CEO Gary Loraditch's annual salary alone of $355K equates to 6 cents shaved from BCSB reported annual earnings ($355,000.00 divided by
5,874,000 outstanding shares =3D 6 cents)BCSB only earned 2 cents in the current quarter. Do you BCSB $HITHOLDERS still think Loraditch is worth it? HE DOES!
BCSB Bankcorp, Inc. Reports March 31, 2005 Results
BALTIMORE, May 13 /PRNewswire-FirstCall/ -- BCSB Bankcorp, Inc. (Nasdaq: BCSB), the holding company for Baltimore County Savings Bank, FSB, reported earnings of $96,000 or $0.02 per basic and diluted share for the quarter ended March 31, 2005. This compared to $161,000 or $0.03 per basic and diluted share for the same period in 2004. At March
31, 2005, total assets equaled $790.4 million as compared to $773.6 million on September 30, 2004, an increase of $16.8 million. Total deposits rose to $586.4 million as of March 31, 2005 as compared to $580.6 million on September 30, 2004, an increase of $5.8 million.The Company announced that it received in April 2005 a one-time gain of approximately $525,000 after tax which will have a positive impact on the third quarter of fiscal year 2005. The one-time gain is associated with Harland Financial Solutions, Inc.'s cash acquisition of Intrieve Incorporated. This stock acquisition included the shares owned by Baltimore County Savings Bank, FSB, the Company's wholly owned subsidiary. The Company could realize additional gains of up to $60,000 after tax during the year following the closing of the acquisition if certain additional criteria specified in the acquisition agreement are satisfied.
The Bank also announced that a new full-service branch to be located along Lakeside Boulevard in Owings Mills, Maryland will begin construction in the summer of 2005. When complete, the new Owings Mills branch will be the Bank's eighteenth located throughout the Baltimore metropolitan region.
BCSB Bankcorp, Inc. is the holding company of Baltimore County Savings Bank, FSB, which was founded in 1955. BCSB Bankcorp, Inc. became a publicly traded mutual holding company in July 1998.