LINCOLN PARK, N.J.,
May 12, 2011 /PRNewswire/ -- Lincoln
Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the
holding company of Lincoln Park Savings Bank, announced net income
of $163,000, or $.09 per share, for the quarter ended
March 31, 2011, compared to net
income of $178,000, or $.10 per share for the quarter ended March 31, 2010. The decrease in net income
of $15,000 was primarily due to an
increase in non-interest expenses, partially offset by increases in
net interest income and non-interest income, and decreases in the
provision for loan losses, and income tax expense.
Additionally, in the quarter ended March 31,
2011, the Company recorded a gain on sale of available for
sale securities in the equity portfolio of $38,000, compared to $20,000, for the quarter ended March 31, 2010.
Net interest income increased slightly by $8,000, or .75% during the March 31, 2011 quarter. Net interest income
remained at $1.1 million for the
quarters ended March 31, 2011 and
2010. During the quarter ended March
31, 2011, provision for general loan losses recorded was
$47,000 compared to $59,000, during the quarter ended March 31, 2010. The decreased provision in
the current quarter was primarily due to a decrease in our loan
portfolio. Non-interest expenses increased by $51,000 to $824,000 for the three months ended
March 31, 2011, compared to
$773,000 for the three months ended
March 31, 2010, primarily due to
increases in FDIC insurance premiums, personnel expenses,
advertising expense, legal fees and other miscellaneous
expenses.
Income tax expense decreased by $5,000 to
$110,000 for the three months ended March 31, 2011, compared to $115,000 for the three months ended March 31, 2010. The decrease in income tax
expense was due to a $20,000 decrease
in pre-tax income.
At March 31, 2011, the Company had
total assets of $172.2 million and
stockholders' equity of $14.5
million. In addition, the Company had net loans of
$68.8 million, total deposits of
$92.6 million, and total borrowings
of $63.8 million as of March 31, 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