ADMIRALTY BANCORP INC
8-K, 2000-01-20
STATE COMMERCIAL BANKS
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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) JANUARY 19, 2000

                             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

================================================================================

<PAGE>

Item 5.  OTHER EVENTS.

         The Registrant issued a press release on January 19, 2000 announcing
its results for 1999.

Item 7.  EXHIBITS.

         The following exhibit is filed with this Current Report on Form 8-K.

         EXHIBIT NO.                 DESCRIPTION
         -----------                 -----------

             99                      Press release announcing results for 1999.

                                   Page 2 of 6

<PAGE>

                                   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:   January 19, 2000                   By: /S/ WARD KELLOGG
                                                ----------------
                                                WARD KELLOGG
                                                President and
                                                Chief Executive Officer

                                   Page 3 of 6

<PAGE>

                                  EXHIBIT INDEX

                           CURRENT REPORT ON FORM 8-K

EXHIBIT NO.       DESCRIPTION                              PAGE NO.
- -----------       -----------                              --------

    99            Press release announcing                    5
                  results for 1999.

                                   Page 4 of 6



                                                                      EXHIBIT 99

            Admiralty Bancorp, Inc., parent company of Admiralty Bank
                      announced today its results for 1999.

PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Jan. 19, 2000--Admiralty Bancorp,
Inc., (Nasdaq/NM:AAABB - news) parent company of Admiralty Bank announced today
its results for 1999.

Admiralty Bancorp reported a net profit of $252,000, compared to a loss of
$491,000 in 1998. For 1999, the Company's total interest income increased 97%,
to $7,930,000 from $4,033,000 in 1998. This dramatic increase is attributable to
the management team's continued focus on internal core growth. The Company's
interest expense increased 125% over 1998, to $2,448,000 from $1,089,000 as a
result of an 82% increase in total deposits and the Company's entry into a
repurchase agreement. The Company was also successful in maintaining a
relatively low cost of funds for the year ended December 31, 1999 when the
company's cost of funds was 2.78% as compared to a cost of funds of 2.56% for
1998.

The dramatic growth in assets and deposits over the past twelve months is
demonstrated as follows:

                           12/31/98          12/31/99            % Increase

         Total Loans       $ 47.4 million    $ 100.9 million      + 112.9%

         Total Deposits    $ 60.7 million    $ 110.3 million      +  81.7%

         Total Assets      $ 80.7 million    $ 140.0 million      +  73.5%

The Company has proven the ability to achieve rapid growth and simultaneously
produce a profit. The Company generated pre-tax income of $636,000 in 1999 as
compared to a pre-tax loss of $491,000 in 1998. The pre-tax income for 1999 is
net of $515,000 in depreciation and amortization expenses and $525,000 provision
to the allowance for loan losses.

Mr. Ward Kellogg, President and CEO of Admiralty Bancorp, Inc. stated, "The
Board of Directors and the staff of Admiralty Bank are very proud to have
accomplished the very difficult task of producing tremendous internal quality
growth while showing a bottom line profit simultaneously. We wish to thank our
stockholders for believing in us and our customers for their loyalty. We all
remain committed to serving the needs of our customers and creating shareholder
value."

                                   Page 5 of 6

<PAGE>

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 four branch offices located in Boca Raton, Juno Beach,
Jupiter, and Melbourne, 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:

     WARD KELLOGG, 561/624-4701
      or
     MELISA KRATZ, 561/624-4701
      or
     LEONARDO G. ZANGANI, Investor Relations, 908/788-9660

                                   Page 6 of 6


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