Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Lincoln Park Bancorp Announces Earnings for the September 30, 2012 Quarter

LINCOLN PARK, N.J., Nov. 16, 2012 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln Park Savings Bank, announced net income of $179,000, or $.10 per share, for the quarter ended September 30, 2012,  a decrease of $42,000, or 19.0%, compared to $221,000 or $.13 per share, for the quarter ended September 30, 2011.  Net income decreased during the period primarily as a result of a decrease in net interest income, an increase in the provision for loan losses, offset by a decrease in non-interest expenses  and a decrease in income tax expense.

Net interest income decreased $76,000, or 6.3% during the September 30, 2012 quarter to $1.1 million, as compared to $1.2 million for the three months ended September 30, 2011, reflecting an increase of $1.7 million in average net interest earning assets, offset by a 37 basis points decrease  in the net interest margin.  Average interest earning assets increased $13.9 million, or 8.0% during the three months ended September 30, 2012, which consisted of $10.9 million increase in investment securities, an increase of $ $2.5 million in loans and $473,000 in other interest- earning assets.  Interest income on securities decreased by $142,000, or 13.4% to $920,000 for the quarter ended September 30, 2012, compared to $1.1 million for the quarter ended September 30, 2011.  Interest income on loans decreased by $47,000, or 5.5% to $804,000 for the quarter ended September 30, 2012, compared to $851,000 for the quarter ended September 30, 2011.  The decrease in interest income is a result of lower interest rates in general.  Average interest bearing liabilities increased by $12.2 million or 7.7%, during the three months ended September 30, 2012, which consisted of increases of $4.1 million in interest bearing deposits and $8.1 million in borrowings.  Interest expense on interest-bearing liabilities decreased by $113,000, or 16.0% to $595,000, for the quarter ended September 30, 2012, compared to $708,000 for the quarter ended September 30, 2011.   The improved results in this area were due to a decrease of 39 basis points in the cost of total interest bearing liabilities to 1.39% for the quarter ended September 30, 2012, from 1.78% for the quarter ended September 30, 2011.  The interest rate spread decreased by 34 basis points to 2.28% for the quarter ended September 30, 2012, compared to 2.61% for the quarter ended September 30, 2011. 

During the quarter ended September 30, 2012, provision for loan losses was $66,000, compared to $44,000 during the quarter ended September 30, 2011.   The provision recognized in the current quarter was attributable to general loan loss reserves. 

Non-interest expenses decreased by $22,000, or 2.7% to $798,000 for the quarter ended September 30, 2012 from $820,000, for the quarter ended September 30, 2011, primarily due to decreases in equipment expense, salaries and employee benefits, real estate owned expense, offset by increases in expenses related to advertising, audit and accounting, legal fees, and FDIC premium.  Income tax expense decreased by $32,000 to $117,000 for the three months ending September 30, 2012, compared to $149,000 for the three months ended September 30, 2011, due to a decrease of $74,000 in pre-tax income.

At September 30, 2012, the Company had total assets of $193.0 million and stockholders' equity of $15.8 million.  In addition, the Company had net loans of $72.8 million, total deposits of $100.4 million, and total borrowings of $ 75.4 million as of September 30, 2012.

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

About 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 Cloud Developer Stories
The ability to embed prediction into multiple business processes amplifies the value that predictive analytics delivers. Yet many still see predictive analytics as a separate activity that is the responsibility of a small team of expert analysts. This webinar will show how pred...
Cisco and the Barcelona City Council have announced plans to open a Cisco Global IoE Innovation Center in Barcelona. The Innovation Center will provide a platform for research, technological development and new market opportunities related to the Internet of Everything for smart ...
OpenNebula has just announced the beta release of its version 4.8, code named Lemon Slice, which brings significant improvements in different aspects. Sticking with its vision of bringing simplicity to cloud management, this release comes with improvements in the recently added C...
Recent high profile security breaches at major online websites tell us static passwords are not the answer. Even recent SMS security additions to consumer websites do little to address the issue. Fortunately, a more secure authentication system is available for consumer websites...
GoodData on Thursday announced the addition of sales leadership veteran Philip Carty as Chief Revenue Officer. Carty joins GoodData with over 30 years of experience building and leading competitive sales organizations at top technology companies. In this role, Carty will oversee ...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE