The parent company of Medford-based Century Bank announced net income of $9.4 million for the first quarter of 2019, or $1.69 per Class A share diluted, an increase of 22.2 percent compared to net income of $7.7 million, or $1.38 per Class A share diluted, for the same period a year ago.

Net interest income totaled $23.4 million for the quarter compared to $22.5 million for the same period in 2018. The 4.3 percent increase in net interest income for the period is primarily due to an increase in average earning assets. The margin lost 8 basis points from the first quarter of 2018, settling at 2.11 percent at the end of the quarter.

Total assets increased from about $4.78 billion at the end of the first quarter of 2018 to just over $5.3 billion at the end of the first quarter of this year. Total loans grew about $123 million between the first quarter of 2018 and the first quarter of this year.

While total volume in Century Bank’s commercial portfolio didn’t grow much, the bank grew residential volume by about $50 million year-over-year and home equity volume by about $45 million year-over-year.

The company’s allowance for loan losses was $28.8 million or 1.25 percent of loans outstanding at the end of the first quarter, compared to $28.5 million at the end of the fourth quarter of 2018 and $26.7 million or 1.22 percent of loans outstanding at the end of the first quarter of 2018.

Non-performing assets totaled $3.7 million at the end of the first quarter of 2019, up from $1.4 million at the end of the first quarter of 2018, mainly as a result of one residential real estate property classified as other real estate owned.