EXHIBIT 99.1

BAYONNE, NJ—(MARKET WIRE)—Jan 26, 2005 — Pamrapo Bancorp, Inc. (NasdaqNM:PBCI—News) today reported net income for the fourth quarter and full year ended December 31, 2004.

Net income for the fourth quarter of 2004 amounted to $1.941 million, or 39 cents per share, as compared with $2.218 million, or 45 cents per share in the fourth quarter of 2003.

Net income for the year ended December 31, 2004 amounted to $7.944 million, or $1.60 per share, as compared with $7.781 million, or $1.54 cents per share for the year ended December 31, 2003.

Pamrapo’s book value per share at December 31, 2004 was $11.08.

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

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		2004		2003		2004
Interest income:
Loans	$	6,295	$	6,326	$	26,102	$	24,861
Mortgage-backed securities		2,565		2,467		9,570		10,091
Investments and other interest-earning assets		225		272		1,083		1,031
Total interest income		9,085		9,065		36,755		35,983
Interest expense:
Deposits		2,098		2,064		9,691		8,122
Advances and other borrowed money		809		841		3,742		3,270
Total interest expense		2,907		2,905		13,433		11,392
Net interest income		6,178		6,160		23,322		24,591
Provision for loan losses		4		52		84		82
Net interest income after provision for loan losses		6,174		6,108		23,238		24,509
Non-interest income:
Fees and service charges		358		324		1,465		1,295
Gain on sale of investment in real estate		—		170		—		170
Miscellaneous		246		283		1,090		1,134
Total non-interest income		604		777		2,555		2,599
Non-interest expenses:
Salaries and employee benefits		1,611		1,983		6,767		7,701
Net occupancy expense of premises		240		262		1,035		1,002
Equipment		357		403		1,370		1,341
Advertising		26		97		145		219
Federal Insurance Premium		18		18		73		73
Miscellaneous		878		842		3,419		3,456
Total non-interest expenses		3,130		3,605		12,809		13,792
Income before income taxes		3,648		3,280		12,984		13,316
Income taxes		1,430		1,339		5,203		5,372
Net income	$	2,218	$	1,941	$	7,781	$	7,944
Basic earnings per common share	$	.45	$	.39	$	1.54	$	1.60
Diluted earnings per common share	$	.45	$	.39	$	1.54	$	1.59
Dividends per common share	$	.20	$	.21	$	.80	$	.84
Weighted average number of common shares and common stock equivalents outstanding
Basic		4,975		4,975		5,056		4,975
Diluted		4,989		4,991		5,061		4,995

PAMRAPO BANCORP, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)

	December 31, 2003			December 31, 2004
ASSETS
Cash and amounts due from depository institutions	$	10,126,482		$	14,598,711
Securities available for sale		3,921,902			3,639,182
Investment securities held to maturity		9,422,111			9,308,686
Mortgage-backed securities held to maturity		218,418,340			200,077,102
Loans receivable		378,640,773			395,800,481
Premises and equipment		4,092,683			4,018,500
Investment in real estate		129,640			—
Federal Home Loan Bank of New York stock, at cost		4,743,900			5,151,900
Interest receivable		2,838,497			2,702,532
Other assets		4,560,853			4,601,578
Total assets	$	636,895,181		$	639,898,672
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits	$	492,160,765		$	489,349,688
Advances from Federal Home Loan Bank of N.Y.		87,000,000			89,000,000
Other borrowed money		117,748			83,722
Advance payments by borrowers for taxes, insurance		3,495,739			3,336,744
Other liabilities		2,797,586			3,014,303
Total liabilities		585,571,838			584,784,457
Stockholders’ equity:
Common stock; par value $.01; authorized: 25,000,000 shares; 6,900,000 shares issued; 4,974,313 / 4,974,913 shares outstanding.		69,000			69,000
Paid-in capital in excess of par value		18,957,298			19,041,357
Retained earnings - substantially restricted		54,621,926			58,387,028
Accumulated other comprehensive income - net		243,170			315,468
Treasury stock at cost: 1,925,687 / 1,925,087 shares		(22,568,051	)		(22,698,638	)
Total stockholders’ equity		51,323,343			55,114,215
Total liabilities and stockholders’ equity	$	636,895,181		$	639,898,672

Contact:

CONTACT:

Robert A. Hughes

CPA, Vice President

201-339-4600