BCSB Bancorp, Inc. Reports Results for Quarter Ending March 31, 2008
April 29 2008 - 5:30PM
PR Newswire (US)
BALTIMORE, April 29 /PRNewswire-FirstCall/ -- BCSB Bancorp, Inc.
(NASDAQ:BCSBD), the holding company for Baltimore County Savings
Bank, F.S.B., reported net income of $55,000 or $0.02 per basic and
diluted share for the three month period ended March 31, 2008,
which represents the second quarter of its 2008 fiscal year. This
compares to a net loss of $2.98 million or ($0.97) per basic and
diluted share for the same period in 2007. President and Chief
Executive Officer Joseph J. Bouffard stated that even though this
was essentially a breakeven quarter for the Bank, the quarter was
significantly better than the previous year which was impacted by a
balance sheet restructuring completed in March of 2007. It also
represented the second straight profitable quarter for the Company,
which had not occurred since the Company's 2005 fiscal year. The
positive earnings report does not reflect the Company's recent
successful second step conversion when the Company raised
approximately $17 million in new capital and became a fully
publicly traded company. Nor does the report reflect the positive
impact of the lifting of the Supervisory Agreement by the Office of
Thrift Supervision, which allows the Company to operate in a more
normal environment without increased regulatory scrutiny. BCSB
Bancorp, 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. As a result of the aforementioned second step
conversion, BCSB Bankcorp, Inc., which was majority owned by a
mutual holding company, was replaced by BCSB Bancorp, Inc., a fully
public company. The Company's stock will trade on the NASDAQ Market
under the symbol BCSBD until May 9 when it will revert back to
BCSB. 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. BCSB Bancorp,
Inc. Summary of Financial Highlights Consolidated Statements of
Financial Condition (Unaudited) March 31, September 30, 2008 2007
(Unaudited) (audited) (Dollars in Thousands) ASSETS Cash and cash
equivalents $70,873 $76,016 Investment Securities 1,501 3,970 Loans
and Mortgage Backed Securities 508,360 521,301 Other Assets 41,077
41,094 Total Assets $621,811 $642,381 LIABILITIES Deposits $535,758
$558,457 Borrowings 20,000 20,000 Junior Subordinated Debentures
23,197 23,197 Other Liabilities 6,746 6,135 Total Liabilities
585,701 607,789 Total Stockholders' Equity 36,110 34,592 Total
Liabilities & Stockholders' Equity $621,811 $642,381
Consolidated Statements of Operations (Unaudited) Six Months ended
March 31, Three Months ended March 31, 2008 2007 2008 2007 (Dollars
in thousands (Dollars in thousands except per share data) except
per share data) Interest Income $17,864 $20,205 $8,602 $9,975
Interest Expense 10,839 14,016 5,239 6,877 Net Interest Income
$7,025 $6,189 $3,363 $3,098 Provision for Loan Losses 0 117 0 62
Net Interest Income After Provision for Loan Losses $7,025 $6,072
$3,363 $3,036 Total Non-Interest Income 894 (6,641) 429 (7,022)
Total Non-Interest Expenses 7,822 4,417 3,726 588 Income (Loss)
Before Tax (Benefit) Expense $97 $(4,986) $66 $(4,574) Income Tax
(Benefit) Expense (51) (1,772) 11 (1,593) Net Income (Loss) $148
$(3,214) $55 $(2,981) Basic and Diluted Earnings (Loss) Per Share
(1) $0.05 $(1.04) $0.02 $(0.97) (1) Per share amounts have been
adjusted by the exchange rate of .5264 as a result of the second
step conversion that occurred on April 10, 2008. DATASOURCE: BCSB
Bankcorp, Inc. CONTACT: Joseph J. Bouffard of BCSB Bancorp, Inc.,
+1-410-256-5000 Web site: http://www.baltcosavings.com/
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