Business News • MarketWire • Central Bancorp, Inc. Reports Financial Results for the Quarter Ended June 30, 2011 |
Central Bancorp, Inc. Reports Financial Results for the Quarter Ended June 30, 2011 |
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Central Bancorp, Inc. Reports Financial Results for the Quarter Ended June 30, 2011
SOMERVILLE, MA--(Marketwire - Jul 27, 2011) - Central Bancorp, Inc. (NASDAQ: CEBK) (the "Company") today reported that its net income for the quarter ended June 30, 2011 was $236 thousand and that its net income available to common shareholders for the quarter ended June 30, 2011 was $80 thousand, or $0.05 per diluted share, as compared to net income of $739 thousand and net income available to common shareholders of $585 thousand, or $0.37 per diluted share, for the comparable prior year quarter. This decrease was primarily the result of decreases in commercial real estate loan balances as management continued to de-emphasize commercial real estate lending in the current market environment in an effort to reduce risk in accordance with the Company's business plan, as well as a general decline in market interest rates on loans. As a result of these strategic changes, the Company's concentration of CRE loans has been reduced from a high of 600% at March 31, 2009, 466% at March 31, 2010 and 330% at March 31, 2011 to 309% at June 30, 2011.
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