Century Bancorp, Inc. Announces Increased Earnings for Q1 2020, up 2.6%; Asset Growth to Record $5.6 BB; Regular Dividend Declared
Century Bancorp, Inc. - Class A (CNBKA)
US:NASDAQ Investor Relations:
centurybank.com/press_releases.htm
Company Research
Source: Business Wire
MEDFORD, Mass.--(BUSINESS WIRE)--Century Bancorp, Inc. (NASDAQ:CNBKA) (www.centurybank.com) (“the Company”) today announced net income of $9,666,000 for the quarter ended March 31, 2020, or $1.74 per Class A share diluted, an increase of 2.6% compared to net income of $9,418,000, or $1.69 per Class A share diluted, for the same period a year ago. Total assets increased 1.3% from $5.49 billion at December 31, 2019 to $5.56 billion at March 31, 2020.Net interest income totaled $25.2 million for the quarter ended March 31, 2020 compared to $23.4 million for the same period in 2019. The 7.5% increase in net interest income for the period is primarily due to an increase in average earning assets and prepayment penalties collected. Prepayment penalties collected amounted to approximately $874,000 for the first quarter of 2020 compared to $12,000 for the same period last year. The net interest margin remained stable at 2.11% on a fully taxable equivalent basis in 2019 and 2020. The avera
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