According to banking-business-review.com; Center Bancorp has reported third quarter earnings which have amounted to $1.5 million, or $0.12 per diluted share, for the third quarter ended September 30, 2008, as compared to $1 million, or $0.07 per diluted share, for the third quarter ended September 30, 2007. The corporation recorded net interest income on a fully taxable equivalent basis of $7.1 million for the quarter, as compared to $5.9 million for the comparable quarter in 2007.
For the nine months ended September 30, 2008, net income was $4.1 million, a growth of $819,000 as against the comparable nine-month period ended September 30, 2007. Diluted earnings per common share for the nine months ended September 30, 2008 were $0.32, as compared with $0.24 for the same period in 2007. Net interest income on a fully taxable equivalent basis was $20 million for the period versus $17.7 million in the prior-year period.
The corporation had total loans of $661.2 million at September 30, 2008, representing a $29.9 million, or 4.7%, increase on a linked-quarter basis and a $109.5 million, or 19.8%, increase from December 31, 2007.
At September 30, 2008, non-performing assets totaled $654,000, or 0.06% of total assets, as compared with $4.4 million, or 0.43%, at December 31, 2007.
There is still a profit to be made even in troubling times. Apple computer's fourth-quarter earnings conference call was made a bit more lively due to its unusual guest star: CEO Steve Jobs.
Steve had the following to say about the economic future:
"We may get buffeted around by the waves a little bit, but we'll be fine, and stronger when the waves recede in the future."
