United States Securities and Exchange Commission
                             Washington, D. C. 20549

                                  FORM 10 - QSB
(Mark One)

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 for the quarterly period ended December 31, 2000

[ ]  Transition  Report  Pursuant  to  Section  13 or  15(d)  of the  Securities
     Exchange Act of 1934

            For the transition period from __________ to ___________


                         Commission File Number: 0-28032


                             PATAPSCO BANCORP, INC.
--------------------------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)


             MARYLAND                                           52-1951797
---------------------------------------                     ------------------
(State or Other Jurisdiction of                              (I.R.S. Employer
 Incorporation or Organization)                             Identification No.)


              1301 MERRITT BOULEVARD, DUNDALK, MARYLAND 21222-2194
              ----------------------------------------------------
                    (Address of Principal Executive Offices)


                                 (410) 285-1010
--------------------------------------------------------------------------------
               Registrant's Telephone Number, Including Area Code


     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the Exchange  Act during the  preceding 12 months (or for
such shorter period that the registrant was required to file such reports),  and
(2) has been subject to such filing  requirements for the past 90 days.
Yes X   No    The issuer has been subject to such filing requirements for the
   ---    ---
past 90 days.

     As of  February  8, 2001,  the issuer had  326,875  shares of Common  Stock
issued and outstanding.

     Transitional Small Business Disclosure Format (check one):

     Yes                              No    X
        -------                          -------


<PAGE>


         CONTENTS
         --------

                                                                            PAGE
                                                                            ----
PART I.  FINANCIAL INFORMATION
         ---------------------


Item 1.  Financial Statements

         Consolidated Statements of Financial Condition at December 31,
               2000 And June 30, 2000                                         3

         Consolidated Statements of Operations for the Six and Three-Month
               Periods Ended December 31, 2000 and 1999                       4

         Consolidated Statements of Comprehensive Income for the Six and
               Three-Month Periods Ended December 31, 2000 and 1999           5

         Consolidated Statements of Cash Flows for the Six-Month Periods
               Ended December 31, 2000 and 1999                               6

         Notes to Consolidated Financial Statements                           7


Item 2.  Management's Discussion and Analysis or Plan of Operations           8


PART II.  OTHER INFORMATION
          -----------------


Item 1.  Legal Proceedings                                                   16

Item 2.  Changes in Securities and Use of Proceeds                           16

Item 3.  Defaults Upon Senior Securities                                     16

Item 4.  Submission of Matters to a Vote of Security-Holders                 16

Item 5.  Other Information                                                   16

Item 6.  Exhibits and Reports on Form 8-K                                    16

Signatures                                                                   17

                                       2
<PAGE>


                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
<TABLE>
<CAPTION>

                                                                           DECEMBER 31,          JUNE 30,
                                                                         2000 (UNAUDITED)         2000
                                                                         ----------------      ------------
                       Assets
                       ------
<S>                                                                      <C>                  <C>
Cash:
     On hand and due from banks                                          $   2,595,367       $   2,251,850
     Interest bearing deposits in other banks                                1,045,650             282,929
Federal funds sold                                                           4,053,333             903,004
Investment securities, at fair value                                         2,113,370             462,842
Mortgage Backed securities, at fair value                                    6,605,731           4,456,047
Loans receivable, net                                                      140,123,416          91,002,476
Investment in securities required by law, at cost                            1,700,850             950,850
Property and equipment, net                                                  1,112,375           1,004,443
Goodwill                                                                     1,923,096                  --
Deferred income taxes                                                          729,000             442,000
Accrued interest, prepaid expenses and other assets                          1,468,174             908,470
                                                                         -------------       -------------
              Total assets                                               $ 163,470,362       $ 102,664,911
                                                                         =============       =============

                   Liabilities and Stockholders' Equity
                   ------------------------------------

Liabilities:
   Savings deposits:
        Interest bearing deposits                                        $ 111,197,186       $  72,357,957
        Non interest bearing deposits                                        4,590,629           3,293,950
   Borrowings                                                               33,436,103          14,900,000
   Accrued expenses and other liabilities                                    1,851,494           2,533,706
                                                                         -------------       -------------
              Total liabilities                                            151,075,412          93,085,613

Stockholders' equity:
    Preferred stock-Series A Noncumultive Convertible
      Perpetual  $0.01 par value; authorized 1,000,000
      shares with a  liquidation preference of $25 per
      share; 109,253 shares outstanding                                          1,093                  --
Additional paid-in capital                                                   2,730,215                  --
   Common stock $0.01 par value: authorized 4,000,000
     shares: issued and outstanding 326,875 and
     327,390 shares, respectively                                                3,269               3,274
  Additional paid-in capital                                                 1,459,800           1,471,253
   Contra equity - Employee stock ownership plan                              (547,403)           (254,045)
   Contra equity - Management recognition plan                                 (60,610)           (154,761)
   Contra equity - stock held by Rabbi Trust                                  (135,650)                 --
   Retained income, substantially restricted                                 8,933,662           8,625,749
   Unrealized net holding losses on available-for-sale
      portfolios, net of taxes                                                  10,574            (112,172)
                                                                         -------------       -------------
               Total stockholders' equity                                   12,394,950           9,579,298
                                                                         -------------       -------------
              Total liabilities and stockholders' equity                 $ 163,470,362       $ 102,664,911
                                                                         =============       =============
</TABLE>


                                       3
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      -------------------------------------
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                 FOR SIX MONTHS ENDED            FOR THREE MONTHS ENDED
                                                                        DECEMBER 31,                  DECEMBER 31,
                                                             ----------------------------      ---------------------------
                                                                2000              1999            2000             1999
                                                             ---------         ----------      ----------       ----------

<S>                                                          <C>               <C>               <C>          <C>
Interest income:
    Loans receivable                                         $ 4,650,502       $ 3,485,374     $ 2,604,284   $ 1,771,672
    Mortgage-backed securities                                   179,515           168,069         101,674        83,352
    Investment                                                    61,364                --          58,512            --
    Federal funds sold and other investments                     143,645           140,118          76,540        47,606
                                                             -----------       -----------     -----------   -----------
          Total interest income                                5,035,026         3,793,561       2,841,010     1,902,630
                                                             -----------       -----------     -----------   -----------

Interest expense:
    Savings deposits                                           2,013,705         1,312,392       1,173,100       658,550
    Borrowings & Other                                           630,761           410,936         385,499       208,727
                                                             -----------       -----------     -----------   -----------
          Total interest expense                               2,644,466         1,723,328       1,558,599       867,277
                                                             -----------       -----------     -----------   -----------

          Net interest income                                  2,390,560         2,070,233       1,282,411     1,035,353
Provision for losses on loans                                    240,000           140,000         165,000        60,000
                                                             -----------       -----------     -----------   -----------
          Net interest income after provision
                   for losses on loans                         2,150,560         1,930,233       1,117,411       975,353

Noninterest income:
    Fees and service charges                                     147,835           125,901          80,573        63,743
    Net gain (loss) on sales of securities                        37,473                --          37,473
    Net gain (loss) on sale of repossessed real estate            17,145                --              --            --
    Other                                                         12,568             7,234           7,275         2,700
                                                             -----------       -----------     -----------   -----------
        Total noninterest income                                 215,021           133,135         125,322        66,443
                                                             -----------       -----------     -----------   -----------

Noninterest expenses:
    Compensation and employee benefits                         1,025,489           905,467         521,959       468,673
    Insurance premiums                                            21,712            34,061          10,839        17,837
    Professional fees                                             58,293            67,059          21,178        31,414
    Equipment expense                                             67,828            86,378          34,955        45,353
    Occupancy Expense                                             52,778            40,032          30,289        18,933
    Advertising                                                   68,340            18,466          45,054        11,763
    Data processing                                               80,248            81,518          40,059        36,477
    Goodwill Amortization                                         24,893                --          24,893            --
    Other                                                        268,083           222,038         144,981       126,229
                                                             -----------       -----------     -----------   -----------
          Total noninterest expense                            1,667,665         1,455,019         874,207       756,679
                                                             -----------       -----------     -----------   -----------
          Income before provision for income taxes               697,917           608,349         368,526       285,117
Provision for income taxes                                       271,273           236,820         144,061       111,174
                                                             -----------       -----------     -----------   -----------
          Net Income                                         $   426,644       $   371,529     $   224,465   $   173,943
                                                             ===========       ===========     ===========   ===========
          Basic earnings per share                           $      1.27       $      1.18     $      0.62   $      0.56
                                                             ===========       ===========     ===========   ===========
          Diluted earnings per share                                1.21              1.11            0.58          0.52

</TABLE>

See accompanying notes to financial statements.

                                       4
<PAGE>




                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                 -----------------------------------------------
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                 FOR SIX MONTHS ENDED            FOR THREE MONTHS ENDED
                                                                        DECEMBER 31,                  DECEMBER 31,
                                                             ----------------------------      ---------------------------
                                                                2000              1999            2000             1999
                                                             ---------         ----------      ----------       ----------

<S>                                                          <C>               <C>               <C>            <C>
Net income                                                   $   426,644       $   371,529      $  224,465        $173,943
Other comprehensive income, net of tax:
  Unrealized net holding (losses)/gains on
    available-for-sale portfolios                                122,746          ( 57,818)         64,982         (29,637)
                                                             -----------       -----------      ----------        --------

Comprehensive income                                         $   549,390       $   313,711      $  289,447        $144,306
                                                             ===========       ===========      ==========        ========
</TABLE>




See accompanying notes to financial statements.

                                       5
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      -------------------------------------
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                FOR SIX MONTHS ENDED
                                                                                    DECEMBER  31,
                                                                            ------------------------------
                                                                                2000               1999
                                                                            ------------       -----------

<S>                                                                        <C>                 <C>
Cash flows from operating activities:
  Net income                                                               $   426,644         $   371,529
  Adjustments to reconcile net income to net
    cash provided by operating activities:
       Depreciation                                                             68,002              68,726
       Goodwill Amortization                                                    24,893                  --
       Gain on Sale of repossessed real estate                                  17,145                  --
       Gain on sale of investment & mortgage backed securities                  37,473                  --
       Provision for losses on loans                                           240,000             140,000
       Non-cash compensation under stock-based benefit plans                    94,151             113,320
       Amortization of premiums and discounts, net                              12,187               2,390
       Deferred loan origination fees, net of costs                           (141,739)             (3,785)
       Change in deferred income taxes                                         287,000               1,205
       (Increase) in accrued interest on investments,
           prepaid expenses and other assets                                  (559,704)           (210,332)
       Decrease in accrued expenses and other liabilities                     (682,212)           (926,421)
                                                                           -----------         -----------
         Net cash used in operating activities                                (176,160)           (443,368)
                                                                           -----------         -----------

Cash flows from investing activities:
  Loan principal disbursements, net of repayments                           (5,433,940)         (7,021,109)
  Purchase of property and equipment                                           (49,411)            (64,399)
  Purchase of stock in Federal Home Loan Bank of Atlanta                      (240,000)           (150,000)
  Purchase of investment security available-for-sale                                --            (180,110)
  Proceeds from sale of repossessed real estate                                 72,116                  --
  Proceeds from sale of investments available for sale                       3,118,135                  --
  Proceeds from sale of mortgage-backed securities available for sale          248,297                  --
  Cash consideration in the Northfield acquisition, net                     (4,380,673)                 --
  Principal repayment on mortgage-backed securities available for sale         183,374             169,776
                                                                           -----------         -----------
        Net cash used in investing activities                               (6,482,102)         (7,245,842)

Cash flows from financing activities:
  Net increase (decrease) in deposits                                        2,682,372          (1,002,396)
  Net increase (decrease) in borrowings                                      8,336,103          (3,000,000)
  Stock repurchase                                                             (11,976)           (349,537)
  Dividends paid                                                               (91,670)            (87,731)
                                                                           -----------         -----------

         Net cash (used in) provided by financing activities                10,914,829           1,560,336

  Net increase (decrease) in cash and cash equivalents                     $ 4,256,567         $(6,128,874)
  Cash and cash equivalents at beginning of period                           3,437,783           9,351,960
  Cash and cash equivalents end of period                                  $ 7,694,350         $ 3,223,086

Supplemental information:
  Interest paid on deposits and borrowed funds                               2,556,229         1,723,328
  Income taxes paid                                                            140,000           191,620
  Preferred Stock issued for acquired company                                2,731,308                --
</TABLE>

See accompanying notes to financial statements.

                                       6
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


Note 1:   Principles of Consolidation

The consolidated  financial statements include the accounts of Patapsco Bancorp,
Inc. ("the Company") and its  wholly-owned  subsidiary,  The Patapsco Bank ("the
Bank").  All intercompany  accounts and transactions have been eliminated in the
accompanying consolidated financial statements.

Note 2:   The Patapsco Bank

The Bank is regulated  by The Federal  Reserve  Bank of Richmond  ("the  Federal
Reserve Bank") and The State of Maryland. The primary business of the Bank is to
attract  deposits  from  individual  and  corporate  customers  and to originate
residential  and  commercial  mortgage  loans,  consumer  loans  and  commercial
business loans. The Bank competes with other financial and mortgage institutions
in attracting and retaining deposits and originating loans. In October, 1999 the
Bank created a leasing  company  called Prime  Business  Leasing,  Inc. The Bank
conducts operations through three offices.

Note 3:   Basis of Presentation

The accompanying  unaudited consolidated financial statements have been prepared
in accordance with  instructions  for Form 10-QSB and therefore,  do not include
all  disclosures  necessary  for a complete  presentation  of the  statements of
condition,  statements of operations  and statements of cash flows in conformity
with generally accepted accounting principles.  However, all adjustments,  which
are, in the opinion of management,  necessary for the fair  presentation  of the
interim  financial  statements have been included.  Such  adjustments  were of a
normal recurring nature.  The results of operations for the six and three months
ended December 31, 2000 are not  necessarily  indicative of the results that may
be expected for the entire year.

Note 4:  Business Combination

On November 13, 2000, the Company acquired Northfield Bancorp, Inc., the holding
company for Northfield Federal Savings Bank (Northfield),  a federally chartered
savings bank.  Holders of the outstanding  shares of Northfield Bancorp received
$12.50  in cash and .24  shares  of newly  issued  Patapsco  Bancorp's  Series A
Noncumulative Convertible Perpetual Preferred Stock.

The combination  was accounted for under the purchase method of accounting,  and
accordingly,  the net assets were recorded at their estimated fair values at the
date of acquisition, November 13, 2000. Fair value adjustments on the assets and
liabilities  purchased  are  being  amortized  over the  estimated  lives of the
related  assets  and  liabilities.  The  excess of the  purchase  price over the
estimated fair value of the underlying net assets of $1,947,989 was allocated to
goodwill and is being amortized over 15 years using the straight-line method.

The following unaudited pro forma condensed  consolidated  financial information
reflects  the results of  operations  of the Company for the year ended June 30,
2000 and for the six months ended  December 31, 2000 as if the  transaction  had
occurred at the beginning of each period presented.  These pro forma results are
not  necessarily  indicative of what the Company's  results of operations  would
have been had the  acquisition  actually  taken place at the  beginning  of each
period presented.
<TABLE>
<CAPTION>
                                                   Twelve Months Ended              Six Months Ended
                                                       June 30,2000                 December 31, 2000
                                                       ------------                 -----------------
<S>                                                    <C>                              <C>
Net Interest Income                                    $5,452,048                       $2,696,634
Net Income                                                776,711                          491,984
Diluted Net Income Per Share                                $1.76                            $0.98
</TABLE>


                                       7
<PAGE>
Note 5:  Cash and Cash Equivalents

Cash equivalents include short-term investments, which consists of Federal funds
sold.  Cash  equivalents  and other  liquidity and  short-term  investments  are
carried at cost, which approximates market value.

Note 6:   Regulatory Capital Requirements

At December 31, 2000, the Bank met each of the three minimum  regulatory capital
requirements.  The following  table  summarizes  the Bank's  regulatory  capital
position at December 31, 2000 (in thousands).

<TABLE>
<CAPTION>
                                                                                    Well Capitalized Under
                                                                  For Capital          Prompt Corrective
                                           Actual              Adequacy Purposes        Action Provision
                                    ---------------------     -------------------   -----------------------
                                    Amount            %       Amount         %      Amount          %
                                    -----------------------------------------------------------------------
<S>                              <C>              <C>         <C>          <C>      <C>            <C>
Total Capital (to Risk
  Weighted Assets)               $12,408          12.38%      $8,018       8.00%    $10,023        10%

Tier 1 Capital (to Risk
   Weighted Assets)              $11,327          11.30%      $4,009       4.00%    $ 6,014         6%

Tier 1 Capital (to Average
    Assets)                      $11,327           8.39%      $5,398       4.00%    $ 6,748         5%

</TABLE>

Note 7:  Earnings Per Share

Basic per share amounts are based on the weighted average shares of common stock
outstanding.  Diluted  earnings  per share  assume the  conversion,  exercise or
issuance  of  all  potential  common  stock  instruments  such  as  options  and
convertible  securities,  unless  the  effect  is to  reduce a loss or  increase
earnings per share.
<TABLE>
<CAPTION>
                                                      Six Months Ended                  Three Months Ended
                                                     December 31, 2000                   December 31, 2000
                                                     Basic       Diluted                Basic         Diluted
                                                     -------------------                ---------------------

<S>                                                  <C>         <C>                   <C>            <C>
Net Income                                           399,331     426,644               197,152        224,465

Weighted average shares outstanding                  314,342     314,342               317,001         317,001

Diluted Securities:
  Preferred Stock                                                 29,134                               58,268
  MRP Shares                                                       4,199                                4,199
  Options                                                          4,577                                4,368
--------------------------------------------------------------------------------------------------------------
Adjusted Weighted Average Shares                     314,342     352,252               317,001        383,836

Per Share Amount                                        1.27        1.21                  0.62           0.58
</TABLE>

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

FORWARD-LOOKING STATEMENTS

         When  used in this  Form  10-QSB,  the words or  phrases  "will  likely
result," "are  expected  to," "will  continue,"  "is  anticipated,"  "estimate,"
"project"  or similar  expressions  are  intended to  identify  "forward-looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995.  Such  statements  are  subject  to  certain  risks  and  uncertainties
including changes in economic  conditions in the Company's market area,  changes
in policies by regulatory  agencies,  fluctuations in interest rates, demand for
loans in the  Company's  market area,  and  competition  that could cause actual
results  to differ  materially  from  historical  earnings  and those  presently
anticipated  or projected.  The Company  wishes to caution  readers not to place
undue reliance on any such  forward-looking  statements,  which speak only as of
the date made.  The Company  wishes to advise  readers  that the factors  listed
above  could  affect the  Company's  financial  performance  and could cause the
Company's  actual  results


                                       8
<PAGE>

for  future  periods  to  differ  materially  from any  opinions  or  statements
expressed with respect to future periods in any current statements.

The Company does not undertake,  and specifically  disclaims any obligation,  to
publicly  release  the  result  of  any  revisions,  which  may be  made  to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.


COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 2000 AND JUNE 30, 2000

The Company's  assets  increased by $60.8 million or 59.2% to $163.5  million at
December  31, 2000 from $102.7  million at June 30,  2000.  The  increase in the
Company's assets during the six months ended December 31, 2000 was primarily due
to the Company's  acquisition of Northfield Bancorp,  Inc. on November 13, 2000.
Approximately  $55 million in assets were  acquired in this  transaction.  Since
June 30, net loans  receivable  increased  $49.1 million,  goodwill  booked as a
result of the transaction was $1.9 million, mortgage-backed securities increased
$2.1 million, and investment securities have increased $1.7 million.

The  Company's  interest-bearing  deposit  liabilities  have  increased by $38.8
million and the balance of  noninterest  bearing  deposits have  increased  $1.3
million  since June 30, 2000.  Borrowings  increased  by $18.5  million of which
$10.2  million  were  assumed  as a result  of the  transaction.  The  remaining
increase  in  borrowings  represents  money  borrowed  in  order  to  close  the
transaction and to support loan growth.

The Company's stockholders' equity increased by $2.8 million to $12.4 million at
December 31, 2000 from $9.6 million at June 30, 2000.  The increase is primarily
the  result  of the  issuance  of $2.7  million  in  Patapsco  Bancorp  Series A
Noncumulative  Convertible  Perpetual  Preferred  stock  as part  of the  merger
consideration to the former shareholders of Northfield Bancorp.

COMPARISON OF OPERATING  RESULTS FOR THE QUARTERS AND SIX MONTHS ENDED  DECEMBER
31, 2000 AND DECEMBER 31, 1999

Net Income
----------

The  Company's  net income  increased  by $51,000 or 29.1% to  $224,000  for the
quarter ended December 31, 2000 from $174,000 for the quarter ended December 31,
1999. The Company's net income increased by $55,000 or 14.8% to $427,000 for the
six months  ended  December  31,  2000 from  $372,000  for the six months  ended
December  31,  1999.  The  increase  in the  Company's  net  income  during  the
comparable three-month period is a result of higher net interest and noninterest
income  exceeding the increase in operating  expenses and the provision for loan
losses.  The increase in the  Company's net income in the  comparable  six-month
periods is also a result of higher net interest and noninterest income exceeding
the increase in operating expenses and the provision for loan losses.

Interest Income
---------------

Total  interest  increased  by $938,000 or 49.3% to $2.8 million for the quarter
ended  December  31, 2000 from $1.9 million for the quarter  ended  December 31,
1999.  Total interest income  increased by $1.2 million or 32.7% to $5.0 million
for the six months ended  December 31, 2000 from $3.8 million for the six months
ended December 31, 1999.  The increases in interest  income  resulted  primarily
from the growth in the Company's loan, investment and mortgage-backed securities
portfolios  as a result of the purchase of  Northfield as well as a higher yield
on earning  assets.  The average  balance of earning  assets in the three months
increased  by $40.9  million to $132.2  million in the  comparable  three  month
period while the yield on earning  assets  increased 26 basis points to 8.53% in
the same period.  For the comparative  six-month  period,  the Company's average
yield on assets  increased  43 basis points to 8.64% and the  Company's  average
balance of interest-earning assets increased by $24.5 million.

Interest  income on loans  receivable  increased  by  $833,000  or 47.0% to $2.6
million  for the  quarter  ended  December  31,  2000 from $1.8  million for the
quarter ended December 31, 1999.  Interest income on loans receivable  increased
by $1.2 million or 33.4% to $4.7  million for the six months ended  December 31,
2000 from $3.5 million for the six months ended  December 31, 1999. The increase
in interest income on loans receivable during the three and six month periods is
due to an increase in both


                                       9
<PAGE>

the average balance and the yield on loans  receivable.  During the three months
ended  December 31, 2000 as compared to the same period ended  December 31, 1999
the average  loans  receivable  balance  increased by $35.6  million or 42.9% to
$118.7  million from $83.1 million and the average  yield  increased by 25 basis
points to 8.71% from 8.46%.  During the six months  ended  December  31, 2000 as
compared to the same period ended December 31, 1999 the average balance of loans
receivable  increased  by $23.8  million or 29.2% to $105.2  million  from $81.4
million and the average yield increased by 32 basis points to 8.82% from 8.50%.

The Company had no investment  securities  outstanding  during the three and six
month periods  ended  December 31, 1999 and  therefore no interest  income.  The
Company did however,  have $59,000 and $61,000 in interest  income on investment
securities during the three and six-month periods ended December 31, 2000.

         Interest income on mortgage-backed  securities  increased by $18,000 to
$102,000  and by $12,000 to  $180,000 in the three and six month  periods  ended
December 31, 2000, respectively.

Interest income on federal funds sold and other investments increased by $29,000
or 60.8% to $77,000 for the quarter ended December 31, 2000 from $48,000 for the
quarter ended December 31, 1999. Interest income on federal funds sold and other
investments  increased  by $4,000 or 2.5% to $144,000  for the six months  ended
December 31, 2000 from $140,000 for the six months ended  December 31, 1999. The
primary  reason for the  increases  in the three and six month  periods  was the
increase in the prevailing market rates for these instruments.

Interest Expense
----------------

Total  interest  expense  increased by $691,000 or 79.7% to $1.6 million for the
quarter ended December 31, 2000 from $867,000 for the quarter ended December 31,
1999. Total interest expense  increased by $921,000 or 53.5% to $2.6 million for
the six months  ended  December 31, 2000 from $1.7 million at December 31, 1999.
The increases in interest  expense during the comparable  periods were primarily
due to  increases in the average  balances  and rates paid on both  deposits and
borrowings.  During the  quarter  ended  December  31,  2000 as  compared to the
quarter  ended  December  31,  1999  the  average  balance  of  interest-bearing
liabilities increased by $39.7 million to $120.6 million from $80.8 million. The
average  rate on  interest-bearing  liabilities  increased by 87 basis points to
5.13% from 4.26% in the quarterly  period.  During the six months ended December
31,  2000 as  compared  to the six months  ended  December  31, 1999 the average
balance of interest-bearing  liabilities in increased by $24.4 million to $104.9
million  from $80.6  million and the average  rate  increased 78 basis points to
5.02% from 4.24%.

Interest expense on deposits  increased by $515,000 or 78.1% to $1.2 million for
the quarter ended December 31, 2000 from $659,000 for the quarter ended December
31, 1999.  Interest  expense on deposits  increased by $702,000 or 53.6% to $2.0
million  from $1.3  million for the six months  ended  December  31,  1999.  The
increase in interest  expense on deposits  during the  comparable  quarters  was
attributable to an increase in the average rate by 98 basis points to 4.91% from
3.93% and an increase in the average  balance of $28.4 million.  The increase in
interest expense on deposits during the comparable  six-month periods was due to
a $17.6  million  increase in the average  balance to $84.3  million  from $66.7
million and an increase in the average rate to 4.77% from 3.90%.

Interest  expense on  borrowings  increased by $177,000 or 84.7% to $385,000 for
the quarter ended December 31, 2000 from $209,000 for the quarter ended December
31,  1999.  Interest  expense on  borrowings  increased  by $219,000 or 53.5% to
$630,000  during the six months ended December 31, 2000 from $411,000 during the
six months ended December 31, 1999. The increase for the comparable quarters was
primarily  attributable  to an increase of $11.3 million in the average  balance
and an  increase  of 21 basis  points in the  average  rate.  For the  six-month
comparable  periods the increase was  attributable to a $6.7 million increase in
the average  balance and a 21 basis points increase in the average rate to 6.06%
from 5.85%.

Net Interest Income
-------------------

The Company's net interest income before the provision for loan losses increased
by $247,000 or 23.9% to $1.3  million for the quarter  ended  December  31, 2000
from  $867,000 for the quarter  ended  December 31,  1999.  Net interest  income
before the  provision  for loan  losses  increased  by $320,000 or 15.4% to $2.4
million for the six months ended  December 31, 2000 from $2.1 million during the
six months ended December 31, 1999.  The increase in net interest  income during
the comparable quarters and six month periods were primarily due to increases in
average  balances of earning assets  offsetting the decrease in the net interest
margin from 4.68% to 3.85% and from 4.48% to 4.10% in the  comparable  three and
six month periods.

                                       10
<PAGE>

Average Balance Sheet
---------------------

The following  tables sets forth certain  information  relating to the Company's
average  balance  sheet and  reflects  the  average  yield on assets and cost of
liabilities  for the periods  indicated and the average  yields earned and rates
paid.   Dividing  income  or  expense  by  the  average  balance  of  assets  or
liabilities,  respectively,  for the periods  presented  derives these yield and
costs. Average balances are daily balances.

The table presents information for the periods indicated with respect to the net
interest margin, which is its net interest income divided by the average balance
of interest-earning assets. Also presented is the difference between the average
yield   earned   on   interest-earning   assets   and   average   rate  paid  on
interest-bearing  liabilities,  or interest  rate spread  ,which is also used to
measure the earnings power of financial institutions.



                                       11
<PAGE>
<TABLE>
<CAPTION>
                                                                   SIX MONTHS ENDED DECEMBER 31,
                                               -----------------------------------------------------------------------------
                                                            2000                                     1999
                                               ---------------------------------       -------------------------------------
                                               AVERAGE                   AVERAGE       AVERAGE                      AVERAGE
                                               BALANCE      INTEREST     RATE (1)      BALANCE       INTEREST       RATE (1)
                                               -------      --------     --------      -------       --------       --------
                                                                            (DOLLARS IN THOUSANDS)
<S>                                            <C>            <C>            <C>       <C>             <C>            <C>
Interest-earning assets:
   Loans receivable (2)                       $105,166       $4,651          8.82%     $81,371         $3,485         8.50%
   Investment securities                         1,646           61          7.43%          --             --           --
   Mortgage-backed securities                    5,110          180          7.01%       4,824            168         6.91%
   Federal funds sold and other
      interest-earning assets                    4,285          144          6.69%       5,514            140         5.04%
                                              --------       ------                    -------         ------
Total interest earning assets                  116,207        5,036          8.64%      91,709          3,794         8.21%
Noninterest-earning assets                       3,948       ------                      2,734         ------
                                              --------                                 -------
Total Average Assets                          $120,155                                 $94,443
                                              ========                                 =======

Interest-bearing liabilities:
Savings deposits                              $ 84,315       $2,014          4.77%     $66,677         $1,312         3.90%
Borrowings                                      20,673          630          6.06%      13,933            411         5.85%
                                              --------       ------                    -------         ------
Total interest-bearing liabilities             104,988        2,644          5.02%      80,610          1,723         4.24%
                                                             ------         -----                      ------        -----
Noninterest-bearing liabilities                  4,481                                   4,473
                                              --------                                 -------
Total liabilities                              109,469                                  85,083
Stockholders' equity                            10,686                                   9,360
                                              --------                                 -------
    Total liabilities and stockholders'
      equity                                  $120,155                                 $94,443
                                              ========                                 =======

Net interest income                                          $2,392                                    $2,070
                                                             ======                                    ======
Interest rate spread                                                         3.62%                                    3.96%
                                                                            =====                                   ======

Net Interest Margin                                                          4.10%                                    4.48%
                                                                            =====                                   ======
Ratio of average interest-earning assets
  to average interest-bearing liabilities                                  110.69%                                  113.77%
                                                                           ======                                   ======
<FN>
-----------
(1)  Yields and rates are annualized.
(2)  Includes nonaccrual loans.
</FN>
</TABLE>



                                       12
<PAGE>
<TABLE>
<CAPTION>
                                                                      THREE MONTHS ENDED DECEMBER 31,
                                               -----------------------------------------------------------------------------
                                                            2000                                     1999
                                               ---------------------------------       -------------------------------------
                                               AVERAGE                   AVERAGE       AVERAGE                      AVERAGE
                                               BALANCE      INTEREST     RATE (1)      BALANCE       INTEREST       RATE (1)
                                               -------      --------     --------      -------       --------       --------
                                                                            (DOLLARS IN THOUSANDS)
<S>                                            <C>            <C>            <C>       <C>             <C>            <C>
Interest-earning assets:
   Loans receivable (2)                       $118,690       $2,603          8.71%     $83,087         $1,772         8.46%
   Investment securities                         2,827           59          8.21%          --             --           --
   Mortgage-backed securities                    5,731          102          7.04%       4,753             83         6.96%
   Federal funds sold and other
      interest-earning assets                    4,960           77          6.12%       3,433             48         5.50%
                                              --------       ------                    -------         ------
Total interest earning assets                  132,208        2,841          8.53%      91,273          1,903         8.27%
Noninterest-earning assets                       4,727       ------                      3,195         ------
                                              --------                                 -------
Total Assets                                  $136,935                                 $94,468
                                              ========                                 =======

Interest-bearing liabilities:
Savings deposits                              $ 94,836       $1,174          4.91%     $66,409         $  659         3.93%
Borrowings                                      25,728          385          5.94%      14,443            208         5.73%
                                              --------       ------                    -------         ------
Total interest-bearing liabilities             120,564        1,559          5.13%      80,852            867         4.26%
                                                             ------        ------                      ------       ------
Noninterest-bearing liabilities                  4,809                                   4,279
                                              --------                                 -------
Total liabilities                              125,373                                  85,131
Stockholders' equity                            11,562                                   9,337
                                              --------                                 -------
    Total liabilities and stockholders'
      equity                                  $136,935                                 $94,468
                                              ========                                 =======

Net interest income                                          $1,282                                    $1,035
                                                             ======                                    ======
Interest rate spread                                                         3.40%                                    4.01%
                                                                           ======                                   ======

Net interest margin                                                          3.85%                                    4.68%
                                                                           ======                                   ======
Ratio of average interest-earning assets
  to average interest-bearing liabilities                                  109.66%                                  112.89%
                                                                           ======                                   ======
<FN>
-----------
(1)  Yields and rates are annualized.
(2)  Includes nonaccrual loans.
</FN>
</TABLE>

Provision For Loan Losses
-------------------------

         Provisions  for loan losses are  charged to  earnings  to maintain  the
total allowance for loan losses at a level considered  adequate by management to
provide  for  probable  loan  losses,  based on prior loss  experience,  type of
collateral,  industry standards,  past due loans in the Company's loan portfolio
and current economic conditions.  The Company's management periodically monitors
and adjusts its  allowance  for loan losses  based upon its analysis of the loan
portfolio.  The Company  provided  $165,000  for loan losses  during the quarter
ended  December 31, 2000 and $60,000 in the quarter ended December 31, 1999. The
Company  provided  $240,000  and  $140,000  for loan  losses  during each of the
six-month  periods ended  December 31, 2000 and December 31, 1999. The provision
for loan losses were made due to the Company's  higher levels of  non-performing
loans and assets, loans delinquent less than 90 days that are still accruing, as
well as higher levels of consumer,  construction  and  commercial  loans,  which
generally  entail a  greater  risk  than  single-family  residential  loans.  At
December  31,  2000,  non-performing  loans  and  assets  totaled  $474,000  and
$537,000, respectively as compared to $28,000 and $244,000 at December 31, 1999.
The  Company's  allowance  for  loan  losses  as a  percentage  of  total  loans
outstanding,  net of unearned origination fees of 0.77% at December 31, 2000 has
decreased 1 basis point from 0.78% at December 31, 1999.


                                       13
<PAGE>

Activity in the allowance for loan losses is as follows (dollars in thousands):

<TABLE>
<CAPTION>
                                                     SIX MONTHS ENDED        THREE MONTHS ENDED
                                                     ----------------        ------------------
                                                                     DECEMBER 31,
                                                                    -------------
                                                     2000     1999              2000    1999
                                                     ----     ----              ----    ----

<S>                                                  <C>      <C>               <C>     <C>
Allowance for loan losses, beginning of period     $  743     $631            $  778    $661

Provision for loan losses                             240      140               165      60

Allowance assumed in acquisition                      183        0               183       0

Loans Charged Off:
         Consumer                                      88      114                54      65
         Real Estate                                    0        0                 0       0
         Commercial                                    17        5                 0       0
                                                   ------     ----            ------    ----
  Total Charge-Offs                                   105      119                54      65

Recoveries:
         Consumer                                      20       10                 9       6
         Real Estate                                    0        0                 0       0
         Commercial                                     0        0                 0       0
                                                   ------     ----            ------    ----
  Total Recoveries                                     20       10                 9       6
                                                   ------     ----            ------    ----
Allowance for loan losses, end of period           $1,081     $662            $1,081    $662
                                                   ======     ====            ======    ====

</TABLE>

Noninterest Income
------------------

The Company's noninterest income consists of deposit fees, service charges, late
fees and gains and losses on sales of  securities,  loans and  repossessed  real
estate.  Total noninterest  income increased by $59,000 or 88.6% to $125,000 for
the quarter ended  December 31, 2000 from $66,000 for the quarter ended December
31, 1999.  Total  noninterest  income  increased by $82,000 or 61.5% to $215,000
during the six months  ended  December  31,  2000 from  $133,000  during the six
months ended  December  31, 1999.  The  increases in  noninterest  income in the
comparable  quarters is due to a $37,000 gain on the sale of available  for sale
investment  securities and higher fees on deposits due to higher  balances.  The
increase in noninterest  income in the comparable six month period is due to the
$37,000 gain on the sale of available for sale investment securities,  a $17,000
gain on the sale of  repossessed  real estate as well as higher fees and service
charges on deposits.

Noninterest Expenses
--------------------

Total  noninterest  expenses  increased by $118,000 or 15.5% to $874,000 for the
quarter ended December 31, 2000 from $757,000 for the quarter ended December 31,
1999. Total noninterest expense increased by $213,000 to $1.7 million during the
six months ended December 31, 2000 from $1.5 million during the six months ended
December  31, 1999.  Compensation  and employee  benefits  expense  increased by
$53,000 or 11.3% and  $120,000  or 13.2% to  $522,000  and $1.0  million for the
quarter and six month periods ended December 31, 2000 from $469,000 and $905,000
for the  quarter and six months  ended  December  31,  1999,  respectively.  The
increase was largely  attributable  to expenses  relating to new employees  from
Northfield,  the hiring of additional  personnel and the higher cost of employee
benefits,  particularly  health  insurance.  Advertising  expenses  increased by
$33,000 or 283.0% and $50,000 or 270.1% in the three and six-month periods ended
December 31, 2000 compared to the comparable periods ended December 31, 1999.

Liquidity and Capital Resources
-------------------------------

An important component of the Company's  asset/liability  structure is the level
of  liquidity  available  to meet the  needs of  customers  and  creditors.  The
Company's   Asset/Liability   Management   Committee  has  established   general
guidelines for the  maintenance  of prudent  levels of liquidity.  The Committee
continually monitors the amount and


                                       14
<PAGE>

source of available liquidity,  the time to acquire it and its cost.  Management
of the Company  seeks to maintain an  adequate  level of  liquidity  in order to
retain  flexibility in terms of investment  opportunities  and deposit  pricing.
Because liquid assets  generally  provide lower rates of return, a high level of
liquidity  will, to a certain extent,  result in lower net interest  margins and
lower net income.

The Company's most liquid assets are cash on hand, interest-bearing deposits and
Federal  funds  sold,  which are  short-term,  highly  liquid  investments  with
original  maturities of less than three months that are readily  convertible  to
known amounts of cash. The levels of these assets are dependent on the Company's
operating,  financing  and  investing  activities  during any given  period.  At
December 31, 2000,  the Company's  cash on hand,  interest-bearing  deposits and
Federal  funds  sold  totaled  $7.7  million.  In  addition,   the  Company  has
approximately  $8.7  million  of  mortgage-backed   and  investment   securities
classified as available-for-sale.

The Company anticipates that it will have sufficient funds available to meet its
current  loan  commitments  of $3.1  million.  These  funds  will be  internally
generated,  raised through  deposit  operations,  or borrowed.  Certificates  of
deposits that are scheduled to mature in less than one year at December 31, 2000
totaled $37.6 million. Historically, a high percentage of maturing deposits have
remained with the Company.



As discussed in Note 5 - Regulatory  Capital  Requirements,  the Company and the
Bank exceeded all regulatory minimum capital requirements.



                                       15
<PAGE>


                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings

None.

Item 2.  Changes in Securities and use of proceeds.

None.

Item 3.  Defaults Upon Senior Securities

None

Item 4.  Submission of Matters to a Vote of Security-Holders
         The following table sets forth matters that were voted upon at
         the Company's Annual Meeting of Stockholder's  held on October
         26, 2000:

                                    Votes           Votes             Votes
                                     For           Against           Withheld
                                    -----          -------           --------
Election of Directors:

Joseph J. Bouffard                 243,166           --              27,935
Nicole N. Glaeser                  243,316           --              27,785

Approval of the Patapsco Bancorp, Inc. 2000 Stock Option and Incentive Plan:


                                    Votes           Votes             Votes
                                     For           Against           Withheld
                                    -----          -------           --------

                                   240,966         29,935              200


Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

(a)      Exhibits: None.

(b)      On November 21, 2000,  the Company filed a Current Report on form 8-K
         under Item 2 announcing  that it had  consummated  its  acquisition of
         Northfield Bancorp on November 13, 2000.


                                       16
<PAGE>


                                   Signatures


         In accordance with the  requirements of the Securities  Exchange Act of
1934,  the  registrant  caused  this  report to be  signed on its  behalf by the
undersigned thereunto duly authorized.


                                           PATAPSCO BANCORP, INC.



Date:  February 8, 2000                    /s/ Joseph J. Bouffard
                                           ------------------------------------
                                           Joseph J. Bouffard
                                           President and Chief Executive Officer
                                           (Principal Executive Officer)




Date: February 8, 2000                     /s/ Michael J. Dee
                                           ------------------------------------
                                           Michael J. Dee
                                           Chief Financial Officer & Controller
                                           (Principal Financial Officer)


                                       17