Center Bancorp, Inc. Reports First Quarter 2008 Earnings

Market Wire, April, 2008

The Bank, through its subsidiary, Center Financial Group LLC, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. In the fourth quarter of 2007, Center formed a title Insurance partnership, Center Title LLC, with Progressive Title Company in Parsippany to provide title services in connection with the closing of real estate transactions.

The Bank currently operates 13 branches in Union and Morris counties. Banking centers are located in Union Township (6 locations), Berkeley Heights, Boonton/Mountain Lakes, Madison, Millburn/Vauxhall, Morristown, Springfield, and Summit, New Jersey. The Bank also operates remote ATM locations in the Union, Chatham and Madison, New Jersey Transit train stations, Union Hospital and the Boys and Girls Club of Union.

While the Bank's primary market area is comprised of Morris and Union Counties, New Jersey, the Corporation has expanded to northern and central New Jersey. At March 31, 2008, the Bank had total assets of $1.0 billion, total deposits of $623 million and stockholders' equity of approximately $85.4 million.

For further information regarding Center Bancorp, Inc., call 1-(800)-862-3683. For information regarding Union Center National Bank, visit our web site at http://www.centerbancorp.com

Non-GAAP Financial Measures

"Return on average tangible stockholders' equity" is a non-GAAP financial measure and is defined as net income as a percentage of tangible stockholders' equity. This measure may be important to investors that are interested in analyzing our return on equity exclusive of the effect of changes in intangible assets on equity. The following table presents a reconciliation of return on stockholders' equity and return on tangible stockholders' equity for the periods presented:

(dollars in thousands)
For the quarter
 ended:               3/31/08  12/31/07 9/30/07  6/30/07  3/31/07  12/31/06
                      -------  -------  -------  -------  -------  -------
Net income            $ 1,217  $   532  $   998  $ 1,017  $ 1,309  $ 2,291
                      -------  -------  -------  -------  -------  -------
Average stockholders'
 equity               $86,921  $87,265  $94,833  $97,919  $97,466  $96,820
Less: Average
 goodwill and other
 intangible assets     17,194   17,220   17,245   17,272   17,300   17,334
                      -------  -------  -------  -------  -------  -------
Average tangible
 stockholders' equity $69,727  $70,045  $77,588  $80,647  $80,166  $79,486
                      -------  -------  -------  -------  -------  -------
Return on average
 stockholders' equity    5.60%    2.44%    4.21%    4.15%    5.37%    9.46%
Add: Average goodwill
 and other intangible
 assets                  1.38     0.60     0.94     0.89     1.16     2.07
                      -------  -------  -------  -------  -------  -------
Return on average
 tangible
 stockholders' equity    6.98%    3.04%    5.15%    5.04%    6.53%   11.53%
                      -------  -------  -------  -------  -------  -------