/ CORRECTION - Center Bancorp, Inc. Reports Fourth Quarter 2007 Earnings
UNION, NJ -- (MARKET WIRE) -- 01/31/08 -- In the news release, "Center Bancorp, Inc. Reports Fourth Quarter 2007 Earnings," issued earlier today by Center Bancorp, Inc. (NASDAQ: CNBC), please be advised that the Loans line item for the column dated 12/31/07 in the Quarterly Condensed Consolidated Balance Sheets (unaudited) table should read "551,669" rather than "51,669" as originally issued by Marketwire. Complete corrected table follows.
Quarterly Condensed Consolidated Balance Sheets (unaudited)
(dollars in thousands )
| At quarter ended: | | 12/31/07 | | 9/30/07 | | 6/30/07 | | 3/31/07 | | 12/31/06 | | 9/30/06 | |
| Cash and due from banks | | $ | 20,541 | | $ | 15,277 | | $ | 24,363 | | $ | 19,245 | | $ | 34,088 | | $ | 18,431 | |
| Fed funds and money market | | | 49,490 | | | 0 | | | 0 | | | 35,374 | | | 10,275 | | | 7,884 | |
| Investments | | | 314,194 | | | 343,979 | | | 366,224 | | | 381,493 | | | 381,733 | | | 393,006 | |
| Loans | | | 551,669 | | | 550,847 | | | 533,675 | | | 530,573 | | | 550,414 | | | 537,350 | |
| Allowance for loan losses | | | (5,163 | ) | | (5,021 | ) | | (4,974 | ) | | (4,958 | ) | | (4,960 | ) | | (4,908 | |
| Restricted investment in bank stocks, at cost | | | 8,467 | | | 7,347 | | | 8,299 | | | 7,832 | | | 7,805 | | | 6,924 | |
| Premises and equipment, net | | | 17,419 | | | 17,662 | | | 18,400 | | | 18,314 | | | 18,829 | | | 18,621 | |
| Goodwill | | | 16,804 | | | 16,804 | | | 16,804 | | | 16,804 | | | 16,804 | | | 16,804 | |
| Core deposit intangible | | | 400 | | | 426 | | | 452 | | | 479 | | | 508 | | | 542 | |
| Bank owned life insurance | | | 22,261 | | | 22,044 | | | 21,822 | | | 21,591 | | | 21,368 | | | 21,185 | |
| Other assets | | | 21,563 | | | 18,425 | | | 16,557 | | | 22,219 | | | 14,520 | | | 14,587 | |
| TOTAL ASSETS | | $ | 1,017,645 | | $ | 987,790 | | $ | 1,001,622 | | $ | 1,048,966 | | $ | 1,051,384 | | $ | 1,030,426 | |
| Deposits | | | 699,070 | | | 650,999 | | | 678,011 | | | 722,648 | | | 726,771 | | | 731,727 | |
| Other borrowings | | | 223,264 | | | 237,744 | | | 221,994 | | | 220,327 | | | 211,589 | | | 197,953 | |
| Other liabilities | | | 10,033 | | | 5,317 | | | 5,804 | | | 7,828 | | | 15,411 | | | 4,069 | |
| Stockholders' equity | | | 85,278 | | | 93,730 | | | 95,813 | | | 98,163 | | | 97,613 | | | 96,677 | |
| TOTAL LIABILITIES AND STOCK-HOLDERS' EQUITY | | $ | 1,017,645 | | $ | 987,790 | | $ | 1,001,622 | | $ | 1,048,966 | | $ | 1,051,384 | | $ | 1,030,426 | |
Investor Inquiries:
Anthony C. Weagley
President & Chief Executive Officer
(908) 206-2886
Joseph Gangemi
Investor Relations
(908) 206-2886
