2014

BCSB Bancorp, Inc. Reports Results For The Quarter Ended March 31, 2012

BALTIMORE, April 27, 2012 /PRNewswire/ -- BCSB Bancorp, Inc. (the "Company") (NASDAQ: BCSB), the holding company for Baltimore County Savings Bank (the "Bank") reported net income of $574,000 for the three month period ended March 31, 2012, which represents the second quarter of its 2012 fiscal year, as compared to net income of $188,000 for the three months ended March 31, 2011. For comparison purposes, when consideration is given to dividends and discount accretion on preferred shares issued under the U.S. Treasury's TARP Capital Purchase Program, the Company reported net income available to common stockholders of $574,000 or $0.19 per basic share and $0.18 per diluted share for the three months ended March 31, 2012, compared to a net loss available to common stockholders of $229,000 or ($0.08) per basic and diluted common share for the three months ended March 31, 2011. The Company repaid TARP on January 26, 2011 and was required to accelerate accretion of the remaining discount on the preferred stock, thereby reducing net income available to common shareholders by approximately $310,000 during the three months ended March 31, 2011. The Company was able to repay TARP without raising additional capital, which would have been dilutive to shareholders.

Net income for the six months ended March 31, 2012 was $1,036,000, as compared to net income of $233,000 for the six months ended March 31, 2011. For comparison purposes, when consideration is given to dividends and discount accretion on preferred shares issued under the U.S. Treasury's TARP Capital Purchase Program, net income available to common stockholders was $1,036,000 or $0.34 per basic share and $0.33 per diluted share for the six months ended March 31, 2012, compared to a net loss available to common stockholders of $340,000 or ($0.11) per basic and diluted common share for the six months ended March 31, 2011.

During the three and six months ended March 31, 2012, earnings were favorably impacted by increases in net interest income, increases in non-interest income and reductions in non-interest expense. Provision for loan losses increased by $300,000 during the three months ended March 31, 2012 and decreased by $200,000 during the six months ended March 31, 2012, as compared to the same periods in the prior fiscal year.

President and Chief Executive Officer Joseph J. Bouffard commented, "We are encouraged by the trend of increased earnings. Core areas of operating results have improved, including net interest income and operating expenses. We remain focused on resolving asset quality issues despite stubbornly problematic economic conditions. During the most recent quarter ended March 31, 2012, we successfully disposed of foreclosed real estate while recognizing approximately $345,000 in gains from sale of those properties."

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, 2011.  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)




March 31,


September 30,



2012


2011



(Dollars in thousands)

ASSETS







Cash equivalents and time deposits


$

59,420


$

60,108

Investment Securities, available for sale



4,344



6,919

Loans Receivable, net



349,067



364,843

Mortgage-backed Securities, available for sale



185,420



150,879

Foreclosed Real Estate



673



2,999

Premises and Equipment, net



10,562



9,932

Bank Owned Life Insurance



16,587



16,228

Other Assets



13,318



12,948

Total Assets


$

639,391


$

624,856















LIABILITIES







Deposits


$

561,832


$

550,014

Junior Subordinated Debentures



17,011



17,011

Other Liabilities



7,384



5,872

Total Liabilities



586,227



572,897

Total Stockholders' Equity



53,164



51,959

Total Liabilities & Stockholders' Equity


$

639,391


$

624,856

 

Consolidated Statements of Operations

(Unaudited)




Three Months ended March 31,


Six Months ended March 31,




2012


2011


2012


2011




(Dollars in thousands


(Dollars in thousands




except per share data)


except per share data)


















Interest Income


$

6,514



$

6,665


$

13,215



$

13,470


Interest Expense



1,753




2,104



3,684




4,450


Net Interest Income



4,761




4,561



9,531




9,020


Provision for Loan Losses



300




--



600




800


Net Interest Income After Provision for Loan Losses



4,461




4,561



8,931




8,220


Total Non-Interest Income



1,071




542



1,615




1,326


Total Non-Interest Expenses



4,663




4,869



8,978




9,324


Income Before Tax Expense (Benefit)



869




234



1,568




222


Income Tax Expense (Benefit)



295




46



532




(11)


Net Income



574




188



1,036




233


Preferred Stock dividends and discount accretion



--




(417)



--




(573)


Net Income (Loss) available to common shareholders


$

574



$

(229)


$

1,036



$

(340)


















Basic Income (Loss) Per Common Share


$

.19



$

(.08)


$

.34



$

(.11)



Diluted Income (Loss) Per Common Share


$

.18



$

(.08)


$

.33



$

(.11)



 



Three Months ended

March 31,


Six Months ended

March 31,




2012



2011



2012



2011






Return on Average Assets (Annualized)



.36%



.12%



.33%



.08%

Return on Average Equity (Annualized)



4.36%



1.49%



3.96%



.83%














Interest Rate Spread



3.21%



3.21%



3.22%



3.10%

Net Interest Margin



3.23%



3.23%



3.25%



3.14%














Efficiency Ratio



79.97%



95.41%



80.55%



90.12%

Ratio of Average Interest Earnings Assets/Interest    
    Bearing Liabilities



102.01%



101.03%



101.99%



102.62%

 

Tangible Book Value

(Unaudited)























At March 31,



At September 30,



At March 31,




2012



2011



2011













(Dollars in thousands except per share data)














Tangible book value per common share:













Total stockholders' equity


$

53,164



$

51,959



$

50,451


Less:  Intangible assets



(43)




(51)




(63)


Tangible common equity


$

53,121




51,908



$

50,388


Outstanding common shares



3,188,655




3,192,119




3,192,119















Tangible book value per common share (1)


$

16.66



$

16.26



$

15.78
















(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 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

March 31,


Six Months ended

March 31,




2012


2011



2012


2011



(Dollars in thousands)


(Dollars in thousands)






Allowance at Beginning of Period


$

5,064


$

7,170


$

4,768


$

6,634

Provision for Loan Losses



300



--



600



800

Recoveries



18



25



29



46

Charge-Offs



(4)



(2,189)



(19)



(2,474)

Allowance at End of Period


$

5,378


$

5,006


$

5,378


$

5,006














Allowance for Loan Losses as a Percentage of Gross Loans



1.52%



1.32%



1.52%



1.32%














Allowance for Loan Losses as a Percentage of Nonperforming Loans



25.4%



51.1%



25.4%



51.1%


 

Non-Performing Assets

(Unaudited)




At March 31,

2012


At September 30,

 2011


At March 31,

2011




(Dollars in thousands)







Nonaccrual Loans:














Commercial 


$

12,446



$

9,895



$

5,844



Residential Real Estate (1)



7,307




7,715




3,252



Consumer



--




20




21



Total Nonaccrual Loans (2)



19,753




17,630




9,117



Accruing Troubled Debt Restructurings



1,418




656




670



                    Total Nonperforming Loans



21,171




18,286




9,787



Foreclosed Real Estate



673




2,999




2,180



Total Nonperforming Assets


$

21,844



$

21,285



$

11,967

















Nonperforming Loans to Loans Receivable



6.07%




5.01%




2.62%

















Nonperforming Assets to Total Assets



3.42%




3.41%




1.92%




















(1) Includes owner occupied residential properties and  investor owned residential rental 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 March 31, 2012 are  $9.7 million in Troubled Debt Restructurings, $8.3 million of  which were current.  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 March 31, 2012, the Company had a total of $11.1 million in Troubled Debt Restructurings.

SOURCE BCSB Bancorp, Inc.



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