Center Bancorp, Inc. Reports First Quarter 2008 Earnings

Market Wire, April, 2008

Loans

The Corporation had total loans of $565.0 million at March 31, 2008, representing a $13.4 million, or 2.4%, increase on a linked-quarter basis. Loan growth continued during the quarter in the Corporation's commercial related segments of the portfolio. At March 31, 2008, the Corporation had $58.6 million in overall undispersed loan commitments, $55.1 million of which it expects to fund over the next 90 days.

Loan originations for the quarter increased in the commercial sector, primarily in commercial mortgages. "We are pleased with the growth achieved for the quarter and are optimistic that the Corporation will continue to build its loans outstanding volume throughout 2008. Our pipelines are strong; we expect that increased activity in the commercial sectors of the portfolio will support our strategic goals of increased loan volume and improving our earning-asset mix. We continue to work aggressively at strengthening existing customer relationships and building new ones by seizing opportunities, reflecting the improved business development effort in the Bank," said Mr. Weagley.

Loan Mix:
(unaudited)

(dollars in thousands)
At quarter ended:     3/31/08  12/31/07 9/30/07  6/30/07  3/31/07  12/31/06
                      -------- -------- -------- -------- -------- --------
Real estate loans
  Residential         $260,237 $265,597 $265,301 $261,849 $262,958 $268,748
  Commercial           163,664  137,585  136,289  135,707  135,062  135,802
  Construction          48,494   51,367   53,286   47,910   60,135   70,340
                      -------- -------- -------- -------- -------- --------
Total real estate
 loans                 472,395  454,549  454,876  445,466  458,155  474,890
Commercial loans        91,492   95,978   94,444   86,848   71,020   74,135
Consumer and other
 loans                     592      563      960      741      754      699
                      -------- -------- -------- -------- -------- --------
Total loans before
 unearned fees and
 costs                 564,479  551,090  550,280  533,055  529,929  549,724
Unearned fees and
 costs                     546      579      567      620      644      690
                      -------- -------- -------- -------- -------- --------
Total loans           $565,025 $551,669 $550,847 $533,675 $530,573 $550,414
                      ======== ======== ======== ======== ======== ========



Asset Quality

Selected credit quality ratios (unaudited)

(dollars in thousands)
As of or for
 the quarter
 ended:      3/31/08   12/31/07  9/30/07    6/30/07    3/31/07   12/31/06
             -------- ---------- -------- ---------- ---------- ----------
Non-accrual
 loans       $  1,215 $    3,907 $    986 $    1,070 $    1,207 $      475
Past due
 loans 90
 days or more
 and still
 accruing
 interest           0          0        0          0          0        225
             -------- ---------- -------- ---------- ---------- ----------
Total non
 performing
 loans          1,215      3,907      986      1,070      1,207        700
Other real
 estate owned
 ("OREO")         478        501      586        586          0          0
Repossessed
 assets other
 than
 real-estate        0          0        0          0          0          0
             -------- ---------- -------- ---------- ---------- ----------
Total non
 performing
 assets      $  1,693 $    4,408 $  1,572 $    1,656 $    1,207 $      700
Non performing
 assets as a
 percentage
 of total
 assets          0.17%      0.43%    0.16%      0.17%      0.12%      0.07%
Non performing
 loans as a
 percentage
 of total loans  0.22%      0.71%    0.18%      0.20%      0.23%      0.13%
Net
 charge-offs $     68 $      147 $    139 $       86 $        2 $       34
Net charge-offs
 as a percentage
 of average
 loans for
 the period      0.01%      0.03%    0.03%      0.02%      0.00%      0.01%
Allowance for
 loan losses
 as a percentage
 of period
 end loans       0.93%      0.94%    0.91%      0.93%      0.93%      0.90%
Allowance for
 loan losses
 as a percentage
 of non-
 performing
 loans          431.7%     132.2%   509.2%     464.9%     410.8%     708.6%
             -------- ---------- -------- ---------- ---------- ----------

Total Assets $995,167 $1,017,645 $987,790 $1,001,622 $1,048,966 $1,051,384
Total Loans   565,025    551,669  550,847    533,675    530,573    550,414
Average loans
 for the
 quarter      565,654    552,521  538,798    532,799    540,971    543,707
Allowance for
 loan losses    5,245      5,163    5,021      4,974      4,958      4,960
             -------- ---------- -------- ---------- ---------- ----------