Medford-based Century Bancorp, parent company of Century Bank and Trust Co., has reported net income of $2.8 million for the fourth quarter 2008, up 18.4 percent compared to net income of $2.4 million for the same period a year prior.

For the year ended Dec. 31, net income totaled $9 million, an increase of 15 percent compared to net income of $7.9 million for 2007.

The company’s board of directors voted a regular quarterly dividend of $.12 cents per share on class A common stock, and $.06 cents per share on class B common stock. The dividends are payable Feb. 17 to stockholders of record on Feb. 2.