Medford-based Century Bancorp Inc., the parent company of Century Bank and Trust Co., has reported net income for the second quarter of $2 million, an increase of 7 percent compared to a year ago, and has announced plans to repurchase 9 percent of its common stock.

The company said it recorded a pre-tax charge of approximately $1 million in the second quarter of 2009 in connection with a special assessment levied by the FDIC to help rebuild its insurance fund.

The company’s board of directors voted a regular quarterly dividend of 12 cents per share on the company’s Class A common stock, and six cents per share on the company’s Class B common stock. The dividends are payable Aug. 17 to stockholders of record Aug.3.

The board of directors also approved reauthorization to repurchase up to 300,000, or less than 9 percent, of Century Bancorp Class A common stock.

This vote supersedes the previous program voted by the board on July 8, 2008, which also authorized the company to repurchase up to 300,000 or less than 9 percent, of Century Bancorp Class A common stock, the company said in a statement.

The stock buy back is authorized to take place from time-to-time, subject to prevailing market conditions. The purchases will be made on the open market and will be funded from available cash. As of today, there are 3.5 million shares of the bank’s Class A common stock outstanding.