Medford’s Century Bancorp Inc. reported almost $16.7 million in net income last year, an increase of 23 percent compared to $13.6 million in 2010.

Total assets increased 12.3 percent to $2.7 billion, up from $2.4 billion during the same period in 2010. For the quarter ended Dec. 31, net income totaled $4.2 million, an increase of 6.8 percent compared to net income of $3.9 million for the same period a year ago.

The company’s board of directors also declared a 12 cent per share quarterly dividend on the company’s Class A common stock, and 6 cents per share on the Company’s Class B common stock. The dividends were declared payable Feb. 15 to stockholders of record on Feb. 1.