|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
In his session at DevOps Summit, Bryan Cantrill, CTO at Joyent, will demonstrate a third path: containers on multi-tenant bare metal that maximizes performance, security, and networking connectivity.
Oct. 10, 2015 05:00 PM EDT Reads: 184
You have your devices and your data, but what about the rest of your Internet of Things story? Two popular classes of technologies that nicely handle the Big Data analytics for Internet of Things are Apache Hadoop and NoSQL. Hadoop is designed for parallelizing analytical work across many servers and is ideal for the massive data volumes you create with IoT devices. NoSQL databases such as Apache HBase are ideal for storing and retrieving IoT data as “time series data.”
Oct. 10, 2015 04:45 PM EDT Reads: 527
JFrog has announced a powerful technology for managing software packages from development into production. JFrog Artifactory 4 represents disruptive innovation in its groundbreaking ability to help development and DevOps teams deliver increasingly complex solutions on ever-shorter deadlines across multiple platforms JFrog Artifactory 4 establishes a new category – the Universal Artifact Repository – that reflects JFrog's unique commitment to enable faster software releases through the first pla...
Oct. 10, 2015 04:30 PM EDT Reads: 658
Today’s connected world is moving from devices towards things, what this means is that by using increasingly low cost sensors embedded in devices we can create many new use cases. These span across use cases in cities, vehicles, home, offices, factories, retail environments, worksites, health, logistics, and health. These use cases rely on ubiquitous connectivity and generate massive amounts of data at scale. These technologies enable new business opportunities, ways to optimize and automate, al...
Oct. 10, 2015 04:00 PM EDT Reads: 208
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Oct. 10, 2015 04:00 PM EDT Reads: 396
Saviynt Inc. has announced the availability of the next release of Saviynt for AWS. The comprehensive security and compliance solution provides a Command-and-Control center to gain visibility into risks in AWS, enforce real-time protection of critical workloads as well as data and automate access life-cycle governance. The solution enables AWS customers to meet their compliance mandates such as ITAR, SOX, PCI, etc. by including an extensive risk and controls library to detect known threats and b...
Oct. 10, 2015 03:00 PM EDT Reads: 265
Chris Van Tuin, Chief Technologist for the Western US at Red Hat, has over 20 years of experience in IT and Software. Since joining Red Hat in 2005, he has been architecting solutions for strategic customers and partners with a focus on emerging technologies including IaaS, PaaS, and DevOps. He started his career at Intel in IT and Managed Hosting followed by leadership roles in services and sales engineering at Loudcloud and Linux startups.
Oct. 10, 2015 03:00 PM EDT Reads: 260
Electric power utilities face relentless pressure on their financial performance, and reducing distribution grid losses is one of the last untapped opportunities to meet their business goals. Combining IoT-enabled sensors and cloud-based data analytics, utilities now are able to find, quantify and reduce losses faster – and with a smaller IT footprint. Solutions exist using Internet-enabled sensors deployed temporarily at strategic locations within the distribution grid to measure actual line lo...
Oct. 10, 2015 02:00 PM EDT Reads: 172
For almost two decades, businesses have discovered great opportunities to engage with customers and even expand revenue through digital systems, including web and mobile applications. Yet, even now, the conversation between the business and the technologists that deliver these systems is strained, in large part due to misaligned objectives. In his session at DevOps Summit, James Urquhart, Senior Vice President of Performance Analytics at SOASTA, Inc., will discuss how measuring user outcomes –...
Oct. 10, 2015 02:00 PM EDT Reads: 506
Recently announced Azure Data Lake addresses the big data 3V challenges; volume, velocity and variety. It is one more storage feature in addition to blobs and SQL Azure database. Azure Data Lake (should have been Azure Data Ocean IMHO) is really omnipotent. Just look at the key capabilities of Azure Data Lake:
Oct. 10, 2015 02:00 PM EDT Reads: 357
As-a-service models offer huge opportunities, but also complicate security. It may seem that the easiest way to migrate to a new architectural model is to let others, experts in their field, do the work. This has given rise to many as-a-service models throughout the industry and across the entire technology stack, from software to infrastructure. While this has unlocked huge opportunities to accelerate the deployment of new capabilities or increase economic efficiencies within an organization, i...
Oct. 10, 2015 02:00 PM EDT Reads: 307
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, will explore the current state of IoT connectivity and review key trends an...
Oct. 10, 2015 01:45 PM EDT Reads: 173
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driv...
Oct. 10, 2015 01:00 PM EDT Reads: 172
Docker is hot. However, as Docker container use spreads into more mature production pipelines, there can be issues about control of Docker images to ensure they are production-ready. Is a promotion-based model appropriate to control and track the flow of Docker images from development to production? In his session at DevOps Summit, Fred Simon, Co-founder and Chief Architect of JFrog, will demonstrate how to implement a promotion model for Docker images using a binary repository, and then show h...
Oct. 10, 2015 01:00 PM EDT Reads: 248
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 10, 2015 01:00 PM EDT Reads: 759