SOURCE: Pamrapo Bancorp, Inc.

October 26, 2007 11:19 ET

Pamrapo Bancorp, Inc. Reports Third Quarter Results

BAYONNE, NJ--(Marketwire - October 26, 2007) - Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the third quarter and nine months ended September 30, 2007.

Net income for the third quarter of 2007 amounted to $1.145 million, or $0.23 cents per share, as compared with $1.792 million, or $0.36 cents per share, in the third quarter of 2006.

Net income for the nine months ended September 30, 2007 amounted to $3.524 million, or $0.71 cents per share, as compared with $5.124 million, or $1.03 cents per share, for the nine months ended September 30, 2006.

Pamrapo's book value per share at September 30, 2007 was $11.81.

Pamrapo Bancorp, Inc. is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates eleven branch offices in Bayonne, Fort Lee, Hoboken, Jersey City, and Monroe, New Jersey.

    PAMRAPO BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
               (In Thousands)


                                              September 30,  December 31,
ASSETS                                            2007           2006
                                              -------------  -------------
Cash and amounts due from depository
 institutions                                 $       3,870  $       4,557
Interest-bearing deposits in other banks             22,713          8,790
                                              -------------  -------------
 Total cash and cash equivalents                     26,583         13,347

Securities available for sale                         1,007          1,170
Investment securities held to maturity               10,409          9,168
Mortgage-backed securities held to maturity         128,611        141,053
Loans receivable                                    440,821        454,859
Premises and equipment                                3,475          3,731
Federal Home Loan Bank stock, at cost                 5,131          5,721
Interest receivable                                   3,012          2,894
Other assets                                          5,049          4,617
                                              -------------  -------------
Total assets                                  $     624,098  $     636,560
                                              =============  =============


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
 Deposits                                     $     470,122  $     469,941
 Advances from Federal Home Loan Bank
  of New York                                        87,000        101,000
 Advance payments by borrowers for
  taxes and insurance                                 3,452          3,654
 Other liabilities                                    4,754          3,397
                                              -------------  -------------
Total liabilities                                   565,328        577,992
                                              -------------  -------------

Stockholders' equity:
 Preferred stock; authorized 3,000,000
  shares; issued and outstanding-none                     -              -
 Common Stock; par value $.01; authorized
  25,000,000 shares; 6,900,000 shares
  issued; 4,975,542 shares outstanding                   69             69
 Paid-in capital                                     19,340         19,340
 Retained earnings                                   64,027         63,937
 Accumulated other comprehensive income              (1,487)        (1,599)
 Treasury stock, at cost;
  1,924,458 shares                                  (23,179)       (23,179)
                                              -------------  -------------
Total stockholders' equity                           58,770         58,568
                                              -------------  -------------

Total liabilities and stockholders' equity    $     624,098  $     636,560
                                              =============  =============





PAMRAPO BANCORP, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)


                                   Quarter Ended       Nine Months Ended
                                    September 30,        September 30,
                                  2007        2006      2007        2006
                                ---------- ---------- ---------- ----------
Interest income:
 Loans                          $    7,213 $    7,411 $   21,675 $   21,559
 Mortgage-backed securities          1,510      1,760      4,611      5,548
 Investments and other
  interest-earning assets              575        334      1,618      1,040
                                ---------- ---------- ---------- ----------
  Total interest income              9,298      9,505     27,904     28,147
                                ---------- ---------- ---------- ----------
Interest expense:
 Deposits                            3,507      2,976     10,197      8,168
 Advances and other borrowed
  money                              1,073      1,194      3,333      3,424
                                ---------- ---------- ---------- ----------
  Total interest expense             4,580      4,170     13,530     11,592
                                ---------- ---------- ---------- ----------

Net interest income                  4,718      5,335     14,374     16,555
Provision for loan losses              150          0        520          0
                                ---------- ---------- ---------- ----------
Net interest income after
 provision for
 loan losses                         4,568      5,335     13,854     16,555
                                ---------- ---------- ---------- ----------

Non-interest income:
 Fees and service charges              312        282        931        899
 Gain on sale of investments             0        430          0        430
 Miscellaneous                         193        240        882        768
                                ---------- ---------- ---------- ----------
  Total non-interest income            505        952      1,813      2,097
                                ---------- ---------- ---------- ----------

Non-interest expenses:
 Salaries and employee benefits      1,737      1,830      5,491      5,728
 Net occupancy expense of
  premises                             308        302        901        910
 Equipment                             298        327        950        967
 Advertising                            62        112        177        235
 Professional fees                     212        125        549        460
 Miscellaneous                         640        715      2,017      2,149
                                ---------- ---------- ---------- ----------
  Total non-interest expenses        3,257      3,411     10,085     10,449
                                ---------- ---------- ---------- ----------

Income before income taxes           1,816      2,876      5,582      8,203
Income taxes                           671      1,084      2,058      3,079
                                ---------- ---------- ---------- ----------
Net income                      $    1,145 $    1,792 $    3,524 $    5,124
                                ========== ========== ========== ==========
Net income per common shares:
  Basic                         $     0.23 $     0.36 $     0.71 $     1.03
  Diluted                       $     0.23 $     0.36 $     0.71 $     1.03
                                ========== ========== ========== ==========

Dividends per common share      $     0.23 $     0.23 $     0.69 $     0.69
                                ========== ========== ========== ==========
Weighted average number of
 common shares and
 common stock equivalents
 outstanding:
  Basic                              4,976      4,976      4,976      4,976
  Diluted                            4,976      4,979      4,979      4,980
                                ========== ========== ========== ==========


Contact Information

  • CONTACT:

    Robert A. Hughes
    CPA
    Investor Relations
    201-339-4600