Patapsco Bancorp, Inc. Announces Annual Earnings and Earnings for the 4th Quarter.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, announces its unaudited earnings of $1,388,000 or $.72 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 its fiscal year ending June June: see month. 30, 2006 as compared to audited net income of $1,346,000 or $.70 diluted earnings per share for the prior year. This represents a $42,000 or a 3% increase in net income and diluted earnings per share. For the quarter ended June 30, 2006 the Company earned $422,000 or $.22 diluted earnings per share as compared to $405,000 or $.21 diluted earnings per share for the prior year comparable period. For the year the Company's return on average assets and return on average equity were .64% and 7.75% respectively. As of June 30, 2006, Patapsco Bancorp, Inc. reported assets of $228 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 $18.3 million compared to $205 million and $17.6 million at June 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 0.10% of total assets at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. compared to .05% 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. 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 periods.
FINANCIAL HIGHLIGHTS (unaudited)
Patapsco Bancorp, Inc. and Subsidiary
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For the Three
For the Year Ended Months Ended
June 30 June 30
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(Dollars in thousands, except
per share data) (1) 2006 (1) 2005 2006 (1) 2005
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OPERATING RESULTS:
Interest income $13,556 $11,811 $3,685 $2,900
Interest expense 4,949 3,754 1,468 932
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Net interest income 8,607 8,057 2,217 1,968
Provision for loan losses 65 225 25 40
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Net interest income after
provision for loan losses 8,542 7,832 2,192 1,928
Gain on sale of investments 2 0 0 0
Other noninterest income 869 684 228 199
Noninterest expense 7,202 6,411 1,749 1,495
Provision for income taxes 823 759 249 227
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Net income $1,388 $1,346 $422 $405
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Net income per share, diluted $0.72 $0.70 $0.22 $0.21
Net income per share, basic $0.80 $0.81 $0.23 $0.25
PER SHARE DATA: (End of Period)
Book Value per Common Share $9.87 $9.61
Tangible Book Value per Common
Share(2) $8.06 $7.75
Common Stock Price at June 30 $10.85 $11.80
Stock Price as a percentage of
tangible book value 134.62% 152.26%
PERFORMANCE RATIOS:
Return on average assets 0.64% 0.66%
Return on average equity 7.75% 7.87%
Net interest margin 4.22% 4.21%
Net interest spread 3.96% 4.03%
At At
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June 30 June 30
2006 (1) 2005
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BALANCES
Net Loans $190,589 $161,094
Total Assets $228,070 $204,704
Deposits $166,833 $164,320
Borrowings $40,050 $20,233
Stockholder's Equity $18,288 $17,587
CAPITAL & CREDIT QUALITY RATIOS
Stockholder's equity to total
assets 8.02% 8.59%
Allowance for loan losses to
total loans 0.52% 0.58%
Nonperforming assets to total
assets 0.11% 0.05%
(1) June 2006 figures are unaudited.
(2) Tangible book value per share deducts goodwill from common equity.
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