LINCOLN PARK, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Lincoln Park Bancorp (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $131,000, or $.07 per share, for the quarter ended September 30, 2009, as compared to $120,000 or $.07 per share, for the quarter ended September 30, 2008. The increase in net income of $11,000 was primarily due to increases in interest income and non-interest income, decreases in interest expense and a decrease in the provision for loan losses, which was partially offset by increases in non-interest expenses and an increase in income tax expense.
Net interest income increased by $139,000, or 15.6% during the September 30, 2009 quarter to $1.0 million as compared to $890,000 for the three months ended September 30, 2008. The increase in net interest income was primarily due to increases in interest income of $129,000 and a decrease in interest expense of $10,000. The improved results in this area were due to increased balances in interest earning assets and an increase in our interest rate spread to 2.68% from 2.49%.
During the quarter ended September 30, 2009, provision for loan losses was $56,000 as compared to $95,000 during the quarter ended September 30, 2008. Non-interest expenses increased by $106,000 to $761,000 for the three months ended September 30, 2009, as compared to $655,000 for the three months ended September 30, 2008, primarily due to increases in FDIC insurance premium and audit and accounting related expenses. FDIC insurance premium increased by $84,000 for the three months ended September 30, 2009, as compared to $3,000 for the three months ended September 30, 2008. This was primarily due to the increase in the deposit base and a change in the methodology of computing the assessment by the FDIC.
Income taxes increased by $72,000 to $130,000 for the three months ended September 30, 2009,
as compared to $58,000 for the three months ended September 30, 2008. The increase in income taxes was due to an increase of $83,000 in pre-tax income.
At September 30, 2009, the Company had total assets of $148.6 million and stockholders' equity of $13.4 million. In addition, the Company had net loans of $74.5 million, total deposits of $82.2 million, and total borrowings of $51.7 million as of September 30, 2009.
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