Lincoln Park Bancorp Announces Earnings for the September 30, 2015 Quarter

16 Nov, 2015, 17:08 ET from Lincoln Park Bancorp

LINCOLN PARK, N.J., Nov. 16, 2015 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $217,000 or $0.13 per share, for the quarter ended September 30, 2015, compared to net income of $218,000, or $0.13 per share for the quarter ended September 30, 2014.  An increase in total interest income after provision for loan losses was offset by an increase in total non-interest expenses.

Net interest income after provision for loan losses increased by $88,000, or 7.20% to $1,310,000 for the quarter ended September 30, 2015, compared to $1,222,000 for the quarter ended September 30, 2014.  The increase in net interest income after provision for loan losses was specifically due to an increase in interest income on securities of $80,000 to $1,157,000 for the quarter ended September 30, 2015 compared to $1,077,000 for the quarter ended September 30, 2014 and offset by an increase in deposit interest expense of $60,000 to $236,000 at September 30, 2015, compared to $176,000 at September 30, 2014.  Non-interest expenses increased by $118,000, or 12.6% to $1,053,000, for the three months ended September 30, 2015, compared to $935,000 for the three months ended September 30, 2014, primarily due to increases in federal insurance premium, legal fees, advertising, salaries and employee benefits and other miscellaneous expenses.

Non-interest income increased by $2,000, or 5.88% to $36,000 for the quarter ended September 30, 2015, compared to $34,000 for the quarter ended September 30, 2014, primarily due to an increase of $4,000 on fees and services charges and no losses or impairments on securities.

Income tax expense decreased by $11,000 to $92,000 for the three months ended September 30, 2015 compared to $103,000 for the three months ended September 30, 2014.  The decrease in income tax expense was due to $12,000 decrease in pre-tax income.

At September 30, 2015, the Company had total assets of $250.4 million and stockholders' equity of $18.0 million.  In addition, the Company had net loans of $83.8 million, total investment securities of $154.4 million, deposits of $109.7 million, brokered deposits of $16.7 million and total borrowings of $103.9 million as of September 30, 2015.

Lincoln Park Savings Bank is a New Jersey state-chartered savings bank that conducts its business from two offices in Morris County, New Jersey, its main office in Lincoln Park and a second branch in Montville.  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



RELATED LINKS

http://www.lincolnparksavings.com