SOURCE: Pamrapo Bancorp, Inc.

Pamrapo Bancorp, Inc.

April 29, 2009 10:30 ET

Pamrapo Bancorp, Inc. Reports First Quarter Results

BAYONNE, NJ--(Marketwire - April 29, 2009) - Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the first quarter ended March 31, 2009.

Net income for the first quarter of 2009 amounted to $438,000, or $0.09 cents per share, as compared with $1.0 million, or $0.20 cents per share, in the first quarter of 2008. The decrease in net income for the 2009 quarter end was primarily due to increased professional fees of approximately $1,000,000 along with an increase of approximately $450,000 in the provision for loan losses and a decrease in total interest income of $780,000. This more than offsets a decrease in total interest expense of $1,100,000 and a $492,000 gain on sale of the Fort Lee branch. The increase in professional fees was predominately due to fees paid to consultants that Pamrapo Savings Bank, S.L.A. engaged as a result of a cease and desist order issued by the Office of Thrift Supervision, effective September 26, 2008, and expenses incurred for legal, accounting and other professional services as a result of the federal grand jury investigation by the United States Attorney's office for the District of New Jersey. Pamrapo Savings Bank, S.L.A. continues to be well-capitalized as of March 31, 2009 with a tier one capital ratio of 9.35% as compared to the minimum regulatory requirement of 4%. The increase in the provision for loan losses was primarily due to an increase in the Bank's non-performing loans, which were $16.0 million at March 31, 2009 compared to $5.4 million at March 31, 2008.

Pamrapo's book value per share at March 31, 2009 was $11.03.

Pamrapo Bancorp, Inc. is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates ten branch offices in Bayonne, Jersey City, Hoboken, 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)

                                                       March      December
                                                         31,        31,
ASSETS                                                  2009       2008
                                                      ---------  ---------
Cash and amounts due from depository institutions     $   3,283  $   4,117
Interest-bearing deposits in other banks                 16,036      9,470
                                                      ---------  ---------
  Cash and Cash Equivalents                              19,319     13,587

Securities available for sale                               726        771
Investment securities held to maturity                   11,346     11,350
Mortgage-backed securities held to maturity             110,987    117,428
Loans receivable                                        430,682    437,554
Foreclosed real estate                                      426        426
Premises and equipment                                    2,843      2,929
Federal Home Loan Bank of New York stock                  5,254      5,160
Interest receivable                                       3,113      2,884
Other assets                                              7,677      5,923
                                                      ---------  ---------
Total Assets                                          $ 592,373  $ 598,012
                                                      =========  =========


Liabilities and stockholders' Equity

Liabilities:
 Deposits                                             $ 434,095  $ 443,999
 Advances from Federal Home Loan Bank of New York        91,600     89,500
 Advance payments by borrowers for taxes and
  insurance                                               3,233      3,282
 Other liabilities                                        9,015      6,553
                                                      ---------  ---------
Total Liabilities                                       537,943    543,334
                                                      ---------  ---------
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; 4,935,542
  shares outstanding (2009) and (2008)                       69         69
 Paid-in capital                                         19,340     19,340
 Retained earnings                                       61,626     61,928
 Accumulated other comprehensive loss                    (3,065)    (3,119)
 Treasury stock, at cost; 1,964,458 shares (2008) and
  (2009)                                                (23,540)   (23,540)
                                                      ---------  ---------
Total Stockholders' Equity                               54,430     54,678
                                                      ---------  ---------

Total Liabilities and Stockholders' Equity            $ 592,373  $ 598,012
                                                      =========  =========





            PAMRAPO BANCORP, INC. AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF INCOME
            (In Thousands, except per share data)
                                                       Three Months Ended
                                                            March 31,
                                                         2009       2008
                                                      ---------  ---------
Interest income
 Loans                                                $   6,764  $   6,979
 Mortgage-backed securities                               1,305      1,400
 Investments                                                234        192
 Other interest-earning assets                               36        551
                                                      ---------  ---------
  Total Interest Income                                   8,339      9,122
                                                      ---------  ---------
Interest expense
 Deposits                                                 2,407      3,399
 Advances and other borrowed money                          891      1,037
                                                      ---------  ---------
  Total Interest Expense                                  3,298      4,436
                                                      ---------  ---------

Net Interest Income                                       5,041      4,686
Provision for Loan Losses                                   525         78
                                                      ---------  ---------
Net Interest Income after Provision for
 Loan Losses                                              4,516      4,608
                                                      ---------  ---------

Non-Interest Income
 Fees and service charges                                   251        320
 Gain on sale of Branch                                     492
 Commissions from sale of financial products                 83        165
 Other                                                       89         53


                                                      ---------  ---------
  Total Non-Interest Income                                 915        538
                                                      ---------  ---------

Non-Interest Expenses
 Salaries and employee benefits                           2,060      1,936
 Net occupancy expense of premises                          330        334
 Equipment                                                  311        323
 Advertising                                                 50         77
 Professional fees                                        1,227        205
 Loss on foreclosed real estate                               8         23
 Other                                                      745        647
                                                      ---------  ---------
  Total Non-Interest Expenses                             4,731      3,545
                                                      ---------  ---------

Income before Income Taxes                                  700      1,601
Income Taxes                                                262        591
                                                      ---------  ---------
Net Income (loss)                                     $     438  $   1,010
                                                      =========  =========

Net Income (loss) per Common Share
 Basic                                                $    0.09  $    0.20
 Diluted                                              $    0.09  $    0.20
                                                      =========  =========

Weighted Average Number of Common Shares outstanding
 Basic                                                    4,935      4,975
                                                          =====      =====
 Diluted                                                  4,935      4,975
                                                          =====      =====
                                                      =========  =========

Dividends per Common Share                            $    0.15  $    0.23
                                                      =========  =========

Contact Information

  • CONTACT:
    Robert A. Hughes
    Investor Relations
    201-339-4600