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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 4, 1998
ADMIRALTY BANCORP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 6712 22-3543338
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4400 PGA BOULEVARD, SUITE 200,
PALM BEACH GARDENS, FLORIDA 33410
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (561) 624-4100
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ITEM 5. OTHER EVENTS
The Registrant issued a Press Release announcing third quarter 1998
results. The details of the press release are incorporated by reference as if
set forth at length herein.
ITEM 7. EXHIBITS
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release announcing 1998 third quarter results.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Admiralty Bancorp has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ADMIRALTY BANCORP
(Registrant)
Dated: November 5, 1998 By: /s/ BRUCE A. MAHON
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Bruce A. Mahon
Chairman of the Board and C.E.O.
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Exhibit No. Description Page No.
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99 Press Release announcing 1998 third quarter results. 5-6
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ADMIRALTY BANK [LETTERHEAD]
PRESS RELEASE
FOR RELEASE: IMMEDIATELY
CONTACT: WARD KELLOGG (561) 624-4100
ROSEMARY LABADIE (561) 624-4100
LEONARDO G. ZANGANI, Investor Relations (908) 788-9660
JEANNE FERRARI, Investor Relations (908) 788-9660
ADMIRALTY BANCORP, INC. ANNOUNCES THIRD QUARTER RESULTS
PALM BEACH GARDENS, FLORIDA, NOVEMBER 4, 1998 . . . ADMIRALTY BANCORP, INC.
(NASDAQ NM: AAABB) announced today that for the quarter ended September 30,
1998, the Company incurred a loss of $91,000, or $0.08 per share, and that for
the period January 22, 1998, the date when current management obtained control
of the Company through September 30, 1998, the Company had net income of
$19,000, or $0.02 per share. On a pro forma basis for the nine months ended
September 30, 1998, giving affect to the first 21 days of operations in January,
1998, prior to the change in control, the Company reported net earnings of
$66,000.
Mr. Bruce A. Mahon, Chairman of the Board of Admiralty Bancorp, stated:
"Our third quarter results reflect the implementation of our business plan and
our investments in our franchise. During this quarter, we completed our new
management team with the retention of Ward Kellogg and his team of community
bankers, prepared for the opening of our new Boca Raton branch and the
relocation of our Jupiter, Florida office, and substantially increased our
lending activity. In light of our loan growth, we also increased our provision
for loan losses, despite a reduction in our non-performing assets. The results
of our investments can been seen in the increase of our total assets, from $50.5
million to $65.0 million, deposits from $40.8 million to $45.0 million, and net
loans from $23.7 million to $32.9 million, respectively, from June 30, 1998 to
September 30, 1998.
For the three and nine month periods ending September 30, 1998, Admiralty
recognized interest income of $1.0 million and $2.7 million, respectively. On a
pro forma basis, giving effect to operations prior to the change in control,
Admiralty's interest income was $2.9 million. This level of income reflects the
increase in the Company's loan portfolio, as the Company has focused on
deploying its capital into higher yielding loans. At September 30, 1998 net
loans represented 73.3% of deposits, as compared to 58.2% at June 30, 1998.
Admiralty's non-interest expense for the nine month period totaled $2.3
million, compared to non-interest expense of $1.8 million for the nine months
ended September 30, 1997. The increase in non-interest expense in the nine
months represents increased compensation and employee benefit expense
attributable to hiring of new management team, an increase in occupancy expense
as the Company prepared to open its new Boca Raton office and relocate its
Jupiter office, and goodwill amortization of $102,000 related to the January
change in control of the Company.
-more-
4400 PGA Boulevard, Palm Beach Gardens, FL 33410
Tel: (561) 624-4100 Fax: (561) 627-9510
Member: F.D.I.C.
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ADMIRALTY BANCORP NOVEMBER 4, 1998
PRESS RELEASE PAGE 2
For the quarter and the nine months ended September 30, 1998, the Company
recognized expense for provision for loan losses of $65,000 and $120,000,
respectively, bringing the allowance for loan losses to $444,000 at September
30, 1998. During the quarter ended September 30, 1998, the Company's
non-performing assets declined to $666,000 from $731,000 at June 30, 1998. The
Company's ratio of non-accrual loans to total loans declined to 1.92% at
September 30, 1998 from 2.93% at June 30, 1998, and the Company's allowance for
possible loan losses as a percentage of non-performing assets increased to
66.67% at September 30, 1998 from 58.96% at June 30, 1998.
Ward Kellogg, President and Chief Executive Officer of the Bank, stated, "I
am pleased with our progress and our potential. With the successful completion
of our initial public offering on September 30, 1998, the Company has received
$10.2 million in additional capital, net of offering expenses. We believe that
our business strategy of local decision makers and responsive banking will
enable us to gain market share and continue to deploy capital in new loan
originations."
ADMIRALTY BANCORP, INC. is a holding company for Admiralty Bank, a Florida
state chartered commercial bank and member of the Federal Reserve System.
Admiralty Bank is a full service commercial bank, providing a wide range of
business and consumer financial services through its main office in Palm Beach
Gardens, Florida and its three branch offices located in Juno Beach, Jupiter and
Boca Raton, Florida.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995:
Certain of these statements contained in this release which are not
historical facts are forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements; including the
uncertainties inherent in the process of auditing and making end-of-year
adjustments to a corporation's financial statements.
L.G. Zangani, LLC provides financial public relations service to the
Company. As such, L.G. Zangani, LLC and/or its officers, agents and
employees, receives remuneration for public relations and or other
services in the form of moneys, capital stock in the Company, warrants or
options to purchase capital in the Company.
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