Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Esmeralda Swartz, Hovhannes Avoyan, Elizabeth White, Adrian Bridgwater

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
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provide...
SYS-CON Events announced today that Soha will exhibit at SYS-CON's DevOps Summit New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Soha delivers enterprise-grade application security, on any device, as agile as the cloud. This turnkey, cloud-based service enables customers to solve secure application access and delivery challenges that traditional or virtualized network solutions cannot solve because they are too expensive, inflexible and operational...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will mee...
of cloud, colocation, managed services and disaster recovery solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. TierPoint, LLC, is a leading national provider of information technology and data center services, including cloud, colocation, disaster recovery and managed IT services, with corporate headquarters in St. Louis, MO. TierPoint was formed through the strategic combination of some of t...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Public Cloud IaaS started it's life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in ado...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
ProfitBricks, the provider of painless cloud infrastructure IaaS, today released its SDK for Ruby, written against the company's new RESTful API. The new SDK joins ProfitBricks' previously announced support for the popular multi-cloud open-source Fog project. This new Ruby SDK, which exposes advanced functionality to take advantage of ProfitBricks' simplicity and productivity, aligns with ProfitBricks' mission to provide a painless way to automate infrastructure in the cloud. Ruby is a genera...
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Compa...
ProfitBricks, the provider of painless cloud infrastructure for IaaS, today announced the release of a Node.js SDK written against its recently launched REST API. This new JavaScript based library provides coverage for all existing ProfitBricks REST API functions. With additional libraries set to release this month, ProfitBricks continues to prove its dedication to the DevOps community and commitment to making cloud migrations and cloud management painless. Node.js is an open source, cross-pl...