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, 2002

[ ]  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, 2003,  the issuer had  412,442  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,
             2002 And June 30, 2002                                           3

         Consolidated Statements of Income for the Six and Three-Month
             Periods Ended December 31, 2002 and 2001                         4

         Consolidated Statements of Comprehensive Income for the Six and
             Three-Month Periods Ended December 31, 2002 and 2001             5

         Consolidated Statements of Cash Flows for the Six-Month
             Periods Ended December 31, 2002 and 2001                         6

         Notes to Financial Statements                                        7


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

Item 3.  Controls and procedures                                             16


PART II.  OTHER INFORMATION


Item 1.  Legal Proceedings                                                   17

Item 2.  Changes in Securities and Use of Proceeds                           17

Item 3.  Defaults Upon Senior Securities                                     17

Item 4.  Submission of Matters to a Vote of Security Holders                 17

Item 5.  Other Information                                                   17

Item 6.  Exhibits and Reports on Form 8-K                                    17

Signatures                                                                   18

Certifications                                                               19

                                       2
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                          DECEMBER 31,        JUNE 30,
                                                                        2002 (UNAUDITED)       2002
                                                                        ----------------      ---------
<S>                                                                      <C>              <C>
                          Assets
                          ------
Cash:
     On hand and due from banks                                          $   2,509,548    $   3,660,638
     Interest bearing deposits in other banks                               10,019,557        7,464,183
Federal funds sold                                                           1,296,000        3,732,000
Investment securities, at fair value                                         4,715,445        5,005,955
Mortgage Backed securities, at fair value                                   17,530,501       13,705,241
Loans receivable, net                                                      112,664,506      118,349,734
Investment in securities required by law, at cost                            1,543,350        1,903,350
Property and equipment, net                                                  1,000,014        1,056,806
Goodwill                                                                     1,869,691        1,869,691
Deferred income taxes                                                          515,226          699,125
Accrued interest, prepaid expenses and other assets                          1,150,583        1,288,860
                                                                         -------------    -------------
              Total assets                                               $ 154,814,421    $ 158,735,583
                                                                         =============    =============

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

Liabilities:
   Savings deposits:
        Interest bearing deposits                                        $ 109,235,986    $ 113,682,321
        Non interest bearing deposits                                        5,859,720        5,910,312
   Borrowings                                                               23,194,670       22,616,019
   Accrued expenses and other liabilities                                    1,196,231        1,925,523
                                                                         -------------    -------------
              Total liabilities                                            139,486,607      144,134,175

Temporary Equity - ESOP shares subject to put option                           600,827          671,724

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; 99,926 and 100,166 shares outstanding, respectively                   999            1,002

Additional paid-in capital                                                   2,499,495        2,505,495
   Common stock $0.01 par value: authorized 4,000,000
     shares: issued and outstanding 412,422 and
     373,613 shares, respectively                                                4,124            3,736
  Additional paid-in capital                                                 3,184,246        2,020,324
   Contra equity - Employee stock ownership plan                              (119,537)        (119,537)
   Obligation under Rabbi Trust                                                249,976          249,976
   Contra equity - stock held by Rabbi Trust                                   (77,544)         (77,544)
   Retained income, substantially restricted                                 8,603,774        9,207,460
   Unrealized net holding gains on available-for-sale
      portfolios, net of taxes                                                 381,454          138,772
                                                                         -------------    -------------
               Total stockholders' equity (including temporary equity)      15,327,814       14,601,408
                                                                         -------------    -------------
              Total liabilities and stockholders' equity                 $ 154,814,421    $ 158,735,583
                                                                         =============    =============
</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,
                                                     --------------------------   -------------------------
                                                        2002            2001         2002           2001
                                                     -----------    -----------   -----------   -----------
<S>                                                  <C>            <C>           <C>           <C>
Interest income:
    Loans receivable                                 $ 4,769,537    $ 5,442,740   $ 2,378,704   $ 2,646,967
    Mortgage-backed securities                           414,768        167,757       215,930        79,003
    Investment Securities                                171,226         93,252        78,482        42,920
    Federal funds sold and other investments              92,640        262,606        47,288       102,972
                                                     -----------    -----------   -----------   -----------
          Total interest income                        5,448,171      5,946,355     2,720,404     2,871,862
                                                     -----------    -----------   -----------   -----------

Interest expense:
    Savings deposits                                   1,505,914      2,604,252       729,068     1,232,707
    Borrowings                                           567,866        627,400       281,716       297,886
                                                     -----------    -----------   -----------   -----------
          Total interest expense                       2,073,780      3,231,652     1,010,784     1,530,593
                                                     -----------    -----------   -----------   -----------

          Net interest income                          3,374,391      2,714,703     1,709,620     1,341,269
Provision for losses on loans                            240,000        380,000       120,000        90,000
                                                     -----------    -----------   -----------   -----------
          Net interest income after provision
                   for losses on loans                 3,134,391      2,334,703     1,589,620     1,251,269

Noninterest income:
    Fees and service charges                             196,515        173,869        87,076        88,890
    Net gain on sales of securities                       14,255        174,470         1,395            --
    Net gain on sale of loans                              5,006        337,025         5,006            --
    Net loss on sale of repossessed real estate           (3,071)            --            --            --
    Other                                                 15,600          8,908         8,821         2,509
                                                     -----------    -----------   -----------   -----------
        Total noninterest income                         228,305        694,272       102,298        91,399
                                                     -----------    -----------   -----------   -----------
Noninterest expenses:
    Compensation and employee benefits                 1,345,845      1,321,453       691,715       609,701
    Insurance premiums                                    36,061         30,606        17,996        16,139
    Professional fees                                    173,584         93,030       111,852        44,749
    Equipment expense                                    107,478        112,157        45,930        65,713
    Occupancy expense                                    102,306        102,322        46,245
                                                                                                     48,814
    Advertising                                           54,107         81,053        32,163        33,610
    Data processing                                      106,873        102,367        53,477        49,574
    Other                                                378,956        347,144       181,288       173,031
                                                     -----------    -----------   -----------   -----------
          Total noninterest expense                    2,305,210      2,190,130     1,180,666     1,041,331
                                                     -----------    -----------   -----------   -----------
          Income before provision for income taxes     1,057,486        838,845       511,252       301,337
Provision for income taxes                               390,718        324,739       185,208       115,059
                                                     -----------    -----------   -----------   -----------
          Net Income                                 $   666,768    $   514,106   $   326,044   $   186,278
                                                     ===========    ===========   ===========   ===========
          Basic earnings per share                   $      1.40    $      1.07   $      0.67   $      0.35
                                                     ===========    ===========   ===========   ===========
          Diluted earnings per share                 $      1.20    $      0.95   $      0.58   $      0.35
                                                     ===========    ===========   ===========   ===========
</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,
                                             ----------------------    ----------------------
                                                2002         2001         2002         2001
                                             ---------    ---------    ---------    ---------
<S>                                          <C>          <C>          <C>          <C>
Net income                                   $ 666,768    $ 514,106    $ 326,044    $ 186,278
Other comprehensive income, net of tax:
  Unrealized net holding (losses)/gains on
    available-for-sale portfolios              242,682      101,409      (40,863)     (68,806)
Reclassification adjustment for gains
    Included in net income, net of tax          (8,749)    (107,081)        (856)          --
                                             ---------    ---------    ---------    ---------
Comprehensive income                         $ 900,701    $ 508,434    $ 284,325    $ 117,472
                                             =========    =========    =========    =========
</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,
                                                                     ---------------------------
                                                                        2002             2001
                                                                     -----------     -----------
<S>                                                                  <C>             <C>
Cash flows from operating activities:
  Net income                                                         $   666,768     $   514,106
  Adjustments to reconcile net income to net
    cash provided by operating activities:
       Depreciation                                                       67,520          73,352
       Provision for losses on loans                                     240,000         380,000
       Provision for loss on foreclosed real estate                           --          10,000
       Loss on Sale of repossessed real estate                             3,071              --
       Gain on sale of investment & mortgage backed securities           (14,255)       (174,470)
       Gain from sale of loans held for sale                              (5,006)       (337,025)
       Amortization of premiums and discounts, net                       (69,615)        189,669
       Non-cash compensation under stock-based benefit plans                  --          60,610
       Deferred loan origination fees, net of costs                       50,477          18,975
        (Increase)Decrease in deferred taxes,
           prepaid expenses and other assets                              39,212         414,970
       Decrease in accrued expenses and other liabilities               (729,292)     (1,782,198)
                                                                     -----------     -----------
         Net cash used in operating activities                           248,880        (632,011)
                                                                     -----------     -----------

Cash flows from investing activities:
  Loan principal disbursements, net of repayments                      5,003,217       5,056,533
  Proceeds from sale of loans available for sale                         489,776      10,251,164
  Proceeds from sale of repossessed real estate                          126,839              --
  Proceeds from sale/redemption of investments available for sale      1,621,252       2,004,510
  Purchase of investment security available-for-sale                  (1,190,000)     (3,255,664)
  Purchase of mortgage-backed security available-for-sale             (4,986,227)             --
  Redemption of stock in Federal Home Loan Bank of Atlanta               360,000              --
  Purchase of property and equipment                                     (10,728)        (16,793)
    Principal repayment on mortgage-backed securities available
      for sale                                                         1,425,169       1,121,769
                                                                     -----------     -----------
        Net cash provided by investing activities                      2,839,298      15,161,519

Cash flows from financing activities:
  Net increase (decrease) in deposits                                 (4,486,850)       (806,570)
  Net increase (decrease) in borrowings                                  550,000      (6,900,000)
  Preferred Stock repurchase                                                  --         (55,638)
  Cash received in exercise of stock options                              16,465              --
  Dividends paid                                                        (199,509)       (195,086)
                                                                     -----------     -----------
         Net cash (used in) provided by financing activities          (4,119,894)     (7,957,294)
                                                                     -----------     -----------
  Net increase (decrease) in cash and cash equivalents               $(1,031,716)    $ 6,572,214
  Cash and cash equivalents at beginning of period                    14,856,821      11,160,631
                                                                     -----------     -----------
  Cash and cash equivalents end of period                            $13,825,105     $17,732,845
                                                                     ===========     ===========
Supplemental information:
  Interest paid on deposits and borrowed funds                         2,073,780       3,200,209
  Income taxes paid                                                      272,052         541,800
  Stock Dividend paid                                                  1,070,945         872,913
</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, 2001 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, 2002 are not  necessarily  indicative of the results that may
be expected for the entire year.

Note 4 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 5:  Regulatory Capital Requirements

At December  31,  2002,  the Company  met each of the three  minimum  regulatory
capital  requirements.  The following table summarizes the Company's  regulatory
capital position at December 31, 2002 (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)               $13,756      14.29%    $7,699     8.00%      $9,623     10.00%

Tier 1 Capital (to Risk
   Weighted Assets)              $12,561      13.05%    $3,849     4.00%      $5,774      6.00%

Tier 1 Capital (to Average
    Assets)                      $12,561       8.24%    $6,098     4.00%      $7,623      5.00%
</TABLE>

                                       7
<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.  Earnings per share for the prior periods ended December 31,
2001 have been restated to reflect stock dividends.
<TABLE>
<CAPTION>

                                             Six Months Ended             Three Months Ended
                                             December 31, 2002            December 31, 2002
                                             Basic     Diluted           Basic         Diluted
                                             -----------------           ---------------------
<S>                                          <C>        <C>             <C>            <C>
Net Income                                   666,768    666,768         326,044        326,044
Preferred Stock Dividends                     93,793          0          46,840              0
                                             -------    -------         -------        -------
Net Income Available to Common               572,975    666,768         279,204        326,044

Weighted average shares outstanding          410,380    410,380         418,962        418,962

Diluted Securities:
  Preferred Stock                                       121,104                        121,007
  Options                                                26,343                         25,364
----------------------------------------------------------------------------------------------
Adjusted Weighted Average Shares             410,380    557,827         418,957        565,333

Per Share Amount                               $1.40      $1.20           $0.67          $0.58
<CAPTION>

                                             Six Months Ended            Three Months Ended
                                             December 31, 2001           December 31, 2001
                                             Basic     Diluted          Basic         Diluted
                                             -----------------          ---------------------
<S>                                          <C>        <C>             <C>            <C>
Net Income                                   514,016    514,016         186,278        186,278
Preferred Stock Dividends                     97,116          0          48,573              0
                                             -------    -------         -------        -------
Net Income Available to Common               416,990    514,016         137,705        186,278

Weighted average shares outstanding          389,530    389,530         392,222        392,222

Diluted Securities:
  Preferred Stock                                       125,374                        125,153
  MRP Shares                                                 82                            198
  Options                                                18,141                         16,135
----------------------------------------------------------------------------------------------
Adjusted Weighted Average Shares             389,530    533,127         392,222        533,708

Per Share Amount                               $1.07      $0.95           $0.35          $0.35
</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

                                       8
<PAGE>
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 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, 2002 AND JUNE 30, 2002

The  Company's  assets  decreased  by $3.9  million or 2.5% to 154.8  million at
December 31, 2002 compared to $158.7  million at June 30, 2002.  Cash  generated
from the  continued  high  level of early  payoffs in the  residential  mortgage
portfolio as well as from the redemption  and sale of investment  securities was
used to fund deposit outflows,  primarily in certificate of deposit accounts, to
purchase  mortgage-backed and investment  securities,  as well as to fund escrow
disbursements for property taxes for residential mortgage customers. Cash & cash
equivalents  decreased  $1.0 million or 7% to $13.8 million at December 31, 2002
from $14.8  million  at June 30,  2002.  Investment  securities  decreased  $0.3
million as the call and sale of investment  securities was only partially offset
by the purchase of investment securities.  Mortgage-backed  securities increased
by $3.8  million as  purchases  of $5  million  and the  increased  value of the
portfolio  offset  pay-downs of $1.5  million.  The  continued low interest rate
environment  has  resulted in an extremely  high level of early  pay-offs in the
fixed-rate  residential mortgage portfolio.  New loan production has been unable
to keep up with this level of pay-offs resulting in loans outstanding  declining
by $5.7  million or 4.9% to $112.7  million at  December  31,  2002 from  $118.3
million at June 30, 2002.

Interest bearing deposits have decreased $4.4 million or $3.9% in the six months
ended  December 31, 2002 to $109.2 million from $113.7 million at June 30, 2002.
As noted above,  this  decrease has  primarily  occurred in the  certificate  of
deposit account categories.  With the relatively high level of cash on hand, the
Company has not negotiated with customers with limited relationships in order to
retain the certificate  accounts.  We believe many of these customers have taken
their certificate accounts to local thrifts for higher rates and that if needed,
these types of funds can be raised locally by posting more competitive rates.

Total  borrowings  have  increased  by  $0.6  million  as  payoffs  of  existing
borrowings  from the Federal Home Loan Bank and payments on the  Bancorp's  loan
were offset by borrowings matched against the purchase of securities in order to
lock in spreads. Other liabilities, primarily escrow accounts for property taxes
and insurance held for our mortgage customers decreased by $0.8 million or 37.9%
to $1.2 million at December 31 from $1.9 million at June 30, 2002.


COMPARISON OF OPERATING  RESULTS FOR THE QUARTERS AND SIX MONTHS ENDED  DECEMBER
31, 2002 AND DECEMBER 31, 2001

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

The  Company's  net income  increased  by $140,000 or 75.0% to $326,000  for the
quarter ended December 31, 2002 from $186,000 for the quarter ended December 31,
2001.  The Company's  net income  increased by $153,000 or 29.7% to $667,000 for
the six months ended  December  31, 2002 from  $514,000 for the six months ended
December  31,  2001.  The  increase  in the  Company's  net  income  during  the
comparable three-month period is a result of a $368,000 increase in net interest
income after provision for loan losses, offset by higher operating expenses. The
increase in the Company's net income for the six month period ended December 31,
2002 resulted from higher net interest  income after  provision for loan losses,
offset  by  lower  gains  on the  sale of  loans  and  held-for-sale  investment
securities as well as higher operating expenses.

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

Total  interest  income  decreased  by $152,000 or 5.2% to $2.7  million for the
quarter  ended  December  31, 2002 when  compared to $2.9 million in the quarter
ended  December 31, 2001 as lower  interest  income on loans,  primarily  due to
lower  average  balances,  was  somewhat  offset  by higher  interest  income on
investment  and  mortgage-backed  securities.   Approximately  $103,000  of  the
decrease  in  interest  income in the  quarterly  period is the  result of lower
yields on earning  assets and $49,000 of the decrease in interest  income is

                                       9
<PAGE>

the result of lower  average  balances of earning  assets.  In the quarter ended
December 31, 2002,  yields on earning assets  decreased 35 basis points to 7.22%
from 7.57% and the average  balance of earning assets  decreased $1.0 million to
$149.5 million from $150.5 million.

Total interest income  decreased by $498,000 or 8.4% to $5.4 million for the six
months ended  December 31, 2002 when  compared to $5.9 million in the six months
ended  December 31, 2001 as lower  interest  income on loans,  primarily  due to
lower  average  balances,  was  somewhat  offset  by higher  interest  income on
investment  and  mortgage-backed  securities.   Approximately  $349,000  of  the
decrease  in  interest  income in the  six-month  period is the  result of lower
yields on earning assets and $149,000 of the decrease in interest  income is the
result of lower average  balances of earning  assets.  In the  six-months  ended
December 31, 2002,  yields on earning assets  decreased 49 basis points to 7.25%
from 7.74% and the average  balance of earning assets  decreased $3.4 million to
$148.9 million from $152.4 million.

Interest  income on loans  receivable  decreased  by  $268,000  or 10.2% to $2.4
million  for the  quarter  ended  December  31,  2002 from $2.6  million for the
quarter ended December 31, 2001.  Interest income on loans receivable  decreased
by $0.7 million or 12.1% to $4.7  million for the six months ended  December 31,
2002 from $5.4 million for the six months ended  December 31, 2001. The decrease
in interest income on loans receivable during the three and six month periods is
due first to lower  average  balances  on loans  receivable  and second to lower
yields earned on loans  receivable.  During the three months ended  December 31,
2002 as compared to the same period ended  December  31, 2001 the average  loans
receivable  balance  decreased by $10.2  million or 8.1% to $115.7  million from
$125.9 million and the average yield  decreased by 19 basis points to 8.15% from
8.34%.  During the six months  ended  December  31, 2002 as compared to the same
period ended December 31, 2001 the average balance of loans receivable decreased
by $10.1 million or 7.9% to $117.0  million from  $127.1million  and the average
yield decreased by 37 basis points to 8.08% from 8.45%.

Interest income on investment  securities increased by $36,000 to $78,000 and by
$78,000 to $171,000 in the three and six month periods ended  December 31, 2002,
respectively  primarily due to higher average balances of investment  securities
offsetting lower yields on these securities.

Interest income on mortgage-backed  securities increased by $137,000 to $216,000
and by $247,000 to $415,000 in the three and six month  periods  ended  December
31,  2002,  respectively.  These  increases  are  primarily  the result of large
increases in the average balances of these securities. Due primarily to the slow
economic  environment,  the Company has been unable to replace the large  volume
paid off mortgage loans noted above.  Rather than invest the excess liquidity in
low-yielding  overnight  funds,  the Company has  increased  the  investment  in
mortgage-backed securities.

Interest income on federal funds sold and other investments decreased by $56,000
or 54.1% to $47,000 for the quarter  ended  December 31, 2002 from  $103,000 for
the quarter ended December 31, 2001.  Interest  income on federal funds sold and
other  investments  decreased by $170,000 or 64.7% to $93,000 for the six months
ended  December 31, 2002 from  $263,000  for the six months  ended  December 31,
2001.  The decreases in the three and six month periods was equally due to lower
rates on these  investments  as a result of the  Federal  Reserve  lowering  the
target  federal funds rate and lower volumes due the  reallocation  of this cash
into mortgage-backed securities.

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

Total interest  expense  decreased by $520,000 or 34.0% to $1.01 million for the
quarter ended December 31, 2002 from $1.5 million for the quarter ended December
31,  2001.  Total  interest  expense  decreased by $1.2 million or 35.8% to $2.1
million for the six months ended December 31, 2002 from $3.2 million at December
31,  2001.  The decrease in interest  expense  during the  comparable  quarterly
periods  was  primarily  due to lower  rates on  interest  bearing  liabilities,
primarily deposits. The decrease in interest expense in the comparable six-month
periods  is  primarily  due to lower  rates  paid on  interest  bearing  deposit
accounts.

Interest expense on deposits  decreased by $504,000 or 40.9% to $729,000 for the
quarter ended December 31, 2002 from $1.2 million for the quarter ended December
31,  2001.  Interest  expense on deposits  decreased by $1.1 million or 42.2% to
$1.5 million from $2.6 million for the six months ended December 31, 2001.  More
than 80% of the  decrease  in interest  expense in both the three and  six-month
periods  is  due to  lower  rates  paid  on  deposits.  The  combination  of the
aggressive  actions of the Federal  Reserve in lowering  interest  rates and low
loan demand due to a slow economy has allowed the Company to aggressively  lower
the rates paid on deposit accounts.



                                       10
<PAGE>

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

The Company's net interest income before the provision for loan losses increased
by $368,000 or 27.4% to $1.7  million for the quarter  ended  December  31, 2002
from $1.3 million for the quarter ended December 31, 2001.  Net interest  income
before the  provision  for loan  losses  increased  by $660,000 or 24.3% to $3.4
million for the six months ended  December 31, 2002 from $2.7 million during the
six months ended December 31, 2001.  The increase in net interest  income during
the  comparable  quarters and six-month  periods were primarily due to the lower
costs of  liabilities,  primarily  deposit  accounts.  In the three month period
ended December 31, 2002, the net interest  margin  increased by 100 basis points
to 4.54% from 3.54%. In the same period,  the cost of deposits  decreased by 146
basis points to 2.61% from 4.07%.  In the  six-month  period ended  December 31,
2002, the net interest margin  increased by 96 basis points to 4.49% from 3.53%.
In the same  period,  the cost of deposits  decreased  162 basis points to 2.68%
from  4.30%.  Yields  on  earning  assets in the  three  and  six-month  periods
decreased by only 35 and 49 basis points, respectively.

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,
                                              ----------------------------------------------------------------------------
                                                              2002                                    2001
                                              -----------------------------------      -----------------------------------
                                               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)                        117,026       $4,769        8.08%       $127,108       $5,423        8.45%
   Investment securities                         7,227          171        4.70%          2,997           93        6.17%
   Mortgage-backed securities                   14,203          415        5.79%          5,113          168        6.51%
   Federal funds sold and other
      interest-earning assets                   10,527           93        1.75%         17,176          262        3.03%
                                              --------       ------                    --------       ------
Total interest earning assets                  148,982        5,448        7.25%        152,394        5,946        7.74%
Noninterest-earning assets                       5,860                                    6,026       ------
                                              --------                                 --------
Total Average Assets                          $154,842                                 $158,420
                                              ========                                 ========
Interest-bearing liabilities:
Savings deposits                              $111,547       $1,506         2.68%      $120,147       $2,604        4.30%
Borrowings                                      21,746          568         5.18%        19,422          627        6.38%
                                              --------       ------                    --------
Total interest-bearing liabilities             133,294        2,074         3.09%       139,568        3,231        4.59%
Noninterest-bearing liabilities                  6,486       ------       ------          5,305       ------      ------
                                              --------                                 --------
Total liabilities                              139,780                                  144,873
Stockholders' equity                            15,062                                   13,547
                                              --------                                 --------
    Total liabilities and stockholders'
      equity                                  $154,842                                 $158,420
                                              ========                                 ========

Net interest income                                           $3,374                                  $2,715
                                                              ======                                  ======
Net Interest margin                                                         4.49%                                   3.53%
                                                                          ======                                  ======
Interest rate spread                                                        4.16%                                   3.15%
                                                                          ======                                  ======
Ratio of average interest-earning assets
  to average interest-bearing liabilities                                 111.77%                                 109.19%
                                                                          ======                                  ======
<FN>
___________
(1)  Yields and rates are annualized.
(2)  Includes nonaccrual loans.
</FN>
</TABLE>

                                       12
<PAGE>
<TABLE>
<CAPTION>

                                                                     THREE MONTHS ENDED DECEMBER 31,
                                              ----------------------------------------------------------------------------
                                                              2002                                    2001
                                              -----------------------------------      -----------------------------------
                                               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)                        $115,744      $2,379        8.15%       $125,957      $2,647          8.34%
   Investment securities                          7,036          78        4.43%          3,141          43          5.41%
   Mortgage-backed securities                    15,082         216        5.68%          4,818          79          6.51%
   Federal funds sold and other
      interest-earning assets                    11,633          47        1.61%         16,569         103          2.47%
                                               --------      ------                    --------      ------
Total interest earning assets                   149,494       2,720        7.22%        150,486       2,872          7.57%
Noninterest-earning assets                        6,447      ------                       6,535      ------
                                               --------                                --------
Total assets                                   $155,941                                $157,021
                                               ========                                ========

Interest-bearing liabilities:
Savings deposits                               $111,014     $   729        2.61%       $120,308      $1,233          4.07%
Borrowings                                       22,049         282        5.00%         17,726         298          6.58%
                                               --------      ------                    --------      ------
Total interest-bearing liabilities              133,063       1,011        3.01%        138,035       1,531          4.40%
Noninterest-bearing liabilities                   7,648      ------                       5,340      ------
                                               --------                                --------
Total liabilities                               140,711                                 143,375
Stockholders' equity                             15,230                                  13,646
                                               --------                                --------
    Total liabilities and stockholders'
      equity                                   $155,941                                $157,021
                                               ========                                ========

Interest rate spread                                         $1,709                                  $1,341
                                                             ======                                  ======
Net interest margin                                                        4.54%                                     3.54%
                                                                         ======                                    ======
Interest rate spread                                                       4.21%                                     3.17%
                                                                         ======                                    ======
Ratio of average interest-earning assets
  to average interest-bearing liabilities                                112.35%                                   109.02%
                                                                         ======                                    ======
<FN>
___________
(1)  Yields and rates are annualized.
(2)  Includes nonaccrual loans.
</FN>
</TABLE>

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

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 loan losses.  The components of the allowance for loan
losses  represent an estimation  done pursuant to either  Statement of Financial
Accounting Standards ("SFAS") No. 5, "Accounting for Contingencies," or ("SFAS")
No. 114, "Accounting by Creditors for Impairment of a Loan." The adequacy of the
allowance for loan losses is determined  through a continuous review of the loan
and lease portfolio and considers factors such as prior loss experience, type of
collateral,  industry standards, past due loans in the Company's loan portfolio,
current economic  conditions,  both national and local, and other factors unique
to particular loans and leases. The Company's management  periodically  monitors
and adjusts its  allowance  for loan losses  based upon its analysis of the loan
portfolio.

     The provision  for loan losses was $120,000 in the quarter  ended  December
31,  2002,  compared  to $90,000  for the quarter  ended  December  31, 2001 and
$240,000 in the  six-months  ended December 31, 2002 compared to $380,000 in the
six-months  ended  December 31, 2001.  Due primarily to  charge-offs in the loan
portfolio, the Company's allowance for loan losses has decreased as a percentage
of total loans  outstanding to 1.05% at December 31, 2002 from 1.12% at June 30,
2002. The Company's  allowance for loan losses as a percentage of  nonperforming
loans was 157.5% at December 31, 2002 as compared to 167.6% at June 30, 2002.


                                       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,
                                                              ------------
                                                  2002     2001         2002     2001
                                                 ------   ------       ------   ------

<S>                                              <C>       <C>         <C>       <C>
Allowance for loan losses, beginning of period   $1,438    1,161       $1,504    1,339

Provision for loan losses                           240      380          120       90

Loans Charged Off:
         Consumer                                    93      104           36       55
         Real Estate                                  0        0            0        0
         Commercial                                 423      107          410       31
                                                 ------   ------       ------   ------
  Total Charge-Offs                                 516      211          446       86

Recoveries:
         Consumer                                    22       23           10       11
         Real Estate                                  0       12            0       12
         Commercial                                  11       13            7       12
  Total Recoveries                                   33       48           17       35
                                                 ------   ------       ------   ------
Allowance for loan losses, end of period         $1,195   $1,378       $1,195   $1,378
                                                 ======   ======       ======   ======
</TABLE>

     The following  table sets forth  information  with respect to the Company's
non-performing assets at the dates indicated.
<TABLE>
<CAPTION>
                                                                At December 31,    At June 30,
                                                                ---------------    -----------
                                                                    2002              2002
                                                                    ----              ----
                                                                        (In thousands)
<S>                                                              <C>                <C>
Loans accounted for on a non-accrual basis: (1)
    Real estate:
       Residential.............................................  $      14          $     285
       Commercial..............................................         --                 --
       Construction............................................         --                 --
    Consumer...................................................         12                 --
    Commercial Loan/Lease......................................        732                411
                                                                 ---------          ---------
       Total...................................................  $     758          $     696
                                                                 =========          =========
Accruing loans which are contractually past due
   90 days or more.............................................  $      --          $      --
                                                                 ---------          ---------
       Total...................................................  $      --          $      --
                                                                 ---------          ---------

       Total non-performing loans..............................  $     758          $     696
                                                                 =========          =========

Percentage of total loans......................................       0.67%              0.58%
                                                                 =========          =========
Other non-performing assets (2)................................  $       0          $     128
                                                                 =========          =========
<FN>
_____________
(1)  Non-accrual  status  denotes loans on which,  in the opinion of management,
     the collection of additional  interest is unlikely.  Payments received on a
     non-accrual loan are either applied to the outstanding principal balance or
     recorded as interest  income,  depending on management's  assessment of the
     collectability of the loan.
(2)  Other  non-performing  assets  represents  property acquired by the Company
     through foreclosure or repossession.  This property is carried at the lower
     of its fair market  value less  estimated  selling  costs or the  principal
     balance of the related loan, whichever is lower.
</FN>
</TABLE>
     At December  31,  2002,  non-accrual  real estate  loans  consisted  of two
residential real estate loans totaling $14,000.  The $950,000 land loan included
in  non-accrual  loans at  September  30, 2002 has been  brought  current by the
principal. As of January 31, 2002 this loan remains current. It remains however,
a watch list credit for the

                                       14
<PAGE>

Company.  Included in  non-accrual  commercial  loans is $318,000 of an $800,000
commercial loan  collateralized  by approximately  90 automobile  leases and the
security interest in the automobiles.  An additional  $372,000 of this credit is
delinquent  between 30 and 89 days.  The company is pursuing  all options and is
charging off the underlining  leases as it determines them to be  uncollectable.
Also  included in  non-accrual  commercial  loans are four loans with a $286,000
balance  of  which   $138,000  that  is   guaranteed   by  the  Small   Business
Administration and five commercial equipment leases with a balance of $128,000.

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 $11,000 or 12.2% to $103,000 for
the quarter ended  December 31, 2002 from $91,000 for the quarter ended December
31, 2001.  Total  noninterest  income decreased by $466,000 or 67.1% to $228,000
during the six months  ended  December  31,  2002 from  $694,000  during the six
months  ended  December  31, 2001.  The  decrease in  noninterest  income in the
comparable  quarters is due to the large  gains on sale of loans and  investment
securities held for sale in the six months ended December 31, 2001.

Non-interest Expenses
---------------------

Total  non-interest  expenses increased by $139,000 or 13.4% to $1.2 million for
the quarter  ended  December  31, 2002 from $1.0  million for the quarter  ended
December  31, 2001.  Total  non-interest  expense  increased by $115,000 to $2.3
million  during the six months ended  December 31, 2002 from $2.2 million during
the six months ended  December 31, 2001. In the  comparable  quarterly  periods,
higher  compensation  and benefits  expense  resulting prom staff  additions and
higher   professional   fees  offset  lower  equipment   expenses.   The  higher
professional  fees result from legal and consulting  expenses  arising from loan
workouts as well as consulting  expense  incurred in the evaluation of potential
new outsourced data processing  providers.  In the comparable six-month periods,
higher professional fees, compensation & benefit and other expenses offset lower
advertising expense.

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 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, 2002,  the Company's  cash on hand,  interest-bearing  deposits and
Federal  funds  sold  totaled  $13.8  million.  In  addition,  the  Company  has
approximately  $22.2  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 $4.5  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, 2002
totaled $31.7 million. Historically, a high percentage of maturing deposits have
remained with the Company.  However,  due the Company's high level of liquidity,
rates paid on certificates  have been aggressively  lowered.  This may result in
some customers  withdrawing their certificates in order to chase yields at other
financial institutions.

The Company's  primary  sources of funds are deposits and proceeds from maturing
investment securities and mortgage-backed  securities and principal and interest
payments   on  loans.   While   maturities   and   scheduled   amortization   of
mortgage-backed  securities and loans are predictable sources of funds,  deposit
flows and mortgage prepayments are greatly influenced by general interest rates,
economic conditions, competition and other factors.

The Company's primary sources of cash provided from investing  activities during
the six months ended  December 31, 2002 was the $5.0 million of loan payments in
excess of disbursements, $1.6 million from the redemption and sale of investment
securities  and $1.4  million in  principal  payments  from the  mortgage-backed
security portfolio.

                                       15
<PAGE>

The Company's primary use of cash in financing  activities during the six months
ended December 31, 2002  consisted of a $4.5 million  decrease in deposits and a
$0.5 million decrease in borrowed money.

The Company, as the holding company for the Bank, has an annual cash requirement
of approximately  $539,000 for the payment of common and preferred dividends and
interest and principal on a loan whose proceeds were used in the  acquisition of
Northfield  Bancorp,  Inc. and Northfield Federal Savings Bank in November 2000.
As of  December  31,  2002,  the  balance of this loan is $0.55  million.  As of
February 1, 2003, the balance of this loan is $0.25 million.  The only source of
funds for the holding  company is dividends  from the Bank.  The Bank cannot pay
dividends  to the holding  company  without  prior  permission  from the Federal
Reserve Bank of Richmond.  When reviewing requests to pay this type of dividend,
the Federal Reserve Bank of Richmond considers, among other factors, the current
capital levels and earnings of the Bank. The Bank has not experienced,  nor does
it anticipate any difficulty in receiving such permission.

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

ITEM 3 : CONTROLS AND PROCEDURES
--------------------------------

Within 90 days prior to the date of this  report,  the  Company  carried  out an
evaluation,  under the supervision and with the  participation  of the principal
executive officer and principal  financial officer,  of the effectiveness of the
design and operation of our disclosure  controls and  procedures.  Based on this
evaluation,  the principal  executive  officer and principal  financial  officer
concluded that the Company's disclosure controls and procedures are effective in
timely  alerting  them to  material  information  required to be included in our
periodic  SEC  reports.  It should  be noted  that the  design of any  system of
controls  is based in part upon  certain  assumptions  about the  likelihood  of
future  events,  and there can be no  assurance  that any design will succeed in
achieving its stated goals under all potential future conditions,  regardless of
how remote.

In addition,  the Company reviewed its internal controls, and there have been no
significant  changes in the Company's internal controls or in other factors that
could  significantly  affect those controls subsequent to the date of their last
evaluation.

                                       16
<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 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 24, 2002:

                            Votes            Votes             Broker
                             For            Against           Non-votes
                            -----           -------           ---------
Election of Directors:

Douglas H. Ludwig          327,321           511                  --
Theodore C. Patterson      327,321           511                  --

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K


          (a)  Exhibits

          The following exhibit is filed herewith:

          Exhibit                     Title
          Number                      -----
          ------

            99        Certification Pursuant to 18 U.S.C. Section 1350, as
                      Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
                      of 2002

          (b)  Reports on Form 8-K

          During the quarter  ended  December  31, 2002,  the Company  filed one
Current Report on Form 8-K, dated November 6, 2002,  reporting  under Item 5 the
payment of a 10% stock dividend.


                                       17
<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 12, 2003                  /s/ Joseph J. Bouffard
                                          --------------------------------------
                                          Joseph J. Bouffard
                                          President and Chief Executive Officer
                                          (Principal Executive Officer)




Date: February 12, 2003                   /s/ Michael J. Dee
                                          -------------------------------------
                                          Michael J. Dee
                                          Chief Financial Officer & Controller
                                          (Principal Financial Officer)

                                       18
<PAGE>

                                  CERTIFICATION


     I, Joseph J. Bouffard,  President and Chief  Executive  Officer of Patapsco
Bancorp, Inc., certify that:

1. I have reviewed  this  quarterly  report on Form 10-QSB of Patapsco  Bancorp,
Inc.;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:


a) Designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;


b) Evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and


c) Presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board of  directors  (or persons  performing  the  equivalent
functions):


a) All significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and


b) Any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: February 12, 2003

                                           /s/ Joseph J. Bouffard
                                           -------------------------------------
                                           Joseph J. Bouffard
                                           President and Chief Executive Officer

                                       19
<PAGE>

                                  CERTIFICATION


     I,  Michael J. Dee,  Chief  Financial  Officer and  Controller  of Patapsco
Bancorp, Inc., certify that:


1. I have reviewed  this  quarterly  report on Form 10-QSB of Patapsco  Bancorp,
Inc.;


2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;


3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;


4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:


a) Designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;


b) Evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and


c) Presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;


5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
the  registrant's  board of  directors  (or persons  performing  the  equivalent
functions):


a) All significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and


b) Any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and


6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: February 12, 2003


                                         /s/ Michael J. Dee
                                         --------------------------------------
                                         Michael J. Dee
                                         Chief Financial Officer and Controller

                                       20