LINCOLN PARK, N.J.,
May 7 /PRNewswire-FirstCall/ --
Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"),
the holding company of Lincoln Park Savings Bank, announced net
income of $178,000, or $.10 per share, for the quarter ended
March 31, 2010, compared to net
income of $72,000, or $.04 per share for the quarter ended March 31, 2009. The increase in net income
of $106,000 was primarily due to
increases in net interest income and non-interest income, partially
offset by increases in non-interest expenses, provision for loan
losses, and income taxes. Additionally, in the quarter ended
March 31, 2010, the Company recorded
a loss on other real estate owned of $44,000, compared to impairment losses of
$51,000 in the available for sale
equity securities portfolio for the quarter ended March 31, 2009.
Net interest income increased by $203,000, or 23.5% during the March 31, 2010 quarter to $1.1 million, compared to $864,000 for the three months ended March 31, 2009. The increase in net
interest income was primarily due to increases in interest income
of $64,000 and a decrease in interest
expense of $139,000. The
improved results in this area were due to an increase in our
interest rate spread to 2.83% from 2.28%. The decrease in
interest expense was driven by the availability of attractively
priced sources of funding.
During the quarter ended March 31,
2010, provision for general loan losses was $59,000 compared to $40,000, during the quarter ended March 31, 2009. The increased provision in
the current quarter was primarily due to losses expected on one
impaired loan and weaker economic conditions in general.
Non-interest expenses increased by $83,000 to $773,000 for the three months ended
March 31, 2010, compared to
$690,000 for the three months ended
March 31, 2009, primarily due to the
loss on other real estate owned, increases in FDIC insurance
premiums, consulting fees and correspondent bank charges.
Income taxes increased by $65,000 to
$115,000 for the three months ended March 31, 2010, compared to $50,000 for the three months ended March 31, 2009. The increase in income
taxes was due to a $171,000 increase
in pre-tax income.
At March 31, 2010, the Company had
total assets of $156.6 million and
stockholders' equity of $13.8
million. In addition, the Company had net loans of
$72.4 million, total deposits of
$84.8 million, and total borrowings
of $56.6 million as of March 31, 2010.
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:
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David G.
Baker
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President and Chief
Executive Officer
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(973)-694-0330
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SOURCE Lincoln Park Bancorp