Century Bancorp Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Regular Quarterly Dividend on Class A Common Stock and Class B Common Stock, Payable on February 17, 2015
For the year, the company's total interest income was $85,371,000 compared to $79,765,000 a year ago. Net interest income was $66,235,000 compared to $60,960,000 a year ago. The 8.7% increase in net interest income for the period is primarily due to an increase in average earning assets. Net interest income after provision for loan losses was $64,185,000 compared to $58,250,000 a year ago. Income before income taxes was $22,726,000 compared to $21,053,000 a year ago. Net income was $21,860,000 compared to $20,046,000 a year ago. Earnings per average Class A share, diluted was $3.93 compared to $3.61 a year ago. Return on average assets was 0.61% compared to 0.60% a year ago. Return on average stockholders' equity was 11.57% compared to 11.58% a year ago. Book value per share as on December 31, 2014 was $34.57 compared to $31.76 a year ago. Tangible book value per share as on December 31, 2014 was $34.09 compared to $31.27 a year ago.
The board of directors of the company voted a regular quarterly dividend of 12.00 cents ($0.12) per share on the Company's Class A common stock, and 6.00 cents ($0.06) per share on the Company's Class B common stock. The dividends were declared payable on February 17, 2015 to stockholders of record on February 2, 2015.