Baltimore-based Patapsco Bancorp Inc., the parent company of Patapsco Bank, announced that its earnings of $141,000 for the third quarter of fiscal 2007 were a $60,000 drop compared with the same time last year.
Failing to match last year?s second-quarter mark of $301,000, Patapsco cited merger expenses and a higher provision for loan loss as the main reasons for the drop.
The merger is under way with Bradford Bancorp, which is scheduled to take over Patapsco during the early part of the bank?s 2007 fourth quarter. As of March 31, Patapsco Bancorp reported assets of about $255 million, compared with $228 million it reported at the end of the 2006 fiscal year.
Thursday, shares of Patapsco were trading at $22.85, unchanged for the day.
