BCSBD Bcsb Bankcorp (MM)

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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