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PRESS RELEASE
FOR RELEASE FEBRUARY 2, 2007 AT 4:00 P.M.
For More Information Contact
Joseph J. Bouffard
(410) 256-5000
Baltimore County Savings Bank, FSB
BCSB BANKCORP, INC.
REPORTS RESULTS FOR QUARTER ENDING DECEMBER 31, 2006
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, reported a net loss of $233,000 or ($0.04) per basic and
diluted share for the three months ending December 31, 2006. This compares to a
net loss of $119,000 or ($0.02) per basic and diluted share for the same period
in 2005. Earnings for the quarter were impacted by rising short term rates both
on borrowings and deposits which were not completely offset by rising rates on
loan products which generally have longer terms.
President and Chief Executive Officer Joseph J. Bouffard announced that the
Board is adopting a number of strategies to enhance earnings. "Our initial
emphasis will be on increasing the Bank's net interest margin by enhancing the
Bank's loan production and reviewing the Bank's deposit structure," said
Bouffard. The initiatives will also include improving non-interest income by
more effectively utilizing the Bank's branch network to generate additional fee
income, he added.
BCSB Bankcorp, Inc. is the holding company of Baltimore County Savings Bank, FSB
which was founded in 1955. The Bank currently operates eighteen 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)
December 31, September 30,
2006 2006
(Dollars in Thousands)
ASSETS
Cash, cash equivalents and time deposits $ 11,620 $ 11,837
Investment Securities 138,995 147,564
Loans and Mortgage Backed Securities 570,932 579,252
Other Assets 46,304 47,204
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TOTAL ASSETS $ 767,851 $ 785,857
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LIABILITIES
Deposits $ 601,328 $ 604,845
Borrowed Money 104,130 118,473
Junior Subordinated Debentures 23,197 23,197
Other Liabilities 5,545 5,921
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TOTAL LIABILITIES 734,200 752,436
TOTAL STOCKHOLDERS' EQUITY 33,651 33,421
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 767,851 $ 785,857
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Consolidated Statements of Operations
(Unaudited)
Three Months ended December 31,
2006 2005
(Dollars in thousands
except per share data)
Interest Income $ 10,230 $ 9,596
Interest Expense 7,139 5,970
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Net Interest Income 3,091 3,626
Provision (Reversal) for Loan Losses 0 (109)
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Net Interest Income After Provision (Reversal) for Loan Losses 3,091 3,735
Total Non-Interest Income 327 265
Total Non-Interest Expenses 3,829 4,275
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Loss Before Tax (Benefit) (411) (275)
Income Tax (Benefit) (178) (156)
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NET (LOSS) $ (233) $ (119)
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Basic and Diluted (Loss) Per Share $ (0.04) $ (0.02)
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