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 26, 1999
ADMIRALTY BANCORP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-24891 65-0405207
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4400 PGA BOULEVARD
PALM BEACH GARDENS, FLORIDA 33410
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (561) 624-4701
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Item 5. OTHER EVENTS.
The Registrant issued a press release on July 26, 1999 announcing its
second quarter 1999 results.
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 second
quarter results for 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Admiralty Bancorp, Inc., has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
ADMIRALTY BANCORP, INC.
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(Registrant)
Dated: July 28, 1999 By: /S/ WARD KELLOGG
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WARD KELLOGG
President and
Chief Executive Officer
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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 second quarter 5
profits for 1999.
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EXHIBIT 99
ADMIRALTY BANK ANNOUNCES SECOND QUARTER RESULTS
PALM BEACH GARDENS, FLORIDA, JULY 26, 1999 ... Admiralty Bancorp, Inc.,
(NASDAQ NM: AAABB) parent company of Admiralty Bank announced today its
results for the second quarter of 1999. Admiralty Bancorp reported a second
quarter net profit of $27,000. For the second quarter of 1999, the Company's
total interest income increased 106% over the second quarter of 1998, to
$1,759,000 from $852,000. This increase reflects the dramatic increase in the
Company's earning assets as the capital raised in the Company's initial
public offering and new deposits gathered were deployed and the new
management team continued their focus on core growth. The Company's interest
expense increased 96% over the second quarter of 1998, to $516,000 from
$263,000. The increase in interest expense reflects an increase of 73% in
average total deposits. Quarterly average demand deposits increased $14
million to 31% of average deposits from 27% for the same period last year.
For the three months ended June 30, 1999, the Company's cost of funds was
2.58%, as compared to a cost of funds of 2.59% for the comparable period of
1998.
For the twelve months ended June 30, 1999, the Company has demonstrated
dramatic asset and deposit growth, which are summarized as follows:
<TABLE>
<CAPTION>
6/30/98 6/30/99 % INCREASE
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<S> <C> <C> <C>
Total Loans $24.2 million $ 70.9 million + 193.3%
Total Deposits $40.8 million $ 87.5 million + 114.3%
Total Assets $50.5 million $ 107.4 million + 112.7%
</TABLE>
Mr. Ward Kellogg, President and CEO of Admiralty Bancorp, Inc. stated, "Our
market has been extremely receptive to our strategy of commercial banking on
a local level. Our team of experienced bankers will continue to focus on
personal service and our company will continue to grow for many years."
Admiralty Bancorp, Inc. is the parent company for Admiralty Bank, a Florida
chartered commercial bank operating through its main office in Palm Beach
Gardens, Florida and three branch offices located in Boca Raton, Juno Beach
and Jupiter, Florida. The Bank is a full service financial institution,
catering to the needs of small businesses and professionals.
"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. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for revisions or
changes after the date of this release.
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