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Hamilton Bancorp, Inc. (HBK) SEC Filing 10-K Annual report for the fiscal year ending Sunday, March 31, 2013

Hamilton Bancorp, Inc.

CIK: 1551739 Ticker: HBK
Hamilton Bancorp, Inc. Announces Results for Fourth Quarter and
Fiscal Year Ended March 31, 2013


TOWSON, MD,  May 7, 2013 – Hamilton Bancorp, Inc. (Nasdaq: HBK), today reported a net loss of $601,600, or a loss of $0.18 per share (basic and diluted), for the quarter-ended March 31, 2013, compared to a net loss of $911,500 for the quarter ended March 31, 2012.  Net loss for the year ended March 31, 2013 was $172,000, or a loss of $0.05 per share (basic and diluted), compared to net income of $131,000 for the year ended March 31, 2012.  Per share amounts for the prior year periods are not applicable as the net income reported is for Hamilton Bank prior to the completion of its mutual-to-stock conversion on October 10, 2012. As part of the conversion, Hamilton Bancorp became the Bank’s holding company and raised $35.6 million in net proceeds in a subscription offering.
 
Balance Sheet Review
 
Total assets at March 31, 2013 increased 4.2% to $332.0 million from $318.5 million at March 31, 2012.  The increase in assets was primarily due to the $35.6 million in net proceeds from the Bank’s mutual-to-stock conversion.  Investment securities increased $21.4 million to $116.2 million at March 31, 2013.
 
Total loans (net) decreased $10.6 million to $159.3 million at March 31, 2013 from $169.9 million at March 31, 2012, with the largest decline occurring in residential one- to four-family loans as such loans were repaid or refinanced and sold into the secondary market. The Bank continues to transform the composition of its loan portfolio by emphasizing commercial and commercial real estate lending which has resulted in residential loan balances declining and commercial real estate and commercial business loans increasing.  Commercial real estate loans increased $5.2 million during fiscal 2013, and accounted for 22.4% of gross loans at March 31, 2013 compared to 17.9% at March 31, 2012.  While commercial business loans decreased $199,000 during fiscal 2013, such loans increased as a percentage of gross loans, representing 16.7% of gross loans at March 31, 2013 compared to 15.7% at March 31, 2012.
 
Total deposits were $260.1 million at March 31, 2013, compared to $281.0 million at March 31, 2012. The decline in deposits was due in part to the withdrawal of funds used to purchase Company stock in the Bank’s mutual-to-stock conversion and the maturity of higher-costing certificates of deposit.  The Company remains focused on changing its deposit mix to rely less on certificates of deposit as a primary funding source and more on checking and savings accounts.
 
Total stockholders’ equity at March 31, 2013 was $67.4 million, compared to total equity of $35.1 million at March 31, 2012.  The increase was primarily attributable to the proceeds from the Bank’s mutual-to-stock conversion.  The Company’s book value per common share at March 31, 2013 was $19.71.  At that same date, tangible book value per share equaled $18.87.
 

 
 

The following information was filed by Hamilton Bancorp, Inc. (HBK) on Tuesday, May 7, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Operations
Activities And Summary Of Significant Accounting Policies
Activities And Summary Of Significant Accounting Policies (policies)
Activities And Summary Of Significant Accounting Policies - Additional Information (detail)
Activity In Goodwill And Acquired Intangible Assets Related To Branch Purchase (detail)
Activity In Loans (detail)
Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity (detail)
Amortized Cost And Fair Value Of Securities (detail)
Balance Of Allowance For Loan Losses By Portfolio Segment (detail)
Balances Of Classified Loans Based On Risk Grade (detail)
Bank's Investments' Gross Unrealized Losses And Corresponding Fair Values By Investment Category And Length Of Time That Securities Have Been In Continuous Unrealized Loss Position (detail)
Basic And Diluted Earnings Per Share (detail)
Calculation Of Estimated Fair Values Based On Market Conditions At Specific Point Of Time (detail)
Capital Ratios And Minimum Capital Requirements Of Bank (detail)
Classifications Of Interest Bearing Deposits (detail)
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company (tables)
Condensed Financial Statements Of Parent Company - Additional Information (detail)
Condensed Statement Of Cash Flows (detail)
Condensed Statement Of Financial Condition (detail)
Condensed Statement Of Financial Condition (parenthetical) (detail)
Condensed Statement Of Operations (detail)
Correspondent Bank Relationships
Correspondent Bank Relationships - Additional Information (detail)
Defined Contribution Retirement Plan
Defined Contribution Retirement Plan - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Employee Stock Ownership Plan
Employee Stock Ownership Plan (tables)
Employee Stock Ownership Plan - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Future Estimated Annual Amortization (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Impaired Loans (detail)
Impaired Loans And Foreclosed Real Estate (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Interest Bearing Deposits - Additional Information (detail)
Interest-bearing Deposits
Interest-bearing Deposits (tables)
Investment Securities Available For Sale
Investment Securities Available For Sale (detail)
Investment Securities Available For Sale (tables)
Investment Securities Available For Sale - Additional Information (detail)
Lines Of Credit
Lines Of Credit - Additional Information (detail)
Loans Receivable (detail)
Loans Receivable And Allowance For Loan Losses
Loans Receivable And Allowance For Loan Losses (tables)
Loans Receivable And Allowance For Loan Losses - Additional Information (detail)
Minimum Future Rental Commitment (detail)
New Accounting Pronouncements
Number Of Contracts And Outstanding Loan Balance At Time Of Modification (detail)
Outstanding Commitments And Unused Lines Of Credit (detail)
Past Due Loans, Segregated By Age And Class Of Loans (detail)
Premises And Equipment
Premises And Equipment (tables)
Premises And Equipment - Additional Information (detail)
Provisions For Income Taxes (detail)
Reconciliation Of Beginning And Ending Balance Of Foreclosed Real Estate, Measured On Nonrecurring Basis Using Significant Unobservable Inputs (detail)
Reconciliation Of Provision For Taxes (detail)
Regulatory Capital Ratios
Regulatory Capital Ratios (tables)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Schedule Of Maturity Of Time Deposits (detail)
Summary Of Employee Stock Ownership Plan Shares (detail)
Summary Of Premises And Equipment And Related Depreciation And Amortization (detail)
Summary Of Tax Effects Of Temporary Differences That Gave Rise To Deferred Tax Assets And Liabilities (detail)
Summary Of Troubled Debt Restructurings (detail)
Ticker: HBK
CIK: 1551739
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-277106
Submitted to the SEC: Fri Jun 28 2013 3:47:08 PM EST
Accepted by the SEC: Fri Jun 28 2013
Period: Sunday, March 31, 2013
Industry: Savings Institution Federally Chartered

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