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
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
I’m going to cry tonight, long and hard. I’ll do so as I remember and mourn Jeremy Geelan. I knew Jeremy for almost 20 years, from the time he showed up one day at Cloud Expo’s headquarters in Bergen County, New Jersey, and went to work. The show wasn’t called Cloud Expo then, of course – it was still known as Java Edge, a pioneering event that grabbed developers, architects, and enterprise IT users alike for twice-yearly confabs. Jeremy didn’t have a job there, or even a job offer. He was s...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th 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 dev...