Last10K.com

Hamilton Bancorp, Inc. (HBK) SEC Filing 10-Q Quarterly report for the period ending Monday, December 31, 2018

Hamilton Bancorp, Inc.

HISTORY TOOLS
CIK: 1551739 Ticker: HBK
Exhibit 99.1



FOR IMMEDIATE RELEASE
INVESTOR CONTACT:
Bob DeAlmeida
President & CEO
Hamilton Bank
410-823-4510
MEDIA CONTACT:
Lauren Lawder
Director of Marketing
Hamilton Bank 410-616-1996
llawder@hamilton-bank.com

Hamilton Bancorp, Inc. Reports Increased Earnings and Improved Asset Quality
For the Third Quarter of Fiscal 2019

TOWSON, Md. (February 1, 2019)—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 ended December 31, 2018. In addition, on October 23, 2018, the Company announced in a joint press release the signing of a definitive agreement with Orrstown Financial Services, Inc. (NASDAQ: ORRF) (“Orrstown”) under which the Company will merge with and into Orrstown. Hamilton shareholders will receive a combination of both stock and cash in the deal. Upon completion of the transaction, the combined company is expected to have approximately $2.5 billion in assets, $1.7 billion in loans, and $2.1 billion in deposits. The transaction is expected to close in the second quarter of calendar 2019.
The financial highlights for the three and nine-month periods ended December 31, 2018 are as follows:
Quarterly Highlights – Quarter Ended December 31, 2018 vs. December 31, 2017

·
Net loss improved $1.8 million to a net loss of $125 thousand, or $0.04 per common share, compared to a net loss of $1.9 million, or $0.60 per common share. The loss for the quarter ended December 31, 2018 is attributable to $503 thousand in merger related expenses, including legal and investment banker fees, associated with the pending acquisition by Orrstown. Excluding the merger costs, net income would have been $378 thousand, or $0.12 per common share. The loss in the third quarter of fiscal 2018 was due to the extraordinary tax expense in that quarter, as discussed below.

·
For the quarter ended December 31, 2018, there was no income tax expense due to the valuation allowance established at March 31, 2018 on the net deferred tax assets. Income tax expense was $2.3 million for the prior year quarter, including a $2.2 million tax adjustment to the Company’s net deferred tax assets resulting from the reduction in the corporate tax rate associated with the federal government’s passage of the Tax Cuts and Jobs Act (the “Jobs Act”) on December 22, 2017.

·
Net interest income decreased to $3.4 million, down $200 thousand, or 5.5 percent, from $3.6 million. This decline was driven by a $425 thousand increase in interest expense, partially offset by a $226 thousand increase in interest revenue.

·
Return on average assets and equity for the quarter improved to a negative return of 0.10 percent and 0.90 percent, compared to negative returns of 1.49 percent and 12.51 percent for the comparable period. Excluding the merger costs discussed earlier, return on average assets and return on equity for the quarter ended December 31, 2018 would have been 0.30 percent and 2.72 percent, respectively.

·
Total assets declined to $496.3 million during the quarter, down $5.9 million or 1.2 percent, compared to $502.2 million at September 30, 2018.

The following information was filed by Hamilton Bancorp, Inc. (HBK) on Monday, February 4, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Hamilton Bancorp, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Hamilton Bancorp, Inc..

Continue

Assess how Hamilton Bancorp, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Hamilton Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Revenue
Financial
Legal
M & A
Other
Filter Subcategory:
All
Product
Expense
Shares
Earnings
Income
Cash Flow
Geography
Other
Inside Hamilton Bancorp, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parentheticals)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Financial Condition (Current Period Unaudited)
Consolidated Statements Of Financial Condition (Current Period Unaudited) (Parentheticals)
Consolidated Statements Of Operations (Unaudited)
Note 1 - Nature Of Operations And Summary Of Significant Accounting Policies
Note 1 - Nature Of Operations And Summary Of Significant Accounting Policies (Details Textual)
Note 10 - Regulatory Capital Ratios
Note 10 - Regulatory Capital Ratios (Details Textual)
Note 10 - Regulatory Capital Ratios (Tables)
Note 10 - Regulatory Capital Ratios - Capital Ratios And Minimum Capital Requirements Of Bank (Details)
Note 11 - Stock Based Compensation
Note 11 - Stock Based Compensation (Details Textual)
Note 11 - Stock Based Compensation (Tables)
Note 11 - Stock Based Compensation - Fair Value Assumptions (Details)
Note 11 - Stock Based Compensation - Restricted Stock Activity (Details)
Note 11 - Stock Based Compensation - Stock Option Activity (Details)
Note 12 - Fair Value Measurements
Note 12 - Fair Value Measurements (Details Textual)
Note 12 - Fair Value Measurements (Tables)
Note 12 - Fair Value Measurements - Derivatives Measured On A Recurring Basis (Details)
Note 12 - Fair Value Measurements - Financial Assets And Liabilities Measured On A Recurring Basis (Details)
Note 12 - Fair Value Measurements - Measurements On Nonrecurring Basis (Details)
Note 12 - Fair Value Measurements - Reconciliation Of Foreclosed Real Estate, Measured On Nonrecurring Basis Using Significant Unobservable Inputs (Details)
Note 12 - Fair Value Measurements - Reconciliation Of Investments At Fair Value On Recurring Basis (Details)
Note 12 - Fair Value Measurements - Securities Available For Sale Measured On A Recurring Basis (Details)
Note 12 - Fair Value Measurements - Valuation And Unobservable Inputs For Level 3 Assets (Details)
Note 2 - New Accounting Pronouncements
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share (Tables)
Note 3 - Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
Note 4 - Investment Securities Available For Sale
Note 4 - Investment Securities Available For Sale (Details Textual)
Note 4 - Investment Securities Available For Sale (Tables)
Note 4 - Investment Securities Available For Sale - Amortized Cost And Fair Value Of Securities (Details)
Note 4 - Investment Securities Available For Sale - Debt Securities By Contractual Maturity (Details)
Note 4 - Investment Securities Available For Sale - Securities In A Continuous Unrealized Loss Position (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses
Note 5 - Loans Receivable And Allowance For Loan Losses (Details Textual)
Note 5 - Loans Receivable And Allowance For Loan Losses (Tables)
Note 5 - Loans Receivable And Allowance For Loan Losses - Activity In Allowance For Loan Losses (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Changes In The Accretable Yield For Pci Loans (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Impaired Loans (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Loans By Risk Grade (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Loans Receivable Excluding Loans Held For Sale (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Number Of Contracts And Outstanding Loan Balance At Time Of Modification (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Outstanding Commitments And Unused Lines Of Credit (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Past Due Loans (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Purchased Credit Impaired (Pci) Loans (Details)
Note 5 - Loans Receivable And Allowance For Loan Losses - Summary Of Troubled Debt Restructurings (Details)
Note 6 - Goodwill And Other Intangible Asset
Note 6 - Goodwill And Other Intangible Asset (Details Textual)
Note 6 - Goodwill And Other Intangible Asset (Tables)
Note 6 - Goodwill And Other Intangible Assets - Activity In Goodwill And Intangible Assets (Details)
Note 6 - Goodwill And Other Intangible Assets - Future Expected Annual Amortization Associated With Core Deposit Intangible (Details)
Note 7 - Derivative - Interest Rate Swap Agreement
Note 7 - Derivative - Interest Rate Swap Agreement (Details Textual)
Note 7 - Derivative - Interest Rate Swap Agreement (Tables)
Note 7 - Derivative - Interest Rate Swap Agreement - Cash Flow Derivative Gains (Loss) Recorded In Aoci And The Statement Of Income (Details)
Note 7 - Derivative - Interest Rate Swap Agreement - Cash Flow Hedges (Details)
Note 7 - Derivative - Interest Rate Swap Agreement - Fair Value Hedge (Details)
Note 7 - Derivative - Interest Rate Swap Agreement - Information On Interest Rate Swaps (Details)
Note 8 - Deposits
Note 8 - Deposits (Tables)
Note 8 - Deposits - Composition Of Deposits And Related Percentage Mix (Details)
Note 9 - Lines Of Credit And Federal Home Loan Bank Advances
Note 9 - Lines Of Credit And Federal Home Loan Bank Advances (Details Textual)
Note 9 - Lines Of Credit And Federal Home Loan Bank Advances (Tables)
Note 9 - Lines Of Credit And Federal Home Loan Bank Advances - Federal Home Loan Bank Advances (Details)
Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: HBK
CIK: 1551739
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-19-002462
Submitted to the SEC: Wed Feb 13 2019 11:09:29 AM EST
Accepted by the SEC: Wed Feb 13 2019
Period: Monday, December 31, 2018
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/hbk/0001437749-19-002462.htm