EXHIBIT 99(b)
PALM BEACH GARDENS, FLORIDA, January 16, 2001 ... Admiralty Bancorp, Inc.,
(NASDAQ NM: AAABB) parent company of Admiralty Bank announced today its results
for 2000. Admiralty Bancorp, Inc. reported a net profit of $606,000, or $0.21
per share, compared to a profit of $252,000, or $0.09 per share in 1999. The
Company's total interest income increased 112% over 1999, to $16,781,000 from
$7,930,000. This growth in earnings reflects the dramatic increase in the
Company's assets as the management team continues to focus on high quality
internal growth. The Company's interest expense increased 225% over 1999, to
$7,965,000 in 2000 from $2,448,000 in 1999. This increase is attributable to
growth in the deposit portfolio as demonstrated in the following table, and to
Federal Home Loan Bank borrowings not in place in 1999 and a repurchase
agreement that originated in the fourth quarter of 1999. The Company's cost of
funds for 2000 was 4.4% as compared to a cost of funds of 2.8% for 1999,
reflecting the rise in interest rates between these periods and the initiative
of the Company to raise additional deposits to fund the dramatic loan growth.
The additional deposits were raised primarily in money market accounts and time
deposits on which the average balances increased $28 million and $42 million,
respectively, in 2000 compared to 1999.
The internal growth in assets and deposits over the past twelve months is
demonstrated as follows:
12/31/99 12/31/00 % Increase
-------- -------- ----------
Total Loans $100.9 million $221.0 million 119%
Total Deposits $110.3 million $261.3 million 137%
Total Assets $140.0 million $301.4 million 115%
The Company has demonstrated the ability to continue with rapid growth and
simultaneously produce a profit. The Company generated pre-tax income of
$969,000 in 2000. The pre-tax income for the year is net of $635,000 in
depreciation and amortization expenses and $1,442,000 provision to the allowance
for loan losses.
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Mr. Ward Kellogg, President and Chief Executive Officer of Admiralty Bancorp,
Inc. stated, "The Board of Directors and staff of Admiralty Bank are all very
pleased to have more than doubled our assets and our earnings per share
simultaneously in the year 2000. Two additional teams of local banking experts
joined our team of veteran South Florida bankers during 2000 to expand our bank
to the Space Coast and Orlando. Our staff remains highly motivated to continue
providing superior customer service in order to exceed all our goals. "
Admiralty Bancorp, Inc. is the parent company for Admiralty Bank. Admiralty Bank
is a Florida chartered commercial bank operating through its main office in Palm
Beach Gardens, Florida and five branch offices located in Boca Raton, Juno
Beach, Jupiter, Melbourne and Orlando, Florida. The Bank is a full service
financial institution, catering to the needs of businesses, professionals, and
private banking clients. Admiralty Bancorp, Inc. also owns an interest in
Admiralty Insurance Services, LLC. Admiralty Insurance Services is a limited
liability corporation providing a full range of insurance services to Admiralty
Bank customers and the public.
"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.
