Profit Jumps 33.6% at Century

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    January 28

Century Bancorp Inc. in Medford, Mass., earned $13.6 million in 2010, boosting net income 33.6%.

Fourth-quarter net income at the $2.4 billion-asset company rose 27.2% from a year earlier, to $3.9 million. The results were announced Tuesday.

Net interest income rose 8% year over year, mainly due to a 19% increase in the average balance of earning assets.

The loan-loss provision fell 15% from a year earlier, to $5.6 million. Nonperforming assets fell 34.1%, to $8.1 million.

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