Century Bancorp has reported a net income of $2.81 million, or $0.51 per diluted share, for the fourth quarter ended December 31, 2008, an increase of 18.4%, compared to $2.37 million, or $0.43 per diluted share, for the fourth quarter ended December 31, 2007.
The company posted net interest income of $11.93 million for the quarter, as compared to $10.10 million for the same quarter of 2007.
For the year ended December 31, 2008, net income totalled $9.05 million, or $1.63 per diluted share, an increase of 15%, compared to $7.86 million, or $1.42 per diluted share, for 2007.
Net interest income totalled $44.8 million for 2008, as compared to $39.2 million for 2007. The 14.2% increase in net interest income for the year is due to an increase of 35 basis points in the net interest margin, from 2.65% on a fully taxable equivalent basis in 2007 to 3% on the same basis for 2008, according to Century Bancorp.
Total assets increased 7.2% from $1.7 billion at December 31, 2007 to $1.80 billion at December 31, 2008. Deposits totalled $1.26 billion at December 31, 2008, compared to $1.13 billion as of December 31, 2007.
