Century Bancorp (CNBKA) 8-K Century Bancorp, Inc. Announces 81% Earnings Growth for Q1 2010; 5% Asset Growth to $2.4BB; Regular Dividend Declared

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:	William P. Hornby, CPA
	whornby@century-bank.com
Phone:	781-393-4630
Fax:	781-393-4071

CENTURY BANCORP, INC. ANNOUNCES 81% EARNINGS GROWTH FOR Q1 2010; 5%
ASSET GROWTH TO $2.4BB; REGULAR DIVIDEND DECLARED

Medford, MA, April 13, 2010—Century Bancorp, Inc. (NASDAQ:CNBKA) (www.century-bank.com) (“the Company”) today announced net income of $3,422,000 for the quarter ended March 31, 2010, or $0.62 per share diluted, an increase of 81.4% as compared to net income of $1,886,000, or $0.34 per share diluted, for the same period a year ago. Total assets increased 4.5% from $2.3 billion at December 31, 2009 to $2.4 billion at March 31, 2010.

Net interest income totaled $12.7 million for the quarter ended March 31, 2010 compared to $10.8 million for 2009. The 17.9% increase in net interest income for the period is mainly due to a 23.7% increase in the average balances of earning assets, combined with a similar increase in deposits. The increased volume was partially offset by a decrease of two basis points in the net interest margin. The net interest margin decreased from 2.57% on a fully taxable equivalent basis in 2009 to 2.55% on the same basis for 2010.

The provision for loan losses decreased by $275,000 from $1.9 million for the quarter ended March 31, 2009 to $1.6 million, for the quarter ended March 31, 2010, as a result of decreases in loans on nonaccrual. The Company capitalized on favorable market conditions and realized $378,000 of net gains on sales of investments during the quarter ended March 31, 2010. Included in operating expenses for the quarter ended March 31, 2010 are FDIC assessments of $650,000, as compared to $493,000 for 2009. FDIC assessments increased primarily as a result of an increase in the assessment rate as well as an increase in the deposit base.

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The Company’s effective tax rate declined from 12.8% in 2009 to 11.0% in 2010 primarily as a result of an increase in tax-exempt income.

At March 31, 2010, total equity was $138.0 million compared to $132.7 million at December 31, 2009. The Company’s equity increased as a result of earnings and a decrease in accumulated other comprehensive loss, net of taxes, offset somewhat by dividends paid. The Company’s leverage ratio stood at 7.23% at March 31, 2010, compared to 8.29% at March 31, 2009. This decline in the leverage ratio is due to an increase in assets, offset by an increase in stockholders’ equity. Book value as of March 31, 2010 was $24.95 per share compared to $22.24 at March 31, 2009.

The Company’s allowance for loan losses was $13.2 million or 1.50% of loans outstanding at March 31, 2010, compared to $12.4 million, or 1.41% of loans outstanding at December 31, 2009 and $12.5 million or 1.49% of loans outstanding at March 31, 2009. Non-performing assets totaled $11.9 million at March 31, 2010, compared to $12.3 million at December 31, 2009 and $14.7 million at March 31, 2009.

The Company’s Board of Directors 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 May 17, 2010 to stockholders of record on May 3, 2010.

The Company, through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-two full-service branches in the Greater Boston area, offers a full range of Business, Personal and Institutional Services.

Century Bank and Trust Company is a member of the FDIC and is an Equal Housing Lender.

This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.

Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Condition (unaudited)
(in thousands)

	March 31,		December 31,
	2010		2009
Assets
Cash and Due From Banks	$	38,127	$	42,627
Federal Funds Sold and Interest-bearing Deposits In Other Banks		181,461		356,015
Short-term Investments		135,975		18,518
Securities Available-For-Sale (AFS)		798,128		647,796
Securities Held-to-Maturity		229,502		217,643
Federal Home Loan Bank of Boston stock, at cost		15,531		15,531
Loans:
Commercial & Industrial		138,656		141,061
Construction & Land Development		56,541		60,349
Commercial Real Estate		371,504		361,823
Residential Real Estate		189,428		188,096
Consumer and Other		7,296		7,720
Home Equity		117,698		118,076
Total Loans		881,123		877,125
Less: Allowance for Loan Losses		13,229		12,373
Net Loans		867,894		864,752
Bank Premises and Equipment		21,176		21,015
Accrued Interest Receivable		6,372		5,806
Goodwill		2,714		2,714
Core Deposit Intangible		799		896
Other Assets		58,788		60,722
Total Assets	$	2,356,467	$	2,254,035
Liabilities
Demand Deposits	$	278,338	$	279,874
Interest Bearing Deposits:
Savings and NOW Deposits		629,115		575,592
Money Market Accounts		515,740		553,883
Time Deposits		399,657		292,638
Total Interest Bearing		1,544,512		1,422,113
Total Deposits		1,822,850		1,701,987
Borrowed Funds:
Securities Sold Under Agreements to Repurchase		113,460		118,745
Other Borrowed Funds		211,968		234,024
Total Borrowed Funds		325,428		352,769
Other Liabilities		34,128		30,466
Subordinated Debentures		36,083		36,083
Total Liabilities		2,218,489		2,121,305
Total Stockholders’ Equity		137,978		132,730
Total Liabilities & Stockholders’ Equity	$	2,356,467	$	2,254,035

Century Bancorp, Inc. and Subsidiaries
Consolidated Comparative Statements of Income (unaudited)
For the Quarter ended March 31, 2010 and 2009
(in thousands)

	Quarter Ended March 31,
	2010		2009
Interest Income:
Loans	$	12,112	$	11,789
Securities Held-to-Maturity		1,985		2,223
Securities Available-for-Sale		5,033		5,029
Federal Funds Sold and Interest-bearing Deposits In Other Banks		378		542
Total Interest Income		19,508		19,583
Interest Expense:
Savings and NOW Deposits		1,221		1,396
Money Market Accounts		1,224		1,935
Time Deposits		1,708		2,607
Securities Sold Under Agreements to Repurchase		219		208
Other Borrowed Funds and Subordinated Debentures		2,411		2,645
Total Interest Expense		6,783		8,791
Net Interest Income		12,725		10,792
Provision For Loan Losses		1,575		1,850
Net Interest Income After Provision for Loan Losses		11,150		8,942
Other Operating Income
Service Charges on Deposit Accounts		1,923		2,022
Lockbox Fees		700		741
Net Gain on Sales of Investments		378		978
Other Income		1,258		929
Total Other Operating Income		4,259		4,670
Operating Expenses
Salaries and Employee Benefits		6,925		6,888
Occupancy		1,068		1,145
Equipment		550		628
FDIC Assessment		650		493
Other		2,373		2,296
Total Operating Expenses		11,566		11,450
Income Before Income Taxes		3,843		2,162
Income Tax Expense		421		276
Net Income	$	3,422	$	1,886

Century Bancorp, Inc. and Subsidiaries
Consolidated Year-to-Date Average Comparative Statements of Condition (unaudited)
(in thousands)

	March 31,		March 31,
	2010		2009
Assets
Cash and Due From Banks	$	52,167	$	66,316
Federal Funds Sold and Interest-Bearing Deposits in Other Banks		387,343		206,097
Securities Available-For-Sale (AFS)		704,955		528,295
Securities Held-to-Maturity		232,115		209,687
Total Loans		876,396		835,240
Less: Allowance for Loan Losses		12,848		11,765
Net Loans		863,548		823,475
Unrealized Gain on Securities AFS		10,889		529
Bank Premises and Equipment		21,135		21,895	��
Accrued Interest Receivable		6,563		7,188
Goodwill		2,714		2,714
Core Deposit Intangible		852		1,242
Other Assets		57,937		49,151
Total Assets	$	2,340,218	$	1,916,589
Liabilities
Demand Deposits	$	279,184	$	273,439
Interest Bearing Deposits:
Savings and NOW Deposits		645,156		432,383
Money Market Accounts		542,597		411,511
Time Deposits		311,436		326,226
Total Interest Bearing		1,499,189		1,170,120
Total Deposits		1,778,373		1,443,559
Borrowed Funds:
Securities Sold Under Agreements to Repurchase		172,691		106,600
Other Borrowed Funds		186,205		178,625
Total Borrowed Funds		358,896		285,225
Other Liabilities		30,041		29,703
Subordinated Debentures		36,083		36,083
Total Liabilities		2,203,393		1,794,570
Total Stockholders’ Equity		136,825		122,019
Total Liabilities & Stockholders’ Equity	$	2,340,218	$	1,916,589
Total Average Earning Assets — YTD	$	2,200,809	$	1,779,319

Century Bancorp, Inc. and Subsidiaries
Consolidated Selected Key Financial Information (unaudited)
(in thousands, except share data)

	March 31,			March 31,
	2010			2009
Performance Measures:
Earnings per average share, basic, quarter	$	0.62		$	0.34
Earnings per average share, diluted, quarter	$	0.62		$	0.34
Return on average assets, quarter		0.59	%		0.40	%
Return on average stockholders’ equity, quarter		10.14	%		6.27	%
Net interest margin (taxable equivalent), quarter		2.55	%		2.57	%
Efficiency ratio, quarter		63.9	%		70.8	%
Book value per share	$	24.95		$	22.24
Tangible book value per share	$	24.31		$	21.53
Tangible capital / tangible assets		5.71	%		6.10	%
Common Share Data:
Average shares outstanding, basic, quarter		5,530,297			5,537,781
Average shares outstanding, diluted, quarter		5,533,070			5,537,781
Shares outstanding Class A		3,515,917			3,507,507
Shares outstanding Class B		2,014,380			2,027,100
Total shares outstanding at period end		5,530,297			5,534,607
Asset Quality and Other Data:
Allowance for loan losses / loans		1.50	%		1.49	%
Nonaccrual loans	$	11,857		$	14,659
Nonperforming assets	$	11,857		$	14,659
Loans 90 days past due and still accruing	$	312		$	—
Accruing troubled debt restructures	$	877		$	—
Net charge-offs, quarter	$	718		$	447
Leverage ratio		7.23	%		8.29	%
Tier 1 risk weighted capital ratio		14.36	%		15.02	%
Total risk weighted capital ratio		15.49	%		16.20	%
Total risk weighted assets	$	1,173,973		$	1,055,139