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| 8-K - ConnectOne Bancorp, Inc. | v205905_8k.htm |
Center Bancorp, Inc. Comments on
Anticipated Fourth Quarter Actions
UNION, N.J.,
December
13,
2010 (GLOBE NEWSWIRE) --
Center Bancorp, Inc. (Nasdaq:CNBC), the parent company for Union Center
National Bank ("UCNB"), today announced that for the fourth quarter of 2010, it
intends to establish an additional loan loss provision of approximately $1.4
million pretax, on various non-performing assets. In addition,
the Corporation expects to record the remaining $1.4 million unrecognized income
tax benefit related to a previously disclosed internal entity structure
realignment and liquidation of subsidiary companies, commenced in the fourth
quarter of 2006. The total allowance for loan losses as a percentage of total
loans should remain consistent at 1.25% at December 31, 2010.
Anthony
Weagley, President and Chief Executive Officer of Center Bancorp, Inc. stated:
"In prior press releases and quarterly filings, we have underscored our asset
quality and discussed our aggressive efforts to address credit quality issues in
this stressed economic environment. We have recently sold our
remaining Other Real Estate Owned (OREO) property, bringing the balance to
$0.00. “
The
Corporation continues to experience a pick-up in loan demand and is experiencing
stable asset quality throughout its loan portfolio. Total loans are expected to
amount to approximately $705.0 million at December 31, 2010.
Mr. Weagley indicated that "our earnings
estimate for the fourth quarter of 2010, inclusive of the above noted actions, is
$0.14 - $0.16 per fully
diluted common share."
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 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 individuals.
The Bank, through its Private Wealth
Management Division, which includes its wholly-owned subsidiary, Center
Financial Group LLC, provides financial services including brokerage services,
insurance and annuities, mutual funds, financial planning, estate and tax
planning, trust, elder care and benefit plan administration.
The Bank currently operates 13 banking
locations in Union and Morris Counties in New Jersey. Banking centers are located in
Union Township (6 locations), Berkeley Heights, Boonton/Mountain Lakes, Madison, Millburn/Vauxhall, Morristown, Springfield, and Summit, New Jersey. The Bank also operates remote ATM
locations in the Chatham and Madison New Jersey Transit train
stations, and the Boys and Girls Club of Union.
While the Bank's primary market area is
comprised of Union and Morris Counties, New Jersey, the Corporation has expanded to
northern and central New
Jersey as well. At September 30, 2010, the Corporation
had total assets of $1.2 billion, total deposit funding sources, which includes
overnight repurchase agreements, of $873.3 million and stockholders' equity of
$122.2 million.
For further information regarding Center
Bancorp, Inc., visit our web site at http://www.centerbancorp.com or call (800) 862-3683. For information
regarding Union Center National Bank, visit our web site at http://www.ucnb.com.
Forward-Looking
Statements
All non-historical statements in this
press release (including statements regarding the Corporation’s estimated fourth
quarter additional loan loss provision, estimated allowance for loan losses as a
percentage of total loans at year-end, the Corporation’s fourth quarter earnings
estimate and statements regarding the Corporation’s intention to record an
unrecognized tax benefit)
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements may
use forward-looking terminology such as "expect," "look," "believe," "plan,"
"anticipate," "may," "will" or similar statements or variations of such terms or
otherwise express views concerning trends and the future. Such forward-looking
statements involve certain risks and uncertainties. These include, but are not
limited to, the direction of interest rates, continued levels of loan quality
and origination volume, continued relationships with major customers including
sources for loans, as well as the effects of international, national, regional
and local economic conditions and legal and regulatory barriers and structure,
including those relating to the protracted global financial crisis and other
risks cited in the Corporation’s most recent Annual Report on Form 10-K and
other reports filed by the Corporation with the Securities and Exchange
Commission. Actual results may differ materially from such forward-looking
statements. Center Bancorp, Inc. assumes no obligation for updating any such
forward-looking statement at any time.
Investor Inquiries:
Anthony C. Weagley
President & Chief Executive
Officer
(908) 206-2886
Joseph Gangemi
Investor Relations
(908) 206-2863