Medford’s Century Bancorp Inc., the parent company of Century Bank and Trust Co., has reported $2.96 million in net income for the quarter ended June 30, compared to $2 million in net income of for the same period last year.

Total assets increased 7.3 percent from $2.3 billion at Dec. 31, 2009 to $2.4 billion at June 30. For the first six months of 2010, net income totaled $6.4 million, an increase of 64 percent when compared to net income of $3.9 for the same period last year.

Net interest income totaled $25.9 million for the first six months of 2010 compared to $22.8 million for 2009. The 13.7 percent increase in net interest income for the period is mainly due to a 20.6 percent increase in the average balances of earning assets, combined with a similar increase in deposits.

The company’s board of directors also declared a regular quarterly dividend of 12-cents per share 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 Aug. 16 to stockholders of record on Aug. 2.

The board also approved a reauthorization of the stock repurchase program. Under the program, the company is reauthorized to repurchase up to 300,000 or less than 9 percent of Century Bancorp Class A Common Stock outstanding. The vote supercedes the previous program voted by the board on July 14, 2009, which also authorized the company to repurchase up to 300,000 or less than 9 percent of Century Bancorp Class A Common Stock.