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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 21, 1999
Patapsco Bancorp, Inc.
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(Exact Name of Registrant as Specified in Charter)
Maryland 0-28032 52-1951797
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1301 Merritt Boulevard, Dundalk, Maryland 21222-2194
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(410) 285-1010
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
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On July 21, 1999, the Board of Directors of the Registrant
announced that it was commencing a stock repurchase program to
acquire up to 17,000 shares of its common stock, representing
approximately 5% of the outstanding common stock of the
Registrant. Further information regarding the stock repurchase
is set forth in portions of a press release dated July 21, 1999,
attached as Exhibit 99 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
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AND EXHIBITS
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The following is a list of exhibits filed with this Current
Report on Form 8-K.
Exhibit No. Description
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99 Portions of the Press Release, dated
July 21, 1999
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereto duly authorized.
PATAPSCO BANCORP, INC.
Date: September 1, 1999 By: /s/ Joseph J. Bouffard
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Joseph J. Bouffard
President
PRESS RELEASE
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PATAPSCO BANCORP, INC.
For further information contact Joseph J. Bouffard, President
410-285-9327
PATAPSCO BANCORP, INC. ANNOUNCES
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ANNUAL EARNINGS & STOCK REPURCHASE
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PROGRAM
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Baltimore, Md. July 21, 1999 - Patapsco Bancorp, Inc.
(OTC, Electronic Bulletin Board: PATD), the parent company of
The Patapsco Bank, announces its unaudited earnings of $658,000
or $1.89 diluted earnings per share for its fiscal year ending
June 30, 1999 as compared to adjusted net income of $678,000 or
$1.95 diluted earnings per share for the prior year.
For the quarter ended June 30, 1999 the Company earned
$103,000 or $.30 diluted earnings per share as compared to
$180,000 or $.55 diluted earnings per share for the prior year
comparable period.
Earnings for the quarter and the year were adversely
affected by expenses associated with the previously announced
termination of the merger conversion agreement with Belmar
Federal Savings and Loan Association. Had it not been for these
expenses the Company would have earned $705,000 for the year, an
increase of 4% over the previous year, and $159,000 for the
quarter, a 12% decrease from the same quarter last year.
The Company also announced today that it is commencing a
stock repurchase program to acquire up to 17,000 shares of the
Company s common stock, which represents approximately 5% of the
outstanding common stock. The program is dependent upon market
conditions and there is no guarantee as to the exact number of
shares to be repurchased by the Company. Joseph J. Bouffard,
President of the Company, stated that the Board of Directors has
authorized the repurchase program, which is expected to be
completed within 12 months. Mr. Bouffard explained that the
Board of Directors considers the Company s common stock to be an
attractive investment. It is expected that a reduction in the
amount of the Company's outstanding stock will have the effect
of increasing the Company's per share earnings and return on
equity. According to Mr. Bouffard, the repurchases generally
will be effected through open market purchases, although he did
not rule out the possibility of unsolicited negotiated
transactions or other types of repurchases.
As of June 30, 1999, Patapsco Bancorp, Inc. reported assets
of $95.1 million and total stockholders equity of $9.2 million.
Its subsidiary, The Patapsco Bank, serves Baltimore County and
surrounding communities from its office located in Dundalk,
Maryland.
