LINCOLN PARK, N.J., May 3, 2013 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $173,000, or $.10 per share, for the quarter ended March 31, 2013, compared to net income of $ 229,000, or $.13 per share for the quarter ended March 31, 2012. The decrease in net income of $56,000 was primarily due to a decrease in net interest income, an increase in non-interest expenses, partially offset by a decrease in the provision for loan losses, and a decrease in income tax expense.
Net interest income decreased by $69,000, or 5.9% to $1.1 million for the quarter ended March 31, 2013, compared to $1.2 million for the quarter ended March 31, 2012, primarily due to a decrease of 71 basis points in the yield on total interest earning assets, despite an increase of $8.0 million in average total interest earning assets. During the quarter ended March 31, 2013, provision for loan losses recorded was $34,000 compared to $61,000, during the quarter ended March 31, 2012. The decrease in the current quarter was primarily due to no additional reserves required for general loan losses. Non-interest expenses increased by $55,000, or 7.2% to $818,000, for the three months ended March 31, 2013, compared to $765,000 for the three months ended March 31, 2012, primarily due to increases in net occupancy expense, advertising expense, legal fees, audit and accounting expense and other miscellaneous expenses, offset by a decrease in personnel expense.
Non-interest income increased by $2,000, or 5.9% to $36,000 for the quarter ended March 31, 2013, compared to $34,000 for the quarter ended March 31, 2012, primarily due to a gain on sale of $6,000 on available for sale securities offset by a decrease of $5,000 in fees and service charges.
Income tax expense decreased by $39,000 to $113,000 for the three months ended March 31, 2013 compared to $152,000 for the three months ended March 31, 2012. The decrease in income tax expense was due to $95,000 decrease in pre-tax income.
At March 31, 2013, the Company had total assets of $199.7 million and stockholders' equity of $15.8 million. In addition, the Company had net loans of $71.6 million, total investment securities of $106.3 million, deposits of $94.7 million, and total borrowings of $87.5 million as of March 31, 2013.
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
