Patapsco Bancorp, Inc. Announces 4th Quarter Results and Appointment of Phil Phillips as President a
Patapsco Bancorp, Inc. Announces 4th Quarter Results and Appointment of Phil Phillips as President and CEO
BALTIMORE--(BUSINESS WIRE)-- Patapsco Bancorp, Inc.
Result of Operations
Patapsco Bancorp, Inc. (OTC, Electronic Bulletin Board: PATD), the parent company of The Patapsco Bank, announces unaudited net income applicable to common shareholders of $381,000 or $0.19 diluted income per share for its year ended June 30, 2013 as compared to an unaudited net loss of $2,014,000 or $1.02 diluted loss per share for the prior year.
The Company announced an unaudited net loss applicable to common shareholders of $512,000 or $0.26 diluted loss per share for the fourth quarter of its fiscal year ended June 30, 2013 compared to an unaudited net income of $932,000 or $0.47 diluted income per share for the comparable period of the prior year.
The Company's annual and quarterly results were impacted by the provision for loan losses of $1,000 and $456,000 in the year to date and quarterly periods. The 2013 annual amount is $3.1 million lower than the provision incurred for fiscal year 2012 while the quarterly amount is $1.3 million more than the amount recorded for fourth quarter. Non-interest expenses increased due to the provision for losses on and cost of real estate acquired through foreclosure increasing to $671,000 for the year ended June 30, 2013 as compared to $212,000 for the prior year.
Non-performing assets improved as they represented 3.00% of total assets at June 30, 2013 as compared to 4.04% at June 30, 2012. The ratio of the allowance for loan losses was 1.91% of total loans at June 30, 2013 compared to 2.11% at June 30, 2012. The coverage ratio improved as the allowance for loan losses was 50.03% of non-performing loans at June 30, 2013 versus 42.23% at June 30, 2012.
As of June 30, 2013, Patapsco Bancorp, Inc. reported assets of $230.8 million, deposits of $201.5 million and total stockholders' equity of $13.4 million compared to $254.4 million, $225.4 million and $12.6 million at June 30, 2012, the Company's previous fiscal year end. The Patapsco Bank remains well capitalized at all levels.
Attached hereto is a summary of the unaudited financial highlights for the periods mentioned.
The Company also announced that Michael J. Dee, the President and Chief Executive Officer of the Company and Patapsco Bank, has resigned from such positions. The Board of Directors would like to thank Mr. Dee for his fine service to the Company and the Bank during a very difficult period. Mr. Dee will remain employed with Patapsco Bank for a transitional period.
The Board of Directors has appointed Phil Phillips as President and Chief Executive Officer of Patapsco Bancorp, Inc. and The Patapsco Bank, subject to final regulatory approval. According to Thomas P. O'Neill, the Company's Chairman of the Board "we are thrilled to welcome Phil Phillips as our President and Chief Executive Officer. We believe his extensive experience in banking including in particular his experience in lending will help put us back on the road to long term success." Mr. Phillips previously served as The Patapsco Bank's Executive Vice President in the capacity of Chief Credit Officer and Senior Lending Officer.
The Company intends to post future earnings announcements on The Patapsco Bank's website, www.patapscobank.com rather than posting on various media outlets.
The Patapsco Bank serves its community from its Baltimore County offices located in Dundalk, Glen Arm and Carney and its Baltimore City office located in Hampden. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. Accordingly, the financial information in this announcement is subject to change.
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 Patapsco Bancorp's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in Patapsco Bancorp's market area, and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Patapsco Bancorp wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Patapsco Bancorp wishes to advise readers that the factors listed above could affect Patapsco Bancorp's financial performance and could cause Patapsco Bancorp's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Patapsco Bancorp 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 Subsidiaries|
|For the Twelve Months Ended||For the Three Months Ended|
|June 30,||June 30,|
|(Dollars in thousands, except per share data)||2013||2012||2013||2012|
|Net Interest Income||8,003||8,230||1,811||1,985|
|Provision (Credit) For Loan Losses||1||3,101||456||(863||)|
Net Interest Income After Provision (Credit) for Loan Losses
|Other Noninterest Income||755||786||250||172|
|Income Tax Expense||0||210||0||210|
|Net Income (Loss)||768||(1,627||)||(416||)||1,028|
|Preferred Stock Dividends||387||387||96||96|
|Net Income (Loss) Available for Common Shareholders||$||381||($2,014||)||($512||)||$||932|
|PER SHARE DATA:|
|Net Income (Loss) per Common Share, Basic||$||0.19||($1.02||)||($0.26||)||$||0.47|
|Net Income (Loss) per Common Share, Diluted||$||0.19||($1.02||)||($0.26||)||$||0.47|
|Book Value per Common Share||$||3.61||$||3.24|
|Tangible Book Value per Common Share (1)||$||3.59||$||3.20|
|Period-End Common Stock Price||$||3.40||$||0.62|
|Common Stock Price as a Percentage of Tangible Book Value||94.71||%||19.38||%|
|PERFORMANCE RATIOS: (2)|
|Return on Average Assets||0.32||%||-0.63||%||-0.71||%||1.62||%|
|Return on Average Equity||5.58||%||-11.71||%||-11.59||%||34.02||%|
|Net Interest Margin||3.46||%||3.34||%||3.27||%||3.29||%|
|Net Interest Spread||3.39||%||3.26||%||3.14||%||3.16||%|
|June 30,||June 30,|
|CAPITAL & CREDIT QUALITY RATIOS:|
|Bank Leverage ratio||8.23||%||7.13||%|
|Bank Tier 1 Risked Based ratio||14.15||%||11.99||%|
|Bank Total Risked Based ratio||15.41||%||13.26||%|
|Allowance For Loan Losses to Total Loans||1.91||%||2.11||%|
|Nonperforming Assets to Total Assets||3.00||%||4.04||%|
|Allowance For Loan Losses to Nonperforming Loans||50.03||%||42.23||%|
Tangible book value per share deducts intangible assets from common equity.
Amounts for the three and twelve month periods ended June 30, 2013 and 2012 are annualized.
Patapsco Bancorp, Inc.
John M. Wright, Senior Vice President and CFO
KEYWORDS: United States North America Maryland
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