The parent of Hamilton Bank returned to profitability in the quarter ended March 31 as it continued to consolidate its recent acquisition of Fairmount Bank.
Towson-based Hamilton Bancorp announced Thursday that it earned $117,000, or 4 cents per share, in the January-to-March period, after losing $141,000, or 4 cents per share, in same period last year. Results from the most recent quarter include $71,000 in acqusition expenses.
Hamilton had $393 million in assets as of March 31, an increase of 35 percent from a year earlier. Deposits hit $314 million, while loans grew to $223 million.
For its 2016 fiscal year, which also ended March 31, Hamilton lost $93,000, or 3 cents a share, after acquition costs, an improvement over its fiscal 2015 loss of $314,000, or a dime per share.
"This past year marked several major milestones for Hamilton as we celebrated 100 years of community banking and grew commercial loans and core deposits while successfully completing our acquisition of a local community bank," said Robert DeAlmeida, Hamilton's president and CEO, in a statement. "We look forward to concluding our second acquisition and continued organic growth in loans and deposits, while always looking for ways to operate more efficiently."
Non-performing loans more than doubled over the past year to $5.3 million as of March 31.