LINCOLN PARK, N.J.,
Nov. 8, 2010 /PRNewswire-FirstCall/
-- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"),
the holding company of Lincoln Park Savings Bank, announced net
income of $184,000, or $.11 per share, for the quarter ended
September 30, 2010, an increase of
$53,000, or 40.5%, as compared to
$131,000 or $.07 per share, for the quarter ended
September 30, 2009. Net income
increased during the period primarily as a result of an increase in
net interest income offset by increases in provision for loan
losses and non-interest expenses.
Net interest income increased $85,000, or 8.3% during the September 30, 2010, quarter to $1.1 million as compared to $1.0 million for the three months ended
September 30, 2009, reflecting a 29
basis points increase in the net interest margin, coupled with an
increase of $1.0 million in average
net-interest earning assets. The increase in net interest
income was primarily due to a decrease in interest expense of
$137,000. The improved results
in this area were due to a decrease of 53 basis points in the cost
of total interest bearing liabilities to 2.03% for the quarter
ended September 30, 2010, from 2.56%
for the quarter ended September 30,
2009, and an increase in the interest rate spread to 3.03%
from 2.68%
During the quarter ended September 30,
2010, provision for loan losses was $80,000 as compared to $56,000 during the quarter ended September 30, 2009. The provision
recognized in the current quarter was attributable to a specific
reserve that was established on one impaired loan.
Non-interest expenses increased by $20,000 to $781,000 for the three months ended
September 30, 2010, compared to
$761,000 for the three months ended
September 30, 2009, primarily due to
increases in salaries and employee benefits expense, advertising,
and other miscellaneous expenses, offset by decreases in the FDIC
premium, and audit and accounting expense.
At September 30, 2010, the Company
had total assets of $156.7 million
and stockholders' equity of $14.2
million. In addition, the Company had net loans of
$69.2 million, total deposits of
$85.9 million, and total borrowings
of $55.2 million as of September 30, 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