Center Bancorp, Inc. Reports First Quarter 2008 Earnings

Market Wire, April, 2008

The efficiency ratio for the first quarter of 2008 was 70.9% as compared to 92.7% in the fourth quarter of 2007 and 92.8% in the first quarter of 2007. The Corporation recently announced a number of cost cutting initiatives, including outsourcing partnerships with Compushare, PHH Mortgage and the Atlantic Central Banker BITS program.

These initiatives collectively once implemented are expected to reduce operating expense by approximately $600,000 annually. Additionally, in February of 2008, the Corporation completed the sale of its Florham Park office for $2.4 million, which approximated the carrying value.