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Basis of Presentation
 9 Months Ended
Sep. 30, 2012
Basis of Presentation [Abstract]  
Basis of Presentation

Note 1.   Basis of Presentation

 

The consolidated financial statements of Center Bancorp, Inc. (the "Parent Corporation") are prepared on the accrual basis and include the accounts of the Parent Corporation and its wholly-owned subsidiary, Union Center National Bank (the "Bank" and, collectively with the Parent Corporation and the Parent Corporation's other direct and indirect subsidiaries, the "Corporation"). All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.

 

In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change in the near term relate to the determination of the allowance for loan losses, other-than-temporary impairment evaluation of securities, the evaluation of the impairment of goodwill and the valuation of deferred tax assets.

 

 

Super storm Sandy made landfall along the coast of New York and New Jersey metropolitan area on October 30, 2012, and significantly impacted the region, including the primary operating areas of the Corporation.  Although none of the Corporation's facilities were damaged as a result of the storm, we are currently assessing the impact, if any, of the storm on our borrowers' ability to repay their loans and whether the storm had any adverse impact on collateral values.  On most collateral dependent loans, our exposure is limited due to the existence of flood and property insurance.  While we do not anticipate lost revenue from the storm to materially impact our results for the fourth quarter of 2012 or for subsequent periods, we can make no assurances that the economic impact on our customers and the local communities we serve will not have a material adverse effect on future earnings.

 

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP").