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Patapsco Bank's parent posts $365,000 profit

Patapsco Bancorp of Dundalk reported Wednesday that it earned $365,000, or 18 cents per share, in the first quarter ended in September. That's an increase from a year earlier, when the parent of Patapsco Bank posted a profit of $128,000, or 7 cents a share.

The earnings report comes a day after the Federal Reserve announced the company and its bank reached an agreement with regulators to take steps to maintain soundness.

Patapsco credited its improved performance to a reduction in the amount needed to be set aside for potential loan losses. The loan loss provision for the quarter lower was $51,000, compared with $323,000 a year earlier. The bank's non-performing assets amounted to 3.49 percent of total assets, down from 4.62 percent a year ago.

At the end of September, bank's assets reached $248.7 million, a drop of $5.7 million since the end of June.

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