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PRESS RELEASE
FOR RELEASE FEBRUARY 10, 2005 AT 4:00 P.M.
For More Information Contact
David Meadows
(410) 256-5000
Baltimore County Savings Bank
BCSB BANKCORP, INC.
REPORTS DECEMBER 31, 2004 RESULTS
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, reported earnings of $86,000 or $0.01 per basic and diluted
share for the quarter ended December 31, 2004. This compared to $188,000 or
$0.03 per basic and diluted share for the same period in 2003. During the
quarter, assets increased $2 million to $775.6 million and deposits increased
$5.2 million to $585.8 million. Earnings for the quarter were impacted by a one
time charge of approximately $123,000 (after tax) associated with the
termination of the Bank's data processing agreement. The company anticipates
savings in data processing expenses pursuant to terms of its new data processing
service agreement over a six year term, which will take effect in November of
2005.
The Company announced that it anticipates a one time net gain of approximately
$525,000 after tax to be realized no later than the third quarter of fiscal year
2005. The one time gain is associated with the agreement announced by Harland
Financial Solutions, Inc. for the cash acquisition of the outstanding shares of
the common stock of Intrieve Incorporated, which includes the shares owned by
Baltimore County Savings Bank, FSB, the Company's wholly owned subsidiary. The
Company could realize additional gains of up to $60,000 after tax during the
year following the closing of the acquisition if certain additional criteria
specified in the acquisition agreement are satisfied. Harland Financial
Solutions announced that it anticipates the acquisition to close by April 1,
2005, subject to the approval of Intrieve's shareholders. There can be no
assurance that this acquisition will be completed as proposed or that the
Company will realize the profit anticipated.
The Bank further announced that two new full service branches located in the
Honeygo Village Center in eastern Baltimore County and the Sparks Corporate
Center just north of Hunt Valley, Maryland are complete. The Sparks location
opened in January and the Honeygo office opened in early February 2005. The two
new branches bring the Bank's network up to seventeen offices, all located
throughout the Baltimore metropolitan region.
BCSB Bankcorp, Inc. is the holding company of Baltimore County Savings Bank, FSB
which was founded in 1955. 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, the impact of interest
rates on financing, the ability of Harland Financial Solutions to consummate its
agreement to acquire Intrieve, Incorporated and the ability of Intrieve,
Incorporated to meet the criteria specified in such agreement so as to trigger
Harland Financial's obligation to make additional payments to Intrieve
stockholders. 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)
December 31, September 30,
2004 2004
(Dollars in Thousands)
ASSETS
Cash, equivalents and time deposits $ 19,783 $ 17,915
Investment Securities 156,197 161,445
Loans and Mortgage Backed Securities 560,653 557,027
Other Assets 38,970 37,231
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TOTAL ASSETS $ 775,603 $ 773,618
LIABILITIES
Deposits $ 585,785 $ 580,622
Borrowings 117,627 120,920
Junior Subordinated Debentures 23,197 23,197
Other Liabilities 5,250 4,750
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TOTAL LIABILITIES 731,859 729,489
TOTAL STOCKHOLDERS' EQUITY 43,744 44,129
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY $ 775,603 $ 773,618
Consolidated Statements of Operations
(Unaudited)
3 Months ended December 31,
2004 2003
(Dollars in Thousands)
Interest Income $ 8,633 $ 7,810
Interest Expense 4,624 3,944
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Net Interest Income $ 4,009 $ 3,866
Provisions for Loan Losses 120 182
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Net Interest Income After Provision for Loan Losses $ 3,889 $ 3,684
Total Non-Interest Income 298 526
Total Non-Interest Expense 4,114 3,931
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Income Before Income Taxes (Benefit)/Provision $ 73 $ 279
Income Tax Provision (Benefit)/Provision (13) 91
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NET INCOME $ 86 $ 188
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Basic Earnings Per Share $ 0.01 $ 0.03
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Diluted Earnings Per Share $ 0.01 $ 0.03
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