Patapsco Bancorp, Inc. Announces Quarterly and Year to Date 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 Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :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 that earnings for the first half of the Company's fiscal year ended December December: see month. 31, 2005 were $664,000 or $.35 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 , compared to net income of $694,000 or $.36 diluted earnings per share for the prior year comparable period. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]For the second quarter of the Company's fiscal year 2006, ended December 31, 2005 the Company announced earnings of $351,000 or $.18 diluted earnings per share as compared to net income of $360,000 or $.19 diluted earnings per share for the prior year comparable period. This represented decreases of 2.5% in earnings and 5.3% in diluted earnings per share. E[acute accent]The Company's return on average assets and return on average equity were .64% and 7.48% respectively, for the six months ended December 31, 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. This compared to a return on average assets of .68% and a return on average equity of 8.21% in the same period during the previous year. E[acute accent]As of December 31, 2005, Patapsco Bancorp, Inc. reported assets of $220 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 $17.9 million compared to $205 million and $17.6 million at June June: see month. 30, 2005, the Company's last fiscal year end. E[acute accent]The Patapsco Bank serves Baltimore City and the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. counties from its offices located in Carney car·ney n. Informal Variant of carny. , Dundalk, Glen Arm, Hampden and Parkville. E[acute accent]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 discussed herein.
FINANCIAL HIGHLIGHTS (unaudited)
Patapsco Bancorp, Inc. and Subsidiary
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For the Three
For the Six Months Months Ended
December 31 December 31
(Dollars in thousands, except per ------------------- ---------------
share data) 2005 2004 2005 2004
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OPERATING RESULTS:
Interest income $6,373 $5,934 $3,327 $2,969
Interest expense 2,166 1,878 1,141 941
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Net interest income 4,207 4,056 2,186 2,028
Provision for loan losses 40 85 20 50
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Net interest income after
provision for loan losses 4,167 3,971 2,166 1,978
Other Noninterest income 441 309 198 179
Noninterest expense 3,545 3,195 1,800 1,593
Provision for income taxes 399 391 213 204
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Net income $664 $694 $351 $360
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PER SHARE DATA: (1)
Net income per share, basic $0.39 $0.42 $0.21 $0.22
Net income per share, diluted $0.35 $0.36 $0.18 $0.19
Book Value per common share $10.48 $10.28
Tangible Book Value per Share (1) $7.87 $7.55
Period End Stock Price $10.61 $14.00
Stock Price as a percentage of
tangible book value 134.82% 185.43%
PERFORMANCE RATIOS: (2)
Return on average assets 0.64% 0.68% 0.66% 0.70%
Return on average equity 7.48% 8.21% 7.87% 8.45%
Net interest margin 4.31% 4.20% 4.39% 4.25%
Net interest spread 4.07% 4.00% 4.14% 4.07%
At
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Dec. 31 June 30
2005 2005
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BALANCES
Net Loans $180,124 $161,094
Total Assets $220,450 $204,704
Deposits $167,254 $164,320
Borrowings $33,550 $20,233
Stockholder's Equity $17,924 $17,587
CAPITAL & CREDIT QUALITY RATIOS
Stockholder's equity to total
assets 8.13% 8.59%
Allowance for loan losses to total
loans 0.53% 0.66%
Nonperforming assets to total
assets 0.10% 0.05%
(1) Tangible book value per share deducts goodwill from common equity
and assumes all preferred shares convert to common.
(2) Amounts for the three and six month periods ended December 31,
2005 and 2004 are annualized.
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