Hamilton Bancorp, Inc. (HBK) 10-K Annual Report June 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:

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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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Hamilton Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.9: Material Contract

Exhibit 21.0: Subsidaries Of The Registrant

Exhibit 23.0: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.0: Section 1350 Certification

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

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