Century Bancorp Inc. in Medford, Mass., said Tuesday that its third-quarter earnings rose about 40% compared to a year earlier, to almost $4.6 million, due to loan growth and a special gain.
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The $2.7 billion-asset company said loans grew 5% from a year earlier, to $935 million. Net interest income, which is tied to the balance sheet, rose 10% from a year earlier, to $13.8 million. The third quarter included an $883,000 gain from the sale of certain investments, and other income rose from a year earlier due to the sale of a nonaccrual loan. .
The company's loan-loss provision was unchanged from a year earlier, at $1.2 million. Nonperforming assets fell 16% from a year earlier, to $7.4 million at Sept. 30.
