LINCOLN PARK, N.J.,
Feb. 10, 2012 /PRNewswire/ -- Lincoln Park Bancorp (OTC
Bulletin Board: LPBC) (the "Company"), the holding company of
Lincoln Park Savings Bank, announced net income of $768,000, or $.44
per share, for the year ended December 31,
2011, as compared to net income of $753,000, or $.43
per share, for the year ended December
31, 2010. The increase in net income of $15,000 was primarily due to an increase in net
interest income that exceeded increases in non-interest expenses
and income tax expense, offset by a decrease in non-interest income
and a decrease in the provision for loan losses.
Net interest income increased by $304,000, or 7.1% for the year ended December 31, 2011 to $4.6
million as compared to $4.3
million for the year ended December
31, 2010. The increase in net interest income was
primarily due an increase in interest income of $170,000 or 2.3%, partially offset by a decrease
in interest expense of $134,000.
Non-interest income decreased by $9,000, or 4.6% for the year ended December 31, 2011 to $185,000, compared to $194,000, for the year ended December 31, 2010. The primary reason for
this decrease was a decrease in income from fees and service
charges. Impairment losses on securities available for sale
amounted to $19,000, for the year
ended December 31, 2011, compared to
impairment losses of $3,000 on
securities on available for sale for the year ended December 31, 2010. Realized gain on sale of
available for sale securities was $58,000, for the year ended December 31, 2011, compared to $43,000 for the year ended December 31, 2010.
During the year ended December 31,
2011, provision for loan losses was $120,000 as compared to $229,000 during the ended December 31, 2010. The provision in
the current year was primarily due to losses expected on two
impaired loans, and reserves set up for general loan losses.
Non-interest expenses increased by $272,000 or 8.7% to $3.4
million for the year ended December
31, 2011, compared to $3.1
million for the year ended December
31, 2010, primarily due to increases in equipment expense,
losses on real estate owned, legal expense and audit related
expenses, and other miscellaneous expenses, offset by decreases in
expenses related to FDIC insurance premium, and advertising
expense. Equipment expense increased by $189,000 or 49.4% to $572,000 for the year ended December 31, 2011, compared to $383,000 for the year ended December 31, 2010. This increase was
primarily due to the Bank moving to a new service provider.
Loss on real estate owned increased by $7,000 or 6.9% to $109,000 for the year ended December 31, 2011, compared to $102,000 for the year ended December 31, 2010. As of December 31, 2011, the real estate owned property
was sold. Federal Insurance premiums decreased by
$25,000 or 14.3% to $150,000 for the year ended December 31, 2011, compared to $175,000 for the year ended December 31, 2010. The decrease was due to
the change in methodology in calculating the assessments on Banks
by the FDIC.
Income taxes increased by $117,000
to $505,000 for the year ended
December 31, 2011, compared to
$388,000, for the year ended
December 31, 2010. The increase
in income taxes was due to an increase of $132,000 in pre-tax income. During the
period ending December 31, 2010,
income tax expense was adjusted by $59,000, to account for deferred tax valuation
allowance related to capital losses.
At December 31, 2011, the Company
had total assets of $183.2 million
and stockholders' equity of $15.2
million. In addition, the Company had net loans of
$71.0 million, total deposits of
$102.5 million, and total borrowings
of $64.1 million as of December 31, 2011.
David Baker, President of Lincoln
Park Bancorp stated, "The Board of Directors and I are pleased with
the results of 2011. We have worked hard to place the Bank in
a position to take advantage of a recovering economy as we move
forward in 2012."
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