Lincoln Park Bancorp Announces Earnings For The Year Ended December 31, 2017

LINCOLN PARK, N.J., Feb. 2, 2018 /PRNewswire/ -- Lincoln Park Bancorp (OTC Bulletin Board: LPBC) (the "Company"), the holding company of Lincoln 1^st Bank, announced net loss of $429,000 or -$0.25 per share, for the year ended December 31, 2017, compared to net income of $977,000, or $0.57 per share for the year ended December 31, 2016.  During the fourth quarter of 2017, the Company recorded a one-time, non-cash charge of $555,000 recorded in the income tax expense line related to the enactment of the Tax Cuts and Jobs Act signed into law on December 22, 2017.

Net interest income after provision for loan losses increased by $246,000, or 3.99% to $6,408,000 for the year ended December 31, 2017, compared to $6,162,000 for the year ended December 31, 2016.  The increase in net interest income after provision for loan losses was primarily due to an increase in interest income on loans of $1,299,000 to $5,470,000 for the year ended December 31, 2017 compared to $4,171,000 for the year ended December 31, 2016.  The increase in net interest income after provision for loan losses was also due to an increase in interest income on securities of $787,000 to $6,099,000 for the year ended December 31, 2017 compared to $5,312,000 for the year ended December 31, 2016.  The increase in net interest income was offset by an increase in interest expense of $1,854,000 to $5,224,000 for the year ended December 31, 2017, compared to $3,370,000 for the year ended December 31, 2016.  Non-interest expenses increased by $1,109,000, or 22.61% to $6,013,000, for the year ended December 31, 2017, compared to $4,904,000 for the year ended December 31, 2016, primarily due to increases in salaries and employee benefits, net occupancy expense of premises, and federal insurance premium.

Non-interest income decreased by $580,000, or -341.18% to -$410,000 for the year ended December 31, 2017, compared to $170,000 for the year ended December 31, 2016, primarily due losses on the sale of securities.

Income tax expense was $414,000 for the year ended December 31, 2017 compared to $451,000 for the year ended December 31, 2016. 

At December 31, 2017, the Company had total assets of $382.7 million and stockholders' equity of $17.1 million.  In addition, the Company had net loans of $180.1 million, total investment securities of $147.0 million, deposits of $210.5 million, brokered deposits of $75.3 million and total borrowings of $72.6 million as of December 31, 2017.

Lincoln 1st Bank is a New Jersey state-chartered bank that conducts its business from two offices in Morris County, New Jersey, its main office in Lincoln Park and a second branch in Montville.  The Company's common stock is traded on the OTC Bulletin Board under the symbol "LPBC." 

The foregoing material may contain forward-looking statements concerning the unaudited financial condition, results of operations and business of the Company.  We caution that such statements are subject to a number of uncertainties and actual results could differ materially, and, therefore, readers should not place undue reliance on any forward-looking statements.  The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

View original content:http://www.prnewswire.com/news-releases/lincoln-park-bancorp-announces-earnings-for-the-year-ended-december-31-2017-300592910.html

SOURCE Lincoln Park Bancorp