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 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 a 22% increase in quarterly earnings and a 3% increase in year to date earnings. 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 Company's third quarter, ending March 31, 2006, earnings were $301,000 or $.16 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 earnings of $247,000 or $.13 diluted earnings per share for the same quarter in the prior year. E[acute accent]For the first nine months of the Company's fiscal year, ending March 31, 2006, earnings were $965,000 or $.50 diluted earnings per share compared to $941,000 or $.49 diluted earnings per share for the prior year comparable period, a 3% increase in earnings and a 2% increase in diluted earnings per share. E[acute accent]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 for the nine month period, the Company's return on average assets and return on average equity were .60% and 7.22% respectively. E[acute accent]As of March 31, 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 $17.8 million compared to $205 million and $17.5 million at June June: see month. 30, 2005, the Company's last fiscal year end. E[acute accent]The Patapsco Bank serves Baltimore and 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 six offices located in Baltimore City and Baltimore County, Maryland Coordinates: For other uses of "Baltimore", see Baltimore (disambiguation). Baltimore County is a county located in the northern part of the U.S. state of Maryland. In 2004, its population was estimated to be 763,181.[1]. . E[acute accent]On the reverse hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , is a summary of the unaudited financial highlights for the periods discussed herein ending March 31, 2006.
FINANCIAL HIGHLIGHTS (unaudited)
Patapsco Bancorp, Inc. and Subsidiary
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For the For the
Nine Months Ended Three Months Ended
March 31, March 31,
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(Dollars in thousands,
except per share data) 2006 2005 2006 2005
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OPERATING RESULTS:
Interest income $9,871 $8,911 $3,498 $2,977
Interest expense 3,481 2,823 1,315 945
---------- ---------- ---------- ----------
Net interest income 6,390 6,088 2,183 2,032
Provision for loan losses 40 185 0 100
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Net interest income after
provision for loan
losses 6,350 5,903 2,183 1,932
Gain on Sale of
Investments 2 0 2 0
Other Noninterest income 640 485 199 176
Noninterest expense 5,453 4,915 1,908 1,720
Provision for income
taxes 574 532 175 141
---------- ---------- ---------- ----------
Net income $965 $941 $301 $247
========== ========== ========== ==========
PER SHARE DATA:
Net income per share,
basic $0.57 $0.56 $0.17 $0.14
Net income per share,
diluted $0.50 $0.49 $0.16 $0.13
Book Value per common
share(1) $9.72 $9.31
Tangible Book Value per
Share (2) $7.89 $7.44
Period End Stock Price $11.70 $12.25
Stock Price as a
percentage of tangible
book value 148.29% 164.65%
PERFORMANCE RATIOS: (3)
Return on average assets 0.60% 0.61% 0.54% 0.48%
Return on average equity 7.22% 7.38% 6.75% 5.74%
Net interest margin 4.27% 4.22% 4.17% 4.27%
Net interest spread 4.02% 4.03% 3.91% 4.08%
At
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March 31 June 30
2006 2005
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BALANCES
Net Loans $190,234 $161,094
Total Assets $228,398 $204,704
Deposits $168,083 $164,320
Borrowings $40,050 $20,233
Stockholder's Equity $17,992 $17,587
CAPITAL & CREDIT QUALITY
RATIOS
Stockholder's equity to
total assets 7.88% 8.59%
Allowance for loan losses
to total loans 0.50% 0.66%
Nonperforming assets to
total assets 0.10% 0.05%
(1) Assumes conversion of preferred shares to common
(2) Tangible book value per share deducts goodwill from common equity
and assumes all preferred shares convert to common.
(3) Amounts for the three and nine month periods ended March 31, 2006
and 2005 are annualized.
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