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PRESS RELEASE
FOR RELEASE AUGUST 11, 2004 AT 4:00 P.M.
For More Information Contact
David Meadows
(410) 256-5000
Baltimore County Savings Bank
BCSB BANKCORP, INC.
REPORTS RESULTS OF JUNE 30, 2004
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, recorded earnings of $233,000 or $0.04 per share for the
quarter ending June 30, 2004. This compared to $22,000 or $0.00 per share for
the same period in 2003. The increase in net income was primarily attributed to
a decrease in the provision for loan losses, partially offset by an increase in
non-interest expenses and a decrease in non-interest income for the same period
in 2003. Net interest income remained relatively constant at $4.1 million for
the three months ending June 30, 2004 compared to $4.2 million for the three
months ending June 30, 2003. Interest income increased from $8.2 million for the
three months ending June 30, 2003 to $8.3 million for the three months ending
June 30, 2004. For the nine months ending June 30, 2004, total assets equaled
$750 million as compared to $668 million on September 30, 2003, an increase of
$82 million. Total deposits rose to $582 million as of June 30, 2004, compared
to $552 million on September 30, 2003.
BCSB Bankcorp, Inc. is the holding company of Baltimore County Savings Bank, FSB
which was founded in 1955. The Bank currently operates fifteen 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.
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BCSB Bankcorp, Inc.
Summary of Financial Highlights
Consolidated Statements of Financial Condition
(Unaudited)
June 30, September 30,
2004 2003
(Dollars in Thousands)
ASSETS
Cash, equivalents and time deposits $ 16,608 $ 23,308
Investment Securities 164,871 123,790
Loans and Mortgage Backed Securities 530,596 499,901
Other Assets 37,882 21,199
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TOTAL ASSETS $ 749,957 $ 668,198
LIABILITIES
Deposits $ 582,002 $ 551,929
Borrowed Money 98,817 32,268
Trust Preferred Securities -- 22,500
Junior Subordinated Debentures 23,197 --
Other Liabilities 5,614 16,733
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TOTAL LIABILITIES $ 709,630 $ 623,430
TOTAL STOCKHOLDERS' EQUITY 40,327 44,768
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY $ 749,957 $ 668,198
Consolidated Statements of Operations
(Unaudited)
6 Months ended June 30 3 Months ended June 30
2004 2003 2004 2003
(Dollars in Thousands) (Dollars in Thousands)
Interest Income $ 23,745 $ 25,529 $ 8,275 $ 8,193
Interest Expense 12,001 12,226 4,145 3,995
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Net Interest Income $ 11,744 13,303 $ 4,130 $ 4,198
Provisions for Loan Losses 356 1,199 89 786
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Net Interest Income After Provision for Loan Losses $ 11,388 $ 12,104 $ 4,041 $ 3,412
Total Non-Interest Income 1,242 1,344 268 392
Total Non-Interest Expense 11,872 11,426 4,015 3,771
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Income Before Income Taxes $ 758 $ 2,022 $ 294 $ 33
Income Tax Provision 138 770 61 11
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NET INCOME (LOSS) $ 620 $ 1,252 $ 233 $ 22
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Basic Earnings (Loss) Per Share $ 0.11 $ 0.22 $ 0.04 $ 0.00
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Diluted Earnings (Loss) Per Share $ 0.11 $ 0.22 $ 0.04 $ 0.00
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