Press Release

Pamrapo Bancorp, Inc. Reports Second Quarter Results

BAYONNE, NJ—(MARKET WIRE)—July 24, 2008 — Pamrapo Bancorp, Inc. (NasdaqGM:PBCI—News) today reported net income for the second quarter and six months ended June 30, 2008.

Net income for the second quarter of 2008 amounted to $963,000, or $0.20 cents per share, as compared with $1.153 million, or $0.23 cents per share in the second quarter of 2007.

Net Income for the six months ended June 30, 2008 amounted to $1.973 million, or $0.40 cents per share, as compared with $2.379 million, or $0.48 cents per share for the six months ended June 30, 2007.

Pamrapo’s book value per share at June 30, 2008 was $11.73.

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

Forward-Looking Statements

This press release may include certain forward-looking statements based on current management expectations. The actual results of Pamrapo Bancorp, Inc. (the “Company”) could differ materially from those management expectations. Factors that could cause future results to vary from current management expectations include, but are not limited to, general economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in tax policies, rates and regulations of federal, state and local tax authorities, changes in interest rates, deposit flows, the cost of funds, demand for loan products, demand for financial services, competition, changes in the quality or composition of loan and investment portfolios of Pamrapo Savings Bank, S.L.A., the Company’s wholly-owned subsidiary, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

PAMRAPO BANCORP, INC. AND SUBSIDIARIES

COMPARATIVE STATEMENTS OF FINANCIAL CONDITION

(In Thousands)

	June 30, 2008			December 31, 2007
ASSETS
Cash and amounts due from depository institutions	$	3,047		$	3,920
Interest-bearing deposits in other banks		14,803			62,976
Cash and Cash Equivalents		17,850			66,896
Securities available for sale		833			917
Investment securities held to maturity		10,349			10,377
Mortgage-backed securities held to maturity		127,210			123,907
Loans receivable		431,372			439,053
Foreclosed real estate		474			486
Premises and equipment		3,111			3,340
Federal Home Loan Bank of New York stock		4,344			4,996
Interest receivable		2,750			2,738
Other assets		5,080			4,718
Total Assets	$	603,373		$	657,428
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits	$	466,679		$	507,961
Advances from Federal Home Loan Bank of New York		71,000			84,000
Advance payments by borrowers for taxes and insurance		3,626			3,558
Other liabilities		3,691			3,270
Total Liabilities		544,996			598,789
Stockholders’ Equity:
Preferred stock; 3,000,000 shares authorized; none issued and outstanding		—			—
Common Stock; $0.01 par value; 25,000,000 shares authorized; 6,900,000 shares issued; 4,975,542 shares outstanding		69			69
Paid-in capital		19,340			19,340
Retained earnings		63,395			63,711
Accumulated other comprehensive (loss)		(1,248	)		(1,302	)
Treasury stock, at cost; 1,924,458 shares		(23,179	)		(23,179	)
Total Stockholders’ Equity		58,377			58,639
Total Liabilities and Stockholders’ Equity	$	603,373		$	657,428

PAMRAPO BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2008		2007		2008		2007
Interest income
Loans	$	6,840	$	7,119	$	13,819	$	14,462
Mortgage-backed securities		1,440		1,520		2,840		3,101
Investments		205		169		397		339
Other interest-earning assets		279		468		830		704
Total Interest Income		8,764		9,276		17,886		18,606
Interest expense
Deposits		2,959		3,414		6,358		6,689
Advances and other borrowed money		1,057		1,126		2,095		2,260
Total Interest Expense		4,016		4,540		8,453		8,949
Net Interest Income		4,748		4,736		9,433		9,657
Provision for Loan Losses		151		175		228		370
Net Interest Income after Provision for Loan Losses		4,597		4,561		9,205		9,287
Non-Interest Income
Fees and service charges		323		318		644		618
Commissions from sale of financial products		126		287		290		599
Other		106		38		159		90
Total Non-Interest Income		555		643		1,093		1,307
Non-Interest Expenses
Salaries and employee benefits		1,865		1,819		3,800		3,755
Net occupancy expense of premises		327		296		661		593
Equipment		329		332		652		652
Advertising		66		59		143		115
Loss on foreclosed real estate		1		—		28		—
Professional fees		410		199		615		338
Other		627		683		1,271		1,376
Total Non-Interest Expenses		3,625		3,388		7,170		6,829
Income before Income Taxes		1,527		1,816		3,128		3,765
Income Taxes		564		663		1,155		1,386
Net Income	$	963	$	1,153	$	1,973	$	2,379
Net Income per Common Share
Basic	$	0.20	$	0.23	$	0.40	$	0.48
Diluted	$	0.20	$	0.23	$	0.40	$	0.48
Weighted Average Number of Common
Shares outstanding
Basic		4,975		4,975		4,975		4,975
Diluted		4,975		4,979		4,975		4,980
Dividends per Common Share	$	0.23	$	0.23	$	0.46	$	0.46