Pamrapo Bancorp, Inc. Reports First Quarter Results

BAYONNE, NJ, Apr 29 (MARKET WIRE) --
Pamrapo Bancorp, Inc. (NASDAQ: PBCI) today reported net income for the
first quarter ended March 31, 2009.

Net income for the first quarter of 2009 amounted to $438,000, or $0.09
cents per share, as compared with $1.0 million, or $0.20 cents per share,
in the first quarter of 2008. The decrease in net income for the 2009
quarter end was primarily due to increased professional fees of
approximately $1,000,000 along with an increase of approximately $450,000
in the provision for loan losses and a decrease in total interest income
of $780,000. This more than offsets a decrease in total interest expense
of $1,100,000 and a $492,000 gain on sale of the Fort Lee branch. The
increase in professional fees was predominately due to fees paid to
consultants that Pamrapo Savings Bank, S.L.A. engaged as a result of a
cease and desist order issued by the Office of Thrift Supervision,
effective September 26, 2008, and expenses incurred for legal, accounting
and other professional services as a result of the federal grand jury
investigation by the United States Attorney's office for the District of
New Jersey. Pamrapo Savings Bank, S.L.A. continues to be well-capitalized
as of March 31, 2009 with a tier one capital ratio of 9.35% as compared to
the minimum regulatory requirement of 4%. The increase in the provision
for loan losses was primarily due to an increase in the Bank's
non-performing loans, which were $16.0 million at March 31, 2009 compared
to $5.4 million at March 31, 2008.

Pamrapo's book value per share at March 31, 2009 was $11.03.

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.

PAMRAPO BANCORP, INC. AND SUBSIDIARIES
COMPARATIVE STATEMENTS OF FINANCIAL CONDITION
(In Thousands)

March December
31, 31,
ASSETS 2009 2008
--------- ---------
Cash and amounts due from depository institutions $ 3,283 $ 4,117
Interest-bearing deposits in other banks 16,036 9,470
--------- ---------
Cash and Cash Equivalents 19,319 13,587

Securities available for sale 726 771
Investment securities held to maturity 11,346 11,350
Mortgage-backed securities held to maturity 110,987 117,428
Loans receivable 430,682 437,554
Foreclosed real estate 426 426
Premises and equipment 2,843 2,929
Federal Home Loan Bank of New York stock 5,254 5,160
Interest receivable 3,113 2,884
Other assets 7,677 5,923
--------- ---------
Total Assets $ 592,373 $ 598,012
========= =========

Liabilities and stockholders' Equity

Liabilities:
Deposits $ 434,095 $ 443,999
Advances from Federal Home Loan Bank of New York 91,600 89,500
Advance payments by borrowers for taxes and
insurance 3,233 3,282
Other liabilities 9,015 6,553
--------- ---------
Total Liabilities 537,943 543,334
--------- ---------
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; 4,935,542
shares outstanding (2009) and (2008) 69 69
Paid-in capital 19,340 19,340
Retained earnings 61,626 61,928
Accumulated other comprehensive loss (3,065) (3,119)
Treasury stock, at cost; 1,964,458 shares (2008) and
(2009) (23,540) (23,540)
--------- ---------
Total Stockholders' Equity 54,430 54,678
--------- ---------

Total Liabilities and Stockholders' Equity $ 592,373 $ 598,012
========= =========

PAMRAPO BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share data)
Three Months Ended
March 31,
2009 2008
--------- ---------
Interest income
Loans $ 6,764 $ 6,979
Mortgage-backed securities 1,305 1,400
Investments 234 192
Other interest-earning assets 36 551
--------- ---------
Total Interest Income 8,339 9,122
--------- ---------
Interest expense
Deposits 2,407 3,399
Advances and other borrowed money 891 1,037
--------- ---------
Total Interest Expense 3,298 4,436
--------- ---------

Net Interest Income 5,041 4,686
Provision for Loan Losses 525 78
--------- ---------
Net Interest Income after Provision for
Loan Losses 4,516 4,608
--------- ---------

Non-Interest Income
Fees and service charges 251 320
Gain on sale of Branch 492
Commissions from sale of financial products 83 165
Other 89 53

--------- ---------
Total Non-Interest Income 915 538
--------- ---------

Non-Interest Expenses
Salaries and employee benefits 2,060 1,936
Net occupancy expense of premises 330 334
Equipment 311 323
Advertising 50 77
Professional fees 1,227 205
Loss on foreclosed real estate 8 23
Other 745 647
--------- ---------
Total Non-Interest Expenses 4,731 3,545
--------- ---------

Income before Income Taxes 700 1,601
Income Taxes 262 591
--------- ---------
Net Income (loss) $ 438 $ 1,010
========= =========

Net Income (loss) per Common Share
Basic $ 0.09 $ 0.20
Diluted $ 0.09 $ 0.20
========= =========

Weighted Average Number of Common Shares outstanding
Basic 4,935 4,975
===== =====
Diluted 4,935 4,975
===== =====
========= =========

Dividends per Common Share $ 0.15 $ 0.23
========= =========

CONTACT:
Robert A. Hughes
Investor Relations
201-339-4600

Copyright 2009, Market Wire, All rights reserved.

-0-