EX-99.1 2 dex991.htm PRESS RELEASE Press Release

EXHIBIT 99.1

 

FROM:

  Pamrapo Bancorp, Inc.
    611 Avenue C
    Bayonne, NJ 07002

 

FOR IMMEDIATE RELEASE

 

PAMRAPO BANCORP REPORTS THIRD QUARTER RESULTS

 

BAYONNE, N.J., October 27, 2004 — Pamrapo Bancorp, Inc. (Nasdaq:PBCI) today reported net income for the third quarter ended September 30, 2004.

 

Net income for the third quarter of 2004 amounted to $2.092 million, or 42 cents per share, as compared with $1.852 million, or 37 cents per share in the third quarter of 2003. The basic weighted average number of shares outstanding during the 2004 and 2003 periods was 4.975 million.

 

Net income for the nine months ended September 30, 2004 amounted to $6.004 million, or $1.21 per share, as compared with $5.563 million, or $1.09 per share for the same period a year ago. The basic weighted average number of shares outstanding during the 2004 and 2003 periods was 4.975 million and 5.083 million, respectively.

 

Pamrapo’s book value per share at September 30, 2004 was $10.89.

 

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

 

CONTACT

 

Robert A. Hughes, CPA, Vice President

201-339-4600


PAMRAPO BANCORP, INC.

AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In thousands)

(Unaudited)

 

    

September 30

2004


   

December 31,

2003


 

ASSETS

                

Cash and amounts due from depository institutions

   $ 8,895     $ 10,126  

Securities available for sale

     3,681       3,922  

Investment securities held to maturity

     9,335       9,422  

Mortgage-backed securities held to maturity

     211,727       218,418  

Loans receivable

     395,242       378,641  

Premises and equipment

     3,961       4,093  

Investment in real estate

     124       130  

Federal Home Loan Bank of New York stock, at cost

     5,152       4,744  

Interest receivable

     2,979       2,838  

Other assets

     4,801       4,561  
    


 


Total assets

   $ 645,897     $ 636,895  
    


 


LIABILITIES AND STOCKHOLDERS’ EQUITY

                

Liabilities:

                

Deposits

   $ 488,714     $ 492,161  

Advances from Federal Home Loan Bank of N.Y.

     95,000       87,000  

Other borrowed money

     93       118  

Advance payments by borrowers for taxes, insurance

     3,322       3,496  

Other liabilities

     4,587       2,797  
    


 


Total liabilities

   $ 591,716     $ 585,572  
    


 


Stockholders’ equity:

                

Common stock; par value $.01; authorized: 25,000,000 shares; 6,900,000 shares issued, 4,974,913/ 4,974,313 shares outstanding.

     69       69  

Paid-in capital in excess of par value .

     19,002       18,957  

Retained earnings - substantially restricted

     57,492       54,622  

Accumulated other comprehensive income - net

     249       243  

Treasury stock at cost: 1,925,087 / 1,925,687 shares

     (22,631 )     (22,568 )
    


 


Total stockholders’ equity

   $ 54,181     $ 51,323  
    


 


Total liabilities and stockholders’ equity

   $ 645,897     $ 636,895  
    


 



PAMRAPO BANCORP, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

     Quarter ended
September 30,


   Nine months ended
September 30,


     2004

   2003

   2004

   2003

Interest income:

                           

Loans

   $ 6,287    $ 6,218    $ 18,535    $ 19,808

Mortgage-backed securities

     2,618      2,500      7,624      7,005

Investments and other interest-earning assets

     256      297      759      858
    

  

  

  

Total interest income

     9,161      9,015      26,918      27,671
    

  

  

  

Interest expense:

                           

Deposits

     2,029      2,385      6,058      7,594

Advances and other borrowed money

     848      965      2,429      2,932
    

  

  

  

Total interest expense

     2,877      3,350      8,487      10,526
    

  

  

  

Net interest income

     6,284      5,665      18,431      17,145

Provision for loan losses

     10      20      30      80
    

  

  

  

Net interest income after provision for loan losses

     6,274      5,645      18,401      17,065
    

  

  

  

Non-interest income:

                           

Fees and service charges

     318      381      971      1,107

Miscellaneous

     239      330      851      843
    

  

  

  

Total non-interest income

     557      711      1,822      1,950
    

  

  

  

Non-interest expenses:

                           

Salaries and employee benefits

     1,865      1,719      5,718      5,156

Net occupancy expense of premises

     246      266      740      795

Equipment

     319      343      938      1,013

Advertising

     27      38      122      119

Miscellaneous

     874      889      2,669      2,597
    

  

  

  

Total non-interest expenses

     3,331      3,255      10,187      9,680
    

  

  

  

Income before income taxes

     3,500      3,101      10,036      9,335

Income taxes

     1,408      1,249      4,032      3,772
    

  

  

  

Net income

   $ 2,092    $ 1,852    $ 6,004    $ 5,563
    

  

  

  

Basic earnings per common share

   $ .42    $ .37    $ 1.21    $ 1.09
    

  

  

  

Diluted earnings per common share

   $ .42    $ .37    $ 1.20    $ 1.09
    

  

  

  

Dividends per common share

   $ .21    $ .20    $ .63    $ .60
    

  

  

  

Weighted average number of common shares and common stock equivalents outstanding:

                           

Basic

     4,975      4,975      4,975      5,083
    

  

  

  

Diluted

     4,989      4,978      4,996      5,084