SOURCE: Pamrapo Bancorp, Inc.

January 31, 2007 10:22 ET

Pamrapo Bancorp, Inc. Reports Fourth Quarter Results

BAYONNE, NJ -- (MARKET WIRE) -- January 31, 2007 -- Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the fourth quarter and full year ended December 31, 2006.

Net income for the fourth quarter of 2006 amounted to $1.418 million, or $.29 cents per share, as compared with $1.951 million, or $.39 cents per share in the fourth quarter of 2005.

Net income for the year ended December 31, 2006 amounted to $6.542 million, or $1.31 cents per share, as compared with $7.964 million, or $1.60 cents per share for the year ended December 31, 2005.

Pamrapo's book value per share at December 31, 2006 was $11.77.

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)


                                                  December 31, December 31,
ASSETS                                                2006         2005
                                                  -----------  -----------
Cash and amounts due from depository institutions $     4,557  $     4,409
Interest-bearing deposits in other banks                8,790        4,161
                                                  -----------  -----------
  Total cash and cash equivalents                      13,347        8,570

Securities available for sale                           1,170        3,321
Investment securities held to maturity                  9,168       10,287
Mortgage-backed securities held to maturity           141,053      167,009
Loans receivable                                      454,859      438,250
Premises and equipment                                  3,731        3,856
Federal Home Loan Bank stock, at cost                   5,721        5,954
Interest receivable                                     2,894        2,809
Other assets                                            4,617        6,030
                                                  -----------  -----------
Total assets                                      $   636,560  $   646,086
                                                  ===========  ===========


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
  Deposits                                        $   469,941  $   474,003
  Advances from Federal Home Loan Bank of New
   York                                               101,000      106,400
  Advance payments by borrowers for taxes and
   insurance                                            3,654        3,688
  Other liabilities                                     3,397        3,379
                                                  -----------  -----------
Total liabilities                                     577,992      587,470
                                                  -----------  -----------

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       19,158
  Retained earnings                                    63,937       61,972
  Accumulated other comprehensive income               (1,599)         285
  Treasury stock, at cost; 1,924,458 shares           (23,179)     (22,868)
                                                  -----------  -----------
Total stockholders' equity                             58,568       58,616
                                                  -----------  -----------

Total liabilities and stockholders' equity        $   636,560  $   646,086
                                                  ===========  ===========




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

                                          Quarter Ended      Year Ended
                                           December 31,      December 31,
                                          2006     2005     2006     2005
                                        -------- -------- -------- --------
Interest income:
  Loans                                 $  7,378 $  6,855 $ 28,937 $ 26,616
  Mortgage-backed securities               1,674    2,008    7,222    8,667
  Investments and other
   interest-earning assets                   338      326    1,378    1,234
                                        -------- -------- -------- --------
    Total interest income                  9,390    9,189   37,537   36,517
                                        -------- -------- -------- --------
Interest expense:
  Deposits                                 3,145    2,318   11,314    8,735
  Advances and other borrowed money        1,243    1,080    4,667    3,695
                                        -------- -------- -------- --------
    Total interest expense                 4,388    3,398   15,981   12,430
                                        -------- -------- -------- --------

Net interest income                        5,002    5,791   21,556   24,087
Provision for loan losses                      0        5        0      110
                                        -------- -------- -------- --------
Net interest income after provision for
 loan losses                               5,002    5,786   21,556   23,977
                                        -------- -------- -------- --------

Non-interest income:
  Fees and service charges                   285      317    1,183    1,284
  Gain on sale of investments                  -      100      430      100
  Miscellaneous                              416      221    1,185    1,157
                                        -------- -------- -------- --------
    Total non-interest income                701      638    2,798    2,541
                                        -------- -------- -------- --------

Non-interest expenses:
  Salaries and employee benefits           1,909    1,823    7,638    7,689
  Net occupancy expense of premises          273      283    1,183    1,119
  Equipment                                  328      377    1,295    1,312
  Advertising                                 72       50      307      219
  Professional fees                          135      123      595      519
  Miscellaneous                              719      643    2,866    2,685
                                        -------- -------- -------- --------
    Total non-interest expenses            3,436    3,299   13,884   13,543
                                        -------- -------- -------- --------

Income before income taxes                 2,267    3,125   10,470   12,975
Income taxes                                 849    1,174    3,928    5,011
                                        -------- -------- -------- --------
Net income                              $  1,418 $  1,951 $  6,542 $  7,964
                                        ======== ======== ======== ========
Net income per common shares:
  Basic                                 $   0.29 $   0.39 $   1.31 $   1.60
  Diluted                               $   0.28 $   0.39 $   1.31 $   1.60
                                        ======== ======== ======== ========

Dividends per common share              $   0.23 $   0.22 $   0.92 $   0.88
                                        ======== ======== ======== ========
Weighted average number of common
 shares and common stock equivalents
 outstanding:
  Basic                                    4,975    4,975    4,975    4,975
  Diluted                                  4,982    4,985    4,981    4,987
                                        ======== ======== ======== ========

Contact Information

  • CONTACT

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