SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

For the quarterly period ended    March 31, 2006
                                -----------------------------------------------

                                       OR


[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from  _____________   To _______________


                        Commission File Number 000-51078

                              LINCOLN PARK BANCORP
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        FEDERAL                                                61-1479859
--------------------------------------------------------------------------------
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                           Identification Number)


31 Boonton Turnpike, Lincoln Park, New Jersey                    07035
--------------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)

Registrant's telephone number,
including area code               (973) 694-0330
                                 -----------------------------------------------


Indicate by check X whether the registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act. Yes [ ]  No [X]

The number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practicable date: 1,851,500 shares of common stock, par
value $.01 per share as of May 12, 2006.

Transitional Small Business Disclosure Format. Yes [ ]  No [X]
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY


                                      INDEX
                                                                          Page
                                                                         Number
                                                                        --------
PART I - FINANCIAL INFORMATION

Item 1:  Financial Statements

         Consolidated Statements of Financial Condition
          at March 31, 2006 and December 31, 2005 (Unaudited)              1

         Consolidated Statements of Income for the Three Months
          Ended March 31, 2006 and 2005 (Unaudited)                        2

         Consolidated Statements of Comprehensive Income for the
          Three Months Ended March 31, 2006 and 2005 (Unaudited)           3

         Consolidated Statements of Cash Flows for the Three Months
           Ended March 31, 2006 and 2005 (Unaudited)                       4

         Notes to Consolidated Financial Statements (Unaudited)          5 - 9

Item 2:  Management's Discussion and Analysis of
          Financial Condition and Results of Operations                 10 - 16

Item 3:  Controls and Procedures                                           17

PART II - OTHER INFORMATION                                             18 - 19

SIGNATURES                                                                 20
<PAGE>
<TABLE>
<CAPTION>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (Unaudited)

                                                                     March 31,      December 31,
ASSETS                                                                 2006            2005
------                                                             ------------    ------------
<S>                                                                <C>             <C>
Cash and amounts due from depository institutions                  $  1,308,792    $  1,627,946
Interest-bearing deposits in other banks                              1,083,412         688,232
                                                                   ------------    ------------

        Total cash and cash equivalents                               2,392,204       2,316,178

Term deposits                                                           581,869         580,629
Securities available for sale                                         2,530,620       3,002,336
Securities held to maturity                                          19,153,271      18,817,087
Loans receivable, net of allowance for loan losses of 2006
  $162,000; and 2005 $156,000; respectively                          67,343,310      66,383,298
Premises and equipment                                                  901,018         883,848
Federal Home Loan Bank of New York stock, at cost                     1,298,400       1,264,500
Interest receivable                                                     490,999         448,172
Other assets                                                             55,005         262,209
                                                                   ------------    ------------

        Total assets                                               $ 94,746,696    $ 93,958,257
                                                                   ============    ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Liabilities:
     Deposits                                                      $ 54,556,353    $ 54,366,814
     Advances from Federal Home Loan Bank of New York                26,287,432      25,533,730
     Advance payments by borrowers for taxes and insurance              385,465         364,785
     Other liabilities                                                  255,508         305,390
                                                                   ------------    ------------

        Total liabilities                                            81,484,758      80,570,719
                                                                   ------------    ------------

Stockholders' equity
     Preferred stock; no par value; 1,000,000 shares authorized;
       none issued or outstanding                                            --              --
     Common stock; $.01 par value; 5,000,000 shares authorized;
       1,851,500 issued and outstanding                                  18,515          18,515
     Additional paid in capital                                       7,794,680       7,776,418
     Retained earnings - substantially restricted                     6,027,349       5,982,726
     Unearned ESOP shares                                              (361,380)       (366,220)
     Unearned Restricted Stock                                         (180,901)             --
     Accumulated other comprehensive income -
       unrealized (loss) gain on securities available for sale          (36,325)        (23,901)
                                                                   ------------    ------------

        Total Stockholders' equity                                   13,261,938      13,387,538
                                                                   ------------    ------------

        Total liabilities and stockholders' equity                 $ 94,746,696    $ 93,958,257
                                                                   ============    ============
</TABLE>

See notes to consolidated financial statements.

                                      - 1 -
<PAGE>
<TABLE>
<CAPTION>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)

                                                                      Three Months Ended
                                                                           March 31,
                                                                -----------------------------
                                                                    2006            2005
                                                                ------------    ------------
<S>                                                             <C>             <C>
Interest income:
    Loans                                                       $    907,223    $    764,973
    Securities                                                       264,673         257,311
    Other interest-earning assets                                     10,369          11,381
                                                                ------------    ------------

          Total interest income                                    1,182,265       1,033,665
                                                                ------------    ------------

Interest expense:
    Deposits                                                         309,221         232,847
    Advances and other borrowed money                                249,938         135,157
                                                                ------------    ------------

          Total interest expense                                     559,159         368,004
                                                                ------------    ------------

Net interest income                                                  623,106         665,661
Provision for loan losses                                              3,500          27,000
                                                                ------------    ------------

Net interest income after provision for loan losses                  619,606         638,661
                                                                ------------    ------------

Non-interest income:
    Fees and service charges                                          18,599          14,997
    (Loss) gains on calls of securities held to maturity                  --          (7,239)
    Gains on sale of available for sale securities                     9,612              --
    Miscellaneous                                                      5,059           8,036
                                                                ------------    ------------

          Total non-interest income                                   33,270          15,794
                                                                ------------    ------------

Non-interest expenses:
    Salaries and employee benefits                                   204,846         194,370
    Net occupancy expense of premises                                 30,010          35,535
    Equipment                                                         60,404          51,982
    Advertising                                                        9,733          12,257
    Federal insurance premium                                          1,830           2,085
    Miscellaneous                                                    207,049         162,439
                                                                ------------    ------------

          Total non-interest expenses                                513,872         458,668
                                                                ------------    ------------

Income before income taxes                                           139,004         195,787
Income taxes                                                          52,739          76,027
                                                                ------------    ------------

Net income                                                      $     86,265    $    119,760
                                                                ============    ============

Net income per common share:
     Basic                                                      $       0.05    $       0.07
                                                                ============    ============
Weighted average number of common shares
 and common stock equivalents outstanding:
      Basic                                                        1,819,490             N/A
                                                                ============    ============
Net income per common share:
      Diluted                                                   $       0.05             N/A
                                                                ============    ============
Weighted average number of common shares
 and common stock equivalents outstanding:
      Diluted                                                      1,824,558       1,817,787
                                                                ============    ============
</TABLE>
See notes to consolidated financial statements.

                                     - 2 -
<PAGE>
<TABLE>
<CAPTION>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                   (Unaudited)

                                                                      Three Months Ended
                                                                           March 31,
                                                                -----------------------------
                                                                    2006            2005
                                                                ------------    ------------
<S>                                                             <C>             <C>

Net income                                                      $     86,265    $    119,760
                                                                ------------    ------------
Other comprehensive (loss) income, net of income taxes:
    Gross unrealized holding (loss) gain on
      securities available for sale                                  (20,651)        (28,274)
    Deferred income taxes                                              8,227          11,302
                                                                ------------    ------------

Other comprehensive (loss) income                                    (12,424)        (16,972)
                                                                ------------    ------------

Comprehensive income                                            $     73,841    $    102,788
                                                                ============    ============
</TABLE>

See notes to consolidated financial statements.

                                      - 3 -
<PAGE>
<TABLE>
<CAPTION>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                                                     Three Months Ended
                                                                                          March 31,
                                                                                ----------------------------
                                                                                    2006             2005
                                                                                ------------    ------------
<S>                                                                             <C>             <C>
Cash flows from operating activities:
     Net income                                                                 $     86,265    $    119,760
     Adjustments to reconcile net income to net
      cash provided by operating activities:
        Depreciation of premises and equipment                                        16,647          16,034
        Amortization and accretion, net                                                9,116          16,884
        Loss (gain) on calls of term deposits and securities held to maturity             --           7,239
        Gain on sale of securities AFS                                                (9,612)             --
        Provision (recovery of)  for loan losses                                       3,500          27,000
        (Increase) in interest receivable                                            (42,827)        (73,496)
        Decrease in other assets                                                     207,204           9,942
        Increase in accrued interest payable                                          11,886           2,665
        (Decrease) Increase in other liabilities                                     (46,063)        109,705
        ESOP shares committed to be released                                           4,080           4,341
        Restricted Stock Earned                                                       18,262              --
                                                                                ------------    ------------
           Net cash provided by operating activities                                 258,458         240,074
                                                                                ------------    ------------
Cash flows from investing activities:
     Purchases of term deposits                                                           --        (495,000)
     Proceeds from maturities and calls of term deposits                                  --              --
     Purchase of securities available for sale                                       (71,836)             --
     Proceeds from maturities and calls of securities available for sale             500,000         700,000
     Principal repayments on securities available for sale                             8,125          11,335
     Proceeds from sale of securities available for sale                              24,298              --
     Purchases of securities held to maturity                                     (1,000,000)     (3,460,000)
     Proceeds from maturities and calls of securities held to maturity               600,000       1,085,000
     Principal repayments on securities held to maturity                              63,747          73,105
     Net (increase) in loans receivable                                             (973,709)     (1,468,246)
     Additions to premises and equipment                                             (33,817)        (17,122)
     Purchase of Federal Home Loan Bank of New York stock                           (135,000)        (87,700)
     Redemption of Federal Home Loan Bank of New York stock                          101,100          55,000
                                                                                ------------    ------------
           Net cash (used in) investing activities                                  (917,092)     (3,603,628)
                                                                                ------------    ------------
Cash flows from financing activities:
     Net increase (decrease) in deposits                                             182,061        (775,316)
     Proceeds from advances from Federal Home Loan Bank of New York               23,425,000       1,900,000
     Repayments of advances from Federal Home Loan Bank of New York              (22,671,298)     (1,245,509)
     Net increase in payments by borrowers for taxes and insurance                    20,680          15,325
     Net change in Paid in Capital                                                        --          (8,025)
     Dividends Paid                                                                  (40,882)             --
     Purchase of Stock                                                              (180,901)             --
                                                                                ------------    ------------
           Net cash (used in) provided by financing activities                       734,660        (113,525)
                                                                                ------------    ------------

Net (decrease) increase in cash and cash equivalents                                  76,026      (3,477,079)
Cash and cash equivalents - beginning                                              2,316,178       5,898,288
                                                                                ------------    ------------

Cash and cash equivalents - ending                                              $  2,392,204    $  2,421,209
                                                                                ============    ============
Supplemental information:
     Cash paid during the period for:
        Interest on deposits and borrowings                                     $    547,274    $    365,699
                                                                                ============    ============
        Income taxes                                                            $    107,297    $      1,000
                                                                                ============    ============
</TABLE>

See notes to consolidated financial statements.

                                     - 4 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
             ------------------------------------------------------

1.   PRINCIPLES OF CONSOLIDATION
--------------------------------

The consolidated financial statements include the accounts of Lincoln Park
Bancorp (the "Company") and its wholly owned subsidiary, Lincoln Park Savings
Bank (the "Bank"). The Company's business is conducted principally through the
Bank. All significant intercompany accounts and transactions have been
eliminated in consolidation.


2.   BASIS OF PRESENTATION
--------------------------

The accompanying unaudited consolidated financial statements were prepared in
accordance with instructions for Form 10-QSB and regulation S-X and do not
include information or footnotes necessary for a complete presentation of
financial condition, results of operations, and cash flows in conformity with
U.S. generally accepted accounting principles. However, in the opinion of
management, all adjustments (consisting of normal recurring adjustments)
necessary for a fair presentation of the consolidated financial statements have
been included. The results of operations for the three months ended March 31,
2006, are not necessarily indicative of the results which may be expected for
the entire fiscal year.


3.   NET INCOME PER COMMON SHARE
--------------------------------

Basic net income per common share was computed by dividing net income by the
weighted average number of shares of common stock outstanding, adjusted for
unearned shares of the ESOP. Diluted net income per common share was computed by
adjusting the weighted average number of shares of common stock outstanding to
include the effect of outstanding stock options and compensation grants, if
dilutive, using the treasury stock method.


4.   CRITICAL ACCOUNTING POLICIES
---------------------------------

We consider accounting policies involving significant judgments and assumptions
by management that have, or could have, a material impact on the carrying value
of certain assets or on income to be critical accounting policies. Material
estimates that are particularly susceptible to significant changes relate to the
determination of the allowance for loan losses. Determining the amount of the
allowance for loan losses necessarily involves a high degree of judgment.
Management reviews the level of the allowance on a quarterly basis, at a
minimum, and establishes the provision for loan losses based on the composition
of the loan portfolio, delinquency levels, loss experience, economic conditions,
and other factors related to the collectibility of the loan portfolio. Since
there has been no material shift in loan portfolio, the level of the allowance
for loan losses has changed primarily due to changes in the size of the loan
portfolio and the level of nonperforming loans. We have allocated the allowance
among categories of loan types as well as classification status at each
period-end date. Assumptions and allocation percentages based on loan types and
classification status have been consistently applied. Management regularly
evaluates various risk factors related to the loan portfolio, such as type of
loan, underlying collateral and payment status, and the corresponding allowance
allocation percentages.

                                     - 5 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

4.   CRITICAL ACCOUNTING POLICIES  (Cont'd)
-------------------------------------------

Although we believe that we use the best information available to establish the
allowance for loan losses, future additions to the allowance may be necessary
based on estimates that are susceptible to change as a result of changes in
economic conditions and other factors. In addition, the regulatory authorities,
as an integral part of their examinations process, periodically review our
allowance for loan losses. Such agencies may require us to recognize adjustments
to the allowance based on its judgments about information available to it at the
time of their examinations.


5.   STOCK COMPENSATION PLANS
-----------------------------

         The Company has two stock-related compensation plans, including stock
option and restricted stock plans, which are described in Note 13 to the
Company's Consolidated Financial Statements included in its Annual Report on
Form 10-KSB for the fiscal year ended December 31, 2005. Through December 31,
2005, the Company accounted for its stock option and employee stock ownership
plans using the intrinsic value method set forth in Accounting Principles Board
Opinion No. 25, "Accounting for Stock Issued to Employees," ("APB No. 25") and
related interpretations for these plans. Under APB No. 25, generally, when the
exercise price of the Company's stock options equaled the market price of the
underlying stock on the date of the grant, no compensation expense was
recognized. The Company adopted SFAS No. 123R, using the modified-prospective
transition method, beginning on January 1, 2006 and, therefore, began to expense
the fair value of all options over their remaining vesting periods to the extent
the options were not fully vested as of the adoption date and began to expense
the fair value of all share-based compensation granted subsequent to December
31, 2005, over its requisite service periods.

         SFAS No. 123R also requires the benefits of realized tax deductions in
excess of previously recognized tax benefits on compensation expense to be
reported as a financing cash flow (There were no realized tax benefits for the
three months ended March 31, 2006) rather than an operating cash flow, as
previously required. In accordance with Staff Accounting Bulletin ("SAB") No.
107, the Company classified share-based compensation within salaries and
employee benefits and other expenses to correspond with the same line item as
the cash compensation paid to employees and non-employee directors.

         Employee options vest over a seven-year service period and non-employee
director options vest over a five-year service period. Compensation expense
recognized for all option grants is recognized over the awards' respective
requisite service periods. The fair values relating to all of the calendar 2005
option grants were estimated using the Black-Scholes option pricing model.
Expected volatilities are based on historical volatility of our stock and other
factors, such as implied market volatility. We used historical exercise data
based on the age at grant of the option holder to estimate the options' expected
term, which represents the period of time that the options granted are expected
to be outstanding. We anticipated the future option holding periods to be
similar to the historical option holding periods. The risk-free rate for periods
within the contractual life of the option is based on the U.S. Treasury yield
curve in effect at the time of grant. We recognize compensation expense for the
fair values of these awards, which have graded vesting, on a straight-line basis
over the requisite service period of the awards. We did not grant any options
during the quarters ended March 31, 2006 and 2005.

                                      - 6 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

5.   STOCK COMPENSATION PLANS (Cont'd)
--------------------------------------

         Restricted shares granted to outside directors and employees vest in
five annual installments and seven annual installments, respectively. The fair
value of restricted shares under the Company's restricted stock plans is
determined by the product of the number of shares granted and the grant date
market price of the Company's common stock. The fair value of restricted shares
is expensed on a straight-line basis over the requisite service period of five
years for the outside directors and seven years for the employees.

         During the three months ended March 31, 2006, the Company recorded
$18,000 of share-based compensation expense, which was comprised of stock option
expense of $10,000 and restricted stock expense of $8,000. The Company estimates
it will record share-based compensation expense of approximately $72,000 in
fiscal 2006.

         The following table illustrates the impact of share-based compensation
on reported amounts:

                                              Three months ended
                                                March 31, 2006
                                       --------------------------------
                                                             Impact of
                                                            Share-Based
(in thousands, except                                      Compensation
per share data)                         As Reported           Expense
                                       ------------        ------------
Net operating income before taxes      $    139,004        $     18,262
Net income                                   86,265              18,262

Earnings per share:
      Basic                            $       0.05        $       0.01
                                       ============        ============

      Diluted                          $       0.05        $       0.01
                                       ============        ============


                                      - 7 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

5.   STOCK COMPENSATION PLANS (Cont'd)
--------------------------------------

         A summary of the Company's stock option activity and related
information for its option plans for the three months ended March 31, 2006, was
as follows:
<TABLE>
<CAPTION>


                                                                                      Weighted
                                                        Weighted       Average        Aggregate
                                                        Average       Remaining       Intrinsic
                                                        Exercise     Contractual       Value
                                         Options        Price            Term          (000's)
                                       ------------   ------------   ------------   ------------
<S>                                         <C>      <C>             <C>       <C>
Outstanding at December 31, 2005             66,520   $       8.90
      Granted                                    --             --
      Exercised                                  --             --
      Forfeited                                  --             --
                                       ------------

Outstanding at March 31, 2006                66,520   $       8.90    5.7 years     $    53,000
                                       ============

Exercisable at March 31, 2006                    --   $         --    5.7 years     $         --
</TABLE>


         A summary of the status of the Company's nonvested options as of March
31, 2006 and changes during the three months ended March 31, 2006, is presented
below:


                                                        Weighted
                                                        Average
                                                       Grant Date
                                          Options      Fair Value
                                       ------------   ------------
Nonvested at December 31, 2005               66,520   $       8.90
      Granted                                    --             --
      Vested                                     --             --
      Forfeited                                  --             --
                                       ------------

Nonvested at March 31, 2006                  66,520   $       8.90
                                       ============

                                      - 8 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

5.   STOCK COMPENSATION PLANS (Cont'd)
--------------------------------------

         Expected future compensation expense relating to the 66,520 nonvested
options outstanding as of March 31, 2006 is $214,000 over a weighted-average
period of 5.7 years.

         A summary of the status of the Company's restricted shares as of March
31, 2006 and changes during the three months ended March 31, 2006, is presented
below:

                                                        Weighted
                                                        Average
                                        Restricted     Grant Date
                                          Shares       Fair Value
                                       ------------   ------------
Nonvested at December 31, 2005               18,705   $       8.90
      Granted                                    --             --
      Vested                                     --             --
      Forfeited                                  --             --
                                       ------------

Nonvested at March 31, 2006                  18,705   $       8.90
                                       ============

         Expected future compensation expense relating to the 18,705 restricted
shares at March 31, 2006 is $158,000 over a weighted-average period of 5.3
years.

         For purposes of pro forma disclosures, the estimated fair value of the
stock options, restricted shares, and shares under the employee stock ownership
plan were amortized to expense over their assumed vesting periods.

                                      - 9 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------


ITEM 2.

Forward-Looking Statement
-------------------------

This Form 10-QSB may include certain forward-looking statements based on current
management expectations. The actual results of 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 the Bank, 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.

Comparison of Financial Condition at March 31, 2006 and December 31, 2005

         Our total assets increased by $788,000, or 0.8%, to $94.7 million at
March 31, 2006, from $94.0 million at December 31, 2005. During the three months
ended March 31, 2006, the level of cash and cash equivalents increased by
$76,000, or 3.3%, to $2.4 million at March 31, 2006 from $2.3 million at
December 31, 2005. Term deposits remained relatively unchanged at $582,000 at
March 31, 2006 when compared with $581,000 at December 31, 2005.

         Securities available for sale decreased by $472,000 or 15.7% to $2.5
million at March 31, 2006 when compared with $3.0 million at December 31, 2005.
The decrease in securities available for sale during the 2006 period resulted
primarily from maturities and repayments of $532,000. Securities held to
maturity increased by $336,000 or 1.8% to $19.2 million at March 31, 2006 when
compared with $18.8 million at December 31, 2005. During the three months ended
March 31, 2006, purchases of securities held to maturity amounted to $1.0
million which was sufficient to offset maturities and repayments of $664,000.
The increase in securities held to maturity was funded by the decrease in
securities available for sale.

         Loans receivable amounted to $67.3 million and $66.4 million at March
31, 2006 and December 31, 2005, respectively, representing an increase of
$960,000 or 1.4%. Our increase in loans resulted primarily from increased one-to
four family mortgage loan and consumer loan originations. The loans receivable
was funded by increases in deposits and borrowings.

         Federal Home Loan Bank of New York ("FHLB") stock increased by $34,000,
or 2.7% to $1,298,000 at March 31, 2006 when compared to $1,264,000 at December
31, 2005, primarily due to an increase in borrowings.

         Other assets decreased by $207,000 or 79.0% to $55,000 at March 31,
2006 from $262,000 at December 31, 2005. The decrease in other assets was
primarily due to $200,000 in funds earmarked in the December 31, 2005 quarter
for a loan closing that occurred during the March 31, 2006 quarter.

         Total deposits increased by $190,000, or 0.3% to $54.6 million at March
31, 2006 from $54.4 million at December 31, 2005. Advances from FHLB increased
by $754,000 or 3.0% to $26.3 million at March 31, 2006 when compared with $25.5
million at December 31, 2005. The proceeds from new advances were used to fund
loan originations.

                                     - 10 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

Comparison of Financial Condition at March 31, 2006 and December 31, 2005
(Cont'd.)

         Stockholders' equity totaled $13.3 million and $13.4 million at March
31, 2006 and December 31, 2005, respectively, reflecting the awarding of
restricted stocks totaling $181,000, net income of $86,000 for the three months
ended March 31, 2006, cash dividend of $41,000 in the March 31, 2006 quarter and
the amortization of $22,000 for the ESOP and the restricted stock in the March
31, 2006 quarter.

Comparison of Operating Results for the Three Months Ended March 31, 2006 and
2005

         General. Net income decreased by $34,000, or 28.0%, to $86,000 for the
three months ended March 31, 2006, from $120,000 for the three months ended
December 31, 2005. The decrease in net income reflects decreases in net interest
income and increases in non-interest expenses partially offset by decreases in
provision for loan losses, increases in non-interest income and decreases in
income taxes.

         Interest Income. Interest income increased by $149,000, or 14.4%, to
$1.2 million for the three months ended March 31, 2006, from $1.0 million for
the three months ended March 31, 2005. The increase in interest income was due
to increases of $142,000 in interest income from loans and $7,000 in interest on
securities, partially offset by a decrease of $1,000 in interest income from
other interest earning assets.

         Interest income from loans increased by $142,000, or 18.6%, to $907,000
for the three months ended March 31, 2006, from $765,000 for the three months
ended March 31, 2005. The increase was due to an $8.1 million or 13.9% increase
in the average balance of loans to $66.0 million during the quarter ended March
31, 2006 from $57.9 million during the quarter ended March 31, 2005 and an
increase in the average yield to 5.50% from 5.28%. Interest income from
securities, including available for sale and held to maturity, increased $7,000,
or 2.9%, to $265,000 for the three months ended March 31, 2006, from $257,000
for the three months ended March 31, 2005. The increase in interest income from
securities was due to an increase in the average yield to 4.64% in 2006 from
4.36% in 2005, partially offset by a decrease of $710,000 or 3.0% in the average
balance of securities to $22.9 million in 2006 from $23.6 million in 2005.

         Interest income from other interest-earning assets decreased $1,000, or
8.9% to $10,000 for the three months ended March 31, 2006, from $11,000 for the
three months ended March 31, 2005. The decrease in interest income from other
interest-earning assets was due to a decrease in the average balance of other
interest-earning assets of $800,000 or 28.9% to $2.0 million in 2006 from $2.8
million in 2005, offset by an increase in the average yield to 2.03% in 2006
from 1.59% in 2005.

         Interest Expense. Total interest expense increased $191,000, or 51.9%,
to $559,000 for the three months ended March 31, 2006, from $368,000 for the
three months ended March 31, 2005. The interest expense on interest-bearing
deposits increased by $76,000, or 32.8%, to $309,000 in 2006 when compared with
$233,000 in the comparable 2005 period. The increase in interest expense on
deposits resulted from an increase in the average cost of interest-bearing
deposits to 2.31% from 1.67%, reflecting increasing market interest rates during
the period between the comparable quarters. Partially offsetting this increase
was a decrease in the average balance of interest-bearing deposits to $53.5
million in 2006 from $55.7 million in 2005.

                                     - 11 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

Comparison of Operating Results for the Three Months Ended March 31, 2006 and
2005 (Cont'd.)

         The interest expense on borrowed money increased $115,000 or 84.9% to
$250,000 in 2006 from $135,000 in the comparable 2005 period. The increase
resulted from an increase of $8.3 million in the average balance of borrowed
money to $25.1 million in 2006 from $16.8 million in 2005 and an increase in the
cost of borrowed money to 3.99% in 2006 from 3.21% in 2005.

         Net Interest Income. Net interest income decreased $43,000, or 6.4%, to
$623,000 for the three months ended March 31, 2006 from $666,000 for the three
months ended March 31, 2005. Our interest rate spread decreased to 2.36% in 2006
from 2.87% in 2005, reflecting an 82 basis point increase in the cost of our
interest bearing liabilities that exceeded a 31 basis point increase in yield on
interest-earning assets. Our net interest margin decreased to 2.74% from 3.16%.

         Provision for Loan Losses. We establish provisions for loan losses,
which are charged to operations, at a level necessary to absorb known and
inherent losses that are both probable and reasonably estimable at the date of
the financial statements. In evaluating the level of the allowance for loan
losses, management considers historical loss experience, the types of loans and
the amount of loans in the loan portfolio, adverse situations that may affect
the borrower's ability to repay, the estimated value of any underlying
collateral, and prevailing economic conditions. This evaluation is inherently
subjective as it requires estimates that are susceptible to significant revision
as more information becomes available or as future events change.

         Based on our evaluation of these factors, management recorded a
provision for loan losses of $4,000 for the three months ended March 31, 2006
and $27,000 for the three months ended March 31, 2005. We had no charge-offs
during the three month periods ended March 31, 2006 and 2005. We used the same
methodology and generally similar assumptions in assessing the allowance for
both periods. The allowance for loan losses was $162,000, or 0.24% of gross
loans outstanding at March 31, 2006, as compared with $183,000, or 0.31% of
gross loans outstanding at March 31, 2005. The level of the allowance is based
on estimates, and the ultimate losses may vary from the estimates.

         Non-interest Income. Non-interest income increased $17,000, or 110.6%,
to $33,000 for the three months ended March 31, 2006, as compared to $16,000 for
the three months ended March 31, 2005. The primary reason for the increase in
non-interest income was an increase of $4,000 in fees and service charges. In
addition, we recognized a gain of $10,000 during the March 31, 2006 quarter on
the sale of available for sale securities, compared to a loss of $7,000 during
the March 31, 2005 quarter on the call of an investment security that was
purchased at a premium.

         Non-interest Expenses. Non-interest expenses were $514,000 and $459,000
for the three months ended March 31, 2006 and 2005, respectively, representing
an increase of $55,000 or 12.0%. The increase in non-interest expenses was due
to increases of $45,000 in miscellaneous expenses, $11,000 in salaries and
employee benefits and $8,000 in equipment expenses, sufficient to offset
decreases of $6,000 in occupancy expense and $3,000 in advertising expense.

         Miscellaneous expenses increased $45,000 or 27.5% to $207,000 in 2006
from $162,000 in 2005 due mainly to expenses associated with the implementation
of the stock-based incentive plan and directors' retirement plan and additional
legal expenses. Salaries and employee benefits increased $11,000 or 5.4% to
$205,000 in 2006 from $194,000, reflecting expenses associated with the
implementation of the stock-based incentive plan and an increase in the number
of employees from 2005 to 2006. Equipment expenses increased $8,000 or 16.2% to
$60,000 in 2006 from $52,000 in 2005 due to the upgrade of various equipment.

                                     - 12 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

Comparison of Operating Results for the Three Months Ended March 31, 2006 and
2005 (Cont'd.)

         Occupancy expenses decreased $6,000 or 15.5% to $30,000 in 2006 from
$36,000 in 2005 due to decreases in repairs and maintenance expense of the
banking facility. Advertising expenses decreased $3,000 or 20.6% to $9,000 in
2006 from $12,000 in 2005 due to an effort to contain cost through the reduction
in the purchases of promotional items.

         Income Tax Expense. The provision for income taxes decreased to $53,000
for the three months ended March 31, 2006 from $76,000 for the three months
ended March 31, 2005. The decrease in the provision for income taxes was
primarily due to a decrease of $57,000 in income before income taxes to $139,000
for the three months ended March 31, 2006, as compared to $196,000 for the three
months ended March 31, 2005.


Management of Market Risk

         General. The majority of our assets and liabilities are monetary in
nature. Consequently, our most significant form of market risk is interest rate
risk. Our assets, consisting primarily of mortgage loans, have longer maturities
than our liabilities, consisting primarily of deposits. As a result, a principal
part of our business strategy is to manage interest rate risk and reduce the
exposure of our net interest income to changes in market interest rates. Our
full board of directors is responsible for evaluating the interest rate risk
inherent in our assets and liabilities, for determining the level of risk that
is appropriate, given our business strategy, operating environment, capital,
liquidity and performance objectives, and for managing this risk consistent with
the guidelines approved by the board of directors. Senior management monitors
the level of interest rate risk and reports to the board of directors on a
regular basis with respect to our asset/liability policies and interest rate
risk position.

         We have emphasized the origination of fixed-rate mortgage loans for
retention in our portfolio in order to maximize our net interest income. We
accept increased exposure to interest rate fluctuations as a result of our
investment in such loans. In a period of rising interest rates, our net interest
rate spread and net interest income may be negatively affected. In addition, we
have sought to manage and mitigate our exposure to interest rate risks in the
following ways:

     o   We maintain moderate levels of short-term liquid assets. At March 31,
         2006, our short-term liquid assets totaled $3.2 million;

     o   We originate for portfolio adjustable-rate mortgage loans and
         adjustable home equity lines of credit. At March 31, 2006, our
         adjustable-rate mortgage loans totaled $14.8 million and our adjustable
         home equity lines of credit totaled $6.5 million;

     o   We attempt to increase the maturity of our liabilities as market
         conditions allow. In particular, in recent years, we have emphasized
         intermediate- to long-term FHLB advances as a source of funds. At March
         31, 2006, we had $6.7 million of FHLB advances with terms to maturity
         of between three and ten years; and

     o   We invest in securities with step-up rate features providing for
         increased interest rates prior to maturity according to a
         pre-determined schedule and formula. However, these step-up rates may
         not keep pace with rising interest rates in the event of a rapidly
         rising rate environment. In addition, these investments may be called
         at the option of the issuer.

                                     - 13 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------


Management of Market Risk (Cont'd.)

         Net Portfolio Value. The Company switched to a different outside vendor
for the period ended March 31, 2006 compared to the period ended December 31,
2005 to prepare the computation of accounts by which the net present value of
the Bank's cash flow from assets, liabilities and off balance sheet items (the
Bank's net portfolio value or "NPV") would change in the event of a range of
assumed changes in market interest rates. As a result of differences in the
methodology in the calculation of NPV by these two different vendors, the
results for these two periods will be different.

         Both vendors provided the Company with an interest rate sensitivity
report of net portfolio value by utilizing a simulation model that uses a
discounted cash flow analysis and an option-based pricing approach to measuring
the interest rate sensitivity of net portfolio value. The model estimates the
economic value of each type of asset, liability and off-balance sheet contract
under the assumption that the yield curve increases or decreases instantaneously
by 100 and 200 basis points. A basis point equals one-hundredth of one percent,
and 100 basis points equals one percent. An increase in interest rates from 3%
to 5% would mean, for example, a 200 basis point increase in the change of
interest rates.

         The following table sets forth the Bank's NPV as of March 31, 2006, the
most recent date the Bank's NPV was calculated.
<TABLE>
<CAPTION>

Change in                                                          Net Portfolio Value as a Percentage
---------------              Net Portfolio Value                        of Present Value of Assets
Interest Rates    --------------------------------------------    ------------------------------------
---------------    Estimated       Amount of       Percent of                       Change in Basis
(basis points)        NPV            Change          Change         NPV Ratio             Points
---------------   ------------    ------------    ------------    ------------     -------------------
                                             (Dollars in Thousands)

<S>                   <C>             <C>                   <C>              <C>        <C>
    +200          $     13,666    $     (2,685)       (16.4)%          16.44%       (177) basis points
    +100                15,128          (1,223)        (7.5)           17.49         (72) basis points
       0                16,351              --           --            18.21          --  basis points
    -100                17,378           1,027          6.3            18.67          46  basis points
    -200                17,903           1,552          9.5            18.63          42  basis points
</TABLE>

         The table above indicates that at March 31, 2006, in the event of a 200
basis point decrease in interest rates, we would experience a 9.5% increase in
net portfolio value. In the event of a 200 basis point increase in interest
rates, we would experience a 16.4% decrease in net portfolio value.

         Certain shortcomings are inherent in the methodology used in the above
interest rate risk measurement. Modeling changes in net portfolio value require
making certain assumptions that may or may not reflect the manner in which
actual yields and costs respond to changes in market interest rates. In this
regard, the net portfolio value table presented assumes that the composition of
our interest-sensitive assets and liabilities existing at the beginning of a
period remains constant over the period being measured and assumes that a
particular change in interest rates is reflected uniformly across the yield
curve regardless of the duration or repricing of specific assets and
liabilities. Accordingly, although the net portfolio value table provides an
indication of our interest rate risk exposure at a particular point in time,
such measurements are not intended to and do not provide a precise forecast of
the effect of changes in market interest rates on its net interest income and
will differ from actual results.

                                     - 14 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

Liquidity and Capital Resources

The Bank is required to maintain levels of liquid assets sufficient to ensure
the Bank's safe and sound operation. Liquidity is the ability to meet current
and future financial obligations of a short-term nature. The Bank adjusts its
liquidity levels in order to meet funding needs for deposit outflows, payment of
real estate taxes from escrow accounts on mortgage loans, repayment of
borrowings, when applicable, and loan funding commitments. The Bank also adjusts
its liquidity level as appropriate to meet its asset/liability objectives.

The Bank's primary sources of funds are deposits, amortization and prepayments
of loans and mortgage-backed securities principal, FHLB advances, maturities of
investment securities and funds provided from operations. While scheduled loan
and mortgage-backed securities amortization and maturing investment securities
are a relatively predictable source of funds, deposit flow and loan and
mortgage-backed securities prepayments are greatly influenced by market interest
rates, economic conditions and competition.

The Bank's liquidity, represented by cash and cash equivalents, is a product of
its operating, investing and financing activities.

The primary sources of investing activity are lending and the purchase of
securities. Net loans amounted to $67.3 million and $66.4 million at March 31,
2006 and December 31, 2005, respectively. Securities available for sale totaled
$2.5 million and $3.0 million at March 31, 2006 and December 31, 2005,
respectively. Securities held to maturity totaled $19.2 million and $18.8
million at March 31, 2006 and December 31, 2005, respectively. In addition to
funding new loan production and securities purchases through operating and
financing activities, such activities were funded by principal repayments on
existing loans, mortgage-backed securities, and borrowings from FHLB.

Liquidity management is both a daily and long-term function of business
management. Excess liquidity is generally invested in short-term investments,
such as federal funds and interest-bearing deposits. If the Bank requires funds
beyond its ability to generate them internally, borrowing agreements exist with
the FHLB which provide an additional source of funds. At March 31, 2006,
advances from the FHLB amounted to $26.3 million.

The Bank anticipates that it will have sufficient funds available to meet its
current loan commitments. At March 31, 2006, the Bank has outstanding
commitments to originate loans of $1.6 million. Certificates of deposit
scheduled to mature in one year or less at March 31, 2006, totaled $18.4
million. Management believes that, based upon its experience and the Bank's
deposit flow history, a significant portion of such deposits will remain with
the Bank.
                                     - 15 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                  ---------------------------------------------

The following table sets forth the Bank's capital position at March 31, 2006, as
compared to the minimum regulatory capital requirements:
<TABLE>
<CAPTION>

Lincoln Park Bancorp                                                                        To Be Well
                                                                                           Capitalized
                                                                                           Under Prompt
                                                               Minimum Capital              Corrective
                                         Actual                  Requirements           Actions Provisions
                                ------------------------   ------------------------  ------------------------
                                  Amount       Ratio         Amount       Ratio        Amount       Ratio
                                -----------  -----------   -----------  -----------  -----------  -----------
<S>                             <C>             <C>        <C>             <C>       <C>            <C>
Total Risk Based Capital
  (to risk-weighted assets)     $     9,816     19.65%     $     3,997     8.00%     $     4,996    10.00%

Tier 1 Capital
  (to risk-weighted assets)           9,654     19.32%           1,998     4.00%           2,997     6.00%

Core (Tier 1) Capital
  (to average total assets)           9,654     10.58%           3,649     4.00%           4,562     5.00%

Tangible Capital
  (to adjusted total assets)          9,654     10.58%           1,369     1.50%              --       --
</TABLE>

                                     - 16 -
<PAGE>

                       LINCOLN PARK BANCORP AND SUBSIDIARY
                             CONTROLS AND PROCEDURES
                             -----------------------

ITEM 3.

Under the supervision and with the participation of our management, including
our Chief Executive Officer and Chief Financial Officer, we evaluated the
effectiveness of the design and operation of our disclosure controls and
procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934) as of the end of the period covered by this report. Based
upon that evaluation, the Chief Executive Officer and the Chief Financial
Officer has concluded that, as of the end of the period covered by this report,
our disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Company files or submits under
the Securities Exchange Act of 1934, is recorded, processed, summarized and
reported within the applicable time periods specified by the SEC's rules and
forms. There has been no change in the Company's internal control over financial
reporting during the Company's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the Company's internal
control over financial reporting.

                                     - 17 -
<PAGE>

                              LINCOLN PARK BANCORP

                                     PART II

ITEM 1.  Legal Proceedings
         -----------------

         Neither the Company nor the Bank is involved in any pending legal
         proceedings other than routine legal proceedings occurring in the
         ordinary course of business, which involve amounts in the aggregate
         believed by management to be immaterial to the financial condition of
         the Company and the Bank.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
        -----------------------------------------------------------

         a)       Not applicable

         b)       Not applicable

         c)       Information regarding the Company's purchases of its equity
                  securities (common stock) during the three months ended March
                  31, 2006 is summarized below:
<TABLE>
<CAPTION>

-------------------------------- ------------------- ------------------- ---------------------- ----------------------
                                 Total Number of     Average Price       Total Number of        Maximum Number of
                                 Shares Purchased    Paid For Shares     Shares Purchased       Shares That May Yet
                                                                         Under a Publicly       Be Purchased Under
                                                                         Announced Repurchase   Repurchased Plan
                                                                         Plan
-------------------------------- ------------------- ------------------- ---------------------- ----------------------
<S>                              <C>                   <C>                  <C>                       <C>
January 1 - January 31             11,700                $9.65                11,700                    24,589
February 1 - February 28            7,005                $9.71                 7,005                    17,584
March 1 - March 31                     --                   --                    --                    17,584 (1)
-------------------------------- ------------------- ------------------- ---------------------- ----------------------
</TABLE>

         (1)      The 18,705 shares repurchased thus far were for purposes of
                  funding the restricted stock of the Company's 2005 Stock-Based
                  Incentive Plan.

ITEM 3.  Defaults Upon Senior Securities
         -------------------------------

           Not applicable.

ITEM 4. Submission of Matters to a Vote of Security Holders
        ---------------------------------------------------

         The annual meeting of stockholders of the registrant was held on April
         20, 2006. At the meeting, the stockholders elected David G. Baker and
         John F. Feeney to three-year terms as directors of the Company. Also at
         the meeting, Beard Miller Company LLP was ratified as the Company's
         independent auditors. The results of the voting for each matter
         considered were as follows:

         a)       The election as director to serve for a term of three years
                  until a successor has been elected and qualified.

                                               For            Withheld
                                            ---------         --------
                  David G. Baker            1,748,391           42,202
                  John F. Feeney            1,748,526           42,067


                                     - 18 -
<PAGE>

                              LINCOLN PARK BANCORP

                                     PART II


         b)       The appointment of Beard Miller Company LLP as auditors of the
                  Company for the fiscal year ending December 31, 2006.

                              For       Withheld    Abstain
                           ---------    --------    -------
                           1,788,093     2,000        -0-

         In addition, the following directors, in addition to those elected,
         continue to serve as directors after the annual meeting of
         stockholders:

                           Stanford Stoller
                           Edith M. Perrotti
                           William H. Weisbrod


ITEM 5. Other Information
        -----------------

         Not applicable.

ITEM 6. Exhibits
        --------

         The following Exhibits are filed as part of this report.

         11.0     Computation of earnings per share.

         31.1     Certification of Chief Executive Officer Pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002.

         31.2     Certification of Chief Financial Officer Pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002.

         32       Certification of Chief Executive Officer and Chief Financial
                  Officer Pursuant to n 906 of the Sarbanes-Oxley Act of 2002


                                     - 19 -
<PAGE>

                                   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, thereunto duly authorized.


                                       LINCOLN PARK BANCORP


Date:     May 15, 2006                 /s/ DONALD S. HOM
        -------------------            -----------------------------------------
                                       Donald S. Hom
                                       President and Chief Executive Officer
                                       (Principal Executive and Financial
                                       Officer)


Date:     May 15, 2006                 /s/ NANDINI MALLYA
        -------------------            -----------------------------------------
                                       Nandini Mallya
                                       Vice President and Treasurer
                                       (Principal Accounting Officer)

                                     - 20 -