Welcome!

News Feed Item

BCSB Bancorp, Inc. Reports Results For The First Quarter Ended December 31, 2013

BALTIMORE, Jan. 24, 2014 /PRNewswire/ -- BCSB Bancorp, Inc. (the "Company") (NASDAQ: BCSB), the holding company for Baltimore County Savings Bank (the "Bank") reported net income of $202,000 or $0.06 per basic and diluted share for the three months ended December 31, 2013, which represents the first quarter of its 2014 fiscal year. This compares to net income of $639,000 or $0.21 per basic share and $0.20 per diluted share for the three months ended December 31, 2012.

During the three months ended December 31, 2013, earnings were negatively affected by increased non-interest expenses due to merger-related costs, reduced net interest income and lower non-interest income from loss on sale of foreclosed property and a decline in commission income on sales of investment products. Earnings were favorably impacted by a reduction in provision for loan losses. Non-interest expenses aside from merger-related costs also declined as compared with the three months ended December 31, 2012, favorably impacting earnings during the current period.  

ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT

F.N.B. Corporation has filed a registration statement on Form S-4 with the Securities and Exchange Commission (the "SEC").  The registration statement includes a proxy statement/prospectus and other relevant documents with the SEC in connection with the merger.

SHAREHOLDERS OF BCSB BANCORP, INC. ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

The proxy statement/prospectus and other relevant materials and any other documents F.N.B. and BCSB Bancorp, Inc. have filed with the SEC, may be obtained free of charge at the SEC's website at www.sec.gov.  In addition, investors and security holders may obtain free copies of the documents F.N.B. has filed with the SEC by contacting James Orie, Chief Legal Officer, F.N.B. Corporation, One F.N.B. Boulevard, Hermitage, PA 16148, telephone: (724) 983-3317 and free copies of the documents BCSB Bancorp, Inc. has filed with the SEC by contacting Joseph J. Bouffard, President and Chief Executive Officer, BCSB Bancorp, Inc., 4111 East Joppa Road, Baltimore, MD 21236, telephone: (410) 256-5000.

F.N.B. and BCSB Bancorp, Inc. and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from BCSB Bancorp, Inc. shareholders in connection with the proposed merger. Information concerning such participants' ownership of BCSB Bancorp, Inc. common shares is set forth in the proxy statement/prospectus relating to the merger. This communication does not constitute an offer of any securities for sale. 

FORWARD-LOOKING STATEMENTS

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, 2013.  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,



2013


2013



(Dollars in thousands)

ASSETS







Cash equivalents and time deposits


$

24,567


$

26,454

Investment Securities, available for sale



4,900



4,754

Loans Receivable, net



320,639



324,136

Mortgage-backed Securities, available for sale



212,378



220,050

Foreclosed Real Estate



2,783



2,861

Premises and Equipment, net



9,778



9,908

Bank Owned Life Insurance



17,637



17,473

Other Assets



13,220



13,405

Total Assets


$

605,902


$

619,041















LIABILITIES







Deposits


$

531,563


$

543,769

Junior Subordinated Debentures



17,011



17,011

Other Liabilities



7,418



8,461

Total Liabilities



555,992



569,241

Total Stockholders' Equity



49,910



49,800

Total Liabilities & Stockholders' Equity


$

605,902


$

619,041

 

 

Consolidated Statements of Operations

(Unaudited)










Three Months ended
December 31,



2013


2012



(Dollars in thousands except per share data)








Interest income


$

5,707


$

6,598

Interest expense



1,165



1,484

Net interest income



4,542



5,114

Provision for loan losses



0



500

Net interest income after provision for loan losses



4,542



4,614

Total non-interest income



492



665

Total non-interest expenses



4,657



4,267

Income before income tax expense



377



1,012

Income tax expense



175



373

Net income


$

202


$

639








Basic Earnings per Share


$

0.06


$

0.21








Diluted Earnings per Share


$

0.06


$

0.20








 

 

Summary of Financial Highlights

(Unaudited)








Three Months ended

December 31,



2013


2012






Return on average assets (annualized)


0.13%


0.40%

Return on average equity (annualized)


1.59%


4.61%






Interest rate spread


3.21%


3.36%

Net interest margin


3.22%


3.39%






Efficiency ratio


92.5%


73.8%

Ratio of average interest earning assets/interest bearing liabilities


101.2%


103.4%











 

 


Tangible Book Value

(Unaudited)














At December 31,


At September 30,


At December 31,




2013


2013


2012















(Dollars in thousands except per share data)













Tangible book value per common share:











Total stockholders' equity


$

49,910


$

49,800


$

55,615


Less:  Intangible assets



(22)



(25)



(34)


Tangible common equity


$

49,888



49,775


$

55,581


Outstanding common shares



3,227,700



3,190,430



3,188,655













Tangible book value per common share (1)


$

15.45


$

15.60


$

17.43













(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 common 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

December 31,



2013


2012



(Dollars in thousands)








Allowance at beginning of period


$

5,604


$

5,470

Provision for loan losses



0



500

Recoveries



17



23

Charge-offs



(2)



(505)

Allowance at end of period


$

5,619


$

5,488








Allowance for loan losses as a percentage of gross loans



1.72%



1.64%








Allowance for loan losses to nonperforming loans



37%



37%








 

 

Non-Performing Assets

(Unaudited)













At December 31,

2013


At September 30,

 2013


At December 31,

2012



(Dollars in thousands)











Nonaccrual Loans:










Commercial 


$

4,547


$

4,567


$

5,914

Residential Real Estate (1)



4,486



3,873



3,447

Consumer



35



--



--

Total Nonaccrual Loans (2)



9,068



8,440



9,361

Accruing Troubled Debt Restructurings



5,964



5,999



5,493

                    Total Nonperforming Loans



15,032



14,439



14,854

Nonperforming Foreclosed Real Estate (3)



2,730



2,808



3,370

Total Nonperforming Assets


$

17,762


$

17,247


$

18,224











Nonperforming Loans to Loans Receivable



4.69%



4.45%



4.51%











Nonperforming Assets to Total Assets



2.93%



2.79%



2.83%











(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 December 31, 2013 is $1.2 million 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 December 31, 2013, the Company had a total of $7.2 million in Troubled Debt Restructurings, $6.0 million of which were accounted for on an accrual basis for interest income.











(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 are not considered to be a classified asset. As of December 31, 2013, the Company has identified $53 thousand in foreclosed real estate meeting these criteria. Accordingly, this amount has been excluded from nonperforming assets.

 

SOURCE BCSB Bancorp, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
CloudEXPO | DXWorldEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...