PRESS RELEASE
FOR RELEASE DECEMBER 19, 2003 AT 4:00 P.M.
For More Information Contact
David Meadows
(410) 256-5000
Baltimore County Savings Bank
BCSB BANKCORP, INC.
REPORTS SEPTEMBER 30, 2003 RESULTS
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, reported $1.3 million in net income for the year ended
September 30, 2003. This compares to $1.7 million reported for the prior year.
The results were attributable to a decreased interest spread caused by
historically low rates.
The Company reported asset growth of approximately $81 million. Total assets of
September 30, 2003 reached $668 million. This compares to $587 million reported
for the prior year. For the quarter ending September 30, 2003, the Company
announced earnings of $44,000 as compared to $707,000 reported for the previous
year's final quarter.
BCSB Bankcorp, Inc. is the holding company of Baltimore County Savings Bank, FSB
which was founded in 1955. The Bank currently operates sixteen offices
throughout the Baltimore metropolitan area. BCSB Bankcorp, Inc. became 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)
Sept. 30, 2003 Sept. 30, 2002
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(Dollars in Thousands)
ASSETS
Cash, equivalents and time deposits $ 23,308 $ 25,803
Investment Securities 123,790 49,579
Loans and Mortgage Backed Securities 499,901 490,719
Other Assets 21,199 20,964
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TOTAL ASSETS $ 668,198 $ 587,065
LIABILITIES
Deposits $ 551,929 $ 498,785
Borrowed Money 32,268 26,968
Trust Preferred Securities 22,500 12,500
Other Liabilities 16,733 3,507
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TOTAL LIABILITIES $ 623,430 $ 541,760
TOTAL STOCKHOLDERS' EQUITY 44,768 45,305
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY $ 668,198 $ 587,065
Consolidated Statements of Operations
(Unaudited)
12 Months ended Sept. 30 3 Months ended Sept. 30
2003 2002 2003 2002
(Dollars in Thousands) (Dollars in Thousands)
-------------------- --------------------
Interest Income $ 33,167 $ 28,480 $ 7,638 $ 8,336
Interest Expense 16,107 14,946 3,881 4,021
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Net Interest Income $ 17,060 $ 13,534 $ 3,757 $ 4,315
Provision for Loan Losses 1,359 509 160 300
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Net Int. Income After Provision for Loan Losses $ 15,701 $ 13,025 $ 3,597 $ 4,015
Total Non-Interest Income 1,587 1,053 242 332
Total Non-Interest Expense 15,336 11,363 3,910 3,303
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Income Before Income Taxes $ 1,952 $ 2,715 $ (71) $ 1,044
Income Tax Provision 655 984 (115) 337
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NET INCOME (LOSS) $ 1,297 $ 1,731 $ 44 $ 707
-------- -------- -------- ---------
Basic Earnings (Loss) Per Share $ 0.23 $ 0.31 $ 0.01 $ 0.13
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Diluted Earnings (Loss) Per Share $ 0.22 $ 0.30 $ 0.01 $ 0.12
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