BCSB BANCORP INC 
By 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 At September At December
31, 30, 31,
2013 2013 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.
