Central Bancorp Reports Improved Earnings for the Quarter Ended June 30, 2008

SOMERVILLE, MA, July 22 / MARKET WIRE/ -- Central Bancorp, Inc. (NASDAQ: CEBK) (the "Company") today reported that its net income for the quarter ended June 30, 2008 increased to $401,000, or $0.29 per diluted share, from net income of $225,000, or $0.16 per diluted share, for the comparable prior year quarter. Contributing to the earnings improvement was a $585,000 increase in net interest and dividend income, which was partially offset by a $200,000 increase in the provision for loan losses relating to one property, a $97,000 decrease in non-interest income due primarily to the $121,000 write-down of one equity security determined to be other than temporarily impaired, and by a $92,000 increase in operating expenses. The net interest rate spread and the net interest margin increased from 1.99% and 2.45%, respectively, for... [read full story]