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.
David G. Baker
President and Chief Executive Officer
SOURCE Lincoln Park Bancorp