The parent company of Century Bank reported net income of roughly $7.7 million for the first quarter of 2018, or $1.38 per class A diluted share, an increase of 26.5 percent compared to the first quarter of 2017.  

Net interest income totaled $22.5 million for the first quarter, up about $2 million for the same period last year. The increase in net interest income for the period is primarily due to an increase in average earning assets and an increase in the net interest margin. The margin ticked up two basis points year-over-year, reaching 2.19 percent.  

Total assets at the end of the quarter reached $4.78 billion, up about $200 million year-over-year. Net loans after the first quarter were $2.16 billion, up  almost $145 million year-over-year, led by increases in commercial real estate, commercial and industrial and residential real estate loans. As of the end of 2017, according to a recent regulatory filing, roughly 69 percent of the company’s loan portfolio consisted of commercial real estate and commercial loans, while nearly 25 percent consisted of residential real estate and home equity loans.

The company’s effective tax rate increased from 2.3 percent for the first quarter of 2017 to 6.1 percent for the same period in 2018, primarily as a result of an increase in taxable income, partially offset by a decrease in the federal tax rate from 34 to 21 percent as a result of the Tax Cuts and Jobs Act.

The company’s allowance for loan losses was $26.7 million or 1.22 percent of loans outstanding at March 31, 2018, compared to $24.8 million or 1.22 percent of loans outstanding at March 31, 2017.