LINCOLN PARK, N.J.,
Nov. 8, 2011 /PRNewswire/ -- Lincoln
Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the
holding company of Lincoln Park Savings Bank, announced net income
of $221,000, or $.13 per share, for the quarter ended
September 30, 2011, an increase of
$37,000, or 20.1%, compared to
$184,000 or $.11 per share, for the quarter ended
September 30, 2010. Net income
increased during the period primarily as a result of an increase in
net interest income, offset by a decrease in non-interest income, a
decrease in the provision for loan losses, an increase in
non-interest expenses, and an increase in income tax expense.
Net interest income increased $91,000, or 8.2% during the September 30, 2011 quarter to $1.2 million, as compared to $1.1 million for the three months ended
September 30, 2010, reflecting an
increase of $5.2 million in average
net interest earning assets, offset by a 40 basis points decrease
in the net interest margin. Average interest earning
assets increased $24.8 million, or
16.6% during the three months ended September 30, 2011, which consisted of
$25.8 million increase in investment
securities, offset by decreases of $ $912,000 in loans and $46,000 in other interest- earning assets.
Interest income on securities increased by $165,000, or 18.4% to $1.1
million for the quarter ended September 30, 2011, compared to $897,000 for the quarter ended September 30, 2010. Interest income on
loans decreased by $71,000, or 7.7%
to $851,000 for the quarter ended
September 30, 2011, compared to
$922,000 for the quarter ended
September 30, 2010. Average
interest bearing liabilities increased by $19.6 million or 14.1%, during the three months
ended September 30, 2011, which
consisted of increases of $8.4
million in interest bearing deposits and $11.2 million in borrowings. Interest
expense on interest-bearing liabilities increased slightly by
$2,000, or 0.28% to $708,000, for the quarter ended September 30, 2011, compared to $706,000 for the quarter ended September 30, 2010. The improved results
in this area were due to a decrease of 25 basis points in the cost
of total interest bearing liabilities to 1.78% for the quarter
ended September 30, 2011, from 2.03%
for the quarter ended September 30,
2010. The interest rate spread decreased by 42 basis
points to 2.61% for the quarter ended September 30, 2011, compared to 3.03% for the
quarter ended September 30, 2010.
During the quarter ended September 30,
2011, provision for loan losses was $44,000, compared to $80,000 during the quarter ended September 30, 2010. The provision
recognized in the current quarter was attributable to general loan
loss reserves. Non-interest income decreased by $21,000 or 42.0% to $29,000 for the quarter ended September 30, 2011 from $50,000 for the quarter ended September 30, 2010, primarily due to impairment
losses of $16,000 on equity
securities.
Non-interest expenses increased by $39,000, or 5.0% to $820,000 for the quarter ended September 30, 2011 from $781,000, for the quarter ended September 30, 2010, primarily due to increases in
equipment expense, real estate owned expense, and other
miscellaneous expenses, offset by decreases in the FDIC premium,
and advertising expense. Income tax expense increased
by $30,000 to $149,000 for the three months ending September 30, 2011, compared to $119,000 for the three months ended September 30, 2010, due to an increase of
$67,000 in pre-tax income.
At September 30, 2011, the Company
had total assets of $181.2 million
and stockholders' equity of $14.9
million. In addition, the Company had net loans of
$71.3 million, total deposits of
$97.5 million, and total borrowings
of $67.4 million as of September 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