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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) October 26, 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 (561) 624-4701
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Item 5. OTHER EVENTS.
The Registrant issued a press release on October 26, 1999 announcing
its third 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 third 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.
(Registrant)
Dated: November 3, 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 third quarter
results for 1999. 5
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EXHIBIT 99
ADMIRALTY BANCORP REPORTS THIRD QUARTER RESULTS
PALM BEACH GARDENS, Fla.--Oct. 26, 1999--
Total Loans Increased 168.6%
Total Deposits Increased 136.5%
Total Assets Increased 94.5%
Admiralty Bancorp, Inc., (NASDAQ NM: AAABB) parent company of Admiralty Bank
announced today its results for the third quarter of 1999. Admiralty Bancorp
reported a third quarter net profit of $63,000, or $0.03 per share, and a
year-to-date profit of $119,000, or $0.05 per share, compared to a loss of
$91,000, or $0.08 per share, and profit of $66,000 or, $0.02 per share for the
respective periods one year ago. For the third quarter of 1999, the Company's
total interest income increased 109% over the third quarter of 1998, to
$2,149,000 from $1,027,000. This increase reflects the dramatic increase in the
Company's earning assets as the management team continued their focus on core
growth. The Company's interest expense increased 137% over the third quarter of
1998, to $658,000 from $277,000 as a result of a 135.6% increase in total
deposits. The increase in deposits was accomplished along with an improvement in
the deposit mix, as the company focused on the origination of demand deposits.
The Company was also successful in maintaining a relatively low cost of funds
for the three months ended September 30, 1999 when the company's cost of funds
was 2.75% as compared to a cost of funds of 2.62% for the comparable period of
1998.
The dramatic growth in assets and deposits over the past twelve months is
demonstrated as follows:
9/30/98 9/30/99 % Increase
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Total Loans $ 33.4 million $ 89.7 million + 168.6%
Total Deposits $ 45.0 million $ 106.4 million + 136.5%
Total Assets $ 65.0 million $ 126.4 million + 94.5%
The Company has demonstrated the ability to achieve rapid growth and
simultaneously produce a profit. The Company generated pre-tax income of
$152,000 and $319,000 in the three months and nine months ended September 30,
1999. The $152,000 pre-tax income for the quarter is net of $134,000 in
depreciation and amortization expenses and $232,000 provision to the allowance
for loan losses. The $319,000 year to date pre-tax income is net of $411,000 in
depreciation and amortization expenses and $304,000 provision to the allowance
for loan losses.
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Mr. Ward Kellogg, President and CEO of Admiralty Bancorp, Inc. stated, "Everyone
associated with Admiralty Bank is very pleased to see our plans and hard work
coming to fruition. We have already surpassed our original growth goals for the
end of 1999 and we remain highly motivated. Our success over the last twelve
months has proven the need in our market for a commercial bank focused on
personal service. We are very encouraged by our future prospects and will
continually strive to exceed the expectations of our customers and our
shareholders."
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 businesses, professionals, and private banking clients.
"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.
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 performed for the
Company. This remuneration may take the form of cash, capital stock in the
Company, or warrants and/or options to purchase stock in the Company.
CONTACT: Admiralty Bancorp, Inc.
Ward Kellogg, 561/624-4701
or Melisa Kratz, 561/624-4701
or
Investor Relations:
L.G. Zangani, LLC
Leonardo G. Zangani, 908/788-9660
or Jeanne Ferrari, 908/788-9660
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