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Century Bank and Trust Company

Somerville, MA · Cert 19943

FDIC · 28 branches

Q3 2021

$7.1BAssets
$2.9BLoans
$6.2BDeposits
$425.0MEquity
Loan mix
67%RE $975.4M33%C&I $482.7M0%Consumer $5.3MQ3 2020Q3 2021
Deposit mix
81%Interest-bearing $5.0B19%Noninterest $1.2BQ3 2020Q3 2021

NIM

3.08%Q3 ’192.38%Q3 ’201.95%Q3 ’21-4%-6%

Non-interest income vs. expense

1.35%Q3 ’191.18%Q3 ’201.14%Q3 ’21-11%0%

Market Position · Boston-Cambridge-Newton, MA-NH · 2021 SOD (annual) · 1.2% share · #10 of 116 inst. · $6.4B of $514.5B

6.4% Middlesex
0.1% Suffolk
1.0% Norfolk
0.7% Essex

Executive Summary

  • Earnings: ROA of 0.67%, down 6 bps year over year; NIM at 1.69%.
  • Asset quality: problem loans at 0.05% of loans (0 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 6.15%, down 41 bps from a year ago.
  • Funding: loans stand at 47.14% of deposits as of Q3 2021.

Financial Results

Return on Assets (quarter, annualized)

0.67%-6 bps YoY

Net Interest Margin (quarter, annualized)

1.69%-11 bps YoY

Efficiency Ratio (quarter, annualized)

59.34%+230 bps YoY

Tier 1 Leverage Ratio

6.15%-41 bps YoY

Discrete quarter, annualized.

MetricQ3 2020Q4 2020Q1 2021Q2 2021Q3 2021YoY ΔTrend
Earnings
Return on Assets0.73%0.75%0.64%0.61%0.67%-6 bps
Return on Equity11.75%12.20%11.07%10.86%11.44%-31 bps
Net Interest Margin1.80%1.78%1.62%1.65%1.69%-11 bps
Efficiency Ratio57.04%56.90%63.35%61.01%59.34%+230 bps
Non-Interest Burden0.91%0.84%0.94%0.92%0.91%0 bps
Growth
Asset Growth (YoY)18.87%15.83%31.12%22.19%13.27%-560 bps
Loan Growth (YoY)25.87%23.48%19.76%7.19%-2.16%-2,803 bps
Deposit Growth (YoY)24.75%23.94%40.17%24.63%14.57%-1,018 bps
Asset Quality
Nonperforming Loans / Loans0.05%0.14%0.03%0.04%0.05%0 bps
Net Charge-Offs / Loans0.00%0.01%0.00%0.00%0.00%0 bps
Allowance / Loans1.12%1.18%1.17%1.17%1.19%+7 bps
Allowance Coverage of NPLs22.7x8.7x37.1x27.5x26.4x+3.6x
Capital
Tier 1 Leverage Ratio6.56%6.41%5.95%5.94%6.15%-41 bps
Total Risk-Based Capital13.00%13.03%12.81%12.78%13.35%+35 bps
Equity / Assets6.10%6.14%5.51%5.69%5.98%-13 bps
Liquidity & Funding
Loans / Deposits55.20%54.90%46.76%47.04%47.14%-806 bps
Liquid Assets / Assets43.29%43.30%51.12%51.54%52.08%+879 bps
CRE / Total Capitaln/an/an/an/an/an/an/a