Hamilton Bancorp, Inc. Reports Increased Earnings and Revenue Growth of 16 Percent For the First Quarter of Fiscal 2018

“We have launched our first universal branch model and we will continue to look for ways to innovate and improve efficiencies.”

Hamilton Bancorp, Inc. (the “Company”) (NASDAQ: HBK), the parent company of Hamilton Bank (the “Bank”), today announced its operating results for the three month period ending June 30, 2017 with the following highlights:

Quarterly Highlights – Quarter Ending June 30, 2017 vs. March 31, 2017

  •     Net interest margin increased 6 basis points to 3.08 percent during the three months ending June 30, 2017 compared to 3.02 percent for fiscal 2017.
  •     Total gross loans grew to $353.7 million, up $14.7 million, or 4.3 percent, compared to $339.0 million. Growth in loans was largely attributable to the purchase of a commercial loan portfolio along with organic loan growth. Total deposits remained relatively unchanged, decreasing slightly from $412.9 million to $412.3 million.
  •     Total assets grew to $515.9 million, or $1.4 million, compared to $514.5 million.
  •     Core deposits (including all deposits except certificates of deposit) grew $4.5 million to $168.9 million, or 2.7 percent, from $164.4 million. Core deposits represent 41.0 percent of total deposits compared to 33.6 percent a year ago.
  •     Nonperforming loans as a percentage of gross loans remains low at 0.72 percent compared to 0.69 percent and 1.33 percent at March 31, 2017 and June 30, 2016, respectively.
  •     The allowance for loan losses as a percentage of nonperforming loans remained relatively unchanged at 92.4 percent compared to 94.5 percent.

Quarterly Highlights – Quarter Ending June 30, 2017 vs. June 30, 2016

  •     Net income increased $727 thousand to $392 thousand, or $0.12 per common share, compared to net loss of $335 thousand, or loss of $0.11 per common share. Prior year period included $674 thousand in acquisition and branch consolidation related expenses.
  •     Net interest income increased to $3.6 million, up $497 thousand, or 16 percent, from $3.1 million.
  •     Net interest margin increased 16 basis points, or 5.5 percent, to 3.08 percent from 2.92 percent.
  •     Efficiency ratio has decreased by nearly 25 percent from 110.2 percent to 81.7 percent.

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