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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

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Commission File Number: 001-39285

Partners Bancorp

(Exact name of registrant as specified in its charter)

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410-548-1100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer”, "accelerated filer", "smaller reporting company" and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 14, 2021 there were 17,726,648 shares of the registrant’s Common Stock, par value $0.01 per share, outstanding.

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AMENDMENT NO. 1 TO THE QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2021

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EXPLANATORY NOTE

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This Amendment No. 1 (the “Amendment”) to the Quarterly Report on Form 10-Q of Partners Bancorp (the “Company”) for the quarter ended March 31, 2021, originally filed with the Securities and Exchange Commission on May 14, 2021 (the “Original Form 10-Q”), is being filed solely to include information regarding the Company’s repurchases of its equity securities during the quarter ended March 31, 2021 that was inadvertently omitted from Part II, Item 2 of the Original Form 10-Q.

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This Amendment is limited in scope to the correction described above and the additional disclosure provided below and does not otherwise amend, update, or change any other items or disclosures contained in the Original Form 10-Q.  Accordingly, all other items that remain unaffected are omitted in this filing.  Except as described in the preceding paragraph and the additional disclosure provided below, this Amendment does not update any of the information contained in the Original Form 10-Q, which continues to speak as of the original filing date of the Original Form 10-Q, and should be read in conjunction with the Original Form 10-Q.

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ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

On November 12, 2020, the Company issued a press release announcing that its Board of Directors approved a stock repurchase program (the “Program”). Under the Program, the Company is authorized to purchase up to 356,000 outstanding shares of its common stock. The Company may repurchase shares in the open market or through privately negotiated transactions.

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The actual timing, number and value of shares repurchased under the Program depends on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities. The Program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time. Any shares acquired will be cancelled and become authorized but unissued shares, available for future issuance.

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During the quarter ended March 31, 2021, the Company repurchased 31,800 shares of common stock under the Program. Information concerning our repurchases of common stock during the quarter is as follows:

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ITEM 6. EXHIBIT

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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