LINCOLN PARK, N.J., Aug. 12, 2015 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $269,000 or $0.16 per share, for the quarter ended June 30, 2015, compared to net income of $327,000, or $0.19 per share for the quarter ended June 30, 2014. A decrease in net income of $58,000 was primarily due to a decrease in interest income on loans and securities.
Net interest income after provision for loan losses decreased by $5,000, or 0.36% to $1,403,000 million for the quarter ended June 30, 2015, compared to $1,408,000 million for the quarter ended June 30, 2014. The decrease in net interest income after provision for loan losses was specifically due to a decrease in net interest income of $215,000 to $1,313,000 for the quarter ended June 30, 2015 compared to $1,528,000 for the quarter ended June 30, 2014 and offset by a decrease in provision for loan losses of $210,000 to ($90,000) at June 30, 2015, compared to $120,000 at June 30, 2014. Non-interest expenses increased by $118,000, or 13.0% to $1,026,000, for the three months ended June 30, 2015, compared to $908,000 for the three months ended June 30, 2014, primarily due to increases in federal insurance premium, equipment, salaries and employee benefits and other miscellaneous expenses.
Non-interest income increased by $4,000, or 13.33% to $34,000 for the quarter ended June 30, 2015, compared to $30,000 for the quarter ended June 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 $61,000 to $142,000 for the three months ended June 30, 2015 compared to $203,000 for the three months ended June 30, 2014. The decrease in income tax expense was due to $119,000 decrease in pre-tax income.
At June 30, 2015, the Company had total assets of $239.1 million and stockholders' equity of $17.7 million. In addition, the Company had net loans of $73.6 million, total investment securities of $152.6 million, deposits of $113.1 million, brokered deposits of $10.6 million and total borrowings of $95.7 million as of June 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".
Lincoln Park Bancorp shares have climbed nearly 13% in the second quarter to $7.90 compared to $7.00 at March 31, 2015. Shares of the holding company have also risen 17% since the beginning of the year.
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