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Patapsco Bancorp, Inc. Announces 2nd Quarter Results

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Patapsco Bancorp, Inc. Announces 2nd Quarter Results Powered By Docstoc
					Patapsco Bancorp, Inc. Announces2nd Quarter
Results
January 24, 2011 02:46 PM Eastern Time  

BALTIMORE--(EON: Enhanced Online News)--Patapsco Bancorp, Inc. (OTC, Electronic Bulletin Board:
PATD), the parent company of The Patapsco Bank, announces an unaudited loss available for common
shareholders of ($435,000) or ($0.22)diluted loss per share for the Company’s six months ended December 31,
2010 as compared to an unaudited net loss of ($58,000) or ($0.03)diluted loss per share for same period of the
prior year.

For the second quarter of the Company’s fiscal year 2011 which ended December 31, 2010, the Company
announced a net loss to common shareholders of ($445,000) or ($0.23) per share as compared to net loss of
($33,000) or ($0.02) per share for the comparable period in the prior year.

The Company’s results were significantly impacted by a $994,000 provision for loan losses incurred during the
quarter. This amount is $596,000 or 150% higher than the provision incurred during the quarter ended December
31, 2009. Non-performing assets were 5.34% of total assets at December 31, 2010 as compare to 4.67% at June
30, 2010 and 5.65% at December 31, 2009. The provision for loan losses for the six months ended December 31,
2010 totaled $1.3 million a 64% increase compared to the $792,000 recorded in the comparable period last year.
The ratio of the allowance for loan losses to total loans was 2.24% at December 31, 2010, compared to 1.76% at
June 30, 2010 and 1.54% at December 31, 2009.

As of December 31, 2010, Patapsco Bancorp, Inc. reported assets of $273 million, deposits of $237 million and
total stockholders’ equity of $16.9 million compared to $270 million, $229 million and $17.4 million at June 30,
2010, 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.

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.

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 Subsidiary
                                                                                           For the Three Months
                                                             For the Six Months Ended
                                                                                           Ended
                                                       December 31,                  December 31,
(Dollars in thousands, except per share data)          2010         2009             2010         2009
OPERATING RESULTS:
Interest Income                                        $6,514       $7,253         $3,211          $3,525
Interest Expense                                       2,318        2,887          1,105           1,343
Net Interest Income                                    4,196        4,366          2,106           2,182
Provision For Loan Losses                              1,298        792            994             398
Net Interest Income After Provision for Loan Losses    2,898        3,574          1,112           1,784
Other Noninterest Income                               425          405            181             191
Noninterest Expense                                    3,733        3,818          1,872           1,900
Income Tax Expense/(Benefit)                           (169       ) 56             (231       )    26
Net Income/(Loss)                                      (241       ) 105            (348       )    49
Preferred Stock Dividends                              194          163            97              82
Net Loss Available for Common Shareholders             ($435      ) ($58         ) ($445      )    ($33     )
PER SHARE DATA:
Net Loss per Common Share, Basic                       ($0.22     ) ($0.03       ) ($0.23     )    ($0.02   )
Net Loss per Common Share, Diluted                     ($0.22     ) ($0.03       ) ($0.23     )    ($0.02   )
Book Value per Common Share                            $5.57        $7.09
Tangible Book Value per Common Share (1)               $5.48        $6.98
Period-End Common Stock Price                          $1.90        $2.70
Common Stock Price as a Percentage of Tangible Book
                                                       34.67      % 38.68        %
Value
PERFORMANCE RATIOS: (2)
Return on Average Assets                               -0.18      %   0.08       % -0.50      %    0.07     %
Return on Average Equity                               -2.67      %   1.05       % -6.94      %    0.98     %
Net Interest Margin                                    3.29       %   3.46       % 3.34       %    3.49     %
Net Interest Spread                                    3.18       %   3.28       % 3.18       %    3.31     %
                                                       At
                                                       December
                                                                      June 30,
                                                       31,
                                                       2010           2010
BALANCES:
Net Loans                                                   $192,656    $197,169
Total Assets                                                $273,133    $269,723
Deposits                                                    $237,477    $228,789
Borrowings                                                  $17,000     $22,100
Stockholders' Equity                                        $16,933     $17,370
CAPITAL & CREDIT QUALITY RATIOS:
Bank Leverage ratio                                         7.66     % 7.76      %
Bank Tier 1 Risked Based ratio                              11.80    % 11.09     %
Bank Total Risked Based ratio                               13.15    % 12.35     %
Allowance For Loan Losses to Total Loans                    2.24     % 1.76      %
Nonperforming Assets to Total Assets                        5.34     % 4.67      %
(1) Tangible book value per share deducts intangible assets from common equity.
(2) Amounts for the three and six month periods ended December 31, 2010 and 2009 are annualized.

Contacts
Patapsco Bancorp, Inc.
Michael J. Dee, President, 410-285-9313

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Description: BALTIMORE--(EON: Enhanced Online News)--Patapsco Bancorp, Inc. (OTC, Electronic Bulletin Board: PATD), the parent company of The Patapsco Bank, announces an unaudited loss available for common shareholders of ($435,000) or ($0.22) diluted loss per share for the Company’s six months ended December 31, 2010 as compared to an unaudited net loss of ($58,000) or ($0.03) diluted loss per share for same period of the prior year. For the second quarter of the Company’s fiscal year 2011 which ended Decem
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