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


                                 FORM 10 - QSB/A
                                 Amendment No. 1


(Mark One)
[x]  Quarterly  Report under Section 13 or 15(d) of the Securities Exchange Act
     of 1934

     For the quarterly period ended September 30, 2001

[ ]  Transition  Report  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
    ---    ---

     As of November  10,  2001,  the issuer had 327,390  shares of Common  Stock
issued and outstanding.

     Transitional Small Business Disclosure Format (check one):

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


<PAGE>
PART I.  FINANCIAL INFORMATION
         ---------------------

Item 1.  Financial Statements

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

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

                                                                          SEPTEMBER 30         JUNE 30,
                                                                              2001                2001
                                                                         -------------        ------------
<S>                                                                      <C>                 <C>
              Assets
              ------
Cash:
     On hand and due from banks                                          $  2,654,419        $  2,710,768
     Interest bearing deposits in other banks                              10,275,026           2,630,770
Federal funds sold                                                          6,199,515           5,819,093
Investment securities, at fair value                                          199,804           2,188,212
Mortgage-Backed Securities, at fair value                                   5,192,280           5,679,605
Loans available for sale                                                           --           9,914,139
Loans receivable, net                                                     127,571,062         127,833,940
Investment in securities required by law, at cost                           1,903,350           1,903,350
Property and equipment, net                                                 1,167,941           1,193,425
Goodwill                                                                    1,869,691           1,869,691
Deferred income taxes                                                         712,535             838,061
Accrued interest, prepaid expenses and other assets                         1,574,743           1,589,529
                                                                         ------------        ------------
              Total assets                                               $159,320,365        $164,170,283
                                                                         ============        ============
              Liabilities and Stockholders' Equity
              ------------------------------------
Liabilities:
   Savings deposits:
        Interest bearing deposits                                        $119,110,770        $119,622,698
        Non interest bearing deposits                                       4,756,195           4,369,526
   Borrowings                                                              20,074,964          23,661,772
   Accrued expenses and other liabilities                                   1,834,593           3,091,467
                                                                         ------------        ------------
              Total liabilities                                           145,776,522         150,745,463

Stockholders' equity:
Preferred Stock-Series A Noncumulative Convertible Perpetual
 $0.01 par value authorized 1,000,000 shares with a liquidation
 preference of $25 per share; 103,566 and 106,073 shares outstanding            1,036               1,061
Additional paid-in-capital                                                  2,590,493           2,650,733
   Common stock $0.01 par value: authorized 4,000,000
     shares: issued and outstanding 333,135 and
     332,950 shares, respectively                                               3,331               3,330
  Additional paid-in capital                                                1,634,562           1,629,937
   Contra equity - Employee stock ownership plan                             (185,695)           (185,695)
   Contra equity - Management recognition plan                                (60,610)            (60,610)
   Deferred Compensation - Rabbi Trust                                        (77,544)            (77,544)
   Retained income, substantially restricted                                9,564,562           9,331,919
   Unrealized net holding gains on available-for-sale
      portfolios, net of taxes                                                 73,708             131,698
                                                                         ------------        ------------
              Total stockholders' equity                                   13,543,843           9,579,298
                                                                         ------------        ------------

              Total liabilities and stockholders' equity                 $159,320,365        $102,664,911
                                                                         ============        ============
</TABLE>


See accompanying notes to financial statements.


                                       2
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      -------------------------------------
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                            FOR THREE MONTHS ENDED
                                                                 SEPTEMBER 30,
                                                            -----------------------
                                                               2001         2000
                                                            ----------   ----------
<S>                                                         <C>          <C>
Interest income:
    Loans receivable                                        $2,775,771   $2,046,218
    Mortgage-backed securities                                  88,755       78,401
    Investment securities                                       18,505        2,852
    Federal funds sold and other investments                   191,461       67,106
                                                            ----------   ----------
          Total interest income                              3,074,492    2,194,577
                                                            ----------   ----------
Interest expense:
    Savings deposits                                         1,374,329      842,995
    Borrowings                                                 326,729      242,873
                                                            ----------   ----------
          Total interest expense                             1,701,058    1,085,868
                                                            ----------   ----------

          Net interest income                                1,373,434    1,108,709
Provision for losses on loans                                  290,000       75,000
                                                            ----------   ----------
          Net interest income after provision
                   for losses on loans                       1,083,434    1,033,709

Noninterest income:
    Fees and service charges                                    84,979       67,262
     Net gain (loss) on sale of investments held for sale      174,470           --
     Net gain (loss) on sale of loans held for sale            337,025           --
    Net gain (loss) on sale of foreclosed real estate               --       17,145
    Other                                                        6,399        5,293
                                                            ----------   ----------
        Total noninterest income                               602,873       89,700
                                                            ----------   ----------

Noninterest expenses:
    Compensation and employee benefits                         711,752      503,350
    Insurance premiums                                          14,467       10,874
    Professional fees                                           48,281       37,115
    Equipment expense                                           46,444       32,841
    Net occupancy costs                                         53,508       22,489
    Advertising                                                 47,443       23,286
    Data processing                                             52,793       40,189
    Other                                                      174,111      123,697
                                                            ----------   ----------
          Total noninterest expense                          1,148,799      794,021
                                                            ----------   ----------
          Income before provision for income taxes             537,508      329,388
Provision for income taxes                                     209,680      127,212
                                                            ----------   ----------
          Net Income                                        $  327,828   $  202,176
                                                            ==========   ==========
          Basic earnings per share                          $     0.88   $     0.65
                                                            ==========   ==========
          Diluted earnings per share                              0.77         0.62
</TABLE>

See accompanying notes to financial statements.


                                       3
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                 -----------------------------------------------
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                        FOR THREE MONTHS ENDED
                                                             SEPTEMBER 30,
                                                        ------------------------
                                                           2001          2000
                                                        ---------      ---------
<S>                                                         <C>          <C>
Net income                                              $ 327,828      $ 202,179
Other comprehensive income, net of tax:
  Unrealized net holding (losses)/gains on
    available-for-sale portfolios                          49,091         57,764
  Reclassification adjustment for gains
    Included in net income, net of tax                   (107,081)          --
                                                        ---------      ---------
Comprehensive income                                    $ 269,838      $ 259,943
                                                        =========      =========
</TABLE>

See accompanying notes to financial statements.

                                       4
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      -------------------------------------
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                      FOR THREE MONTHS ENDED
                                                                            SEPTEMBER 30,
                                                                    ---------------------------
                                                                       2001              2000
                                                                    -----------     -----------
<S>                                                                <C>             <C>
Cash flows from operating activities:
  Net income                                                       $    327,828    $    202,176
  Adjustments to reconcile net income to net
    cash provided by operating activities:
       Depreciation                                                      35,929          33,213
       Provision for losses on loans                                    290,000          75,000
       Provision for Loss from sale of foreclosed real estate            10,000         (17,145)
       (Gain)Loss from sale of investment securities                   (174,470)             --
       (Gain)Loss from sale of loans held for sale                     (337,025)             --
        Amortization of premiums and discounts, net                     (42,335)          1,019
       Deferred loan origination fees, net of costs                     (33,178)        (70,942)
       (Increase)Decrease in deferred taxes,
           prepaid expenses and other assets                            166,795        (294,735)
       Decrease in accrued expenses and other liabilities            (1,256,874)       (923,314)
                                                                    -----------     -----------
         Net cash used in operating activities                       (1,013,330)     (1,003,728)
                                                                    -----------     -----------

Cash flows from investing activities:
  Loan principal disbursements, net of repayments                        29,707        (621,364)
  Proceeds from sale of real estate owned                                    --          72,113
  Proceeds from sale of investment securities available for sale      2,136,416              --
  Proceeds from sale of loans available for sale                     10,251,164
  Purchase of property and equipment                                    (10,444)        (10,136)
  Principal repayment on mortgage-backed securities
    available-for-sale                                                  423,734         125,991
                                                                    -----------     -----------
       Net cash provided by (used) in investing activities           12,830,577        (433,396)

Cash flows from financing activities:
  Net increase (Decrease) in deposits                                   (98,095)      1,686,188
  Net increase (Decrease) in borrowings                              (3,599,999)      1,000,000
  Preferred Stock repurchase                                            (55,639)             --
  Dividends paid                                                        (95,185)        (45,653)
                                                                    -----------     -----------
         Net cash (used in) provided by financing activities         (3,848,918)      2,640,535
                                                                    -----------     -----------

  Net increase in cash and cash equivalents                        $  7,968,329    $  1,203,411
  Cash and cash equivalents at beginning of period                   11,160,631       3,437,783
                                                                    -----------     -----------
  Cash and cash equivalents end of period                           $19,128,960     $ 4,611,194
                                                                    ===========     ===========
Supplemental information:
  Interest paid on deposits and borrowed funds                        1,701,058       1,085,002
  Income taxes paid                                                      77,500               0
                                                                    ===========     ===========
</TABLE>

See accompanying notes to financial statements.


                                       5
<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").  The Patapsco Bank's wholly owned subsidiary is Prime Business  Leasing.
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.  The Bank conducts
operations  through  one office  located  at 1301  Merritt  Boulevard,  Dundalk,
Maryland 21222.

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 that
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 three months ended
September  30, 2001 are not  necessarily  indicative  of the results that may be
expected  for  the  entire  year.  For  additional  information,  refer  to  the
consolidated  financial  statements and footnotes thereto included in the Bank's
Annual report of form 10-KSB for the year ended June 30, 2001.

Note 4:   Cash and Cash Equivalents

Cash equivalents include short-term  investments with an original maturity of 90
days or less which consists of Federal funds sold.  Cash  equivalents  and other
liquidity and short-term  investments  are carried at cost,  which  approximates
market value.

Note 5:   Regulatory Capital Requirements

At September 30, 2001, the Bank met each of the three minimum regulatory capital
requirements.  The following  table  summarizes  the Bank's  regulatory  capital
position at September 30, 2001 (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)                   $ 13,023     13.59%   $7,667      8.00%     $ 9,584       10%

Tier 1 Capital (to Risk
   Weighted Assets)                   $11,823     12.34%   $3,884      4.00%     $ 5,751        6%

Tier 1 Capital (to Average
    Assets)                           $11,823      7.52%   $6,291      4.00%     $ 7,864        5%
</TABLE>


                                       6
<PAGE>

Note 6  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>
                                                 Three Months Ended                  Three Months Ended
                                                 September 30, 2001                   September30,2001
                                             Basic             Diluted               Basic        Diluted
                                             -------------------------               --------------------
<S>                                          <C>              <C>                    <C>            <C>
Net Income                                   327,828          327,828                202,176        202,176
Preferred Stock Dividends                     48,547               --                     --             --
                                             -------          -------                -------        -------
Net Income Available to Common               279,281          327,828                202,176        202,176

Weighted average shares outstanding          315,753          315,753                311,683        311,683

Diluted Securities:
  Preferred Stock                                             103,381                     --             --
  MRP Shares                                                       23                  8,398          8,398
  Options                                                       8,032                  4,784          4,784
-----------------------------------------------------------------------------------------------------------

Adjusted Weighted Average Shares             315,753          427,189                324,865        324,865

Per Share Amount                                0.88             0.77                   0.65           0.62
</TABLE>

                                       7
<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:  December 5, 2001               /s/ Joseph J. Bouffard
                                      -----------------------------------------
                                      Joseph J. Bouffard
                                      President and Chief Executive Officer
                                      (Principal Executive Officer)




Date: December 5, 2001                /s/ Michael J. Dee
                                      -----------------------------------------
                                      Michael J. Dee
                                      Chief Financial Officer & Controller
                                      (Principal Financial Officer)



                                     8