UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 3, 2007
BCSB BANKCORP, INC.
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(Exact Name Of Registrant As Specified In Charter)
UNITED STATES 0-24589 52-2108333
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(State Or Other Jurisdiction (Commission (IRS Employer
Of Incorporation) File Number) Identification No.)
4111 E. JOPPA ROAD, SUITE 300, BALTIMORE, MARYLAND 21236
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(Address Of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (410) 256-5000
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NOT APPLICABLE
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(Former Name Or Former Address, If Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED
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AUDIT REPORT OR COMPLETED INTERIM REVIEW.
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On July 3, 2007, management and the Audit Committee of the Board of
Directors of the Company determined that the Company's financial statements, for
each of the three years ended September 30, 2006, and for each of the quarters
ended during the period from June 30, 2004 through March 31, 2007 should no
longer be relied upon as a result of the accounting treatment applied by the
Company in connection with losses resulting from unpaid loan balances associated
with repossessed automobiles.
While this reclassification of expenses within the consolidated
statements of operations does not affect net income (loss), net income (loss)
per share, the consolidated statements of stockholders' equity or consolidated
balance sheets, the Audit Committee of the Board of Directors and management
determined that the reclassification required a restatement of the consolidated
statements of operations and cash flows and related notes for the periods
indicated above. Losses resulting from unpaid loan balances associated with
repossessed automobiles had been included in the financial line "Loss on
repossessed assets" rather than included as a loan charge-off within the
allowance for loan losses. This reclassification has the effect of reducing the
amounts included in the line item "Loss on repossessed assets" and increasing,
by a similar amount, the amounts included in "Provision for losses on loans."
The Company intends to file an amended Annual Report on Form 10-K for
the year ended September 30, 2006 and amended Quarterly Reports on Form 10-Q for
the quarters ended December 31, 2006 and March 31, 2007 containing corrected
consolidated statements of operations and cash flows for the respective periods.
The Company's management and Audit Committee has consulted with Stegman
& Company, who serves as the Company's independent registered public accounting
firm, regarding the matters disclosed in this Form 8-K in reaching the
conclusion to restate the financial statements for the above-mentioned periods
to reflect the adjustments discussed herein.
The following table presents the effect of the restatement on the
Consolidated Statements of Operations for the six months and three months ended
March 31, 2007 and 2006.
Six Months Ended Six Months Ended Three Months Ended Three Months Ended
March 31, 2007 March 31, 2006 March 31, 2007 March 31, 2006
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As As As As
As Previously As Previously As Previously As Previously
Restated Reported Restated Reported Restated Reported Restated Reported
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Provision (recovery)
for losses on loans $ 117 $ -- $ 132 $ (109) $ 62 $ -- $ 126 $ --
Loss on repossessed
assets (10) (127) (25) (266) (10) (72) 3 (123)
Net interest income
after provision for
losses on loans 6,072 6,189 7,240 7,481 3,036 3,098 3,620 3,746
Total other income (6,641) (6,758) 765 524 (7,022) (7,084) 385 259
2
The following table presents the effect of the restatement on the
Consolidated Statements of Cash Flows for the six months ended March 31, 2007
and 2006.
Six Months Ended Six Months Ended
March 31, 2007 March 31, 2006
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As As
As Previously As Previously
Operating Activities: Restated Reported Restated Reported
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Provision for losses on $ 117 $ -- $ 132 $ (109)
loans
Loss on repossessed
assets 10 127 25 266
The following table presents the effect of the restatement on the
Consolidated Statements of Operations for the three months ended December 31,
2006 and 2005.
December 31, 2006 December 31, 2005
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As As
As Previously As Previously
Restated Reported Restated Reported
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Provision (Recovery) for losses
on loans $ 55 $ -- $ 6 $ (109)
Loss on repossessed
Assets -- 55 (28) (143)
Net interest income
after provision for
losses on loans 3,036 3,091 3,620 3,735
Total other income 382 327 380 265
The following table presents the effect of the restatement on the
Consolidated Statements of Cash Flows for the three months ended December 31,
2006 and 2005.
December 31, 2006 December 31, 2005
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As As
As Previously As Previously
Operating Activities: Restated Reported Restated Reported
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Provision (Recovery) for
losses on loans $ 55 $ -- $ 6 $(109)
Loss on repossessed
assets -- 55 28 143
3
The following table presents the effect of the restatement on the
Consolidated Statements of Operations for the years ended September 30, 2006,
2005 and 2004.
September 30, 2006 September 30, 2005 September 30, 2004
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As As As
As Previously As Previously As Previously
Restated Reported Restated Reported Restated Reported
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Provision for losses on
loans $ 194 $ (109) $ 453 $ 168 $ 708 $ 487
Loss on repossessed
assets (24) (327) (276) (561) (34) (255)
Net interest income
after provision for
losses on loans 14,025 14,328 15,386 15,671 15,164 15,385
Total other income 1,501 1,198 2,140 1,855 1,600 1,379
The following table presents the effect of the restatement on the
Consolidated Statements of Cash Flows for the years ended September 30, 2006,
2005 and 2004.
September 30, 2006 September 30, 2005 September 30, 2004
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As As As
As Previously As Previously As Previously
Operating Activities: Restated Reported Restated Reported Restated Reported
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Provision for losses on $ 194 $ (109) $ 453 $168 $ 708 $ 487
loans
Loss on repossessed
assets 24 327 276 561 34 255
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BCSB BANKCORP, INC.
Date: July 5, 2007 By: /s/ Joseph J. Bouffard
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Joseph J. Bouffard
President and Chief Executive Officer