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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) December 22, 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
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The Registrant issued a press release announcing it will incur a loss for
the year ending December 31, 1998. The remaining details of the press release
are incorporated by reference as if set forth at length herein.
Item 7. Exhibits.
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The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release announcing Registrant will incur a loss in 1998.
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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)
By: /s/ BRUCE A. MAHON
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BRUCE A. MAHON
Chairman of the Board and C.E.O.
Dated: December 28th, 1998
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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 Registrant 5
will incur a loss in 1998
EXHIBIT 99
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Press Release
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PALM BEACH GARDENS, FLORIDA, DECEMBER 22, 1998...ADMIRALTY BANCORP, INC. (NASDAQ
NM: AAABB) parent company of Admiralty Bank today announced that due to certain
nonrecurring charges to be recognized in the fourth quarter, continuing
expansion costs and reserve expenses associated with the Company's rapidly
growing loan portfolio, it will incur a loss for the year ended December 31,
1998. The Bank's core operations remain profitable, however.
The Company anticipates that it will incur expenses connected to write downs of
fixed assets in the Company's old Jupiter branch which are not being used in the
new, expanded branch and write downs of other fixed assets. The Company is also
recognizing increased expense for amortization of premium on its SBA loan
portfolio due, in part, to increasing prepayments in the current low interest
rate environment. In addition, as the Company's loan portfolio has grown, the
Company has continued to provide normal reserve provisions to maintain its
allowance for loan losses at a level deemed appropriate by management. During
the second half of 1998, the Company's ratio of nonperforming assets to total
loans declined from 4.74% at June 30, 1998 to 0.38% at November 30, 1998. The
expense for the loan loss provisions must be recognized currently, although the
income from the newly booked loans will be recognized as it accrues. As a
result, the substantial increase in assets brought about by the new management
team will not benefit earnings until 1999. Finally, the Company has also
incurred increased compensation expense during the second half of 1998 as the
Company hired Ward Kellogg and his team of community bankers. The impact of this
added expense should be lower in 1999 as the income from the expanded loan
portfolio developed by new management is recognized.
Mr. Bruce A. Mahon, Chairman of the Board of Admiralty Bancorp, stated, "The
investments we have made and the expenses we have incurred in the second half of
1998 will position us for strong performance in 1999. From June 30, 1998 through
November 30, 1998, our loan portfolio has increased by over 75%, while problem
loans decreased substantially during the last six months of 1998. Our new
management team has already proven the ability to grow our bank."
Admiralty Bancorp, Inc. is the holding company for Admiralty Bank, a Florida
state chartered 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, Boca Raton and Jupiter, Florida.
