SOURCE: Pamrapo Bancorp, Inc.
Pamrapo Bancorp, Inc. Reports Third Quarter Results
BAYONNE, NJ--(Marketwire - October 29, 2008) - Pamrapo Bancorp, Inc. (
Net income for the third quarter of 2008 amounted to $611,000, or $0.12 cents per share, as compared with $1.145 million, or $0.23 cents per share in the third quarter of 2007.
Net income for the nine months ended September 30, 2008 amounted to $2.583 million, or $0.52 cents per share, as compared with $3.524 million, or $0.71 cents per share for the nine months ended September 30, 2008.
Pamrapo's book value per share at September 30, 2008 was $11.62.
The Bank is subject to a range of bank regulatory compliance obligations. The Bank agreed to a cease and desist order (the "Order") issued by the Office of Thrift Supervision on September 26, 2008 as a result of issues relating to the Bank's compliance with certain laws and regulations, including the Bank Secrecy Act and Anti-Money Laundering ("BSA/AML"). The Bank has and continues to take considerable steps to remediate these issues and to strengthen the Bank's overall compliance programs. The Order did not identify or relate any issues regarding the safety and soundness of the Bank.
Pamrapo Bancorp, Inc. is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A. (the "Bank"), operates eleven branch offices in Bayonne, Fort Lee, Hoboken, Jersey City and Monroe, New Jersey.
Forward-Looking Statements
This press release may include certain forward-looking statements based on current management expectations. The actual results of Pamrapo Bancorp, Inc. (the "Company") could differ materially from those management expectations. Factors that could cause future results to vary from current management expectations include, but are not limited to, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of loan and investment portfolios of Pamrapo Savings Bank, S.L.A., the Company's wholly-owned subsidiary, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
PAMRAPO BANCORP, INC. AND SUBSIDIARIES
COMPARATIVE STATEMENTS OF FINANCIAL CONDITION
(In Thousands)
September December
30, 31,
ASSETS 2008 2007
--------- ---------
Cash and amounts due from depository institutions $ 2,774 $ 3,920
Interest-bearing deposits in other banks 4,680 62,976
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Cash and Cash Equivalents 7,454 66,896
Securities available for sale 767 917
Investment securities held to maturity 11,360 10,377
Mortgage-backed securities held to maturity 122,089 123,907
Loans receivable 436,289 439,053
Foreclosed real estate 474 486
Premises and equipment 3,005 3,340
Federal Home Loan Bank of New York stock 4,724 4,996
Interest receivable 2,983 2,738
Other assets 4,195 4,718
--------- ---------
Total Assets $ 593,340 $ 657,428
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 447,066 $ 507,961
Advances from Federal Home Loan Bank of New York 79,800 84,000
Advance payments by borrowers for taxes and
insurance 3,800 3,558
Other liabilities 4,835 3,270
--------- ---------
Total Liabilities 535,501 598,789
--------- ---------
Stockholders' Equity:
Preferred stock; 3,000,000 shares authorized;
none issued and outstanding - -
Common Stock; $0.01 par value; 25,000,000 shares
authorized; 6,900,000 shares issued;
4,975,542 shares outstanding 69 69
Paid-in capital 19,340 19,340
Retained earnings 62,862 63,711
Accumulated other comprehensive (loss) (1,253) (1,302)
Treasury stock, at cost; 1,924,458 shares (23,179) (23,179)
--------- ---------
Total Stockholders' Equity 57,839 58,639
--------- ---------
Total Liabilities and Stockholders' Equity $ 593,340 $ 657,428
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PAMRAPO BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
---------- ---------- ---------- ----------
Interest income
Loans $ 6,904 $ 7,213 $ 20,722 $ 21,675
Mortgage-backed securities 1,430 1,510 4,270 4,611
Investments 226 175 623 514
Other interest-earning assets 101 400 931 1,104
---------- ---------- ---------- ----------
Total Interest Income 8,661 9,298 26,546 27,904
---------- ---------- ---------- ----------
Interest expense
Deposits 2,635 3,507 8,993 10,197
Advances and other borrowed
money 879 1,073 2,974 3,333
---------- ---------- ---------- ----------
Total Interest Expense 3,514 4,580 11,967 13,530
---------- ---------- ---------- ----------
Net Interest Income 5,147 4,718 14,579 14,374
Provision for Loan Losses 352 150 580 520
---------- ---------- ---------- ----------
Net Interest Income after
Provision for Loan Losses 4,795 4,568 13,999 13,854
---------- ---------- ---------- ----------
Non-Interest Income
Fees and service charges 313 312 956 931
Commissions from sale of
financial products 222 145 512 744
Other 105 48 265 138
---------- ---------- ---------- ----------
Total Non-Interest Income 640 505 1,733 1,813
---------- ---------- ---------- ----------
Non-Interest Expenses
Salaries and employee benefits 2,137 1,737 5,938 5,491
Net occupancy expense of
premises 328 308 989 901
Equipment 336 298 988 950
Advertising 49 62 192 177
Loss on foreclosed real estate 2 -- 30 --
Professional fees 922 212 1,537 549
Other 651 640 1,921 2,017
---------- ---------- ---------- ----------
Total Non-Interest Expenses 4,425 3,257 11,595 10,085
---------- ---------- ---------- ----------
Income before Income Taxes 1,010 1,816 4,137 5,582
Income Taxes 399 671 1,554 2,058
---------- ---------- ---------- ----------
Net Income $ 611 $ 1,145 $ 2,583 $ 3,524
========== ========== ========== ==========
Net Income per Common Share
Basic $ 0.12 $ 0.23 $ 0.52 $ 0.71
Diluted $ 0.12 $ 0.23 $ 0.52 $ 0.71
========== ========== ========== ==========
Weighted Average Number of
Common Shares outstanding
Basic 4,975 4,975 4,975 4,975
========== ========== ========== ==========
Diluted 4,975 4,976 4,975 4,979
========== ========== ========== ==========
Dividends per Common Share $ 0.23 $ 0.23 $ 0.69 $ 0.69
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Robert A. Hughes
CPA
Investor Relations
201-339-4600