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UNION, N.J., April 18, 2013 (GLOBE NEWSWIRE) --
Center Bancorp, Inc. (Nasdaq:CNBC) (the "Company," or "Center"), parent company of Union Center National Bank ("UCNB" or "the Bank"), announces that it has been included in the KBW Bank Honor Role for 2012. Honor Roll winners as defined by KBW are publicly traded banking institutions with more than $500 million in total assets that meet the following three conditions:
No annual loss reported in net income per share before extraordinary items over the past 10 years;
2012 annual reported net income per share before extraordinary items equal to or greater than peak net income per share over the past 10 years; and
Consecutive increases in net income per share before extraordinary items since 2009.
KBW found that 47 banking institutions, out of nearly 400 total companies screened, now qualify for inclusion on the KBW Bank Honor Roll; up from 45 institutions in the prior year.
"The Bank Honor Roll is a way for KBW to acknowledge companies that have managed to successfully navigate a variety of obstacles as they have arisen, despite difficult conditions in what remains a rate-challenged environment," noted Frederick Cannon, KBW Director of Research. "Despite 2012's uneven economic recovery and fiscal uncertainty, these Honor Roll banks managed to post healthier balance sheets through active liability management and also benefited from improving fundamentals as credit quality significantly improved."
This recognition follows a string of recognitions for the Company as previously reported. "Entering our ninetieth year of operation, and achieving this success is another proud milestone for Center and a reflection of the hard work of our management team," said Anthony C. Weagley, President & CEO. "The basis of good performance is core and consistent earnings. This trend reflects continued financial and operational momentum, and speaks to the quality of the organization; specifically our focus on consistently building shareholder value. This recognition by KBW acknowledges the Bank's consistent focus on performance."