|By PR Newswire||
|November 16, 2012 05:00 PM EST||
LINCOLN PARK, N.J., Nov. 16, 2012 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $179,000, or $.10 per share, for the quarter ended September 30, 2012, a decrease of $42,000, or 19.0%, compared to $221,000 or $.13 per share, for the quarter ended September 30, 2011. Net income decreased during the period primarily as a result of a decrease in net interest income, an increase in the provision for loan losses, offset by a decrease in non-interest expenses and a decrease in income tax expense.
Net interest income decreased $76,000, or 6.3% during the September 30, 2012 quarter to $1.1 million, as compared to $1.2 million for the three months ended September 30, 2011, reflecting an increase of $1.7 million in average net interest earning assets, offset by a 37 basis points decrease in the net interest margin. Average interest earning assets increased $13.9 million, or 8.0% during the three months ended September 30, 2012, which consisted of $10.9 million increase in investment securities, an increase of $ $2.5 million in loans and $473,000 in other interest- earning assets. Interest income on securities decreased by $142,000, or 13.4% to $920,000 for the quarter ended September 30, 2012, compared to $1.1 million for the quarter ended September 30, 2011. Interest income on loans decreased by $47,000, or 5.5% to $804,000 for the quarter ended September 30, 2012, compared to $851,000 for the quarter ended September 30, 2011. The decrease in interest income is a result of lower interest rates in general. Average interest bearing liabilities increased by $12.2 million or 7.7%, during the three months ended September 30, 2012, which consisted of increases of $4.1 million in interest bearing deposits and $8.1 million in borrowings. Interest expense on interest-bearing liabilities decreased by $113,000, or 16.0% to $595,000, for the quarter ended September 30, 2012, compared to $708,000 for the quarter ended September 30, 2011. The improved results in this area were due to a decrease of 39 basis points in the cost of total interest bearing liabilities to 1.39% for the quarter ended September 30, 2012, from 1.78% for the quarter ended September 30, 2011. The interest rate spread decreased by 34 basis points to 2.28% for the quarter ended September 30, 2012, compared to 2.61% for the quarter ended September 30, 2011.
During the quarter ended September 30, 2012, provision for loan losses was $66,000, compared to $44,000 during the quarter ended September 30, 2011. The provision recognized in the current quarter was attributable to general loan loss reserves.
Non-interest expenses decreased by $22,000, or 2.7% to $798,000 for the quarter ended September 30, 2012 from $820,000, for the quarter ended September 30, 2011, primarily due to decreases in equipment expense, salaries and employee benefits, real estate owned expense, offset by increases in expenses related to advertising, audit and accounting, legal fees, and FDIC premium. Income tax expense decreased by $32,000 to $117,000 for the three months ending September 30, 2012, compared to $149,000 for the three months ended September 30, 2011, due to a decrease of $74,000 in pre-tax income.
At September 30, 2012, the Company had total assets of $193.0 million and stockholders' equity of $15.8 million. In addition, the Company had net loans of $72.8 million, total deposits of $100.4 million, and total borrowings of $ 75.4 million as of September 30, 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
SOURCE Lincoln Park Bancorp
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 04:45 AM EST Reads: 645
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 11, 2016 04:30 AM EST Reads: 874
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Dec. 11, 2016 03:30 AM EST Reads: 1,145
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 11, 2016 03:00 AM EST Reads: 798
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
Dec. 11, 2016 02:45 AM EST Reads: 914
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 11, 2016 02:45 AM EST Reads: 1,804
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 11, 2016 02:30 AM EST Reads: 1,059
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 02:30 AM EST Reads: 1,300
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 11, 2016 01:45 AM EST Reads: 4,055
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 01:45 AM EST Reads: 753
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 11, 2016 01:30 AM EST Reads: 1,754
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 11, 2016 01:15 AM EST Reads: 1,348
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 11, 2016 12:00 AM EST Reads: 2,403
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Dec. 11, 2016 12:00 AM EST Reads: 944
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 11, 2016 12:00 AM EST Reads: 1,133