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Subordinated Debentures
 3 Months Ended
Mar. 31, 2015
Subordinated Borrowings [Abstract]  
Subordinated Borrowings Disclosure [Text Block]

Note 12 - Subordinated Debentures:


During 2003, the Company formed a statutory business trust, which exists for the exclusive purpose of (i) issuing Trust Securities representing undivided beneficial interests in the assets of the Trust; (ii) investing the gross proceeds of the Trust securities in junior subordinated deferrable interest debentures (subordinated debentures) of the Company; and (iii) engaging in only those activities necessary or incidental thereto. On December 19, 2003, Center Bancorp Statutory Trust II, a statutory business trust and wholly-owned subsidiary of the Parent Corporation issued $5.0 million of, MMCapS capital securities to investors due on January 23, 2034. The capital securities presently qualify as Tier I capital. The trust loaned the proceeds of this offering to the Company and received in exchange $5.2 million of the Parent Corporation’s subordinated debentures. The subordinated debentures are redeemable in whole or in part prior to maturity. The floating interest rate on the subordinate debentures is three-month LIBOR plus 2.85% and reprices quarterly. The rate at March 31, 2015 was 3.10%. These subordinated debentures and the related income effects are not eliminated in the consolidated financial statements as the statutory business trust is not consolidated in accordance with FASB ASC 810-10. Distributions on the subordinated debentures owned by the subsidiary trust have been classified as interest expense in the Consolidated Statements of Income.


The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II at March 31, 2015.


Issuance Date   Securities
Issued 		    Liquidation Value   Coupon Rate   Maturity   Redeemable by
Issuer Beginning
12/19/2003   $ 5,000,000     $1,000 per Capital Security   Floating 3-month LIBOR + 285 Basis Points   01/23/2034   01/23/2009

The following table summarizes the mandatory redeemable trust preferred securities of the Company’s Statutory Trust II at December 31, 2014.


Issuance Date   Securities
Issued 		    Liquidation Value   Coupon Rate   Maturity   Redeemable by
Issuer Beginning
12/19/2003   $ 5,000,000     $1,000 per Capital Security   Floating 3-month LIBOR + 285 Basis Points   01/23/2034   01/23/2009