BALTIMORE, April 25, 2013 /PRNewswire/ -- BCSB Bancorp, Inc.
(the "Company") (NASDAQ: BCSB), the holding company for Baltimore
County Savings Bank (the "Bank") reported net income of
$303,000, or $0.09 per basic and diluted share for the three
month period ended March 31, 2013,
which represents the second quarter of its 2013 fiscal year, as
compared to net income of $574,000,
or $0.19 per basic share and
$0.18 per diluted share for the three
months ended March 31, 2012. The
Company also disposed of a private label CMO security in
March 2013. A loss on sale of
$588,000 related to the security was
more than offset by gains on sales of other securities in the
Company's investment portfolio during the quarter.
Net income for the six months ended March
31, 2013 was $942,000, or
$0.30 per basic share and
$0.29 per diluted share, as compared
to net income of $1,036,000, or
$0.34 per basic share and
$0.33 per diluted share for the six
months ended March 31, 2012.
During the three and six months ended March 31, 2013, earnings were favorably impacted
by reductions in non-interest expense as compared to the same
periods in the prior fiscal year and, during the six months ended
March 31, 2013, earnings were
favorably impacted by an increase in net interest income. Earnings
for the three and six months ended March 31,
2013 were negatively impacted by decreases in non-interest
income and increases in provision for loan losses, as compared to
the same periods in the prior fiscal year. Reductions in
non-interest income during fiscal year 2013 were primarily due to
gain on sales of foreclosed real estate recognized during the prior
fiscal year. Increases in provision for loan losses were necessary
to address elevated charge-offs during fiscal year 2013 as certain
problem loans were foreclosed upon and transferred to Foreclosed
Real Estate.
President and Chief Executive Officer Joseph J. Bouffard commented, "Although somewhat
disappointed with net earnings, we were able to make notable
progress with other important initiatives during the period.
Nonperforming assets have declined in each of the past two
consecutive quarters and have dropped by nearly $3.5 million during the first six months of
fiscal year 2013. As mentioned above, we disposed of a
private label CMO security, eliminating exposure to future OTTI
charges related to that instrument. And on April 19, 2013 we were able to repurchase from
the U.S. Treasury a warrant to purchase more than 183,000 shares of
the Company's common stock issued in connection with the TARP
Capital Purchase Program. We have now completely exited TARP
without having to raise capital, which would have diluted our
shareholders."
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, 2012.
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,
|
|
|
2013
|
|
2012
|
|
|
(Dollars
in thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash
equivalents and time deposits
|
|
$
|
45,017
|
|
$
|
50,924
|
|
Investment
Securities, available for sale
|
|
|
4,757
|
|
|
4,628
|
|
Loans
Receivable, net
|
|
|
316,315
|
|
|
335,616
|
|
Mortgage-backed Securities, available for
sale
|
|
|
234,268
|
|
|
213,563
|
|
Foreclosed
Real Estate
|
|
|
3,659
|
|
|
1,674
|
|
Premises
and Equipment, net
|
|
|
10,229
|
|
|
10,288
|
|
Bank Owned
Life Insurance
|
|
|
17,163
|
|
|
16,869
|
|
Other
Assets
|
|
|
10,887
|
|
|
11,537
|
|
Total
Assets
|
|
$
|
642,295
|
|
$
|
645,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
561,012
|
|
$
|
566,356
|
|
Junior
Subordinated Debentures
|
|
|
17,011
|
|
|
17,011
|
|
Other
Liabilities
|
|
|
8,546
|
|
|
6,593
|
|
Total
Liabilities
|
|
|
586,569
|
|
|
589,960
|
|
Total
Stockholders' Equity
|
|
|
55,726
|
|
|
55,139
|
|
Total
Liabilities & Stockholders' Equity
|
|
$
|
642,295
|
|
$
|
645,099
|
|
Consolidated Statements of Operations
(Unaudited)
|
|
|
Three
Months ended March 31,
|
|
Six Months
ended March 31,
|
|
|
2013
|
|
|
|
2012
|
|
|
2013
|
|
|
|
2012
|
|
(Dollars
in thousands
|
|
(Dollars
in thousands
|
|
except per
share data)
|
|
except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Income
|
$
|
6,100
|
|
|
$
|
6,514
|
|
$
|
12,698
|
|
|
$
|
13,215
|
|
Interest
Expense
|
|
1,341
|
|
|
|
1,753
|
|
|
2,825
|
|
|
|
3,684
|
|
Net
Interest Income
|
|
4,759
|
|
|
|
4,761
|
|
|
9,873
|
|
|
|
9,531
|
|
Provision
for Loan Losses
|
|
450
|
|
|
|
300
|
|
|
950
|
|
|
|
600
|
|
Net
Interest Income After Provision for Loan Losses
|
|
4,309
|
|
|
|
4,461
|
|
|
8,923
|
|
|
|
8,931
|
|
Total
Non-Interest Income
|
|
667
|
|
|
|
1,071
|
|
|
1,332
|
|
|
|
1,615
|
|
Total
Non-Interest Expenses
|
|
4,538
|
|
|
|
4,663
|
|
|
8,805
|
|
|
|
8,978
|
|
Income
Before Income Tax Expense
|
|
438
|
|
|
|
869
|
|
|
1,450
|
|
|
|
1,568
|
|
Income Tax
Expense
|
|
135
|
|
|
|
295
|
|
|
508
|
|
|
|
532
|
|
Net
Income
|
$
|
303
|
|
|
$
|
574
|
|
$
|
942
|
|
|
$
|
1,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Net
Income Per Common Share
|
$
|
0.09
|
|
|
$
|
0.19
|
|
$
|
0.30
|
|
|
$
|
0.34
|
|
Diluted
Net Income Per Common Share
|
$
|
0.09
|
|
|
$
|
0.18
|
|
$
|
0.29
|
|
|
$
|
0.33
|
|
Three
Months ended
March
31,
|
|
Six Months
ended
March
31,
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Return on
Average Assets (Annualized)
|
|
0.19%
|
|
0.36%
|
|
|
0.29%
|
|
0.33%
|
|
|
Return on
Average Equity (Annualized)
|
|
2.20%
|
|
4.36%
|
|
|
3.37%
|
|
3.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Rate Spread
|
|
3.13%
|
|
3.21%
|
|
|
3.24%
|
|
3.22%
|
|
|
Net
Interest Margin
|
|
3.16%
|
|
3.23%
|
|
|
3.28%
|
|
3.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
Ratio
|
|
83.62%
|
|
79.97%
|
|
|
78.57%
|
|
80.55%
|
|
|
Ratio of
Average Interest Earning Assets/Interest Bearing
Liabilities
|
|
104.01%
|
|
102.01%
|
|
|
103.70%
|
|
101.99%
|
|
|
Tangible
Book Value
|
|
(Unaudited)
|
|
|
|
At March
31,
|
|
|
At September 30,
|
|
|
At March
31,
|
|
|
2013
|
|
|
2012
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars
in thousands except per share data)
|
|
|
Tangible
book value per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
$
|
55,726
|
|
|
$
|
55,139
|
|
|
$
|
53,164
|
|
|
Less: Intangible assets
|
|
(30)
|
|
|
|
(37)
|
|
|
|
(43)
|
|
|
Tangible
common equity
|
$
|
55,696
|
|
|
|
55,102
|
|
|
$
|
53,121
|
|
|
Outstanding common shares
|
|
3,189,668
|
|
|
|
3,188,655
|
|
|
|
3,188,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per common share (1)
|
$
|
17.46
|
|
|
$
|
17.28
|
|
|
$
|
16.66
|
|
|
(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,
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
(Dollars
in thousands)
|
|
(Dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
at Beginning of Period
|
$
|
5,488
|
|
$
|
5,064
|
|
$
|
5,470
|
|
$
|
4,768
|
|
Provision
for Loan Losses
|
|
450
|
|
|
300
|
|
|
950
|
|
|
600
|
|
Recoveries
|
|
16
|
|
|
18
|
|
|
39
|
|
|
29
|
|
Charge-Offs
|
|
(411)
|
|
|
(4)
|
|
|
(916)
|
|
|
(19)
|
|
Allowance
at End of Period
|
$
|
5,543
|
|
$
|
5,378
|
|
$
|
5,543
|
|
$
|
5,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for Loan Losses as a Percentage of Gross Loans
|
|
1.72%
|
|
|
1.52%
|
|
|
1.72%
|
|
|
1.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for Loan Losses as a Percentage of Nonperforming Loans
|
|
37.4%
|
|
|
25.4%
|
|
|
37.4%
|
|
|
25.4%
|
|
Non-Performing Assets
(Unaudited)
|
|
|
At March
31,
2013
|
|
At
September 30,
2012
|
|
At March
31,
2012
|
|
(Dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans:
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
|
4,449
|
|
$
|
10,545
|
|
$
|
12,446
|
|
Residential Real Estate (1)
|
|
4,226
|
|
|
2,600
|
|
|
7,307
|
|
Consumer
|
|
--
|
|
|
--
|
|
|
--
|
|
Total Nonaccrual Loans (2)
|
|
8,675
|
|
|
13,145
|
|
|
19,753
|
|
Accruing
Troubled Debt Restructurings
|
|
6,162
|
|
|
6,647
|
|
|
1,418
|
|
Total Nonperforming Loans
|
|
14,837
|
|
|
19,792
|
|
|
21,171
|
|
Nonperforming Foreclosed Real Estate (3)
|
|
3,151
|
|
|
1,674
|
|
|
673
|
|
Total Nonperforming Assets
|
$
|
17,988
|
|
$
|
21,466
|
|
$
|
21,844
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Loans Receivable
|
|
4.69%
|
|
|
5.90%
|
|
|
6.07%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets to Total Assets
|
|
2.80%
|
|
|
3.33%
|
|
|
3.42%
|
|
(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 March 31, 2013 is $109,000 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 March
31, 2013, the Company had a total of $6.3 million in Troubled Debt
Restructurings, all of which are performing according to their
restructured terms.
|
|
|
|
(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 is not considered to be a
classified asset. As of March 31, 2013, the Company has identified
$508,000 in foreclosed real estate meeting these criteria.
Accordingly, this amount has been excluded from nonperforming
assets.
|
SOURCE BCSB Bancorp, Inc.