LINCOLN PARK, N.J.,
Aug. 6 /PRNewswire-FirstCall/ --
Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"),
the holding company of Lincoln Park Savings Bank, announced net
income of $131,000, or $.07 per share, for the quarter ended
June 30, 2010, compared to net income
of $65,000 or $.04 per share, for the quarter ended
June 30, 2009. The increase in
net income of $66,000 was primarily
due to increases in net interest income and non-interest income,
partially offset by increases in provision for loan losses and
income taxes, and a decrease in non-interest expenses.
Net interest income increased by $125,000, or 13.2% during the June 30, 2010 quarter to $1.1 million, compared to $949,000, for the three months ended June 30, 2009. The increase in net interest
income was primarily due to increases in interest income of
$41,000 and a decrease in interest
expense of $84,000. The
improved results in this area were due to an increase in our
balances in interest earning assets and an increase in our interest
rate spread to 2.92% from 2.51%
During the quarter ended June 30,
2010, provision for loan losses was $128,000 compared to $26,000 during the quarter ended June 30, 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 decreased by $81,000 to $779,000 for the three months ended
June 30, 2010, as compared to
$860,000 for the three months ended
June 30, 2009, primarily due to
decreases in FDIC insurance premium, audit and accounting, and
legal fees. FDIC insurance premium decreased by $123,000, to $43,000 for the three months ended June 30, 2010, as compared to $166,000 for the three months ended June 30, 2009. This decrease was primarily
due to the change in the methodology of the assessment imposed by
the FDIC on all institutions.
Income taxes increased by $52,000 to
$85,000 for the three months ended June 30, 2010, compared to $33,000 for the three months ended June 30, 2009. The increase in income taxes
was due to $118,000 increase in
pre-tax income.
At June 30, 2010, the Company had
total assets of $157.8 million and
stockholders' equity of $14.0
million. In addition, the Company had net loans of
$72.4 million, total deposits of
$88.8 million, and total borrowings
of $53.7 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
|
|
|
(973)-694-0330
|
|
|
|
SOURCE Lincoln Park Bancorp
Copyright g. 6 PR Newswire