Hamilton Bancorp Announces Delay in Q4/FY 2000 Filings, May Restate Previous Financial Statements

Apr 03, 2001, 01:00 ET from Hamilton Bancorp Inc.

    MIAMI, April 3 /PRNewswire/ -- Hamilton Bancorp Inc. (Nasdaq: HABK)
 announced today that the filing of its annual report on Form 10-K for year
 2000 with the Securities and Exchange Commission (SEC) will be delayed.  The
 Company also said that it is working to complete a review of previously filed
 reports and financial statements as a result of comments received from the
 SEC.  This review could result in revisions to previously filed financial
 statements.
     Chief Financial Officer Tim Harris said, "We are working diligently with
 our auditors and our attorneys to complete the review of the financial
 statements expeditiously.  We hope to complete this process and file our Form
 10-K for the year 2000 and other applicable reports by April 17, 2001."
     The open issues in the review primarily relate to differences between
 provisions and allowances for credit losses reported in the Company's
 financial statements for the year ended December 31, 1999, and for the interim
 periods in 2000, and provisions and allowances reported in Hamilton Bank's
 regulatory reports.  For the years ended December 31, 1999, and December 31,
 2000, provisions for credit losses recorded in Hamilton Bank's regulatory
 reports exceeded the provisions recorded in the financial statements by
 approximately $32.7 million ($20.6 million, net of tax) and $4.2 million
 ($2.6 million, net of tax), respectively.  The Company is seeking to answer
 the remaining questions posed by the SEC staff and expects that any revisions
 to its previously filed financial statements that could result from the review
 will be resolved and filed prior to the completion of the Form 10-K for the
 year 2000.
     The Company cannot complete its analysis of the impact of the SEC comments
 on the fourth quarter of 2000 until the open issues of the SEC are resolved.
 Based on information currently available, the Company expects to report net
 income for the quarter ended December 31, 2000, of approximately
 $2-$4 million, or $.20-$.40 per diluted share.
     Established in 1988, Hamilton Bancorp, through its subsidiary Hamilton
 Bank, N.A., is a full-service commercial bank specializing in worldwide trade
 finance.  Hamilton Bank offers commercial banking services to the area's
 business community.  The bank's unique Harmoney(R) system provides an
 Internet-based real-time business banking service with specialized features
 such as the ability to issue letters of credit online for those involved in
 international trade.  Hamilton has nine FDIC-insured branches -- eight Florida
 branches and one in Puerto Rico -- all located in areas that are active in
 trade.
     For more information, contact Executive Vice President Carlos Bernace or
 Chief Financial Officer Tim Harris at (305) 717-5500.
 http://www.hamiltonbank.com
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Such
 forward-looking statements involve known and unknown risks, uncertainties or
 other factors, which may cause actual results, performance or achievements of
 the Company to be materially different from any future results.  Reference is
 made to the Company's periodic reports on Forms 8-K, 10-K and 10-Q, as well as
 other documents filed with the Securities and Exchange Commission.
 
 

SOURCE Hamilton Bancorp Inc.
    MIAMI, April 3 /PRNewswire/ -- Hamilton Bancorp Inc. (Nasdaq: HABK)
 announced today that the filing of its annual report on Form 10-K for year
 2000 with the Securities and Exchange Commission (SEC) will be delayed.  The
 Company also said that it is working to complete a review of previously filed
 reports and financial statements as a result of comments received from the
 SEC.  This review could result in revisions to previously filed financial
 statements.
     Chief Financial Officer Tim Harris said, "We are working diligently with
 our auditors and our attorneys to complete the review of the financial
 statements expeditiously.  We hope to complete this process and file our Form
 10-K for the year 2000 and other applicable reports by April 17, 2001."
     The open issues in the review primarily relate to differences between
 provisions and allowances for credit losses reported in the Company's
 financial statements for the year ended December 31, 1999, and for the interim
 periods in 2000, and provisions and allowances reported in Hamilton Bank's
 regulatory reports.  For the years ended December 31, 1999, and December 31,
 2000, provisions for credit losses recorded in Hamilton Bank's regulatory
 reports exceeded the provisions recorded in the financial statements by
 approximately $32.7 million ($20.6 million, net of tax) and $4.2 million
 ($2.6 million, net of tax), respectively.  The Company is seeking to answer
 the remaining questions posed by the SEC staff and expects that any revisions
 to its previously filed financial statements that could result from the review
 will be resolved and filed prior to the completion of the Form 10-K for the
 year 2000.
     The Company cannot complete its analysis of the impact of the SEC comments
 on the fourth quarter of 2000 until the open issues of the SEC are resolved.
 Based on information currently available, the Company expects to report net
 income for the quarter ended December 31, 2000, of approximately
 $2-$4 million, or $.20-$.40 per diluted share.
     Established in 1988, Hamilton Bancorp, through its subsidiary Hamilton
 Bank, N.A., is a full-service commercial bank specializing in worldwide trade
 finance.  Hamilton Bank offers commercial banking services to the area's
 business community.  The bank's unique Harmoney(R) system provides an
 Internet-based real-time business banking service with specialized features
 such as the ability to issue letters of credit online for those involved in
 international trade.  Hamilton has nine FDIC-insured branches -- eight Florida
 branches and one in Puerto Rico -- all located in areas that are active in
 trade.
     For more information, contact Executive Vice President Carlos Bernace or
 Chief Financial Officer Tim Harris at (305) 717-5500.
 http://www.hamiltonbank.com
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995.  Such
 forward-looking statements involve known and unknown risks, uncertainties or
 other factors, which may cause actual results, performance or achievements of
 the Company to be materially different from any future results.  Reference is
 made to the Company's periodic reports on Forms 8-K, 10-K and 10-Q, as well as
 other documents filed with the Securities and Exchange Commission.
 
 SOURCE  Hamilton Bancorp Inc.

RELATED LINKS

http://www.hamiltonbank.com