Lincoln Park Bancorp Announces Earnings For The March 31, 2015 Quarter

LINCOLN PARK, N.J., May 13, 2015 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $218,000, or $.13 per share, for the quarter ended March 31, 2015, compared to net income of $275,000, or $.16 per share for the quarter ended March 31, 2014.  A decrease in net income of $57,000 was primarily due to an increase in total non-interest expenses.

Net interest income decreased by $34,000, or 2.6% to $1.297 million for the quarter ended March 31, 2015, compared to $1.331 million for the quarter ended March 31, 2014.  Non-interest expenses increased by $156,000, or 17.7% to $1,036,000, for the three months ended March 31, 2015, compared to $880,000 for the three months ended March 31, 2014, primarily due to minor increases in net occupancy expense, equipment, salaries and employee benefits and other miscellaneous expenses.

Non-interest income increased by $2,000, or 7.1% to $30,000 for the quarter ended March 31, 2015, compared to $28,000 for the quarter ended March 31, 2014, primarily due to an increase of $5,000 on fees and services charges, no losses or impairments on securities, and offset by a small decrease in miscellaneous non-interest income.

Income tax expense decreased by $58,000 to $114,000 for the three months ended March 31, 2015 compared to $172,000 for the three months ended March 31, 2014.  The decrease in income tax expense was due to $115,000 decrease in pre-tax income.

At March 31, 2015, the Company had total assets of $233.6 million and stockholders' equity of $17.5 million.  In addition, the Company had net loans of $74.8 million, total investment securities of $147.7 million, deposits of $113.4 million, brokered deposits of $10.6 million and total borrowings of $89.9 million as of March 31, 2015.

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.

SOURCE Lincoln Park Bancorp