PRESS RELEASE
FOR RELEASE NOVEMBER 10, 2005 AT 4:00 P.M.
For More Information Contact
David Meadows
(410) 256-5000
Baltimore County Savings Bank
BCSB BANKCORP, INC.
REPORTS SEPTEMBER 30, 2005 RESULTS
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, reported $601,000 in net income for the year ended September
30, 2005. This compares to $885,000 reported for the prior year.
The Company reported asset growth of $39.1 million. Total assets at September
30, 2005 reached $812.7 million. This compares to $773.6 million reported for
the prior year. For the quarter ending September 30, 2005, the Company announced
a loss of $115,000 as compared to $265,000 of net income in the previous year's
fourth quarter. The fourth quarter earnings were impacted by a one time pre-tax
charge of approximately $147,000 associated with its previously announced change
in data processing providers to Fiserv Solutions, Inc. These charges are in
addition to the estimated charges that the Company incurred in the first quarter
of the fiscal year ending September 30, 2004, as a result of the change in data
processing provider and are primarily related to increased usage of data
processing services over the interim period as a result of the Bank's expanded
branch network. The Company has completed the conversion to Fiserv and
anticipates savings in data processing expenses pursuant to the terms of the
agreement over the next six years.
During the year ended September 30, 2005, the Bank's loan and mortgage backed
securities portfolio increased $35.9 million to $592.9 million as the Bank
expanded both commercial and residential real estate loan originations during
the year. Total interest income increased by 12.4% to $36.2 million. President
Loraditch noted that the Bank will continue its efforts to restructure its
balance sheet to take advantage of rising interest rates.
BCSB Bankcorp, Inc. is the holding company of Baltimore County Savings Bank, FSB
which was founded in 1955. The Bank currently operates seventeen 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)
September 30, September 30,
2005 2004
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(Dollars in Thousands)
ASSETS
Cash, equivalents and time deposits $ 23,529 $ 17,815
Investment Securities 153,381 161,545
Loans and Mortgage Backed Securities 592,937 557,027
Other Assets 42,898 37,231
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TOTAL ASSETS $ 812,745 $ 773,618
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LIABILITIES
Deposits $ 597,669 $ 580,622
Borrowed Money 144,796 120,920
Junior Subordinated Debentures 23,197 23,197
Other Liabilities 5,043 4,750
------------- -------------
TOTAL LIABILITIES 770,705 729,489
TOTAL STOCKHOLDERS' EQUITY 42,040 44,129
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 812,745 $ 773,618
============= =============
Consolidated Statements of Operations
(Unaudited)
Twelve Months ended September 30, Three Months ended September 30,
2005 2004 2005 2004
----------- ----------- ----------- -----------
(Dollars in thousands (Dollars in thousands
except per share data) except per share data)
Interest Income $ 36,223 $ 32,234 $ 9,553 $ 8,489
Interest Expense 20,384 16,362 5,686 4,362
--------- ------------ --------- -----------
Net Interest Income $ 15,839 $ 15,872 $ 3,867 $ 4,127
Provisions for Loan Losses 168 487 0 130
--------- ------------ --------- -----------
Net Interest Income After Provision for Loan Losses $ 15,671 $ 15,385 $ 3,867 $ 3,997
Total Non-Interest Income 1,855 1,379 194 137
Total Non-Interest Expenses 16,814 15,735 4,262 3,863
--------- ------------ --------- -----------
Income Before Tax provision (benefit) $ 712 $ 1,029 $ (201) $ 271
Income Tax provision (benefit) 111 144 (86) 6
--------- ------------ --------- -----------
NET INCOME (LOSS) $ 601 $ 885 $ (115) $ 265
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Basic and Diluted Earnings (Loss) Per Share $ 0.10 $ 0.15 $ (0.02) $ 0.04
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