LINCOLN PARK, N.J.,
Feb. 14, 2011 /PRNewswire/ -- Lincoln
Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the
holding company of Lincoln Park Savings Bank, announced net income
of $694,000, or $.40 per share, for the year ended December 31, 2010, as compared to net
income of $492,000, or $.28 per share, for the year ended December 31, 2009. The increase in net
income of $202,000 was primarily due
to an increase in net interest income and non-interest income that
exceeded increases in provision for loan losses, non-interest
expenses and income tax expense.
Net interest income increased by $379,000, or 10.2% for the year ended
December 31, 2010 to $4.1 million as compared to $3.7 million for year ended December 31, 2009. The increase in net
interest income was primarily due to a significant decrease in
interest expense of $468,000,
partially offset by a decrease in interest income by
$81,000.
Non-interest income increased by $72,000, or 59.0% for the year ended December 31, 2010 to $194,000, compared to $122,000, for the year ended December 31, 2009. The primary reason for
this increase was that impairment losses were $3,000, for the year ended December 31, 2010, compared to impairment losses
of $52,000 on securities on available
for sale for the year ended December 31,
2009. Gain on sale of available for sale and held to
maturity securities was $43,000, for
the year ended December 31, 2010,
compared to $33,000 for the year
ended December 31, 2009.
During the year ended December 31,
2010, provision for loan losses was $229,000 as compared to $221,000 during the ended December 31, 2009. The provision in the
current year was primarily due to losses expected on one
restructured loan, one impaired loan, and reserves set up for loan
losses in general . Non-interest expenses increased by
$126,000 to $3.1 million for the year
ended December 31, 2010, compared to
$3.0 million for the year ended
December 31, 2009, primarily due to
increases in losses on real estate owned, salaries and employee
benefits, advertising expense and other miscellaneous expenses,
offset by decreases in expenses related to FDIC insurance premium,
audit and accounting, and legal expenses. Loss on real estate owned
increased by $100,000 for the year
ended December 31, 2010, compared to
no losses in the period ending December 31,
2009. Miscellaneous expenses increased by $113,000 or 16.3% for the year ended December 31, 2010 to $807,000, compared to $694,000 for the year ended December 31, 2009. This increase was
primarily due to increases in consulting services, correspondent
bank charges, and Board related fees.
Income taxes increased by $123,000 to
$447,000 for the year ended December
31, 2010, compared to $324,000, for the year ended December 31, 2009. The increase in income
taxes was due to an increase of $325,000 in pre-tax income.
At December 31, 2010, the Company
had total assets of $160.6 million
and stockholders' equity of $14.3
million. In addition, the Company had net loans of
$68.8 million, total deposits of
$82.4 million and total borrowings of
$62.4 million as of December 31, 2010.
David Baker, President of Lincoln
Park Bancorp stated, "The Board of Directors and I feel that the
Bank showed remarkable growth and profit in a very challenging
year. We look forward to meeting the challenges of 2011".
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
|
|
|
|
SOURCE Lincoln Park Bancorp