BALTIMORE, Jan. 24, 2014 /PRNewswire/ -- BCSB Bancorp, Inc.
(the "Company") (NASDAQ: BCSB), the holding company for Baltimore
County Savings Bank (the "Bank") reported net income of
$202,000 or $0.06 per basic and diluted share for the three
months ended December 31, 2013, which
represents the first quarter of its 2014 fiscal year. This compares
to net income of $639,000 or
$0.21 per basic share and
$0.20 per diluted share for the three
months ended December 31, 2012.
During the three months ended December
31, 2013, earnings were negatively affected by increased
non-interest expenses due to merger-related costs, reduced net
interest income and lower non-interest income from loss on sale of
foreclosed property and a decline in commission income on sales of
investment products. Earnings were favorably impacted by a
reduction in provision for loan losses. Non-interest expenses aside
from merger-related costs also declined as compared with the three
months ended December 31, 2012,
favorably impacting earnings during the current period.
ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND
IT
F.N.B. Corporation has filed a registration statement on Form
S-4 with the Securities and Exchange Commission (the "SEC").
The registration statement includes a proxy statement/prospectus
and other relevant documents with the SEC in connection with the
merger.
SHAREHOLDERS OF BCSB BANCORP, INC. ARE ADVISED TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE
DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
The proxy statement/prospectus and other relevant materials and
any other documents F.N.B. and BCSB Bancorp, Inc. have filed with
the SEC, may be obtained free of charge at the SEC's website at
www.sec.gov. In addition, investors and security holders may
obtain free copies of the documents F.N.B. has filed with the SEC
by contacting James Orie, Chief
Legal Officer, F.N.B. Corporation, One F.N.B. Boulevard,
Hermitage, PA 16148, telephone:
(724) 983-3317 and free copies of the documents BCSB Bancorp, Inc.
has filed with the SEC by contacting Joseph
J. Bouffard, President and Chief Executive Officer, BCSB
Bancorp, Inc., 4111 East Joppa Road, Baltimore, MD 21236, telephone: (410)
256-5000.
F.N.B. and BCSB Bancorp, Inc. and certain of their directors and
executive officers may be deemed to be participants in the
solicitation of proxies from BCSB Bancorp, Inc. shareholders in
connection with the proposed merger. Information concerning such
participants' ownership of BCSB Bancorp, Inc. common shares is set
forth in the proxy statement/prospectus relating to the merger.
This communication does not constitute an offer of any securities
for sale.
FORWARD-LOOKING STATEMENTS
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, local and national economic factors
and the matters described in "Item 1A. Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended
September 30, 2013.
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.
BCSB Bancorp,
Inc.
|
Consolidated
Statements of Financial Condition
|
(Unaudited)
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
|
2013
|
|
2013
|
|
|
(Dollars in
thousands)
|
ASSETS
|
|
|
|
|
|
|
Cash equivalents and
time deposits
|
|
$
|
24,567
|
|
$
|
26,454
|
Investment
Securities, available for sale
|
|
|
4,900
|
|
|
4,754
|
Loans Receivable,
net
|
|
|
320,639
|
|
|
324,136
|
Mortgage-backed
Securities, available for sale
|
|
|
212,378
|
|
|
220,050
|
Foreclosed Real
Estate
|
|
|
2,783
|
|
|
2,861
|
Premises and
Equipment, net
|
|
|
9,778
|
|
|
9,908
|
Bank Owned Life
Insurance
|
|
|
17,637
|
|
|
17,473
|
Other
Assets
|
|
|
13,220
|
|
|
13,405
|
Total
Assets
|
|
$
|
605,902
|
|
$
|
619,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Deposits
|
|
$
|
531,563
|
|
$
|
543,769
|
Junior Subordinated
Debentures
|
|
|
17,011
|
|
|
17,011
|
Other
Liabilities
|
|
|
7,418
|
|
|
8,461
|
Total
Liabilities
|
|
|
555,992
|
|
|
569,241
|
Total Stockholders'
Equity
|
|
|
49,910
|
|
|
49,800
|
Total Liabilities
& Stockholders' Equity
|
|
$
|
605,902
|
|
$
|
619,041
|
Consolidated
Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
ended December 31,
|
|
|
2013
|
|
2012
|
|
|
(Dollars in thousands
except per share data)
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
5,707
|
|
$
|
6,598
|
Interest
expense
|
|
|
1,165
|
|
|
1,484
|
Net interest
income
|
|
|
4,542
|
|
|
5,114
|
Provision for loan
losses
|
|
|
0
|
|
|
500
|
Net interest income
after provision for loan losses
|
|
|
4,542
|
|
|
4,614
|
Total non-interest
income
|
|
|
492
|
|
|
665
|
Total non-interest
expenses
|
|
|
4,657
|
|
|
4,267
|
Income before income
tax expense
|
|
|
377
|
|
|
1,012
|
Income tax
expense
|
|
|
175
|
|
|
373
|
Net income
|
|
$
|
202
|
|
$
|
639
|
|
|
|
|
|
|
|
Basic Earnings per
Share
|
|
$
|
0.06
|
|
$
|
0.21
|
|
|
|
|
|
|
|
Diluted Earnings per
Share
|
|
$
|
0.06
|
|
$
|
0.20
|
|
|
|
|
|
|
|
Summary of Financial
Highlights
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
ended
December
31,
|
|
|
2013
|
|
2012
|
|
|
|
|
|
Return on average
assets (annualized)
|
|
0.13%
|
|
0.40%
|
Return on average
equity (annualized)
|
|
1.59%
|
|
4.61%
|
|
|
|
|
|
Interest rate
spread
|
|
3.21%
|
|
3.36%
|
Net interest
margin
|
|
3.22%
|
|
3.39%
|
|
|
|
|
|
Efficiency
ratio
|
|
92.5%
|
|
73.8%
|
Ratio of average
interest earning assets/interest bearing liabilities
|
|
101.2%
|
|
103.4%
|
|
|
|
|
|
|
|
|
|
|
Tangible Book
Value
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December
31,
|
|
At September
30,
|
|
At December
31,
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share:
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
$
|
49,910
|
|
$
|
49,800
|
|
$
|
55,615
|
|
Less:
Intangible assets
|
|
|
(22)
|
|
|
(25)
|
|
|
(34)
|
|
Tangible common
equity
|
|
$
|
49,888
|
|
|
49,775
|
|
$
|
55,581
|
|
Outstanding common
shares
|
|
|
3,227,700
|
|
|
3,190,430
|
|
|
3,188,655
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per common share (1)
|
|
$
|
15.45
|
|
$
|
15.60
|
|
$
|
17.43
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Tangible book value provides a measure
of tangible equity on a per share basis. It is determined by
methods other than in accordance with Accounting Principles
Generally Accepted in the United States ("GAAP") and, as such, is
considered to be a non-GAAP financial measure. Management believes
the presentation of Tangible book value per common share is
meaningful supplemental information for shareholders. We calculate
Tangible book value per common share by dividing tangible common
equity by common shares outstanding, as of period end.
|
Allowance for Loan
Losses
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
ended
December
31,
|
|
|
2013
|
|
2012
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
Allowance at
beginning of period
|
|
$
|
5,604
|
|
$
|
5,470
|
Provision for loan
losses
|
|
|
0
|
|
|
500
|
Recoveries
|
|
|
17
|
|
|
23
|
Charge-offs
|
|
|
(2)
|
|
|
(505)
|
Allowance at end of
period
|
|
$
|
5,619
|
|
$
|
5,488
|
|
|
|
|
|
|
|
Allowance for loan
losses as a percentage of gross loans
|
|
|
1.72%
|
|
|
1.64%
|
|
|
|
|
|
|
|
Allowance for loan
losses to nonperforming loans
|
|
|
37%
|
|
|
37%
|
|
|
|
|
|
|
|
Non-Performing
Assets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
At December
31,
2013
|
|
At September
30,
2013
|
|
At December
31,
2012
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans:
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
$
|
4,547
|
|
$
|
4,567
|
|
$
|
5,914
|
Residential Real
Estate (1)
|
|
|
4,486
|
|
|
3,873
|
|
|
3,447
|
Consumer
|
|
|
35
|
|
|
--
|
|
|
--
|
Total Nonaccrual
Loans (2)
|
|
|
9,068
|
|
|
8,440
|
|
|
9,361
|
Accruing Troubled
Debt Restructurings
|
|
|
5,964
|
|
|
5,999
|
|
|
5,493
|
Total Nonperforming Loans
|
|
|
15,032
|
|
|
14,439
|
|
|
14,854
|
Nonperforming
Foreclosed Real Estate (3)
|
|
|
2,730
|
|
|
2,808
|
|
|
3,370
|
Total Nonperforming
Assets
|
|
$
|
17,762
|
|
$
|
17,247
|
|
$
|
18,224
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans
to Loans Receivable
|
|
|
4.69%
|
|
|
4.45%
|
|
|
4.51%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets
to Total Assets
|
|
|
2.93%
|
|
|
2.79%
|
|
|
2.83%
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
residential owner occupied properties and residential rental
investor properties.
|
|
|
|
|
|
|
|
|
|
|
(2) Nonaccrual status
denotes loans on which, in the opinion of management, the
collection of additional interest is questionable. Also included in
this category at December 31, 2013 is $1.2 million in Troubled Debt
Restructurings. Reporting guidance requires disclosure of these
loans as nonaccrual until the loans have performed according to the
modified terms for a sustained period. As of December 31, 2013, the
Company had a total of $7.2 million in Troubled Debt
Restructurings, $6.0 million of which were accounted for on an
accrual basis for interest income.
|
|
|
|
|
|
|
|
|
|
|
(3) Regulatory
guidance provides that residential rental foreclosed real estate
with leases in place and demonstrated cash flow generating a
reasonable rate of return generally are not considered to be a
classified asset. As of December 31, 2013, the Company has
identified $53 thousand in foreclosed real estate meeting these
criteria. Accordingly, this amount has been excluded from
nonperforming assets.
|
SOURCE BCSB Bancorp, Inc.