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PRESS RELEASE
FOR RELEASE MAY 13, 2005 AT 4:00 P.M.
For More Information Contact
David Meadows
(410) 256-5000
Baltimore County Savings Bank
BCSB BANKCORP, INC.
REPORTS MARCH 31, 2005 RESULTS
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, reported earnings of $96,000 or $0.02 per basic and diluted
share for the quarter ended March 31, 2005. This compared to $161,000 or $0.03
per basic and diluted share for the same period in 2004. At March 31, 2005,
total assets equaled $790.4 million as compared to $773.6 million on September
30, 2004, an increase of $16.8 million. Total deposits rose to $586.4 million as
of March 31, 2005 as compared to $580.6 million on September 30, 2004 and
increase of $5.8 million.
The Company announced that it received in April 2005 a one time gain of
approximately $525,000 after tax which will have a positive impact on the third
quarter of fiscal year 2005. The one time gain is associated with Harland
Financial Solutions, Inc.'s cash acquisition of Intrieve Incorporated. This
stock acquisition included 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.
The Bank also announced that a new full service branch to be located along
Lakeside Boulevard in Owings Mills, Maryland will begin construction in the
summer of 2005. When complete, the new Owings Mills branch will be the Bank's
eighteenth 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 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)
March 31, September 30,
2005 2004
(Dollars in Thousands)
ASSETS
Cash, equivalents and time deposits $ 19,009 $ 17,915
Investment Securities 155,544 161,445
Loans and Mortgage Backed Securities 573,469 557,027
Other Assets 42,345 37,231
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TOTAL ASSETS $ 790,367 $ 773,618
LIABILITIES
Deposits $ 586,438 $ 580,622
Borrowings 133,734 120,920
Junior Subordinated Debentures 23,197 23,197
Other Liabilities 5,428 4,750
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TOTAL LIABILITIES 748,797 729,489
TOTAL STOCKHOLDERS' EQUITY 41,570 44,129
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TOTAL LIABILITIES & STOCKHOLDERS EQUITY $ 790,367 $ 773,618
Consolidated Statements of Operations
(Unaudited)
6 Months ended March 31 3 Months ended March 31
2005 2004 2005 2004
(Dollars in Thousands) (Dollars in Thousands)
Interest Income $ 17,551 $ 15,470 $ 8,918 $ 7,660
Interest Expense 9,460 7,856 4,836 3,912
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Net Interest Income $ 8,091 7,614 $ 4,082 $ 3,748
Provisions for Loan Losses 120 267 0 86
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Net Interest Income After Provision for Loan $ 7,971 $ 7,347 $ 4,082 $ 3,662
Losses
Total Non-Interest Income 513 974 215 448
Total Non-Interest Expenses 8,322 7,857 4,208 3,926
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Income Before Tax (benefit)/provision $ 162 $ 464 $ 89 $ 184
Income Tax (benefit)/provision (20) 76 (7) 23
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NET INCOME $ 182 $ 388 $ 96 $ 161
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Basic and Diluted Earnings Per Share $ 0.03 $ 0.07 $ 0.02 $ 0.03
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