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Patapsco Bancorp, Inc. Announces 2nd Quarter Results

Stocks in this article: PATD

Patapsco Bancorp, Inc. (OTC, Electronic Bulletin Board: PATD), the parent company of The Patapsco Bank, announces an unaudited net income applicable to common shareholders of $601,000 or $0.30 diluted income per share for its six months ended December 31, 2012 as compared to an unaudited net loss of $955,000 or $0.48 diluted loss per share for same period of the prior year.

The Company announced an unaudited net income applicable to common shareholders of $236,000 or $0.12 diluted income per share for the second quarter of its fiscal year ended June 30, 2013 compared to an unaudited net loss of $1.1 million or $0.54 diluted loss per share for the comparable period of the prior year.

The improvement in the Company’s year-to-date and quarterly results was the result of a lower provision for loan losses required in the current periods as compared to similar periods in the prior year. There was a negative provision for loan losses of $107,000 for the quarter ending December 31, 2012 compared to $1.3 million for the same quarter last year.

Non-performing assets improved as they represented 3.09% of total assets at December 31, 2012 as compared to 4.04% at June 30, 2012 and have decreased by 54% since December 31, 2011. The ratio of the allowance for loan losses was 2.15% of total loans at December 31, 2012 compared to 2.11% at June 30, 2012. The coverage ratio improved as the allowance for loan losses was 58.65% of non-performing loans at December 31, 2012 versus 42.23% at June 30, 2012.

As of December 31, 2012, Patapsco Bancorp, Inc. reported assets of $238.4 million, deposits of $207.8 million and total stockholders’ equity of $13.8 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.

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