SOURCE: Pamrapo Bank

October 27, 2005 13:45 ET

Pamrapo Bancorp Reports Third Quarter Results

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

Net income for the third quarter of 2005 amounted to $2.06 million, or $.41 cents per share, as compared with $2.09 million, or $.42 cents per share in the third 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 nine months ended September 30, 2005 amounted to $6.012 million, or $1.21 per share, as compared with $6.004 million, or $1.21 per share for the same period a year ago. The basic weighted average number of shares outstanding during the 2005 and 2004 periods were 4.975 million and 4.975 million, respectively.

Pamrapo's book value per share at September 30, 2005 was $11.62.

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)
                                               September 30,  December 31,
ASSETS                                             2005          2004
------                                           ---------     ---------
Cash and amounts due from depository
 institutions                                    $   4,222     $   5,020
Interest-bearing deposits in other banks            11,742         9,579
                                                 ---------     ---------
   Total cash and cash equivalents                  15,964        14,599

Securities available for sale                        3,410         3,639
Investment securities held to maturity               9,226         9,309
Mortgage-backed securities held to maturity;       174,904       200,077
Loans receivable                                   432,047       395,800
Premises and equipment                               3,925         4,018
Federal Home Loan Bank stock, at cost                5,550         5,152
Interest receivable                                  2,933         2,703
Other assets                                         5,788         4,602
                                                 ---------     ---------
Total assets                                     $ 653,747     $ 639,899
                                                 =========     =========


LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Liabilities:
   Deposits                                      $ 476,959     $ 489,350
   Advances from Federal Home Loan Bank
    of New York                                    111,000        89,000
   Other borrowed money                                 56            83
   Advance payments by borrowers for
    taxes and insurance                              3,558         3,337
   Other liabilities                                 4,380         3,014
                                                 ---------     ---------
Total liabilities                                  595,953       584,784
                                                 ---------     ---------
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 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       61,115        58,387
   Accumulated other comprehensive income -
    Unrealized gain on securities
    available for sale                                 285           315
   Treasury stock, at cost; 1,924,458 and
    1,925,087 shares, respectively                 (22,768)      (22,698)
                                                 ---------     ---------
Total stockholders' equity                          57,794        55,115
                                                 ---------     ---------

Total liabilities and stockholders' equity       $ 653,747     $ 639,899
                                                 =========     =========




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

                                   Three Months Ended   Nine Months Ended
                                      September 30,        September 30,
                                     2005      2004       2005      2004
                                   --------  --------   --------  --------
Interest income:
   Loans                           $  6,755  $  6,287   $ 19,760  $ 18,535
   Mortgage-backed securities         2,109     2,618      6,659     7,624
   Investments and other
    interest-earning assets             309       256        907       759
                                   --------  --------   --------  --------
      Total interest income           9,173     9,161     27,326    26,918
                                   --------  --------   --------  --------
Interest expense:
   Deposits                           2,229     2,029      6,417     6,058
   Advances and other borrowed
    money                               944       848      2,614     2,429
                                   --------  --------   --------  --------
      Total interest expense          3,173     2,877      9,031     8,487
                                   --------  --------   --------  --------

Net interest income                   6,000     6,284     18,295    18,431
Provision for loan losses                 5        10        105        30
                                   --------  --------   --------  --------
Net interest income after
 provision for loan losses            5,995     6,274     18,190    18,401
                                   --------  --------   --------  --------

Non-interest income:
   Fees and service charges             327       318        967       971
   Miscellaneous                        264       239        936       851
                                   --------  --------   --------  --------
      Total non-interest income         591       557      1,903     1,822
                                   --------  --------   --------  --------

Non-interest expenses:
   Salaries and employee benefits     1,775     1,865      5,866     5,718
   Net occupancy expense of
    premises                            283       246        835       740
   Equipment                            292       319        936       938
   Advertising                           65        27        169       122
   Miscellaneous                        832       874      2,438     2,669
                                   --------  --------   --------  --------
      Total non-interest expenses     3,247     3,331     10,244    10,187
                                   --------  --------   --------  --------

Income before income taxes            3,339     3,500      9,849    10,036
Income taxes                          1,275     1,408      3,837     4,032
                                   --------  --------   --------  --------
Net income                         $  2,064  $  2,092   $  6,012  $  6,004
                                   ========  ========   ========  ========
Net income per common shares:
   Basic                           $   0.41  $   0.42   $   1.21  $   1.21
   Diluted                         $   0.41  $   0.42   $   1.21  $   1.20
                                   ========  ========   ========  ========

Dividends per common share         $   0.22  $   0.21   $   0.66  $   0.63
                                   ========  ========   ========  ========
Weighted average number of common
 shares and common stock
 equivalents outstanding:
   Basic                              4,976     4,975      4,975     4,975
   Diluted                            4,986     4,989      4,988     4,996
                                   ========  ========   ========  ========

Contact Information

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