Patapsco Bancorp, Inc. Announces 25% Increase in Earnings for the First 9 Months of its Fiscal Year

Apr 19, 2001, 01:00 ET from Patapsco Bancorp, Inc.

    BALTIMORE, April 19 /PRNewswire/ -- Patapsco Bancorp, Inc.
 (OTC Bulletin Board:   PATD), the parent company of The Patapsco Bank, announced
 earnings of $296,000 or $.68 diluted earnings per share for the Company's
 third quarter ended March 31, 2001 compared to earnings of $205,000 or
 $.63 diluted earnings per share for the prior year comparable period.  This
 represents a 45% increase in earnings and an 8% increase in diluted earnings
 per share for the three-month period.
     Earnings for the nine months ended March 31, 2001 were $723,000 or
 $1.87 diluted earnings per share compared to $576,000 or $1.75 diluted
 earnings per share for the prior year comparable period, a 25% increase in
 earnings and a 7% increase in diluted earnings per share.  In addition, during
 the period, the Company added $350,000 to the provision for loan losses,
 compared to $210,000 for the year earlier period.
     The Company's return on average assets and return on average equity was
 .71% and 8.38%, respectively for the nine months ended March 31, 2001 on an
 annualized basis, compared to .80% and 8.18%, respectively for the prior year
 comparable period.
     Joseph J. Bouffard, President of Patapsco Bancorp, Inc., attributed the
 improvement in the financial condition of the Company, in large part, to the
 acquisition of Northfield Bancorp, Inc. in November 2000.
     As of March 31, 2001, Patapsco Bancorp, Inc. reported assets of
 $165.8 million and total stockholders' equity of $12.7 million.
     The Patapsco Bank serves Baltimore and surrounding counties from its
 offices located on Merritt Boulevard, Joppa Road and Harford Road, Baltimore
 County, Maryland.
     A summary of the unaudited financial highlights for the periods discussed
 follows.
 
     Forward-Looking Statements
     When used in this press release, the words or phrases "will likely
 result", "are expected to", "will continue", "is anticipated", "estimate",
 "project" or similar expressions are intended to identify "forward-looking
 statements" within the meaning of the Private Securities Litigation Reform Act
 of 1995.  Such statements are subject to certain risks and uncertainties
 including changes in economic conditions in the Company's market area, changes
 in policies by regulatory agencies, fluctuations in interest rates, demand for
 loans in the Company's market area, and competition that could cause actual
 results to differ materially from historical earnings and those presently
 anticipated or projected. The Company wishes to caution readers not to place
 undue reliance on any such forward looking statements, which speak only as of
 the date made.  The Company wishes to advise readers that the factors listed
 above could affect the Company's financial performance and could cause the
 Company's actual results for future periods to differ materially from any
 opinions or statements expressed with respect to future periods in any current
 statements.
     The Company does not undertake, and specifically disclaims any obligation,
 to publicly release the result of any revisions, which may be made to any
 forward-looking statements to reflect events or circumstances after the date
 of such statements or to reflect the occurrence of anticipated or
 unanticipated events.
 
     FINANCIAL HIGHLIGHTS (unaudited)
     Patapsco Bancorp, Inc. and Subsidiary
 
 
                                           For the Nine Months  For the Three
                                                 Ended           Months Ended
                                                March 31,          March 31,
       (Dollars in thousands, except per
                  share data)                2001(B)     2000   2001(B)  2000
 
     OPERATING RESULTS:
     Interest income                          $8,338    $5,795  $3,302  $2,001
     Interest expense                          4,486     2,658   1,841     935
     Net interest income                       3,852     3,137   1,461   1,067
     Provision for loan losses                   350       255     110     115
     Net interest income after provision       3,502     2,882   1,351     952
        for loan losses
     Noninterest income                          312       254      97     121
     Noninterest expense                       2,623     2,194     955     739
     Provision  for income taxes                 468       366     197     129
     Net income                                 $723      $576    $296    $205
 
     PER SHARE DATA:
     Net income per share, diluted             $1.87     $1.75   $0.68   $0.63
     Book Value per Share                     $30.26    $28.25
     Stock price                              $21.13    $20.50
     Stock Price as a percentage of book
      value                                   69.81%    72.57%
 
     PERFORMANCE RATIOS: (A)
     Return on average assets                  0.71%     0.80%
     Return on average equity                  8.38%     8.18%
     Net Interest Spread                       3.51%     3.98%
     Net interest margin                       3.96%     4.47%
 
                                                    At
                                            March 31,  June 30,
                                             2001(B)    2000
     BALANCES
     Net Loans                              $139,101   $91,002
     Total Assets                           $165,801  $102,665
     Deposits                               $120,380   $75,652
     Borrowings                              $30,449   $14,900
     Stockholder's Equity                    $12,738    $9,579
 
     CAPITAL  & CREDIT QUALITY RATIOS
     Stockholder's equity to total assets      7.68%     9.33%
     Allowance for loan losses to total
      loans                                    0.81%     0.81%
     Nonperforming assets to total assets      0.20%     0.37%
 
     (A) Amounts for the nine and three month periods ended March 31, 2001 and
     2000 are annualized.
     (B) Information for the nine and three month periods ended March 31, 2001
     reflect the acquisition of Northfield Bancorp in November 2000.
 
 

SOURCE Patapsco Bancorp, Inc.
    BALTIMORE, April 19 /PRNewswire/ -- Patapsco Bancorp, Inc.
 (OTC Bulletin Board:   PATD), the parent company of The Patapsco Bank, announced
 earnings of $296,000 or $.68 diluted earnings per share for the Company's
 third quarter ended March 31, 2001 compared to earnings of $205,000 or
 $.63 diluted earnings per share for the prior year comparable period.  This
 represents a 45% increase in earnings and an 8% increase in diluted earnings
 per share for the three-month period.
     Earnings for the nine months ended March 31, 2001 were $723,000 or
 $1.87 diluted earnings per share compared to $576,000 or $1.75 diluted
 earnings per share for the prior year comparable period, a 25% increase in
 earnings and a 7% increase in diluted earnings per share.  In addition, during
 the period, the Company added $350,000 to the provision for loan losses,
 compared to $210,000 for the year earlier period.
     The Company's return on average assets and return on average equity was
 .71% and 8.38%, respectively for the nine months ended March 31, 2001 on an
 annualized basis, compared to .80% and 8.18%, respectively for the prior year
 comparable period.
     Joseph J. Bouffard, President of Patapsco Bancorp, Inc., attributed the
 improvement in the financial condition of the Company, in large part, to the
 acquisition of Northfield Bancorp, Inc. in November 2000.
     As of March 31, 2001, Patapsco Bancorp, Inc. reported assets of
 $165.8 million and total stockholders' equity of $12.7 million.
     The Patapsco Bank serves Baltimore and surrounding counties from its
 offices located on Merritt Boulevard, Joppa Road and Harford Road, Baltimore
 County, Maryland.
     A summary of the unaudited financial highlights for the periods discussed
 follows.
 
     Forward-Looking Statements
     When used in this press release, the words or phrases "will likely
 result", "are expected to", "will continue", "is anticipated", "estimate",
 "project" or similar expressions are intended to identify "forward-looking
 statements" within the meaning of the Private Securities Litigation Reform Act
 of 1995.  Such statements are subject to certain risks and uncertainties
 including changes in economic conditions in the Company's market area, changes
 in policies by regulatory agencies, fluctuations in interest rates, demand for
 loans in the Company's market area, and competition that could cause actual
 results to differ materially from historical earnings and those presently
 anticipated or projected. The Company wishes to caution readers not to place
 undue reliance on any such forward looking statements, which speak only as of
 the date made.  The Company wishes to advise readers that the factors listed
 above could affect the Company's financial performance and could cause the
 Company's actual results for future periods to differ materially from any
 opinions or statements expressed with respect to future periods in any current
 statements.
     The Company does not undertake, and specifically disclaims any obligation,
 to publicly release the result of any revisions, which may be made to any
 forward-looking statements to reflect events or circumstances after the date
 of such statements or to reflect the occurrence of anticipated or
 unanticipated events.
 
     FINANCIAL HIGHLIGHTS (unaudited)
     Patapsco Bancorp, Inc. and Subsidiary
 
 
                                           For the Nine Months  For the Three
                                                 Ended           Months Ended
                                                March 31,          March 31,
       (Dollars in thousands, except per
                  share data)                2001(B)     2000   2001(B)  2000
 
     OPERATING RESULTS:
     Interest income                          $8,338    $5,795  $3,302  $2,001
     Interest expense                          4,486     2,658   1,841     935
     Net interest income                       3,852     3,137   1,461   1,067
     Provision for loan losses                   350       255     110     115
     Net interest income after provision       3,502     2,882   1,351     952
        for loan losses
     Noninterest income                          312       254      97     121
     Noninterest expense                       2,623     2,194     955     739
     Provision  for income taxes                 468       366     197     129
     Net income                                 $723      $576    $296    $205
 
     PER SHARE DATA:
     Net income per share, diluted             $1.87     $1.75   $0.68   $0.63
     Book Value per Share                     $30.26    $28.25
     Stock price                              $21.13    $20.50
     Stock Price as a percentage of book
      value                                   69.81%    72.57%
 
     PERFORMANCE RATIOS: (A)
     Return on average assets                  0.71%     0.80%
     Return on average equity                  8.38%     8.18%
     Net Interest Spread                       3.51%     3.98%
     Net interest margin                       3.96%     4.47%
 
                                                    At
                                            March 31,  June 30,
                                             2001(B)    2000
     BALANCES
     Net Loans                              $139,101   $91,002
     Total Assets                           $165,801  $102,665
     Deposits                               $120,380   $75,652
     Borrowings                              $30,449   $14,900
     Stockholder's Equity                    $12,738    $9,579
 
     CAPITAL  & CREDIT QUALITY RATIOS
     Stockholder's equity to total assets      7.68%     9.33%
     Allowance for loan losses to total
      loans                                    0.81%     0.81%
     Nonperforming assets to total assets      0.20%     0.37%
 
     (A) Amounts for the nine and three month periods ended March 31, 2001 and
     2000 are annualized.
     (B) Information for the nine and three month periods ended March 31, 2001
     reflect the acquisition of Northfield Bancorp in November 2000.
 
 SOURCE  Patapsco Bancorp, Inc.