Lincoln Park Bancorp Announces Earnings for the Year Ended December 31, 2011
LINCOLN PARK, N.J., Feb. 10, 2012 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $768,000, or $.44 per share, for the year ended December 31, 2011, as compared to net income of $753,000, or $.43 per share, for the year ended December 31, 2010. The increase in net income of $15,000 was primarily due to an increase in net interest income that exceeded increases in non-interest expenses and income tax expense, offset by a decrease in non-interest income and a decrease in the provision for loan losses.Net interest income increased by $304,000, or 7.1% for the year ended December 31, 2011 to $4.6 million as compared to $4.3 million for the year ended December 31, 2010. The increase in net interest income was primarily due an increase in interest income of $170,000 or 2.3%, partially offset by a decrease in interest expense of $134,000.
Non-interest income decreased by $9,000, or 4.6% for the year ended December 31, 2011 to $185,000, compared to $194,000, for the year ended December 31, 2010. The primary reason for this decrease was a decrease in income from fees and service charges. Impairment losses on securities available for sale amounted to $19,000, for the year ended December 31, 2011, compared to impairment losses of $3,000 on securities on available for sale for the year ended December 31, 2010. Realized gain on sale of available for sale securities was $58,000, for the year ended December 31, 2011, compared to $43,000 for the year ended December 31, 2010.
During the year ended December 31, 2011, provision for loan losses was $120,000 as compared to $229,000 during the ended December 31, 2010. The provision in the current year was primarily due to losses expected on two impaired loans, and reserves set up for general loan losses. Non-interest expenses increased by $272,000 or 8.7% to $3.4 million for the year ended December 31, 2011, compared to $3.1 million for the year ended December 31, 2010, primarily due to increases in equipment expense, losses on real estate owned, legal expense and audit related expenses, and other miscellaneous expenses, offset by decreases in expenses related to FDIC insurance premium, and advertising expense. Equipment expense increased by $189,000 or 49.4% to $572,000 for the year ended December 31, 2011, compared to $383,000 for the year ended December 31, 2010. This increase was primarily due to the Bank moving to a new service provider. Loss on real estate owned increased by $7,000 or 6.9% to $109,000 for the year ended December 31, 2011, compared to $102,000 for the year ended December 31, 2010. As of December 31, 2011, the real estate owned property was sold. Federal Insurance premiums decreased by $25,000 or 14.3% to $150,000 for the year ended December 31, 2011, compared to $175,000 for the year ended December 31, 2010. The decrease was due to the change in methodology in calculating the assessments on Banks by the FDIC.
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By Lincoln Park Bancorp LINCOLN PARK, NJ, Feb. 10, 2012 -- LINCOLN PARK, NJ, Feb. 10, 2012 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of
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And the percentage of households experiencing “the misuse of personal information to open a new account or commit another crime” declined to 14 percent from 23 percent in the period. Over all, 24 percent of households that experienced identity theft
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