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Hamilton Bancorp, Inc. (HBK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, March 31, 2015

Hamilton Bancorp, Inc.

CIK: 1551739 Ticker: HBK
Exhibit 99.1

FOR IMMEDIATE RELEASE
 
INVESTOR CONTACT:
Bob DeAlmeida
President & CEO
Hamilton Bank
410-823-4510
 
MEDIA CONTACT:
Josie Hankey
Communications Strategist
Fallston Group, LLC
410-420-2001
josie.hankey@fallstongroup.com
 

 
Hamilton Bancorp, Inc. Reports Results for the Fourth Quarter and Fiscal Year Ended March 31, 2015
 
TOWSON, Md. (May 28, 2015)—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.
 
“There is a lot of excitement in and around the projected growth plan and achievements of the Hamilton Bank team. Between the recently announced merger with Fairmount Bancorp, Inc., improving core earnings, and the decrease in our non-performing assets, our extended team is working together to move our business metrics in the right direction,” said President and CEO Bob DeAlmeida. “This year is particularly exciting as we celebrate our 100-year anniversary. Many stakeholders have participated in helping us mark this terrific milestone.”
 
Additional company highlights for the three-month period and fiscal year ended March 31, 2015, include:
 
 
During the fourth quarter of fiscal 2015, the Company was in discussions with, and performed due diligence on, Fairmount Bancorp, Inc. (“Fairmount”) and subsequent to the fiscal year end, in April 2015 announced the signing of a definitive agreement with Fairmount. A large portion of the loss for the quarter was attributable to the costs incurred to perform the due diligence and draft a definitive agreement outlining the merger.
 
 
Nonperforming assets to total assets decreased more than 50 percent during fiscal 2015 from 1.88 percent at March 31, 2014 to 0.93 percent at March 31, 2015.
 
 
Net charge-offs declined $1.9 million, or 88 percent, during fiscal 2015 to $266,000, or 0.18 percent of average loans, from $2.2 million, or 1.41 percent, of average loans for fiscal 2014. This decrease resulted in reduced provisions for loan losses of $170,000 for fiscal 2015 compared to $1.9 million for fiscal 2014.
 
 
Net loss attributable to common shareholders decreased to $314,000 for the fiscal year ended March 31, 2015, compared to a net loss of $1.2 million for fiscal 2014, an improvement of $881,000. Net loss per common share improved to $0.10 for the year compared to $0.35 in the prior fiscal year. This improvement was associated with a $1.7 million decrease in the provision for loan loss; a reflection of the continued decrease in charge-offs and problem loans.
 
 
Net interest margin for the fourth quarter of fiscal 2015 increased 10 basis points to 2.98 percent compared to 2.88 percent for the same period last year due to an increase in the average balance of higher interest-earning assets, primarily commercial loans.
 
 
Total gross loans, including loans held for sale, increased $16.2 million, or 11.2 percent, during fiscal 2015, from $144.8 million at March 31, 2014 to $161.0 million at March 31, 2015. Roughly $11.7 million, or 73 percent, of that growth occurred in the second half of fiscal 2015 as the Bank continued to show growing strength in its commercial lending platform.
 
“Understanding the ‘why’ is an important perspective when evaluating Hamilton’s performance over time,” said Executive Vice President – Chief Lending Officer Ellen Fish. “Our daily, unwavering commitment to secure sound commercial lending, obtain lower cost core deposits, and embrace overall asset quality remains firm. I am very optimistic about our future as our team works tirelessly to deliver for our shareholders.”
 
During the fiscal year ending March 31, 2015, commercial real estate loans grew $17.9 million, or 43.1 percent, to $59.3 million, while commercial business loans also grew by $2.8 million, or 18.1 percent, to $18.5 million over the same period. Approximately $12.8 million of the growth in commercial real estate occurred in the last two quarters of fiscal 2015.
 
The Bank’s asset quality measures continue to improve. Nonperforming loans decreased $2.8 million, or 55.3 percent, to $2.3 million at March 31, 2015 from $5.0 million a year ago. Nonperforming loans as a percentage of gross loans decreased from 3.48 percent at March 31, 2014 to 1.40 percent at March 31, 2015.
 
The Bank continued to allow higher cost certificates of deposit to run-off and to focus on generating lower cost core deposits (which is considered to be all deposits except certificates of deposit), including checking and money market accounts. Total deposits were $222.3 million at March 31, 2015, compared to $238.8 million at March 31, 2014, a decline of $16.5 million, or 6.9 percent. Core deposits increased by $3.9 million, or 5.7 percent, to $72.6 million over the twelve months of fiscal 2015 while certificates of deposit decreased $20.4 million over that same period. Core deposits comprised 32.7 percent of total deposits at March 31, 2015 compared to 28.8 percent at March 31, 2014.
 
For fiscal 2015, the Company reported net interest income of $7.7 million compared to $8.3 million for fiscal 2014. The decrease in net interest income over that period is due to an $847,000 decrease in interest revenue that is attributable to a $6.3 million decline in average loan balances and a 28 basis point decline in loan yield. However, during the second half of fiscal 2015, the Company saw overall loan balances grow under its restructured commercial lending platform and enhanced interest revenue despite a low interest rate environment. Partially offsetting the decline in interest revenue is a $254,000 decrease in interest expense, resulting from an $18.4 million decrease in the average balance of higher cost certificates of deposit during fiscal 2015. The Company’s net interest margin for fiscal 2015 remained unchanged at 2.85 percent compared to fiscal 2014.
 
Noninterest revenue for fiscal 2015 increased by $30,000, or 2.9 percent, to $1.1 million compared to the same period last year that included an $82,000 gain on the sale of the Bank’s Belmar branch. A large portion of this increase is due to $272,000 in gains realized from the sale of investment securities compared to $172,000 in realized gains for the same period a year ago. Fee income from service charges also improved by $17,000 from $366,000 in fiscal 2014 to $383,000 in fiscal 2015.
 
 
 

The following information was filed by Hamilton Bancorp, Inc. (HBK) on Thursday, May 28, 2015 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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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
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)
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)
Compensation Plans
Compensation Plans (tables)
Composition Of Deposits And Related Percentage Mix Of Total Deposits (detail)
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company (tables)
Condensed Statement Of Cash Flows (detail)
Condensed Statement Of Financial Condition (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)
Deposits
Deposits (tables)
Deposits - Additional Information (detail)
Earnings Per Share
Earnings Per Share (tables)
Employee Stock Ownership Plan - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Federal Home Loan Bank Advances And Lines Of Credit - Additional Information (detail)
Future Expected Annual Amortization Associated With Core Deposit Intangible (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Gross Unrealized Losses On Investment Securities And Corresponding Fair Values By Investment Category And Length Of Time That Securities Have Been In Continuous Unrealized Loss Position (detail)
Impaired Loans (detail)
Impaired Loans And Foreclosed Real Estate, Measurements On Nonrecurring Basis (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Investment Securities Available For Sale
Investment Securities Available For Sale (tables)
Investment Securities Available For Sale - Additional Information (detail)
Investment Securities Available For Sale, Measurements On Recurring Basis (detail)
Lines Of Credit And Federal Home Loan Bank Advances
Lines Of Credit And Federal Home Loan Bank Advances (tables)
Loans Modified As Tdrs (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)
Loans Receivable Excluding Loans Held For Sale (detail)
Minimum Future Rental Commitment (detail)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (policies)
Nature Of Operations And Summary Of Significant Accounting Policies - Additional Information (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)
Regulatory Capital Ratios - Additional Information (detail)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Additional Information (detail)
Schedule Of Maturity Of Time Deposits (detail)
Schedule Of Nonvested Restricted Stock Awards (detail)
Short Term Borrowings (detail)
Stock Option Plans - Additional Information (detail)
Summary Of Changes In Nonvested Shares (detail)
Summary Of Employee Stock Ownership Plan Shares (detail)
Summary Of Premises And Equipment And Related Depreciation And Amortization (detail)
Summary Of Stock Option Activity (detail)
Summary Of Tax Effects Of Temporary Differences That Gave Rise To Deferred Tax Assets And Liabilities (detail)
Summary Of Troubled Debt Restructurings (detail)
Weighted-average Assumptions As Of Grant Date For Options Granted (detail)
Ticker: HBK
CIK: 1551739
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-237022
Submitted to the SEC: Fri Jun 26 2015 3:44:12 PM EST
Accepted by the SEC: Fri Jun 26 2015
Period: Tuesday, March 31, 2015
Industry: Savings Institution Federally Chartered

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