LINCOLN PARK, N.J.,
Aug. 12, 2011 /PRNewswire/ -- Lincoln
Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the
holding company of Lincoln Park Savings Bank, announced net income
of $160,000, or $.09 per share, for the quarter ended
June 30, 2011, compared to net income
of $131,000 or $.07 per share, for the quarter ended
June 30, 2010. The increase in
net income of $29,000 was primarily
due to increases in net interest income and a decrease in the
provision for loan losses, partially offset by an increase in
non-interest expenses, an increase in income tax expense, and a
decrease in non-interest income.
Net interest income increased by $74,000, or 6.9% during the quarter ended
June 30, 2011 to $1.2 million, compared to $1.1 million, for the three months ended
June 30, 2010. The increase in
net interest income was primarily due to increases in interest
income of $18,000 and a decrease in
interest expense of $56,000.
The improved results in this area were due to an increase in
the average balances of interest earning assets, coupled with a
decrease in the cost of interest bearing liabilities. Our
interest rate spread increased to 2.54% for the quarter ended
June 30, 2011, from 2.43% for the
quarter ended June 30, 2010.
During the quarter ended June 30,
2011, provision for loan losses was $9,000 compared to $128,000 during the quarter ended June 30, 2010. The decreased provision in
the current quarter was primarily due to a decrease in our loan
portfolio and no additional losses expected on impaired loans.
Non-interest expenses increased by $140,000 to $919,000 for the three months ended June 30, 2011, compared to $779,000 for the three months ended June 30, 2010, primarily due to increases in
equipment expense, salaries and employee benefits, FDIC insurance
premium, and miscellaneous expenses. The increase in
equipment expense was the major component of the increase in
non-interest expenses. Equipment expense increased by
$116,000 for the three months ended
June 30, 2011, to $210,000, compared to $94,000 for the three months ended June 30, 2010. This increase was primarily
due to upgrading and converting the core processes to a new service
provider.
Income taxes increased by $16,000
to $101,000 for the three months
ended June 30, 2011, compared to
$85,000 for the three months ended
June 30, 2010. The increase in
income taxes was due to $45,000
increase in pre-tax income.
At June 30, 2011, the Company had
total assets of $178.4 million and
stockholders' equity of $14.6
million. In addition, the Company had net loans of
$69.2 million, total deposits of
$96.8 million, and total borrowings
of $65.6 million as of June 30, 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:
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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