Exhibit 99.1

PAMRAPO BANCORP, INC. REPORTS THIRD QUARTER RESULTS

BAYONNE, N.J., October 30, 2009 — Pamrapo Bancorp, Inc. (NASDAQ: PBCI) announced a net loss of $10,000 for the quarter ended September 30, 2009 compared to net income of $611,000 for the quarter ended September 30, 2008. Basic and diluted loss per share was $0.00 for the three months ended September 30, 2009 as compared to basic and diluted net income per share of $0.12 for the three months ended September 30, 2008. The Company also reported a net loss of $3.2 million for the nine months ended September 30, 2009 as compared to net income of $2.6 million for the nine months ended September 30, 2008. Basic and diluted loss per share was $0.64 for the nine months ended September 30, 2009 as compared to basic and diluted net income per share of $0.52 for the nine months ended September 30, 2008.

The net loss for the three months ended September 30, 2009 totaled $10,000 as compared to net income of $611,000 for the three months ended September 30, 2008. The net loss during the three months ended September 30, 2009, as compared to the same 2008 period, resulted primarily from a $1.0 million decrease in total interest income, a $498,000 increase in the provision for loan losses, and a $273,000 decrease in non- interest income, which were partially offset by an $806,000 decrease in interest expense.

The net loss for the nine months ended September 30, 2009 totaled $3.2 million as compared to net income of $2.6 million for the nine months ended September 30, 2008. The net loss during the nine months ended September 30, 2009, as compared to the same 2008 period, resulted primarily from a $5.8 million increase in total non-interest expenses and a $1.6 million increase in the provision for loan losses. The $5.8 million increase in total non-interest expenses was primarily driven by a $3.0 million litigation loss reserve accrued during the second quarter of 2009 and a $2.3 million increase in professional fees from the nine months ended September 30, 2008 to the nine months ended September 30, 2009, as well as a $638,000 increase in FDIC premiums, including a special assessment of $270,000 during the 2009 period.

As previously reported, Pamrapo Savings Bank, S.L.A. (the “Bank”), the wholly-owned subsidiary of Pamrapo Bancorp, Inc. (the “Company”), received federal grand jury subpoenas from the U.S. Attorney’s Office for the District of New Jersey (“U.S. Attorney’s Office”). The subpoenas were issued to the Bank in connection with an ongoing investigation regarding the Bank’s anti-money laundering and Bank Secrecy Act compliance. Certain individuals, including the Bank’s senior officers and directors, have received grand jury testimony subpoenas in connection with this investigation. In addition, the Bank and its wholly-owned subsidiary, Pamrapo Service Corporation, have also received federal grand jury subpoenas from the U.S. Attorney’s Office relating to certain commissions paid to the manager of Pamrapo Service Corporation. The Bank has, and continues to fully cooperate with these ongoing investigations.

No penalties, either criminal or civil, have been imposed on the Bank to date as a result of the investigation. However, pursuant to FASB ASC 450 “Contingencies,” a company must accrue funds for a possible litigation loss if a loss is probable and the amount of the expected loss is reasonably estimable. It is probable that the Bank will incur monetary penalties in the form of fines and forfeitures as a result of these matters. As reported in a Form 8-K filed with the Securities and Exchange Commission on June 23, 2009, the Bank was able to reasonably estimate certain losses, based on information that had come to light at that time. As a result, the Bank accrued a $3.0 million litigation loss reserve to reflect a potential criminal forfeiture, and related costs and expenses in the quarter ended June 30, 2009.

The Bank is only able to reasonably estimate certain losses at this time. It is probable that the Bank will incur material losses in addition to the $3.0 million litigation loss reserve described above; however it is not able to reasonably estimate additional losses at this time. These additional losses relate to potential further criminal forfeitures and potential criminal fines that may be imposed separately by a court, and civil money penalties that may be imposed by the Office of Thrift Supervision (“OTS”), the Bank’s primary federal regulator, and Financial Crimes Enforcement Network, a part of the United States Treasury Department (FinCEN). Depending on the end result of the investigation, the total amount of penalties and related costs and expenses incurred by the Bank may be significantly higher than $3.0 million, and could have a material impact on the Company’s consolidated financial position, results of operations, and regulatory capital ratios.

The increase in professional fees during the three and nine months ended September 30, 2009, as compared to the same 2008 periods, was predominately due to expenses incurred for legal, accounting and other professional services as a result of the federal grand jury investigation by the U.S. Attorney’s Office discussed above and fees paid to consultants that the Bank engaged as a result of a cease and desist order issued by the OTS, effective September 26, 2008.

FDIC premiums increased as a result of an increase in premium rates, the depletion of assessment credits previously in effect and a special assessment during the quarter ended June 30, 2009 of $270,000.

During the three and nine months ended September 30, 2009, as compared to the same 2008 periods, provision for loan losses increased by $498,000 and $1.6 million, respectively, primarily due to an increase in the Bank’s non-performing loans, which were $21.6 million at September 30, 2009 compared to $8.8 million at September 30, 2008.

The Bank continues to be well-capitalized as of September 30, 2009 with a tier one capital ratio of 9.11% as compared to the minimum regulatory requirement of 4.0%.

Pamrapo’s book value per share at September 30, 2009 was $10.23.

Pamrapo Bancorp, Inc. is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates ten branch offices in Bayonne, Jersey City, 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.

CONTACT

Robert A. Hughes

Investor Relations

201-339-4600

PAMRAPO BANCORP, INC. AND SUBSIDIARIES

COMPARATIVE STATEMENTS OF FINANCIAL CONDITION

(In Thousands)

	(Unaudited)
	September 30, 2009			December 31, 2008
ASSETS
Cash and amounts due from depository institutions	$	3,634		$	4,117
Interest-bearing deposits in other banks		23,856			9,470
Cash and Cash Equivalents		27,490			13,587
Securities available for sale		717			771
Investment securities held to maturity		11,340			11,350
Mortgage-backed securities held to maturity		93,745			117,428
Loans receivable		421,623			437,554
Foreclosed real estate		923			426
Premises and equipment		2,701			2,929
Federal Home Loan Bank of New York stock		3,756			5,160
Interest receivable		2,854			2,884
Deferred Tax Asset		5,352			4,381
Other assets		1,034			1,542
Total Assets	$	571,535		$	598,012
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits	$	447,613		$	443,999
Advances from Federal Home Loan Bank of New York		59,000			89,500
Advance payments by borrowers for taxes and insurance		3,245			3,282
Other liabilities		11,211			6,553
Total Liabilities		521,069			543,334
Stockholders’ Equity:
Preferred stock; 3,000,000 shares authorized; issued and outstanding-none		—			—
Common Stock; $0.01 par value; 25,000,000 shares authorized; 6,900,000 shares issued; 4,935,542 shares outstanding		69			69
Paid-in capital		19,340			19,340
Retained earnings		57,481			61,928
Accumulated other comprehensive loss		(2,884	)		(3,119	)
Treasury stock, at cost; 1,964,458 shares (2009) and (2008)		(23,540	)		(23,540	)
Total Stockholders’ Equity		50,466			54,678
Total Liabilities and Stockholders’ Equity	$	571,535		$	598,012

PAMRAPO BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, except per share data)

	(Unaudited)					(Unaudited)
	Three Months Ended September 30,					Nine Months Ended September 30,
	2009			2008		2009			2008
Interest income
Loans	$	6,253		$	6,904	$	19,458		$	20,722
Mortgage-backed securities		1,104			1,430		3,619			4,270
Investments		236			226		703			623
Other interest-earning assets		59			101		163			931
Total Interest Income		7,652			8,661		23,943			26,546
Interest expense
Deposits		1,951			2,635		6,567			8,993
Advances and other borrowed money		757			879		2,493			2,974
Total Interest Expense		2,708			3,514		9,060			11,967
Net Interest Income		4,944			5,147		14,883			14,579
Provision for Loan Losses		850			352		2,225			580
Net Interest Income after Provision for Loan Losses		4,094			4,795		12,658			13,999
Non-Interest Income
Fees and service charges		288			313		822			956
Gain on sale of branch		—			—		492			—
Commissions from sale of financial products		1			222		87			512
Other		78			105		275			265
Total Non-Interest Income		367			640		1,676			1,733
Non-Interest Expenses
Salaries and employee benefits		1,965			2,137		5,904			5,938
Net occupancy expense of premises		301			328		933			989
Equipment		342			336		991			988
Advertising		42			49		142			192
Loss on foreclosed real estate		2			2		15			30
Professional fees		1,055			922		3,873			1,537
Federal Deposit Insurance Premium		194			22		688			50
Litigation loss reserve		—			—		3,000			—
Other		559			629		1,870			1,871
Total Non-Interest Expenses		4,460			4,425		17,416			11,595
Income (loss) before Income Taxes		1			1,010		(3,082	)		4,137
Income Tax Expense		11			399		82			1,554
Net Income (loss)	$	(10	)	$	611	$	(3,164	)	$	2,583
Net Income (loss) per Common Share
Basic	$	0.00		$	0.12	$	(0.64	)	$	0.52
Diluted	$	0.00		$	0.12	$	(0.64	)	$	0.52
Weighted Average Number of Common Shares outstanding
Basic		4,936			4,976		4,936			4,976
Diluted		4,936			4,976		4,936			4,976
Dividends per Common Share	$	0.00		$	0.23	$	0.26		$	0.69