Lincoln Park Bancorp Announces Earnings for the June 30, 2009 Quarter
August 07 2009 - 5:00PM
PR Newswire (US)
LINCOLN PARK, N.J., Aug. 7 /PRNewswire-FirstCall/ -- Lincoln Park
Bancorp (the "Company"), the holding company of Lincoln Park
Savings Bank, announced net income of $65,000, or $.04 per share,
for the quarter ended June 30, 2009, as compared to $83,000 or $.05
per share, for the quarter ended June 30, 2008. The decrease in net
income of $18,000 was primarily due to increases in interest
expense, provision for loan losses, and non-interest expenses,
which was partially offset by increases in interest income and a
decrease in income tax expense. Net interest income increased by
$216,000, or 29.5% during the June 30, 2009 quarter to $949,000, as
compared to $733,000 for the three months ended June 30, 2008. The
increase in net interest income was primarily due to increases in
interest income of $289,000 that exceeded increases in interest
expense of $73,000. The improved results in this area were due to
increased balances in interest earning assets and an increase in
interest rate spread to 2.51% from 2.27%. During the quarter ended
June 30, 2009, provision for loan losses was $26,000 as compared to
$15,000 during the quarter ended June 30, 2008. The increased
provision in the recently completed quarter was due to weaker
general economic conditions. Non-interest expenses increased by
$245,000 to $860,000 for the three months ended June 30, 2009, as
compared to $615,000 for the three months ended June 30, 2008,
primarily due to increases in FDIC insurance premium, audit and
accounting, salaries and occupancy related expenses. FDIC insurance
premium increased by $164,000 for the three months ended June 30,
2009, as compared to $2,000 for the three months ended June 30,
2008. This increase was primarily due to the special assessment
imposed by the FDIC on all institutions. Income taxes decreased by
$22,000 to $33,000 for the three months ended June 30, 2009, as
compared to $55,000 for the three months ended June 30, 2008. The
decrease in income taxes was due to a decrease of $40,000 in
pre-tax income. At June 30, 2009, the Company had total assets of
$147.3 million and stockholders' equity of $13.3 million. In
addition, the Company had net loans of $75.5 million, total
deposits of $78.6 million, and total borrowings of $54.0 million as
of June 30, 2009. Lincoln Park Savings Bank is a New Jersey
state-chartered savings bank that conducts its business from its
main office in Lincoln Park, New Jersey. The Company's common stock
is traded on the OTC Bulletin Board under the symbol "LPBC". The
foregoing material may contain forward-looking statements
concerning the financial condition, results of operations and
business of the Company. We caution that such statements are
subject to a number of uncertainties and actual results could
differ materially, and, therefore, readers should not place undue
reliance on any forward-looking statements. The Company does not
undertake, and specifically disclaims, any obligation to publicly
release the results of any revisions that may be made to any
forward-looking statements to reflect the occurrence of anticipated
or unanticipated events or circumstances after the date of such
statements. CONTACT: David G. Baker President and Chief Executive
Officer +1-973-694-0330 DATASOURCE: Lincoln Park Bancorp CONTACT:
David G. Baker, President and Chief Executive Officer,
+1-973-694-0330 Web Site: http://www.lincolnparksavings.com/
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