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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

Diane Klaif, The Alternative Press

Monday, July 29, 2013 • 12:28pm

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."

 

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