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PRESS RELEASE
FOR RELEASE MAY 2, 2007 AT 4:00 P.M.
For More Information Contact
Joseph J. Bouffard, President and CEO
(410) 248-9130
BCSB Bankcorp, Inc.
BCSB BANKCORP, INC. REPORTS MARCH 31, 2007 RESULTS
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, F.S.B., headquartered in Baltimore, Maryland, reported for the six
months ending March 31, 2007 a net loss of $3.2 million or ($0.55) per basic and
diluted share as compared to a net loss of $5,000 or ($0.00) per basic and
diluted share for the six months ending March 31, 2006. For the three months
ending March 31, 2007, the Bank reported a net loss of $3.0 million or ($0.51)
per basic and diluted share as compared to net income of $114,000 or $0.02 per
basic and diluted share for the three months ending March 31, 2006.
The losses were primarily associated with a balance sheet restructuring
previously announced by the Company on March 21, 2007. The Bank elected to sell
approximately $169.1 million of securities held in its investment portfolio
(with an average yield of 3.51%) and repay $68.5 million in short-term
borrowings (with an average cost of 5.97%). The Bank also plans to sell
approximately $47.7 million in fixed rate residential mortgages (with an average
rate of 4.37%). In conjunction with this restructuring, the Bank realized
pre-tax losses on the sales of securities and loans of $7.4 million. During the
same period the Bank received $3.4 million in insurance proceeds which
represented a partial recovery of losses incurred as the result of a
check-kiting fraud which was perpetrated on the Bank in June of 2006.
President Joseph J. Bouffard stated that "the restructuring of the balance sheet
is part of the Bank's overall business plan to improve its profits and capital
ratios, while reducing interest rate risk. The restructuring, along with the
Company's second step conversion announced on February 17, 2007, will enable
Baltimore County Savings Bank to compete more effectively in its market place."
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, market conditions, the impact of interest rates on financing, and
local and national economic factors. 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 herein will be achieved.
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BCSB Bankcorp, Inc.
Summary of Financial Highlights
Consolidated Statements of Financial Condition
(Unaudited)
March 31, September 30,
2007 2006
(Dollars in Thousands)
ASSETS
Cash equivalents and time deposits $ 123,969 $ 11,837
Investment Securities 6,443 147,564
Loans and Mortgage Backed Securities 512,963 579,252
Other Assets 83,051 47,204
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Total Assets $ 726,426 $ 785,857
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LIABILITIES
Deposits $ 591,699 $ 604,845
Borrowings 50,000 118,473
Junior Subordinated Debentures 23,197 23,197
Other Liabilities 27,095 5,921
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TOTAL LIABILITIES 691,991 752,436
TOTAL STOCKHOLDERS' EQUITY 34,435 33,421
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 726,426 $ 785,857
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Consolidated Statements of Operations
(Unaudited)
Six Months ended March 31 Three Months ended March 31
2007 2006 2007 2006
(Dollars in Thousands) (Dollars in Thousands)
(except per share data) (except per share data)
Interest Income $ 20,205 $ 19,477 $ 9,975 $ 9,881
Interest Expense 14,016 12,105 6,877 6,135
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Net Interest Income $ 6,189 $ 7,372 $ 3,098 $ 3,746
(Reversal) Provision for Loan Losses -- (109) -- --
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Net Interest Income After Provision for $ 6,189 $ 7,481 $ 3,098 $ 3,746
Loan Losses
Total Non-Interest Income (6,758) 524 (7,084) 259
Total Non-Interest Expenses 4,417 8,168 588 3,893
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(Loss) Income Before Tax Benefit $ (4,986) $ (163) $ (4,574) $ 112
Income Tax benefit (1,772) (158) (1,593) (2)
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Net (Loss) Income $ (3,214) $ (5) $ (2,981) $ 114
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Basic and Diluted Earnings Per Share $ (0.55) $ 0.00 $ (0.51) $ 0.02
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