SOURCE: Pamrapo Bancorp, Inc.

July 27, 2005 11:26 ET

Pamrapo Bancorp Reports Second Quarter Results

BAYONNE, NJ -- (MARKET WIRE) -- July 27, 2005 -- Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the second quarter ended June 30, 2005.

Net income for the second quarter of 2005 amounted to $1.966 million, or 40 cents per share, as compared with $1.965 million, or 40 cents per share in the second quarter of 2004. The basic weighted average number of shares outstanding during the 2005 and 2004 periods were 4.976 million and 4.975 million, respectively.

Net income for the six months ended June 30, 2005 amounted to $3.949 million, or 79 cents per share, as compared with $3.912 million, or 79 cents per share for the same period a year ago. The basic weighted average number of shares outstanding during the 2005 and 2004 periods was 4.975 million and 4.975 million, respectively.

Pamrapo's book value per share at June 30, 2005 was $11.42.

Pamrapo Bancorp is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates ten branch offices in Bayonne, Fort Lee, Hoboken, and Monroe, New Jersey.


             PAMRAPO BANCORP, INC. AND SUBSIDIARIES
         CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                       (In Thousands)
                         (Unaudited)
                                  June 30, December 31,
ASSETS                              2005      2004
-------------------------         --------  --------
Cash and amounts due from
 depository institutions          $  3,756  $  5,020
Interest-bearing deposits
 in other banks                      3,798     9,579
                                  --------  --------

 Total cash and cash equivalents     7,554    14,599

Securities available for sale        3,419     3,639
Investment securities held
 to maturity                         9,254     9,309
Mortgage-backed securities
 held to maturity                  180,618   200,077
Loans receivable                   421,069   395,800
Premises and equipment               3,889     4,018
Federal Home Loan Bank stock,
 at cost                             4,975     5,152
Interest receivable                  2,701     2,703
Other assets                         5,403     4,602
                                  --------  --------
Total assets                      $638,882  $639,899
                                  ========  ========


LIABILITIES AND STOCKHOLDERS'
 EQUITY
-------------------------
Liabilities:
 Deposits                         $481,931  $489,350
 Advances from Federal
  Home Loan Bank of New York        93,000    89,000
 Other borrowed money                   65        83
 Advance payments by borrowers
  for taxes and insurance            3,301     3,337
 Other liabilities                   3,766     3,014
                                  --------  --------
Total liabilities                  582,063   584,784
                                  --------  --------

Stockholders' equity:


 Common Stock; par value $.01;
  authorized 25,000,000 shares;
  6,900,000 shares issued;
  4,975,542 and 4,974,913 shares,
  respectively, outstanding             69        69
 Paid-in capital in excess
  of par value                      19,093    19,042
 Retained earnings-substantially
  restricted                        60,147    58,387
 Accumulated other
  comprehensive income -
  Unrealized gain on securities
  available for sale                   278       315
 Treasury stock, at cost;
  1,924,458 and 1,925,087
  shares, respectively             (22,768)  (22,698)
                                  --------  --------
Total stockholders' equity          56,819    55,115
                                  --------  --------

Total liabilities and
 stockholders' equity             $638,882  $639,899
                                  ========  ========


             PAMRAPO BANCORP, INC. AND SUBSIDIARIES
               CONSOLIDATED STATEMENTS OF INCOME
             (In thousands, except per share data)
                         (Unaudited)
                                     Three Months         Six Months
                                    Ended June 30,      Ended June 30,
                                    2005      2004      2005      2004
                                  --------  --------  --------  --------
Interest income:
  Loans                           $  6,624  $  6,116  $ 13,005  $ 12,249
  Mortgage-backed securities         2,221     2,553     4,551     5,006
  Investments and other
   interest-earning assets             295       258       599       502
                                  --------  --------  --------  --------
    Total interest income            9,140     8,927    18,155    17,757
                                  --------  --------  --------  --------
Interest expense:
  Deposits                           2,120     2,005     4,189     4,029
  Advances and other
   borrowed money                      852       782     1,670     1,581
                                  --------  --------  --------  --------
    Total interest expense           2,972     2,787     5,859     5,610
                                  --------  --------  --------  --------

Net interest income                  6,168     6,140    12,296    12,147
Provision for loan losses               40        10       100        20
                                  --------  --------  --------  --------
Net interest income after
 provision for loan losses           6,128     6,130    12,196    12,127
                                  --------  --------  --------  --------

Non-interest income:
  Fees and service charges             327       332       640       653
  Miscellaneous                        362       321       672       612
                                  --------  --------  --------  --------
    Total non-interest income          689       653     1,312     1,265
                                  --------  --------  --------  --------

Non-interest expenses:
  Salaries and employee benefits     2,107     1,926     4,091     3,852
  Net occupancy expense
   of premises                         286       247       552       495
  Equipment                            322       315       644       619
  Advertising                           52        33       105        95
  Miscellaneous                        863       969     1,605     1,795
                                  --------  --------  --------  --------
    Total non-interest expenses      3,630     3,490     6,997     6,856
                                  --------  --------  --------  --------

Income before income taxes           3,187     3,293     6,511     6,536
Income taxes                         1,221     1,328     2,562     2,624
                                  --------  --------  --------  --------
Net income                        $  1,966  $  1,965  $  3,949  $  3,912
                                  ========  ========  ========  ========
Net income per common shares:
  Basic                           $   0.40  $   0.40  $   0.79  $   0.79
  Diluted                         $   0.39  $   0.39  $   0.79  $   0.78
                                  ========  ========  ========  ========

Dividends per common share        $   0.22  $   0.21  $   0.44  $   0.42
                                  ========  ========  ========  ========
Weighted average number of
 common shares and common stock
 equivalents outstanding:
  Basic                              4,976     4,975     4,975     4,975
  Diluted                            4,987     4,997     4,988     5,000
                                  ========  ========  ========  ========

Contact Information

  • CONTACT

    Robert A. Hughes, CPA
    Vice President
    201-339-4600