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Despite minimal loan growth and a slight uptick in nonperforming assets and loan loss allowances, Medford-based Century Bank had another quarter of record earnings.
The company recently reported second quarter net income of $9.46 million, or $1.70 per Class A share diluted, an increase of 5.2 percent compared to net income of nearly $9 million, or $1.62 per Class A share diluted, for the same period a year ago.
Net interest income in the quarter was $23.25 million, just slightly up from the second quarter of last year. The margin dropped 10 basis points from the same time last year and ended the second quarter of this year at 2.09 percent.
Total assets grew to $5.175 billion, up about $275 million from a year ago. Total deposits at the end of the second quarter reached roughly $4.37 billion, up about $360 million from the second quarter of last year. Net loans reached $2.28 billion, up only about $34 million from the second quarter of last year, with municipal loan volume declining year-over-year and very minimal growth in other loan categories.
The company’s allowance for loan losses was $29.1 million or 1.26 percent of loans outstanding at the end of the second quarter compared to $27.1 million or 1.22 percent of loans outstanding at the same time last year. Non-performing assets totaled $5 million at the end of the quarter compared to $1.5 million at the same time last year, mainly as a result of one residential real estate property classified as other real estate owned.
