Center Bancorp Inc. Reports Net Income of 11.6% More in 4Q 2013 vs. 4Q 2012
Tuesday, January 21, 2014 • 8:34am
UNION, N.J., Jan. 21, 2014 (GLOBE NEWSWIRE) -- Center Bancorp, Inc.
(Nasdaq:CNBC) (the "Corporation", or "Center"), parent company of Union
Center National Bank ("UCNB" or the "Bank"), today reported operating
results for the fourth quarter ended December 31, 2013. Net income
available to common stockholders amounted to $5.0 million, or $0.30 per
fully diluted common share, for the quarter ended December 31, 2013, an
increase of $514,000 or approximately 11.6 percent as compared with net
income available to common stockholders of $4.4 million, or $0.27 per
fully diluted common share, for the quarter ended December 31, 2012.
For the twelve months ended December 31, 2013, net income available to
common stockholders amounted to $19.8 million, or $1.21 per fully
diluted common share, compared to $17.2 million, or $1.05 per fully
diluted common share, for the same period in 2012.
"Our fourth quarter earnings remained strong, fueled on fundamentals
driving top line revenue growth with solid asset quality. We achieved
significant growth across all principal portions of our business and
achieved strong core deposit growth during the fourth quarter. Our
actions, supported by our core earnings performance and strategic
growth, created value to our shareholders," said Anthony C. Weagley,
President and Chief Executive Officer of Union Center National Bank.
About Center Bancorp
Center Bancorp, Inc. is a bank holding company, which operates Union
Center National Bank, its main subsidiary. Chartered in 1923, Union
Center National Bank is one of the oldest national banks headquartered
in the state of New Jersey and now ranks as the third largest national
bank headquartered in the state. Union Center National Bank is
currently the largest commercial bank headquartered in Union County.
Its primary market niche is its commercial banking business. The Bank
focuses its lending activities on commercial lending to small and
medium-sized businesses, real estate developers and high net worth
The Bank, through its Private Banking and Wealth Management Division,
which includes its wholly-owned subsidiary, Center Financial Group LLC,
provides personalized wealth management and advisory services to high
net worth individuals and families. Our services include banking,
liquidity management, investment services, custody, tailored lending,
wealth planning, trust and fiduciary services, insurance, family wealth
advisory services and philanthropic advisory services. The Bank,
through a strategic partnership between the Bank's Private Banking
Division and Alexander, Troy & Company, Family Office Services, of
Katonah, New York, provides customized financial and administrative
services to high-net worth individuals.
Center, through a strategic partnership with Compass Financial
Management, LLC and ING, offers pension/401(k) planning services.
Compass is an Investment Advisory Company with five decades of
cumulative experience providing investment services in a personal,
professional and attentive manner. They provide discretionary private
investment management for individuals and corporate accounts as well as
401(k) advisory services.
The Bank currently operates 16 banking locations in Bergen, Mercer,
Morris and Union Counties in New Jersey. Banking centers are located in
Union Township (5 locations), Berkeley Heights, Boonton/Mountain Lakes,
Englewood, Madison, Millburn/Vauxhall, Morristown, Oakland, Saddle
River, Springfield, Princeton and Summit, New Jersey. The Bank's
primary market area is comprised of central and northern New Jersey.
For further information regarding Center Bancorp, Inc., please visit
our web site at http://www.centerbancorp.com or call (800) 862-3683.
For information regarding Union Center National Bank, please visit our
web site at www.ucnb.com.