Century BanCorp Inc. (CNBKA, Financial) filed Quarterly Report for the period ended 2010-06-30.
Century Bancorp Inc. has a market cap of $118.3 million; its shares were traded at around $21.39 with a P/E ratio of 9.3 and P/S ratio of 1.2. The dividend yield of Century Bancorp Inc. stocks is 2.2%.
Net interest income totaled $25.9 million for the first six months of 2010 compared to $22.8 million for 2009. The 13.7% increase in net interest income for the period is mainly due to a 20.6% increase in the average balances of earning assets, combined with a similar increase in deposits. The increased volume was partially offset by a decrease of five basis points in the net interest margin. The net interest margin decreased from 2.62% on a fully taxable equivalent basis in 2009 to 2.57% on the same basis for 2010.
For the three months ended June 30, 2010, the loan loss provision was $1.5 million compared to a provision of $1.1 million for the same period last year for an increase of $400,000. The increase in the provision was due to additional allocations related to impaired loans. For the six months ended June 30, 2010, the loan loss provision was $3.0 million compared to a provision of $2.9 million for the same period last year for an increase of $125,000. The increase in the provision was primarily due to increases in loans and additional allocations related to impaired loans. Nonperforming loans decreased to $10.7 million at June 30, 2010 from $17.1 million on June 30, 2009. This was primarily the result of charge-offs of loans that occurred during the fourth quarter of 2009.
The Company capitalized on favorable market conditions for the second quarter and six months ended June 30, 2010 and realized net gains on sales of investments of $649,000 and $1.0 million, respectively, as compared to $0 and $978,000 million for the same periods in 2009. Included in operating expenses for the second quarter and first six months of 2010 are FDIC assessments of $740,000 and $1.4 million, respectively, as compared to $1.6 million and $2.1 million for the same periods in 2009. FDIC assessments decreased primarily as a result of the special assessment charge of approximately $1.0 million during the second quarter of 2009. This was offset, somewhat, by an increase in assessment rate as well as an increase in the deposit base during 2010.
Commercial and industrial loans decreased to $112.0 million at June 30, 2010 from $141.1 million on December 31, 2009. Construction loans decreased to $56.0 million at June 30, 2010 from $60.3 million on December 31, 2009.
The allowance for loan loss at June 30, 2010 was $14.4 million as compared to $12.4 million at December 31, 2009. This increase was due to the provision for loan losses exceeding net loan charge offs for the six months ended June 30, 2010 as shown in the table below. The provision for loan losses increased by $125,000 from $2.9 million to $3.0 million; this increase in the provision was due to increases in loans and additional allocations related to impaired loans. Also, the level of the allowance for loan losses to total loans increased from 1.49% at December 31, 2009 to 1.65% at June 30, 2010. This increase was due to the provision for loan losses exceeding net loan charge offs for the six months ended June 30, 2010. In evaluating the allowance for loan losses the Company considered the following categories to be higher risk:
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Century Bancorp Inc. has a market cap of $118.3 million; its shares were traded at around $21.39 with a P/E ratio of 9.3 and P/S ratio of 1.2. The dividend yield of Century Bancorp Inc. stocks is 2.2%.
Highlight of Business Operations:
Earnings for the second quarter ended June 30, 2010 were $2,961,000, or $0.54 per share diluted, compared to net income of $2,007,000, or $0.36 per share diluted, for the second quarter ended June 30, 2009. For the first six months of 2010, net income totaled $6,383,000, or $1.15 per share diluted, compared to net income of $3,893,000, or $0.70 per share diluted, for the same period a year ago.Net interest income totaled $25.9 million for the first six months of 2010 compared to $22.8 million for 2009. The 13.7% increase in net interest income for the period is mainly due to a 20.6% increase in the average balances of earning assets, combined with a similar increase in deposits. The increased volume was partially offset by a decrease of five basis points in the net interest margin. The net interest margin decreased from 2.62% on a fully taxable equivalent basis in 2009 to 2.57% on the same basis for 2010.
For the three months ended June 30, 2010, the loan loss provision was $1.5 million compared to a provision of $1.1 million for the same period last year for an increase of $400,000. The increase in the provision was due to additional allocations related to impaired loans. For the six months ended June 30, 2010, the loan loss provision was $3.0 million compared to a provision of $2.9 million for the same period last year for an increase of $125,000. The increase in the provision was primarily due to increases in loans and additional allocations related to impaired loans. Nonperforming loans decreased to $10.7 million at June 30, 2010 from $17.1 million on June 30, 2009. This was primarily the result of charge-offs of loans that occurred during the fourth quarter of 2009.
The Company capitalized on favorable market conditions for the second quarter and six months ended June 30, 2010 and realized net gains on sales of investments of $649,000 and $1.0 million, respectively, as compared to $0 and $978,000 million for the same periods in 2009. Included in operating expenses for the second quarter and first six months of 2010 are FDIC assessments of $740,000 and $1.4 million, respectively, as compared to $1.6 million and $2.1 million for the same periods in 2009. FDIC assessments decreased primarily as a result of the special assessment charge of approximately $1.0 million during the second quarter of 2009. This was offset, somewhat, by an increase in assessment rate as well as an increase in the deposit base during 2010.
Commercial and industrial loans decreased to $112.0 million at June 30, 2010 from $141.1 million on December 31, 2009. Construction loans decreased to $56.0 million at June 30, 2010 from $60.3 million on December 31, 2009.
The allowance for loan loss at June 30, 2010 was $14.4 million as compared to $12.4 million at December 31, 2009. This increase was due to the provision for loan losses exceeding net loan charge offs for the six months ended June 30, 2010 as shown in the table below. The provision for loan losses increased by $125,000 from $2.9 million to $3.0 million; this increase in the provision was due to increases in loans and additional allocations related to impaired loans. Also, the level of the allowance for loan losses to total loans increased from 1.49% at December 31, 2009 to 1.65% at June 30, 2010. This increase was due to the provision for loan losses exceeding net loan charge offs for the six months ended June 30, 2010. In evaluating the allowance for loan losses the Company considered the following categories to be higher risk:
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