Attached files
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| 8-K - ConnectOne Bancorp, Inc. | v209146_8k.htm |
Center
Bancorp, Inc. Reports Fourth Quarter 2010 Earnings
UNION, N.J., January
27, 2011 (GLOBE NEWSWIRE) — Center Bancorp, Inc. (Nasdaq:CNBC) (the "Corporation", or
"Center"), parent company of Union Center National Bank (“UCNB”), today reported
operating results for the fourth quarter ended December 31, 2010. Net income
available to common stockholders amounted to $2.4 million, or $0.15 per fully
diluted common share, for the quarter ended December 31, 2010, as compared with
net income available to common stockholders of $94,000, or $0.01 per fully
diluted common share, for the quarter ended December 31, 2009.
Highlights
for the quarter include:
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·
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Net
interest income increased to $8.4 million, compared to $8.0 million for
the fourth quarter 2009. Net interest margin on a fully taxable equivalent
basis increased 13 basis points to 3.18%, compared to 3.05% for the fourth
quarter of 2009, primarily the result of lower interest rates on the
deposits mix and lower rates and volume on
borrowings.
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·
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Deposits
increased to $860.3 million at December 31, 2010, or 2.8%, from $836.9
million at September 30, 2010 and increased $46.6 million from the balance
reported at December 31, 2009. The growth in the current quarter was
primarily in noninterest-bearing checking deposits, savings and money
market deposit accounts.
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·
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At
December 31, 2010, total loans amounted to $708.4 million, an increase of
$6.5 million, compared to total loans at September 30, 2010. The increase
occurred primarily in the real estate loan
portfolio.
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·
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Overall
credit quality in the loan portfolio remained strong during the quarter.
Non-performing assets, consisting of non-accrual loans, accruing loans
past due 90 days or more and other real estate owned (“OREO”), amounted to
0.98% of total assets at December 31, 2010, compared to 1.12% at September
30, 2010 and 0.94% at December 31, 2009. In October 2010, the Corporation
disposed of $1.8 million in OREO property and recorded a loss of
approximately $185,000. Excluding this item from total non-performing
assets reported at September 30, 2010, non-performing assets as a percent
of total assets would have been 0.97% at September 30,
2010. At December 31, 2010, the allowance for loan losses
amounted to approximately $8.9 million, or 1.25% of total loans. The
allowance for loan losses as a percentage of total non-performing loans
was 74.6% at December 31, 2010 compared to 74.7% at September 30, 2010 and
77.2% at December 31, 2009.
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·
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The
Corporation added $11.4 million to its capital base as a result of its
successful common stock offerings in September 2010. The Tier 1 leverage
capital ratio of 9.90% at December 31, 2010, compared to 9.60% at
September 30, 2010, and 7.73% at December 31, 2009, exceeding regulatory
guidelines.
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·
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Book value per common share was
$6.83 at December 31, 2010, compared to $6.90 at September 30, 2010 and
$6.32 at December 31, 2009. Tangible book value per common share was $5.79
at December 31, 2010, compared to $5.86 at September 30, 2010 and $5.15 at
December 31, 2009.
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“We are
pleased with the performance achieved for the quarter and are on track with our
goal of having earning- asset growth to fuel continued margin expansion through
top line revenue growth. The Corporation expects to build its outstanding loan
volume in 2011. Our pipelines are strong, and we expect that increased activity
in the commercial sectors of the portfolio will support our strategic goals of
increasing our loan volume and improving our earning asset mix," said Anthony C. Weagley,
President & CEO.
"Center
gained sustained momentum in the quarter and continued to show marked progress
in resolving credit issues, positioning the margin for top line revenue
growth. The progress that we have made throughout the year reflected good results
across most of our businesses, which benefited from strong client relationships
and continued investments for growth." remarked Mr.
Weagley.
Regarding
the Corporation’s balance sheet, Mr. Weagley said: “Center continued to
strengthen its balance sheet, ending the year with a strong Tier 1 risk-based
capital ratio of 14.09%. Our efforts to continue to improve credit quality
coupled with our aggressive actions on resolving existing problem credits have
produced significant results. Our allowance for loan
loss level, our ability to reduce credit exposures and our low
credit losses
provide us the opportunity to continue to manage risk exposures as we grow the
loan portfolio.”
“The
increase in the fourth quarter’s loan loss provision was primarily related to
one large troubled debt restructuring of a commercial real estate loan, which is
performing, coupled with certain charge-offs in the residential mortgage
portfolio. At December 31, 2010, our non-performing loans were 1.68% of total
loans, up from 1.57% a year ago. Net charge-offs for the fourth quarter were an
annualized 1.13% of average loans and were 0.69% of average loans for the twelve
months ended December 31, 2010, well below industry peer levels,” added Mr.
Weagley.
Mr.
Weagley commented: “Our emphasis will continue to be on lending; reflecting our
continued focus on the commercial mortgage, construction and commercial loan
sectors of the portfolio and continued momentum in our residential portfolio."
At December 31, 2010, the Corporation had $165.7 million in overall undisbursed
loan commitments, which includes largely unused commercial lines of credit, home
equity lines of credit and available usage from active construction
facilities. The Corporation’s “Approved, Accepted but Unfunded”
pipelines include $55 million in commercial and commercial real estate loans
expected to fund over the next 90 days.
Earnings
for the current quarter included the effects of actions taken to further improve
the strength of the Corporation’s balance sheet. In addition,
the provision for loan losses for the quarter was higher than anticipated by
$1.4 million, which maintained the allowance for loan losses at 1.25% of total
loans. The earnings effect of these actions during the quarter was
offset in part by a previously-announced recognized income tax benefit of $1.4
million. Although earnings for the current quarter included these specific
charges and benefits, the results for the quarter and the year to date period
nonetheless continue to reflect the core growth in key performance areas of the
Corporation: asset growth, margin expansion and a reduction in
operating overhead.
For the
twelve months ended December 31, 2010, net income available to common
stockholders amounted to $6.4 million, or $0.43 per fully diluted common share,
compared to $3.2 million, or $0.24 per fully diluted common share, for the same
period in 2009. The results for the twelve months ended December 31,
2010 included various specific charges and benefits which, in the aggregate,
adversely impacted net income available to common shareholders by $4.0 million,
or $0.38 per fully diluted common share. Such charges and benefits primarily
included: $5.6 million in other-than-temporary impairment charges on
investment securities; a $594,000 early termination charge incurred to unwind a
structured repurchase agreement; a charge of $437,000 in connection with the
lease/sale of the Corporation’s former operations facility; $633,000 in
increased income tax expense due to the surrender of bank-owned life insurance
policies; and $2.4 million in recognized income tax benefits.
Looking
ahead into 2011, Mr. Weagley concluded: "While the economy still faces
challenges, there have been clear and broad-based improvements in underlying
trends. We believe these improvements, together with some positive
signs in the economy, are indicative of a recovery. However, we are confident
that if the economy should falter or trends not sustain themselves that Center
is clearly positioned to continue to grow and build shareholder
value.”
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Selected
Financial Ratios
(unaudited;
annualized where applicable)
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As of or for the quarter
ended:
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12/31/10
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9/30/10
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6/30/10
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3/31/10
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12/31/09
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Return
on average assets
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0.86 | % | 0.72 | % | 0.69 | % | 0.10 | % | 0.07 | % | ||||||||||
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Return
on average equity
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8.34 | % | 7.74 | % | 7.60 | % | 1.07 | % | 0.91 | % | ||||||||||
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Net
interest margin (tax equivalent basis)
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3.18 | % | 3.30 | % | 3.37 | % | 3.35 | % | 3.05 | % | ||||||||||
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Loans
/ deposits ratio
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82.35 | % | 83.87 | % | 90.04 | % | 90.08 | % | 88.44 | % | ||||||||||
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Stockholders’
equity / total assets
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10.02 | % | 10.00 | % | 8.98 | % | 8.81 | % | 8.51 | % | ||||||||||
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Efficiency
ratio (1)
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63.9 | % | 57.3 | % | 65.9 | % | 67.5 | % | 57.6 | % | ||||||||||
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Book
value per common share
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$ | 6.83 | $ | 6.90 | $ | 6.71 | $ | 6.52 | $ | 6.32 | ||||||||||
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Return
on average tangible stockholders’ equity (1)
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9.68 | % | 9.14 | % | 9.06 | % | 1.28 | % | 1.09 | % | ||||||||||
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Tangible
common stockholders’ equity / tangible assets (1)
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7.92 | % | 7.93 | % | 6.87 | % | 6.66 | % | 6.37 | % | ||||||||||
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Tangible
book value per common share (1)
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$ | 5.79 | $ | 5.86 | $ | 5.54 | $ | 5.35 | $ | 5.15 | ||||||||||
(1)
Information reconciling non-GAAP measures to GAAP measures is presented
elsewhere in this press release.
Earnings
Summary for the Period Ended December 31, 2010
The
following presents condensed consolidated statement of income data for the
periods indicated.
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Condensed
Consolidated Statements of Income (unaudited)
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(dollars
in thousands, except per share data)
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For the quarter ended:
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12/31/10
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9/30/10
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6/30/10
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3/31/10
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12/31/09
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Net
interest income
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$ | 8,381 | $ | 8,382 | $ | 8,657 | $ | 8,509 | $ | 8,018 | ||||||||||
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Provision
for loan losses
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2,048 | 1,307 | 781 | 940 | 2,740 | |||||||||||||||
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Net
interest income after provision for loan losses
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6,333 | 7,075 | 7,876 | 7,569 | 5,278 | |||||||||||||||
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Other
income (charges)
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1,304 | 2,135 | 1,482 | (2,449 | ) | (340 | ) | |||||||||||||
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Other
expense
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5,997 | 5,442 | 6,268 | 6,392 | 5,238 | |||||||||||||||
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Income
(loss) before income tax expense
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1,640 | 3,768 | 3,090 | (1,272 | ) | (300 | ) | |||||||||||||
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Income
tax expense (benefit)
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(930 | ) | 1,629 | 1,076 | (1,553 | ) | (536 | ) | ||||||||||||
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Net
income
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$ | 2,570 | $ | 2,139 | $ | 2,014 | $ | 281 | $ | 236 | ||||||||||
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Net
income available to common stockholders
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$ | 2,425 | $ | 1,993 | $ | 1,868 | $ | 136 | $ | 94 | ||||||||||
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Earnings
per common share:
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Basic
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$ | 0.15 | $ | 0.14 | $ | 0.13 | $ | 0.01 | $ | 0.01 | ||||||||||
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Diluted
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$ | 0.15 | $ | 0.14 | $ | 0.13 | $ | 0.01 | $ | 0.01 | ||||||||||
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Weighted
average common shares outstanding:
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Basic
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16,289,832 | 14,649,397 | 14,574,832 | 14,574,832 | 14,531,387 | |||||||||||||||
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Diluted
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16,290,071 | 14,649,397 | 14,576,223 | 14,579,871 | 14,534,255 | |||||||||||||||
Net
Interest Income
For the
three months ended December 31, 2010, total interest income on a fully taxable
equivalent basis decreased $1.5 million or 11.8%, to $11.5 million, compared to
the three months ended December 31, 2009. Total interest expense decreased by
$1.8 million, or 36.6%, to $3.1 million, for the three months ended December 31,
2010, compared to the same period last year. Net interest income on a
fully taxable equivalent basis was $8.4 million for the three months ended
December 31, 2010, increasing $264,000, or 3.2%, from $8.1 million for the
comparable period in 2009.
The
decrease in interest expense reflects the impact of the sustained low levels in
short-term interest rates and a lower volume of time deposits. The
combined positive effect was a decrease in the average cost of funds, which
declined 53 basis points to 1.37% from 1.90% for the quarter ended December 31,
2009 and on a linked sequential quarter decreased 21 basis points compared to
the third quarter of 2010.
For the
quarter ended December 31, 2010, the Corporation’s net interest spread remained
constant at 3.00% as compared with the same three month period in 2009, while
the Corporation’s net interest margin (net interest income as a percentage of
interest-earning assets) widened by 13 basis points from 3.05% to 3.18%, in all
cases on an annualized basis.
For the
twelve months ended December 31, 2010, net interest income on a fully taxable
equivalent basis amounted to $34.0 million, compared to $29.0 million for the
same period in 2009. Interest income decreased by $2.8 million while interest
expense decreased by $7.9 million from 2009 to 2010. Compared to 2009, for the
twelve months ended December 31, 2010, average interest earning assets increased
$12.3 million while net interest spread and margin increased on an annualized
basis by 34 basis points and 45 basis points, respectively. The Corporation’s
net interest income and margin were favorably impacted primarily by lower
interest rates on deposits and borrowings and changes in volume
mix.
Other
Income
The
following presents the components of other income for the periods
indicated.
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(in
thousands, unaudited)
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For the quarter ended:
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12/31/10
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9/30/10
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6/30/10
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3/31/10
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12/31/09
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Service
charges on deposit accounts
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$ | 427 | $ | 413 | $ | 337 | $ | 325 | $ | 371 | ||||||||||
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Fees
from mortgage banking activity
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- | - | - | - | 1 | |||||||||||||||
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Loan
related fees
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132 | 104 | 40 | 45 | 25 | |||||||||||||||
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Annuities
and Insurance commissions
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4 | 3 | 23 | 93 | 24 | |||||||||||||||
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Debit
card and ATM fees
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124 | 122 | 122 | 105 | 111 | |||||||||||||||
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Bank-owned
life insurance
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269 | 429 | 264 | 264 | 408 | |||||||||||||||
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Net
investment securities gains (losses)
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315 | 1,033 | 657 | (3,344 | ) | (1,308 | ) | |||||||||||||
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Other
service charges and fees
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33 | 31 | 39 | 63 | 28 | |||||||||||||||
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Total
other income (charges)
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$ | 1,304 | $ | 2,135 | $ | 1,482 | $ | (2,449 | ) | $ | (340 | ) | ||||||||
Other
income increased $1.6 million for the fourth quarter of 2010 compared with the
same period in 2009. During the fourth quarter of 2010, the
Corporation recorded net investment securities gains of $315,000 compared to
$1.3 million in net investment securities losses for the same period last year.
Excluding net securities gains, the Corporation recorded other income of $1.0
million for the three months ended December 31, 2010 compared to other income,
excluding net securities gains, of $1.1 million on a sequential linked quarter
basis and other income, excluding net securities losses, of $968,000 for the
three months ended December 31, 2009. The decrease in other income in
the fourth quarter 2010 when compared to the third quarter 2010 (excluding
securities gains and losses) was primarily in bank-owned life insurance
income.
For the
twelve months ended December 31, 2010, total other income decreased $1.4 million
compared to the same period in 2009, primarily as a result of net securities
losses including impairment charges taken on investment securities. Excluding
net securities losses, the Corporation recorded other income of $3.8 million for
the twelve months ended December 31, 2010 compared to $3.4 million in 2009, an
increase of $396,000 or 11.6%. Increases in other income for the twelve months
ended December 31, 2010 when compared to the twelve months ended December 31,
2009 (excluding securities gains and losses) were primarily in service charges
on deposits accounts, loan fees and bank-owned life insurance
income.
Other
Expense
The
following presents the components of other expense for the periods
indicated.
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(in
thousands, unaudited)
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For the quarter ended:
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12/31/10
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9/30/10
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6/30/10
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3/31/10
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12/31/09
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Salaries
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$ | 2,132 | $ | 2,178 | $ | 2,103 | $ | 2,043 | $ | 1,934 | ||||||||||
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Employee
benefits
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527 | 543 | 624 | 614 | 552 | |||||||||||||||
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Occupancy
and equipment
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804 | 754 | 734 | 889 | 917 | |||||||||||||||
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Professional
and consulting
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272 | 153 | 422 | 274 | 173 | |||||||||||||||
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Stationery
and printing
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74 | 68 | 90 | 84 | 86 | |||||||||||||||
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FDIC
Insurance
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540 | 510 | 458 | 618 | 430 | |||||||||||||||
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Marketing
and advertising
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34 | 36 | 105 | 93 | 20 | |||||||||||||||
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Computer
expense
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366 | 320 | 340 | 340 | 302 | |||||||||||||||
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Bank
regulatory related expenses
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97 | 97 | 97 | 98 | 68 | |||||||||||||||
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Postage
and delivery
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69 | 65 | 74 | 91 | 76 | |||||||||||||||
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ATM
related expenses
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55 | 59 | 66 | 64 | 63 | |||||||||||||||
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Other
real estate owned expense
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221 | 20 | 43 | - | - | |||||||||||||||
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Amortization
of core deposit intangible
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16 | 16 | 19 | 19 | 19 | |||||||||||||||
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Loss
(gain) on fixed assets
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- | - | 437 | (10 | ) | - | ||||||||||||||
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Repurchase
agreement termination fee
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- | - | - | 594 | - | |||||||||||||||
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All
other expenses
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790 | 623 | 656 | 581 | 598 | |||||||||||||||
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Total
other expense
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$ | 5,997 | $ | 5,442 | $ | 6,268 | $ | 6,392 | $ | 5,238 | ||||||||||
Other
expense for the fourth quarter of 2010 totaled $6.0 million, which was
approximately $555,000 higher than other expense for the three months ended
September 30, 2010. Professional and consulting fees, computer
expenses, and OREO expense for the three months ended December 31, 2010
increased $119,000, $46,000 and $201,000, respectively compared to the three
months ended September 30, 2010, offset in part by decreases in employee
salaries of $46,000 and in marketing and advertising expense of $2,000. The
increase in other expense for the three months ended December 31, 2010 when
compared to the quarter ended September 30, 2010 was approximately $167,000 and
was primarily associated with an FDIC insurance expense increase of $30,000 and
the Reserve for Commitments and Contingency Funding of $98,000 as management
determined that an increase in the accrual was prudent
For the twelve months ended December
31, 2010, total other expense increased $1.0 million, or 4.5%, compared to
2009. A decrease in other real estate owned expense of $1.2 million
served to largely offset increases in other expense categories which primarily
included $1 million in one-time charges incurred with the lease/sale of the
Corporation’s former operations facility and the early termination of a
structure repurchase agreement.
Asset
Quality
The
following presents the components of non-performing assets and other asset
quality data for the periods indicated.
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(dollars
in thousands, unaudited)
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As of or for the quarter
ended:
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12/31/10
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9/30/10
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6/30/10
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3/31/10
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12/31/09
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Non-accrual
loans
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$ | 11,174 | $ | 8,339 | $ | 7,312 | $ | 9,770 | $ | 11,245 | ||||||||||
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Loans
90 days or more past due and still accruing
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714 | 3,402 | 336 | 1,584 | 39 | |||||||||||||||
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Total
non-performing loans
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11,888 | 11,741 | 7,648 | 11,354 | 11,284 | |||||||||||||||
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Other
real estate owned
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0 | 1,927 | 1,780 | - | - | |||||||||||||||
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Total
non-performing assets
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$ | 11,888 | $ | 13,668 | $ | 9,428 | $ | 11,354 | $ | 11,284 | ||||||||||
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Troubled
debt restructured loans
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$ | 7,035 | $ | 10,417 | $ | 9,388 | $ | 4,465 | $ | 966 | ||||||||||
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Non-performing
assets / total assets
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0.98 | % | 1.12 | % | 0.79 | % | 0.96 | % | 0.94 | % | ||||||||||
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Non-performing
loans / total loans
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1.68 | % | 1.67 | % | 1.06 | % | 1.59 | % | 1.57 | % | ||||||||||
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Net
charge-offs
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$ | 1,950 | $ | 1,133 | $ | 325 | $ | 1,512 | $ | 1,171 | ||||||||||
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Net
charge-offs / average loans (1)
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1.13 | % | 0.63 | % | 0.18 | % | 0.85 | % | 0.66 | % | ||||||||||
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Allowance
for loan losses / total loans
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1.25 | % | 1.25 | % | 1.19 | % | 1.14 | % | 1.21 | % | ||||||||||
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Allowance
for loan losses / non-performing loans
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74.6 | % | 74.7 | % | 112.4 | % | 71.7 | % | 77.2 | % | ||||||||||
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Total
assets
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$ | 1,207,385 | $ | 1,221,278 | $ | 1,195,819 | $ | 1,187,655 | $ | 1,195,488 | ||||||||||
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Total
loans
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708,444 | 701,936 | 722,527 | 713,906 | 719,606 | |||||||||||||||
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Average
loans
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692,166 | 715,849 | 718,078 | 711,860 | 709,612 | |||||||||||||||
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Allowance
for loan losses
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8,867 | 8,770 | 8,595 | 8,139 | 8,711 | |||||||||||||||
|
|
(1)
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Annualized.
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At December 31, 2010, non-performing assets totaled
$11.9 million, or 0.98% of total assets, as compared with $11.3 million, or
0.94%, at December 31, 2009 and $13.7 million, or 1.12%, at
September 30, 2010.
The
allowance for loan losses at December 31, 2010 amounted to approximately $8.9
million, or 1.25% of total loans compared to 1.21% of total loans at December
31, 2009. The allowance for loan losses as a percentage of total non-performing
loans was 74.6% at December 31, 2010 compared to 77.2% at December 31,
2009.
Non-accrual
loans increased from $8.3 million at September 30, 2010 to $11.2 million at
December 31, 2010. Loans past due 90 days or more and still accruing decreased
from $3.4 million at September 30, 2010 to $714,000 at December 31, 2010. The
decrease in this category was primarily attributable to 2 credits totaling $2
million, subsequently written down to $1.7 million, being placed into
non-accrual status and credits in the amount of $665,000 being brought current
or paid off. Other real estate owned (OREO) at December 31, 2010 was $0 as one
property in OREO was sold in October 2010 at a loss of approximately $185,000
and the other property was sold in November for a loss of $22,000. Troubled debt
restructured loans, which are performing loans, decreased $3.4 million from
September 30, 2010 to $7.0 million at December 31, 2010, primarily due to a $3.6
million loan being placed into non-accrual status. Interest income reversed on
loans placed into non-accrual during the quarter ended December 31, 2010
amounted to $111,000.
A
discussion of the significant components of non-performing assets at December
31, 2010 is outlined below.
|
|
·
|
A
$2.3 million nonaccrual loan secured by a commercial property located in
Essex County, New Jersey. This non-accrual loan represents an
expired participation with Highlands State
Bank.
|
|
|
·
|
A
$2.0 million nonaccrual loan secured by a commercial property located in
Monmouth County, New Jersey. At present, the borrower has changed listing
brokers to one that specializes in this type of property. Aggressive
marketing is anticipated, and the Corporation expects to be repaid in full
from the ultimate sale of the
property.
|
|
|
·
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A
$1.4 million loan formerly 90 days past due and still accruing secured by
a commercial property in Atlantic County, New Jersey went on non-accruing
status. The borrower is renegotiating the lease with its tenants and has
been making partial payments regularly and both the customer and the
Corporation have agreed to restructure the loan to provide payment
relief.
|
|
|
·
|
Troubled
debt restructured loans at December 31, 2010 totaled $7.0 million,
decreasing $3.4 million from September 30, 2010. These loans
are all performing according to their restructured
terms.
|
Capital
The
Corporation completed a capital offering on September 27, 2010. Center
sold an aggregate of 1,715,000 shares of its common stock under its
previously filed shelf registration statement. Center sold, through
Stifel Nicolaus Weisel as underwriter, 1,430,000 shares of common stock at a
price of $7.00 per share, with underwriting discounts and commissions of $0.39
per share, for gross proceeds from this offering of
$10,010,000. Center also sold 285,000 shares of common stock
directly to certain of its directors at a price of $7.50 per share,
for gross proceeds from this offering of $2,137,500.
At
December 31, 2010, total stockholders' equity amounted to $121.0 million, or
10.0% of total assets. Tangible common stockholders' equity was $94.3 million,
or 7.96% of tangible assets. Book value per common share was $6.83 at December
31, 2010, compared to $6.32 at December 31, 2009.
Tangible book value per common share was $5.79 at December 31, 2010 compared to
$5.15 at December 31, 2009.
At
December 31, 2010, the Corporation’s Tier 1 leverage capital ratio was 9.90%,
the Tier 1 risk-based capital ratio was 14.09% and the total risk-based capital
ratio was 15.15%. Tier 1 capital increased to approximately $116.6 million at
December 31, 2010 from $99.3 million at December 31, 2009, reflecting the
proceeds from the Corporation’s common stock offerings in September 2010 and
increases in retained earnings.
Statement
of Condition Highlights at December 31, 2010
|
|
·
|
Total
assets amounted to $1.2 billion at December 31,
2010.
|
|
|
·
|
Total
loans were $708.4 million at December 31, 2010, decreasing $11.2 million,
or 1.6%, from December 31, 2009. Total real estate loans
declined $40.0 million from the comparable period in 2009 as a result of a
decrease in the residential real estate portfolio. Commercial loans
increased $29.4 million, or 17.1%, year over
year.
|
|
|
·
|
Investment
securities totaled $378.1 million at December 31, 2010, increasing $15.4
million compared to September 30, 2010, and reflecting an increase from
December 31, 2009 of $80.0 million.
|
|
|
·
|
Deposits
totaled $860.3 million at December 31, 2010, increasing $46.6 million, or
5.7%, since December 31, 2009. Total Demand, Savings, Money
Market, and Cd’s <$100,000 deposits increased $71.8 million or 10.7%
from December 31, 2009. These increases were offset by decreases in time
certificates of deposit of $100,000 or more, which were CDARS Reciprocal
deposits, of $25.2 million or
17.4%.
|
|
|
·
|
Total
deposit funding sources, including overnight repurchase agreements (which
agreements are considered part of the demand deposit base), amounted to
$889.2 million at December 31, 2010, an increase of $29.4 million from
December 31, 2009, as increases of $46.6 million in the deposit portfolio
were reduced by decreases of $17.2 million or 37.3%, reflecting outflows
of Certificate of Deposit Account Registry Service (CDARS) time deposits.
The Corporation’s core deposit gathering efforts remain
strong.
|
|
|
·
|
Borrowings
totaled $212.4 million at December 31, 2010, decreasing $56.4 million from
December 31, 2009, primarily due to repayment of a Federal Home Loan Bank
advance and a structured repurchase agreement, coupled with a reduction in
overnight repurchase agreement
activity.
|
The
following reflects the composition of the Corporation’s loan portfolio as of the
dates indicated.
|
Loans
(unaudited)
|
||||||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||
|
At quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Real
estate loans:
|
||||||||||||||||||||
|
Residential
|
$ | 154,909 | $ | 165,535 | $ | 176,697 | $ | 184,598 | $ | 190,138 | ||||||||||
|
Commercial
|
301,284 | 295,003 | 299,694 | 297,167 | 304,662 | |||||||||||||||
|
Construction
|
49,752 | 52,518 | 58,118 | 50,574 | 51,099 | |||||||||||||||
|
Total
real estate loans
|
505,945 | 513,056 | 531,516 | 532,339 | 545,899 | |||||||||||||||
|
Commercial
loans
|
201,663 | 188,052 | 187,104 | 180,597 | 172,226 | |||||||||||||||
|
Consumer
and other loans
|
577 | 445 | 467 | 505 | 954 | |||||||||||||||
|
Total
loans before deferred fees and costs
|
708,185 | 701,553 | 722,080 | 713,441 | 719,079 | |||||||||||||||
|
Deferred
costs, net
|
259 | 383 | 447 | 465 | 527 | |||||||||||||||
|
Total
loans
|
$ | 708,444 | $ | 701,936 | $ | 722,527 | $ | 713,906 | $ | 719,606 | ||||||||||
The
following reflects the composition of the Corporation’s deposits as of the dates
indicated.
|
Deposits
(unaudited)
|
||||||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||
|
At quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Demand:
|
||||||||||||||||||||
|
Non
interest-bearing
|
$ | 144,210 | $ | 147,213 | $ | 138,152 | $ | 137,422 | $ | 130,518 | ||||||||||
|
Interest-bearing
|
186,509 | 176,728 | 176,284 | 156,865 | 156,738 | |||||||||||||||
|
Savings
|
196,291 | 202,242 | 189,920 | 188,712 | 192,996 | |||||||||||||||
|
Money
market
|
159,200 | 139,440 | 125,055 | 126,647 | 116,450 | |||||||||||||||
|
Time
|
174,122 | 171,279 | 173,048 | 182,864 | 217,003 | |||||||||||||||
|
Total
deposits
|
$ | 860,332 | $ | 836,902 | $ | 802,459 | $ | 792,510 | $ | 813,705 | ||||||||||
Condensed
Statements of Condition
The
following tables present condensed statements of condition at or for the periods
indicated.
|
Condensed Consolidated
Statements of Condition (unaudited)
|
||||||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||
|
At quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Cash
and due from banks
|
$ | 37,497 | $ | 75,478 | $ | 97,651 | $ | 66,863 | $ | 89,168 | ||||||||||
|
Investment
securities
|
378,080 | 362,683 | 294,277 | 322,309 | 298,124 | |||||||||||||||
|
Loans
|
708,444 | 701,936 | 722,527 | 713,906 | 719,606 | |||||||||||||||
|
Allowance
for loan losses
|
(8,867 | ) | (8,770 | ) | (8,595 | ) | (8,139 | ) | (8,711 | ) | ||||||||||
|
Restricted
investment in bank stocks, at cost
|
9,596 | 10,255 | 10,707 | 10,551 | 10,672 | |||||||||||||||
|
Premises
and equipment, net
|
12,937 | 13,178 | 13,349 | 17,635 | 17,860 | |||||||||||||||
|
Goodwill
|
16,804 | 16,804 | 16,804 | 16,804 | 16,804 | |||||||||||||||
|
Core
deposit intangible
|
154 | 170 | 186 | 205 | 224 | |||||||||||||||
|
Bank-owned
life insurance
|
27,905 | 27,636 | 26,832 | 26,568 | 26,304 | |||||||||||||||
|
Other
real estate owned
|
0 | 1,927 | 1,780 | - | - | |||||||||||||||
|
Other
assets
|
24,835 | 19,981 | 20,301 | 20,953 | 25,437 | |||||||||||||||
|
Total
assets
|
$ | 1,207,385 | $ | 1,221,278 | $ | 1,195,819 | $ | 1,187,655 | $ | 1,195,488 | ||||||||||
|
Deposits
|
$ | 860,332 | $ | 836,902 | $ | 802,459 | $ | 792,510 | $ | 813,705 | ||||||||||
|
Borrowings
|
218,010 | 232,568 | 248,883 | 258,477 | 274,408 | |||||||||||||||
|
Other
liabilities
|
8,086 | 29,651 | 37,058 | 32,065 | 5,626 | |||||||||||||||
|
Stockholders'
equity
|
120,957 | 122,157 | 107,419 | 104,603 | 101,749 | |||||||||||||||
|
Total
liabilities and stockholders’ equity
|
$ | 1,207,385 | $ | 1,221,278 | $ | 1,195,819 | $ | 1,187,655 | $ | 1,195,488 | ||||||||||
|
Condensed Consolidated Average
Statements of Condition (unaudited)
|
||||||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||
|
For the quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Investment
securities
|
$ | 362,312 | $ | 301,316 | $ | 313,905 | $ | 310,525 | $ | 357,471 | ||||||||||
|
Loans
|
692,166 | 715,849 | 718,078 | 711,860 | 709,612 | |||||||||||||||
|
Allowance
for loan losses
|
(8,843 | ) | (8,738 | ) | (8,362 | ) | (8,378 | ) | (7,401 | ) | ||||||||||
|
All
other assets
|
149,377 | 180,974 | 150,842 | 164,708 | 233,341 | |||||||||||||||
|
Total
assets
|
$ | 1,195,012 | $ | 1,189,401 | $ | 1,174,463 | $ | 1,178,715 | $ | 1,293,023 | ||||||||||
|
Non
interest-bearing deposits
|
$ | 151,038 | $ | 142,829 | $ | 139,759 | $ | 135,358 | $ | 134,325 | ||||||||||
|
Interest-bearing
deposits
|
697,619 | 685,830 | 659,608 | 661,630 | 764,469 | |||||||||||||||
|
Borrowings
|
216,483 | 238,266 | 256,854 | 268,775 | 279,344 | |||||||||||||||
|
Other
liabilities
|
6,654 | 11,932 | 12,295 | 8,316 | 11,018 | |||||||||||||||
|
Stockholders’
equity
|
123,218 | 110,544 | 105,947 | 104,636 | 103,867 | |||||||||||||||
|
Total
liabilities and stockholders’ equity
|
$ | 1,195,012 | $ | 1,189,401 | $ | 1,174,463 | $ | 1,178,715 | $ | 1,293,023 | ||||||||||
Non-GAAP
Financial Measures
Reported
amounts are presented in accordance with accounting principles generally
accepted in the United States of America ("GAAP"). The Corporation's management
believes that the supplemental non-GAAP information is utilized by market
analysts and others to evaluate a company's financial condition and, therefore,
such information is useful to investors. These disclosures should not be viewed
as a substitute for financial results determined in accordance with GAAP, nor
are they necessarily comparable to non-GAAP performance measures which may be
presented by other companies.
“Return
on average tangible stockholders’ equity” is a non-GAAP financial measure and is
defined as net income as a percentage of tangible stockholders’ equity. Tangible
stockholders’ equity is defined as common stockholders’ equity less goodwill and
other intangible assets. The return on average tangible stockholders’ equity
measure may be important to investors that are interested in analyzing our
return on equity excluding the effect of changes in intangible assets on
equity.
The
following presents a reconciliation of average tangible stockholders’ equity and
a reconciliation of return on average tangible stockholders’ equity for the
periods presented.
|
(dollars
in thousands)
|
||||||||||||||||||||
|
For the quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Net
income
|
$ | 2,570 | $ | 2,139 | $ | 2,014 | $ | 281 | $ | 236 | ||||||||||
|
Average
stockholders’ equity
|
$ | 123,218 | $ | 110,544 | $ | 105,947 | $ | 104,636 | $ | 103,867 | ||||||||||
|
Less:
Average
goodwill and other intangible assets
|
16,968 | 16,984 | 17,001 | 17,020 | 17,039 | |||||||||||||||
|
Average
tangible stockholders’ equity
|
$ | 106,250 | $ | 93,560 | $ | 88,946 | $ | 87,616 | $ | 86,828 | ||||||||||
|
Return
on average stockholders’ equity
|
8.34 | % | 7.74 | % | 7.60 | % | 1.07 | % | 0.91 | % | ||||||||||
|
Add:
Average
goodwill and other intangible assets
|
1.34 | % | 1.40 | % | 1.46 | % | 0.21 | % | 0.18 | % | ||||||||||
|
Return
on average tangible stockholders’ equity
|
9.68 | % | 9.14 | % | 9.06 | % | 1.28 | % | 1.09 | % | ||||||||||
“Tangible
book value per common share” is a non-GAAP financial measure and represents
tangible stockholders’ equity (or tangible book value) calculated on a per
common share basis. The disclosure of tangible book value per common share may
be helpful to those investors who seek to evaluate the Corporation’s book value
per common share without giving effect to goodwill and other intangible
assets.
The
following presents a reconciliation of book value per common share to tangible
book value per common share as of the dates presented.
|
(dollars
in thousands, except per share data)
|
||||||||||||||||||||
|
At quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Common
shares outstanding
|
16,289,832 | 16,289,832 | 14,574,832 | 14,574,832 | 14,572,029 | |||||||||||||||
|
Stockholders’
equity
|
$ | 120,957 | $ | 122,157 | $ | 107,419 | $ | 104,603 | $ | 101,749 | ||||||||||
|
Less:
Preferred stock
|
9,700 | 9,680 | 9,660 | 9,639 | 9,619 | |||||||||||||||
|
Less:
Goodwill and other intangible assets
|
16,958 | 16,974 | 16,990 | 17,009 | 17,028 | |||||||||||||||
|
Tangible
common stockholders’ equity
|
$ | 94,299 | $ | 95,503 | $ | 80,769 | $ | 77,955 | $ | 75,102 | ||||||||||
|
Book
value per common share
|
$ | 6.83 | $ | 6.90 | $ | 6.71 | $ | 6.52 | $ | 6.32 | ||||||||||
|
Less:
Goodwill and other intangible assets
|
1.04 | 1.04 | 1.17 | 1.17 | 1.17 | |||||||||||||||
|
Tangible
book value per common share
|
$ | 5.79 | $ | 5.86 | $ | 5.54 | $ | 5.35 | $ | 5.15 | ||||||||||
"Tangible
common stockholders' equity/tangible assets" is a non-GAAP financial measure and
is defined as tangible common stockholders' equity as a percentage of total
assets minus goodwill and other intangible assets. This measure may be important
to investors that are interested in analyzing the financial condition of the
Corporation without consideration of intangible assets, inasmuch as tangible
common stockholders' equity and tangible assets both exclude goodwill and other
intangible assets.
The
following presents a reconciliation of total assets to tangible assets and a
reconciliation of total stockholders' equity/total assets to tangible common
stockholders' equity/tangible assets as of the dates presented.
|
(dollars
in thousands)
|
||||||||||||||||||||
|
At quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Total
assets
|
$ | 1,207,385 | $ | 1,221,278 | $ | 1,195,819 | $ | 1,187,655 | $ | 1,195,488 | ||||||||||
|
Less:
Goodwill and other intangible assets
|
16,958 | 16,974 | 16,990 | 17,009 | 17,028 | |||||||||||||||
|
Tangible
assets
|
$ | 1,190,427 | $ | 1,204,304 | $ | 1,178,829 | $ | 1,170,646 | $ | 1,178,460 | ||||||||||
|
Total
stockholders' equity / total assets
|
10.02 | % | 10.00 | % | 8.98 | % | 8.81 | % | 8.51 | % | ||||||||||
|
Tangible
common stockholders' equity / tangible assets
|
7.92 | % | 7.93 | % | 6.85 | % | 6.66 | % | 6.37 | % | ||||||||||
Other
income is presented in the table below including and excluding net securities
gains (losses). We believe that many investors desire to evaluate other income
without regard for securities gains (losses).
|
(in
thousands)
|
||||||||||||||||||||
|
For the quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Other
income (charges)
|
$ | 1,304 | $ | 2,135 | $ | 1,482 | $ | (2,449 | ) | $ | (340 | ) | ||||||||
|
Less:
Net investment securities gains (losses)
|
315 | 1,033 | 657 | (3,344 | ) | (1,308 | ) | |||||||||||||
|
Other
income, excluding net investment securities gains
|
$ | 989 | $ | 1,102 | $ | 825 | $ | 895 | $ | 968 | ||||||||||
“Efficiency
ratio” is a non-GAAP financial measure and is defined as other expense as a
percentage of net interest income on a tax equivalent basis plus other income,
excluding net securities gains (losses), calculated as follows:
|
(dollars
in thousands)
|
||||||||||||||||||||
|
For the quarter ended:
|
12/31/10
|
9/30/10
|
6/30/10
|
3/31/10
|
12/31/09
|
|||||||||||||||
|
Other
expense
|
$ | 5,997 | $ | 5,442 | $ | 6,268 | $ | 6,392 | $ | 5,238 | ||||||||||
|
Net
interest income (tax equivalent basis)
|
$ | 8,394 | $ | 8,393 | $ | 8,686 | $ | 8,569 | $ | 8,129 | ||||||||||
|
Other
income, excluding net investment securities gains
|
989 | 1,102 | 825 | 895 | 968 | |||||||||||||||
|
Total
|
$ | 9,383 | $ | 9,495 | $ | 9,511 | $ | 9,464 | $ | 9,097 | ||||||||||
|
Efficiency
ratio
|
63.9 | % | 57.3 | % | 65.9 | % | 67.5 | % | 57.6 | % | ||||||||||
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. At
December 31, 2010, the Corporation had total assets of $1.2 billion, total
deposit funding sources, which includes overnight repurchase agreements, of
$889.2 million and stockholders’ equity of $121.0 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
loan volume and growth in fiscal 2011, potential activity in the commercial loan
sector, the future growth of real estate loans, general economic trends, future
loan transactions and plans for the treatment of loans) 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 the
deregulation of the financial services industry, 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
CENTER
BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CONDITION
|
(in thousands, except for share
data)
|
December 31,
2010
|
December
31,
2009
|
||||||
|
(Unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
Cash
and due from banks
|
$ | 37,497 | $ | 89,168 | ||||
|
Investment
securities
|
378,080 | 298,124 | ||||||
|
Loans
|
708,444 | 719,606 | ||||||
|
Less:
Allowance for loan losses
|
8,867 | 8,711 | ||||||
|
Net
loans
|
699,577 | 710,895 | ||||||
|
Restricted
investment in bank stocks, at cost
|
9,596 | 10,672 | ||||||
|
Premises
and equipment, net
|
12,937 | 17,860 | ||||||
|
Accrued
interest receivable
|
4,134 | 4,033 | ||||||
|
Bank-owned
life insurance
|
27,905 | 26,304 | ||||||
|
Goodwill
|
16,804 | 16,804 | ||||||
|
Prepaid
FDIC assessments
|
3,637 | 5,374 | ||||||
|
Other
real estate owned
|
- | — | ||||||
|
Other
assets
|
17,218 | 16,254 | ||||||
|
Total
assets
|
$ | 1,207,385 | $ | 1,195,488 | ||||
|
LIABILITIES
|
||||||||
|
Deposits:
|
||||||||
|
Non-interest
bearing
|
$ | 144,210 | $ | 130,518 | ||||
|
Interest-bearing:
|
||||||||
|
Time
deposits $100 and over
|
119,651 | 144,802 | ||||||
|
Interest-bearing
transaction, savings and time deposits $100 and less
|
596,471 | 538,385 | ||||||
|
Total
deposits
|
860,332 | 813,705 | ||||||
|
Short-term
borrowings
|
41,855 | 46,109 | ||||||
|
Long-term
borrowings
|
171,000 | 223,144 | ||||||
|
Subordinated
debentures
|
5,155 | 5,155 | ||||||
|
Accounts
payable and accrued liabilities
|
8,086 | 5,626 | ||||||
|
Total
liabilities
|
1,086,428 | 1,093,739 | ||||||
|
STOCKHOLDERS’
EQUITY
|
||||||||
|
Preferred
stock, $1,000 liquidation value per share, authorized 5,000,000 shares;
issued 10,000 shares at December 31, 2010 and December 31,
2009
|
9,700 | 9,619 | ||||||
|
Common
stock, no par value, authorized 25,000,000 shares; issued 18,477,412
shares at December 31, 2010 and 16,762,412 shares at December 31, 2009;
outstanding 16,289,832 shares at December 31, 2010 and 14,572,029 shares
at December 31, 2009
|
110,056 | 97,908 | ||||||
|
Additional
paid in capital
|
4,941 | 5,650 | ||||||
|
Retained
earnings
|
21,633 | 17,068 | ||||||
|
Treasury
stock, at cost (2,187,580 common shares at December 31, 2010 and 2,190,383
common shares at December 31, 2009)
|
(17,698 | ) | (17,720 | ) | ||||
|
Accumulated
other comprehensive loss
|
(7,675 | ) | (10,776 | ) | ||||
|
Total
stockholders’ equity
|
120,957 | 101,749 | ||||||
|
Total
liabilities and stockholders’ equity
|
$ | 1,207,385 | $ | 1,195,488 | ||||
CENTER
BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
|||||||||||||||
|
(in
thousands, except for share data)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
Interest
income
|
||||||||||||||||
|
Interest
and fees on loans
|
$ | 9,035 | $ | 9,183 | $ | 37,200 | $ | 36,751 | ||||||||
|
Interest
and dividends on investment securities:
|
||||||||||||||||
|
Taxable
|
2,251 | 3,394 | 10,588 | 12,727 | ||||||||||||
|
Tax-exempt
|
26 | 216 | 220 | 989 | ||||||||||||
|
Dividends
|
13 | 15 | 138 | 112 | ||||||||||||
|
Dividends
on restricted investment in bank stocks
|
194 | 163 | 568 | 531 | ||||||||||||
|
Total
interest income
|
11,519 | 12,971 | 48,714 | 51,110 | ||||||||||||
|
Interest
expense
|
||||||||||||||||
|
Interest
on certificates of deposit $100 or more
|
265 | 707 | 1,301 | 3,551 | ||||||||||||
|
Interest
on other deposits
|
993 | 1,566 | 4,705 | 8,757 | ||||||||||||
|
Interest
on borrowings
|
1,880 | 2,680 | 8,779 | 10,337 | ||||||||||||
|
Total
interest expense
|
3,138 | 4,953 | 14,785 | 22,645 | ||||||||||||
|
Net
interest income
|
8,381 | 8,018 | 33,929 | 28,465 | ||||||||||||
|
Provision
for loan losses
|
2,048 | 2,740 | 5,076 | 4,597 | ||||||||||||
|
Net
interest income after provision for loan losses
|
6,333 | 5,278 | 28,853 | 23,868 | ||||||||||||
|
Other
income
|
||||||||||||||||
|
Service
charges, commissions and fees
|
551 | 482 | 1,975 | 1,835 | ||||||||||||
|
Annuities
and insurance commissions
|
4 | 24 | 123 | 126 | ||||||||||||
|
Bank-owned
life insurance
|
269 | 408 | 1,226 | 1,156 | ||||||||||||
|
Other
|
165 | 54 | 487 | 298 | ||||||||||||
|
Other-than-temporary
impairment losses on investment securities
|
(228 | ) | (7,048 | ) | (8,953 | ) | (9,066 | ) | ||||||||
|
Portion
of losses recognized in other comprehensive income, before
taxes
|
- | 4,350 | 3,377 | 4,828 | ||||||||||||
|
Net
other-than-temporary impairment losses on investment
securities
|
(228 | ) | (2,698 | ) | (5,576 | ) | (4,238 | ) | ||||||||
|
Net
gains on sale of investment securities
|
543 | 1,390 | 4,237 | 4,729 | ||||||||||||
|
Net
investment securities gains (losses)
|
315 | (1,308 | ) | (1,339 | ) | 491 | ||||||||||
|
Total
other income (loss)
|
1,304 | (340 | ) | 2,472 | 3,906 | |||||||||||
|
Other
expense
|
||||||||||||||||
|
Salaries
and employee benefits
|
2,659 | 2,486 | 10,765 | 9,915 | ||||||||||||
|
Occupancy
and equipment
|
804 | 917 | 3,181 | 3,799 | ||||||||||||
|
FDIC
insurance
|
540 | 430 | 2,126 | 2,055 | ||||||||||||
|
Professional
and consulting
|
272 | 173 | 1,121 | 811 | ||||||||||||
|
Stationery
and printing
|
74 | 86 | 316 | 339 | ||||||||||||
|
Marketing
and advertising
|
34 | 20 | 268 | 366 | ||||||||||||
|
Computer
expense
|
366 | 302 | 1,366 | 964 | ||||||||||||
|
Other
real estate owned
|
221 | — | 284 | 1,438 | ||||||||||||
|
Loss
on fixed assets, net
|
- | — | 427 | — | ||||||||||||
|
Repurchase
agreement termination fee
|
- | — | 594 | — | ||||||||||||
|
Other
|
1,027 | 824 | 3,651 | 3,370 | ||||||||||||
|
Total
other expense
|
5,997 | 5,238 | 24,099 | 23,057 | ||||||||||||
|
Income
(loss) before income tax expense
|
1,640 | (300 | ) | 7,226 | 4,717 | |||||||||||
|
Income
tax expense (benefit)
|
(930 | ) | (536 | ) | 222 | 946 | ||||||||||
|
Net
Income
|
2,570 | 236 | 7,004 | 3,771 | ||||||||||||
|
Preferred
stock dividends and accretion
|
145 | 142 | 582 | 567 | ||||||||||||
|
Net
income available to common stockholders
|
$ | 2,425 | $ | 94 | $ | 6,422 | $ | 3,204 | ||||||||
|
Earnings
per common share
|
||||||||||||||||
|
Basic
|
$ | 0.15 | $ | 0.01 | $ | 0.43 | $ | 0.24 | ||||||||
|
Diluted
|
$ | 0.15 | $ | 0.01 | $ | 0.43 | $ | 0.24 | ||||||||
|
Weighted
Average Common Shares Outstanding
|
||||||||||||||||
|
Basic
|
16,289,832 | 14,531,387 | 15,025,870 | 13,382,614 | ||||||||||||
|
Diluted
|
16,290,071 | 14,534,255 | 15,027,159 | 13,385,416 | ||||||||||||
CENTER
BANCORP, INC. AND SUBSIDIARIES
SELECTED
QUARTERLY FINANCIAL AND STATISTICAL DATA
(Unaudited)
|
Three Months Ended
|
||||||||||||
|
(in
thousands, except for share data)
|
12/31/2010
|
9/30/2010
|
12/31/2009
|
|||||||||
|
Statements
of Income Data
|
||||||||||||
|
Interest
income
|
$ | 11,519 | $ | 12,035 | $ | 12,971 | ||||||
|
Interest
expense
|
3,138 | 3,653 | 4,953 | |||||||||
|
Net
interest income
|
8,381 | 8,382 | 8,018 | |||||||||
|
Provision
for loan losses
|
2,048 | 1,307 | 2,740 | |||||||||
|
Net
interest income after provision for loan losses
|
6,333 | 7,075 | 5,278 | |||||||||
|
Other
income
|
1,304 | 2,135 | (340 | ) | ||||||||
|
Other
expense
|
5,997 | 5,442 | 5,238 | |||||||||
|
Income
before income tax expense
|
1,640 | 3,768 | (300 | ) | ||||||||
|
Income
tax expense (benefit)
|
(930 | ) | 1,629 | (536 | ) | |||||||
|
Net
income
|
$ | 2,570 | $ | 2,139 | $ | 236 | ||||||
|
Net
income available to common stockholders
|
$ | 2,425 | $ | 1,993 | $ | 94 | ||||||
|
Earnings
per Common Share
|
||||||||||||
|
Basic
|
$ | 0.15 | $ | 0.14 | $ | 0.01 | ||||||
|
Diluted
|
$ | 0.15 | $ | 0.14 | $ | 0.01 | ||||||
|
Statements
of Condition Data (Period-End)
|
||||||||||||
|
Investment
securities
|
$ | 378,080 | $ | 362,683 | $ | 298,124 | ||||||
|
Loans
|
708,444 | 701,936 | 719,606 | |||||||||
|
Assets
|
1,207,385 | 1,221,278 | 1,195,488 | |||||||||
|
Deposits
|
860,332 | 836,902 | 813,705 | |||||||||
|
Borrowings
|
218,010 | 232,568 | 274,408 | |||||||||
|
Stockholders'
equity
|
120,957 | 122,157 | 101,749 | |||||||||
|
Common
Shares Dividend Data
|
||||||||||||
|
Cash
dividends
|
$ | 489 | $ | 437 | $ | 437 | ||||||
|
Cash
dividends per share
|
$ | 0.03 | $ | 0.03 | $ | 0.03 | ||||||
|
Dividend
payout ratio
|
20.16 | % | 21.93 | % | 464.89 | % | ||||||
|
Weighted
Average Common Shares Outstanding
|
||||||||||||
|
Basic
|
16,289,832 | 14,649,397 | 14,531,387 | |||||||||
|
Diluted
|
16,290,071 | 14,649,397 | 14,534,255 | |||||||||
|
Operating
Ratios
|
||||||||||||
|
Return
on average assets
|
0.86 | % | 0.72 | % | 0.07 | % | ||||||
|
Return
on average equity
|
8.34 | % | 7.74 | % | 0.91 | % | ||||||
|
Return
on average tangible equity
|
9.68 | % | 9.14 | % | 1.09 | % | ||||||
|
Average
equity / average assets
|
10.31 | % | 9.29 | % | 8.03 | % | ||||||
|
Book
value per common share (period-end)
|
$ | 6.83 | $ | 6.90 | $ | 6.32 | ||||||
|
Tangible
book value per common share (period-end)
|
$ | 5.79 | $ | 5.86 | $ | 5.15 | ||||||
|
Non-Financial
Information (Period-End)
|
||||||||||||
|
Common
stockholders of record
|
592 | 592 | 605 | |||||||||
|
Full-time
equivalent staff
|
159 | 165 | 160 | |||||||||