-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LTRkrBla8BZqKycYxekcRzYvlry5clH8lnvLOymlTSzaYS0VItFjuOCu4kJwWLPh zYap0p3X6NMBuCoWMHp3sg== 0000928385-03-001335.txt : 20030429 0000928385-03-001335.hdr.sgml : 20030429 20030429171421 ACCESSION NUMBER: 0000928385-03-001335 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030429 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAMRAPO BANCORP INC CENTRAL INDEX KEY: 0000854071 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 222984813 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18014 FILM NUMBER: 03670258 BUSINESS ADDRESS: STREET 1: 611 AVE C CITY: BAYONNE STATE: NJ ZIP: 07002 BUSINESS PHONE: 2013394600 MAIL ADDRESS: STREET 2: 611 AVENUE C CITY: BAYONNE STATE: NY ZIP: 07002 8-K 1 d8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 29, 2003 [GRAPHIC REMOVED HERE]Pamrapo Bancorp, Inc. (Exact name of registrant as specified in its charter)
New Jersey 0-18014 22-2984813 ---------- ------- ---------- (State or other Jurisdiction of (Commission File No.) (I.R.S. Employer Identification No.) Incorporation)
611 Avenue C, 07002 -------------- ----- Bayonne, New Jersey (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (201) 339-4600 Not Applicable (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. (c) Exhibits Exhibit 99.1 - Press Release of Pamrapo Bancorp, Inc. Item 9. Regulation FD Disclosure and Item 12 Disclosure of Results of - ------ -------------------------------------------------------------- Operations and Financial Condition. ---------------------------------- The following information is furnished pursuant to Item 9, "Regulation FD Disclosure" and Item 12, "Disclosure of Results of Operations and Financial Condition." On April 29, 2003, Pamrapo Bancorp, Inc. issued a press release announcing its earnings for the three months ended March 31, 2003. The information contained in the press release, which is attached as Exhibit 99.1 to this Form 8-K, is incorporated herein by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PAMRAPO BANCORP, INC. Date: April 29, 2003 By: /s/ William J. Campbell ----------------------------------- William J. Campbell, President and Chief Executive Officer EX-99.1 3 dex991.txt EXHIBIT 99.1 Exhibit 99.1 PAMRAPO BANCORP REPORTS FIRST QUARTER RESULTS BAYONNE, N.J., April 29, 2003 -- Pamrapo Bancorp, Inc. (Nasdaq:PBCI) today reported net income for the first quarter ended March 31, 2003. Net income for the first quarter of 2003 amounted to $1.847 million, or 36 cents per share, as compared with $1.931 million, or 37 cents per share in the first quarter of 2002. The weighted average number of shares outstanding during the 2003 and 2002 periods was 5.146 million and 5.152 million, respectively. Share data has been adjusted to reflect a 2-for-1 stock split paid in the form of a 100% stock dividend in May, 2002. The first quarter provision for loan losses was $30,000, as compared with $210,000 in the same period last year. Non-performing loans at March 31, 2003 amounted to $2.5 million, as compared with $3.5 million at March 31, 2002 and $2.7 million at December 31, 2002. At March 31, 2003, $1.2 million were loans delinquent ninety days or more and accruing interest and $1.3 million were loans similarly delinquent and not accruing interest. At March 31, 2003, Pamrapo's allowance for loan losses was $2.6 million, or 104.0% of non-performing loans. This compares with $2.3 million, or 65.7% of non-performing loans at March 31, 2002, and $2.6 million, or 96.3% of non-performing loans at December 31, 2002. Pamrapo's book value per share at March 31, 2003 was $10.02. Pamrapo Bancorp is a holding company whose principal subsidiary, Pamrapo Savings Bank, S.L.A., operates 11 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 STATEMENT OF INCOME (In thousands, except per share data) (Unaudited) Quarter ended March 31, 2003 2002 ---- ---- Interest income: Loans $6,931 $7,364 Mortgage-backed securities 2,124 2,060 Investments and other interest-earning assets 288 179 ------ ------ Total interest income 9,343 9,603 ------ ------ Interest expense: Deposits 2,624 3,001 Advances and other borrowed money 999 916 ------ ------- Total interest expense 3,623 3,917 ------ ------- Net interest income 5,720 5,686 Provision for loan losses 30 210 -- ------ Net interest income after provision for loan losses 5,690 5,476 ------ ------ Non-interest income: Fees and service charges 342 342 Miscellaneous 231 188 ------ ------- Total non-interest income 573 530 ------ ------- Non-interest expenses: Salaries and employee benefits 1,715 1,687 Net occupancy expense of premises 260 269 Equipment 362 285 Advertising 44 38 Loss on foreclosed real estate 18 18 Miscellaneous 757 669 ------ ------ Total non-interest expenses 3,156 2,966 ------ ------ Income before income taxes 3,107 3,040 Income taxes 1,260 1,109 ------ ------ Net income $1,847 $1,931 ====== ====== Basic/diluted earnings per common share* $ .36 $ .37 ====== ====== Dividends per common share * $ .20 $.1875 ====== ====== Weighted average number of basic and diluted common shares outstanding 5,146 5,152 ====== ====== * Data adjusted to reflect a 2-1 stock split paid in the form of a 100% percent stock dividend in May, 2002. PAMRAPO BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (In thousands) (Unaudited)
March 31, December 31, 2003 2002 ---- ---- ASSETS Cash and amounts due from depository institutions $ 24,444 $ 23,857 Securities available for sale 4,346 4,543 Investment securities held to maturity 7,085 7,095 Mortgage-backed securitities held to maturity 170,013 146,139 Loans receivable 381,400 389,865 Premises and equipment 4,365 4,417 Foreclosed real estate 155 155 Investment in real estate 210 214 Federal Home Loan Bank of New York stock, at cost 4,403 4,403 Interest receivable 3,030 2,982 Other assets 4,789 4,989 -------- -------- Total assets $604,240 $588,659 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $465,123 445,508 Advances from Federal Home Loan Bank of N.Y. 79,340 84,340 Other borrowed money 142 149 Advance payments by borrowers for taxes, insurance 3,979 3,836 Other liabilities 4,076 4,070 -------- -------- Total liabilities $552,660 $537,903 -------- -------- Stockholders' equity: Common stock; par value$.01; authorized: 7,000,000 shares; 6,900,000 shares issued; 5,145,986 shares outstanding 69 69 Paid-in capital in excess of par value 18,937 18,937 Retained earnings - substantially restricted 51,707 50,889 Accumulated other comprehensive income - net 249 243 Treasury stock at cost: 1,754,014 shares (19,382) (19,382) -------- -------- Total stockholders' equity $ 51,580 $ 50,756 -------- -------- Total liabilities and stockholders' equity $604,240 $588,659 ======== ========
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