PRESS RELEASE
FOR RELEASE FEBRUARY 12, 2003 AT 4:00 P.M.
For More Information Contact
David Meadows
(410) 256-5000
Baltimore County Savings Bank
BCSB BANKCORP, INC.
REPORTS RESULTS OF DECEMBER 31, 2002
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, recorded earnings of $453,000 or $0.08 per share for the
quarter ended December 31, 2002. This compared to $123,000 or $0.02 per share
for the same period in 2001. During the quarter, assets grew $12.4 million to
$599.5 million and deposits increased $11.4 million to $510.1 million.
In July of 2002, Baltimore County Savings Bank acquired WHG Bancshares the
holding company of Heritage Savings Bank. Their operations combined with the
Company's operations, as well as improved interest margin and operating
efficiencies resulted in the increased profits for the quarter.
BCSB was founded in 1955. It operates sixteen offices throughout the Baltimore
area. It converted to a publicly traded mutual holding company in July 1998.
This press release contains statements that are forward-looking, as that term is
defined by the Private Securities Litigation Reform Act of 1995 or the
Securities and Exchange Commission in its rules, regulations, and releases. The
company intends that such forward-looking statements be subject to the safe
harbors created thereby. All forward-looking statements are based on current
expectations regarding important risk factors, including but not limited to real
estate values, local and national economic conditions and the impact of interest
rates on financing. Accordingly, actual results may differ from those expressed
in the forward-looking statements, and the making of such statements should not
be regarded as a representation by the company or any other person that results
expressed therein will be achieved. The Company does not undertake, and
specifically disclaims any obligation, to publicly release the result of any
revisions that 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.
BCSB Bankcorp, Inc.
Summary of Financial Highlights
Consolidated Statements of Financial Condition
(Unaudited)
Dec 31, 2002 Sept 30, 2002
(Dollars in Thousands)
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ASSETS
Cash, equivalents and time deposits $ 26,819 $ 25,803
Investment Securities 66,411 49,579
Loans and Mortgage Backed Securities 486,637 490,719
Other Assets 19,616 20,964
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TOTAL ASSETS $599,483 $587,065
LIABILITIES
Deposits $510,185 $498,785
Borrowed Money 26,918 26,968
Trust Preferred Securities 12,500 12,500
Other Liabilities 4,193 3,507
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TOTAL LIABILITIES $553,796 $541,760
TOTAL STOCKHOLDERS' EQUITY 45,687 45,305
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY $599,483 $587,065
Consolidated Statements of Operations
(Unaudited)
3 Months ended December 31
2002 2001
(Dollars in Thousands)
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Interest Income $8,682 $6,662
Interest Expense 4,186 3,826
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Net Interest Income $4,496 $2,836
Provision for Loan Losses 282 64
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Net Int. Income After Provision for Loan Losses $4,214 $2,772
Total Non-Interest Income 426 147
Total Non-Interest Expense 3,908 2,719
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Income Before Income Taxes $ 732 $ 200
Income Tax Provision 279 77
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NET INCOME $ 453 $ 123
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Basic Earnings Per Share $ 0.08 $ 0.02
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Diluted Earnings Per Share $ 0.08 $ 0.02
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