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 September 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 November 6, 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 September 30, 2006 (unaudited) and December 31, 2005.................1

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

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

           Consolidated Statements of Cash Flows (unaudited)
           for the nine months ended September 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..........................13

Item 3.    Quantitative and Qualitative Disclosures about Market Risk................22

Item 4.    Controls and Procedures...................................................24

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

Item 1.    Legal Proceedings.........................................................25

Item 1A.   Risk Factors..............................................................25

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds...............25

Item 3.    Defaults Upon Senior Securities...........................................25

Item 4.    Submission of Matters to a Vote of Security Holders.......................25

Item 5.    Other Information.........................................................25

Item 6.    Exhibits..................................................................25

Signatures...........................................................................26

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
              SEPTEMBER 30, 2006 (UNAUDITED) AND DECEMBER 31, 2005
                             (dollars in thousands)
<TABLE>
<CAPTION>

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

Cash and due from banks                                           $       9,163    $      21,228
Federal funds sold                                                       28,495               --
                                                                  -------------    -------------
     Cash and cash equivalents                                           37,658           21,228
Investment securities available for sale, at market value               101,225          111,175
Investment securities held to maturity (market value of
   $20,715 (unaudited) and $22,058 at September 30, 2006 and
   December 31, 2005, respectively)                                      21,211           22,567
Loans held-for-sale                                                          --            3,127
Loans, net of allowance for loan losses of $3,599 and $3,175
   at September 30, 2006 and December 31, 2005, respectively            310,241          307,168
Premises and equipment                                                    5,552            6,006
Bank owned life insurance                                                 3,420            3,338
Accrued interest receivable                                               2,708            2,636
Goodwill                                                                 26,957           27,229
Core deposit intangible                                                   2,632            3,097
Other assets                                                              5,654            6,992
                                                                  -------------    -------------

          Total assets                                            $     517,258    $     514,563
                                                                  =============    =============

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

Deposits:
     Non-interest bearing                                         $      87,082    $      91,297
     Interest bearing                                                   344,272          316,257
                                                                  -------------    -------------
                                                                        431,354          407,554

Other borrowings                                                         14,835           38,191
Subordinated debentures                                                   5,155            5,155
Accrued expenses and other liabilities                                    1,514            1,885
                                                                  -------------    -------------

          Total liabilities                                             452,858          452,785
                                                                  -------------    -------------

Shareholders' equity:
     Common stock, par value $0.01 per share
          100,000,000 shares authorized and
          8,254,553 and 8,169,844 shares issued and outstanding
          at September 30, 2006 and December 31, 2005,
          respectively                                                       83               82
Additional paid-in capital                                               60,506           59,999
Accumulated other comprehensive loss, net of tax benefit                 (1,876)          (2,153)
Retained earnings                                                         5,687            3,850
                                                                  -------------    -------------
          Total shareholders' equity                                     64,400           61,778
                                                                  -------------    -------------

          Total liabilities and shareholders' equity              $     517,258    $     514,563
                                                                  =============    =============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       1
<PAGE>

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

<TABLE>
<CAPTION>
                                                                   Three months ended        Nine months ended
                                                                     September 30,             September 30,
                                                                   2006         2005         2006         2005
                                                                ----------   ----------   ----------   ----------
                                                                      (unaudited)               (unaudited)
<S>                                                                    <C>          <C>          <C>          <C>
Interest and dividend income:
     Interest and fees on loans                                 $    5,859   $    4,812   $   17,346   $   13,455
     Interest on securities available for sale                       1,101        1,144        3,381        3,743
     Interest on securities held to maturity                           245          267          750          830
     Interest on federal funds sold and due from banks                 239           88          351          189
                                                                ----------   ----------   ----------   ----------
          Total interest and dividend income                         7,444        6,311       21,828       18,217

Interest expense:
     Interest expense on deposits                                    2,943        1,822        7,605        4,634
     Interest expense on other borrowings                              169           71        1,081          336
     Interest expense on subordinated debentures                       113           88          317          244
                                                                ----------   ----------   ----------   ----------
          Total interest expense                                     3,225        1,981        9,003        5,214

                                                                ----------   ----------   ----------   ----------
          Net interest income                                        4,219        4,330       12,825       13,003
                                                                ----------   ----------   ----------   ----------

Provision for loan losses:                                             318           36          465          215
                                                                ----------   ----------   ----------   ----------
          Net interest income after provision for loan losses        3,901        4,294       12,360       12,788
                                                                ----------   ----------   ----------   ----------

Other income:
     Service charges on deposit accounts                               367          395        1,049        1,070
     Gain on the sale of loans held for sale                            28           --          189           --
     Income on bank owned life insurance                                27           28           82           84
     Other service charges, commissions and fees                        --           --            5           --
                                                                ----------   ----------   ----------   ----------
          Total other income                                           422          423        1,325        1,154
                                                                ----------   ----------   ----------   ----------

Operating expenses:
     Salaries and employee benefits                                  1,831        1,833        5,563        5,454
     Net occupancy expenses                                            442          432        1,268        1,339
     Data processing fees                                              205          204          604          729
     Core deposit intangible amortization                              155          172          465          516
     Other operating expenses                                        1,014        1,062        2,882        2,980
                                                                ----------   ----------   ----------   ----------
          Total other expenses                                       3,647        3,703       10,782       11,018
                                                                ----------   ----------   ----------   ----------

Income before provision for income taxes                               676        1,014        2,903        2,924

Income taxes                                                           239          361        1,066        1,051
                                                                ----------   ----------   ----------   ----------

          Net income                                            $      437   $      653   $    1,837   $    1,873
                                                                ==========   ==========   ==========   ==========

Basic earnings per share                                        $     0.05   $     0.08   $     0.22   $     0.23
                                                                ==========   ==========   ==========   ==========
Diluted earnings per share                                      $     0.05   $     0.07   $     0.21   $     0.21
                                                                ==========   ==========   ==========   ==========

Average basic shares outstanding                                 8,262,545    8,152,734    8,231,423    8,132,393
                                                                ==========   ==========   ==========   ==========
Average diluted shares outstanding                               8,720,859    9,054,811    8,718,303    9,008,863
                                                                ==========   ==========   ==========   ==========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       2
<PAGE>

           CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
                             (dollars in thousands)
<TABLE>
<CAPTION>

                                                                               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                                              --              --               --            1,873           1,873
Unrealized loss on securities
   available for sale, net of tax of $258               --              --             (410)              --            (410)
                                                                                                               -------------
Total comprehensive income                              --              --               --               --           1,463
Allaire Community Bank combination                      42          44,375               --               --          44,417
Exercise of stock options -103,484 shares               --             390               --               --             390
----------------------------------------------------------------------------------------------------------------------------
Balance at September 30, 2005                $          82   $      59,981    $      (1,029)   $       3,091   $      62,125
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
Balance at December 31, 2005                 $          82   $      59,999    $      (2,153)   $       3,850   $      61,778
----------------------------------------------------------------------------------------------------------------------------
Comprehensive income:
Net income                                              --              --               --            1,837           1,837
Unrealized gain on securities
   available for sale, net of tax of $160               --              --              277               --             277
                                                                                                               -------------
Total comprehensive income                              --              --               --               --           2,114

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 September 30, 2006                $          83   $      60,506    $      (1,876)   $       5,687   $      64,400
============================================================================================================================
</TABLE>

See accompanying notes to consolidated financial statements.

                                       3
<PAGE>

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
                             (dollars in thousands)
<TABLE>
<CAPTION>
                                                                                Nine months ended
                                                                                  September 30,
                                                                                2006        2005
                                                                              --------    --------
                                                                            (unaudited)  (unaudited)
<S>                                                                            <C>          <C>
Cash flows from operating activities:
     Net income                                                               $  1,837    $  1,873
Adjustments  to reconcile net income to net cash provided by (used in)
operating activities:
    Increase in cash surrender value of life insurance                             (82)        (84)
    Deferred taxes                                                                 416        (281)
    Provision for loan losses                                                      465         215
    Depreciation and amortization                                                  647         579
    Net premium amortization on held to maturity securities                         (5)          9
    Net premium amortization on available for sale securities                      129         173
    Core deposit intangible amortization                                           465         516
    Gain on the sale of loans held for sale                                       (189)         --
    Originations of loans held for sale                                        (18,623)     (2,090)
    Proceeds from the sale of loans held for sale                               21,939          --
    (Increase) decrease in accrued interest receivable                             (72)         57
    Decrease (increase) in other assets                                          1,034      (2,308)
    Decrease in accrued expenses and other liabilities                            (371)       (438)
                                                                              --------    --------
         Net cash provided by (used in) operating activities                     7,590      (1,779)
                                                                              --------    --------

Cash flows from investing activities:
     Maturities of and paydowns on investment securities held to maturity        1,361       2,435
     Maturities of and paydowns on investment securities available for sale     10,258      14,736
     Net increase in loans                                                      (3,538)    (28,673)
     Cash/cash equivalents acquired in Allaire Community Bank combination           --       6,886
     Purchases of premises and equipment, net                                     (193)       (504)
                                                                              --------    --------
           Net cash provided by (used in) investment activities                  7,888      (5,120)
                                                                              --------    --------

Cash flows from financing activities:
     Net proceeds from stock options exercised                                     508         390
     Net (decrease) increase in non-interest bearing deposits                   (4,215)     22,316
     Net increase (decrease) in interest bearing deposits                       28,015     (14,249)
     Net (decrease) increase in other borrowings                               (23,356)      3,906
                                                                              --------    --------
           Net cash provided by financing activities                               952      12,363
                                                                              --------    --------

            Increase in cash and cash equivalents                               16,430       5,464

Cash and cash equivalents at beginning of period                                21,228      18,594
                                                                              --------    --------
Cash and cash equivalents at end of period                                    $ 37,658    $ 24,058
                                                                              ========    ========

Cash paid during the period for:
     Interest                                                                 $  8,970    $  5,318
                                                                              ========    ========
     Income taxes                                                             $  1,197    $  1,369
                                                                              ========    ========
</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 nine months ended
September 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 have 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
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 nine months ended September 30, 2006 and 2005:

<TABLE>
<CAPTION>
                                      Three months ended       Nine months ended
                                         September 30,           September 30,
                                       2006        2005        2006        2005
                                     ---------   ---------   ---------   ---------
<S>                                  <C>         <C>         <C>         <C>
Average basic shares outstanding     8,262,545   8,152,734   8,231,423   8,132,393
Add effect of dilutive securities:
       Stock options                   458,314     902,077     486,880     876,470
                                     ---------   ---------   ---------   ---------
Average diluted shares outstanding   8,720,859   9,054,811   8,718,303   9,008,863
                                     ---------   ---------   ---------   ---------
</TABLE>

                                       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;  provided,  however,
that if the Company uses the intrinsic  value  method,  it must 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 using the
fair value  method,  the  Company's net income and related per share amounts for
the three and nine months ended  September 30, 2005 would have  decreased to the
following pro forma amounts (in thousands):

<TABLE>
<CAPTION>
                                                         Three months ended     Nine months ended
                                                         September 30, 2005    September 30, 2005
-------------------------------------------------------------------------------------------------
<S>                                                        <C>                   <C>
Net Income:
     As reported                                           $           653       $         1,873
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                                             $           653       $           991

Net income per share - basic:
     As reported                                           $          0.08       $          0.23
     Pro forma                                             $          0.08       $          0.12

Net income per share - diluted:
     As reported                                           $          0.07       $          0.21
     Pro forma                                             $          0.07       $          0.11
</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 of
liability  classified awards .each reporting  period.  The Statement was adopted
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.
Consequently,  no expense was recorded in 2006.  In addition,  no stock  options
have been granted in 2006.

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

                                       6
<PAGE>

was estimated on September 30, 2006 using the Black-Scholes option pricing model
with  the  following  weighted-average  assumptions  used:  stock  price  $9.48,
dividend yield of 0%; expected  volatility of 41.17%; risk free interest rate of
4.59%;  and  expected  lives  of seven  years.  These  SARS had a fair  value of
approximately  $4.56 per share at September 30, 2006. The Company recorded share
based payment expense of approximately  $30,000 and $72,000, net of tax, related
to the  granting of SARS during the three and nine months  ended  September  30,
2006,  respectively.  As of September  30,  2006,  total  unvested  compensation
expense was approximately $579,000 (pre-tax) and will vest over 40 months.

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

                                  For the nine months ended
                                     September 30, 2006
----------------------------------------------------------
                                                 Weighted
                                                  average
                                                 exercise
                                      SARS        price
----------------------------------------------------------
Outstanding at beginning of year   $      --    $      --

Granted                              157,500        10.36

Forfeited                             (5,250)       10.36

Exercised                                 --           --
==========================================================
Outstanding at period end          $ 152,250    $   10.36
==========================================================

SARS exercisable at period end            --           --

Weighted average fair value of
     SARs granted                  $    4.56
==========================================================

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 nine months  ended  September  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 became 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 nine
months ended September 30, 2006 is presented below:


                                                   For the nine months ended
                                                      September 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
===============================================================================

Options exercisable at period end               1,363,333             $  5.18

Weighted average fair value of
     options granted                                                    n/a(1)
===============================================================================

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

Loans  receivable,  net and  loans  held-for-sale,  at  September  30,  2006 and
December 31, 2005, consisted of the following (in thousands):

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

Real estate loans - commercial     $    235,058   $    232,570
Home equity and second mortgages         36,641         38,153
Commercial and industrial loans          35,057         32,708
1-4 family real estate loans              4,226          4,858
Consumer loans                            2,858          2,054
                                   ------------   ------------
     Total loans                   $    313,840   $    310,343
Less:
     Allowance for loan losses            3,599          3,175
                                   ------------   ------------
          Net loans                $    310,241   $    307,168
                                   ============   ============

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

--------

(1) No stock options have been granted in 2006.

                                       8
<PAGE>

Non-Performing Loans

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  $510,000 at
September 30, 2006, as compared to $79,000 at December 31, 2005. The increase is
due primarily to $409,000 in unsecured loans placed on non-accrual  status as of
June 30, 2006, as described below.

The  unsecured  loans,  which were  originated  in 1999  through 2001 and had an
original outstanding  aggregate balance of approximately $1.0 million, were made
to several individuals  referred by Mr. Solomon Dwek. These unsecured loans have
been adversely impacted by the May 2006 action commenced by PNC Bank against Mr.
Dwek. Mr. Dwek allegedly  defrauded PNC Bank by depositing a $25.0 million check
drawn on a closed  account  with PNC Bank.  As a result,  there is a court order
which  has  frozen  Mr.   Dwek's   assets.   This  matter  is  currently   under
investigation.

Central  Jersey Bank,  N.A.'s  initial  credit  exposure to Mr. Solomon Dwek and
related  entities  totaled  approximately  $3.0  million,  consisting  of a $2.0
million  commercial  mortgage loan and  approximately  $1.0 million of unsecured
loans.  At September 30, 2006, the $1.0 million of unsecured loans had been paid
down to $409,000 and have been fully  reserved for. The $2.0 million  commercial
mortgage loan is presently  performing and fully  secured.  There is an offer to
purchase the property which, if accepted and closed, would result in full payoff
of the commercial mortgage loan.

There were $46,000 in loan charge offs and $5,000 in loan loss recoveries during
the nine months ended  September  30,  2006,  as compared to $93,000 and no loan
loss  recoveries for the same prior year period.  There were no loan charge offs
and $3,000 in loan loss  recoveries  for the three  months ended  September  30,
2006,  as compared to no loan  charge offs and no loan loss  recoveries  for the
same prior year period.

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

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

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

Non-interest bearing checking                   $     87,082   $     91,297
Interest-bearing checking                             95,620         85,812
Savings                                               68,943         63,518
Money market                                          38,219         24,663
Certificates of deposit of less than $100,000         75,866         67,813
Certificates of deposit of $100,000 or more           65,624         74,451
                                                ------------   ------------

     Total                                      $    431,354   $    407,554
                                                ============   ============

                                       9
<PAGE>

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  September  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 September 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.

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

In March 2006, the Financial Accounting Standards Board ("FASB") issued SFAS No.
156, Accounting for Servicing of Financial Assets. Prior thereto,  SFAS No. 140,
Accounting for Transfers and Servicing of Financial  Assets and  Extinguishments
of  Liabilities,  established,  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

                                       10
<PAGE>

servicing  liabilities  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
consolidated 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 consolidated 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.

In September 2006, the FASB issued SFAS No. 157, Fair Value  Measurements.  This
Statement  defines fair value,  establishes a framework for measuring fair value
in  U.S.  Generally  Accepted  Accounting  Principles  ("GAAP"),   and  enhances
disclosures  about fair value  measurements.  This Statement  applies when other
accounting  pronouncements require fair value measurements;  it does not require
new  fair  value  measurements.   This  Statement  is  effective  for  financial
statements issued for fiscal year beginning after November 15, 2007, and interim
periods within those years.  Earlier  application  is  encouraged,  provided the
entity has not yet issued financial  statements,  including financial statements
for any interim  period for that fiscal  year.  The Company  does not expect the
adoption of SFAS No. 157 to have a material  impact on its financial  condition,
results of operations or consolidated financial statement disclosures.

In September 2006, the Emerging Issues Task Force ("EITF") of the FASB discussed
public comments received on two issues:  (1) EITF Issue No. 06-4 "Accounting for
Deferred  Compensation  and  Post-Retirement   Benefit  Aspects  of  Endorsement
Split-Dollar  Life Insurance  Arrangements"  and (2) EITF Issue 06-5 "Accounting
for Purchases of Life Insurance -- Determining the Amount that could be Realized
in Accordance  with FASB Technical  Bulletin 85-4  (Accounting  for Purchases of
Life  Insurance)."  On  September 7, the EITF agreed to clarify  certain  points
based on public  comments.  The EITF reached a consensus that an employer should
recognize  a  liability  for future  benefits  under  FASB  Statement  No.  106,
Employers'  Accounting  for  Postretirement  Benefits Other Than Pensions or APB
Opinion No. 12,  Omnibus  Opinion - 1967 for an  endorsement  split-dollar  life
insurance  arrangement  subject to the EITF

                                       11
<PAGE>

Issue No. 06-4. This liability is to be based on the substantive  agreement with
the  employee.  The  consensus is effective  for fiscal  years  beginning  after
December  15,  2007.  Early  adoption is  permitted  as of the  beginning  of an
entity's  fiscal year.  Entities  should  recognize  the effects of applying the
consensus  on  this  issue  as  a  change  in  accounting  principle  through  a
cumulative-effect  adjustment  to retained  earnings or to other  components  of
equity or net assets in the statement of financial  position as of the beginning
of the year of  adoption.  Retrospective  application  to all prior  periods  is
permitted.  The Company is evaluating the impact of adoption of EITF 06-4 and is
unable,  at this time,  to  quantify  the impact,  if any,  to the  consolidated
financial statements.

The Securities and Exchange  Commission ("SEC") released SEC Accounting Bulletin
("SAB")  No.  108,  Considering  the  Effects of Prior Year  Misstatements  when
Quantifying  Misstatements  in Current Year Financial  Statements,  in September
2006. SAB No. 108 requires  registrants to consider the effect of all carry over
and reversing  effects of prior year  misstatements  when quantifying  errors in
current-year  financial statements.  SAB No. 108 does not change the SEC staff's
previous  guidance on evaluating the  materiality of errors.  SAB No. 108 allows
registrants to record the effect of adopting the guidance as a cumulative-effect
adjustment  to retained  earnings.  This  adjustment  must be reported as of the
beginning of the first fiscal year ending after  November15,  2006.  The Company
does not expect  the  adoption  of SAB No. 108 to have a material  impact on its
financial condition,  results of operations or consolidated  financial statement
disclosures.


                                       12
<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  September  30,  2006 and results of
operations for the three and nine months ended  September 30, 2006 and 2005. The
following information should be read in conjunction with the Company's unaudited
consolidated  financial statements for the three and nine months ended September
30, 2006 and 2005,  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 GAAP. The preparation of
these consolidated  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 Company's  available for sale  securities  portfolio is carried at estimated
fair  value,  with any  unrealized  gains or losses,  net of taxes,  reported as
accumulated other comprehensive income (loss) in shareholders' equity. Estimated
fair  values  are based on  published  or  securities  dealers'  market  prices.
Securities  which the  Company  has the  positive  intent and ability to hold to
maturity are  classified as held to maturity and carried at amortized  cost. The
Company conducts a periodic review and evaluation of the securities portfolio to
determine  if any  declines  in the fair  values of  securities  are other  than
temporary. If such a decline were deemed other than temporary, the Company would
write  down the  security  to fair  value  through  a charge to  current  period
operations.  The  market  value of the  securities  portfolio  is  significantly
affected by changes in interest rates.  In general,  as interest rates rise, the
market value of fixed-rate  securities decreases and as interest rates fall, the
market value of fixed-rate  securities  increases.  With significant  changes in
interest rates, the Company  evaluates its intent and ability to hold securities
to maturity or for a sufficient amount of time to recover the recorded principal
balance.

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

                                       13
<PAGE>

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  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 an 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.

Overview

For the three  months ended  September  30, 2006,  net income was  $437,000,  as
compared to $653,000 for the same period in 2005. Basic and diluted earnings per
share were both $0.05 for the three months ended September 30, 2006, as compared
to $0.08 and $0.07, respectively, for the same period in 2005.

For the nine months ended  September 30, 2006, net income was $1.84 million,  as
compared  to $1.87  million  for the same  period  in 2005.  Basic  and  diluted
earnings per share were $0.22 and $0.21 for the nine months ended  September 30,
2006, respectively,  as compared to $0.23 and $0.21, respectively,  for the same
period in 2005.

Total assets of $517.3 million at September 30, 2006 were comprised primarily of
$122.4 million in investment  securities,  $310.2 million in net loans and $37.7
million in cash and cash  equivalents,  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 cash equivalents. Total assets
at September 30, 2006 were funded  primarily  through  deposits  totaling $431.4
million  and other

                                       14
<PAGE>

borrowings  totaling  $14.8  million,  as compared  to $407.6  million and $38.2
million, respectively, at December 31, 2005.

At September 30, 2006, non-accrual loans totaled $510,000 as compared to $79,000
at December  31, 2005.  The  increase is due  primarily to $409,000 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 May 2006 action commenced by PNC Bank against Mr.
Dwek. Mr. Dwek allegedly  defrauded PNC Bank by depositing a $25.0 million check
drawn on a closed  account  with PNC Bank.  As a result,  there is a court order
which  has  frozen  Mr.   Dwek's   assets.   This  matter  is  currently   under
investigation.  Loan charge-offs during the nine months ended September 30, 2006
totaled $46,000, as compared to $93,000 for the same prior year period.

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 nine months ended September 30, 2006 and 2005

Net Interest Income

Net interest  income was $4.2 million for the three months ended  September  30,
2006,  as compared to $4.3  million  for the same period in 2005.  Net  interest
income for the three months ended September 30, 2006 was comprised  primarily of
$5.9  million  of  interest  and fees on loans,  $1.3  million  of  interest  on
securities,  and $239,000 of interest on federal  funds sold and due from banks,
less interest expense on deposits of $2.9 million,  interest expense on borrowed
funds of $169,000 and interest  expense on Subordinated  Debentures of $113,000.
The average net interest  margin for the three months ended  September  30, 2006
was 3.54% as compared to 3.94% for the same period in 2005.

Net interest  income was $12.8  million for the nine months ended  September 30,
2006,  as compared to $13.0  million for the same period in 2005.  Net  interest
income for the nine months ended  September 30, 2006 was comprised  primarily of
$17.3  million  of  interest  and fees on loans,  $4.1  million of  interest  on
securities,  and $351,000 of interest on federal  funds sold and due from banks,
less interest expense on deposits of $7.6 million,  interest expense on borrowed
funds of $1.1  million  and  interest  expense  on  Subordinated  Debentures  of
$317,000.  The average net interest  margin for the nine months ended  September
30, 2006 was 3.68% as compared to 4.07% for the same period in 2005.

                                       15
<PAGE>

Interest  and  dividend  income  was $7.4  million  for the three  months  ended
September  30,  2006,  as compared to $6.3  million for the same period in 2005.
This represents an increase of $1.1 million, or 17.5%, which is due primarily to
the general  increase in interest rates and commercial loan growth.  The average
yield on  interest-earning  assets increased to 6.31% for the three months ended
September  30,  2006,  as  compared  to 5.78% for the same  period  in 2005,  an
increase of 9.2%. Average  interest-earning  assets, which were 90.3% of average
total assets,  totaled $462.5  million for the three months ended  September 30,
2006, and were comprised primarily of $316.5 million in loans, $127.7 million in
investment  securities,  $13.8 million in federal funds sold and $4.6 million in
other interest bearing deposits.

Interest  and  dividend  income  was $21.8  million  for the nine  months  ended
September  30, 2006,  as compared to $18.2  million for the same period in 2005.
This represents an increase of $3.6 million, or 19.8%, 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 6.30% for the nine
months ended  September  30,  2006,  as compared to 5.72% for the same period in
2005, an increase of 10.1%. Average interest-earning assets, which were 89.5% of
average total assets, totaled $458.6 million for the nine months ended September
30,  2006,  and were  comprised  primarily  of $317.5  million in loans,  $131.4
million in  investment  securities,  $4.7 million in federal funds sold and $5.0
million in other interest  bearing  deposits,  as compared to the same period in
2005 in which average interest-earning assets, which were 87.4% of average total
assets, totaled $422.0 million and were comprised primarily of $270.4 million in
loans,  $146.9 million in investment  securities,  $2.6 million in federal funds
sold and $2.1 million in other interest bearing deposits.

Interest expense was $3.2 million for the three months ended September 30, 2006,
as compared to $2.0  million for the same  period in 2005.  This  represents  an
increase of $1.2 million,  or 60.0%.  The increase was due primarily to the cost
of interest bearing  liabilities which increased to an average cost of 3.46% for
the three months ended  September 30, 2006 from an average cost of 2.29% for the
same period in 2005, an increase of 51.1%.  For example,  the cost of borrowings
increased to an average cost of 4.15% for the three months ended  September  30,
2006,  from an  average  cost of 3.34%  for the  same  period  in 2005.  Average
interest-bearing  deposits  totaled  $340.4  million for the three  months ended
September 30, 2006,  as compared to $319.8  million for the same period in 2005,
an increase of 6.4%, and were  comprised of $123.6  million in  interest-bearing
checking and money market deposits, $72.9 million in savings deposits and $143.9
million in time  deposits.  Interest  expense  associated  with  borrowings  and
Subordinated  Debentures  totaled $169,000 and $113,000,  respectively,  for the
three  months  ended  September  30,  2006,  as compared to $71,000 and $88,000,
respectively, for the same period in 2005. Borrowings for the three months ended
September 30, 2006 averaged $16.2  million,  as compared to $8.4 million for the
same period in 2005.

Interest  expense was $9.0 million for the nine months ended September 30, 2006,
as compared to $5.2  million for the same  period in 2005.  This  represents  an
increase of $3.8 million,  or 73.1%.  The increase was due primarily to the cost
of interest bearing  liabilities which increased to an average cost of 3.25% for
the nine months ended  September  30, 2006 from an average cost of 2.04% for the
same period in 2005, an increase of 59.3%.  For example,  the cost of borrowings
increased to an average cost of 4.51% for the nine months  ended  September  30,
2006,  from an  average  cost of 2.72%  for the  same  period  in 2005.  Average
interest-bearing  deposits  totaled  $325.4  million for the nine  months  ended
September 30, 2006,  as compared to $309.1  million for the same period in 2005,
an increase of 5.3%, and were  comprised of $113.3  million in  interest-

                                       16
<PAGE>

bearing  checking and money market  deposits,  $70.2 million in savings deposits
and $141.9 million in time deposits. Interest expense associated with borrowings
and Subordinated Debentures totaled $1.1 million and $317,000, respectively, for
the nine months ended  September 30, 2006, as compared to $336,000 and $244,000,
respectively,  for the same period in 2005. Borrowings for the nine months ended
September  30, 2006  averaged $32 million,  as compared to $16.5 million for the
same period in 2005.

Provision for Loan Losses

For the three and nine months ended  September 30, 2006,  the provision for loan
losses was  $318,000  and  $465,000,  respectively,  as  compared to $36,000 and
$215,000,  respectively,  for the same period in 2005. The significant  increase
was due  primarily  to the  decision  to record a $306,000  loan loss  provision
relating to the $409,000 in unsecured  loans placed on non-accrual  status as of
June 30, 2006, as previously  noted.  These  unsecured  loans are fully reserved
for.  The  repayment  of these  loans,  which were made to  several  individuals
referred by Mr. Solomon Dwek, has been adversely impacted by the May 2006 action
commenced by PNC Bank against Mr. Dwek. Mr. Dwek allegedly defrauded PNC Bank by
depositing a $25.0 million  check drawn on a closed  account with PNC Bank. As a
result,  there is a court order which has frozen Mr. Dwek's assets.  This matter
is currently under investigation.

Non-Interest Income

Non-interest  income was $422,000 for the three months ended September 30, 2006,
as compared to $423,000 for the same period in 2005.  Service charges on deposit
accounts  totaled  $367,000 for the three months ended  September  30, 2006,  as
compared to $395,000 for the same period in 2005. Gain on the sale of loans held
for sale was $28,000 for the three months ended  September 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 $1.3  million for the nine months ended  September  30,
2006, as compared to $1.2 million for the same period in 2005.  Service  charges
on deposit accounts totaled $1.0 million for the nine months ended September 30,
2006, as compared to $1.1 million for the same period in 2005.  Gain on the sale
of loans held for sale was  $189,000  for the nine months  ended  September  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 $10.8 million,  respectively,  for the
three and nine months ended  September 30, 2006, as compared to $3.7 million and
$11.0 million,  respectively, for the same periods in 2005. The decrease for the
three and nine months ended  September 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.

                                       17
<PAGE>

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

                                       Three months ended   Nine months ended
                                          September 30,       September 30,
Non-Interest Expense                     2006      2005      2006      2005
--------------------                     ----      ----      ----      ----

Salaries and employee benefits         $ 1,831   $ 1,833   $ 5,563   $ 5,454
Net occupancy expenses                     442       432     1,268     1,339
Outside service fees                       230       309       662       805
Data processing fees                       205       204       604       729
Core deposit intangible amortization       155       172       465       516
Audit and tax fees                         130        99       286       257
Printing, stationery, and supplies          72        90       195       200
Legal fees and expenses                     59        30       130       109
Advertising and marketing expenses          32        67       117       161
Other operating expenses                   491       467     1,492     1,448
                                       -------   -------   -------   -------
      Total                            $ 3,647   $ 3,703   $10,782   $11,018
                                       =======   =======   =======   =======

Income Tax Expense

Income tax expense was $239,000 for the three months ended September 30, 2006 on
income  before taxes of $676,000,  resulting in an effective tax rate of 35.36%,
as compared to income tax  expense of  $361,000 on income  before  taxes of $1.0
million  for the same  period in 2005,  resulting  in an  effective  tax rate of
35.60%.

Income tax expense was $1.1 million for the nine months ended September 30, 2006
on income  before taxes of $2.9  million,  resulting in an effective tax rate of
36.72%, as compared to income tax expense of $1.1 million on income before taxes
of $2.9 million for the same period in 2005,  resulting in an effective tax rate
of 35.94%.

Financial Condition

Cash and Cash Equivalents

Cash and cash equivalents  consist primarily of cash on hand, due from banks and
federal funds sold. At September 30, 2006, cash and cash  equivalents were $37.7
million,  an increase of $16.5  million,  or 77.8%,  from the  December 31, 2005
total of $21.2  million.  During this period,  federal  funds sold  increased by
$28.5 million.  This increase was due primarily to deposit growth, the timing of
cash  flows  related  to  the  Company's  business  activities,   lower  reserve
requirements at the Federal Reserve Bank of New York and lower than  anticipated
loan growth.

Investment Portfolio

Investments  totaled  $122.4  million at September 30, 2006, a decrease of $11.3
million,  or 8.5%,  from the  December  31, 2005 total of $133.7  million.  This
decrease was primarily  attributable  to principal pay downs on  mortgage-backed
securities totaling $7.5 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.

                                       18
<PAGE>

Loan Portfolio

There were no loans held for sale at  September  30,  2006 as  compared  to $3.1
million at December 31, 2005.

Loans,  net of the  allowance  for loan  losses,  closed the nine  months  ended
September 30, 2006 at $310.2  million,  an increase of $3.0  million,  or 0.98%,
over the $307.2 million balance at December 31, 2005. The modest 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 $3.60 million at September 30, 2006, with the allowance for
loan losses ratio at 1.15% 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 September 30, 2006, had non-performing
loans  totaling  $510,000,  as  compared to $79,000 at December  31,  2005.  The
increase  is  due  primarily  to the  $409,000  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.

Central  Jersey Bank,  N.A.'s  initial  credit  exposure to Mr. Solomon Dwek and
related  entities  totaled  approximately  $3.0  million,  consisting  of a $2.0
million  commercial  mortgage loan and  approximately  $1.0 million of unsecured
loans.  At September 30, 2006, the $1.0 million of unsecured loans had been paid
down to $409,000 and have been fully reserved for, as described previously.  The
$2.0 million commercial mortgage loan is presently performing and fully secured.
There is an offer to purchase the property which, if accepted and closed,  would
result in full payoff of the commercial mortgage loan.

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 September  30, 2006,  loans on the watch list  totaled  $5.7  million,  as
compared to $4.1 million at December 31, 2005.

                                       19
<PAGE>

Allowance for Loan Losses and Related Provision

The provision for loan losses for the three and nine months ended  September 30,
2006 was  $318,000  and  $465,000,  respectively,  as  compared  to $36,000  and
$215,000,  respectively,  for the same  periods  in 2005.  The  increase  in the
provision for loan losses for the three months ended  September 30, 2006 was due
primarily to loan loss  provision  relating to the  $409,000 in unsecured  loans
placed on  non-accrual  status as of September 30, 2006.  The repayment of these
loans, which were made to several individuals  referred by Mr. Solomon Dwek, has
been adversely impacted by the May 2006 action commenced by PNC Bank against Mr.
Dwek. Mr. Dwek allegedly  defrauded PNC Bank by depositing a $25.0 million check
drawn on a closed  account  with PNC Bank.  As a result,  there is a court order
which  has  frozen  Mr.   Dwek's   assets.   This  matter  is  currently   under
investigation.

Loan  portfolio  composition  remained  consistent  at September  30,  2006,  as
compared to December 31, 2005, with commercial  loans  comprising 86.1% of total
loans  outstanding  at September  30, 2006, as compared to 85.5% at December 31,
2005.  In  addition,  Central  Jersey  Bancorp had  non-accrual  loans  totaling
$510,000 at September 30, 2006, which included the previously-mentioned $409,000
in Mr. Solomon Dwek-related  unsecured loans, as compared to $79,000 at December
31, 2005. Net loans totaled $310.2 million at September 30, 2006, as compared to
$307.2 million at December 31, 2005, an increase of $3.0 million,  or 0.98%. The
allowance for loan losses  increased to $3.60  million,  or 1.15% of total gross
loans,  at September 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
September 30, 2006,  totaled $431.4  million,  an increase of $23.8 million,  or
5.8%,  from the December 31, 2005 total of $407.6  million.  Core  deposits as a
percentage  of total  deposits  were 84.8% and 81.7% at  September  30, 2006 and
December 31, 2005, respectively.

Borrowings

Other  borrowings were $14.8 million at September 30, 2006, as compared to $38.2
million at December  31,  2005,  representing  a decrease of $23.4  million,  or
61.3%. 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 nine months ended
September  30, 2006,  Central  Jersey Bank,  N.A.  continued

                                       20
<PAGE>

to maintain a large secondary source of liquidity known as Investment Securities
Available for Sale.  The market value of that  portfolio  was $101.2  million at
September 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  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 is expected to 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
September  30,  2006,  Central  Jersey  Bank,  N.A.  met  all  capital  adequacy
requirements to which it is subject.

                                       21
<PAGE>

The  following is a summary of Central  Jersey Bank,  N.A.'s and Central  Jersey
Bancorp's  actual capital ratios as of September 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
                                  September 30,   December 31,    September 30,   December 31,     September 30,   December 31,
                                      2006            2005            2006            2005            2006             2005
                                  -------------   ------------    -------------   ------------     -------------   ------------
<S>                                    <C>           <C>             <C>             <C>             <C>              <C>
Central Jersey Bancorp                 8.33%         7.60%           11.55%          10.15%          12.59%           11.05%
Central Jersey Bank, N.A.              8.40%         7.85%           11.63%          10.57%          12.66%           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>

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 the 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 32.8% at  September  30,  2006,  as  compared  to 34.9% at
December  31, 2005.  Time  deposits are  generally  short term in nature.  As of
September  30, 2006,  83.6% 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.

                                       22
<PAGE>

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.

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


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

+200                                $ 20,462       $  1,743           9.31%
+100                                  19,599            880           4.70%
Base Case                             18,719             --              --
-100                                  17,800           (919)         (4.91%)
-200                                $ 15,904       $ (1,965)        (10.50%)

The preceding table indicates that for the twelve month period ending  September
30, 2007,  in the event of an  immediate  200 basis point  parallel  increase in
interest  rates,  Central Jersey Bank,  N.A. would  experience a 9.31%,  or $1.7
million,  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 (10.50%), or $2.0 million,  decrease in net interest income for the
twelve month period ending September 30, 2007.

                                       23
<PAGE>


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 SEC'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.


                                       24
<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
              ---------------------------------------------------

              Not Applicable.

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

              Not Applicable.

Item 6.       Exhibits
              --------

              See Index of Exhibits commencing on page E-1.


                                       25
<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:  November 9, 2006       /s/ James S. Vaccaro
                              -------------------------------------------------
                              James S. Vaccaro
                              President and
                              Chief Executive Officer
                              (Principal Executive Officer)


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


                                       26
<PAGE>

                                       E-2
                                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
                  (Registrant);  Schedule  4.16(c)  -  Certain  Other  Contracts
                  (Registrant);  Schedule

                                      E-1
<PAGE>

                  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).

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<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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