Fairmouont Bancorp (FMTB) 29.8100 $FMTB
Hamilton Bancorp, Inc. Reports Improved Earnings and Strong Loan Growth for the Fourth Quarter and Fiscal Year Ending March 31, 2016
PRWeb - Thu May 05, 3:31PM CDT
Hamilton Bancorp, Inc. (the "Company"
(NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the fiscal year and three month period ending March 31, 2016 with the following highlights: Continued organic growth and the acquisition of Fairmount Bancorp, Inc. ("Fairmount" resulted in $393 million in total assets at March 31, 2016, representing growth of $102 million, or 35%, compared to total assets of $291 million at March 31, 2015. Total loans at March 31, 2016 increased by $63 million, or 39%, to $223 million year over year. Total deposits increased $92 million, or 41%, to $314 million at March 31, 2016, compared to total deposits of $222 million at March 31, 2015. Net income, excluding the effect of $71,000 in acquisition related expenses, was $159,000, or $0.05 per common share for the Company, for the quarter ending March 31, 2016, compared to a net loss of $141,000, or $(0.04) per common share, for the same quarter ending March 31, 2015. The Company reported net income of $117,000 including acquisition-related expenses, or $0.04 per common share for the quarter ending March 31, 2016. Net interest income for the fourth quarter ending March 31, 2016 was $2.6 million, an increase of $635,000, or 32%, compared to $2.0 million for the same period a year ago. For the fiscal year ending March 31, 2016, pre-tax income of $1.24 million was reported, before adjusting for one-time acquisition related expenses, compared to a pre-tax loss of $578,000 for fiscal 2015--an improvement of $1.8 million compared to the same period a year ago. The Company reported a net loss after acquisition related expenses and tax of $93,000, or $(0.03) per common share for fiscal 2016, compared to a net loss of $314,000, or $(0.10) per common share, for the same period a year ago.
HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Announces Third Quarter Fiscal 2016 Results with Revenue Growth of 34%
PRWeb - Wed Feb 03, 3:30PM CST
Hamilton Bancorp, Inc. (the "Company" (NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and nine month periods ending December 31, 2015 with the following highlights: Net interest income for the third quarter ending December 31, 2015 was $2.7 million, an increase of $805,000 or 42% from $1.9 million for the same period a year ago. This increase is primarily related to the Company's successful acquisition of Fairmount Bancorp, Inc. ("Fairmount" in September 2015. Net interest margin also increased 37 basis points to 3.24%, compared to 2.87% for the same quarter last year, as the assets acquired in the Fairmount acquisition were put to effective use. Total loans at December 31, 2015 increased 44.5% year over year, including $51.9 million or 32.7% growth in loans acquired through the Fairmount acquisition and $18.0 million, or 11.3%, growth internally. Organic loan growth for the quarter ending December 31, 2015 included a net increase in commercial loans of $6.2 million, or 6.3%, as we re-balance our loan portfolio from residential to commercial loans. Since March 31, 2015 our commercial loan portfolio has increased $24.1 million, or 30.1%. Deposit account balances increased 1.9% to $288.7 million at December 31, 2015, compared to $283.4 million in the prior quarter, including an increase of 7.8% or $2.6 million in noninterest-bearing and interest-bearing checking account balances. The Company reported a net loss of $127,000, or $(0.04) per common share, for the quarter ending December 31, 2015, compared to earnings of $78,000, or $0.02 per common share, for the same quarter ending December 31, 2014. Earnings for the current quarter were impacted by $197,000 in merger-related expenses relating to the closing of the Fairmount acquisition and the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Excluding merger expenses, the Company would have reported pre-tax income of $304,000 compared to pre-tax income of $99,000 for the same quarter a year ago--an increase of $205,000 or 207% quarter over quarter. For the nine months ending December 31, 2015, the Company reported a net loss of $210,000, or $(0.07) per common share, compared to a net loss of $173,000, or $(0.05) per common share, for the same period a year ago. In the current fiscal year, the Company has incurred $828,000 in merger-related expenses associated with the Fairmount and Fraternity acquisitions. Excluding those costs, the Company would have earned pre-tax income of $943,000 over the first nine months of fiscal 2016, compared to a pre-tax loss of $405,000 for the first nine months of fiscal 2015--an improvement of $1.3 million compared to the same period a year ago. Non-performing loans to total loans increased to 2.22% as of December 31, 2015 from 1.30% at September 30, 2015 and 1.71% at December 31, 2014. The increase in the most recent period is due to two commercial real estate loans to one borrower totaling $3.3 million that were placed on non-accrual in accordance with regulatory guidelines. Both loans to this borrower are classified as a Troubled Debt Restructure and the borrower continues to make interest-only payments as agreed to under the modified terms of these loans. Net charge-offs for the first nine months of fiscal 2016 were $135,000, or 0.07% of average loans, compared to $167,000 in net charge-offs, or 0.11% of average loans, for the same nine months a year ago. The Company had loan recoveries in the most recent quarter of $304,000, including a $236,000 recovery on a commercial construction note that was sold. The provision for loan and lease losses for the third quarter of fiscal 2016 was a charge of $70,000, compared to a negative charge or reversal of $125,000 for the third quarter of fiscal 2015 and a charge of $120,000 for the second quarter of fiscal 2016. The Company was able to charge lower provisions despite organic loan growth as a result of its reduction in net charge-offs, including $304,000 in loan recoveries in the most recent quarter. In October 2015, the Company completed its due diligence and entered into a definitive agreement to merge with Fraternity. During the most recent quarter, the Company completed and submitted its regulatory applications. The Company is currently awaiting both regulatory and Fraternity shareholder approval for the potential acquisition. The cost incurred year-to-date to complete our due diligence, reach a definitive agreement, and submit the regulatory application for this acquisition is $326,000.
HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Announces Second Quarter Fiscal 2016 Results with Asset Growth of 25% and Revenue Growth of 13%
PRWeb - Thu Nov 05, 5:40PM CST
Hamilton Bancorp, Inc. (the "Company" (NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and six month periods ended September 30, 2015 with the following highlights: At the end of the second quarter of fiscal 2016, Hamilton successfully closed on its previously announced acquisition of Fairmount Bancorp, Inc. ("Fairmount". As a result of the merger, total assets grew to $363.9 million at September 30, 2015, representing growth of $72.8 million or 25 percent more than assets of $291.0 million at March 31, 2015. Net interest income for the six months ended September 30, 2015 was $4.1 million, an increase of $313,000 or 8.2 percent from $3.8 million for the same period a year ago. As a result, net interest margin increased 19 basis points to 2.96 percent, compared to 2.77 percent over the same period last year. During the first half of fiscal 2016, the Company improved earnings by reporting a net loss of $83,000 or $(0.03) per share, compared to a net loss of $251,000, or $(0.08) per share, in the first six months of fiscal 2015--an improvement of $168,000. Earnings over this period improved, despite $632,000 in merger expenses associated with the successful completion of the Fairmount acquisition and due diligence relating to the Company's recent announcement of the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Pre-tax income was $7,000 during the six months ended September 30, 2015, compared to a pre-tax loss of $503,000 for the same period a year ago. For core operating comparison purposes, however, pre-tax income was $639,000, excluding the $632,000 in merger-related expenses noted above, representing an increase of $1.1 million in core operating income. The Company recorded a net loss of $201,000, or $(0.06) per common share, for the quarter ended September 30, 2015 due solely to the $401,000 in one-time merger-related costs incurred over this period. In the comparable quarter last year, the Company reported a net loss of $59,000, or $(0.02) per common share, with no merger expenses. Non-performing loans to total loans decreased nearly 48 percent compared to a year ago, from 2.48 percent on September 30, 2014 to 1.30 percent at September 30, 2015. Non-accrual loans decreased $491,000 to $2.9 million at September 30, 2015, compared to $3.4 million a year earlier, despite approximately $798,000 in non-accrual loans that were acquired in the Fairmount merger. Net charge-offs for the first half of fiscal 2016 were $76,000, or 0.04 percent of average loans, compared to $162,000 in net charge-offs, or 0.11 percent of average loans, for the same six months a year ago. Provision for loan losses for the six months ended September 30, 2015 were $120,000, compared to $470,000 over the same period a year earlier. The provision for the first six months of fiscal 2016 is due to organic growth within the loan portfolio. As shown in the attached table, asset quality has continued to improve year over year. At the end of June 2015, the Company sold its Towson branch property for $500,000, resulting in a gain on sale of $407,000 after applicable expenses. In October 2015, the Company signed a definitive agreement to merge with the Fraternity. During the quarter, the Company completed the necessary due diligence to reach a definitive agreement and is in the process of submitting its regulatory applications. Approval is needed from regulators and the shareholders of Fraternity. The cost incurred year-to-date to complete the due diligence and reach a definitive agreement is $69,000.
HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Closes Fairmount Bancorp, Inc. Merger
PRWeb - Mon Sep 14, 7:04AM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and its subsidiary, Hamilton Bank (collectively, "Hamilton", today announced the completion of its merger with Fairmount Bancorp, Inc. (OTC Pink: FMTB) and its subsidiary, Fairmount Bank (collectively "Fairmount", effective Sept. 11, 2015.
HBK: 13.50 (-0.12)
Hamilton Bancorp and Fairmount Bancorp Merger Receives Regulatory and Shareholder Approval
PRWeb - Thu Sep 10, 2:20PM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and its subsidiary, Hamilton Bank (collectively, "Hamilton", today announced it received required regulatory approval for its merger with Fairmount Bancorp, Inc. (OTC Pink: FMTB) and its subsidiary, Fairmount Bank (collectively, "Fairmount".
HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Reports Results for the Fourth Quarter and Fiscal Year Ended March 31, 2015
PRWeb - Thu May 28, 3:30PM CDT
Hamilton Bancorp, Inc. (the "Company" (NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced a $0.13 improvement in net loss per share for the fourth quarter of 2015. The Company recorded a net loss of $141,000 or $0.04 per share for the quarter ended March 31, 2015, compared to a net loss of $566,000 or $0.17 per share for the same quarter a year ago. The results for 2015 include non-recurring merger related expenses of $74,000.
HBK: 13.50 (-0.12)
Hamilton Bancorp and Fairmount Bancorp to Merge
PRWeb - Thu Apr 16, 12:31PM CDT
Hamilton Bancorp Inc. (NASDAQ: HBK), and Fairmount Bancorp Inc. (OTC Pink: FMTB), jointly announced today that they have entered into an agreement and plan of merger. Under the terms of the merger agreement, Fairmount Bancorp Inc. and its subsidiary Fairmount Bank (collectively "Fairmount" will merge into Hamilton Bancorp Inc. and its subsidiary Hamilton Bank (collectively "Hamilton" in a cash transaction valued at $30.00 per share, or approximately $15.4 million in the aggregate. As a result of the merger, Hamilton will have five branch locations and pro-forma assets totaling $366 million with $215 million in loans and deposits in excess of $276 million.
HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Reports Improved Earnings and Strong Loan Growth for the Fourth Quarter and Fiscal Year Ending March 31, 2016
PRWeb - Thu May 05, 3:31PM CDT
Hamilton Bancorp, Inc. (the "Company"
(NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the fiscal year and three month period ending March 31, 2016 with the following highlights: Continued organic growth and the acquisition of Fairmount Bancorp, Inc. ("Fairmount" resulted in $393 million in total assets at March 31, 2016, representing growth of $102 million, or 35%, compared to total assets of $291 million at March 31, 2015. Total loans at March 31, 2016 increased by $63 million, or 39%, to $223 million year over year. Total deposits increased $92 million, or 41%, to $314 million at March 31, 2016, compared to total deposits of $222 million at March 31, 2015. Net income, excluding the effect of $71,000 in acquisition related expenses, was $159,000, or $0.05 per common share for the Company, for the quarter ending March 31, 2016, compared to a net loss of $141,000, or $(0.04) per common share, for the same quarter ending March 31, 2015. The Company reported net income of $117,000 including acquisition-related expenses, or $0.04 per common share for the quarter ending March 31, 2016. Net interest income for the fourth quarter ending March 31, 2016 was $2.6 million, an increase of $635,000, or 32%, compared to $2.0 million for the same period a year ago. For the fiscal year ending March 31, 2016, pre-tax income of $1.24 million was reported, before adjusting for one-time acquisition related expenses, compared to a pre-tax loss of $578,000 for fiscal 2015--an improvement of $1.8 million compared to the same period a year ago. The Company reported a net loss after acquisition related expenses and tax of $93,000, or $(0.03) per common share for fiscal 2016, compared to a net loss of $314,000, or $(0.10) per common share, for the same period a year ago. HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Announces Third Quarter Fiscal 2016 Results with Revenue Growth of 34%
PRWeb - Wed Feb 03, 3:30PM CST
Hamilton Bancorp, Inc. (the "Company"
(NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and nine month periods ending December 31, 2015 with the following highlights: Net interest income for the third quarter ending December 31, 2015 was $2.7 million, an increase of $805,000 or 42% from $1.9 million for the same period a year ago. This increase is primarily related to the Company's successful acquisition of Fairmount Bancorp, Inc. ("Fairmount" in September 2015. Net interest margin also increased 37 basis points to 3.24%, compared to 2.87% for the same quarter last year, as the assets acquired in the Fairmount acquisition were put to effective use. Total loans at December 31, 2015 increased 44.5% year over year, including $51.9 million or 32.7% growth in loans acquired through the Fairmount acquisition and $18.0 million, or 11.3%, growth internally. Organic loan growth for the quarter ending December 31, 2015 included a net increase in commercial loans of $6.2 million, or 6.3%, as we re-balance our loan portfolio from residential to commercial loans. Since March 31, 2015 our commercial loan portfolio has increased $24.1 million, or 30.1%. Deposit account balances increased 1.9% to $288.7 million at December 31, 2015, compared to $283.4 million in the prior quarter, including an increase of 7.8% or $2.6 million in noninterest-bearing and interest-bearing checking account balances. The Company reported a net loss of $127,000, or $(0.04) per common share, for the quarter ending December 31, 2015, compared to earnings of $78,000, or $0.02 per common share, for the same quarter ending December 31, 2014. Earnings for the current quarter were impacted by $197,000 in merger-related expenses relating to the closing of the Fairmount acquisition and the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Excluding merger expenses, the Company would have reported pre-tax income of $304,000 compared to pre-tax income of $99,000 for the same quarter a year ago--an increase of $205,000 or 207% quarter over quarter. For the nine months ending December 31, 2015, the Company reported a net loss of $210,000, or $(0.07) per common share, compared to a net loss of $173,000, or $(0.05) per common share, for the same period a year ago. In the current fiscal year, the Company has incurred $828,000 in merger-related expenses associated with the Fairmount and Fraternity acquisitions. Excluding those costs, the Company would have earned pre-tax income of $943,000 over the first nine months of fiscal 2016, compared to a pre-tax loss of $405,000 for the first nine months of fiscal 2015--an improvement of $1.3 million compared to the same period a year ago. Non-performing loans to total loans increased to 2.22% as of December 31, 2015 from 1.30% at September 30, 2015 and 1.71% at December 31, 2014. The increase in the most recent period is due to two commercial real estate loans to one borrower totaling $3.3 million that were placed on non-accrual in accordance with regulatory guidelines. Both loans to this borrower are classified as a Troubled Debt Restructure and the borrower continues to make interest-only payments as agreed to under the modified terms of these loans. Net charge-offs for the first nine months of fiscal 2016 were $135,000, or 0.07% of average loans, compared to $167,000 in net charge-offs, or 0.11% of average loans, for the same nine months a year ago. The Company had loan recoveries in the most recent quarter of $304,000, including a $236,000 recovery on a commercial construction note that was sold. The provision for loan and lease losses for the third quarter of fiscal 2016 was a charge of $70,000, compared to a negative charge or reversal of $125,000 for the third quarter of fiscal 2015 and a charge of $120,000 for the second quarter of fiscal 2016. The Company was able to charge lower provisions despite organic loan growth as a result of its reduction in net charge-offs, including $304,000 in loan recoveries in the most recent quarter. In October 2015, the Company completed its due diligence and entered into a definitive agreement to merge with Fraternity. During the most recent quarter, the Company completed and submitted its regulatory applications. The Company is currently awaiting both regulatory and Fraternity shareholder approval for the potential acquisition. The cost incurred year-to-date to complete our due diligence, reach a definitive agreement, and submit the regulatory application for this acquisition is $326,000. HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Announces Second Quarter Fiscal 2016 Results with Asset Growth of 25% and Revenue Growth of 13%
PRWeb - Thu Nov 05, 5:40PM CST
Hamilton Bancorp, Inc. (the "Company"
(NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and six month periods ended September 30, 2015 with the following highlights: At the end of the second quarter of fiscal 2016, Hamilton successfully closed on its previously announced acquisition of Fairmount Bancorp, Inc. ("Fairmount". As a result of the merger, total assets grew to $363.9 million at September 30, 2015, representing growth of $72.8 million or 25 percent more than assets of $291.0 million at March 31, 2015. Net interest income for the six months ended September 30, 2015 was $4.1 million, an increase of $313,000 or 8.2 percent from $3.8 million for the same period a year ago. As a result, net interest margin increased 19 basis points to 2.96 percent, compared to 2.77 percent over the same period last year. During the first half of fiscal 2016, the Company improved earnings by reporting a net loss of $83,000 or $(0.03) per share, compared to a net loss of $251,000, or $(0.08) per share, in the first six months of fiscal 2015--an improvement of $168,000. Earnings over this period improved, despite $632,000 in merger expenses associated with the successful completion of the Fairmount acquisition and due diligence relating to the Company's recent announcement of the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Pre-tax income was $7,000 during the six months ended September 30, 2015, compared to a pre-tax loss of $503,000 for the same period a year ago. For core operating comparison purposes, however, pre-tax income was $639,000, excluding the $632,000 in merger-related expenses noted above, representing an increase of $1.1 million in core operating income. The Company recorded a net loss of $201,000, or $(0.06) per common share, for the quarter ended September 30, 2015 due solely to the $401,000 in one-time merger-related costs incurred over this period. In the comparable quarter last year, the Company reported a net loss of $59,000, or $(0.02) per common share, with no merger expenses. Non-performing loans to total loans decreased nearly 48 percent compared to a year ago, from 2.48 percent on September 30, 2014 to 1.30 percent at September 30, 2015. Non-accrual loans decreased $491,000 to $2.9 million at September 30, 2015, compared to $3.4 million a year earlier, despite approximately $798,000 in non-accrual loans that were acquired in the Fairmount merger. Net charge-offs for the first half of fiscal 2016 were $76,000, or 0.04 percent of average loans, compared to $162,000 in net charge-offs, or 0.11 percent of average loans, for the same six months a year ago. Provision for loan losses for the six months ended September 30, 2015 were $120,000, compared to $470,000 over the same period a year earlier. The provision for the first six months of fiscal 2016 is due to organic growth within the loan portfolio. As shown in the attached table, asset quality has continued to improve year over year. At the end of June 2015, the Company sold its Towson branch property for $500,000, resulting in a gain on sale of $407,000 after applicable expenses. In October 2015, the Company signed a definitive agreement to merge with the Fraternity. During the quarter, the Company completed the necessary due diligence to reach a definitive agreement and is in the process of submitting its regulatory applications. Approval is needed from regulators and the shareholders of Fraternity. The cost incurred year-to-date to complete the due diligence and reach a definitive agreement is $69,000. HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Closes Fairmount Bancorp, Inc. Merger
PRWeb - Mon Sep 14, 7:04AM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and its subsidiary, Hamilton Bank (collectively, "Hamilton"
, today announced the completion of its merger with Fairmount Bancorp, Inc. (OTC Pink: FMTB) and its subsidiary, Fairmount Bank (collectively "Fairmount", effective Sept. 11, 2015. HBK: 13.50 (-0.12)
Hamilton Bancorp and Fairmount Bancorp Merger Receives Regulatory and Shareholder Approval
PRWeb - Thu Sep 10, 2:20PM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and its subsidiary, Hamilton Bank (collectively, "Hamilton"
, today announced it received required regulatory approval for its merger with Fairmount Bancorp, Inc. (OTC Pink: FMTB) and its subsidiary, Fairmount Bank (collectively, "Fairmount". HBK: 13.50 (-0.12)
Hamilton Bancorp, Inc. Reports Results for the Fourth Quarter and Fiscal Year Ended March 31, 2015
PRWeb - Thu May 28, 3:30PM CDT
Hamilton Bancorp, Inc. (the "Company"
(NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced a $0.13 improvement in net loss per share for the fourth quarter of 2015. The Company recorded a net loss of $141,000 or $0.04 per share for the quarter ended March 31, 2015, compared to a net loss of $566,000 or $0.17 per share for the same quarter a year ago. The results for 2015 include non-recurring merger related expenses of $74,000. HBK: 13.50 (-0.12)
Hamilton Bancorp and Fairmount Bancorp to Merge
PRWeb - Thu Apr 16, 12:31PM CDT
Hamilton Bancorp Inc. (NASDAQ: HBK), and Fairmount Bancorp Inc. (OTC Pink: FMTB), jointly announced today that they have entered into an agreement and plan of merger. Under the terms of the merger agreement, Fairmount Bancorp Inc. and its subsidiary Fairmount Bank (collectively "Fairmount"
will merge into Hamilton Bancorp Inc. and its subsidiary Hamilton Bank (collectively "Hamilton" in a cash transaction valued at $30.00 per share, or approximately $15.4 million in the aggregate. As a result of the merger, Hamilton will have five branch locations and pro-forma assets totaling $366 million with $215 million in loans and deposits in excess of $276 million. HBK: 13.50 (-0.12)
