Somerville’s Central Bancorp Inc.’s profits more than doubled in the second quarter.
Central Bancorp, the holding company for Central Bank, reported $739,000 in net income for the quarter ended June 30, compared to net income of $298,000 for the same period last year.
The company’s increase in net income was primarily attributable to an increase in net interest and dividend income of $787,000 and a decrease in non-interest expenses of $170,000, partially offset by a $250,000 increase in the provision for loan losses and a $260,000 increase in income tax expense.