Net income for the second quarter of 2006 amounted to $1.520 million, or $.31 cents per share, as compared with $1.966 million, or $.40 cents per share in the second quarter of 2005.

Net income for the six months ended June 30, 2006 amounted to $3.331 million, or $.67 cents per share, as compared with $3.949 million, or $.79 cents per share for the six months ended June 30, 2005.

Pamrapo's book value per share at June 30, 2006 was $11.98.

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

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

June 30, December 31, ASSETS 2006 2005 ------------ ------------ Cash and amounts due from depository institutions $ 3,656 $ 4,409 Interest-bearing deposits in other banks 6,222 4,161 ------------ ------------

Total cash and cash equivalents 9,878 8,570

Securities available for sale 1,661 3,321 Investment securities held to maturity 10,228 10,287 Mortgage-backed securities held to maturity 153,603 167,009 Loans receivable 450,044 438,250 Premises and equipment 3,824 3,856 Federal Home Loan Bank stock, at cost 5,631 5,954 Interest receivable 2,835 2,809 Other assets 6,325 6,030 ------------ ------------

Total assets $ 644,029 $ 646,086 ============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities: Deposits $ 477,480 $ 474,003 Advances from Federal Home Loan Bank of New York 99,000 106,400 Other borrowed money 27 47 Advance payments by borrowers for taxes and insurance 3,880 3,688 Other liabilities 4,021 3,332 ------------ ------------

Total liabilities 584,408 587,470 ------------ ------------

Stockholders' equity: Preferred stock; authorized 3,000,000 shares; issued and outstanding-none - - Common Stock; par value $.01; authorized 25,000,000 shares; 6,900,000 shares issued; 4,975,542 outstanding 69 69 Paid-in capital in excess of par value 19,198 19,158 Retained earnings-substantially restricted 63,015 61,972 Accumulated other comprehensive income - Unrealized gain on securities available for sale 268 285 Treasury stock, at cost; 1,924,458 shares (22,929) (22,868) ------------ ------------

Total stockholders' equity 59,621 58,616 ------------ ------------

Total liabilities and stockholders' equity $ 644,029 $ 646,086 ============ ============

PAMRAPO BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited)

Three Months Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005 ---------- ---------- ---------- ---------- Interest income: Loans $ 7,205 $ 6,624 $ 14,148 $ 13,005 Mortgage-backed securities 1,844 2,221 3,788 4,551 Investments and other interest-earning assets 364 295 705 599 ---------- ---------- ---------- ----------

Total interest income 9,413 9,140 18,641 18,155 ---------- ---------- ---------- ----------

Interest expense: Deposits 2,749 2,120 5,193 4,189 Advances and other borrowed money 1,148 852 2,230 1,670 ---------- ---------- ---------- ----------

Total interest expense 3,897 2,972 7,423 5,859 ---------- ---------- ---------- ----------

Net interest income 5,516 6,168 11,218 12,296 Provision for loan losses 0 40 0 100 ---------- ---------- ---------- ----------

Net interest income after provision for loan losses 5,516 6,128 11,218 12,196 ---------- ---------- ---------- ----------

Non-interest income: Fees and service charges 302 327 617 640 Miscellaneous 282 362 528 672 ---------- ---------- ---------- ----------

Total non-interest income 584 689 1,145 1,312 ---------- ---------- ---------- ----------

Non-interest expenses: Salaries and employee benefits 2,087 2,107 3,899 4,091 Net occupancy expense of premises 308 286 608 552 Equipment 299 322 640 644 Advertising 59 52 122 105 Miscellaneous 931 862 1,768 1,605 ---------- ---------- ---------- ----------

Total non-interest expenses 3,684 3,629 7,037 6,997 ---------- ---------- ---------- ----------

Income before income taxes 2,416 3,188 5,326 6,511 Income taxes 896 1,222 1,995 2,562 ---------- ---------- ---------- ----------

Net income $ 1,520 $ 1,966 $ 3,331 $ 3,949 ========== ========== ========== ==========

Net income per common shares: Basic $ 0.31 $ 0.40 $ 0.67 $ 0.79 Diluted $ 0.31 $ 0.39 $ 0.67 $ 0.79 ========== ========== ========== ==========

Dividends per common share $ 0.23 $ 0.22 $ 0.46 $ 0.44 ========== ========== ========== ==========

Weighted average number of common shares and common stock equivalents outstanding: Basic 4,976 4,975 4,976 4,975 Diluted 4,980 4,987 4,980 4,988 ========== ========== ========== ==========

CONTACT Robert A. Hughes, CPA Investor Relations 201-339-4600

SOURCE: Pamrapo Bancorp, Inc.

Source: marketwire