2,078
5,274
5,793
Total Interest Expense
16,082
11,561
48,163
30,732
Net Interest Income
23,770
23,204
70,458
68,871
Provision For Loan Losses
75
-
700
900
Net Interest Income After Provision for Loan Losses
23,695
23,204
69,758
67,971
Other Operating Income Service Charges on Deposit Accounts
2,310
2,137
6,801
6,268
Lockbox Fees
937
892
3,018
2,304
Net Gain on Sales of Loans
-
-
154
-
Net Gain on Sales of Securities
53
105
61
302
Other Income
986
1,035
3,676
3,210
Total Other Operating Income
4,286
4,169
13,710
12,084
Operating Expenses Salaries and Employee Benefits
10,670
10,570
32,621
32,331
Occupancy
1,463
1,481
4,686
4,579
Equipment
862
781
2,440
2,355
Other
4,467
4,516
14,170
13,243
Total Operating Expenses
17,462
17,348
53,917
52,508
Income Before Income Taxes
10,519
10,025
29,551
27,547
Income Tax Expense
435
444
584
1,259
Net Income
$
10,084
$
9,581
$
28,967
$
26,288
Century Bancorp, Inc. and Subsidiaries
Consolidated Year-to-Date Average Comparative Statements of
Condition (unaudited) (in thousands)
Assets
September 30, 2019
September 30, 2018
Cash and Due From Banks
$
74,413
$
71,034
Federal Funds Sold and Interest-Bearing Deposits in Other Banks
184,035
171,773
Securities Available-For-Sale (AFS)
325,036
406,022
Securities Held-to-Maturity (HTM)
2,128,082
1,816,745
Total Loans
2,325,136
2,206,194
Less: Allowance for Loan Losses
28,936
27,235
Net Loans
2,296,200
2,178,959
Unrealized (Loss)Gain on Securities AFS and HTM Transfers
(3,352
)
(4,154
)
Bank Premises and Equipment
26,273
23,481
Accrued Interest Receivable
13,942
11,608
Goodwill
2,714
2,714
Other Assets
133,754
122,502
Total Assets
$
5,181,097
$
4,800,684
Liabilities Demand Deposits
$
764,852
$
718,215
Interest Bearing Deposits: Savings and NOW Deposits
1,818,017
1,495,464
Money Market Accounts
1,249,531
1,208,547
Time Deposits
512,228
587,742
Total Interest Bearing Deposits
3,579,776
3,291,753
Total Deposits
4,344,628
4,009,968
Borrowed Funds: Securities Sold Under Agreements to
Repurchase
205,185
149,970
Other Borrowed Funds
201,804
262,397
Total Borrowed Funds
406,989
412,367
Other Liabilities
79,327
69,404
Subordinated Debentures
36,083
36,083
Total Liabilities
4,867,027
4,527,822
Total Stockholders' Equity
314,070
272,862
Total Liabilities & Stockholders' Equity
$
5,181,097
$
4,800,684
Total Average Earning Assets - QTD
$
4,971,831
$
4,625,880
Total Average Earning Assets - YTD
$
4,962,289
$
4,600,734
Century Bancorp, Inc. and SubsidiariesConsolidated Selected Key
Financial Information (unaudited)(in thousands, except share data)
September 30, 2019
September 30, 2018
Performance Measures:
Earnings per average Class A share, diluted, quarter
$
1.81
$
1.72
Earnings per average Class A share, diluted, year-to-date
$
5.20
$
4.72
Return on average assets, year-to-date
0.75
%
0.73
%
Return on average stockholders' equity, year-to-date
12.33
%
12.88
%
Net interest margin (taxable equivalent), quarter
2.08
%
2.19
%
Net interest margin (taxable equivalent), year-to-date
2.08
%
2.19
%
Efficiency ratio, Non-GAAP (1)
59.1
%
60.0
%
Book value per share
$
59.08
$
51.52
Tangible book value per share - Non-GAAP (1)
$
58.59
$
51.04
Capital / assets
6.21
%
5.89
%
Tangible capital / tangible assets - Non-GAAP (1)
6.16
%
5.84
%
Common Share Data: Average Class A shares
outstanding, diluted, quarter and year-to-date
5,567,909
5,567,909
Shares outstanding Class A
3,650,449
3,608,329
Shares outstanding Class B
1,917,460
1,959,580
Total shares outstanding at period end
5,567,909
5,567,909
Asset Quality and Other
Data: Allowance for loan losses / loans
1.22
%
1.26
%
Nonaccrual loans
$
1,066
$
3,729
Nonperforming assets
$
1,066
$
3,729
Loans 90 days past due and still accruing
$
-
$
471
Accruing troubled debt restructures
$
2,404
$
2,598
Net charge-offs(recoveries), year-to-date
$
146
$
(1,390
)
Leverage ratio
7.25
%
7.03
%
Common equity tier 1 risk weighted capital ratio
11.90
%
11.14
%
Tier 1 risk weighted capital ratio
13.12
%
12.42
%
Total risk weighted capital ratio
14.13
%
13.46
%
Total risk weighted assets
$
2,867,422
$
2,733,491
(1) Non-GAAP Financial Measures are reconciled in
the following tables: Calculation of Efficiency
ratio: Total operating expenses
$
53,917
$
52,508
Less: other real estate owned expenses
(139
)
-
Total adjusted operating expenses(numerator)
$
53,778
$
52,508
Net interest income
$
70,458
$
68,871
Total other operating income
13,710
12,084
Tax equivalent adjustment
6,875
6,547
Total income(denominator)
$
91,043
$
87,502
Efficiency ratio - Non-GAAP
59.1
%
60.0
%
Calculation of tangible book value per share:
Total stockholders' equity
$
328,960
$
286,877
Less: goodwill
2,714
2,714
Tangible stockholders' equity(numerator)
$
326,246
$
284,163
Total shares outstanding at period end(denominator)
5,567,909
5,567,909
Tangible book value per share - Non-GAAP
$
58.59
$
51.04
Book value per share - GAAP
$
59.08
$
51.52
Calculation of tangible capital / tangible assets:
Total stockholders' equity
$
328,960
$
286,877
Less: goodwill
2,714
2,714
Tangible stockholders' equity(numerator)
$
326,246
$
284,163
Total assets
$
5,299,181
$
4,870,423
Less: goodwill
2,714
2,714
Tangible assets(denominator)
$
5,296,467
$
4,867,709
Tangible capital / tangible assets - Non-GAAP
6.16
%
5.84
%
Capital / assets - GAAP
6.21
%
5.89
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191008005827/en/
William P. Hornby whornby@centurybank.com Phone: 781-393-4630
Fax: 781-393-4071
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