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 March 31, 2001.

[ ]  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 May 8, 2001, the issuer had 332,744 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 March 31, 2001
                   And June 30, 2000                                          3

         Consolidated Statements of Income for the Nine and Three-Month
                  Periods Ended March 31, 2001 and 2000                       4

         Consolidated Statements of Comprehensive Income for the Nine
                  and Three-Month Periods Ended March 31, 2001 and 2000       5

         Consolidated Statements of Cash Flows for the Nine-Month
                  Periods Ended March 31, 2001 and 2000                       6

         Notes to Financial Statements                                        7


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


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


Item 1.  Legal Proceedings                                                    16

Item 2.  Changes in Securities and Use of Proceeds                            16

Item 3.  Defaults Upon Senior Securities                                      16

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

Item 5.  Other Information                                                    16

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

Signatures                                                                    17


                                       2
<PAGE>


                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                            MARCH 31,             JUNE 30,
                                                                         2001 (UNAUDITED)           2000
                                                                         ----------------    --------------
<S>                                                                      <C>                 <C>
                                      Assets
                                      ------
Cash:
     On hand and due from banks                                          $   2,382,397       $    2,251,850
     Interest bearing deposits in other banks                                2,288,549              282,929
Federal funds sold                                                           6,889,246              903,004
Investment securities, at fair value                                         2,178,574              462,842
Mortgage Backed securities, at fair value                                    6,244,892            4,456,047
Loans receivable, net                                                      139,101,445           91,002,476
Investment in securities required by law, at cost                            1,700,850              950,850
Property and equipment, net                                                  1,109,865            1,004,443
Goodwill                                                                     1,890,148                    -
Deferred income taxes                                                          659,593              442,000
Accrued interest, prepaid expenses and other assets                          1,355,057              908,470
                                                                         -------------       --------------
              Total assets                                               $ 165,800,616       $  102,664,911
                                                                         =============       ==============

                   Liabilities and Stockholders' Equity
                   ------------------------------------
Liabilities:
   Savings deposits:
        Interest bearing deposits                                        $ 116,062,901       $   72,357,957
        Non interest bearing deposits                                        4,317,282            3,293,950
   Borrowings                                                               30,448,820           14,900,000
   Accrued expenses and other liabilities                                    2,233,481            2,533,706
                                                                         -------------       --------------
              Total liabilities                                            153,062,484           93,085,613

Stockholders' equity:
    Preferred stock-Series A Noncumultive Convertible
      Perpetual  $0.01 par value; authorized 1,000,000
      shares with a liquidation preference of $25 per
      share; 106,431 shares outstanding                                          1,064                    -
Additional paid-in capital                                                   2,659,683                    -
   Common stock $0.01 par value: authorized 4,000,000
     shares: issued and outstanding 333,050 and
     327,390 shares, respectively                                                3,331                3,274
  Additional paid-in capital                                                 1,593,612            1,471,253
   Contra equity - Employee stock ownership plan                              (547,403)            (254,045)
   Contra equity - Management recognition plan                                 (60,610)            (154,761)
   Contra equity - stock held by Rabbi Trust                                  (135,650)                   -
   Retained income, substantially restricted                                 9,133,214            8,625,749
   Unrealized net holding gains (losses) on available-for-sale
      portfolios, net of taxes                                                  90,891             (112,172)
                                                                         -------------       --------------
               Total stockholders' equity                                   12,738,132            9,579,298
                                                                         -------------       --------------

              Total liabilities and stockholders' equity                 $ 165,800,616       $  102,664,911
                                                                         =============       ==============
</TABLE>



                                       3
<PAGE>
                      PATAPSCO BANCORP, INC. AND SUBSIDIARY
                                DUNDALK, MARYLAND

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      -------------------------------------
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                               FOR NINE MONTHS ENDED                 FOR THREE MONTHS ENDED
                                                                     MARCH 31,                              MARCH 31,
                                                             ------------------------------      -----------------------------
                                                               2001               2000            2001                 2000
                                                             -----------       ------------     ------------        ----------
<S>                                                          <C>               <C>               <C>                <C>
Interest income:
    Loans receivable                                         $ 7,683,917       $  5,335,449      $ 3,033,416        $1,850,076
    Mortgage-backed securities                                   289,065            250,130          109,550            82,060
    Investment                                                    99,649                  -           37,785                 -
    Federal funds sold and other investments                     264,889            209,254          121,743            69,136
                                                             -----------       ------------     ------------        ----------
          Total interest income                                8,337,520          5,794,833        3,302,494         2,001,272
                                                             -----------       ------------     ------------        ----------

Interest expense:
    Savings deposits                                           3,371,259          2,011,983        1,355,163           699,591
    Borrowings & Other                                         1,114,614            645,991          486,244           235,055
                                                             -----------       ------------     ------------        ----------
          Total interest expense                               4,485,873          2,657,974        1,841,407           934,646
                                                             -----------       ------------     ------------        ----------

          Net interest income                                  3,851,647          3,136,859        1,461,087         1,066,626
Provision for losses on loans                                    350,000            255,000          110,000           115,000
                                                             -----------       ------------     ------------        ----------
          Net interest income after provision
                   for losses on loans                         3,501,647          2,881,859        1,351,087           951,626

Noninterest income:
    Fees and service charges                                     236,487            193,887           90,615            67,986
    Net gain (loss) on sales of securities                        39,437                  -                -
    Net gain (loss) on sale of repossessed real estate            19,556             50,000            1,469            50,000
    Other                                                         16,753             10,379            5,127             3,145
                                                             -----------       ------------     ------------        ----------
        Total noninterest income                                 312,233            254,266           97,211           121,131
                                                             -----------       ------------     ------------        ----------
Noninterest expenses:
    Compensation and employee benefits                         1,589,036          1,381,067          563,547           475,601
    Insurance premiums                                            36,316             44,749           14,604            10,687
    Professional fees                                             85,631             99,753           27,337            32,694
    Equipment expense                                            103,765            124,227           35,937            37,848
    Occupancy Expense                                             95,037             58,868           42,258            18,836
    Advertising                                                  100,723             29,400           32,382            10,933
    Data processing                                              128,442            118,458           48,194            36,939
    Goodwill Amortization                                         57,840                  -           32,947                 -
    Other                                                        426,126            337,618          158,044           115,580
                                                             -----------       ------------     ------------        ----------
          Total noninterest expense                            2,622,916          2,194,139          955,251           739,118
                                                             -----------       ------------     ------------        ----------

          Income before provision for income taxes             1,190,964            941,986          493,047           333,639
Provision for income taxes                                       468,253            365,680          196,980           128,860
                                                             -----------       ------------     ------------        ----------
          Net Income                                         $   722,711       $    576,306     $    296,067        $  204,779
                                                             ===========       ============     ============        ==========
          Basic earnings per share                           $      2.04       $       1.84     $       0.77        $     0.66
                                                             ===========       ============     ============        ==========
          Diluted earnings per share                                1.87               1.75             0.68              0.63
</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 NINE MONTHS ENDED                 FOR THREE MONTHS ENDED
                                                                     MARCH 31,                              MARCH 31,
                                                             ------------------------------      -----------------------------
                                                               2001               2000            2001                 2000
                                                             -----------       ------------     ------------        ----------
<S>                                                          <C>               <C>               <C>                <C>
Net income                                                   $   722,711       $   576,306      $  296,067          $  204,779
Other comprehensive income, net of tax:
  Unrealized net holding (losses)/gains on
    available-for-sale portfolios                                203,063          ( 38,408)         80,317              19,410
                                                             -----------       -----------      ----------          ----------
Comprehensive income                                         $   925,774       $   537,898      $  376,384          $  224,189
                                                             ===========       ===========      ==========          ==========

</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 NINE MONTHS ENDED
                                                                                        MARCH 31,
                                                                                2001               2000
                                                                            ---------          -----------
<S>                                                                        <C>                 <C>
Cash flows from operating activities:
  Net income                                                               $   722,711         $   576,306
  Adjustments to reconcile net income to net
    cash provided by operating activities:
       Depreciation                                                             35,827             105,929
       Goodwill Amortization                                                    57,840                   -
       Gain on Sale of repossessed real estate                                 (19,556)            (50,000)
       Gain  on  sale  of  investment  & mortgage backed securities            (39,437)                  -
       Provision for losses on loans                                           350,000             255,000
       Non-cash compensation under stock-based benefit plans                   157,897             134,216
       Amortization of premiums and discounts, net                               9,929               3,322
       Deferred loan origination fees, net of costs                           (164,136)             (4,945)
       Change in deferred income taxes                                         217,593               7,499
       Increase in accrued interest on investments,
           prepaid expenses and other assets                                  (446,587)           (332,908)
       Decrease in accrued expenses and other liabilities                     (300,225)           (399,268)
                                                                           -----------         -----------
         Net cash  provided by operating activities                            581,856             295,161
                                                                           -----------         -----------

Cash flows from investing activities:
   Cash consideration Northfield acquisition, net                           (4,380,673)                  -
  Loan principal disbursements, net of repayments                           (4,145,777)        (10,589,240)
  Purchase of property and equipment                                           (14,726)            (83,166)
  Purchase of stock in Federal Home Loan Bank of Atlanta                      (240,000)           (150,000)
  Purchase of investment security available-for-sale                                 -            (187,062)
  Proceeds from sale of repossessed real estate                                310,800              93,433
  Proceeds from sale of investments available for sale                       3,118,135                   -
  Proceeds from sale of mortgage-backed securities available for sale          248,297                   -
  Principal repayment on mortgage-backed securities available for sale         713,534             242,888
                                                                           -----------         -----------
        Net cash (used in) investing activities                             (4,390,410)        (10,670,147)

Cash flows from financing activities:
  Net increase  in deposits                                                  6,758,864           5,515,314
  Net increase  in borrowings                                                5,348,820           1,000,000
  Stock repurchase                                                             (11,976)           (457,784)
  Dividends paid                                                              (164,745)           (142,198)
                                                                           -----------         -----------

         Net cash  provided by financing activities                         11,930,963           5,915,332

  Net increase (decrease) in cash and cash equivalents                     $ 8,122,409         $(4,459,654)
  Cash and cash equivalents at beginning of period                           3,437,783           9,351,960
  Cash and cash equivalents end of period                                  $11,560,192         $ 4,892,296

Supplemental information:
  Interest paid on deposits and borrowed funds                               4,485,873           2,657,974
  Income taxes paid                                                            518,000             393,625
  Preferred  Stock  issued for  acquired company                             2,731,308                   -

</TABLE>

See accompanying notes to financial statements.

                                       6
<PAGE>

                      PATAPSCO BANCORP, INC. AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)


Note 1:   Principles of Consolidation

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

Note 2:   The Patapsco Bank

The Bank is regulated  by The Federal  Reserve  Bank of Richmond  ("the  Federal
Reserve Bank") and The State of Maryland. The primary business of the Bank is to
attract  deposits  from  individual  and  corporate  customers  and to originate
residential  and  commercial  mortgage  loans,  consumer  loans  and  commercial
business loans. The Bank competes with other financial and mortgage institutions
in attracting and retaining deposits and originating loans. In October, 2000 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 nine and three months
ended March 31, 2001 are not  necessarily  indicative of the results that may be
expected for the entire year.

Note 4:  Business Combination

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

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

The following unaudited pro forma condensed consolidated financial information
reflects the results of operations of the Company for the year ended June 30,
2000 and for the nine months ended March 31, 2001 as if the transaction had
occurred at the beginning of each period presented. These pro forma results are
not necessarily indicative of what the Company's results of operations would
have been had the acquisition actually taken place at the beginning of each
period presented.
<TABLE>
<CAPTION>
                                                   Twelve Months Ended             Nine Months Ended
                                                       June 30,2000                  March 31, 2001
                                                       ------------                  --------------

<S>                                                    <C>                              <C>
Net Interest Income                                    $5,452,048                       $4,044,951
Net Income                                                776,711                          737,976
Diluted net Income per share                                $1.76                            $1.87
</TABLE>

                                       7
<PAGE>

Note 5:  Cash and Cash Equivalents

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

Note 6:   Regulatory Capital Requirements

At March 31, 2001,  the Bank met each of the three  minimum  regulatory  capital
requirements.  The following  table  summarizes  the Bank's  regulatory  capital
position at March 31, 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)               $12,159          12.28%    $7,923       8.00%    $9,904         10%

Tier 1 Capital (to Risk
   Weighted Assets)              $11,030          11.14%    $3,962       4.00%    $5,942          6%

Tier 1 Capital (to Average
    Assets)                      $11,030           6.84%    $6,446       4.00%    $8,057          5%
</TABLE>
Note 7:  Earnings Per Share

Basic per share amounts are based on the weighted average shares of common stock
outstanding.  Diluted  earnings  per share  assume the  conversion,  exercise or
issuance  of  all  potential  common  stock  instruments  such  as  options  and
convertible  securities,  unless  the  effect  is to  reduce a loss or  increase
earnings per share.
<TABLE>
<CAPTION>
                                                       Nine Months Ended          Three Months Ended
                                                        March 31, 2001              March 31, 2001
                                                     Basic        Diluted       Basic         Diluted
                                                     ---------------------      ----------------------
<S>                                                  <C>         <C>            <C>            <C>
Net Income                                           722,711     722,711        296,067        296,067
Preferred Stock Dividends                             77,703           -         49,890              -
                                                     -------     -------        -------        -------
Net Income Available to Common                       645,508     722,711        246,177        296,067

Weighted average shares outstanding                  316,543     316,543        320,944        320,944

Diluted Securities:
  Preferred Stock                                                 60,063                       107,366
  MRP Shares                                                       5,598                         4,199
  Options                                                          4,139                         4,062
------------------------------------------------------------------------------------------------------
Adjusted Weighted Average Shares                     316,543     386,343        320,944        436,571

Per Share Amount                                        2.04        1.87           0.77           0.68
</TABLE>

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

FORWARD-LOOKING STATEMENTS

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

                                       8
<PAGE>
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 MARCH 31, 2001 AND JUNE 30, 2000

The Company's  assets  increased by $63.1 million or 61.5% to $165.8  million at
March 31,  2001 from  $102.7  million  at June 30,  2000.  The  increase  in the
Company's  assets  during the nine months ended March 31, 2001 was primarily due
to the Company's  acquisition of Northfield Bancorp,  Inc. on November 13, 2000.
Approximately  $55 million in assets were  acquired in this  transaction.  Since
June 30, net loans  receivable  increased  $48.1 million,  goodwill  booked as a
result of the transaction was $1.9 million, mortgage-backed securities increased
$1.8 million, and investment securities have increased $1.7 million.

The  Company's  interest-bearing  deposit  liabilities  have  increased by $43.7
million and the balance of  noninterest  bearing  deposits have  increased  $1.0
million  since June 30, 2000.  Borrowings  increased  by $15.5  million of which
$10.2  million  were  assumed in the  transaction.  The  remaining  increase  in
borrowings  represents  money borrowed in order to close the  transaction and to
support loan growth.

The Company's stockholders' equity increased by $3.1 million to $12.7 million at
March 31, 2001 from $9.6 million at June 30, 2000. The increase is primarily the
result  of  the  issuance  of  $2.7  million  in  Patapsco   Bancorp   Series  A
Noncumulative  Convertible  Perpetual  Preferred  stock  as part  of the  merger
consideration to the former shareholders of Northfield Bancorp.

COMPARISON OF OPERATING RESULTS FOR THE QUARTERS AND NINE MONTHS ENDED MARCH 31,
2001 AND MARCH 31, 2000

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

The  Company's  net income  increased  by $91,000 or 44.6% to  $296,000  for the
quarter ended March 31, 2001 from $205,000 for the quarter ended March 31, 2000.
The Company's net income increased by $147,000 or 25.4% to $723,000 for the nine
months  ended March 31, 2001 from  $576,000  for the nine months ended March 31,
2000. The increase in the Company's net income during the comparable three-month
period is a result of higher net interest and noninterest  income  exceeding the
increase in operating  expenses and the provision for loan losses.  The increase
in the  Company's  net  income in the  comparable  nine-month  periods is also a
result of higher net interest and noninterest  income  exceeding the increase in
operating  expenses and the  provision  for loan  losses.  Much of the growth in
interest  income,  interest  expense and  operating  expenses is a result of the
Company's acquisition of Northfield Bancorp in November 2000.

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

Total interest income increased by $1.3 million or 65.0% to $3.3 million for the
quarter  ended March 31, 2001 from $2.0 million for the quarter  ended March 31,
2000.  Total interest income  increased by $2.5 million or 43.9% to $8.3 million
for the nine months  ended March 31, 2001 from $5.8  million for the nine months
ended March 31, 2000. The increases in interest income  resulted  primarily from
the growth in the Company's  loan,  investment  and  mortgage-backed  securities
portfolios  as a result of the purchase of  Northfield as well as a higher yield
on earning  assets.  The average  balance of earning  assets in the three months
increased  by $61.7  million to $157.8  million in the  comparable  three  month
period while the yield on earning  assets  increased 22 basis points to 8.49% in
the same period.  For the comparative  nine-month  period, the Company's average
yield on assets  increased  31 basis points to 8.57% and the  Company's  average
balance of interest-earning assets increased by $36.8 million.

Interest  income on loans  receivable  increased by $1.2  million  63.9% to $3.0
million for the quarter  ended March 31, 2001

                                       9
<PAGE>
from $1.8 million for the quarter ended March 31, 2000. Interest income on loans
receivable  increased  by $2.3  million  or 44.0% to $7.7  million  for the nine
months  ended March 31, 2001 from $5.4  million for the nine months  ended March
31, 2000. The increase in interest income on loans  receivable  during the three
and nine month periods is due to an increase in both the average balance and the
yield on loans  receivable.  During the three  months  ended  March 31,  2001 as
compared to the same period  ended March 31, 2000 the average  loans  receivable
balance increased by $53.9 million or 62.1% to $140.6 million from $86.7 million
and the average yield  increased by 29 basis points to 8.75% from 8.46%.  During
the nine months  ended March 31, 2001 as compared to the same period ended March
31, 2000 the average balance of loans  receivable  increased by $33.7 million or
40.6% to $116.8 million from $83.1 million and the average yield increased by 28
basis points to 8.80% from 8.52%.

The Company had no investment  securities  outstanding during the three and nine
month periods ended March 31, 2000 and therefore no interest income. The Company
did  however,  have  $38,000  and  $100,000  in  interest  income on  investment
securities during the three and nine-month periods ended March 31, 2001.

Interest income on mortgage-backed  securities  increased by $28,000 to $110,000
and by $44,000 to $289,000 in the three and nine month  periods  ended March 31,
2001, respectively.

Interest income on federal funds sold and other investments increased by $53,000
or 76.1% to $122,000  for the quarter  ended March 31, 2001 from $69,000 for the
quarter  ended March 31, 2000.  Interest  income on federal funds sold and other
investments  increased by $56,000 or 26.6% to $265,000 for the nine months ended
March 31, 2001 from  $209,000  for the nine months  ended  March 31,  2000.  The
primary  reason for the  increases  in the three and nine month  periods was the
increase in the average balances of these instruments.

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

Total  interest  expense  increased by $907,000 or 97.0% to $1.8 million for the
quarter ended March 31, 2001 from $934,000 for the quarter ended March 31, 2000.
Total  interest  expense  increased by $1.8 million or 68.8% to $4.5 million for
the nine months ended March 31, 2001 from $2.7  million at March 31,  2000.  The
increases in interest  expense during the comparable  periods were primarily due
to  increases  in the  average  balances  and rates  paid on both  deposits  and
borrowings.  During the quarter  ended March 31, 2001 as compared to the quarter
ended  March  31,  2000 the  average  balance  of  interest-bearing  liabilities
increased by $58.5  million to $144.3  million from $85.8  million.  The average
rate on interest-bearing  liabilities increased by 91 basis points to 5.17% from
4.26% in the  quarterly  period.  During the nine months ended March 31, 2001 as
compared  to the nine  months  ended  March  31,  2000 the  average  balance  of
interest-bearing  liabilities  in increased by $35.9  million to $118.4  million
from $82.5 million and the average rate  increased 74 basis points to 5.02% from
4.28%.

Interest expense on deposits  increased by $656,000 or 93.7% to $1.4 million for
the quarter  ended March 31, 2001 from  $700,000 for the quarter ended March 31,
2000.  Interest  expense on deposits  increased by $1.4 million or 67.6% to $3.4
million from $2.0 million for the nine months ended March 31, 2000. The increase
in interest expense on deposits during the comparable  quarters was attributable
to an increase in the average rate by 90 basis points to 4.83% from 3.93% and an
increase  in the  average  balance of $44.3  million.  The  increase in interest
expense on deposits during the comparable  nine-month periods was due to a $26.4
million  increase in the average balance to $94.0 million from $67.6 million and
an increase in the average rate to 4.80% from 3.95%.

Interest  expense on borrowings  increased by $251,000 or 106.8% to $486,000 for
the quarter  ended March 31, 2001 from  $235,000 for the quarter ended March 31,
2000.  Interest  expense on  borrowings  increased  by $469,000 or 72.5% to $1.1
million  during the nine months  ended March 31, 2001 from  $646,000  during the
nine months ended March 31, 2000. The increase for the  comparable  quarters was
primarily  attributable  to an increase of $14.3 million in the average  balance
and an  increase  of 66 basis  points in the average  rate.  For the  nine-month
comparable  periods the increase was  attributable to a $9.7 million increase in
the average  balance and a 105 basis point increase in the average rate to 6.83%
from 5.78%.

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

The Company's net interest income before the provision for loan losses increased
by $394,000 or 37.0% to $1.5  million for the quarter  ended March 31, 2001 from
$1.1 million for the quarter  ended March 31, 2000.  Net interest  income before
the provision for loan losses increased by $715,000 or 22.8% to $3.8 million for
the nine months  ended March 31, 2001 from


                                       10
<PAGE>
$3.1 million  during the nine months  ended March 31, 2000.  The increase in net
interest  income  during the  comparable  quarters  and nine month  periods were
primarily due to increases in average balances of earning assets  offsetting the
decrease in the net interest  margin from 4.45% to 3.75% and from 4.47% to 3.96%
in the comparable three and nine month periods. The decrease in the net interest
margin is due to both the purchase of  Northfield  Bancorp in November  2000 and
competitive  pressure.  The assets of Northfield Bancorp consisted  primarily of
first mortgage loans and  securities,  which yield lower returns than the assets
of the Patapsco  Bank.  The bank is  endeavoring  to convert  these assets in to
higher yielding commercial mortgage and commercial business loans. Additionally,
the rates paid for deposits by  Northfield,  particularly  time  deposits,  were
higher than those paid by The Patapsco  Bank.  These rates are being  lowered as
the time  deposits  mature.  To date,  this has been  accomplished  without  any
significant run-off of the deposits acquired.

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>
                                                                   NINE MONTHS ENDED MARCH 31,
                                               -----------------------------------------------------------------------------
                                                            2001                                     2000
                                               ---------------------------------       -------------------------------------
                                               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)                       $116,792       $7,683          8.80%     $83,134         $5,336         8.52%
   Mortgage-backed securities                    5,561          289          6.95%       4,758            250         6.98%
   Investment securities                         1,777          100          7.50%          --             --           --
   Federal funds sold and other
      interest-earning assets                    5,896          265          6.01%       5,260            209         5.28%
                                              --------       ------                    -------         ------
Total interest earning assets                  130,026        8,337          8.57%      93,152          5,795         8.26%
Noninterest-earning assets                       4,419       ------                      2,880         ------
                                              --------                                 -------
Total Average Assets                          $134,445                                 $96,032
                                              ========                                 =======

Interest-bearing liabilities:
Savings deposits                              $ 93,954       $3,371          4.80%     $67,632         $2,012         3.95%
Borrowings                                      24,469        1,115          6.83%      14,842            646         5.78%
                                              --------       ------                    -------         ------
Total interest-bearing liabilities             118,423        4,486          5.02%      82,474          2,658         4.28%
                                                             ------                                    ------
Noninterest-bearing liabilities                  4,688                                   4,212
                                              --------                                 -------
Total liabilities                              123,111                                  86,686
Stockholders' equity                            11,334                                   9,346
                                              --------                                 -------
    Total liabilities and stockholders'
      equity                                  $134,445                                 $96,032
                                              ========                                 =======

Net interest income                                          $3,852                                    $3,137
                                                             ======                                    ======
Interest rate spread                                                         3.55%                                    3.98%
                                                                            =====                                   ======

Net Interest Margin                                                          3.96%                                    4.47%
                                                                            =====                                   ======
Ratio of average interest-earning assets
  to average interest-bearing liabilities                                  109.80%                                  112.95%
                                                                           ======                                   ======
<FN>
-----------
(1)  Yields and rates are annualized.
(2)  Includes nonaccrual loans.
</FN>
</TABLE>


                                       12
<PAGE>
<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED MARCH 31,
                                               -----------------------------------------------------------------------------
                                                            2001                                     2000
                                               ---------------------------------       -------------------------------------
                                               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)                       $140,570       $3,033          8.75%     $86,697         $1,850         8.46%
   Mortgage-backed securities                    6,343          110          7.00%       4,615             82         6.96%
   Investment securities                         1,866           38          7.56%          --             --           --
   Federal funds sold and other
      interest-earning assets                    9,039          121          5.55%       4,749             69         5.50%
                                              --------       ------                    -------         ------
Total interest earning assets                  157,818        3,302          8.49%      96,061          2,001         8.27%
Noninterest-earning assets                       5,866       ------                      3,174         ------
                                              --------                                 -------
Total Average Assets                          $163,684                                 $99,235
                                              ========                                 =======
Interest-bearing liabilities:
Savings deposits                              $113,866       $1,355          4.83%     $69,639         $  700         3.93%
Borrowings                                      30,449          486          6.39%      16,197            235         5.73%
                                              --------       ------                    -------         ------
Total interest-bearing liabilities             144,315        1,841          5.17%      85,836            935         4.26%
                                                             ------                                    ------
Noninterest-bearing liabilities                  6,717                                   4,083
                                              --------                                 -------
Total liabilities                              151,032                                  89,919
Stockholders' equity                            12,652                                   9,316
                                              --------                                 -------
    Total liabilities and stockholders'
      equity                                  $163,684                                 $99,235
                                              ========                                 =======

Net interest income                                          $1,461                                    $1,066
                                                             ======                                    ======
Interest rate spread                                                         3.32%                                    3.98%
                                                                            =====                                   ======

Net Interest Margin                                                          3.75%                                    4.45%
                                                                            =====                                   ======
Ratio of average interest-earning assets
  to average interest-bearing liabilities                                  109.36%                                  111.91%
                                                                           ======                                   ======
<FN>
-----------
(1)  Yields and rates are annualized.
(2)  Includes nonaccrual loans.
</FN>
</TABLE>

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

     Provisions  for loan losses are  charged to earnings to maintain  the total
allowance  for loan  losses at a level  considered  adequate  by  management  to
provide for probable loan losses.  The allowance for loan losses  consists of an
allocated  component  and  an  unallocated  component.  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," of ("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 and current  economic  conditions.  The Company's
management periodically monitors and adjusts its allowance for loan losses based
upon its analysis of the loan portfolio.  The Company provided $110,000 for loan
losses during the quarter ended March 31, 2001 and $115,000 in the quarter ended
March 31,  2000.  The Company  provided  $350,000  and  $255,000 for loan losses
during each of the  nine-month  periods ended March 31, 2001 and March 31, 2000.
At March  31,  2001,  non-performing  loans  and  assets  totaled  $262,000  and
$326,000,  respectively  as compared to $537,000 and $714,000 at March 31, 2000.
The  Company's  allowance  for  loan  losses  as a  percentage  of  total  loans
outstanding,  net of  unearned  origination  fees of 0.81% at March 31, 2001 has
decreased 1 basis point from 0.82% at March 31, 2000.

                                       13
<PAGE>

Activity in the allowance for loan losses is as follows (dollars in thousands):
<TABLE>
<CAPTION>
                                                    NINE MONTHS ENDED        THREE MONTHS ENDED
                                                    -----------------        ------------------
                                                                      MARCH 31,
                                                                      --------
                                                     2001     2000              2001      2000
                                                     ----     ----              ----      ----
<S>                                                  <C>      <C>               <C>       <C>
Allowance for loan losses, beginning of period       $743     $631              $1,108    $662

Provision for loan losses                             350      255                 110     115

Allowance assumed in acquisition                      183        0                   0       0

Loans Charged Off:
         Consumer                                     136      153                  14      38
         Real Estate                                    0        0                   0       0
         Commercial                                    48       23                  31      18
                                                   ------     ----              ------    ----
  Total Charge-Offs                                   184      176                  45      56

Recoveries:
         Consumer                                      26       14                   2       3
         Real Estate                                    0        0                   0       0
         Commercial                                    11        1                  11       1
                                                   ------     ----              ------    ----
  Total Recoveries                                     37       15                  13       4
                                                   ------     ----              ------    ----

Allowance for loan losses, end of period           $1,129     $725              $1,129    $725
                                                   ======     ====              ======    ====
</TABLE>

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

The Company's noninterest income consists of deposit fees, service charges, late
fees and gains and losses on sales of  securities,  loans and  repossessed  real
estate.  Total  noninterest  income decreased by $24,000 or 19.7% to $97,000 for
the quarter  ended March 31, 2001 from  $121,000 for the quarter ended March 31,
2000. Total noninterest  income increased by $58,000 or 22.8% to $312,000 during
the nine months ended March 31, 2001 from $254,000  during the nine months ended
March 31, 2000. The decrease in noninterest income in the comparable quarters is
primarily  due to a $50,000 gain on the sale of  repossessed  real estate in the
quarter  ended  March  31,  2000 as  compared  to a  $1,500  gain on the sale of
repossessed  real estate in the quarter  ended March 31, 2001.  Fees and service
charges increased $23,000 or 33.3% to $91,000 during the quarter ended March 31,
2001 from $68,000 in the quarter  ended March 31, 2000.  This increase is due to
the higher deposit base resulting from the Northfield  acquisition  and internal
growth.  The increase in noninterest  income in the comparable nine month period
is due to the  increase  in fees and  service  charges  by  $43,000  or 21.9% to
$236,000,  a  $39,000  gain  on  the  sale  of  available  for  sale  investment
securities, and a $19,000 gain on the sale of repossessed real estate offsetting
the  aforementioned  $50,000  gain  on  the  sale  of  repossessed  real  estate
recognized in the quarter ended march 31, 2000.

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

Total  noninterest  expenses  increased by $216,000 or 29.2% to $955,000 for the
quarter ended March 31, 2001 from $739,000 for the quarter ended March 31, 2000.
Total noninterest  expense increased by $429,000 or 19.5% to $2.6 million during
the nine months  ended March 31, 2001 from $2.2  million  during the nine months
ended March 31, 2000.  Compensation and employee  benefits expense  increased by
$88,000 or 18.5% and  $208,000  or 15.0% to  $564,000  and $1.6  million for the
quarter  and nine month  periods  ended March 31,  2001 from  $476,000  and $1.4
million for the quarter and nine months ended March 31, 2000, respectively.  The
increase was largely  attributable  to expenses  relating to new employees  from
Northfield,  the hiring of additional  personnel and the higher cost of employee
benefits,  particularly health insurance. Occupancy expense increased by $23,000
or 124% and $36,000 or 61.4% in the three and none month periods ended March 31,
2001. This increase reflects the expenses of the three

                                       14
<PAGE>

Northfield locations,  two branches and one administration  center.  Advertising
expenses  increased  by $21,000 or 196.2% and $71,000 or 242.6% in the three and
nine-month periods ended March 31, 2001 compared to the comparable periods ended
March 31, 2000.

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 March
31, 2001,  the  Company's  cash on hand,  interest-bearing  deposits and Federal
funds sold totaled $11.6  million.  In addition,  the Company has  approximately
$8.4  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 $2.1  million.  These  funds  will be  internally
generated,  raised through  deposit  operations,  or borrowed.  Certificates  of
deposits  that are  scheduled  to mature in less than one year at March 31, 2001
totaled $54.1 million. Historically, a high percentage of maturing deposits have
remained with the Company.

The Company is  obligated  to pay  interest on a bank loan and  dividends on the
preferred  shares.  Both  these  liabilities  were  incurred  as a  part  of the
acquisition  of  Northfield  Bancorp in November  2000.  At current  rates,  the
interest on the bank loan is approximately $33,000 per quarter. Dividends on the
preferred stock are approximately  $50,000 per quarter.  The only real source of
funds to meet these obligations are dividends from the Bank to the Company.

The  Bank's  ability  to pay  dividends  is  governed  by the  Maryland  General
Corporation  Law,  Maryland  law  relating to  financial  institutions,  and the
regulations of the Federal Reserve Board. Under the Maryland General Corporation
Law, dividends may not be paid if, after giving effect to the dividend:  (i) the
corporation  would not be able to pay the indebtedness of the corporation as the
indebtedness  becomes  due in  the  normal  course  of  business;  or  (ii)  the
corporation's total assets would be less than the sum of the corporation's total
liabilities  plus, unless the charter permits  otherwise,  the amount needed, if
the corporation were to be dissolved at the time of distribution, to satisfy the
preferential  rights upon dissolution of stockholders whose preferential  rights
are superior to those  receiving  the dividend.  Under  Maryland law relating to
financial institutions,  if the surplus of a commercial bank at any time is less
than 100% of its capital stock,  then,  until the surplus is 100% of the capital
stock,  the commercial  bank: (i) must transfer to its surplus annually at least
10% of its net earnings; and (ii) may not declare or pay any cash dividends that
exceed 90% of its net earnings.

The Bank's payment of dividends is also subject to the Federal  Reserve  Board's
Regulation H, which  provides that a state member bank may not pay a dividend if
the total of all dividends declared by the bank in any calendar year exceeds the
total of its net profits for the year combined with its retained net profits for
the preceding two calendar years, less any required transfers to surplus or to a
fund for the  retirement  of preferred  stock,  unless the bank has received the
prior approval of the Federal Reserve Board.  Additionally,  the Federal Reserve
Board has the  authority  to  prohibit  the payment of  dividends  by a Maryland
commercial  bank when it  determines  such  payment to be an unsafe and  unsound
banking practice.  Finally, the Bank is not able to pay dividends on its capital
stock if its capital would thereby be reduced below the remaining balance of the
liquidation  account established in connection with its conversion in April 1996
from mutual to stock form.

In  addition,  the  Bank  may not pay  dividends  on its  capital  stock  if its
regulatory  capital  would thereby be reduced below the amount then required for
the liquidation account established for the benefit of certain depositors of the
Bank at the time of the Bank's conversion to stock form.

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

                                       15
<PAGE>

                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings

None.

Item 2.  Changes in Securities and use of proceeds.

None.

Item 3.  Defaults Upon Senior Securities

None

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

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

     (a)  Exhibits: None
     (b)  Reports on Form 8-K

          During the  quarter  ended  March 31,  2001,  on January  29, 2001 the
Company filed a Form 8-K/A  (Amendment  No. 1) amending its Current Report filed
on November 21, 2000 reporting  under Item 2 the event on November 13, 2000. The
Form  8-K/A  reported  information  under  Item  7 and  included  the  following
financial statements,  which were contained in the indicated exhibit to the Form
8-K/A:

Exhibit 99.1 Financial Statements of Business Acquired

          Audited consolidated  financial statements of Northfield Bancorp, Inc.
("Northfield")  as of December  31, 1999 and 1998,  and for each of the years in
the two-year period ended December 31, 1999

          Unaudited  consolidated  financial  statements  of  Northfield  as  of
September 30, 2000 and for the nine months ended September 30, 2000 and 1999

99.2 Pro Forma Financial Information

          Unaudited  pro  forma  condensed  combined   statements  of  financial
condition as of September 30, 2000

          Unaudited pro forma  condensed  combined  statements of operations for
the year ended June 30, 2000 and the three months ended September 30, 2000




                                       16
<PAGE>

                                   Signatures


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


                                         PATAPSCO BANCORP, INC.



Date:  May 8, 2001                       /s/ Joseph J. Bouffard
                                         --------------------------------------
                                         Joseph J. Bouffard
                                         President and Chief Executive Officer
                                         (Principal Executive Officer)




Date: May 8, 2001                        /s/ Michael J. Dee
                                         --------------------------------------
                                         Michael J. Dee
                                         Chief Financial Officer & Controller
                                         (Principal Financial Officer)

                                       17