UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-Q

[X]      QUARTERLY  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2006.

                                       OR

[_]      TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934
         For the transition period from ________ to ________.

                         Commission file number 0-49925

                             Central Jersey Bancorp
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          New Jersey                                   22-3757709
---------------------------------        --------------------------------------
(State or other jurisdiction of           (I.R.S. Employer Identification No.)
 incorporation or organization)


                627 Second Avenue, Long Branch, New Jersey 07740
                ------------------------------------------------
          (Address of principal executive offices, including zip code)


                                 (732) 571-1300
              ----------------------------------------------------
              (Registrant's telephone number, including area code)



--------------------------------------------------------------------------------
              (Former name, former address and formal fiscal year,
                          if changed since last report)


Indicate  by check  mark  whether  the  registrant:  (1) has filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [_]

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer, or a  non-accelerated  filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. Check one:
Large accelerated filer [_]    Accelerated filer [X]   Non-accelerated filer [_]

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes [_] No [X] .

As of August 4, 2006,  there were 8,254,553  shares of the  registrant's  common
stock, par value $.01 per share, outstanding.

<PAGE>
<TABLE>
<CAPTION>

                                 Central Jersey Bancorp
                                  INDEX TO FORM 10-Q
                                                                                    PAGE
                                                                                    ----
<S>        <C>                                                                     <C>
PART I.    FINANCIAL INFORMATION
------     ---------------------

Item 1.    Financial Statements

           Consolidated Balance Sheets
           as of June 30, 2006 (unaudited) and December 31, 2005......................1

           Consolidated Statements of Income (unaudited)
           for the three and six months ended June 30, 2006 and 2005..................2

           Consolidated Statements of Changes in Shareholders' Equity (unaudited)
           for the six months ended June 30, 2006 and 2005............................3

           Consolidated Statements of Cash Flows (unaudited)
           for the six months ended June 30, 2006 and 2005............................4

           Notes to Unaudited Consolidated Financial Statements.......................5

Item 2.    Management's Discussion and Analysis
           of Financial Condition and Results of Operations..........................12

Item 3.    Quantitative and Qualitative Disclosures about Market Risk................21

Item 4.    Controls and Procedures...................................................22

PART II.   OTHER INFORMATION
-------    -----------------

Item 1.    Legal Proceedings.........................................................23

Item 1A.   Risk Factors..............................................................23

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds...............23

Item 3.    Defaults Upon Senior Securities...........................................23

Item 4.    Submission of Matters to a Vote of Security Holders.......................23

Item 5.    Other Information.........................................................24

Item 6.    Exhibits..................................................................24

Signatures...........................................................................25

Index of Exhibits...................................................................E-1

</TABLE>

                           Forward-Looking Statements

Statements   contained  in  this  report  that  are  not  historical   fact  are
forward-looking  statements,  as that term is defined in the Private  Securities
Litigation  Reform  Act  of  1995.  Such  statements  may  be  characterized  as
management's  intentions,  hopes,  beliefs,  expectations  or predictions of the
future. It is important to note that such forward-looking statements are subject
to risks and uncertainties  that could cause actual results to differ materially
from those  projected  in such  forward-looking  statements.  Factors that could
cause future results to vary materially from current  expectations  include, but
are not limited to, changes in interest rates, economic conditions,  deposit and
loan growth,  real estate values,  loan loss provisions,  competition,  customer
retention,  changes  in  accounting  principles,   policies  or  guidelines  and
legislative and regulatory changes.

                                       i
<PAGE>

                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                           CONSOLIDATED BALANCE SHEETS
                 JUNE 30, 2006 (UNAUDITED) AND DECEMBER 31, 2005
                             (dollars in thousands)

<TABLE>
<CAPTION>

                                                             June 30,   December 31,
                                                               2006         2005
                                                            ---------    ---------
<S>                                                             <C>          <C>
ASSETS                                                     (unaudited)
------

Cash and due from banks                                     $  23,001    $  21,228
Investment securities available for sale, at market value     102,550      111,175
Investment securities held to maturity (market value of
     $20,694 and $22,058 at June 30, 2006 and
     December 31, 2005, respectively)                          21,647       22,567
Loans held-for-sale                                               577        3,127
Loans, net                                                    314,187      307,168
Premises and equipment                                          5,760        6,006
Bank owned life insurance                                       3,393        3,338
Accrued interest receivable                                     2,645        2,636
Goodwill                                                       26,957       27,229
Core deposit intangible                                         2,788        3,097
Other assets                                                    7,177        6,992
                                                            ---------    ---------

          Total assets                                      $ 510,682    $ 514,563
                                                            =========    =========

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------

Deposits:
     Non-interest bearing                                   $  84,104    $  91,297
     Interest bearing                                         330,082      316,257
                                                            ---------    ---------
                                                              414,186      407,554

Other borrowings                                               27,153       38,191
Subordinated debentures                                         5,155        5,155
Accrued expenses and other liabilities                          1,491        1,885
                                                            ---------    ---------

          Total liabilities                                   447,985      452,785
                                                            ---------    ---------

Shareholders' equity:
     Common stock, par value $0.01 per share.  Authorized
     100,000,000 shares and issued and outstanding
     8,255,012 shares at June 30, 2006 and
     8,169,844 shares at December 31, 2005                         83           82
Additional paid-in capital                                     60,506       59,999
Accumulated other comprehensive loss                           (3,142)      (2,153)
Retained earnings                                               5,250        3,850
                                                            ---------    ---------
          Total shareholders' equity                           62,697       61,778
                                                            ---------    ---------

          Total liabilities and shareholders' equity        $ 510,682    $ 514,563
                                                            =========    =========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       1
<PAGE>
<TABLE>
<CAPTION>

                                         CONSOLIDATED STATEMENTS OF INCOME
                             FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                 (dollars in thousands, except per share amounts)

                                                                   Three months ended        Six months ended
                                                                       June 30,                  June 30,
                                                                   2006         2005         2006         2005
                                                                ----------   ----------   ----------   ----------
                                                                       (unaudited)               (unaudited)
<S>                                                                    <C>          <C>          <C>          <C>
Interest and dividend income:
     Interest and fees on loans                                 $    5,882   $    4,478   $   11,486   $    8,644
     Interest on securities available for sale                       1,124        1,267        2,280        2,599
     Interest on securities held to maturity                           251          277          506          563
     Interest on federal funds sold and due from banks                  64           38          112           69
                                                                ----------   ----------   ----------   ----------
          Total interest and dividend income                         7,321        6,060       14,384       11,875

Interest expense:
     Interest expense on deposits                                    2,564        1,495        4,661        2,764
     Interest expense on other borrowings                              309          129          912          266
     Interest expense on subordinated debentures                       106           82          205          156
                                                                ----------   ----------   ----------   ----------
          Total interest expense                                     2,979        1,706        5,778        3,186

                                                                ----------   ----------   ----------   ----------
          Net interest income                                        4,342        4,354        8,606        8,689
                                                                ----------   ----------   ----------   ----------

Provision for loan losses:                                              97           79          148          179
                                                                ----------   ----------   ----------   ----------
          Net interest income after provision for loan losses        4,245        4,275        8,458        8,510
                                                                ----------   ----------   ----------   ----------

Other income:
     Service charges on deposit accounts                               343          344          682          659
     Gain on the sale of loans held for sale                            51           --          161           --
     Income on bank owned life insurance                                25           25           55           56
     Other service charges, commissions and fees                         4           --            6           --
                                                                ----------   ----------   ----------   ----------
          Total other income                                           423          369          904          715
                                                                ----------   ----------   ----------   ----------

Operating expenses:
     Salaries and employee benefits                                  1,850        1,817        3,732        3,638
     Net occupancy expenses                                            424          593          826        1,211
     Data processing fees                                              195          261          398          526
     Core deposit intangible amortization                              155          172          309          344
     Other operating expenses                                          970          846        1,870        1,596
                                                                ----------   ----------   ----------   ----------
          Total other expenses                                       3,594        3,689        7,135        7,315
                                                                ----------   ----------   ----------   ----------

Income before provision for income taxes                             1,074          955        2,227        1,910

Income taxes                                                           399          345          827          690
                                                                ----------   ----------   ----------   ----------

          Net income                                            $      675   $      610   $    1,400   $    1,220
                                                                ==========   ==========   ==========   ==========

Basic earnings per share                                        $      08   $      .08   $      .17   $      .15
                                                                ==========   ==========   ==========   ==========
Diluted earnings per share                                      $      08   $      .07   $      .16   $      .14
                                                                ==========   ==========   ==========   ==========

Average basic shares outstanding                                 8,262,545    8,132,394    8,231,423    8,123,592
                                                                ==========   ==========   ==========   ==========
Average diluted shares outstanding                               8,738,853    8,882,612    8,726,918    8,884,288
                                                                ==========   ==========   ==========   ==========
</TABLE>

See accompanying notes to consolidated financial statements.

                                                        2
<PAGE>
<TABLE>
<CAPTION>

                               CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                    FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                                 (dollars in thousands)

                                                                            Accumulated
                                                             Additional        other
                                                Common         paid-in     comprehensive      Retained
                                                 stock         capital     (loss) income      earnings         Total
-----------------------------------------------------------------------------------------------------------------------
<S>                                         <C>            <C>             <C>             <C>            <C>
Balance at December 31, 2004                 $         40   $     15,216    $       (619)   $      1,218   $     15,855
-----------------------------------------------------------------------------------------------------------------------
Comprehensive income:
Net income                                             --             --              --           1,220          1,220
Unrealized gain on securities
   available for sale, net of tax of $65               --             --              97              --             97
                                                                                                           ------------
Total comprehensive income                             --             --              --              --          1,317
Allaire Community Bank combination                     42         44,375              --              --         44,417
Exercise of stock options - 77,549 shares              --            202              --              --            202
-----------------------------------------------------------------------------------------------------------------------
Balance at June 30, 2005                     $         82   $     59,793    $       (522)   $      2,438   $     61,791
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
Balance at December 31, 2005                 $         82   $     59,999    $     (2,153)   $      3,850   $     61,778
-----------------------------------------------------------------------------------------------------------------------
Comprehensive income:
Net income                                             --             --              --           1,400          1,400
Unrealized loss on securities
   available for sale, net of tax of $585              --             --            (989)             --           (989)
                                                                                                           ------------
Total comprehensive income                             --             --              --              --            411

Exercise of stock options - 107,762 shares
(including tax benefit of $250)                         1            724              --              --            725
Common stock retired - 21,523 shares                   --           (217)             --              --           (217)
-----------------------------------------------------------------------------------------------------------------------
Balance at June 30, 2006                     $         83   $     60,506    $     (3,142)   $      5,250   $     62,697
=======================================================================================================================
</TABLE>

See accompanying notes to consolidated financial statements.


                                                           3
<PAGE>
<TABLE>
<CAPTION>

                                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                             FOR THE SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                         (dollars in thousands)
                                                                                      Six months ended
                                                                                          June 30,
                                                                                      2006        2005
                                                                                    --------    --------
<S>                                                                                       <C>        <C>
                                                                                  (unaudited)  (unaudited)
Cash flows from operating activities:
     Net income                                                                     $  1,400    $  1,220
Adjustments to reconcile net income to net cash provided by operating activities:
    Increase in cash surrender value of life insurance                                   (55)        (56)
    Deferred taxes                                                                       365        (106)
    Provision for loan losses                                                            148         179
    Depreciation and amortization                                                        437         404
    Net premium amortization on held to maturity securities                               (4)          7
    Net premium amortization on available for sale securities                             89         133
    Core deposit intangible amortization                                                 309         344
    Gain on the sale of loans held for sale                                             (161)         --
    Originations of loans held for sale                                              (15,956)         --
    Proceeds from the sale of loans held for sale                                     18,667          --
    (Increase) decrease in accrued interest receivable                                    (9)         57
    Decrease (increase) in other assets                                                  309        (924)
    Decrease in accrued expenses and other liabilities                                  (394)       (859)
                                                                                    --------    --------
         Net cash provided by operating activities                                     5,145         399
                                                                                    --------    --------

Cash flows from investing activities:
     Maturities of and paydowns on investment securities held to maturity                924       1,728
     Maturities of and paydowns on investment securities available for sale            6,962      11,393
     Net increase in loans                                                            (7,169)    (13,249)
     Cash/cash equivalents acquired in Allaire Community Bank combination                 --       6,886
     Purchases of premises and equipment, net                                           (191)       (152)
                                                                                    --------    --------
           Net cash provided by investment activities                                    526       6,606
                                                                                    --------    --------

Cash flows from financing activities:
     Net proceeds from stock options exercised                                           508         202
     Net (decrease) increase in non-interest bearing deposits                         (7,193)     24,771
     Net increase (decrease) in interest bearing deposits                             13,825     (16,056)
     Net decrease in other borrowings                                                (11,038)     (8,403)
                                                                                    --------    --------
           Net cash (used in) provided by financing activities                        (3,898)        514
                                                                                    --------    --------

            Increase in cash and cash equivalents                                      1,773       7,519

Cash and cash equivalents at beginning of period                                      21,228      18,594
                                                                                    --------    --------
Cash and cash equivalents at end of period                                          $ 23,001    $ 26,113
                                                                                    ========    ========

Cash paid during the period for:
     Interest                                                                       $  5,735    $  3,116
                                                                                    ========    ========
     Income taxes                                                                   $    946    $    609
                                                                                    ========    ========
</TABLE>

See accompanying notes to consolidated financial statements.


                                                   4
<PAGE>

                      Central Jersey Bancorp and Subsidiary


              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
              ----------------------------------------------------

Note 1.  Basis of Presentation
------------------------------

The interim  consolidated  financial statements reflect all normal and recurring
adjustments that are, in the opinion of management,  considered  necessary for a
fair  presentation of the financial  condition and results of operations for the
periods presented.  The results of operations for the three and six months ended
June 30, 2006 are not  necessarily  indicative of the results of operations that
may be expected for all of 2006.

Certain  information  and  note  disclosures   normally  included  in  financial
statements  prepared  in  accordance  with U.S.  generally  accepted  accounting
principles have been condensed or omitted, pursuant to the rules and regulations
of the Securities and Exchange Commission.

The number of shares outstanding and earnings per share amounts set forth herein
for all periods  presented  has been adjusted to reflect the  two-for-one  stock
split, in the form of a stock dividend, paid on July 1, 2005 for shareholders of
record on June 15, 2005, and for the five percent stock  dividend,  paid on July
1, 2006 for shareholders of record June on 15, 2006.

These unaudited  consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in
Central Jersey  Bancorp's annual report on Form 10-K for the year ended December
31, 2005.

Central Jersey Bancorp and its bank  subsidiary,  Central Jersey Bank, N.A., are
sometimes collectively referred to herein as the "Company."

Note 2.  Earnings Per Share
---------------------------

The following table reconciles shares outstanding for basic and diluted earnings
per share for the three and six months ended June 30, 2006 and 2005:

                                      Three months ended      Six months ended
                                           June 30,               June 30,
                                      2006         2005       2006        2005
                                    --------------------------------------------
Average basic shares outstanding    8,262,545   8,132,394  8,231,423   8,123,592
Add effect of dilutive securities:
       Stock options                  476,308     750,218    495,495     760,696
                                    --------------------------------------------
Average diluted shares outstanding  8,738,853   8,882,612  8,726,918   8,884,288
                                    --------------------------------------------

                                       5
<PAGE>

Stock Based Compensation

Prior to January 1, 2006,  the Company  accounted for  stock-based  compensation
using the  intrinsic  value method  under  Accounting  Principles  Board No. 25,
Accounting  for Stock Issued to  Employees.  Statement  of Financial  Accounting
Standards ("SFAS") No. 123, Accounting for Stock-based Compensation,  as amended
by  SFAS  No.  148,  Accounting  for  Stock-based  Compensation-Transaction  and
Disclosure,  permits  the  use of the  intrinsic  value  method;  however,  also
requires the Company to disclose the pro forma net income and earnings per share
as if the stock-based  compensation  had been accounted for using the fair value
method.

Had  compensation  cost for the  Company's  stock  options  been  determined  in
accordance  with SFAS No. 123,  the  Company's  net income and related per share
amounts for the three and six months ended June 30, 2005 would have decreased to
the following pro forma amounts (in thousands):

<TABLE>
<CAPTION>

                                                        Three months ended      Six months ended
                                                           June 30, 2005         June 30, 2005
------------------------------------------------------------------------------------------------
<S>                                                        <C>                   <C>
Net Income:
     As reported                                           $        610          $      1,220
Deduct: Total stock-based employee compensation expense
    determined under the fair value based method for all
    awards, net of related tax effects                               --                   882
                                                           ----------------------------------
     Pro forma                                             $        610          $        338

Net income per share - basic:
     As reported                                           $       0.08          $       0.15
     Pro forma                                             $       0.08          $       0.04

Net income per share - diluted:
     As reported                                           $       0.07          $       0.14
     Pro forma                                             $       0.07          $       0.04

</TABLE>

In December 2004, SFAS No. 123R,  Share-Based Payment, was issued. SFAS No. 123R
requires companies to recognize in the statement of earnings the grant-date fair
value of stock options issued to employees and measure the fair value  liability
classified awards each reporting period.  The statement was effective January 1,
2006. The Company  recorded stock share based payment expense using the modified
prospective  method for  transition  to the new rules  whereby  grants after the
implementation   date,  as  well  as  unvested   awards  granted  prior  to  the
implementation  date,  are measured and accounted  for under SFAS No. 123R.  All
awards granted prior to January 1, 2006 were fully vested.

Stock Appreciation Rights

On January 31, 2006,  the Company  granted under its 2005 Equity  Incentive Plan
157,500 Stock Appreciation Rights ("SARS") (89,250 were granted to employees and
68,250 were granted to directors),  each with an exercise price of $10.36. These
SARS can only be  settled  in cash.  The SARS vest over a four year  period  and
expire  February 1, 2016.  The fair value of SARS granted was  estimated on June
30,  2006  using the  Black-Scholes  option  pricing  model  with the  following
weighted-average  assumptions  used:  stock price $8.80,  dividend  yield of 0%;
expected  volatility of

                                       6
<PAGE>

41.17%;  risk free  interest rate of 5.10%;  and expected  lives of seven years.
These SARS had a fair value of  approximately  $4.13 per share at June 30, 2006.
The Company  recorded share based payment expense of  approximately  $16,000 and
$27,000,  respectively,  net of tax,  related to the granting of SARS during the
three and six months ended June 30, 2006.  As of June 30, 2006,  total  unvested
compensation expense was approximately  $583,000 (pre-tax) and will vest over 43
months.

A summary of the status of the Company's  SARS for the six months ended June 30,
2006, is presented below:


                                          For the six months
                                                 ended
                                            June 30, 2006
---------------------------------------------------------------
                                                      Weighted
                                                       average
                                                      exercise
                                         SARS           price
---------------------------------------------------------------

Outstanding at beginning of year       $     --       $     --

Granted                                 157,500          10.36

Forfeited                                    --             --

Exercised                                    --             --
==============================================================

Outstanding at period end               157,500          10.36
==============================================================
SARS exercisable at period end

Weighted average fair value of
     SARs granted                     $   4.13
==============================================================

Stock Option Plan

In 2000, the Company established an Employee and Director Stock Option Plan (the
"Plan").  The Plan  currently  provides  for the  granting  of stock  options to
purchase in aggregate  up to 1,458,605  shares of the  Company's  common  stock,
subject to adjustment for certain  dilutive events such as stock  distributions.
During the six months ended June 30, 2006,  no options were  granted.  Effective
January 1, 2005, as a result of the combination with Allaire Community Bank, all
outstanding options granted under the Plan have become fully vested.

In addition, as a result of the combination with Allaire Community Bank, options
to purchase 763,551 shares of Allaire Community Bank common stock were converted
into options to purchase  763,551 shares of Central Jersey Bancorp common stock,
all of which are fully vested.

                                       7
<PAGE>

A summary of the  status of the  Company's  stock  options as of and for the six
months ended June 30, 2006 is presented below:

                                              Six months
                                                ended
                                            June 30, 2006
---------------------------------------------------------------
                                                      Weighted
                                                      average
                                                      exercise
                                        Shares         price
---------------------------------------------------------------

Outstanding at beginning of year       1,508,705    $      5.25
---------------------------------------------------------------
Allaire Community Bank combination            --             --

Granted                                       --             --

Forfeited                                (37,610)         10.04

Exercised                               (107,762)          4.40
===============================================================

Outstanding at period end              1,363,333           5.18
===============================================================

                                       1,363,333           5.18
Options exercisable at period end

Weighted average fair value of
     options granted                 $        --
===============================================================

Note 3.  Loans Receivable, Net and Loans Held for Sale
------------------------------------------------------

Loans receivable,  net at June 30, 2006 and December 31, 2005,  consisted of the
following (in thousands):

                                     June 30,      December 31,
Loan Type                              2006           2005
---------                          ------------   ------------

Real estate loans - commercial     $    236,410   $    232,570
Home equity and second mortgages         37,316         38,153
Commercial and industrial loans          36,433         32,708
1-4 family real estate loans              4,266          4,858
Consumer loans                            3,041          2,054
                                   ------------   ------------
     Total loans                   $    317,466   $    310,343
Less:
     Allowance for loan losses            3,279          3,175
                                   ------------   ------------
          Net loans                $    314,187   $    307,168
                                   ============   ============

Loans held-for-sale                $        577   $      3,127
                                   ============   ============

                                       8
<PAGE>

Loans  are  considered  to be  non-performing  if they (a) are on a  non-accrual
basis, (b) are past due ninety days or more and still accruing interest,  or (c)
have been renegotiated to provide a reduction or deferral of interest because of
a weakening in the financial  position of the borrowers.  A loan,  which is past
due ninety days or more and still accruing  interest,  remains on accrual status
only when it is both adequately secured as to principal and is in the process of
collection.  Central Jersey Bancorp had non-accrual  loans totaling  $505,000 at
June 30, 2006, as compared to $79,000 at December 31, 2005.  The increase is due
primarily to $413,000 in unsecured  loans placed on  non-accrual  status.  These
loans,  which were originated in 1999 through 2001, had an original  outstanding
aggregate  balance  of  approximately   $1.0  million,   were  made  to  several
individuals  referred by Mr. Solomon Dwek,  and have been adversely  impacted by
the May 2006 action  commenced by PNC Bank against Mr. Dwek, as described below.
There was $46,000 in loan charge offs during the three and six months ended June
30, 2006.

During the three months  ended June 30,  2006,  but prior to the action taken by
PNC Bank  against Mr.  Solomon  Dwek,  the  Company  originated  a $2.0  million
commercial  mortgage loan to a limited  liability company owned by Mr. Dwek. The
loan is current and  performing in  accordance  with its  contractual  terms and
based upon a recent appraisal is well secured.  The loan to Mr. Dwek was made at
arms-length  and the terms and  conditions of the loan were in  accordance  with
applicable laws and on similar terms and conditions for comparable  transactions
with other persons or organizations with similar creditworthiness.

In other matters  related to Mr.  Solomon  Dwek,  on July 31, 2006,  the Company
announced that an aggregate of 564,910 shares of Central Jersey Bancorp's common
stock, representing approximately 6.8% of the shares of Central Jersey Bancorp's
common stock  currently  outstanding,  were recently sold at prices ranging from
$8.80 to $8.85 per  share to two  institutional  investors  for the  benefit  of
another financial  institution.  These shares of Central Jersey Bancorp's common
stock and other securities  unrelated to Central Jersey Bancorp had been pledged
by Mr.  Dwek as  collateral  to secure a $10.0  million  loan he had  personally
received from another financial institution.  The entire collateral position was
ordered sold by the Superior  Court of New Jersey in  connection  with an action
commenced by PNC Bank against Mr. Dwek.

As of April 6, 2006,  the record date for Central  Jersey  Bancorp's 2006 annual
meeting  of  shareholders,  Mr.  Dwek  held  779,730  shares of  Central  Jersey
Bancorp's common stock (818,716 shares as adjusted for the 5% stock distribution
paid on July 1,  2006),  which  represented  at such time 9.96% of the shares of
Central Jersey Bancorp's common stock  outstanding.  As the result of the recent
sale of shares of Central  Jersey  Bancorp's  common stock held as collateral at
another  financial  institution,  coupled with other  transfers  and/or sales of
Central  Jersey  Bancorp's  common stock  formerly held by Mr. Dwek,  which have
occurred in  connection  with the pending  action  against Mr. Dwek,  the equity
holdings of Mr. Dwek in Central Jersey Bancorp have been significantly reduced.

Note 4.  Deposits
-----------------

The major  types of  deposits  at June 30,  2006 and  December  31, 2005 were as
follows (in thousands):

                                       9
<PAGE>

                                                  June 30,     December 31,
Deposit Type                                        2006           2005
------------                                    ------------   ------------

Non-interest bearing checking                   $     84,104   $     91,297
Interest-bearing checking                             78,817         85,812
Savings                                               72,404         63,518
Money market                                          35,033         24,663
Certificates of deposit of less than $100,000         73,806         67,813
Certificates of deposit of $100,000 or more           70,022         74,451
                                                ------------   ------------

     Total                                      $    414,186   $    407,554
                                                ============   ============

Note 5.  Subordinated Debentures
--------------------------------

In March 2004, MCBK Capital Trust I, a newly formed Delaware  statutory business
trust and a wholly-owned,  unconsolidated  subsidiary of Central Jersey Bancorp,
issued an  aggregate  of $5.0 million of trust  preferred  securities  to ALESCO
Preferred Funding III, a pooled investment vehicle.  Sandler O'Neill & Partners,
L.P.  acted as  placement  agent in  connection  with the  offering of the trust
preferred  securities.  The securities  issued by MCBK Capital Trust I are fully
guaranteed by Central Jersey Bancorp with respect to  distributions  and amounts
payable upon  liquidation,  redemption or  repayment.  These  securities  have a
floating  interest  rate equal to the  three-month  LIBOR plus 285 basis points,
which resets quarterly. The securities mature on April 7, 2034 and may be called
at par by Central Jersey Bancorp any time after April 7, 2009.  These securities
were  placed  in a  private  transaction  exempt  from  registration  under  the
Securities Act of 1933, as amended.

The entire proceeds to MCBK Capital Trust I from the sale of the trust preferred
securities  were used by MCBK Capital  Trust I in order to purchase $5.1 million
of  Subordinated  Debentures  from  Central  Jersey  Bancorp.  The  Subordinated
Debentures bear a variable  interest rate equal to LIBOR plus 2.85 basis points.
Although  the  Subordinated  Debentures  are  treated as debt of Central  Jersey
Bancorp,  they currently qualify as Tier I Capital  investments,  subject to the
25% limitation under risk-based capital  guidelines of the Federal Reserve.  The
portion of the trust preferred securities that exceeds this limitation qualifies
as Tier II Capital of Central Jersey Bancorp.  At June 30, 2006, $5.0 million of
the trust  preferred  securities  qualified  for  treatment  as Tier I  Capital.
Central Jersey  Bancorp is using the proceeds it received from the  Subordinated
Debentures to support the general balance sheet growth of Central Jersey Bancorp
and to help ensure  that  Central  Jersey  Bank,  N.A.  maintains  the  required
regulatory capital ratios.

On March 1, 2005,  the  Federal  Reserve  adopted a final  rule that  allows the
continued inclusion of outstanding and prospective  issuances of trust preferred
securities in the Tier I Capital of bank holding companies,  subject to stricter
quantitative  limits and  qualitative  standards.  The new  quantitative  limits
become  effective  after a five-year  transition  period  ending March 31, 2009.
Under the final rules,  trust  preferred  securities and other  restricted  core
capital  elements  are limited to 25% of all core capital  elements.  Amounts of
restricted  core  capital  elements in excess of these limits may be included in
Tier II Capital.  At June 30, 2006,  the only  restricted  core capital  element
owned by Central Jersey Bancorp is trust  preferred  securities.  Central Jersey
Bancorp  believes  that its trust  preferred  issues  qualify as Tier I Capital.
However,  in the event that the trust preferred  issues do not qualify as Tier I
Capital, Central Jersey Bank, N.A. would remain well capitalized.

                                       10
<PAGE>

Note 6. Recent Accounting Pronouncements
----------------------------------------

In March 2006, the Financial Accounting Standards Board ("FASB") issued SFAS No.
156,  Accounting for Servicing of Financial Assets. SFAS No. 140, Accounting for
Transfers and Servicing of Financial Assets and  Extinguishments of Liabilities,
establishes,  among other things,  the accounting for all separately  recognized
servicing assets and servicing liabilities.  SFAS No. 156 amends SFAS No. 140 to
require  that  all  separately   recognized   servicing   assets  and  servicing
liabilities be initially  measured at fair value, if  practicable.  SFAS No. 156
permits,  but  does  not  require,  the  subsequent  measurement  of  separately
recognized  servicing assets and servicing  liabilities at fair value. An entity
that uses  derivative  instruments  to mitigate the risks  inherent in servicing
assets and  servicing  liabilities  is required to account for those  derivative
instruments  at fair value.  Under SFAS No. 156, an entity can elect  subsequent
fair value measurement to account for its separately recognized servicing assets
and servicing  liabilities.  By electing that option, an entity may simplify its
accounting  because SFAS No. 156 permits  income  statement  recognition  of the
potential  offsetting  changes  in fair  value of  those  servicing  assets  and
servicing liabilities and derivative  instruments in the same accounting period.
SFAS No. 156 is effective in the first fiscal year beginning after September 15,
2006 with earlier adoption  permitted.  The Company does not expect the adoption
of SFAS No. 156 to have a material impact on its financial statements.

In July  2006,  the FASB  issued  FASB  Interpretation  No. 48,  Accounting  for
Uncertainty  in Income  Taxes  ("FIN  48").  FIN 48  establishes  a  recognition
threshold and measurement for income tax positions recognized in an enterprise's
financial  statements in  accordance  with SFAS No. 109,  Accounting  for Income
Taxes. FIN 48 also prescribes a two-step  evaluation  process for tax positions.
The first step is recognition and the second is measurement. For recognition, an
enterprise judgmentally determines whether it is more-likely-than-not that a tax
position will be sustained  upon  examination,  including  resolution of related
appeals or litigation processes,  based on the technical merits of the position.
If the tax position meets the  more-likely-than-not  recognition threshold it is
measured and recognized in the financial statements as the largest amount of tax
benefit  that is greater  than 50% likely of being  realized.  If a tax position
does not meet the  more-likely-than-not  recognition  threshold,  the benefit of
that position is not recognized in the financial statements.

Tax positions that meet the  more-likely-than-not  recognition  threshold at the
effective date of FIN 48 may be recognized or,  continue to be recognized,  upon
adoption  of  this  Interpretation.   The  cumulative  effect  of  applying  the
provisions of FIN 48 shall be reported as an  adjustment to the opening  balance
of retained  earnings for that fiscal year. FIN 48 is effective for fiscal years
beginning after December 15, 2006.  Accordingly,  the Company plans to adopt FIN
48 on January 1, 2007.  The Company is evaluating  the impact of adoption of FIN
48 and is unable,  at this time,  to quantify  the  impact,  if any, to retained
earnings at the time of adoption.




                                       11
<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

General

The following  discussion and analysis is intended to provide  information about
the Company's  financial condition as of June 30, 2006 and results of operations
for the  three and six  months  ended  June 30,  2006 and  2005.  The  following
information  should  be  read  in  conjunction  with  the  Company's   unaudited
consolidated  financial  statements  for the three and six months ended June 30,
2006, including the related notes thereto, contained elsewhere in this document.

Critical Accounting Policies

"Management's  Discussion  and  Analysis of Financial  Condition  and Results of
Operations," as well as disclosures  found elsewhere in this quarterly report on
Form  10-Q,  are  based  upon the  Company's  unaudited  consolidated  financial
statements,  which have been prepared in accordance with U.S. generally accepted
accounting  principles.  The preparation of these financial  statements requires
the Company to make estimates and judgments that affect the reported  amounts of
assets,  liabilities,  revenues and expenses. Note 1 to Central Jersey Bancorp's
audited consolidated  financial statements for the year ended December 31, 2005,
included with Central Jersey  Bancorp's  annual report on Form 10-K for the year
ended  December  31,  2005,  contains  a summary  of the  Company's  significant
accounting  policies.  Management  believes the Company's policy with respect to
the methodology for the  determination of the allowance for loan losses requires
management  to make  difficult  and  subjective  judgments  that  often  require
assumptions or estimates about uncertain  matters.  Changes in these  judgments,
assumptions or estimates  could  materially  impact results of operations.  This
critical policy and its application are periodically reviewed with the Company's
Audit Committee and its Board of Directors.

The  allowance  for loan  losses is based upon  management's  evaluation  of the
adequacy of the  allowance,  including an assessment  of: (a) known and inherent
risks in the loan portfolio, (b) the size and composition of the loan portfolio,
(c)  actual  loan  loss  experience,  (d) the  level of  delinquencies,  (e) the
individual  loans for which  full  collectibility  may not be  assured,  (f) the
existence and estimated net realizable  value of any  underlying  collateral and
guarantees  securing  the  loans,  and  (g)  the  current  economic  and  market
conditions.  Although management uses the best information available,  the level
of the  allowance  for loan  losses  remains  an  estimate  that is  subject  to
significant judgment and short-term change.  Various regulatory agencies,  as an
integral part of their examination  process,  periodically  review the Company's
allowance  for loan  losses.  Such  agencies  may  require  the  Company to make
additional  provisions for loan losses based upon information  available to them
at the time of their  examination.  Furthermore,  the majority of the  Company's
loans are secured by real estate in the State of New  Jersey.  Accordingly,  the
collectibility  of a substantial  portion of the carrying value of the Company's
loan portfolio is  susceptible to changes in local market  conditions and may be
adversely  affected  should real estate values decline or the Central New Jersey
area experience an adverse economic climate. Future adjustments to the allowance
for loan losses may be necessary  due to  economic,  operating,  regulatory  and
other conditions beyond the Company's control.

Intangible  assets  of the  Company,  consists  of  goodwill  and  core  deposit
premiums.  Goodwill  represents  the  excess  of the  purchase  price  over  the
estimated  fair value of  identifiable  net  assets  acquired  through  purchase
acquisitions. In accordance with SFAS No. 142, goodwill with an

                                       12
<PAGE>

indefinite  useful life is not amortized,  but is evaluated for impairment on an
annual basis.

Core deposit premiums represent the intangible value of depositor  relationships
assumed in purchase  acquisitions and are amortized on accelerated  basis over a
period of ten years. The amortization of the core deposit premium is recorded in
other operating expenses.

Long-lived assets including  goodwill and certain  identifiable  intangibles are
periodically  evaluated for impairment in value.  Long-lived assets and deferred
costs are typically measured whenever events or circumstances  indicate that the
carrying amount may not be recoverable.  No such events have occurred during the
periods reported.  Certain  identifiable  intangibles and goodwill are evaluated
for impairment at least annually  utilizing the "market  approach" as prescribed
by SFAS No. 142,  Goodwill and Other  Intangible  Assets.  Asset  impairment  is
recorded when required.




                                       13
<PAGE>

Overview

For the three months ended June 30, 2006,  net income was $675,000,  as compared
to $610,000  for the same period in 2005.  Basic and diluted  earnings per share
were both  $0.08,  as compared  to $0.08 and $0.07,  respectively,  for the same
period in 2005.

For the six  months  ended June 30,  2006,  net  income  was $1.40  million,  as
compared  to $1.22  million  for the same  period  in 2005.  Basic  and  diluted
earnings per share were $0.17 and $0.16, respectively,  as compared to $0.15 and
$0.14, respectively, for the same period in 2005.

Total  assets of $510.7  million at June 30, 2006 were  comprised  primarily  of
$124.2 million in investment  securities,  $314.2 million in net loans and $23.0
million  in cash and due from  banks,  as  compared  to total  assets  of $514.6
million at December 31, 2005,  which  primarily  consisted of $133.7  million in
investment securities,  $307.2 million in net loans, $3.1 million in residential
loans  held-for-sale and $21.2 million in cash and due from banks.  Total assets
at June 30, 2006 were funded primarily  through deposits totaling $414.2 million
and other borrowings  totaling $27.2 million,  as compared to $407.6 million and
$38.2 million, respectively, at December 31, 2005.

At June 30, 2006,  non-accrual  loans totaled $505,000 as compared to $79,000 at
December 31, 2005. The increase is due primarily to $413,000 in unsecured  loans
placed on non-accrual  status.  The repayment of these loans, which were made to
several individuals referred by Mr. Solomon Dwek, has been adversely impacted by
the pending action against Mr. Dwek. Loan  charge-offs  during the three and six
months ended June 30, 2006 totaled $46,000.

Results of Operations

General

Central Jersey  Bancorp's  principal  source of revenue is derived from its bank
subsidiary's  net interest  income,  which is the  difference  between  interest
income on earning  assets and interest  expense on deposits and borrowed  funds.
Interest-earning  assets consist  principally  of loans,  securities and federal
funds sold,  while the sources  used to fund such assets  consist  primarily  of
deposits.  Central  Jersey  Bancorp's  net income is also  affected  by its bank
subsidiary's  provision for loan losses, other income and other expenses.  Other
income consists  primarily of service charges and fees.  Other expenses  consist
primarily of salaries and employee benefits, occupancy costs and other operating
related expenses.

For the three and six months ended June 30, 2006 and 2005

Net Interest Income

Net  interest  income was $4.3 million for the three months ended June 30, 2006,
as compared to $4.4 million for the same period in 2005. Net interest income for
the three months ended June 30, 2006 was comprised  primarily of $5.9 million of
interest on loans, $1.4 million of interest on securities,  and $64,000 of other
interest  income,  less interest  expense on deposits of $2.6 million,  interest
expense on  borrowed  funds of $309,000  and  interest  expense on  Subordinated
Debentures  of $106,000.  The average net  interest  margin for the three months
ended June 30, 2006 was 3.76% as compared to 4.04% for the same period in 2005.

                                       14
<PAGE>

Net interest  income was $8.6 million for the six months ended June 30, 2006, as
compared to $8.7 million for the same period in 2005.  Net  interest  income for
the six months ended June 30, 2006 was  comprised  primarily of $11.5 million of
interest on loans, $2.8 million of interest on securities, and $112,000 of other
interest  income,  less interest  expense on deposits of $4.7 million,  interest
expense on  borrowed  funds of $912,000  and  interest  expense on  Subordinated
Debentures of $205,000. The average net interest margin for the six months ended
June 30, 2006 was 3.74% as compared to 4.09% for the same period in 2005.

Interest  income was $7.3 million for the three  months ended June 30, 2006,  as
compared  to $6.1  million  for the same  period  in 2005.  This  represents  an
increase  of $1.2  million,  or 20.8%,  which is due  primarily  to the  general
increase in interest  rates and  commercial  loan growth.  The average  yield on
interest-earning  assets  increased to 6.39% for the three months ended June 30,
2006, as compared to 5.65% for the same period in 2005. Average interest-earning
assets, which were 89.1% of average total assets, totaled $453.7 million for the
three months ended June 30, 2006, and were comprised primarily of $318.4 million
in loans,  $130.7  million in  investment  securities  and $4.6 million in other
interest bearing deposits.

Interest  income was $14.4  million for the six months ended June 30,  2006,  as
compared  to $11.9  million  for the same  period in 2005.  This  represents  an
increase  of  $2.5   million,   or  21.1%,   which  is  due   primarily  to  the
previously-mentioned  increase in interest rates and commercial loan growth. The
average yield on  interest-earning  assets increased to 6.31% for the six months
ended June 30, 2006,  as compared to 5.62% for the same period in 2005.  Average
interest-earning  assets,  which  were 88.8% of average  total  assets,  totaled
$454.8  million  for the six months  ended  June 30,  2006,  and were  comprised
primarily of $316.3 million in loans,  $133.3  million in investment  securities
and $5.2 million in other interest bearing deposits.

Interest  expense was $3.0 million for the three months ended June 30, 2006,  as
compared  to $1.7  million  for the same  period  in 2005.  This  represents  an
increase of $1.3 million,  or 74.6%.  The increase was due primarily to the cost
of interest bearing  liabilities which increased to an average cost of 3.26% for
the three  months ended June 30, 2006 from an average cost of 2.01% for the same
period in 2005. For example, the cost of borrowings increased to an average cost
of 4.63% for the three months ended June 30, 2006, from an average cost of 3.03%
for the same period in 2005.  Average  interest-bearing  deposits totaled $327.3
million for the three months ended June 30, 2006, as compared to $306.8  million
for  the  same  period  in  2005,  and  were  comprised  of  $113.3  million  in
interest-bearing  checking and money market  deposits,  $70.7 million in savings
deposits and $143.3 million in time deposits.  Interest expense  associated with
borrowings  and   Subordinated   Debentures   totaled   $309,000  and  $106,000,
respectively,  for the three months ended June 30, 2006, as compared to $129,000
and $82,000, respectively, for the same period in 2005. Borrowings for the three
months ended June 30, 2006 averaged $26.7 million,  as compared to $17.1 million
for the same period in 2005.  These borrowings were necessary to fund commercial
loan growth.

Interest  expense was $5.8 million for the six months  ended June 30,  2006,  as
compared  to $3.2  million  for the same  period  in 2005.  This  represents  an
increase of $2.6 million,  or 81.4%.  The increase was due primarily to the cost
of interest bearing  liabilities which increased to an average cost of 3.14% for
the six months  ended June 30,  2006 from an average  cost of 1.87% for the same
period in 2005. For example, the cost of borrowings increased to an average cost
of 4.59% for the

                                       15
<PAGE>

six months  ended  June 30,  2006,  from an  average  cost of 2.79% for the same
period in 2005. Average interest-bearing deposits totaled $317.7 million for the
six months  ended June 30,  2006,  as  compared  to $306.9  million for the same
period  in 2005,  and were  comprised  of  $108.0  million  in  interest-bearing
checking and money market deposits, $68.8 million in savings deposits and $140.9
million in time  deposits.  Interest  expense  associated  with  borrowings  and
Subordinated Debentures totaled $912,000 and $205,000, respectively, for the six
months ended June 30, 2006, as compared to $266,000 and $156,000,  respectively,
for the same period in 2005.  Borrowings  for the six months ended June 30, 2006
averaged $40 million,  as compared to $19.2 million for the same period in 2005.
These borrowings were necessary to fund commercial loan growth.

Provision for Loan Losses

For the three and six months ended June 30, 2006,  the provision for loan losses
was $97,000 and  $148,000,  respectively,  as compared to $79,000 and  $179,000,
respectively,  for the same period in 2005.  The increase in the  provision  for
loan losses for the three months  ended June 30, 2006 was due  primarily to loan
loss provision relating to the $413,000 in unsecured loans placed on non-accrual
status  as  of  June  30,  2006,  as  previously  noted,   partially  offset  by
improvements in the credit quality of the remaining portfolio.  The Company will
continue to monitor  these loans and based upon their  unsecured  status and the
uncertainties  surrounding  the final outcome of the action  against Mr. Solomon
Dwek, additional provision may need to be recorded in future periods.

Non-Interest Income

Non-interest  income was $423,000  for the three months ended June 30, 2006,  as
compared to $369,000  for the same  period in 2005.  Service  charges on deposit
accounts  totaled $343,000 for the three months ended June 30, 2006, as compared
to $344,000 for the same period in 2005. Gain on the sale of loans held for sale
was $51,000 for the three months ended June 30, 2006, as compared to no gain for
the same period in 2005. The increase was due to the commencement of residential
mortgage originations held-for-sale in the latter part of 2005.

Non-interest  income was $904,000  for the six months  ended June 30,  2006,  as
compared to $715,000  for the same  period in 2005.  Service  charges on deposit
accounts totaled $682,000 for the six months ended June 30, 2006, as compared to
$659,000  for the same  period in 2005.  Gain on the sale of loans held for sale
was $161,000 for the six months ended June 30, 2006,  as compared to no gain for
the same period in 2005. The increase was due to the commencement of residential
mortgage originations held-for-sale in the latter part of 2005.

Non-Interest Expense

Non-interest  expense was $3.6 million and $7.1 million,  respectively,  for the
three and six months ended June 30,  2006,  as compared to $3.7 million and $7.3
million,  respectively, for the same periods in 2005. The decrease for the three
and six months ended June 30, 2006,  as compared to the same periods in 2005, is
due primarily to recently  realized  operating  efficiencies and cost economies.
Non-interest  expense generally includes costs associated with employee salaries
and benefits,  occupancy expenses,  data processing fees,  professional fees and
other operating expenses.


                                       16
<PAGE>

The table below present's non-interest expense, by major category, for the three
and six months ended June 30, 2006 and 2005 (in thousands):

                                       Three months ended      Six months ended
                                             June 30,              June 30,
Non-Interest Expense                     2006       2005       2006       2005
--------------------                     ----       ----       ----       ----

Salaries and employee benefits         $  1,850   $  1,810   $  3,732   $  3,638
Net occupancy expenses                      424        446        826        906
Outside service fees                        223        242        432        496
Data processing fees                        195        261        398        526
Core deposit intangible amortization        155        172        309        344
Audit and tax fees                           93        104        156        159
Printing, stationery, and supplies           70         59        123        178
Legal fees and expenses                      50         50         71         79
Advertising and marketing expenses           34         46         84         93
Other operating expenses                    500        499      1,004        896
                                       --------   --------   --------   --------
      Total                            $  3,594   $  3,689   $  7,135   $  7,315
                                       ========   ========   ========   ========

Income Tax Expense

Income tax  expense was  $399,000  for the three  months  ended June 30, 2006 on
income  before taxes of $1.1  million,  resulting  in an  effective  tax rate of
37.15%,  as compared to income tax expense of $345,000 on income before taxes of
$955,000  for the same period in 2005,  resulting  in an  effective  tax rate of
36.13%.

Income tax expense was $827,000 for the six months ended June 30, 2006 on income
before taxes of $2.2 million,  resulting in an effective tax rate of 37.14%,  as
compared  to income  tax  expense of  $690,000  on income  before  taxes of $1.9
million  for the same  period in 2005,  resulting  in an  effective  tax rate of
36.13%.

Financial Condition

Cash and Cash Equivalents

Cash and cash equivalents  consist primarily of cash on hand and due from banks.
At June 30, 2006, cash and cash equivalents  were $23.0 million,  an increase of
$1.8 million,  or 8.4%,  from the December 31, 2005 total of $21.2 million.  The
increase was due  primarily to the timing of cash flows related to the Company's
business activities.

Investment Portfolio

Investments totaled $124.2 million at June 30, 2006, a decrease of $9.5 million,
or 7.1%, from the December 31, 2005 total of $133.7  million.  This decrease was
primarily  attributable  to principal  pay downs on  mortgage-backed  securities
totaling $3.7 million and matured investment  securities  totaling $4.2 million.
The proceeds  received by Central  Jersey Bancorp from these  transactions  were
used to fund loan  growth  that  occurred  during  the  period  and to  pay-down
borrowings.

                                       17
<PAGE>

Loan Portfolio

Loans  held-for-sale  at June 30,  2006  totaled  $577,000,  as compared to $3.1
million at December 31, 2005. The decrease is due primarily to lower residential
loan  origination  volume  resulting  from a slowing  housing  market and higher
interest rates.

Loans,  net of the allowance  for loan losses,  closed the six months ended June
30,  2006 at $314.2  million,  an increase of $7.0  million,  or 2.3%,  over the
$307.2  million  balance at December 31, 2005.  The increase is due primarily to
the origination of commercial real estate loans during the period.

The allowance for loan losses,  which began the year at $3.17 million,  or 1.02%
of total loans,  was $3.28 million at June 30, 2006, with the allowance for loan
losses ratio at 1.03% of total loans.

Non-performing Loans

A loan is considered to be non-performing  if it (1) is on a non-accrual  basis,
(2) is past due ninety days or more and still accruing interest, or (3) has been
renegotiated to provide a reduction or deferral of interest or principal because
of a weakening in the financial position of the borrower.  A loan, which is past
due ninety days or more and still accruing  interest,  remains on accrual status
only where it is both  adequately  secured as to principal and is in the process
of collection.  Central  Jersey  Bancorp,  at June 30, 2006, had  non-performing
loans  totaling  $505,000,  as  compared to $79,000 at December  31,  2005.  The
increase  is  due  primarily  to the  $413,000  in  unsecured  loans  placed  on
non-accrual status as of June 30, 2006. The repayment of these loans, which were
made to several  individuals  referred by Mr.  Solomon Dwek,  has been adversely
impacted by the pending action against Mr. Dwek.

Potential Problem Loans

In addition to non-performing  loans,  Central Jersey Bancorp maintains a "watch
list" of loans which are subject to heightened scrutiny and more frequent review
by management.  Loans may be placed on the "watch list" because of documentation
deficiencies,  or because management has identified  "structural weakness" which
potentially could cause such loans to become non-performing in future periods.

As of June 30, 2006,  loans on the watch list totaled $2.8 million,  as compared
to $4.1 million at December 31, 2005.

Allowance for Loan Losses and Related Provision

The  provision  for loan losses for the three and six months ended June 30, 2006
was $97,000 and  $148,000,  respectively,  as compared to $79,000 and  $179,000,
respectively,  for the same periods in 2005.  The increase in the  provision for
loan losses for the three months  ended June 30, 2006 was due  primarily to loan
loss provision relating to the $413,000 in unsecured loans placed on non-accrual
status as of June 30, 2006.  The  repayment  of these loans,  which were made to
several

                                       18
<PAGE>

individuals  referred by Mr. Solomon Dwek,  has been  adversely  impacted by the
pending action against Mr. Dwek.

Loan portfolio  composition remained consistent at June 30, 2006, as compared to
December  31,  2005,  with  commercial  loans  comprising  85.9% of total  loans
outstanding  at June 30, 2006,  as compared to 85.5% at December  31,  2005.  In
addition, Central Jersey Bancorp had non-accrual loans totaling $505,000 at June
30, 2006, as compared to $79,000 at December 31, 2005.  Net loans totaled $314.2
million at June 30, 2006, as compared to $307.2 million at December 31, 2005, an
increase of $7.0 million,  or 2.3%.  The allowance for loan losses  increased to
$3.28 million,  or 1.03% of total gross loans,  at June 30, 2006, as compared to
$3.17 million, or 1.02% of total gross loans, at December 31, 2005.

Deposits

One of Central  Jersey  Bancorp's  primary  strategies is the  accumulation  and
retention of core  deposits.  Core deposits are defined as all deposits with the
exception of  certificates  of deposits in excess of $100,000.  Deposits at June
30, 2006 totaled $414.2 million,  an increase of $6.6 million, or 1.6%, from the
December 31, 2005 total of $407.6  million.  Core  deposits as a  percentage  of
total deposits were 83.1% and 81.7%, respectively, at June 30, 2006 and December
31, 2005.

Borrowings

Other  borrowings  were $27.2  million at June 30,  2006,  as  compared to $38.2
million at December  31,  2005,  representing  a decrease of $11.0  million,  or
28.9%. These borrowings, which are short-term in nature, were reduced during the
period due to cash  inflows  resulting  from  deposit  growth and the  principal
amortization and maturity of investment securities.

Liquidity and Capital Resources

Liquidity  defines the ability of Central Jersey Bank, N.A. to generate funds to
support asset growth, meet deposit  withdrawals,  maintain reserve  requirements
and otherwise  operate on an ongoing basis.  An important  component of a bank's
asset and liability  management  structure is the level of liquidity,  which are
net liquid assets  available to meet the needs of its  customers and  regulatory
requirements.  The  liquidity  needs of  Central  Jersey  Bank,  N.A.  have been
primarily met by cash on hand, loan and investment amortizations and borrowings.
Central  Jersey  Bank,  N.A.  invests  funds not needed for  operations  (excess
liquidity)  primarily in daily Federal  funds sold.  During the six months ended
June 30, 2006, Central Jersey Bank, N.A. continued to maintain a large secondary
source of liquidity  known as  Investment  Securities  Available  for Sale.  The
market value of that  portfolio  was $102.6  million at June 30, 2006 and $111.2
million at December 31, 2005.

It has been Central Jersey Bank,  N.A.'s  experience  that its core deposit base
(which  is  defined  as  transaction  accounts  and term  deposits  of less than
$100,000) is primarily relationship-driven. Non-core deposits (which are defined
as term deposits of $100,000 or greater) are much more interest rate  sensitive.
In any event, adequate sources of reasonably priced on-balance sheet funds, such
as  overnight  Federal  funds sold,  due from banks and  short-term  investments
maturing in less than one year,  must be continually  accessible for contingency
purposes. This is

                                       19
<PAGE>

accomplished   primarily  by  the  daily  monitoring  of  certain  accounts  for
sufficient  balances  to meet  future  loan  commitments,  as well as  measuring
Central Jersey Bank, N.A.'s liquidity position on a monthly basis.

Supplemental  sources  of  liquidity  include  large  certificates  of  deposit,
wholesale  and  retail   repurchase   agreements,   and  lines  of  credit  with
correspondent  banks.  Correspondent  banks,  which are typically referred to as
"banker's  banks,"  offer  essential  services  such as cash letter  processing,
investment services,  loan participation  support,  wire transfer operations and
other  traditional  banking  services.  Brokered  deposits,  which are  deposits
obtained, directly or indirectly, from or through the mediation or assistance of
a deposit  broker,  may be  utilized as  supplemental  sources of  liquidity  in
accordance  with Central Jersey Bank,  N.A.'s balance sheet  management  policy.
Contingent  liquidity  sources  may include  off-balance  sheet  funds,  such as
advances from both the Federal Home Loan Bank and the Federal  Reserve Bank, and
Federal  funds  purchase  lines with  "upstream"  correspondents.  An additional
source of liquidity is made  available by  curtailing  loan activity and instead
using  the  available  cash to fund  short-term  investments  such as  overnight
Federal funds sold or other approved investments maturing in less than one year.
In addition,  future  expansion of Central  Jersey Bank,  N.A.'s retail  banking
network will create  additional  sources of liquidity from new deposit  customer
relationships.

Central Jersey Bank, N.A. is subject to various regulatory capital  requirements
administered  by  federal  banking  agencies.  Failure to meet  minimum  capital
requirements   can  initiate   certain   mandatory   and   possibly   additional
discretionary,  actions by regulators  that, if undertaken,  could have a direct
material  effect on Central  Jersey Bank,  N.A.'s  financial  statements.  Under
capital adequacy  guidelines and the regulatory  framework for prompt corrective
action,  Central Jersey Bank,  N.A. must meet specific  capital  guidelines that
involve quantitative measures of Central Jersey Bank, N.A.'s assets, liabilities
and certain  off-balance-sheet  items as calculated under regulatory  accounting
practices.  Central Jersey Bank, N.A.'s capital amounts and  classification  are
also subject to qualitative  judgments by the regulators about components,  risk
weightings and other factors.

Quantitative  measures  established  by  regulation to ensure  capital  adequacy
require  Central Jersey Bank,  N.A. to maintain  minimum amounts and ratios (set
forth in the  following  table)  of Total  Capital  and Tier 1  Capital  to risk
weighted assets and of Tier 1 Capital to average assets (leverage  ratio). As of
June 30, 2006,  Central Jersey Bank, N.A. met all capital adequacy  requirements
to which it is subject.

The  following is a summary of Central  Jersey Bank,  N.A.'s and Central  Jersey
Bancorp's  actual  capital  ratios as of June 30, 2006 and  December  31,  2005,
compared to the minimum capital  adequacy  requirements and the requirements for
classification as a "well-capitalized" institution:

<TABLE>
<CAPTION>
                                             Tier I                      Tier I
                                           Capital to                  Capital to              Total Capital to
                                      Average Assets Ratio           Risk Weighted               Risk Weighted
                                        (Leverage Ratio)              Asset Ratio                 Asset Ratio
                                     June 30,    December 31,    June 30,   December 31,     June 30,     December 31,
                                       2006         2005           2006       2005            2006           2005
                                       ----         ----           ----       ----            ----           ----
<S>                                    <C>          <C>           <C>         <C>            <C>            <C>
Central Jersey Bancorp                 8.13%        7.60%         11.12%      10.15%         12.06%         11.05%
Central Jersey Bank, N.A               8.18%        7.85%         11.16%      10.57%         12.10%         11.48%

"Adequately capitalized"
institution (under Federal
regulations)                           4.00%        4.00%          4.00%       4.00%          8.00%          8.00%


"Well capitalized" institution
(under Federal regulations)            5.00%        5.00%          6.00%       6.00%         10.00%         10.00%

</TABLE>

                                       20
<PAGE>

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Qualitative Analysis. Interest rate risk is the exposure of a bank's current and
future  earnings  and capital  arising  from the adverse  movements  in interest
rates.  Central Jersey Bank,  N.A.'s most  significant risk exposure is interest
rate risk.  The  guidelines of Central  Jersey Bank,  N.A.'s  interest rate risk
policy seek to limit the  exposure to changes in interest  rates that affect the
underlying economic value of assets and liabilities, earnings and capital.

The Asset/Liability  Committee of Central Jersey Bank, N.A. meets on a quarterly
basis to review the impact of interest rate changes on net interest income,  net
interest  margin and economic  value of equity.  Members of the  Asset/Liability
Committee  include  Central  Jersey  Bancorp's  President  and  Chief  Executive
Officer,  Chief Operating  Officer,  Chief  Financial  Officer and Chief Lending
Officer.  The  Asset/Liability  Committee  reviews a variety of strategies  that
project  changes in asset or  liability  mix and the impact of those  changes on
projected net interest income.

Central  Jersey Bank,  N.A.'s  strategy for  liabilities  has been to maintain a
stable  core-funding  base by focusing on core deposit  account  acquisition and
increasing products and services per household. Time deposits as a percentage of
total deposits were 34.7% at June 30, 2006, as compared to 34.9% at December 31,
2005.  Time  deposits are generally  short term in nature.  As of June 30, 2006,
85.0% of all time  deposits had  maturities  of one year or less, as compared to
89.7% at December  31,  2005.  Central  Jersey  Bank,  N.A.'s  ability to retain
maturing  time  deposit   accounts  is  the  result  of  a  strategy  to  remain
competitively priced within the marketplace. Central Jersey Bank, N.A.'s pricing
strategy may vary depending  upon funding needs and Central Jersey Bank,  N.A.'s
ability to fund operations through alternative  sources,  primarily by accessing
short term lines of credit  with the Federal  Home Loan Bank  during  periods of
pricing dislocation.

Quantitative Analysis. Central Jersey Bank, N.A. measures sensitivity to changes
in interest rates through the use of balance sheet and income simulation models.
The analyses  capture  changes in net interest income using flat rates as a base
case and rising and declining interest rate forecasts. Central Jersey Bank, N.A.
measures  changes in net  interest  income for the  forecast  period,  generally
twelve to twenty-four months, within set limits for acceptable change.

                                       21
<PAGE>

The following  table sets forth the results of the projected net interest income
simulation model for the twelve month period commencing June 30, 2006 and ending
June 30, 2007:


                                              Net Interest Income
                                              -------------------
Change in Interest Rates
In Basis Points (Rate Shock)   Amount ($)          Change (%)         Change ($)
------------------------------------------------------------------------------

+200                           $   17,046          $      266           1.59%
+100                               16,935                 155           0.92%
Base Case                          16,780                  --             --
-100                               16,703                 (77)         (0.46%)
-200                           $   16,290          $     (490)         (2.92%)


The preceding  table  indicates that for the twelve month period ending June 30,
2007, in the event of an immediate 200 basis point parallel increase in interest
rates,  Central Jersey Bank,  N.A. would  experience a 1.59%,  or $266 thousand,
increase in net  interest  income for that  period.  In the event of a 200 basis
point decrease in interest rates,  Central Jersey Bank, N.A. would  experience a
(2.92%), or $490 thousand,  decrease in net interest income for the twelve month
period ending June 30, 2007.

Item 4.  Controls and Procedures

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended
(the  "Exchange  Act"),  as of the end of the period  covered by this  quarterly
report, the Company carried out an evaluation of the effectiveness of the design
and operation of its disclosure  controls and  procedures.  This  evaluation was
carried out under the  supervision and with the  participation  of the Company's
management,  including its President and Chief  Executive  Officer and Executive
Vice President,  Chief Financial Officer, Treasurer and Assistant Secretary, who
concluded that the Company's  disclosure  controls and procedures are effective.
The Company's Internal Auditors also participated in this evaluation. During the
Company's  last fiscal  quarter,  there has been no change in the Company's bank
subsidiary's  internal  control over  financial  reporting  that has  materially
affected,  or is reasonably likely to materially  affect, the Company's internal
control over financial reporting.

Disclosure  controls and procedures are controls and other  procedures  that are
designed to ensure that  information  required  to be  disclosed  in the Company
reports  filed or  submitted  under the  Exchange  Act is  recorded,  processed,
summarized and reported, within the time periods specified in the Securities and
Exchange  Commission's  rules and  forms.  Disclosure  controls  and  procedures
include,  without  limitation,  controls and procedures  designed to ensure that
information required to be disclosed in Company reports filed under the Exchange
Act is accumulated and communicated to management, including its Chief Executive
Officer  and  Chief  Financial  Officer,  to allow  timely  decisions  regarding
required disclosure.

                                       22
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.       Legal Proceedings
              -----------------

              The Company is not engaged in any legal  proceedings of a material
              nature at the present  time.  From time to time,  the Company is a
              party to routine  legal  proceedings  within the normal  course of
              business.  Such routine  legal  proceedings  in the  aggregate are
              believed by management to be immaterial to the Company's financial
              condition or results of operations.

Item 1A.      Risk Factors
              ------------

              There have been no material  changes to the risk factors that were
              previously  disclosed in the Company's  Annual Report on Form 10-K
              for the fiscal year ended December 31, 2005.

Item 2.       Unregistered Sales of Equity Securities and Use of Proceeds
              -----------------------------------------------------------

              Not Applicable.

Item 3.       Defaults Upon Senior Securities
              -------------------------------

              Not Applicable.

Item 4.       Submission of Matters to a Vote of Security Holders
              ---------------------------------------------------

              The  following  matter was  submitted to a vote of Central  Jersey
              Bancorp's  shareholders  at Central  Jersey  Bancorp's 2006 Annual
              Meeting  of  Shareholders  held  on  May  25,  2006  (the  "Annual
              Meeting).  The number of shares of Central Jersey Bancorp's common
              stock  that were  present  at the  Annual  Meeting in person or by
              proxy was 5,983,770.

              Election of Directors
              ---------------------

              At the Annual Meeting,  the shareholders  elected each of James G.
              Aaron, Esq., Mark R. Aikins, Esq., Nicholas A. Alexander,  C.P.A.,
              John A. Brockriede,  George S. Callas,  Carl F. Chirico,  James P.
              Dugan, M. Claire French,  William H. Jewett,  Paul A. Larson, Jr.,
              John F. McCann,  Carmen M. Penta,  C.P.A., Mark G. Solow, James S.
              Vaccaro and Robert S. Vuono to serve as a director of the Company.
              Each  nominee for  director  was elected for a one year term.  The
              balloting for election was as follows:
<TABLE>
<CAPTION>
                                                                                       Votes
              Name of Director                    Votes For         Percentage       Withheld     Percentage
              ----------------                    ---------         ----------       --------     ----------
<S>                                               <C>                 <C>             <C>            <C>
              James G. Aaron, Esq.                5,765,136           96.35           218,634        3.65
              Mark R. Aikins, Esq.                5,939,566           99.26           44,204          .74
              Nicholas A. Alexander, C.P.A.       5,659,635           94.58           324,135        5.42

                                       23
<PAGE>

              John A. Brockriede                  5,937,984           99.23           45,786          .77
              George S. Callas                    5,788,947           96.74           194,823        3.26
              Carl F. Chirico                     5,960,023           99.60           23,747          .40
              James P. Dugan                      5,935,544           99.19           48,226          .81
              M. Claire French                    5,945,506           99.36           38,264          .64
              William H. Jewett                   5,953,688           99.50           30,082          .50
              Paul A. Larson, Jr.                 5,804,073           97.00           179,697        3.00
              John F. McCann                      5,798,158           96.90           185,612        3.10
              Carmen M. Penta, C.P.A.             5,933,850           99.17           49,920          .83
              Mark G. Solow                       5,791,376           96.78           192,394        3.22
              James S. Vaccaro                    5,952,001           99.47           31,769          .53
              Robert S. Vuono                     5,959,291           99.59           24,479          .41

</TABLE>

Item 5.       Other Information
              -----------------

              Not Applicable.

Item 6.       Exhibits
              --------
              See Index of Exhibits commencing on page E-1.








                                       24
<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                             Central Jersey Bancorp
                             --------------------------------------------------
                             Registrant


DATE:  August 9, 2006        /s/ James S. Vaccaro
                             --------------------------------------------------
                             James S. Vaccaro
                             President and
                             Chief Executive Officer
                             (Principal Executive Officer)


DATE:  August 9, 2006        /s/ Anthony Giordano, III
                             --------------------------------------------------
                             Anthony Giordano, III
                             Executive Vice President, Chief Financial Officer,
                             Treasurer and Assistant Secretary
                             (Principal Financial and Accounting Officer)




                                       25
<PAGE>

                                INDEX OF EXHIBITS

     Exhibit No.                      Description of Exhibit
     -----------                      ----------------------

         2.1      Plan  of  Acquisition  of  all  of the  outstanding  stock  of
                  Monmouth Community Bank by the Registrant,  entered into as of
                  March 16, 2000 by Monmouth  Community  Bank and the Registrant
                  (Incorporated  by reference to Exhibit 2.1 to the Registrant's
                  Registration   Statement  on  Form  SB-2   (Registration   No.
                  333-87352), effective July 23, 2002).
         2.2      Agreement and Plan of Acquisition,  dated as of June 30, 2004,
                  by and  between the  Registrant  and  Allaire  Community  Bank
                  ("Allaire"):  Upon the request of the  Securities and Exchange
                  Commission, the Registrant agrees to furnish a copy of Exhibit
                  A -  Voting  Agreement  of  Allaire  Stockholders  and  Voting
                  Agreement  of  the  Registrant's  Shareholders;  Exhibit  B  -
                  Allaire Affiliate Agreement,  Exhibit C - Opinion of Giordano,
                  Halleran & Ciesla,  P.C.,  as counsel to the  Registrant,  and
                  Exhibit  D - Opinion  of Frieri  Conroy &  Lombardo,  LLC,  as
                  counsel to  Allaire,  and the  following  Schedules:  Schedule
                  1.10(a) - Composition of the Registrant's  Board of Directors;
                  Schedule   1.10(b)  -  Composition  of  Allaire  and  Monmouth
                  Community  Bank  Boards  of  Directors;   Schedule  1.10(c)  -
                  Executive  Officers of the  Registrant,  Allaire and  Monmouth
                  Community Bank;  Schedule  3.02(a) - Stock Options  (Allaire);
                  Schedule  3.02(b) -  Subsidiaries  (Allaire);  Schedule 3.08 -
                  Absence of Changes or Events  (Allaire);  Schedule 3.09 - Loan
                  Portfolio   (Allaire);   Schedule  3.10  -  Legal  Proceedings
                  (Allaire); Schedule 3.11 - Tax Information (Allaire); Schedule
                  3.12(a) - Employee Benefit Plans (Allaire); Schedule 3.12(b) -
                  Defined Benefit Plans  (Allaire);  Schedule 3.12(h) - Payments
                  or  Obligations  (Allaire);  Schedule  3.12(m)  -  Grantor  or
                  "Rabbi"  Trusts  (Allaire);   Schedule  3.12(n)  -  Retirement
                  Benefits   (Allaire);   Schedule   3.13(c)  -  Buildings   and
                  Structures   (Allaire);   Schedule   3.14(a)  -  Real   Estate
                  (Allaire);  Schedule  3.14(b)  -  Leases  (Allaire);  Schedule
                  3.16(a) - Material  Contracts  (Allaire);  Schedule  3.16(c) -
                  Certain Other Contracts  (Allaire);  Schedule 3.16(d) - Effect
                  on  Contracts   and  Consents   (Allaire);   Schedule  3.18  -
                  Registration Obligations (Allaire);  Schedule 3.20 - Insurance
                  (Allaire);  Schedule  3.21(b) - Benefit or Compensation  Plans
                  (Allaire);  Schedule  3.21(d)  -  Labor  Relations  (Allaire);
                  Schedule 3.22 - Compliance  with  Applicable  Laws  (Allaire);
                  Schedule  3.23  -  Transactions  with  Management   (Allaire);
                  Schedule 3.25 - Deposits  (Allaire);  Schedule 4.02(a) - Stock
                  Options   (Registrant);   Schedule   4.02(b)  -   Subsidiaries
                  (Registrant);  Schedule  4.08 - Absence  of  Changes or Events
                  (Registrant);  Schedule  4.09 - Loan  Portfolio  (Registrant);
                  Schedule 4.10 - Legal Proceedings (Registrant);  Schedule 4.11
                  - Tax Information  (Registrant);  Schedule  4.12(a) - Employee
                  Benefit Plans (Registrant); Schedule 4.12(b) - Defined Benefit
                  Plans (Registrant); Schedule 4.12(g) - Payments or Obligations
                  (Registrant);  Schedule  4.12(l) - Grantor or  "Rabbi"  Trusts
                  (Registrant);   Schedule   4.12(m)   -   Retirement   Benefits
                  (Registrant);  Schedule  4.13(c) - Buildings  and  Structures;
                  (Registrant)  Schedule  4.14(a)  and 4.14(b) - Real Estate and
                  Leases  (Registrant);  Schedule  4.16(a) - Material  Contracts

                                      E-1
<PAGE>

                  (Registrant);  Schedule  4.16(c)  -  Certain  Other  Contracts
                  (Registrant);  Schedule  4.16(d)  - Effect  on  Contracts  and
                  Consents   (Registrant);    Schedule   4.18   -   Registration
                  Obligations   (Registrant);    Schedule   4.20   -   Insurance
                  (Registrant); Schedule 4.21(b) - Benefit or Compensation Plans
                  (Registrant); Schedule 4.21(d) - Labor Relations (Registrant);
                  Schedule 4.22 - Compliance with Applicable Laws  (Registrant);
                  Schedule 4.23 -  Transactions  with  Management  (Registrant);
                  Schedule  4.25 -  Deposits  (Registrant);  Schedule  6.18(a) -
                  Notice of Deadlines  (Allaire);  and Schedule 6.18(b) - Notice
                  of  Deadlines  (Registrant)   (Incorporated  by  reference  to
                  Exhibit  2.2 to the  Registrant's  Quarterly  Report  on  Form
                  10-QSB for the quarter ended June 30, 2004).
         3.1      Certificate of Incorporation of the Registrant, as amended and
                  restated  on January 1, 2005  (Incorporated  by  reference  to
                  Exhibit 3.1 to the  Registrant's  Annual Report on Form 10-KSB
                  for the year ended December 31, 2004).
         3.2      By-laws of the Registrant,  as amended and restated on January
                  1, 2005  (Incorporated  by  reference  to  Exhibit  3.2 to the
                  Registrant's  Annual  Report on Form 10-KSB for the year ended
                  December 31, 2004).
         4.       Specimen  certificate  representing  the  Registrant's  common
                  stock, par value $0.01 per share (Incorporated by reference to
                  Exhibit 4 to Amendment No. 1 to the Registrant's  Registration
                  Statement on Form SB-2 (Registration No. 333-87352), effective
                  July 23, 2002).
         10.1     Registrant's  Stock Option Plan  (Incorporated by reference to
                  Exhibit  10.1 to the  Registrant's  Registration  Statement on
                  Form SB-2  (Registration  No.  333-87352),  effective July 23,
                  2002).
         10.2     Services  Agreement between Monmouth Community Bank and Bisys,
                  Inc.,   dated  April  27,  1998,  with   Additional   Services
                  Agreements and Addenda  (Incorporated  by reference to Exhibit
                  10.7  to  Amendment  No.  1 to the  Registrant's  Registration
                  Statement on Form SB-2 (Registration No. 333-87352), effective
                  July 23, 2002).
         10.3     QuestPoint Check Services Agreement between Monmouth Community
                  Bank and QuestPoint  Check Services,  L.P., dated as of August
                  1,  1998   (Incorporated  by  reference  to  Exhibit  10.8  to
                  Amendment No. 1 to the Registrant's  Registration Statement on
                  Form SB-2  (Registration  No.  333-87352),  effective July 23,
                  2002).
         10.4     Indenture  between  Registrant and  Wilmington  Trust Company,
                  dated March 25, 2004  (Incorporated  by  reference  to Exhibit
                  10.10 to the Registrant's Annual Report on Form 10-KSB for the
                  year ended December 31, 2003).
         10.5     Amended  and  Restated  Declaration  of Trust of MCBK  Capital
                  Trust I, dated March 25, 2004  (Incorporated  by  reference to
                  Exhibit 10.11 to the Registrant's Annual Report on Form 10-KSB
                  for the year ended December 31, 2003).

                                      E-2
<PAGE>

         10.6     Guarantee   Agreement  by  Registrant  and  Wilmington   Trust
                  Company,  dated March 25, 2004  (Incorporated  by reference to
                  Exhibit 10.12 to the Registrant's Annual Report on Form 10-KSB
                  for the year ended December 31, 2003).
         10.7     Change of  Control  Agreement,  dated as of  January  1, 2005,
                  between the  Registrant and Robert S. Vuono  (Incorporated  by
                  reference to Exhibit 10.7 to the Registrant's Annual Report on
                  Form 10-KSB for the year ended December 31, 2004).
         10.8     Change of  Control  Agreement,  dated as of  January  1, 2005,
                  between the Registrant and Robert K. Wallace  (Incorporated by
                  reference to Exhibit 10.8 to the Registrant's Annual Report on
                  Form 10-KSB for the year ended December 31, 2004).
         10.9     Severance Agreement,  dated as of January 1, 2005, between the
                  Registrant and Carl F. Chirico  (Incorporated  by reference to
                  Exhibit 10.9 to the Registrant's  Annual Report on Form 10-KSB
                  for the year ended December 31, 2004).
         10.10    Central   Jersey   Bancorp   2005   Equity    Incentive   Plan
                  (Incorporated   by   reference   to   Exhibit   10.10  to  the
                  Registrant's  Quarterly  Report on Form  10-Q for the  quarter
                  ended March 31, 2005).
         10.11    Change of Control  Agreement,  dated as of August 1, 2006,  by
                  and between the Registrant and James S. Vaccaro  (Incorporated
                  by  reference  to Exhibit  10.11 to the  Registrant's  Current
                  Report on Form 8-K dated August 1, 2006).
         10.12    Change of Control  Agreement,  dated as of August 1, 2006,  by
                  and  between  the   Registrant  and  Anthony   Giordano,   III
                  (Incorporated   by   reference   to   Exhibit   10.12  to  the
                  Registrant's Current Report on Form 8-K dated August 1, 2006).
         10.13    Change of Control  Agreement,  dated as of August 1, 2006,  by
                  and between the Registrant  and Robert S. Vuono  (Incorporated
                  by  reference  to Exhibit  10.13 to the  Registrant's  Current
                  Report on Form 8-K dated August 1, 2006).
         31.1     Section 302 Certification of Chief Executive Officer.
         31.2     Section 302 Certification of Chief Financial Officer.
         32.1     Certification of Chief Executive Officer Pursuant to 18 U.S.C.
                  Section 1350.
         32.2     Certification of Chief Financial Officer Pursuant to 18 U.S.C.
                  Section 1350.


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