SOURCE: Pamrapo Bancorp, Inc.

April 25, 2007 10:15 ET

Pamrapo Bancorp, Inc. Reports First Quarter Results

BAYONNE, NJ -- (MARKET WIRE) -- April 25, 2007 -- Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the first quarter March 31, 2007.

Net income for the first quarter of 2007 amounted to $1.225 million, or $.25 cents per share, as compared with $1.812 million, or $.36 cents per share in the first quarter of 2006.

Pamrapo's book value per share at March 31, 2007 was $11.79.

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)



                                                    March 31, December 31,
ASSETS                                                2007       2006
                                                    --------- -----------
Cash and amounts due from depository institutions   $   3,683   $   4,557
Interest-bearing deposits in other banks               24,391       8,790
                                                    --------- -----------
 Total cash and cash equivalents                       28,074      13,347

Securities available for sale                           1,139       1,170
Investment securities held to maturity                  9,137       9,168
Mortgage-backed securities held to maturity           135,854     141,053
Loans receivable                                      448,793     454,859
Premises and equipment                                  3,688       3,731
Federal Home Loan Bank stock, at cost                   5,496       5,721
Interest receivable                                     3,062       2,894
Other assets                                            4,648       4,617
                                                    --------- -----------
Total assets                                        $ 639,891   $ 636,560
                                                    ========= ===========


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
 Deposits                                           $ 477,768   $ 469,941
 Advances from Federal Home Loan Bank
  of New York                                          96,000     101,000
 Advance payments by borrowers for
  taxes and insurance                                   3,669       3,654
 Other liabilities                                      3,770       3,397
                                                    ---------   ---------
Total liabilities                                     581,207     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                                       64,018     63,937
 Accumulated other comprehensive income                  (1,564)    (1,599)
 Treasury stock, at cost;
  1,924,458 shares                                      (23,179)   (23,179)
                                                      ---------  ---------
Total stockholders' equity                               58,684     58,568
                                                      ---------  ---------

Total liabilities and stockholders' equity            $ 639,891  $ 636,560
                                                      =========  =========



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

                                                          Quarter Ended
                                                           March 31,
                                                             2007    2006
                                                           -------- -------
Interest income:
 Loans                                                      $ 7,343 $ 6,943
 Mortgage-backed securities                                   1,581   1,944
 Investments and other interest-earning assets                  405     342
                                                            ------- -------
  Total interest income                                       9,329   9,229
                                                            ------- -------
Interest expense:
 Deposits                                                     3,275   2,443
 Advances and other borrowed money                            1,134   1,082
                                                            ------- -------
  Total interest expense                                      4,409   3,525
                                                            ------- -------

Net interest income                                           4,920   5,704
Provision for loan losses                                       195       0
                                                            ------- -------
Net interest income after provision for
 loan losses                                                  4,725   5,704
                                                            ------- -------

Non-interest income:
 Fees and service charges                                       301     315
 Miscellaneous                                                  363     246
                                                            ------- -------
  Total non-interest income                                     664     561
                                                            ------- -------

Non-interest expenses:
 Salaries and employee benefits                               1,936   1,812
 Net occupancy expense of premises                              297     300
 Equipment                                                      319     342
 Advertising                                                     57      63
 Professional fees                                              139     170
 Miscellaneous                                                  693     667
                                                            ------- -------
  Total non-interest expenses                                 3,441   3,354
                                                            ------- -------

Income before income taxes                                    1,948   2,911
Income taxes                                                    723   1,099
                                                            ------- -------
Net income                                                  $ 1,225 $ 1,812
                                                            ======= =======
Net income per common shares:
 Basic                                                      $  0.25 $  0.36
 Diluted                                                    $  0.25 $  0.36
                                                            ======= =======

Dividends per common share                                  $  0.23 $  0.23
                                                            ======= =======
Weighted average number of common shares and
 common stock equivalents outstanding:
 Basic                                                        4,975   4,976
 Diluted                                                      4,981   4,981
                                                            ======= =======

Contact Information

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