logo
  Join        Login             Stock Quote

Center Bancorp (CNBC) 4Q Earnings Jump 37.2 Pct On Higher Revenue

 January 25, 2013 01:29 PM
 


(By Balaseshan) Center Bancorp Inc. (NASDAQ: CNBC), the parent company of Union Center National Bank, reported a 37.2% jump in quarterly earnings on solid revenue growth, positive organic loan generation and a continuation of its stable and favorable asset quality profile.

Earnings for the fourth quarter were $4.44 million or $0.27 per share, up from $3.24 million or $0.20 per share last year.

Net interest income on a fully taxable equivalent basis grew 13.7% to $12.0 million, on higher interest income and lower interest expense.

Average interest earning assets increased $237.9 million, while net interest spread and margin, on a tax-equivalent basis, fell on an annualized basis by 21 basis points and 18 basis points, respectively. Net interest margin decreased to 3.32% from 3.50%.

[Related -Center Bancorp (CNBC) Unit Closes Acquisition Of Saddle River Valley Bank]

Other income decreased to $1.02 million from $1.87 million, primarily from an increase in loan related fees, gains on loans held for sale, bank owned life insurance income and annuities and insurance commissions.

Net loans increased to $879.4 million at December 31, 2012 from $859.8 million at September 30, 2012, on about $89.2 million in new loans and advances. This includes allowance for loan losses of $10.2 million at both December 31, 2012 and September 30, 2012.

Non-accrual loans decreased to $3.6 million at December 31, 2012 from $5.0 million at September 30, 2012. Loans past due 90 days or more and still accruing decreased to $55,000 at December 31, 2012 from $570,000 at September 30, 2012.

[Related -Introduction To Insider Weekends]

At December 31, 2012, non-performing assets fell to $5.0 million from $8.5 million at December 31, 2011 and $5.5 million at September 30, 2012. Deposits increased to $1.3 billion at December 31, 2012, from $1.1 billion at December 31, 2011 in part as a result of the Saddle River Valley Bank transaction.

CNBC is trading up 0.29% at $11.98 on Friday. The stock has been trading between $9.42 and $12 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageSanDisk Corporation (SNDK) Q1 Earnings Preview: Heads or Tails on Pop or Drop

SanDisk Corporation (NASDAQ:SNDK) will publish its first quarter 2014 financial results press release via read on...

article imageEstee Lauder Companies Inc (EL): Goldman Sachs is Convicted EL Will Make Your Portfolio Prettier

Want to freshen up your portfolio? Goldman Sachs say to add Estee Lauder Companies Inc (NYSE:EL). The read on...

article imageYahoo! Inc. (YHOO) Q1 Earnings Preview: Another Bullish Surprise Coming

Yahoo! Inc. (NASDAQ:YHOO) will discuss the company's financial results for the first quarter ended March read on...

article imageThe Coca-Cola Company (KO) Q1 Earnings Preview: Guidance About to Fizzle?

The Coca-Cola Company (NYSE:KO) plans to release its first quarter earnings results before the market opens read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Thumping Thursday & Ominous Omens
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.