Business & Finance

Press Releases

Center Bancorp, Inc. Reports Net Income Available to Common Shareholders of $4.9 Million or $0.30 Per Share for the Second Quarter of 2013, Representing a 14.7% Increase

21b077a970315a1f85bd_cc46cd8636ed7745a9a6_stock_image_-_business_-_v1.jpg
21b077a970315a1f85bd_cc46cd8636ed7745a9a6_stock_image_-_business_-_v1.jpg

Center Bancorp, Inc.
(Nasdaq:CNBC) (the "Corporation", or "Center"), parent company of Union
Center National Bank ("UCNB" or the "Bank"), reported operating
results for the second quarter ended June 30, 2013. Net income
available to common stockholders amounted to $4.9 million, or $0.30 per
fully diluted common share, for the quarter ended June 30, 2013, an
increase of $626,000 or approximately 14.7 percent as compared with net
income available to common stockholders of $4.3 million, or $0.26 per
fully diluted common share, for the quarter ended June 30, 2012.

"Second quarter earnings remained strong with a continued improvement
in our asset quality profile. We continued with momentum in expanding
our presence in key markets, with the opening of our new Princeton
office, our first location in Mercer County, New Jersey. This continues
our goal of expanding our presence and visibility in markets we are
drawing business from, allowing us to solidify and expand our service
relationships. These types of actions, supported by our core earnings
performance and strategic growth, create incremental shareholder
value," said Anthony C. Weagley, President & Chief Executive Officer of
Union Center National Bank.

For the six months ended June 30, 2013, net income available to common
stockholders amounted to $9.8 million, or $0.60 per fully diluted
common share, compared to $8.4 million, or $0.51 per fully diluted
common share, for the same period in 2012.

Mr. Weagley added: "We are pleased with this quarter's earnings and
believe that our sequential earnings performance demonstrates the
Corporation's commitment to achieving meaningful growth in earnings
performance -- an essential component of providing consistent and
favorable long-term returns to our shareholders. Margins were
relatively stable and are poised for improvement with further loan
growth. Loans achieved sequential growth with solid pipelines and core
loan growth. Small businesses lending remains strong despite the
continued uncertainty about the economic recovery and broader fiscal
uncertainty. Our current targeted net growth for the third quarter
remains on track with our year-on-year growth projection."

 

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Berkeley Heights

The Mayor Addresses a Question on Tax Credits for Businesses

April 25, 2018

Some citizens have suggested that Berkeley Heights and any other New Jersey municipality can and should grant “tax breaks” or “tax credits” in the hopes of enticing businesses downtown. However, the law is clear and it does NOT allow municipalities to give “tax credits” to businesses.

Article VIII of the New Jersey State Constitution, Section 1 states, ...

Politics IS Government in Union County

After Bruce Patrson of Garwood was stopped from speaking at the Union County freeholder meeting of March 22 regarding the politics behind refusing to give the party line to a sitting freeholder I thought this brazen suppression of free speech could not go unanswered. A the the April 19 meeting I answered with these comments.

After ten years of following government in Union County I conclude ...

Shape up This Summer! Take it to the Next Level with a YMCA Personal Trainer.

April 26, 2018

Don't wait! Summer will be here in no time!  Now's the perfect time to SHAPE UP FOR SUMMER with our Personal Training Specials  -- only available during the month of May!

One-to-One sessions with our highly trained and encouraging staff give you the benefit of having a customized and productive experience.  We tailor your routine to your schedule and work ...

Reduce Your Risk for Colorectal Cancer

Morristown Medical Center’s Carol G. Simon Cancer Center presents “Protecting Your Colorectal Health” on Tuesday, May 1from 6:00 to 8:00pm at the Morristown Medical Center Health Pavilion, 333 Mount Hope Avenue in Rockaway. Admission is free.

This popular, educational program presents an opportunity to hear up-to-date presentations from leading ...

Union County College’s Drama Club to Present “12 Angry Jurors”

CRANFORD – Union County College’s Drama Club will be performing for their spring show the play, “12 Angry Jurors,” as adapted by Sherman L. Sergel and based on the Emmy award-winning television movie by Reginald Rose. The play is based on the same plot as “12 Twelve Angry Men,” but by being named “12 Angry Jurors” both men and women appear in the ...

New Providence Borough Council to Cultivate Relationships with County Officials

April 12, 2018

NEW PROVIDENCE, NJ – Councilman Robert Robinson touted the importance of personal relationships with Union County representatives at the Monday, April 9 council meeting.

Union County Freeholders Angel Estrada and Bette Jane Kowalski attended the Street Smart campaign kick-off event prior to the meeting providing the council members with the opportunity to chat face-to-face with the two ...

Student Led #Rally4 Action to Protest Gun Violence Held Friday in Springfield

April 21, 2018

SPRINGFIELD, NJ - Fueled partially by their disappointment that students were not allowed to leave school for the nationwide student protest last month, student leaders planned a rally Friday on the nineteenth anniversary of the Columbine massacre in Colorado. At 4:30 p.m., students, parents, families, community members met at Chisholm Community Center to register voters, make ...

Student Led #Rally4 Action to Protest Gun Violence Held Friday in Springfield

April 21, 2018

SPRINGFIELD, NJ - Fueled partially by their disappointment that students were not allowed to leave school for the nationwide student protest last month, student leaders planned a rally Friday on the nineteenth anniversary of the Columbine massacre in Colorado. At 4:30 p.m., students, parents, families, community members met at Chisholm Community Center to register voters, make ...