Century Bancorp grows net on deposit, home equity growth Bizjournals.com
Century Bancorp . Inc. announced plans to buyback nearly 9 percent of its outstanding common stock after reporting a strong second quarter highlighted by a 7 percent increase in net income.
The buyback will target some 300,000 common shares, or 9 percent of its 3.5 million shares outstanding. The news follows a strong second quarter for the the Medford, Mass.-based community bank. Century said interest income totaled $20.2 million, a 3.7 percent increase over the $19.5 million booked in the year-earlier period.
However a 7 percent slide in interest expenses — which included drops in payments linked to savings and money market accounts — boosted net interest income to $11.96 million. That was a 12.2 year-over-year increase. Net income for the quarter was $2 million, compared with $1.88 million a year earlier.
While total lending slipped — falling from $836.1 million at the end of 2008 to $835.4 million — Century’s home equity portfolio expanded by nearly 15 percent as mortgage rates fell to near record lows. The bank’s home equity portfolio grew to $113.5 million at the end of June, compared with $98.9 million at the end of December.
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