LINCOLN PARK, N.J., May 4, 2012 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $227,000, or $.13 per share, for the quarter ended March 31, 2012, compared to net income of $163,000, or $.09 per share for the quarter ended March 31, 2011. The increase in net income of $64,000 was primarily due to an increase in net interest income, a decrease in non-interest expenses, partially offset by an increase in the provision for loan losses, an increase in income tax expense and a decrease in non-interest income.
Net interest income increased by $96,000, or 8.2% to $1.2 million for the quarter ended March 31, 2012, compared to $1.1 million for the quarter ended March 31, 2011, primarily due to an increase of $19.4 million in average total interest earning assets, offset by a 31 basis points decrease in the yield on total interest earning assets. During the quarter ended March 31, 2012, provision for loan losses recorded was $61,000 compared to $47,000, during the quarter ended March 31, 2011. The increase in the current quarter was primarily due to reserves set up on two impaired loans. Non-interest expenses decreased by $59,000, or 7.7% to $765,000, for the three months ended March 31, 2012, compared to $824,000 for the three months ended March 31, 2011, primarily due to decreases in FDIC insurance premiums, personnel expenses, advertising expense and other miscellaneous expenses.
Non-interest income decreased by $35,000, or 102.9% to $34,000 for the quarter ended March 31, 2012, compared to $69,000 for the quarter ended March 31, 2011, primarily due to the fact that for the quarter ended March 31, 2012, there were no sales of securities, compared to $38,000 gain on sale of securities in the quarter ended March 31, 2011.
Income tax expense increased by $42,000 to $152,000 for the three months ended March 31, 2012, compared to $110,000 for the three months ended March 31, 2011. The increase in income tax expense was due to $106,000 increase in pre-tax income.
At March 31, 2012, the Company had total assets of $189.3 million and stockholders' equity of $15.3 million. In addition, the Company had net loans of $71.1 million, total investment securities of $104.8 million, deposits of $104.9 million, and total borrowings of $67.7 million as of March 31, 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