SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
-------------------
FORM 10-QSB/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
or
[-] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________________ to __________________
Commission file number 0-24891
ADMIRALTY BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 65-0405207
--------------------------------------------------------------------------------
(State of Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
4400 PGA Boulevard, Palm Beach Gardens, Florida 33410
--------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(561) 624-4701
--------------
(Issuer's Telephone Number, Including Area Code)
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities and Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes __X__ No _____
As of October 31, 2000 there were 2,811,863 shares of common stock, including
both Class A and Class B shares of Common Stock, outstanding.
<PAGE>
ADMIRALTY BANCORP, INC. AND SUBSIDIARY
TABLE OF CONTENTS
Part I. Financial Information
Item 1. Financial Statements
Page
----
Condensed Consolidated Balance Sheets (unaudited) -
At September 30, 2000 and at December 31, 1999.................... 3
Condensed Consolidated Statements of Operations (unaudited) -
Three months ended September 30, 2000 and 1999.................... 4
Condensed Consolidated Statements of Operations (unaudited) -
Nine months ended September 30, 2000 and 1999..................... 5
Condensed Consolidated Statements of Cash Flows (unaudited) - Nine
months ended September 30, 2000 and 1999.......................... 6
Notes to Condensed Consolidated Financial Statements (unaudited).... 7
Item 2. Management's Discussion and Analysis of Financial Condition
And Results of Operations......................................... 12
Part II. Other Information
Item 1. Legal Proceedings.......................................... 27
Item 2. Changes in Securities and Use of Proceeds.................. 27
Item 3. Defaults Upon Senior Securities............................ 27
Item 4. Submission of Matters to a Vote of Security Holders......... 27
Item 5. Other Information.......................................... 27
Item 6. Exhibits and Reports on Form 8-K........................... 27
Signature Page
2
<PAGE>
Admiralty Bancorp, Inc. and subsidiary
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
September 30, 2000 December 31, 1999
------------------ -----------------
<S> <C> <C>
ASSETS
Cash and cash equivalents
Cash and due from banks ..................................... $ 6,553 $ 5,115
Interest bearing due from banks ............................. 331 21
Federal funds sold .......................................... 6,268 --
------------- -------------
Total cash and cash equivalents ....................... 13,152 5,136
Investment securities available for sale,
at fair market value ........................................ 12,674 8,885
Investment securities held to maturity, at cost
(fair market value of $21,886 and $17,721 at
September 30, 2000 and December 31, 1999, respectively) ..... 21,863 18,025
Loans, net .......................................................... 161,529 99,840
Accrued interest receivable ......................................... 1,141 642
Federal Reserve Bank and FHLB stock ................................. 1,321 772
Premises and equipment, net ......................................... 2,634 1,841
Deferred tax asset, net ............................................. 536 464
Goodwill, net ....................................................... 3,425 3,540
Other assests ....................................................... 1,752 817
------------- -------------
Total Assets ................................................ $ 220,027 $ 139,962
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposits ............................................................ $ 185,083 $ 110,273
Federal funds purchased ............................................. -- 571
Securities sold under agreement to repurchase ....................... 9,000 9,000
Advances from FHLB .................................................. 4,600 --
Accrued interest payable ............................................ 394 214
Other liabilities ................................................... 737 330
------------- -------------
Total liabilities ........................................... 199,814 120,388
------------- -------------
SHAREHOLDERS' EQUITY
Preferred stock, no par value, 2,000,000 shares
authorized, no shares issued or outstanding ................. -- --
Common stock, Class A, no par value, 1,000,000 shares
authorized, 320,500 and 844,254 shares issued and outstanding
at September 30, 2000 and December 31, 1999, respectively ... 2,701 7,114
Common stock, Class B, no par value, 4,000,000 shares authorized,
2,480,582 and 1,889,205 shares issued and outstanding
at September 30, 2000 and December 31, 1999, respectively ... 20,486 16,073
Accumulated deficit ................................................. (2,881) (3,437)
Accumulated other comprehensive loss, net ........................... (93) (176)
------------- -------------
Total shareholders' equity .................................. 20,213 19,574
------------- -------------
Total liabilities and shareholders' equity .................. $ 220,027 $ 139,962
============= =============
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
3
<PAGE>
Admiralty Bancorp, Inc. and subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per-share data)
(unaudited)
<TABLE>
<CAPTION>
Three Months Three Months
Ended Ended
September 30, 2000 September 30, 1999
------------------ ------------------
<S> <C> <C>
Interest and dividend income
Loans ...................................... $ 3,632 $ 1,788
Mortgage-backed securities ................. 506 129
Other debt securities ...................... 107 112
Federal funds sold ......................... 190 106
Dividends from FRB and FHLB stock .......... 23 13
Other ...................................... 4 --
-------------- --------------
Total interest and dividend income ... 4,462 2,148
-------------- --------------
Interest expense
Deposits ................................... 1,977 657
Federal funds purchased .................... -- 1
Securities sold under repurchase agreement . 142 --
Advances from FHLB ......................... 123 --
-------------- --------------
Total interest expense ............... 2,242 658
-------------- --------------
Net interest and dividend income ..... 2,220 1,490
Provision for loan losses .......................... 370 232
-------------- --------------
Net interest and dividend income after
provision for loan losses ............ 1,850 1,258
-------------- --------------
Non-interest income
Service charges and fees ................... 231 251
Income from affiliate ...................... 12 --
Gain on sale of securities ................. 1 --
Gain on sale of loans ...................... 28 23
Other income ............................... -- 1
-------------- --------------
Total non-interest income ............ 272 275
-------------- --------------
Non-interest expense
Salaries and employee benefits ............. 1,000 575
Occupancy .................................. 278 201
Furniture and equipment .................... 123 88
Amortization of goodwill ................... 38 40
Other expense .............................. 525 477
-------------- --------------
Total non-interest expense ........... 1,964 1,381
-------------- --------------
Income before income tax expense ..... 158 152
Income tax expense ................................. 40 89
-------------- --------------
Net income ................................. $ 118 $ 63
============== ==============
Per share data
Net income per share - basic and diluted ......... $ 0.04 $ 0.02
============== ==============
Weighted average shares outstanding basic ....... 2,842,455 2,848,214
============== ==============
Weighted average shares outstanding - diluted .... 2,848,361 2,848,214
============== ==============
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
4
<PAGE>
Admiralty Bancorp, Inc. and subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per-share data)
(unaudited)
<TABLE>
<CAPTION>
Nine Months Nine Months
Ended Ended
September 30, 2000 September 30, 1999
------------------ ------------------
<S> <C> <C>
Interest and dividend income
Loans ........................................... $ 9,023 $ 4,321
Mortgage-backed securities ...................... 1,442 240
Other debt securities ........................... 325 295
Federal funds sold .............................. 283 422
Dividends from FRB and FHLB stock ............... 62 36
Other ........................................... 6 --
------------ ------------
Total interest and dividend income ........ 11,141 5,314
------------ ------------
Interest expense
Deposits ........................................ 4,204 1,510
Federal funds purchased ......................... 23 1
Securities sold under repurchase agreement ...... 424 --
Advances from FHLB .............................. 335 --
------------ ------------
Total interest expense .................... 4,986 1,511
------------ ------------
Net interest and dividend income .......... 6,155 3,803
Provision for loan losses ............................... 813 304
------------ ------------
Net interest and dividend income after
provision for loan losses ................. 5,342 3,499
------------ ------------
Non-interest income
Service charges and fees ........................ 686 667
Income from affiliate ........................... 12 --
Gain on sale of securities ...................... 17 --
Gain on sale of loans ........................... 37 82
Gain on sale of other real estate ............... 17 4
Other income .................................... 4 36
------------ ------------
Total non-interest income ................. 773 789
------------ ------------
Non-interest expense
Salaries and employee benefits .................. 2,487 1,647
Occupancy ....................................... 760 614
Furniture and equipment ......................... 304 274
Amortization of goodwill ........................ 115 119
Other expense ................................... 1,531 1,315
------------ ------------
Total non-interest expense ................ 5,197 3,969
------------ ------------
Income before income tax expense .......... 918 319
Income tax expense ...................................... 362 200
------------ ------------
Net income ...................................... $ 556 $ 119
============ ============
Per share data
Net income per share - basic and diluted .............. $ 0.20 $ 0.04
============ ============
Weighted average shares outstanding - basic and diluted 2,842,452 2,848,214
============ ============
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
5
<PAGE>
Admiralty Bancorp, Inc. and subsidiary
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
Nine months ended Nine months ended
September 30, 2000 September 30, 1999
------------------ ------------------
<S> <C> <C>
Operating activities
Net income ................................................... $ 556 $ 119
Adjustments to reconcile net income to net cash provided by
(used in) operating activities
Provision for loan losses .................................. 813 304
Depreciation and amortization .............................. 170 410
Gain on sale of securities ................................. (17) --
Gain on sale of loans ...................................... (37) (82)
Gain on sale of premises and equipment ..................... -- (22)
Gain on sale of other real estate owned .................... (17) (4)
Increase in accrued interest receivable .................... (499) (352)
(Increase) decrease in other assets ........................ (545) 214
Increase in accrued interest payable ....................... 180 20
Increase (decrease) in other liabilities ................... 407 (107)
------------- -------------
Net cash provided by operating activities .............. 1,011 500
------------- -------------
Investing activities
Proceeds from maturities of investment securities
available for sale ......................................... 1,339 2,399
Proceeds from maturities of investment securities
held to maturity ........................................... 1,152 114
Proceeds from sale of investment securities available for sale 17 --
Purchases of investment securities available for sale ........ (4,998) (2,499)
Purchases of investment securities held to maturity .......... (4,998) (8,223)
Purchase of Federal Reserve Bank & FHLB stock ................ (549) (89)
Net loan originations and principal collections on loans ..... (64,027) (43,478)
Proceeds from loan sales ..................................... 944 1,299
Proceeds from sale of premises and equipment ................. -- 24
Proceeds from sales of other real estate owned ............... 123 12
Purchase of premises and equipment, net ...................... (837) (798)
------------- -------------
Net cash used in investing activities ...................... (71,834) (51,239)
------------- -------------
Financing activities
Net increase in deposits ..................................... 74,810 45,713
Net increase in federal funds purchased, securities sold under
agreements to repurchase and advances from FHLB ............ 4,029 --
------------- -------------
Net cash provided by financing activities .................. 78,839 45,713
------------- -------------
Net increase (decrease) in cash and cash equivalents ................. 8,016 (5,026)
Cash and cash equivalents, beginning of period ....................... 5,136 17,296
------------- -------------
Cash and cash equivalents, end of period ............................. $ 13,152 $ 12,270
============= =============
</TABLE>
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
Admiralty Bancorp, Inc. and subsidiary
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
The unaudited condensed consolidated interim financial statements of Admiralty
Bancorp, Inc. (the "Company") and its wholly-owned subsidiary, Admiralty Bank
(the "Bank") reflect all adjustments (including normal recurring accruals)
which, in the opinion of management, are necessary to present fairly the
Company's consolidated financial condition and the consolidated results of
operations and the consolidated cash flows for interim periods. Certain prior
year amounts have been reclassified to conform to the 2000 presentation. The
results for interim periods are not necessarily indicative of trends or results
to be expected for the full year. These condensed consolidated interim financial
statements and notes should be read in conjunction with the Company's Annual
Report on Form 10-KSB for the year ended December 31, 1999.
The Company is incorporated in the state of Delaware and is registered with the
Board of Governors of the Federal Reserve Bank as a financial holding company.
The Bank is a Florida state chartered commercial bank, with its main office in
Palm Beach Gardens, Florida, and branches in Boca Raton, Juno Beach, Jupiter,
and Melbourne, Florida. On March 11, 2000, the Company converted from a one bank
holding company to a financial holding company under the Gramm-Leach-Bliley
Financial Modernization Act of 1999 (the "Modernization Act"). This status
permits the Company to undertake financial activities which need not be closely
related to banking, such as insurance brokerage activities. Under the
Modernization Act, the Company's bank subsidiary must remain "well capitalized"
(i.e., have a leveraged capital ratio of 5% or greater and a risk based capital
ratio of 10% or greater) and well managed, or the Company could be required to
divest itself of its non-banking activities. In addition, the Company must
maintain a rating of "satisfactory" or better under the Community Reinvestment
Act. At September 30, 2000, the Bank did not meet the "well capitalized"
requirement with a risk based capital to risk weighted assets ratio of 9.89%.
Under Federal Reserve regulations the Company is required to notify the Federal
Reserve and adopt a plan of remediation. The Company is currently undertaking a
capital offering which is expected to cause the Bank to regain its "well
capitalized" status. The Company has entered into a joint venture to sell
insurance, and may seek alliances with other financial service providers, as a
way to enhance non-interest income.
The Company has formed Admiralty Insurance Services, LLC ("AIS") as a joint
venture with USI Florida ("USI") to offer a wide range of insurance products,
primarily to customers of the Bank. USI and the Company are each 50 percent
owners of AIS. USI and AIS will share equally in commissions on policies sold,
and the Company is entitled to 50 percent of the net income of AIS. Under the
agreement, USI Florida will absorb all costs incurred by AIS for operating
expenses. AIS did minimal business during the nine months ended September 30,
2000 and $12 thousand in income was recognized during the period.
NOTE 2 - RECENT ACCOUNTING PRONOUNCEMENTS
In September 2000, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 140, "Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities," which
replaces SFAS No. 125. This statement provides consistent standards for
distinguishing transfers of financial assets that are sales from transfers that
are secured borrowings. Because SFAS No. 140 focuses on control, after a
transfer of financial assets, an entity is required to recognize the financial
and servicing assets it controls and the liabilities it has incurred,
7
<PAGE>
derecognize financial assets when control has been surrendered, and derecognize
liabilities when extinguished. All measurements and allocations should be based
on fair value. SFAS No. 140 is effective for transfers and servicing of
financial assets and extinguishments of liabilities occurring after March 31,
2001. This statement is effective for recognition and reclassification of
collateral and for disclosures relating to securitization transactions and
collateral for the fiscal years ending after December 15, 2000. The Company is
currently assessing the impact of SFAS No. 140.
In June 1998, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("Statement 133"). The effective date of
Statement 133 was delayed by Statement 137, "Accounting for Derivative
Instruments and Hedging Activities - Deferral of the Effective Date of FASB No.
133." In June 2000, FASB issued SFAS No. 138, "Accounting for Certain Derivative
Instruments and Certain Hedging Activities, an Amendment of FASB Statement No.
133" (Statement 138). Statement 138 addresses a limited number of issues causing
implementation difficulties for numerous entities that apply Statement 133.
Statement 133 is now effective for all quarters of all fiscal years beginning
after June 15, 2000, with an early adoption permitted. Statement 133 establishes
accounting and reporting standards for derivative instruments, including certain
derivative instruments embedded in other contracts, and for hedging activities.
It requires that an entity recognize all derivatives as either assets or
liabilities in the statement of financial position and measure those instruments
at fair value. It is currently anticipated that the Company will adopt Statement
133 on January 1, 2001, and that Statement 133 will not have a significant
financial statement impact upon adoption.
NOTE 3 - COMPREHENSIVE INCOME
The following table sets forth the components of the Company's comprehensive
income:
<TABLE>
<CAPTION>
Nine months ended
-----------------------------------------
(Unaudited) September 30,2000 September 30, 1999
(in thousands) ----------------- ------------------
<S> <C> <C>
Net Income $ 556 $ 119
Other comprehensive income (loss), net of tax -
Change in net unrealized gain on securities
held available for sale, net of taxes of $(48)
and $71 in 2000 and 1999, respectively 83 (118)
------------- -------------
Comprehensive income $ 639 $ 1
============= =============
</TABLE>
NOTE 4 - NET INCOME PER SHARE
The Company calculates net income per share in accordance with SFAS No. 128,
"Earnings Per Share." Net income per share is computed by dividing net income by
the weighted average number of shares of common stock outstanding during the
periods presented. Using this method, adjustments are to be made, where
material, to give effect to the shares that would be outstanding, assuming the
exercise of dilutive stock options and warrants, all of which are considered
common stock equivalents.
8
<PAGE>
The following table illustrates the reconciliation of the numerator and
denominator of the basic and diluted earnings per share computations for the
nine months ended September 30, 2000, and 1999:
<TABLE>
<CAPTION>
Three months ended Nine months ended
------------------------------------ -----------------------------------
Sept. 30, 2000 Sept. 30, 1999 Sept. 30, 2000 Sept. 30 1999
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Net income .................................. $ 118,000 $ 63,000 $ 556,000 $ 119,000
------------ ------------ ------------ ------------
Weighted average shares - basic ............. 2,842,455 2,848,214 2,842,452 2,848,214
------------ ------------ ------------ ------------
Weighted average shares - diluted ........... 2,848,361 2,848,214 2,842,452 2,848,214
------------ ------------ ------------ ------------
Basic and diluted earnings per share......... $ 0.04 $ 0.02 $ 0.20 $ 0.04
------------ ------------ ------------ ------------
</TABLE>
On January 22, 1999 the Board of Directors declared a 4.4% dividend paid to
Class A shareholders in shares of the Company's Class B common stock. Due the
different dividend rights of the two classes of stock and the preferential
nature of this dividend, the issuance of the Class B share dividend has been
reflected in earnings per share from the date of issuance.
On December 17, 1999 the Board of Directors declared a dividend of $1.00 per
Class A share, payable in Class B common stock to all shareholders of record of
Class A common stock as of December 31, 1999. In order to treat the holders of
Class B common stock similarly to the holders of the Class A common stock, the
Board of Directors declared a 12.91% stock dividend on the Company's Class B
common stock to be paid to the holders of the Class B common stock as of
December 31, 1999. For purposes of the earnings per share, the issuance of this
Class B stock dividend has been effected as of January 1, 1999. The basic and
diluted weighted average number of shares outstanding and net earnings per share
information for 1999 has been restated to reflect the effects of this stock
dividend.
The basic and diluted weighted average number of shares outstanding and net
earnings per share information for 1999 and 2000 have been restated to reflect a
1:1.1291 conversion ratio for discretionary conversions of Class A shares to
Class B shares, reflecting the change in the Class A conversion ratio caused by
the 1999 stock dividend on the Class B shares. During the three and nine month
periods ended September 30, 2000, 133,750 and 523,754 Class A shares were
converted to 151,021 and 591,378 shares of Class B common stock, respectively.
As of September 30, 2000, 320,500 shares of Class A Common stock remain
outstanding.
9
<PAGE>
NOTE 5 - INVESTMENT AND MORTGAGE BACKED SECURITIES
The amortized cost and fair value of investment securities and mortgage-backed
securities are as follows:
<TABLE>
<CAPTION>
Amortized Gross Unrealized Gross Unrealized
Cost Gains Losses Fair Value
--------- ---------------- ---------------- ----------
September 30, 2000 (In thousands)
------------------
<S> <C> <C> <C> <C>
AVAILABLE FOR SALE:
U.S. Government and Agency
securities .................. $ 6,500 $ 0 (139) 6,361
(48) 6,299
Mortgage-backed securities... 6,310 37
Other securities ............ 14 0 0 14
--------- --------- --------- ---------
Sub-total ................... $ 12,824 $ 37 $ (187) $ 12,674
--------- --------- --------- ---------
HELD TO MATURITY:
U.S. Government and Agency
securities................... $ 1,000 $ 0 $ (19) $ 981
Mortgage-backed securities... 20,863 132 (90) 20,905
--------- --------- --------- ---------
Sub-total ................... $ 21,863 $ 132 $ (109) $ 21,886
--------- --------- --------- ---------
TOTAL ....................... $ 34,687 $ 169 $ (296) $ 34,560
========= ========= ========= =========
</TABLE>
The amortized cost and fair value of investment and mortgage-backed securities
are as follows:
<TABLE>
<CAPTION>
Amortized Gross Unrealized Gross Unrealized
Cost Gains Losses Fair Value
--------- ---------------- ---------------- ----------
December 31, 1999 (In thousands)
------------------
<S> <C> <C> <C> <C>
AVAILABLE FOR SALE:
U.S. Government and Agency
securities................... $ 6,997 $ 0 $ (218) $ 6,779
Mortgage-backed securities... 2,155 0 (63) 2,092
Other securities ............ 14 0 0 14
--------- --------- --------- ---------
Sub-total ................... $ 9,166 $ 0 $ (281) $ 8,885
--------- --------- --------- ---------
HELD TO MATURITY:
U.S. Government and Agency
securities................... $ 1,000 $ 0 $ (28) $ 972
Mortgage-backed securities... 17,025 0 (276) 16,749
--------- --------- --------- ---------
Sub-total ................... $ 18,025 $ 0 $ (304) $ 17,721
--------- --------- --------- ---------
TOTAL ....................... $ 27,191 $ 0 $ (585) $ 26,606
========= ========= ========= =========
</TABLE>
10
<PAGE>
The carrying value of securities pledged to secure deposits and for other
purposes required or permitted by law amounted to approximately $20.8 million
and $10.6 million at September 30, 2000 and December 31, 1999, respectively.
NOTE 6 - LOANS
The following schedule presents the components of loans, net of unearned income,
by type, as of September 30, 2000 and December 31, 1999:
<TABLE>
<CAPTION>
September 30, 2000 December 31, 1999
----------------------- ----------------------
(Dollars in thousands)
Amount Percent Amount Percent
------ ------- ------ -------
<S> <C> <C> <C> <C>
Commercial and Industrial............................. $ 30,724 19% $ 20,380 20%
Real Estate Non-Residential Properties................ 107,107 65% 61,416 60%
Residential Properties................................ 17,521 11% 10,824 11%
Construction.......................................... 6,500 4% 7,148 7%
Consumer.............................................. 1,864 1% 1,534 2%
--------- ------- -------- -------
Gross Loans........................................... 163,716 100% 101,302 100%
less: net deferred fees............................... 441 445
--------- --------
Total loans........................................... 163,275 100,857
less: allowance for loan losses....................... 1,746 1,017
--------- --------
Net loans............................................. $ 161,529 $ 99,840
========= ========
</TABLE>
Changes in the allowance for loan losses are as follows:
Nine months ended
---------------------------------------
September 30, 2000 September 30, 1999
------------------ ------------------
(Dollars in thousands)
----------------------
Balance at beginning of year $ 1,017 $ 602
Provision for loan losses 813 304
Charge-offs (87) (52)
Recoveries 3 68
------------------ ------------------
Ending Balance $ 1,746 $ 922
================== ==================
Ratio of net charge-offs to
average loans outstanding 0.07% -0.02%
Balance of allowance as a % of
total loans at period end 1.07% 1.03%
Loans with unpaid principal balances of $175 and $195 thousand were 90 days or
more contractually delinquent or on nonaccrual status at September 30, 2000 and
December 31, 1999.
11
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
ADMIRALTY BANCORP, INC.
Date: November 22, 2000 By: /s/ Ward Kellogg
----------------------------------
WARD KELLOGG, President
Date: November 22, 2000 By: /s/ Kevin M. Sacket
----------------------------------
KEVIN M. SACKET, Treasurer
(Principal Financial Officer)
12
