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EXHIBIT 99.1
PRESS RELEASE
FOR RELEASE JANUARY 28, 2008 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, 2007
BCSB Bankcorp, Inc. (NASDAQ: BCSB), the holding company for Baltimore County
Savings Bank, FSB, reported a net income of $93,000 or $0.02 per basic and
diluted share for the three month period ended December 31, 2007 which
represents the first quarter of its 2008 fiscal year. This compares to a net
loss of $233,000 or ($0.04) per basic and diluted share for the same period in
2006.
President and Chief Executive Officer Joseph J. Bouffard announced that these
earnings are in line with expectations. "The company continues to make progress
in it efforts to enhance profitability and adopted a number of strategies to
continue improving earnings performance." He also noted that Baltimore County
Savings Bank, FSB which has a large residential mortgage portfolio has no direct
exposure to the subprime mortgage market and that the Company's asset quality
remains strong.
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,
2007 2007
(Unaudited) (audited)
(Dollars in Thousands)
ASSETS
Cash and cash equivalents $ 61,716 $ 76,016
Investment Securities 2,999 3,970
Loans and Mortgage Backed Securities 516,608 521,301
Other Assets 41,200 41,094
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TOTAL ASSETS $ 622,523 $ 642,381
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LIABILITIES
Deposits $ 538,497 $ 558,457
Borrowings 20,000 20,000
Junior Subordinated Debentures 23,197 23,197
Other Liabilities 5,141 6,135
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TOTAL LIABILITIES 586,835 607,789
TOTAL STOCKHOLDERS' EQUITY 35,688 34,592
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 622,523 $ 642,381
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Consolidated Statements of Operations
(Unaudited)
Three Months ended December 31,
2007 2006
(unaudited)
(Dollars in thousands
except per share data)
Interest Income $ 9,262 $ 10,230
Interest Expense 5,600 7,139
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Net Interest Income 3,662 3,091
Provision for Loan Losses -- 55
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Net Interest Income After Provision for Loan Losses 3,662 3,036
Total Non-Interest Income 465 382
Total Non-Interest Expenses 4,097 3,829
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Income (Loss) Before Tax (Benefit) 30 (411)
Income Tax (Benefit) (63) (178)
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NET INCOME (LOSS) $ 93 $ (233)
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Basic and Diluted Income (Loss) Per Share $ 0.02 $ (0.04)
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