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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) APRIL 12, 1999
ADMIRALTY BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-24891 65-0405207
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4400 PGA BOULEVARD
PALM BEACH GARDENS, FLORIDA 33410
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 624-4701
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Item 5. OTHER EVENTS.
The Registrant issued a press release on April 12, 1999 announcing its
first 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 first quarter profits 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.
(Registrant)
Dated: April 12, 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.
- ----------- ----------- --------
99 Press release announcing first quarter 5
profits for 1999.
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EXHIBIT 99
PRESS RELEASE
ADMIRALTY ANNOUNCES TURNAROUND
FIRST QUARTER PROFITS
PALM BEACH GARDENS, FLORIDA, APRIL 12, 1999 . . . ADMIRALTY BANCORP, INC.
(NASDAQ NM: AAABB) parent company of Admiralty Bank, announced today its results
for the first quarter ended March 31, 1999. Admiralty Bancorp reported a first
quarter net profit of $25,000. For the first quarter of 1999, the Company's
total interest income increased to $1,407,000 from $787,000 for the first
quarter of 1998. This increase reflects the dramatic increase in the Company's
earning assets as the capital raised in the Company's initial public offering
was deployed and the Company's new management team continued their focus on
asset origination. The Company's interest expense increased to $337,000 during
the first quarter of 1999 compared to interest expense of $221,000 for the first
quarter of 1998. The increase in interest expense reflects a 74.7% increase in
deposits, offset by a decrease in the Company's average cost of funds as the mix
of the Company's deposit portfolio shifted toward lower cost transaction
accounts away from higher cost time deposits. For the three months ended March
31, 1999, the Company's cost of funds was 2.10%, a decline from a cost of funds
of 2.70% for the comparable period of 1998.
For the twelve months ended March 31, 1999, the Company has demonstrated
dramatic asset and deposit growth, which are summarized as follows:
3/31/98 3/31/99 %INCREASE
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Total Loans $25.0 million $55.4 million +121.9%
Total Deposits $41.2 million $72.0 million +74.7%
Total Assets $51.6 million $92.0 million +78.3%
Mr. Ward Kellogg, President and CEO of Admiralty Bancorp stated, "We are very
pleased that in addition to proving our ability to produce dramatic growth
results, our efforts are already paying off in terms of a bottom line
profitability. The investments we made in personnel, branch expansion and
renovation have started to contribute to the Company's results. We continue to
focus on asset quality and we are very encouraged by our future prospects. We
anticipate continued strong performance through the remainder of 1999."
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
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branch offices located in Juno Beach, Boca Raton and Jupiter, Florida. The Bank
is a full service financial institution, catering to the needs of small
businesses and professionals.
The press release contains forward-looking statements as defined under Section
21E of the Securities Exchange Act of 1934 regarding the Company's 1999
performance. Although management believes these statements to be reasonable and
makes them in good faith, any number of factors, most not within the control of
the Company, could cause the Company's actual performance to differ from these
statements. These factors include changes in market rates of interest, economic
conditions in the Company's trade area, changes in customer economic activity
which may effect loan demand and performance, unforeseen competition and
regulatory and legal changes. Accordingly, investors should not rely upon these
forward-looking statements in making investment decisions.
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