|By PR Newswire||
|February 7, 2014 05:00 PM EST||
LINCOLN PARK, N.J., Feb. 7, 2014 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board:LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $747,000, or $.43 per share, for the year ended December 31, 2013, as compared to net income of $656,000, or $.38 per share, for the year ended December 31, 2012. The increase in net income of $91,000, or 13.9%, was primarily due to an increase in net interest income before provision for loan losses, an increase in non-interest income, a decrease in the provision for loan losses, a decrease in income tax expense, off set by an increase in non-interest expenses.
Net interest income before provision for loan losses increased by $135,000, or 3.0% for the year ended December 31, 2013, to $4.7 million compared to $4.6 million for the year ended December 31, 2012. The increase in net interest income was primarily due to a decrease of $379,000 or 15.5% in total interest expense, partially offset by a decrease in interest income of $244,000. Net average interest earning assets increased by $851,000 to $17.9 million for the year ended December 31, 2013, compared to $17.1 million for the year ended December 31, 2012, offset by a slight decrease of six basis points in our net interest margin, which at December 31, 2013, was 2.40%.
Non-interest income increased by $39,000, or 36.1% for the year ended December 31, 2013 to $147,000, compared to $108,000, for the year ended December 31, 2012. The primary reason for this increase was a gain on sale of securities available for sale. Impairment losses on securities available for sale amounted to $7,000, for the year ended December 31, 2013, compared to impairment losses of $2,000 on securities on available for sale for the year ended December 31, 2012. Realized gain on sale of available for sale securities was $30,000, for the year ended December 31, 2013, compared to $7,000 for the year ended December 31, 2012. In addition, the Company incurred no losses of securities held to maturity for the period ended December 31, 2013, compared to a loss of $22,000 on the sale of a security held to maturity for the year ended December 31, 2012.
During the year ended December 31, 2013, provision for loan losses was $122,000 as compared to $270,000 during the ended December 31, 2012. The provision in the current year was primarily due to reserves set up for general loan losses.
Non-interest expenses increased by $338,000 or 10.7%, to $3.5 million for the year ended December 31, 2013, compared to $3.2 million for the year ended December 31, 2012, primarily due to increases in net occupancy expense of premises, losses on real estate owned, advertising expense, legal fees, and other miscellaneous expenses offset by a decrease in expenses related to salaries and employee benefits. Net occupancy expense increased by $34,000 or 17.4% to $229,000 for the year ended December 31, 2013, compared to $195,000 for the year ended December 31, 2012, primarily due to an increase in depreciation expense. Loss on other real estate owned increased by $103,000, or 572.2% for the year ended December 31, 2013, compared to $18,000 for the year ended December 31, 2012, primarily due to a write down of the principal of $92,000, on one of the properties which was subsequently sold. As of December 31, 2013, the Bank sold one property and added one property to its real estate owned account. Legal fees increased by $53,000, or 55.2% to $149,000 for the year ended December 31, 2013, compared to $96,000 for the period ended December 31, 2012, primarily due to foreclosure issues and the Bank seeking Counsel's advice on policy and procedure matters. Advertising expense increased by $22,000, or 46.8% to $69,000, for the year ended December 31, 2013, compared to $47,000 for the year ended December 31, 2012. This increase was primarily due to Cable Vision advertising and a conscious effort by the Bank to advertise in local events. Miscellaneous expenses increased by $134,000 to $1.0 million for the year ended December 31, 2013, compared to $877,000 for the year ended December 31, 2012, primarily due to an increase of $53,000 in Board of Directors fees (addition of a new director), an increase of $20,000 in ATM charges (the Bank converted to a new service provider), $12,000 increase in seminars expense and $8,000 increase in other operating expenses.
Income taxes decreased by $107,000 to $466,000 for the year ended December 31, 2013, compared to $573,000, for the year ended December 31, 2012. The Company recorded $ 7,000 prior period tax benefit for the year ended December 31, 2013, and $63,000 prior period tax expense adjustment for the year ended December 31, 2012.
At December 31, 2013, the Company had total assets of $212.1 million and stockholders' equity of $16.3 million. In addition, the Company had net loans of $71.9 million, total deposits of $108.8 million, and total borrowings of $85.4 million as of December 31, 2013.
David Baker, President of Lincoln Park Bancorp stated, "The improving housing market and the drop in the delinquency rate in the Bank's loan portfolio led to the improvement in the Company's performance over 2012. We look forward to continued growth and success in 2014, as New Jersey's economy improves. We at Lincoln Park Bancorp continue to try and position ourselves as the "go to" community lender in our area".
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.
David G. Baker
President and Chief Executive Officer
SOURCE Lincoln Park Bancorp
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