BCSB BANCORP INC 
By During the three months ending
President and Chief Executive Officer
Stockholders' equity increased by
Quarter Ending
-- Received $10.8 in capital by issuing preferred stock and warrants
resulting from our participation in the U.S. Treasury TARP Capital
Purchase Program.
-- Net interest income increased modestly during the quarter as compared
with the corresponding period for 2007.
-- Net income increased to $240,000 or $0.08 per basic and diluted share
for the three month period ending December 31, 2008 as compared to
$93,000 or $0.03 per basic and diluted share during the same period in
2007.
-- The ratio of nonperforming assets to total assets decreased to 0.22% as
compared to 0.49% at the end of December 31, 2007.
-- The Bank's Risk-Based Capital ratio increased to over 18% as of
December 31, 2008.
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.
BCSB Bancorp, Inc.
Consolidated Statements of Financial Condition
(Unaudited)
December 31, September 30,
2008 2008
(Dollars in thousands)
ASSETS
Cash equivalents and time deposits $48,806 $35,083
Investment Securities, available for
sale 991 994
Loans Receivable, net 395,792 400,469
Mortgage-backed Securities,
available for sale 95,946 89,956
Foreclosed Real Estate 10 1,244
Premises and Equipment, net 9,517 9,762
Bank Owned Life Insurance 14,452 14,389
Other Assets 16,150 15,185
Total Assets $581,664 $567,082
LIABILITIES
Deposits $487,255 $484,791
Borrowings 10,000 10,000
Junior Subordinated Debentures 17,011 17,011
Other Liabilities 8,005 5,525
Total Liabilities 522,271 517,327
Total Stockholders' Equity 59,393 49,755
Total Liabilities & Stockholders'
Equity $581,664 $567,082
Consolidated Statements of Operations
(Unaudited)
Three Months ended December 31,
2008 2007
(Dollars in thousands
except per share data)
Interest Income $7,674 $9,262
Interest Expense 3,967 5,600
Net Interest Income 3,707 3,662
Provision for Loan Losses 150 --
Net Interest Income After Provision for
Loan Losses 3,557 3,662
Total Non-Interest Income 603 465
Total Non-Interest Expenses 3,747 4,097
Income Before Tax 413 30
Income Tax Expense (Benefit) 173 (63)
Net Income $240 $93
Basic and Diluted Income Per Share $0.08 $0.03
Summary of Financial Highlights
(Unaudited)
Three Months ended
December 31,
2008 2007
Return on Average Assets
(Annualized) 0.17% .06%
Return on Average Equity
(Annualized) 1.80% 1.05%
Interest Rate Spread 2.70% 2.47%
Net Interest Margin 2.80% 2.46%
Efficiency Ratio 86.96% 99.27%
Ratio of Average Interest
Earnings Assets/Interest
Bearing Liabilities 103.15% 99.74%
Allowance for Loan Losses
(Unaudited)
Three Months ended
December 31,
2008 2007
(Dollars in thousands)
Allowance at Beginning of
Period $2,672 $2,650
Provision for Loan Loss 150 --
Recoveries 90 91
Charge-Offs (81) (109)
Allowance at End of Period $2,831 $2,632
Allowance for Loan Losses to
Loans Receivable 0.71% 0.63%
Allowance for Loan Losses to
Nonperforming Loans 224.0% 89.1%
Non-Performing Assets
(Unaudited)
At At At
December 31, September 30, December 31,
2008 2008 2007
(Dollars in thousands)
Nonperforming Loans:
Commercial $1,070 $671 $2,296
Real Estate 194 162 657
Consumer -- 2 2
Total Nonperforming
Loans 1,264 835 2,955
Foreclosed Real
Estate -- 1,230 94
Other Nonperforming
Assets 10 14 --
Total Nonperforming
Assets $1,274 $2,079 $3,049
Nonperforming Loans
to Loans Receivable 0.32% 0.21% 0.71%
Nonperforming Assets
to Total Assets 0.22% 0.37% 0.49%
SOURCE BCSB Bankcorp, Inc.
