Century Bancorp Inc. of Medford, Mass., said its third-quarter net income rose 2.7% year over year, to nearly $3.3 million.
The $2.4 billion-asset company said it "capitalized on favorable market conditions," referring to a $1 million net gain on the sales of investments and an 8.5% increase in its net interest income.
Net income for the first nine months jumped 36.4% from a year earlier, to $9.7 million.
Favorable earnings led to a 10% increase in Century's total equity capital, to $145.9 million, as of Sept. 30.
Yet its leverage ratio fell compared with the year-earlier period because of asset growth.
Century, which announced its results Tuesday, was well capitalized as of Sept. 30, with a leverage ratio of 7.13%. A year earlier the ratio was 8.02%.
