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): January 28, 2004

Pamrapo Bancorp, Inc.

(Exact name of registrant as specified in its charter)

New Jersey	0-18014	22-2984813
(State or other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

611 Avenue C, Bayonne, New Jersey	07002
(Address of principal executive offices)	(Zip Code)

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  12. Disclosure of Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 12, “Disclosure of Results of Operations and Financial Condition.”

On January 28, 2004, Pamrapo Bancorp, Inc. issued a press release announcing its earnings for the three months and full year ended December 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: January 29, 2004	By:	/s/ William J. Campbell
		William J. Campbell President and Chief Executive Officer

EX-99.1

EXHIBIT 99.1

FROM:    PAMRAPO BANCORP, INC. 611 AVENUE C BAYONNE, NJ 07002 FOR IMMEDIATE RELEASE

PAMRAPO BANCORP REPORTS FOURTH QUARTER RESULTS

BAYONNE, N.J., January 28, 2004 — Pamrapo Bancorp, Inc. (Nasdaq:PBCI) today reported net income for the fourth quarter and full year ended December 31, 2003.

Net income for the fourth quarter of 2003 amounted to $2.218 million, or 45 cents per share, as compared with $1.615 million, or 32 cents per share in the fourth quarter of 2002. The weighted average number of of shares outstanding during the 2003 and 2002 periods was 4.974 million and 5.146 million, respectively.

The fourth quarter provision for loan losses was $4,000, as compared with $74,000 in the same period a year ago.

Net income for the year ended December 31, 2003 amounted to $7.781 million, or $1.54 per share, as compared with $7.123 million, or $1.39 cents per share for the year ended December 31, 2002. The weighted average number of shares outstanding during 2003 and 2002 was 5.060 million and 5.141 million, respectively.

The provision for loan losses for the full year amounted to $84,000, as compared with $634,000 in 2002.

Non-performing loans at December 31, 2003 amounted to $1.6 million, as compared with $2.7 million at December 31, 2002 and $1.8 million at September 30, 2003. At December 31, 2003, $800,000 were loans delinquent ninety days or more and accruing interest, and $800,000 were loans similarly delinquent and not accruing interest.

At December 31, 2003, Pamrapo’s allowance for loan losses was $2.5 million, or 156% of non-performing loans. This compares with $2.6 million, or 96% of non-performing loans at December 31, 2002 and $2.5 million, or 139% of non-performing loans at September 30, 2003.

Pamrapo’s book value per share at December 31, 2003 was $10.32.

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, N.J.

CONTACT

Robert A. Hughes, CPA, Vice President

201-339-4600

PAMRAPO BANCORP, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

	Quarter ended December 31,				Year ended, December 31,
	2003		2002		2003		2002
Interest income:
Loans	$	6,295	$	7,191	$	26,102	$	29,267
Mortgage-backed securities		2,565		1,859		9,570		7,765
Investments and other interest-earning assets		225		326		1,083		1,026
Total interest income		9,085		9,376		36,755		38,058
Interest expense:
Deposits		2,098		2,753		9,691		11,483
Advances and other borrowed money		809		1,028		3,742		3,807
Total interest expense		2,907		3,781		13,433		15,290
Net interest income		6,178		5,595		23,322		22,768
Provision for loan losses		4		74		84		634
Net interest income after provision for loan losses		6,174		5,521		23,238		22,134
Non-interest income:
Fees and service charges		358		308		1,465		1,286
Gain on sale of branch offices		—		—		—		479
Miscellaneous		246		280		1,090		801
Total non-interest income		604		588		2,555		2,566
Non-interest expenses:
Salaries and employee benefits		1,611		1,862		6,767		7,234
Net occupancy expense of premises		240		245		1,035		1,086
Equipment		357		332		1,370		1,283
Advertising		26		62		145		181
Federal Insurance Premium		18		18		73		73
Miscellaneous		878		806		3419		2,934
Total non-interest expenses		3,130		3,325		12,809		12,791
Income before income taxes		3,648		2,784		12,984		11,909
Income taxes		1,430		1,169		5,203		4,786
Net income	$	2,218	$	1,615	$	7,781	$	7,123
Basic/diluted earnings per common share	$	.45	$	.32	$	1.54	$	1.39
Dividends per common share	$	.20	$	.1875	$	.80	$	.75
Weighted average number of basic and diluted common shares outstanding		4,974		5,146		5,060		5,141

PAMRAPO BANCORP, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

	December 31, 2003			December 31, 2002
ASSETS
Cash and amounts due from depository institutions	$	10,126,482		$	23,857,387
Securities available for sale		3,921,902			4,542,528
Investment securities held to maturity		9,422,111			7,095,209
Mortgage-backed securities held to maturity		218,418,340			146,138,326
Loans receivable		378,640,773			389,864,704
Premises and equipment		4,092,683			4,417,239
Foreclosed real estate		—			155,340
Investment in real estate		129,640			213,643
Federal Home Loan Bank of New York stock, at cost		4,743,900			4,403,400
Interest receivable		2,838,497			2,982,315
Other assets		4,560,853			4,988,854
Total assets	$	636,895,181		$	588,658,945
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits	$	492,160,765		$	445,507,415
Advances from Federal Home Loan Bank of N.Y.		87,000,000			84,340,000
Other borrowed money		117,748			149,166
Advance payments by borrowers for taxes, insurance		3,495,739			3,835,862
Other liabilities		2,797,586			4,070,229
Total liabilities	$	585,571,838		$	537,902,672
Stockholders' equity:
Common stock; par value $.01; authorized: 25,000,000 shares; 6,900,000 shares issued; 4,974,313 / 5,145,986 shares outstanding.		69,000			69,000
Paid-in capital in excess of par value		18,957,298			18,937,168
Retained earnings—substantially restricted		54,621,926			50,889,220
Accumulated other comprehensive income - net		243,170			242,546
Treasury stock at cost: 1,925,687 / 1,754,014 shares		(22,568,051	)		(19,381,661	)
Total stockholders' equity	$	51,323,343		$	50,756,273
Total liabilities and stockholders' equity	$	636,895,181		$	588,658,945