SOURCE: Pamrapo Bancorp, Inc.

October 25, 2006 11:53 ET

Pamrapo Bancorp, Inc. Reports Third Quarter Results

BAYONNE, NJ -- (MARKET WIRE) -- October 25, 2006 -- Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the third quarter and nine months ended September 30, 2006.

Net income for the third quarter of 2006 amounted to $1.792 million, or $.36 cents per share, as compared with $2.064 million, or $.41 cents per share in the third quarter of 2005.

Net income for the nine months ended September 30, 2006 amounted to $5.124 million, or $1.03 cents per share, as compared with $6.012 million, or $1.21 cents per share for the nine months ended September 30, 2005.

Pamrapo's book value per share at September 30, 2006 was $12.06.

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)
                 (Unaudited)

                                                      September  December
                                                         30,        31,
ASSETS                                                  2006       2005
                                                      ---------  ---------
Cash and amounts due from depository institutions     $   3,049  $   4,409
Interest-bearing deposits in other banks                  5,152      4,161
                                                      ---------  ---------
 Total cash and cash equivalents                          8,201      8,570

Securities available for sale                             1,177      3,321
Investment securities held to maturity                    9,198     10,287
Mortgage-backed securities held to maturity             146,913    167,009
Loans receivable                                        458,446    438,250
Premises and equipment                                    3,840      3,856
Federal Home Loan Bank stock, at cost                     6,054      5,954
Interest receivable                                       3,061      2,809
Other assets                                              6,411      6,030
                                                      ---------  ---------
Total assets                                          $ 643,301  $ 646,086
                                                      =========  =========


LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
 Deposits                                             $ 466,513  $ 474,003
 Advances from Federal Home Loan Bank of New York       108,400    106,400
 Other borrowed money                                        17         47
 Advance payments by borrowers for taxes and
  insurance                                               3,691      3,688
 Other liabilities                                        4,682      3,332
                                                      ---------  ---------
Total liabilities                                       583,303    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 outstanding                                      69         69
 Paid-in capital in excess of par value                  19,198     19,158
 Retained earnings-substantially restricted              63,663     61,972
 Accumulated other comprehensive income -
  Unrealized (losses) gain on securities
  available for sale                                         (3)       285
 Treasury stock, at cost; 1,924,458 shares              (22,929)   (22,868)
                                                      ---------  ---------
Total stockholders' equity                               59,998     58,616
                                                      ---------  ---------

Total liabilities and stockholders' equity            $ 643,301  $ 646,086
                                                      =========  =========



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

                                           Three Months      Nine Months
                                              Ended             Ended
                                           September 30,     September 30,

                                          2006     2005     2006     2005
                                        -------- -------- -------- --------
Interest income:
 Loans                                  $  7,411 $  6,755 $ 21,559 $ 19,760
 Mortgage-backed securities                1,760    2,109    5,548    6,659
 Investments and other interest-earning
  assets                                     334      309    1,040      907
                                        -------- -------- -------- --------
  Total interest income                    9,505    9,173   28,147   27,326
                                        -------- -------- -------- --------
Interest expense:
 Deposits                                  2,976    2,229    8,168    6,417
 Advances and other borrowed money         1,194      944    3,424    2,614
                                        -------- -------- -------- --------
  Total interest expense                   4,170    3,173   11,592    9,031
                                        -------- -------- -------- --------

Net interest income                        5,335    6,000   16,555   18,295
Provision for loan losses                      0        5        0      105
                                        -------- -------- -------- --------
Net interest income after provision for
 loan losses                               5,335    5,995   16,555   18,190
                                        -------- -------- -------- --------

Non-interest income:
 Fees and service charges                    282      327      899      967
 Gain on sale of investments                 430        0      430        0
 Miscellaneous                               240      264      768      936
                                        -------- -------- -------- --------
  Total non-interest income                  952      591    2,097    1,903
                                        -------- -------- -------- --------

Non-interest expenses:
 Salaries and employee benefits            1,830    1,775    5,728    5,866
 Net occupancy expense of premises           302      283      910      835
 Equipment                                   327      292      967      936
 Advertising                                 112       65      235      169
 Professional fees                           125      152      460      396
 Miscellaneous                               715      680    2,149    2,042
                                        -------- -------- -------- --------
  Total non-interest expenses              3,411    3,247   10,449   10,244
                                        -------- -------- -------- --------

Income before income taxes                 2,876    3,339    8,203    9,849
Income taxes                               1,084    1,275    3,079    3,837
                                        -------- -------- -------- --------
Net income                              $  1,792 $  2,064 $  5,124 $  6,012
                                        ======== ======== ======== ========
Net income per common shares:
 Basic                                  $   0.36 $   0.41 $   1.03 $   1.21
 Diluted                                $   0.36 $   0.41 $   1.03 $   1.21
                                        ======== ======== ======== ========

Dividends per common share              $   0.23 $   0.22 $   0.69 $   0.66
                                        ======== ======== ======== ========
Weighted average number of common
 shares and common stock equivalents
 outstanding:
 Basic                                     4,976    4,975    4,976    4,975
 Diluted                                   4,979    4,986    4,980    4,988
                                        ======== ======== ======== ========

Contact Information

  • CONTACT:

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