Center Bancorp Reports Increased Earnings.Business Editors UNION, N.J.--(BUSINESS WIRE)--Jan. 27, 2000 Center Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. ), holding company for Union Center National Bank, today reported operating results for the fourth quarter and twelve months ended December 31, 1999. Net income for the three months ended December 31, 1999 amounted to $1,166,000 or .31 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $1,104,000 or .29 cents per diluted share, for the fourth quarter of 1998. For twelve months ended December 31, 1999 net income amounted to $4,629,000 or $1.22 per diluted share, an increase of 10.91 percent per share compared to the $1.10 per diluted share, earned for the twelve months of 1998. Return on average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was 12.44 percent for the year ended December 31, 1999 versus 11.75 percent for the same period in 1998. Return on average assets for the twelve months of 1999 was 0.92 percent compared to 0.88 percent recorded for the twelve months ended December 31, 1998. John J. Davis See also John J. Davis (congressman) for the West Virginia politician. John J. Davis was a U.S. Army officer. From September 1, 1965 to October 19, 1966, Davis, then a Major General, served as the Assistant chief of Staff for Intelligence, Headquarters, Department , President, and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , noted that the Corporation, through its banking subsidiary Union Center National Bank, continues to grow the loan portfolios without compromise to asset quality, and indicated that 1999 earning performance was consistent with that growth. We continue to focus on personal service to further enhance our position as a &uot;Community Bank.&uot; He further cited that continuing growth of the company's lending portfolio through market expansion continues to enhance profitability. &uot;We believe that our current expansion into new markets such as Morristown and Summit New Jersey enhance our future prospects for earnings growth.&uot; The Corporation continued to strengthen the balance sheet through a change in the earning-asset mix. Total loans rose 12.65 percent, to $169.1 million at December 1999 from $150.1 million at December 31, 1998. Investment securities as of December 31, 1999 totaled $303.9 million an increase of 5.55 percent from $288.0 million at December 31, 1998. Total assets at December 31, 1999 were $508.4 million. The year to year changes in the balance sheet primarily reflected the Corporation's focus on improving net interest margins, which during 1999 improved by 28 basis points for the full year, and 2 basis points for the fourth quarter of 1999 through capitalizing on opportunities to reduce interest expense. Due to the flatness of the yield curve, shrinking investment spreads and global economic turbulence turbulence, state of violent or agitated behavior in a fluid. Turbulent behavior is characteristic of systems of large numbers of particles, and its unpredictability and randomness has long thwarted attempts to fully understand it, even with such powerful tools as , the Corporation initiated a number of strategies to change the funding mix of interest-bearing liabilities. Most notably the Corporation continued to reduce its reliance on costly jumbo certificates of deposit. Total deposits as of December 31, 1999 amounted to $389.3 million compared to $377.2 million at the same date in 1998. Certificates of Deposit greater than $100,000 decreased to $43.6 million or 17.9 percent from $53.1 million at December 31, 1998, while core deposits increased by approximately $21.5 million. Federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve purchased and short-term borrowings, primarily advances from the Federal Home Loan Bank, increased to $80.8 million at December 31, 1999 compared to $52.6 million as of December 31, 1998. Total stockholders' equity at December 31, 1999 was $36.5 million. Fee income, exclusive of losses on securities sold, increased $120,000 for the year 1999. This change was led by strong usage by non-customers for the Bank's ATM services. This activity generated $267,000 in ATM fee income, through the use of surcharging these non-customers. The Bank's ATM network was expanded in 1999 with sites in Springfield and Summit, New Jersey. We also see experienced additional fee income opportunities in aggressively marketing the Bank's PC Banking service, EFT eft: see newt. (Electronic Funds Transfer) The transfer of money from one account to another by computer. See ACH. EFT - electronic funds transfer services, debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. and merchant processing services. Center Bancorp, Inc., through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Union Center National Bank, Union, New Jersey operates fourteen banking locations. Banking centers are located in Union Township There are many townships named Union Township in the United States: Michigan
The bank also operates two remote ATM locations, one in Union Hospital in Union, and another at the Union County College Union County College is an accredited, co-educational, two-year, public, community college located in Union County, New Jersey. As the oldest community college in New Jersey, Union County College has been serving both career-minded and transfer-oriented students since 1933. Campus in Cranford, New Jersey Cranford is a township in Union County, New Jersey, United States. As of the United States 2000 Census, the township population was 22,578. Cranford Township folds from the banks of the meandering Rahway pond and has been dubbed the "Venice of New Jersey". . Union Center National Bank is a nationally chartered commercial Bank, founded in 1923 as a full-service banking company. For further information regarding Center Bancorp, Inc. call 800/862-3683. For information regarding Union Center National Bank visit our web site at http://www.ucnb.com. This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , either expressed or implied, which concern anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company's control, such as the interest rate environment, the overall economy and technological changes. Accordingly, actual results may differ materially from those expressed or implied by these forward-looking statements.
CENTER BANCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
For the Three Months For the Twelve Months
Ended Ended
-------------------- ---------------------
12/31/99 12/31/98 12/31/99 12/31/98
Net Income $1,166,000 $1,104,000 $4,629,000 $4,172,000
Earnings per Share (a)
---------------------
Basic $ .31 $ .29 $ 1.23 $ 1.12
Diluted $ .31 $ .29 $ 1.22 $ 1.10
Weighted Average Shares
Outstanding (a)
-----------------------
Basic 3,792,227 3,748,815 3,778,120 3,741,478
Diluted 3,810,573 3,777,723 3,799,680 3,777,390
(a) All share and per share amounts have been restated to reflect the
5 percent stock dividend distributed on June 1, 1999 to
stockholders of record on May 18, 1999 and the 3-for-2 stock
split distributed in May 1998.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion