SOURCE: Pamrapo Bancorp, Inc.

April 23, 2008 10:00 ET

Pamrapo Bancorp, Inc. Reports First Quarter Results

BAYONNE, NJ--(Marketwire - April 23, 2008) - Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the first quarter ended March 31, 2008.

Net income for the first quarter of 2008 amounted to $1.010 million, or $0.20 cents per share, as compared with $1.225 million, or $0.25 cents per share, in the first quarter of 2007.

Pamrapo's book value per share at March 31, 2008 was $11.76.

Pamrapo Bancorp, Inc. is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates eleven branch offices in Bayonne, Jersey City, Fort Lee, 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 31,     December 31,
ASSETS                                            2008            2007
                                              ------------    ------------
Cash and amounts due from depository
 institutions                                 $      6,606    $      3,920
Interest-bearing deposits in other banks            60,101          62,976
                                              ------------    ------------
    Cash and Cash Equivalents                       66,707          66,896

Securities available for sale                          857             917
Investment securities held to maturity              10,357          10,377
Mortgage-backed securities held to maturity        128,275         123,907
Loans receivable                                   429,616         439,053
Foreclosed real estate                                 474             486
Premises and equipment                               3,226           3,340
Federal Home Loan Bank of New York stock             4,996           4,996
Interest receivable                                  2,964           2,738
Other assets                                         4,652           4,718
                                              ------------    ------------
Total Assets                                  $    652,124    $    657,428
                                              ============    ============


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
  Deposits                                    $    502,360    $    507,961
  Advances from Federal Home Loan Bank of New
   York                                             84,000          84,000
  Advance payments by borrowers for taxes and
   insurance                                         3,633           3,558
  Other liabilities                                  3,600           3,270
                                              ------------    ------------
Total Liabilities                                  593,593         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                                 63,577          63,711
  Accumulated other comprehensive (loss)            (1,276)         (1,302)
  Treasury stock, at cost; 1,924,458 shares        (23,179)        (23,179)
                                              ------------    ------------
Total Stockholders' Equity                          58,531          58,639
                                              ------------    ------------

Total Liabilities and Stockholders' Equity    $    652,124    $    657,428
                                              ============    ============



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

                                              Three Months Ended March 31,
                                                   2008            2007
                                              -------------   -------------
Interest income
  Loans                                       $       6,979   $       7,343
  Mortgage-backed securities                          1,400           1,581
  Investments                                           192             170
  Other interest-earning assets                         654             235
                                              -------------   -------------
    Total Interest Income                             9,225           9,329
                                              -------------   -------------
Interest expense
  Deposits                                            3,399           3,275
  Advances and other borrowed money                   1,141           1,134
                                              -------------   -------------
    Total Interest Expense                            4,540           4,409
                                              -------------   -------------

Net Interest Income                                   4,685           4,920
Provision for Loan Losses                                77             195
                                              -------------   -------------
Net Interest Income after Provision for
  Loan Losses                                         4,608           4,725
                                              -------------   -------------

Non-Interest Income
  Fees and service charges                              320             301
  Commissions from sale of financial products           165             312
  Other                                                  53              51
                                              -------------   -------------
    Total Non-Interest Income                           538             664
                                              -------------   -------------

Non-Interest Expenses
  Salaries and employee benefits                      1,936           1,936
  Net occupancy expense of premises                     334             297
  Equipment                                             323             319
  Advertising                                            77              57
  Professional fees                                     205             139
  Loss on foreclosed real estate                         23              --
  Other                                                 647             693
                                              -------------   -------------
    Total Non-Interest Expenses                       3,545           3,441
                                              -------------   -------------

Income before Income Taxes                            1,601           1,948
Income Taxes                                            591             723
                                              -------------   -------------
Net Income                                    $       1,010   $       1,225
                                              =============   =============

Net Income per Common Share
  Basic                                       $        0.20   $        0.25
  Diluted                                     $        0.20   $        0.25
                                              =============   =============

Weighted Average Number of Common Shares
 outstanding
  Basic                                               4,975           4,975
  Diluted                                             4,975           4,981
                                              =============   =============

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

Contact Information

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