Century Bancorp (CNBKA) in Medford, Mass., reported higher first-quarter results from lower credit costs and securities gains.
The $3.2 billion-asset company's earnings rose 18% from a year earlier, to $4.5 million. Net interest income rose less than 1% from a year earlier, to $14.5 million. The net interest margin contracted by 23 basis points from a year earlier, to 2.25%, mainly because of lower asset yields.
Noninterest income rose 23% from a year earlier, to $4.4 million. Century recorded $883,000 in securities gains, compared to $148,000 a year earlier.
Century's loan-loss provision fell 32% from a year earlier, to $750,000. Nonperforming assets fell 29% from the first quarter of 2012, to $4.1 million. Century's income tax expense fell 9% from a year earlier, to $288,000.
Century Bancorp has 25 branches in the Boston area.
