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

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

PR Newswire

BALTIMORE, Jan. 24, 2014

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                  4,542                    4,614
provision for loan losses
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   101.2%     103.4%
liabilities





Tangible Book Value
(Unaudited)
                       At December 31,     At September     At December 31,
                                           30,
                       2013                2013             2012
                       (Dollars in thousands except per share data)
Tangible book value
per common share:
Total stockholders'    $    49,910         $   49,800       $    55,615
equity
Less: Intangible           (22)               (25)              (34)
assets
Tangible common        $    49,888             49,775       $    55,581
equity
Outstanding common          3,227,700          3,190,430         3,188,655
shares
Tangible book value
per common share       $    15.45          $   15.60        $    17.43
^(1)
^(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          1.72%        1.64%
loans
Allowance for loan losses to nonperforming loans            37%          37%





Non-Performing Assets
(Unaudited)
                             At December 31,    At September     At December
                                                30,              31,
                             2013
                                                2013            2012
                             (Dollars in thousands)
Nonaccrual Loans:
Commercial                  $     4,547        $    4,567       $    5,914
Residential Real Estate            4,486             3,873            3,447
(1)
Consumer                           35                --               --
Total Nonaccrual Loans             9,068             8,440            9,361
(2)
Accruing Troubled Debt             5,964             5,999            5,493
Restructurings
 Total          15,032            14,439           14,854
Nonperforming Loans
Nonperforming Foreclosed           2,730             2,808            3,370
Real Estate (3)
Total Nonperforming          $     17,762       $    17,247      $    18,224
Assets
Nonperforming Loans to             4.69%             4.45%            4.51%
Loans Receivable
Nonperforming Assets to            2.93%             2.79%            2.83%
Total Assets
(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.

Website: http://www.baltcosavings.com
Contact: Joseph J. Bouffard, (410) 248-9130, BCSB Bancorp, Inc., Baltimore
County Savings Bank
 
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