Lincoln Park Bancorp Announces Earnings For The September 30, 2009 Quarter
November 13 2009 - 5:00PM
PR Newswire (US)
LINCOLN PARK, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Lincoln Park
Bancorp (the "Company"), the holding company of Lincoln Park
Savings Bank, announced net income of $131,000, or $.07 per share,
for the quarter ended September 30, 2009, as compared to $120,000
or $.07 per share, for the quarter ended September 30, 2008. The
increase in net income of $11,000 was primarily due to increases in
interest income and non-interest income, decreases in interest
expense and a decrease in the provision for loan losses, which was
partially offset by increases in non-interest expenses and an
increase in income tax expense. Net interest income increased by
$139,000, or 15.6% during the September 30, 2009 quarter to $1.0
million as compared to $890,000 for the three months ended
September 30, 2008. The increase in net interest income was
primarily due to increases in interest income of $129,000 and a
decrease in interest expense of $10,000. The improved results in
this area were due to increased balances in interest earning assets
and an increase in our interest rate spread to 2.68% from 2.49%.
During the quarter ended September 30, 2009, provision for loan
losses was $56,000 as compared to $95,000 during the quarter ended
September 30, 2008. Non-interest expenses increased by $106,000 to
$761,000 for the three months ended September 30, 2009, as compared
to $655,000 for the three months ended September 30, 2008,
primarily due to increases in FDIC insurance premium and audit and
accounting related expenses. FDIC insurance premium increased by
$84,000 for the three months ended September 30, 2009, as compared
to $3,000 for the three months ended September 30, 2008. This was
primarily due to the increase in the deposit base and a change in
the methodology of computing the assessment by the FDIC. Income
taxes increased by $72,000 to $130,000 for the three months ended
September 30, 2009, as compared to $58,000 for the three months
ended September 30, 2008. The increase in income taxes was due to
an increase of $83,000 in pre-tax income. At September 30, 2009,
the Company had total assets of $148.6 million and stockholders'
equity of $13.4 million. In addition, the Company had net loans of
$74.5 million, total deposits of $82.2 million, and total
borrowings of $51.7 million as of September 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 unaudited 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 (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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