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The parent company of Medford-based Century Bank reported second quarter net income of nearly $9 million, or $1.62 per Class A share diluted, an increase of 10.3 percent compared to net income of $8.2 million, or $1.47 per Class A share diluted, for the same period a year ago.
Net interest income for the quarter was nearly $23.2 million, up around $800,000 from the second quarter of last year. The net interest margin fell four basis points to 2.19 percent at the end of the quarter.
The bank’s efficiency ratio after the second quarter was 60.8 percent, just a fraction higher from what it was one year ago.
Total assets reached about $4.79 billion, up about $120 million year-over-year. Total loans grew about $170 million year-over-year to $2.16 billion, led by increases in commercial and industrial loans, residential real estate and home equity loans. Meanwhile, commercial real estate and municipal loans lost volume year-over-year.
Total deposits grew about $180 million year-over-year to $4.01 billion, leaving the bank with a low loan-to-deposit ratio and ample opportunity to grow its loan book moving forward.
The company’s allowance for loan losses was $27.1 million or 1.22 percent of loans outstanding at June 30, 2018, compared to $25.3 million or 1.24 percent of loans outstanding at June 30, 2017.
The ratio of the allowance for loan losses to loans outstanding has remained relatively stable. Non-performing assets totaled $1.5 million at June 30, 2018, compared to $1.1 million at June 30, 2017.
