Medford’s Century Bancorp Inc., the parent company of Century Bank and Trust Co., has reported net income of $10.16 million for the year ended Dec. 31, compared to $9 million for the same period last year, an increase of almost 13 percent.

For the quarter ended Dec. 31, net income totaled $3.1 million, a 9.8 percent increase compared to net income of $2.8 million for the same period a year ago.

Total assets increased 25.1 percent from $1.8 billion at Dec. 31, 2008 to $2.3 billion at Dec. 31, 2009.

Net interest income totaled $47.9 million for the year ended Dec. 31, compared to $44.8 million for 2008. The 6.9 percent increase in net interest income for the period is mainly due to a 22.3 percent increase in the average balances of earning assets, combined with a similar increase in deposits, according to a statement.

The company’s board of directors also declared a quarterly dividend of $0.12 per share on the company’s Class A common stock, and $0.06 per share on the company’s Class B common stock. The dividends will be paid Feb. 16 to stockholders of record on Feb. 1.