----

----

----

**OR**

|                                                                                 |
|--------------------------------------------------------------------------------------|
| 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) |

**X      **

----

|                                             |                                                                                    | Page   |
|--------------------------------------------------|-----------------------------------------------------------------------------------------|--------|
| PART                I - FINANCIAL INFORMATION    |                                                                                    | Number |
|                                             |                                                                                    |   |
| Item                1:       | Financial                Statements                                                     |   |   |
|                                             |                                                                                    |   |   |
|                                             | Consolidated                Statements of Financial Condition                           |   |   |
|                                             | at                June 30, 2007 and December 31, 2006 (Unaudited)                       |   | 1 |
|                                             |                                                                                    |   |   |
|                                             |                                                                                    |   |   |
|                                             | Consolidated                Statements of Income for the Three Months and               |   |   |
|                                             | Six                Months Ended June 30, 2007 and 2006 (Unaudited)                 |   | 2 |
|                                             |                                                                                    |   |   |
|                                             |                                                                                    |   |   |
|                                             | Consolidated                Statements of Changes in Stockholders’ Equity for the |   |   |
|                                             | Six Months                Ended June 30, 2007 and 2006 (Unaudited)            |   | 3 |
|                                             |                                                                                    |   |   |
|                                             |                                                                                    |   |   |
|                                             | Consolidated                Statements of Cash Flows for the Six Months            |   |   |
|                                             | Ended                June 30, 2007 and 2006 (Unaudited)                                 |   | 4 |
|                                             |                                                                                    |   |   |
|                                             |                                                                                    |   |   |
|                                             | Notes                to Consolidated Financial Statements (Unaudited)                   |   | 5                -                10 |
|                                             |                                                                                    |   |   |
|                                             |                                                                                    |   |   |
| Item                2:       | Management’s                Discussion and Analysis of                            |   |   |
|                                             | Financial                Condition and Results of Operations                            |   | 11                - 18 |
|                                             |                                                                                    |   |
|                                             |                                                                                    |   |
| Item                3:       | Controls                and Procedures                                                  |   | 19 |
|                                             |                                                                                    |   |   |
| PART                II - OTHER INFORMATION  |                                                                                    |   |
|                                             |                                                                                    |   | 20                - 21 |
| Item              1:              | Legal              Proceedings                                                          |   |   |
| Item              2:              | Unregistered              Sales of              Equity Securities and Use of Proceeds   |   |   |
| Item 3:                           | Defaults Upon              Senior              Securities                               |   |   |
| Item 4:                           | Submission              of Matters              to a Vote of Security Holers            |   |   |
| Item 5:                           | Other              Information                                                          |   |   |
| Item 6:                           | Exhibits                                                                                |   |   |
|                                             |                                                                                    |   |
| SIGNATURES                                       |                                                                                    | 22     |
|                                             |                                                                                    |   |

----

|                                                                                                   |   | June                  30, |       | December                  31, |   |
|--------------------------------------------------------------------------------------------------------|--------|---------------------------|------------|-------------------------------|--------|
| ASSETS                                                                                                 |   | 2007                      |       | 2006                          |   |
|                                                                                                   |   |                      |       |                          |   |
| Cash                  and amounts due from depository institutions                                     |   | $                         | 1,167,428  |                          | $      | 1,228,459 |   |
| Interest-bearing                  deposits in other banks                                              |   |                      | 1,237,484  |                          |   | 1,372,050 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Total                  cash and cash equivalents                                                       |   |                      | 2,404,912  |                          |   | 2,600,509 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Term                  deposits                                                                         |   |                      | 390,523    |                          |   | 189,771 |   |
| Securities                  available for sale                                                         |   |                      | 2,596,656  |                          |   | 2,573,628 |   |
| Securities                  held to maturity                                                           |   |                      | 18,129,079 |                          |   | 18,334,915 |   |
| Loans                  receivable, net of allowance for loan losses of 2007                  $187,000; |   |                      |       |                          |   |   |   |
| and                  2006 $136,000**;**                  respectively                                  |   |                      | 72,694,185 |                          |   | 67,450,821 |   |
| Premises                  and equipment                                                                |   |                      | 820,245    |                          |   | 851,357 |   |
| Federal                  Home Loan Bank of New York stock, at cost                                     |   |                      | 1,146,400  |                          |   | 1,121,400 |   |
| Interest                  receivable                                                                   |   |                      | 539,846    |                          |   | 489,495 |   |
| Other                  assets                                                                          |   |                      | 439,841    |                          |   | 358,258 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Total                  assets                                                                          |   | $                         | 99,161,687 |                          | $      | 93,970,154 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY                                                  |   |                      |       |                          |   |   |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Liabilities:                                                                                           |   |                      |       |                          |   |   |   |
| Deposits:                                                                                         |   |                      |       |                          |   |   |   |
| Non-interest                  bearing deposits                                                    |   | $                         | 1,355,009  |                          | $      | 768,473 |   |
|  Interest                  bearing deposits                                                       |   |                      | 60,965,502 |                          |   | 57,075,421 |   |
| Total                  deposits                                                                        |   |                      | 62,320,511 |                          |   | 57,843,894 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Advances                  from Federal Home Loan Bank of New York                                 |   |                      | 22,479,368 |                          |   | 21,978,331 |   |
| Advance                  payments by borrowers for taxes and insurance                            |   |                      | 424,446    |                          |   | 360,771 |   |
| Other                  liabilities                                                                |   |                      | 590,792    |                          |   | 542,848 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Total                  liabilities                                                                     |   |                      | 85,815,117 |                          |   | 80,725,844 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| 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                                                       |   |                      | 7,519,352  |                          |   | 7,484,694 |   |
| Retained                  earnings - substantially restricted                                     |   |                      | 6,301,510  |                          |   | 6,252,608 |   |
| Unearned                  ESOP shares                                                             |   |                      | (337,181   | )                             |   | (346,861 | ) |
| Accumulated                  other comprehensive loss                                             |   |                      | (155,626   | )                             |   | (164,646 | ) |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Total                  Stockholders' equity                                                            |   |                      | 13,346,570 |                          |   | 13,244,310 |   |
|                                                                                                   |   |                      |       |                          |   |   |   |
| Total                  liabilities and stockholders' equity                                            |   | $                         | 99,161,687 |                          | $      | 93,970,154 |   |

----

|                                                                 |   | Three                  Months Ended |      | Six                  Months Ended |   |
|----------------------------------------------------------------------|--------|-------------------------------------|-----------|-----------------------------------|--------|
|                                                                 |   | June                  30,           |      | June                  30,         |   |
|                                                                 |   | 2007                                |      | 2006                              |   | 2007 |   | 2006 |   |
| Interest                  income:                                    |   |                                |      |                              |   |   |   |   |   |
| Loans                                                                |   | $                                   | 1,032,364 |                              | $      | 953,554 |   | $ | 2,005,982 |   | $ | 1,860,777 |   |
| Securities                                                           |   |                                | 271,110   |                              |   | 261,709 |   |   | 538,130 |   |   | 526,382 |   |
| Other                  interest-earning assets                       |   |                                | 12,721    |                              |   | 16,277 |   |   | 27,621 |   |   | 26,645 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
|  Total                  interest income                         |   |                                | 1,316,195 |                              |   | 1,231,540 |   |   | 2,571,733 |   |   | 2,413,804 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Interest                  expense:                                   |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Deposits                                                             |   |                                | 533,833   |                              |   | 343,770 |   |   | 1,029,599 |   |   | 652,992 |   |
| Advances                  and other borrowed money                   |   |                                | 229,130   |                              |   | 282,766 |   |   | 461,239 |   |   | 532,704 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
|  Total                  interest expense                        |   |                                | 762,963   |                              |   | 626,536 |   |   | 1,490,838 |   |   | 1,185,696 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Net                  interest income                                 |   |                                | 553,232   |                              |   | 605,004 |   |   | 1,080,895 |   |   | 1,228,108 |   |
| Provision                  for loan losses                           |   |                                | 44,400    |                              |   | 116 |   |   | 51,000 |   |   | 3,616 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Net                  interest income after provision for loan losses |   |                                | 508,832   |                              |   | 604,888 |   |   | 1,029,895 |   |   | 1,224,492 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Non-interest                  income:                                |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Fees                  and service charges                            |   |                                | 25,909    |                              |   | 18,036 |   |   | 49,517 |   |   | 36,635 |   |
| Gains                  on calls of securities held to maturity       |   |                                | -         |                              |   | 500 |   |   | - |   |   | 500 |   |
| Gains                  on sale of securities available for sale      |   |                                | 6,879     |                              |   | - |   |   | 10,181 |   |   | 9,612 |   |
| Miscellaneous                                                        |   |                                | 6,534     |                              |   | 5,879 |   |   | 11,516 |   |   | 10,940 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
|  Total                  non-interest income                     |   |                                | 39,322    |                              |   | 24,415 |   |   | 71,214 |   |   | 57,687 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Non-interest                  expenses:                              |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Salaries                  and employee benefits                      |   |                                | 233,314   |                              |   | 208,742 |   |   | 458,441 |   |   | 413,588 |   |
| Net                  occupancy expense of premises                   |   |                                | 27,800    |                              |   | 25,242 |   |   | 55,606 |   |   | 55,252 |   |
| Equipment                                                            |   |                                | 60,610    |                              |   | 56,447 |   |   | 126,690 |   |   | 116,851 |   |
| Advertising                                                          |   |                                | 17,247    |                              |   | 10,505 |   |   | 25,324 |   |   | 20,238 |   |
| Federal                  insurance premium                           |   |                                | 1,775     |                              |   | 1,740 |   |   | 3,481 |   |   | 3,570 |   |
| Miscellaneous                                                        |   |                                | 184,732   |                              |   | 173,284 |   |   | 360,026 |   |   | 380,332 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
|  Total                  non-interest expenses                   |   |                                | 525,478   |                              |   | 475,960 |   |   | 1,029,568 |   |   | 989,831 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Income                  before income taxes                          |   |                                | 22,676    |                              |   | 153,343 |   |   | 71,541 |   |   | 292,348 |   |
| Income                  taxes                                        |   |                                | 6,407     |                              |   | 58,566 |   |   | 20,603 |   |   | 111,305 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Net                  income                                          |   | $                                   | 16,269    |                              | $      | 94,777 |   | $ | 50,938 |   | $ | 181,043 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Net                  income per common share:                        |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Basic                                                           |   | $                                   | 0.01      |                              | $      | 0.05 |   | $ | 0.03 |   | $ | 0.10 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Weighted                  average number of common shares and        |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| common                  stock equivalents outstanding:               |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Basic                                                           |   |                                | 1,788,506 |                              |   | 1,794,046 |   |   | 1,788,294 |   |   | 1,800,163 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Net                  income per common share:                        |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Diluted                                                         |   | $                                   | 0.01      |                              | $      | 0.05 |   | $ | 0.03 |   | $ | 0.10 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Weighted                  average number of common shares and        |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| common                  stock equivalents outstanding:               |   |                                |      |                              |   |   |   |   |   |   |   |   |   |
| Diluted                                                         |   |                                | 1,788,506 |                              |   | 1,798,922 |   |   | 1,794,698 |   |   | 1,804,325 |   |
|                                                                 |   |                                |      |                              |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                           |   |   | **CommonStock** | ** ** | ** ** | **Additional****Paid-inCapital** | ** ** | ** ** | **Retained                  Earnings ** | ** ** | ** ** | **Unearned****ESOPShares** | ** ** | ** ** | **Accumulated                  Other Comprehensive Loss** | ** ** | ** ** | **Total**  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------|------------|------------|----------------------------------|------------|------------|----------------------------------------------|------------|------------|----------------------------|------------|------------|-----------------------------------------------------------|------------|------------|-----------------|--------|
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| **Balance                  - December 31, 2005**                                                                                                                                               |   | $      | 18,515          |       | $          | 7,776,418                        |       | $          | 5,982,726                                    |       | $          | (366,220                   | )          | $          | (23,901                                                   | )          | $          | 13,387,538      |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| Comprehensive                  income:                                                                                                                                                         |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| Net                  income for the six months endedJune                  30, 2006                                                                                                             |   |   | -               |       |       | -                                |       |       | 181,043                                      |       |       | -                          |       |       | -                                                         |       |       | 181,043         |   |
| Other                  comprehensive loss:Unrealized                  holding loss onsecurities                  available for sale, net ofdeferred                  income taxes of ($13,739) |   |   | -               |       |       | -                                |       |       | -                                            |       |       | -                          |       |       | (20,593                                                   | )          |       | (20,593         | )      |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| **Total                  Comprehensive Income**                                                                                                                                                |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       | **160,450**     |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| Purchase                  of restricted stock                                                                                                                                                  |   |   | -               |       |       | (355,778                         | )          |       | -                                            |       |       | -                          |       |       | -                                                         |       |       | (355,778        | )      |
| Restricted                  stock earned                                                                                                                                                       |   |   |            |       |       | 15,224                           |       |       |                                         |       |       |                       |       |       |                                                      |       |       | 15,224          |   |
| Stock                  Options                                                                                                                                                                 |   |   |            |       |       | 20,328                           |       |       |                                         |       |       |                       |       |       |                                                      |       |       | 20,328          |   |
| Dividends                  paid                                                                                                                                                                |   |   |            |       |       |                             |       |       | (40,882                                      | )          |       |                       |       |       |                                                      |       |       | (40,882         | )      |
| ESOP                  shares committed to be released                                                                                                                                          |   |   | -               |       |       | -                                |       |       | (1,427                                       | )          |       | 9,680                      |       |       | -                                                         |       |       | 8,253           |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| **Balance                  - June 30, 2006**                                                                                                                                                   |   | $      | 18,515          |       | $          | 7,456,192                        |       | $          | 6,121,460                                    |       | $          | (356,540                   | )          | $          | (44,494                                                   | )          | $          | 13,195,133      |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| **Balance                  - December 31, 2006**                                                                                                                                               |   | $      | 18,515          |       | $          | 7,484,694                        |       | $          | 6,252,608                                    |       | $          | (346,861                   | )          | $          | (164,646                                                  | )          | $          | 13,244,310      |   |
| Comprehensive                  income:                                                                                                                                                         |   |   | **-**           |       |       | **-**                            |       |       | **-**                                        |       |       | **-**                      |       |       | **-**                                                     |       |       | **-**           |   |
| Net                  income for the six months endedJune                  30, 2007                                                                                                             |   |   | **-**           |       |       | **-**                            |       |       | 50,938                                       |       |       | **-**                      |       |       | **-**                                                     |       |       | 50,938          |   |
| Other                  comprehensive income:                                                                                                                                                   |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| Unrealized                  holding gain on securities available for sale, net of deferred                  income                  taxes of $693                                              |   |   | **-**           |       |       | **-**                            |       |       | **-**                                        |       |       | **-**                      |       |       | 405                                                       |       |       | 405             |   |
| Directors’                  retirement plan, net of deferred taxes of $5,793                                                                                                             |   |   | **-**           |       |       | **-**                            |       |       | **-**                                        |       |       | **-**                      |       |       | 8,615                                                     |       |       | 8,615           |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| **Total                  Comprehensive Income**                                                                                                                                                |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       | **59,958**      |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| Restricted                  stock earned                                                                                                                                                       |   |   | **-**           |       |       | 16,216                           |       |       | -                                            |       |       | -                          |       |       | -                                                         |       |       | 16,216          |   |
| Stock                  options                                                                                                                                                                 |   |   | **-**           |       |       | 18,442                           |       |       | -                                            |       |       | -                          |       |       | -                                                         |       |       | 18,442          |   |
| ESOP                  shares committed to be released                                                                                                                                          |   |   | **-**           |       |       | -                                |       |       | (2,036                                       | )          |       | 9,680                      |       |       | -                                                         |       |       | 7,644           |   |
|                                                                                                                                                                                           |   |   |            |       |       |                             |       |       |                                         |       |       |                       |       |       |                                                      |       |       |            |   |
| **Balance                  - June 30, 2007**                                                                                                                                                   |   | $      | 18,515          |       | $          | 7,519,352                        |       | $          | 6,301,510                                    |       | $          | (337,181                   | )          | $          | (155,626                                                  | )          | $          | 13,346,570      |   |

----

|                                                                                 |   | Six                  Months Ended |        |
|--------------------------------------------------------------------------------------|--------|-----------------------------------|-------------|
|                                                                                 |   | June                  30,         |        |
|                                                                                 |   | 2007                              |        | 2006 |   |
| Cash                  flows from operating activities:                               |   |                              |        |   |   |
| Net                  income                                                          |   | $                                 | 50,938      |   | $ | 181,043 |   |
| Adjustments                  to reconcile net income to net                          |   |                              |        |   |   |   |   |
| cash                  provided by operating activities:                              |   |                              |        |   |   |   |   |
| Depreciation                  of premises and equipment                              |   |                              | 34,146      |   |   | 33,528 |   |
| Amortization                  and accretion, net                                     |   |                              | 9,540       |   |   | 17,701 |   |
| Net                  gain on sale of securities available for sale                   |   |                              | (10,181     | ) |   | (9,612 | ) |
| Gain                  on calls of securities held to maturity                        |   |                              | -           |   |   | (500 | ) |
| Provision                  for loan losses                                           |   |                              | 51,000      |   |   | 3,616 |   |
| Increase                  in interest receivable                                     |   |                              | (50,351     | ) |   | (37,146 | ) |
| (Increase)                  decrease in other assets                                 |   |                              | (57,996     | ) |   | 191,163 |   |
| (Decrease)                  increase in accrued interest payable                     |   |                              | (1,500      | ) |   | 11,000 |   |
| Deferred                  taxes                                                      |   |                              | (24,290     | ) |   | (45,589 | ) |
| Increase                  (decrease) in other liabilities                            |   |                              | 60,918      |   |   | (149,598 | ) |
| ESOP                  shares committed to be released                                |   |                              | 7,644       |   |   | 8,253 |   |
| Restricted                  Stock earned                                             |   |                              | 16,216      |   |   | 15,224 |   |
| Stock                  options                                                       |   |                              | 18,442      |   |   | 20,328 |   |
| Net                  cash provided by operating activities                      |   |                              | 104,526     |   |   | 239,411 |   |
|                                                                                 |   |                              |        |   |   |   |   |
| Cash                  flows from investing activities:                               |   |                              |        |   |   |   |   |
| Purchases                  of term deposits                                          |   |                              | (297,000    | ) |   | - |   |
| Proceeds                  from maturities of term deposits                           |   |                              | 99,000      |   |   | - |   |
| Purchases                  of securities available for sale                          |   |                              | (322,336    | ) |   | (72,262 | ) |
| Proceeds                  from maturities and calls of securities available for sale |   |                              | -           |   |   | 500,000 |   |
| Proceeds                  from sales of securities available for sale                |   |                              | 299,837     |   |   | 24,298 |   |
| Principal                  repayments on securities available for sale               |   |                              | 10,396      |   |   | 15,996 |   |
| Purchases                  of securities held to maturity                            |   |                              | -           |   |   | (1,000,000 | ) |
| Proceeds                  from maturities and calls of securities held to maturity   |   |                              | 100,000     |   |   | 710,500 |   |
| Principal                  repayments on securities held to maturity                 |   |                              | 105,608     |   |   | 139,834 |   |
| Net                  increase in loans receivable                                    |   |                              | (5,306,064  | ) |   | (2,688,221 | ) |
| Additions                  to premises and equipment                                 |   |                              | (3,034      | ) |   | (33,817 | ) |
| Purchase                  of Federal Home Loan Bank of New York stock                |   |                              | (133,800    | ) |   | (265,800 | ) |
| Redemption                  of Federal Home Loan Bank of New York stock              |   |                              | 108,800     |   |   | 139,000 |   |
|                                                                                 |   |                              |        |   |   |   |   |
| Net                  cash used in investing activities                          |   |                              | (5,338,593  | ) |   | (2,530,472 | ) |
|                                                                                 |   |                              |        |   |   |   |   |
| Cash                  flows from financing activities:                               |   |                              |        |   |   |   |   |
| Net                  increase in deposits                                            |   |                              | 4,473,758   |   |   | 199,235 |   |
| Proceeds                  from advances from Federal Home Loan Bank of New York      |   |                              | 29,800,000  |   |   | 49,250,000 |   |
| Repayments                  of advances from Federal Home Loan Bank of New York      |   |                              | (29,298,963 | ) |   | (46,807,797 | ) |
| Net                  increase in payments by borrowers for taxes and insurance       |   |                              | 63,675      |   |   | 37,596 |   |
| Purchase                  of restricted stock                                        |   |                              | -           |   |   | (355,778 | ) |
| Dividends                  paid                                                      |   |                              | -           |   |   | (40,882 | ) |
| Net                  cash provided by financing activities                      |   |                              | 5,038,470   |   |   | 2,282,374 |   |
|                                                                                 |   |                              |        |   |   |   |   |
| Net                  decrease in cash and cash equivalents                           |   |                              | (195,597    | ) |   | (8,687 | ) |
| Cash                  and cash equivalents - beginning                               |   |                              | 2,600,509   |   |   | 2,316,178 |   |
|                                                                                 |   |                              |        |   |   |   |   |
| Cash                  and cash equivalents - ending                                  |   | $                                 | 2,404,912   |   | $ | 2,307,491 |   |
|                                                                                 |   |                              |        |   |   |   |   |
| Supplemental                  information:                                           |   |                              |        |   |   |   |   |
| Cash                  paid during the period for:                                    |   |                              |        |   |   |   |   |
| Interest                  on deposits and borrowings                                 |   | $                                 | 1,491,736   |   | $ | 1,175,131 |   |
| Income                  taxes                                                        |   | $                                 | 480         |   | $ | 295,797 |   |

----

----

----

----

|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |
|----------------------------------------------------|--------|-------------------------------------------------------|--------|-----------------------------------------------------|--------|------------------------------|--------|----------------------------|--------|
|                                               |   | **Three                  Months Ended June 30, 2007** |   | **Six                  Months Ended June 30, 2007** |   |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |
|                                               |   |                                                  |   | Impact                  of                          |   |                         |   | Impact                  of |   |
|                                               |   |                                                  |   | Share-Based                                         |   |                         |   | Share-Based                |   |
|                                               |   |                                                  |   | Compensation                                        |   |                         |   | Compensation               |   |
|                                               |   | As                  Reported                          |   | Expense                                             |   | As                  Reported |   | Expense                    |   |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |
| Net                  operating income before taxes |   | $                                                     | 22,676 |                                                | $      | (17,373                      | )      | $                          | 71,541 |   | $ | (34,657 | ) |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |   |   |   |   |
| Net                  Income                        |   |                                                  | 16,269 |                                                |   | (15,173                      | )      |                       | 50,938 |   |   | (30,257 | ) |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |   |   |   |   |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |   |   |   |   |
| Earnings                  per share:               |   |                                                  |   |                                                |   |                         |   |                       |   |   |   |   |   |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |   |   |   |   |
| Basic                                              |   | $                                                     | 0.01   |                                                | $      | (0.01                        | )      | $                          | 0.03   |   | $ | (0.02 | ) |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |   |   |   |   |
| Diluted                                            |   | $                                                     | 0.01   |                                                | $      | (0.01                        | )      | $                          | 0.03   |   | $ | (0.02 | ) |
|                                               |   |                                                  |   |                                                |   |                         |   |                       |   |   |   |   |   |

----

|                                                        |   |        |   |                                    |   |                                                        |   |    |                     |
|-------------------------------------------------------------|--------|-------------|--------|----------------------------------------------|--------|-------------------------------------------------------------|--------|--------------|--------------------------|
|                                                        |   | **Options** |   | **Weighted****Average****Exercise****Price** |   | **Weighted****Average****Remaining****Contractual****Term** |   |         |                     |
|  Outstanding                at December 31, 2006  |   |        | 64,020 |                                         | $      | 8.91                                                        |   |         |                     |   |   |   |   |
|  Granted                                          |   |        | -      |                                         |   | -                                                           |   |         |                     |   |   |   |   |
|  Exercised                                        |   |        | -      |                                         |   | -                                                           |   |         |                     |   |   |   |   |
|  Forfeited                                        |   |        | -      |                                         |   | -                                                           |   |         |                     |   |   |   |   |
|                                                        |   |        |        |                                         |   |                                                        |   |         |                     |   |   |   |   |
|  Outstanding                at June 30, 2007      |   |        | 64,020 |                                         | $      | 8.91                                                        |   |         | 8.6                years |   |   |   |   |
|                                                        |   |        |        |                                         |   |                                                        |   |         |                     |   |   |   |   |
|  Exercisable                at June 30, 2007      |   |        | 10,018 |                                         | $      | 8.90                                                        |   |         | 8.6                years |   |   |   |   |

|                                                       |   |        |   |                                                               |   |
|------------------------------------------------------------|--------|-------------|--------|-------------------------------------------------------------------------|--------|
|                                                       |   | **Options** |   | **Weighted****Average****Grant Date****Fair                Value** |   |
|  Non-vested                at December 31, 2006  |   |        | 54,002 |                                                                    | $      | 3.34 |   |
|  Granted                                         |   |        | -      |                                                                    |   | - |   |
|  Vested                                          |   |        | -      |                                                                    |   | - |   |
|  Forfeited                                       |   |        | -      |                                                                    |   | - |   |
|                                                       |   |        |        |                                                                    |   |   |   |
|  Non-vested                at June 30, 2007      |   |        | 54,002 |                                                                    | $      | 3.34 |   |
|                                                       |   |        |        |                                                                    |   |   |   |

----

|                                                       |   |                     |   |                                                               |   |
|------------------------------------------------------------|--------|--------------------------|--------|-------------------------------------------------------------------------|--------|
|                                                       |   | **Restricted****Shares** |   | **Weighted****Average****Grant Date****Fair                Value** |   |
|  Non-vested                at December 31, 2006  |   |                     | 16,964 |                                                                    | $      | 8.90 |   |
|  Granted                                         |   |                     | -      |                                                                    |   | - |   |
|  Vested                                          |   |                     | -      |                                                                    |   | - |   |
|  Forfeited                                       |   |                     | -      |                                                                    |   | - |   |
|                                                       |   |                     |        |                                                                    |   |   |   |
|  Non-vested                at June 30, 2007      |   |                     | 16,964 |                                                                    | $      | 8.90 |   |
|                                                       |   |                     |        |                                                                    |   |   |   |

|                                               |  Six                Months Ended June                30, 2007 |
|----------------------------------------------------|--------------------------------------------------------------------|
| Service                Cost                        | $                4,882                                             |
| Interest                Cost                       | 9,768                                                              |
| Unrecognized                Past Service Liability | 14,358                                                             |
|                                               |                                                               |
| TOTAL                                              | $                29,008                                            |

----

**Forward-Looking      Statements.**

**Comparison      of Financial Condition at June 30, 2007 and December 31,      2006**

----

**Comparison      of Financial Condition at June 30, 2007 and December 31, 2006      (Cont’d.)**

**Comparison      of Operating Results for the Three Months Ended June 30, 2007 and      2006**

**General.      **

**Interest      Income. **

**Interest      Expense**
**.      **

----

**Comparison      of Operating Results for the Three Months Ended June 30, 2007 and 2006      (Cont’d.)**

**Net      Interest Income. **

**Provision      for Loan Losses**

**Non-interest      Income. **

**Non-interest      Expenses. **

----

**Comparison      of Operating Results for the Three Months Ended June 30, 2007 and 2006      (Cont’d.)**

**Income      Tax Expense. **

**Comparison      of Operating Results for the Six Months Ended June 30, 2007 and      2006**

**General.      **

**Interest      Income. **

**Interest      Expense. **

----

**Comparison      of Operating Results for the Six Months Ended June 30, 2007 and 2006      (Cont’d.)**

**Net      Interest Income**
**.      **

**Provision      for Loan Losses. **

**Non-interest      Income. **

**Non-interest      Expenses. **

**Income      Tax Expense. **

----

**Management      of Market Risk**

**General**

| ·   | We                maintain moderate levels of short-term liquid assets. At June 30,                2007,                our short-term liquid assets totaled $2.4 million; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                originate for portfolio adjustable-rate mortgage loans and adjustable                home                equity lines of credit. At June 30, 2007, our adjustable-rate mortgage                loans totaled $14.3 million and our adjustable home equity lines                of credit                totaled $5.3 million; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                attempt to increase the maturity of our liabilities as market conditions                allow. In particular, since 2004, we have emphasized intermediate-                to                long-term FHLB advances as a source of funds. At June 30, 2007, we                had                $3.1 million of FHLB advances with terms to maturity of between three                and                fifteen years; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Net      Portfolio Value.**

----

**Management      of Market Risk (Cont’d.)**

| **Change                in****Interest                Rates****(basis                points)** | **Net                Portfolio Value**    | **Net                Portfolio Value as a Percentage****of                Present Value of Assets** |
|------------------------------------------------------------------------------------------------|-------------------------------------------|-----------------------------------------------------------------------------------------------------|
|                                                                                           | **Estimated****NPV**                      | **Amount                of****Change**                                                              | **Percent                of****Change** | **NPV****Ratio** | **Change                in Basis****Points** |
|                                                                                           | **(Dollars                in Thousands)** |
| +200                                                                                           | $                13,157                   | $                (4,116)                                                                            | (23.8)% |                   14.75% | (327)                basis points |
| +100                                                                                           |                  15,224              |                   (2,049)                                                                 | (11.9)     | 16.46 | (156)                basis                points |
| 0                                                                                              |                  17,273              | —                                                                                             | — | 18.02 |                   —                  basis points |
| -100                                                                                           |                  19,120              |                  1,847                                                                         | 10.7    | 19.30 |                   128  basis points |
| -200                                                                                           |                  20,453              |                  3,180                                                                         | 18.4                   | 20.07 |                    205  basis points |

**Liquidity      and Capital Resources**

----

**Liquidity      and Capital Resources (Cont’d.)**

|                                          |   |                                    |   |         |   |                                |   |       |   | To                  Be Well   |   |
|-----------------------------------------------|--------|-----------------------------------------|--------|--------------|--------|-------------------------------------|--------|------------|--------|-------------------------------|--------|
|                                          |   |                                    |   |         |   |                                |   |       |   | Capitalized                   |   |
|                                          |   |                                    |   |         |   |                                |   |       |   | Under                  Prompt |   |
|                                          |   |                                    |   |         |   | Minimum                  Capital    |   | Corrective |   |
|                                          |   | Actual                                  |   | Requirements |   | Actions                  Provisions |   |
|                                          |   | Amount                                  |   | Ratio        |   | Amount                              |   | Ratio      |   | Amount                        |   | Ratio |   |
|                                          |   | (dollars                  in thousands) |   |
|                                          |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |
| Total                  Capital                |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |
| (to                  risk-weighted assets)    |   | $                                       | 9,685  |         |   | 17.85                               | %      | $          | 4,340  |                          |   | 8.00 | % | $ | 5,425 |   |   | 10.00 | % |
|                                          |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |   |   |   |   |   |   |
| Tier                  1 Capital               |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |   |   |   |   |   |   |
| (to                  risk-weighted assets)    |   |                                    | 9,498  |         |   | 17.51                               | %      |       | 2,170  |                          |   | 4.00 | % |   | 3,255 |   |   | 6.00 | % |
|                                          |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |   |   |   |   |   |   |
| Core                  (Tier 1) Capital        |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |   |   |   |   |   |   |
| (to                  average total assets)    |   |                                    | 9,498  |         |   | 10.13                               | %      |       | 3,750  |                          |   | 4.00 | % |   | 4,688 |   |   | 5.00 | % |
|                                          |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |   |   |   |   |   |   |
| Tangible                  Capital             |   |                                    |   |         |   |                                |   |       |   |                          |   |   |   |   |   |   |   |   |   |
| (to                  adjusted average assets) |   |                                    | 9,498  |         |   | 10.13                               | %      |       | 1,406  |                          |   | 1.50 | % |   | - |   |   | - |   |

----

| CONTROLS                AND PROCEDURES |
|----------------------------------------|

----

| a)   | Not                applicable |
|----------------|-------------------------------|

| b)   | Not                applicable |
|----------------|-------------------------------|

| c)   | Information                regarding the Company’s purchases of its equity securities (common stock)                during the three months ended June 30, 2007 is summarized                below: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                            | Total                Number of                Shares Purchased | Average                Price Paid                For Shares | Total                Number of Shares                Purchased Under                a Publicly Announced                Repurchase                Plan | Maximum                Number of                Shares That May Yet                Be Purchased Under                Repurchased Plan |
|---------------------------------|----------------------------------------------------------------|-------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
| April                1-April 30 | -                                                              | -                                                           | -                                                                                                                                                      | -                                                                                                                                     |
| May                1 - May 31   | -                                                              | -                                                           | -                                                                                                                                                      | -                                                                                                                                     |
| June                1 - June 30 | -                                                              | -                                                           | -                                                                                                                                                      | -                                                                                                                                     |

----

|  | 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                Section                906 of theSarbanes-Oxley                Act of 2002. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                   | LINCOLN                PARK BANCORP                  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|
|                                                                                                                                                                                                                                   |                                                 |
|                                                                                                                                                                                                                                   |                                                 |
| Date:    August                14,                2007                           | /s/                David G. Baker                    |
|                                                                                                                                                                                                                                   | David                G. Baker                        |
|                                                                                                                                                                                                                                   | President                and Chief Executive Officer |
|                                                                                                                                                                                                                                   |                                                 |
|                                                                                                                                                                                                                                   |                                                 |
|                                                                                                                                                                                                                                   |                                                 |
| Date:    August                14,                2007                           | /s/                Nandini Mallya                    |
|                                                                                                                                                                                                                                   | Nandini                Mallya                        |
|                                                                                                                                                                                                                                   | Vice                President and Treasurer          |
|                                                                                                                                                                                                                                   | (Chief                Financial Officer)             |
|                                                                                                                                                                                                                                   |                                                 |