Welcome!

News Feed Item

Lincoln Park Bancorp Announces Earnings for the Year Ended December 31, 2013

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.

 

Contact:

David G. Baker


President and Chief Executive Officer


(973)-694-0330

 

SOURCE Lincoln Park Bancorp

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...