Patapsco Bancorp, Inc. Announces 1st Quarter Earnings.BALTIMORE Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. -- Patapsco Patapsco (pətăp`skō), river, c.65 mi (100 km) long, formed in central Md. by the confluence of the North Branch (c.45 mi/70 km long) and the South Branch and flowing SE into Chesapeake Bay at Baltimore. Bancorp, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). , Electronic Bulletin Board:PATD PATD Panic at the Disco (band) PATD Professional Association for Technical Diving PaTD Passing Touchdowns (football) PATD Post Advanced Trial Dog (dog training) ), the parent company of The Patapsco Bank, announced earnings of $313,000 or $.16 fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the Company's first quarter ended September September: see month. 30, 2005 compared to earnings of $334,000 or $.17 fully diluted earnings per share for the comparable period in the prior year. This represented a 6.3% decrease in earnings for the period and a 5.9% decrease in fully diluted earnings per share. The Company's return on average assets and return on average equity were .61% and 7.09% respectively, for the quarter ended September 30, 2005 on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. As of September 30, 2005, Patapsco Bancorp, Inc. reported assets of $207 million, loans of $166 million and total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $17.8 million compared to assets of $205 million, loans of $161 million and total stockholders' equity $17.6 million at June June: see month. 30, 2005, the Company's previous fiscal year end. In regards to credit quality at the Company's principal subsidiary, The Patapsco Bank, non-performing assets were 0.05% of total assets at the end of the Company's first quarter representing no change from the Company's previous fiscal year end. Attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. is a summary of the unaudited financial highlights for the period and a comparison to the same period in the previous year. The Patapsco Bank serves its community from its Baltimore County offices located in Dundalk Dundalk, town, Republic of Ireland Dundalk (dəndôk`), town (1991 pop. 30,061), seat of Co. Louth, NE Republic of Ireland, near the mouth of the Castletown River at Dundalk Bay. , Parkville Parkville, uninc. city (1990 pop. 31,617, including Carney), Baltimore co., N Md., a chiefly residential suburb of Baltimore. , Glen Arm and Carney car·ney n. Informal Variant of carny. and its Baltimore City office located in Hampden.
FINANCIAL HIGHLIGHTS (unaudited)
Patapsco Bancorp, Inc. and Subsidiary
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At or For the Three
Months Ended
30-Sep
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(Dollars in thousands, except per share
data) (1) 2005 (1) 2004
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OPERATING RESULTS:
Interest income $3,046 $2,965
Interest expense 1,025 937
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Net interest income 2,021 2,028
Provision for loan losses 20 35
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Net interest income after provision for
loan losses 2,001 1,993
Other Noninterest income 180 130
Gain on Sale of office building 63 0
Noninterest expense 1,744 1,602
Provision (benefit) for income taxes 187 187
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Net income $313 $334
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Net income per share, diluted $0.16 $0.17
Net income per share, basic $0.18 $0.20
PER SHARE DATA: (End of Period)
Book Value per Common share $10.90 $10.46
Tangible Book value per share $8.06 $7.61
Period End Common Stock Price $11.00 $12.45
Stock Price as a percentage of tangible
book value 136.48% 163.60%
PERFORMANCE RATIOS: (2)
Return on average assets 0.61% 0.64%
Return on average equity 7.09% 7.92%
Net interest margin 4.24% 4.17%
Net interest spread 4.01% 3.96%
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At
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September 30, June 30
2005 2005
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BALANCES
Net Loans $165,636 $161,094
Total Assets $207,247 $204,704
Deposits $164,086 $164,320
Borrowings $23,899 $20,233
Stockholders' Equity $17,841 $17,587
CAPITAL & CREDIT QUALITY RATIOS
Stockholders' equity to total assets 8.61% 8.59%
Allowance for loan losses to total loans 0.57% 0.58%
Nonperforming assets to total assets 0.05% 0.05%
(1) September 2005 figures are unaudited
(2) Amounts for the three month periods ended September 30, 2005 and
2004 are annualized.
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