11-K 1 v349118_11k.htm FORM 11-K

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

 

 

 

(Mark one)

  x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
   

For the fiscal year ended December 31, 2012

     
                                                                                         OR
     
  o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
     
    For the transition period from  ________                 to ________

 

 

Commission File Number: 000-11486

  

 

                                A.   Full title of the plan and address of the plan, if different from that of the issuer named below:

 

UNION CENTER NATIONAL BANK

401(k) PROFIT SHARING PLAN

 

         B.   Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Center Bancorp, Inc.

2455 Morris Avenue

Union, New Jersey 07083-0007

 

 
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Financial Statements and Supplemental Schedule

Years ended December 31, 2012 and 2011

 

  

Table of Contents

 

 

                       
      Page  
Report of Independent Registered Public Accounting Firm     3  
         
Financial Statements        
       Statement of Net Assets Available for Benefits     4  
Statement of Changes in Net Assets Available for Benefits     5  
       Notes to Financial Statements     6  
         
Supplemental Schedule        
        Schedule of Assets (Held at End of Year)     13  

Schedule H, Line 4 (i)

 

       
Signature       14  
Exhibit Index                   15  
         
         
         

 

2
 

  

Report of Independent Registered Public Accounting Firm

 

 

To Audit Committee, Plan Administrator

and participants of the Union Center National Bank

401(k) Profit Sharing Plan

 

We have audited the accompanying statement of net assets available for benefits of the Union Center National Bank 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2012 and 2011, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2012 and 2011, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets (Held at End of Year) as of December 31, 2012 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

 

  /s/ ParenteBeard LLC  

 

Reading, Pennsylvania

July 1, 2013

 

3
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Statement of Net Assets Available for Benefits

 

 

   December 31, 
   2012   2011 
Assets          
Investments, at fair value:          
Mutual funds  $   $2,822,577 
Stable value fund       1,018,513 
Investment contract with insurance company   1,032,461     
Insurance company pooled separate accounts   3,755,744     
Center Bancorp, Inc. common stock   2,049,539    1,554,734 
    6,837,744    5,395,824 
           
Notes receivable from participants   129,396    126,982 
Money market and checking accounts   28,070    28,771 
Total assets   6,995,210    5,551,577 
           
Liabilities          

Total liabilities

        
           
Net assets available for benefits at fair value   6,995,210    5,551,577 
           
 Adjustment from Fair Value to Contract Value for interest in stable value fund       (26,512)
Net assets available for benefits  $6,995,210   $5,525,065 

  

See the accompanying notes to the financial statements.

 

4
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Statement of Changes in Net Assets Available For Benefits

  

 

   Years Ended December 31, 
   2012   2011 
Investment income:          
       Net appreciation (depreciation) in fair value of mutual funds  $175,581   $(145,858)
       Net investment gain from pooled separate accounts   263,379     
       Net appreciation of investments in Center Bancorp, Inc. common stock   306,242    238,003 
       Interest and dividends   80,871    80,792 
Total investment income   826,073    172,937 
           
Interest income on notes receivable from participants   4,276    5,371 
           
 Contributions:          
Participants   533,400    532,829 
Employer   342,985    358,202 
Rollovers   40,202    12,116 
Total contributions   916,587    903,147 
           
Deductions:          
        Benefits paid to participants   244,365    597,896 
        Administrative and other expenses   32,426    - 
                Total deductions   276,791    597,896 
           
Net increase in net assets available for benefits   1,470,145    483,559 
           
Net assets available for benefits, beginning of year   5,525,065    5,041,506 
           
Net assets available for benefits, end of year  $6,995,210   $5,525,065 

 

See the accompanying notes to the financial statements.

 

5
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Notes to Financial Statements

 

1. Description of Plan

 

General

 

The Union Center National Bank 401(k) Profit Sharing Plan, as amended, (the “Plan”) is a 401(k) plan covering all eligible employees of Union Center National Bank (the “Company”, “Employer” or “Plan Sponsor”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

The following brief description of the Plan is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

 

Eligibility

 

All employees age 21 and over are eligible for participation in the Plan on the first available entry date after date of hire. For employer matching contributions, employees must have completed one year of service for participation as of the first anniversary of their hire date provided they complete at least 1,000 hours of service during the 12 month period beginning on their first day of employment.

 

Participant Contributions

 

Participants may contribute between 2% to 90% of pre-tax annual compensation, subject to Internal Revenue Service limitations. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.

 

Employer Contributions

 

For the years ended December 31, 2012 and 2011, the Company’s contribution was $1.00 for each $1.00 of a participant’s contribution up to 6% of the participant’s earnings, as defined in the Plan.

 

Vesting

 

A participant is fully vested at all times in his or her contributions and earnings, including unrealized income or losses thereon. Employer contributions and income thereon vest at the rate of 20% for each year of service, as defined in the Plan. After five years of participation, a participant is 100% vested in employer contributions and earnings, including unrealized appreciation, depreciation or losses thereon.

 

Payment of Benefits

 

A participant’s vested interest in the Plan’s assets is distributable generally upon termination, disability, retirement or death. Participants may withdraw from their individual accounts pursuant to specific guidelines as set forth in the Plan.

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contribution and allocations of a) the Company’s contribution and b) Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined in the plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. Investments are participant-directed. For 2012, investment options include a varied selection of pooled separate accounts, investment in insurance contracts and Center Bancorp, Inc. common stock.

 

Administrative Expenses

 

Some of the expenses related to the administration of the Plan are paid by the Company.

 

Forfeitures

Any amounts not vested upon the termination of a participant may be used to make future employer matching contributions. At December 31, 2012 and 2011, forfeited non-vested accounts amounted to $8,956 and $9,370, respectively.

 

6
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Notes to Financial Statements

 

1. Description of Plan (continued)

 

Notes receivable from Participants

 

The Plan permits participants to borrow from their vested account balance. A participant is permitted to borrow a minimum of $1,000 up to a maximum equal to the lesser of 50% of his or her vested account balance, or $50,000. Loans must be fully repaid through payroll deductions within five years or in excess of five years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and bear interest at a rate equal to the current prime rate plus 1/2 percentage point. Interest rates ranged from 3.25% to 8.25% at December 31, 2012.

 

2. Summary of Significant Accounting Policies

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities reported in the financial statements. Actual results could differ from those estimates.

 

Investment Valuation and Income Recognition

 

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 5 for a discussion of fair value measurements.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

Notes receivable from participants

 

Notes receivable from participants are stated at their unpaid principal balance plus accrued unpaid interest.

 

Investment Fees

 

Net investment returns reflect certain fees paid by the investment funds to their affiliated investment advisors, transfer agents, and others as further described in each fund prospectus or other published documents. These fees are deducted prior to allocation of the Plan’s investment earnings activity and thus are not separately identifiable as an expense in the statement of changes in net assets available for benefits.

 

Basis of Accounting

 

The financial statements of the Plan are prepared on the accrual basis of accounting.

 

As described in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946-210 and ASC 962-325, investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan.

 

The statement of net assets available for benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis.

 

7
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Notes to Financial Statements

 

2. Summary of Significant Accounting Policies (continued)

 

Payment of Benefits

 

Benefit payments to participants are recorded when paid. Upon retirement, disability, or death, distributions will be paid as soon as administratively possible in a lump sum or as an annuity. Upon termination of service other than by retirement, disability, or death, the participant will receive a lump sum payment if the total of his or her vested account balance does not exceed $1,000. If the vested account balance exceeds $1,000, the assets will generally be held in a trust until the participant’s normal or early retirement date.

 

New Accounting Standard

 

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 amended ASC 820, Fair Value Measurement; to converge the fair value measurement guidance in US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Some of the amendments clarify the application of existing fair value measurement requirements, while other amendments change a particular principle in ASC 820. In addition, ASU 2011-04 requires additional fair value disclosures. The amendments are to be applied prospectively and are effective for annual periods beginning on or after January 1, 2012. The Plan adopted this standard in 2012 which did not materially impact the Plan’s statements of net assets available for benefits and changes in net assets available for benefits.

 

3. Investment Contract with Insurance Company

 

Prior to 2011 the Plan entered into a fully benefit-responsive investment contract with Nationwide Life Insurance Company (“Nationwide”). Nationwide maintained the contributions in a general account. The account was credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. In October of 2011 the Plan entered into a contract with Northeast Retirement Services (“NRS”) to provide the same services and expand on product offerings to employees, as these features were not provided by Nationwide, and the Nationawide contract was terminated. In June 2012, the Plan entered into a contract with ING and terminated the contract with NRS.

 

The ING Fixed Account is available through a group funding contract issued by ING Life Insurance and Annuity Company (ILIAC). The Fixed Account is an obligation of ILIAC’s general account which supports all of the company’s insurance and annuity commitments. It is not a portfolio of contracts whose yields are based on changes in fair value of underlying assets as would be found in stable value fund.

 

The variable funds are pooled separate accounts that invest directly in designated mutual funds or, in some cases, collective investment trusts. The separate account owns and holds the underlying mutual fund or collective trust shares which are valued daily at their net asset values (NAV). Plans and participants hold “units of participation” in the separate account. The “accumulation unit value” (AUV) is the value of each unit in the separate account and the separate account is valued daily as the number of accumulation units held multiplied by the AUV. The AUV is first established when a new fund starts (typically the beginning AUV is $10.00) and is then determined daily based on the net asset value of the shares of the underlying fund, the fund’s dividends and the contract’s separate account charges.

 

8
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Notes to Financial Statements

 

4. Investments

 

The individual investments that represent five percent or more of the Plan’s net assets available for benefits are as follows:

 

   December 31, 
Description               2012                          2011 
         
ING Fixed Account (investment contract with insurance company)  $1,032,461   $ 
Center Bancorp, Inc. common stock   2,049,539    1,554,734 
ING Solution 2025   737,527    - 
ING U.S. Stock Index Portfolio   410,663    - 
Morley Stable Value C1 I   -    1,016,956*
JP Morgan Smart Retirement 2025   -    362,623 
Vanguard Large Cap Index Fund   -    318,345 

 

* Amount represents fair value. As of December 31, 2011, contract value was $990,444.

 

During 2012 and 2011, the Plan’s investments, including gains and losses on investments bought and sold, as well as held during the year, appreciated (depreciated) in fair value as follows:

 

   Years Ended December 31, 
   2012   2011 
         
Mutual Funds  $175,581   $(145,858)
Insurance company pooled separate accounts   263,379    - 
Center Bancorp, Inc. common stock   306,242    238,003 
    Total appreciation  $745,202   $92,145 

 

 

5. Fair Value Measurements

 

The Plan measures on a recurring basis its investments at fair value in accordance with FASB codification "Fair Value Measurement", which provides the framework for measuring fair value. That framework provides fair value hierarchy used to classify the inputs used in measuring fair value. That hierarchy prioritizes the inputs used in determining valuations into three levels. The levels of fair value hierarchy are as follows:

 

 

  Level 1:   Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

  Level 2:   Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

 

  Level 3:   Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (for example, supported with little or no market activity).

 

An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

9
 

 

Union Center National Bank 401(k) Profit Sharing Plan

Notes to Financial Statements

 

5. Fair Value Measurements (continued)

 

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no significant changes in the methodologies used during the years ended December 31, 2012 or 2011.

 

·Mutual funds: Valued at the quoted net asset value (“NAV”) of shares held by the Plan.

 

·Stable value fund: Valued at the “NAV” of shares held by the Plan

 

·Common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.

 

·Investment contract with insurance company: Valued at contract value, which approximates fair value.

 

·Pooled separate accounts: Valued based upon the units of such pooled separate accounts held by the Plan at year end multiplied by the respective unit value.

 

The objective of the stable value fund is to provide a diversified group of investments offering competitive levels of yield consistent with stable fixed income methodology and the careful and prudent assumption of investment risk providing for the preservation of capital, stability and predictability of returns, liquidity to pay plan benefits and high credit quality. The fund seeks to achieve this objective by investing in conventional, synthetic and separate account investment contracts (collectively contracts) issued by life insurance companies, banks, and other financial institutions. Characteristics of these contracts allow for their principal value to remain stable regardless of the volatility of the financial markets. For liquidity purposes the Fund may have all or a portion of its assets invested in high quality money market instruments, investment companies and collective investment trusts that met the investment objectives. The underlying investments of the stable value fund consist primarily of level 2 inputs consisting of inputs either directly or indirectly observable for substantially the full term of the asset through corroboration with observable market data.

 

The value of the Fixed Account investment contract with the insurance company is determined by the daily crediting of interest which is subject to minimum contractual guarantees. The Fixed Account does not have a maturity date. Investment transfers to and from the Fixed Account, and withdrawals to pay participant benefits (as defined in the contract) are made at book (i.e. “contract”) value. Non-benefit surrenders from the Fixed Account would either be subject to a market value adjustment (MVA) or paid in installments as elected by the contract holder.

 

The unit value of the pooled separate account is based upon significant observable inputs, although it is not based upon quoted market prices in an active market. The underlying investments of the pooled separate accounts consist solely of mutual funds, each of which follows a separate investment strategy as noted in the table below. Due to the nature of these securities, there are no unfunded commitments or redemption restrictions.

 

-Equity funds objectives are for long-term rates of return from a diversified portfolio of common stock.

 

-Target funds seek to provide capital appreciation and income consistent with the asset allocation.

 

-Balanced funds seek to provide capital appreciation and current income resulting in a high total investment return consistent with prudent investment risk and a balanced investment approach.

 

-Fixed income funds objectives are for long-term rates of return consistent with preserving capital.

 

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

10
 

 

Union Center National Bank 401(k) Profit Sharing Plan

Notes to Financial Statements

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2012 and 2011:

 

   Assets at Fair Value as of December 31, 2012 
    Total    Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
 
 Insurance company pooled separate accounts:                    
    Equity funds  $1,378,503   $-   $1,378,503   $- 
    Target funds   1,632,218    -    1,632,218    - 
    Balanced funds   524,933    -    524,933    - 
    Fixed Income Funds   220,090    -    220,090    - 
Investment contract with insurance company   1,032,461    -    1,032,461    - 
Common stock   2,049,539    2,049,539    -    - 
    Total  $6,837,744   $2,049,539   $4,788,205   $- 

 

 

   Assets at Fair Value as of December 31, 2011 
    Total    Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs
(Level 3)
 
Mutual Funds:                    
    Equity funds  $1,521,358   $1,521,358   $-   $- 
    Target funds   1,276,140    1,276,140    -    - 
    Balanced funds   25,079    25,079    -    - 
    Stable value fund   1,018,513    -    1,018,513    - 
Common stock   1,554,734    1,554,734    -    - 
    Total  $5,395,824   $4,377,311   $1,018,513   $- 

 

 

The tables below set forth a summary of changes in the fair value of the Plan’s Level 3 assets for the year ended December 31, 2011:

 

Year Ended December 31, 2011
Level 3 Assets   

Investment Contract with

Insurance Company

 
      
Balance, beginning of year  $724,705 
Realized losses   - 
Purchases, sales, issuances and settlements, net   (724,705)
Balance, end of year  $- 

 

11
 

  

Union Center National Bank 401(k) Profit Sharing Plan

 

Notes to Financial Statements

 

 

6. Tax Status

 

The Plan’s latest determination letter is dated January 11, 2002, in which the Internal Revenue Service states that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code and therefore believe that the Plan is qualified and the related trust is tax-exempt.

 

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan administrator has analyzed the tax positions taken by the plan and has concluded that as of December 31, 2012, there are no uncertain positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2009.

 

7. Related Party Transactions

 

ING Life Insurance and Annuity Company, the investment and service provider for the Plan, manages certain Plan investments, which include pooled separate accounts and an investment contract with an insurance company. The Plan maintains a checking account at the Company and invests in Center Bancorp, Inc. common stock, the parent corporation of the Company. In addition, the Plan issues loans to participants, which are secured by the balances in the participants’ accounts. Therefore, related transactions qualify as party-in-interest transactions. All other transactions which may be considered party-in-interest transactions relate to normal plan management and administrative services, and the related payment of fees.

 

8. Risks and Uncertainties

 

The Plan’s investments are concentrated in funds that invest in various investment securities. Such securities are subject to various risks that determine the value of the funds. Due to the level of risk associated with certain equity securities and the level of uncertainty related to changes in the value of these securities, it is at least reasonably possible that changes in market conditions in the near term could materially affect participants’ account balances and the value of investments reported in the financial statements.

 

The Plan also holds investments in Center Bancorp, Inc.’s common stock and accordingly, Plan participants’ accounts that hold shares of Center Bancorp, Inc.’s common stock are exposed to market risk in the event of a significant decline in the value of such stock. At December 31, 2012 and 2011, the Plan held shares totaling 176,990 and 159,732 shares, respectively.

 

9. Plan Termination

 

Although it has not expressed any intent to do so, the Plan Sponsor has the right under the Plan to amend, alter, or terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, Plan participants will become 100% vested in their employer contributions and will be entitled to full distribution of such amounts.

 

10. Excess Contributions

 

In order to satisfy the relevant nondiscrimination provisions of the Plan for the years ended December 31, 2012 and 2011, the Plan reimburses excess contributions to certain participants during 2012 and 2011. As of December 31, 2012 and 2011, net assets available for benefits included approximately $30,447 and $28,077, respectively, due to certain active participants for excess deferral contributions. Such contributions will be included in benefit distributions when paid.

 

11. Subsequent Events

 

The Plan was amended effective January 1, 2013 to add a 3% non-elective safe harbor contribution which will be contributed for those participants who have attained age 21 and completed one 1,000 hour year of service. The entry date for these safe harbor contributions is the January 1 nearest the satisfaction of these eligibility requirements. The addition of the safe harbor provisions will eliminate the excess contribution refunds as the plan will be deemed to pass the average deferral percentage non-discrimination testing. In conjunction with the addition of the safe harbor contribution, the matching contribution was changed to a discretionary match and a discretionary profit sharing contribution subject to general non-discrimination testing was added.

 

12
 

 

Supplemental Schedule

 

Union Center National Bank 401(k) Profit Sharing Plan

 

Schedule of Assets (Held at End of Year)

(Line 4i of Schedule H to the 2011 Form 5500)

EIN: 22-1342912 - Plan Number: 002

 

December 31, 2012

  

(a)   (b)  (c)  (d)   (e) 
       Description of Investment,        
    Identity of Issuer, Borrower,  Including Maturity Date, Rate of Interest,      Current 
    Lessor or Similar Party  Collateral Par or Maturity Date  Cost   Value 
     Insurance Company Pooled Separate Accounts:             
     American Funds  American Funds New Perspective Fund   (2)  $2,552 
     American Funds  American Funds Washington Mutual Investors FundSM   (2)   1,055 
     Black Rock  BlackRock Equity Dividend Fund   (2)   20,715 
     Eagle  Eagle Small Cap Value Fund   (2)   457 
     Franklin  Franklin Growth Fund   (2)   8,162 
     Franklin  Franklin Small Cap Value Fund   (2)   893 
     ING  ING Clarion Real Estate Portfolio   (2)   6,798 
     ING  ING International Index Portfolio   (2)   165,521 
     ING  ING Large Cap Growth Portfolio   (2)   21,498 
     ING  ING MidCap Opportunities Portfolio   (2)   16,842 
     ING  ING Russell Mid Cap Index Portfolio   (2)   282,867 
     ING  ING Russell Small Cap Index Portfolio   (2)   200,360 
     ING  ING Solution 2015   (2)   311,067 
     ING  ING Solution 2025   (2)   737,527 
     ING  ING Solution 2035   (2)   262,734 
     ING  ING Solution 2045   (2)   196,005 
     ING  ING Solution 2055   (2)   24,386 
     ING  ING Solution Income Portfolio   (2)   100,499 
     ING  ING T. Rowe Price Capital Appreciation Portfolio   (2)   4,697 
     ING  ING U.S. Bond Index Portfolio   (2)   165,756 
     ING  ING U.S. Stock Index Portfolio   (2)   410,663 
     ING  ING Money Market Fund   (2)   6,817 
     MFS  MFS Aggressive Growth Allocation Fund   (2)   6,778 
     MFS  MFS Conservative Allocation Fund   (2)   202,165 
     MFS  MFS Growth Allocation Fund   (2)   223,033 
     MFS  MFS International Value Fund   (2)   286 
     MFS  MFS Moderate Allocation Fund   (2)   322,768 
     Oppenheimer  Oppenheimer Developing Market Fund   (2)   5,165 
     PIMCO  PIMCO Foreign Bond Fund   (2)   2,186 
     PIMCO  PIMCO Real Return Fund   (2)   44,486 
     Ridgeworth  RidgeWorth Total Return Bond Fund   (2)   845 
     Victory  Victory Established Value Fund   (2)   161 
     Investment Contract with Insurance Company:             
     ING  ING Fixed Account   (2)   1,032,461 
     Common Stock:             
 (1)  Center Bancorp, Inc.  Common stock   (2)   2,049,539 
 (1)  Stifel Nicolaus  Cash:  General Money Market Fund   (2)   46 
 (1)  Union Center National Bank  Cash:  General Money Market Fund   (2)   23,841 
    Mid Atlantic Trust  Mid Atlantic Master Cash   (2)   4,183 
 (1)  Participant Loans  Interest rate 3.25% to 8.25%  $0    129,396 
                6,995,210 

 

     (1) Party-in-interest.             
     (2) Not required for participant-directed investments.             

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

    Union Center National Bank 401(k) Profit Sharing Plan  
       
  By:   /s/ Francis R. Patryn  

 July 1, 2013

 


Senior Vice President, Comptroller and Chief Financial Officer

Union Center National Bank

 

   

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EXHIBIT INDEX

 

Exhibit 23.1 Consent of Independent Registered Public Accounting Firm

  

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