BSB Bancorp, Inc. Announces Third Quarter Net Income of $3.9 Million; Board Authorizes Repurchase Of Up To 5% Of Outstanding Stock.Business Editors BINGHAMTON Binghamton (bĭng`əmtən), industrial city (1990 pop. 53,008), seat of Broome co., S central N.Y., at the confluence of the Chenango and the Susquehanna rivers; settled 1787, inc. as a city 1867. , N.Y.--(BUSINESS WIRE)--Oct. 24, 2002 BSB BSB Backstreet Boys BSB Bayerische Staatsbibliothek BSB British Superbikes (motorcycle racing series) BSB Bachelor of Science in Business BSB Bandar Seri Begawan (capital of Brunei) Bancorp, Inc. (NASDAQ/NMS:BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ), the bank holding company for BSB Bank & Trust Company, a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services organization servicing Central New York Central New York is a term used to broadly describe the central region of New York State, roughly including the following counties and cities: Cayuga County – Auburn Cortland County – Cortland Madison County – Oneida with total assets of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.1 billion, today announced financial results for the third quarter 2002. Performance Highlights: Quarter Ended September September: see month. 30, 2002 - Allowance to non-performing loans ratio increased to 114.4 percent from 105.4 percent at June 30, 2002 and 97.0 percent at December 31, 2001 - Residential mortgage originations in the third quarter of 2002 were $31.4 million, an increase of $12.0 million or 61.9 percent, over originations of $19.4 million in the third quarter of 2001 - Consumer loan originations in the third quarter of 2002 were $65.0 million, an increase of $25.3 million or 63.7 percent, compared to originations of $39.7 million in the second quarter of 2002 BSB's net income for the quarter ended September 30, 2002 was $3.9 million or $0.41 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $5.2 million or $0.51 per diluted share, for the third quarter of 2001 and a loss of $11.2 million or $1.16 per diluted share, for the second quarter of 2002. "Our third quarter results represent a significant bottom-line bot·tom-line adj. 1. Concerned exclusively with costs and profits: bottom-line issues. 2. Ruthlessly realistic; pragmatic: a bottom-line political strategy. improvement over the second quarter, which was impacted by the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although and repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan ability of some individual borrowers," said Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. W. Sharp, President and Chief Executive Officer. "The results for the current quarter benefited from our commitment to quickly and effectively deal with deterioration in asset quality." BSB had another strong quarter of residential loan growth, as the total residential portfolio grew to $260.6 million at September 30, 2002, an increase of $17.0 million or 7.0 percent, from $243.6 million at June June: see month. 30, 2002. The total residential loan portfolio at September 30, 2002, was up by $45.2 million or 21.0 percent, from $215.4 million at September 30, 2001. "An important strategic initiative for 2002 has been increased residential mortgage loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , as we move aggressively to restructure our loan portfolio. The relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of BSB Mortgage Corporation in the summer of 2002 has made a strong contribution toward achieving this end," Mr. Sharp said. "The new, larger facility, which houses all of the functions of the mortgage loan process from application to closing, has enabled our mortgage lending team to increase operational efficiencies and maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. both the level and quality of our customer service." BSB also had strong third quarter consumer loan growth, primarily in indirect new and used auto loans, as the portfolio grew to $373.5 million at September 30, 2002, an increase of $28.1 million or 8.1 percent, from $345.4 million at the end of the second quarter. For third quarter 2002, total consumer loan originations were $65.0 million, an increase of 63.7 percent, compared to second quarter 2002 consumer loan originations of $39.7 million. Commercial and industrial loans at September 30, 2002, totaled $557.5 million or 42.4 percent of the total loan portfolio, compared to $800.0 million or 52.0 percent of the total portfolio at September 30, 2001. During the third quarter of 2002, C&I loans were reduced by $54.9 million or 9.0 percent from the end of second quarter 2002. Through the first nine months of 2002, C&I loans were reduced by $193.1 million or 25.7 percent from December December: see month. 31, 2001. Net interest income declined from $19.9 million in the second quarter of 2002 to $18.8 million in the third quarter of 2002 as average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin declined $35.6 million from the second quarter of 2002 to the third quarter of 2002. Also contributing to the reduction in net interest income was a decline in the net interest margin, which declined to 3.80% in the third quarter of 2002 from 3.95% in the second quarter of 2002. Non-interest income for the third quarter of 2002 decreased to $3.1 million, down slightly in comparison to $3.5 million for the comparable period of 2001, and $3.2 million for the second quarter of 2002. Total operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the third quarter of 2002 was $11.2 million, an increase of 3.2 percent, compared to $10.9 million for the third quarter of 2001, and a decrease of $2.3 million or 17.3 percent, in comparison to second quarter 2002 expenses of $13.6 million. The increase in total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the third quarter of 2002, as compared to the same period in 2001, is primarily due to increased salaries, pensions and other employee benefit costs. The decrease in total operating expenses in the third quarter of 2002, as compared to the second quarter of 2002, is primarily due to reductions in advertising expenses, professional fees, expenses associated with repossessed or foreclosed property, the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. expense related to the conversion to "Proof of Deposit" processing, as well as a reduction in salaries, pensions and other employee benefits. BSB's efficiency ratio was 51.1 percent for the third quarter of 2002, up from 45.6 percent for third quarter 2001, but a decline in comparison to 57.1 percent for the second quarter of 2002. The third quarter 2002 provision for loan losses was $4.5 million, down slightly when compared with the $4.6 million provision for third quarter 2001, and down 83 percent from the $26.7 million provision for the second quarter of 2002. Given the continued economic sluggishness and uncertainty that BSB sees in its primary markets and the level of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. , management expects that the provision for loan losses will remain at the current level, or may increase, in the near-term near-term adj. Of, for, or involving a short period of time in the near future. . Third quarter net charge-offs were $1.7 million, down 38 percent in comparison to $2.8 million during the third quarter of 2001. While net charge-offs are significantly down from the $22.5 million in the second quarter of 2002, given the continued high level of non-performing loans, management expects that net charge-offs for the next few quarters could be higher than net charge-offs in the third quarter of 2002. Non-performing loans at September 30, 2002 were $52.2 million or 3.98 percent of total gross loans outstanding, compared to $44.0 million or 2.86 percent of total gross loans outstanding at September 30, 2001. Non-performing loans at June 30, 2002 were $54.1 million or 4.10 percent of total gross loans outstanding. Loans 30-89 days past due were $8.1 million at September 30, 2002, a 70.8 percent reduction from $27.9 million at September 30, 2001, and an 18.4 percent decline from $10.0 million at June 30, 2002. The allowance for loan losses at September 30, 2002 was $59.8 million, an increase of 5.0 percent, compared to $56.9 million at September 30, 2001, and an increase of $2.8 million or 4.9 percent, over the $57.0 million allowance at June 30, 2002. The allowance, as a percentage of non-performing loans, was 114.4 percent at September 30, 2002, compared to 129.4 percent at September 30, 2001, and 105.4 percent at June 30, 2002. For the nine months ended September 30, 2002, BSB had a net loss of $2.2 million or $0.23 per diluted share, compared to net income of $15.6 million or $1.54 per diluted share for the nine months ended September 30, 2001. The provision for loan losses for the nine months ended September 30, 2002 was $36.4 million compared to $13.7 million for the comparable period in 2001. A substantial portion, $26.7 million or 73.4 percent, of the 2002 provision was taken during the second quarter primarily due to specific circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or affecting individual borrowers and our analysis during the second quarter of other borrowers whose reported financial results revealed deterioration of collateral and repayment ability. Net interest income for the nine months ended September 30, 2002 was $59.0 million, compared to $61.4 million during the same period in 2001. Non-interest income for the nine months ended September 30, 2002 was $11.1 million, compared to $10.1 million in 2001, and includes a $1.8 million gain on the sale of the bank's credit card portfolio that was completed in the first quarter. Operating expense for the first nine months of 2002 was $36.6 million, compared to $32.5 million for the same period in 2001. New Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program The Company also announced today a new stock repurchase program providing for the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 5 percent of the Corporation's currently issued and outstanding shares of common stock. Howard W. Sharp, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "The Board of Directors adopted the repurchase program because it continues to consider BSB Bancorp's stock to be an attractive investment." Mr. Sharp noted that "a principal effect of the repurchase program will be to increase the earnings per share of those shares of BSB Bancorp stock that remain outstanding after the repurchases." Shares may be repurchased from time to time during a six month period in open market and unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective , negotiated transactions. Repurchases will be subject to availability and prices which are acceptable to the Corporation. BSB Bancorp, Inc. currently has 9,586,191 shares of common stock outstanding. Elmira Elmira (ĕlmī`rə), city (1990 pop. 33,724), seat of Chemung co., extreme S central N.Y., on the Chemung River; settled 1788, inc. 1864. Branch Sale On October October: see month. 3, 2002, BSB Bank & Trust Company, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BSB Bancorp, Inc., announced that it had entered into a definitive agreement to sell its two Elmira branch offices to Bath National Bank, a subsidiary of Financial Institutions, Inc. of Warsaw, New York Warsaw, New York is the name of two locations in Wyoming County, New York:
The branches, located at 351 North Main Street, Elmira and 2075 Lake Road, Elmira Heights, had approximately $47.9 million in deposits at September 30, 2002. The transaction, which is subject to regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval, is expected to close by the end of the fourth quarter of 2002. "This transaction signals our commitment to our stated strategic objective of focusing our retail branch operations in the Central New York region and specifically around the metropolitan areas of Binghamton and Syracuse Syracuse, city, Italy Syracuse (sĭr`əky  s, –kyz), Ital. Siracusa, city (1991 pop. ," Mr. Sharp said.Forward Looking Statements This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including those regarding the projected performance of BSB Bancorp, Inc. These statements constitute forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information, within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which involve significant risks and uncertainties. Actual results may differ materially from any forward-looking information discussed in this news release. Factors that might cause such differences include, but are not limited to: fluctuations in interest rates, government regulations and economic conditions and competition in the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. and business areas in which BSB conducts its operations, as well as unanticipated loan losses and other similar conditions affecting the Company's operations, pricing, products, and services. Except as required by law, BSB disclaims any obligation to update any such factors or to publicly announce the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any of the forward-looking statements in this news release to reflect future events or developments. For additional information regarding BSB, including a discussion of related risk factors, please refer to BSB's public filings with the Securities and Exchange Commission which are available online at http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Profile Headquartered in Binghamton, New York This article is about the City of Binghamton, New York. For the adjacent Town of Binghamton, see Binghamton (town), New York. Binghamton is a city located in the Southern Tier of New York in the United States. It is the county seat of Broome County. , BSB Bancorp, Inc. provides a broad range of deposit, loan, trust and financial management services to businesses and consumers in Broome Locations named Broome:
adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking offices, 29 branch-based, and 26 off-premise automatic teller machines See ATM. and at 12 proprietary banking service locations (StoreTeller(R)) situated in a large area supermarket supermarket Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. chain. In Broome County, the Bank is the leader in total deposits with 37 percent. More information about BSB can be obtained on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.bsbbank.com.
BSB BANCORP, INC. - CONSOLIDATED (Dollars in Thousands, Except
FINANCIAL HIGHLIGHTS (unaudited) Share and Per Share Data)
----------------------------------------------------------------------
Quarters Ended
OPERATIONS DATA September 30, June 30, September 30,
2002 2002 2001
----------------------------------------------------------------------
Total interest income $31,511 $33,193 $39,927
Total interest expense 12,679 13,307 19,565
Net interest income 18,832 19,886 20,362
Provision for loan
losses 4,500 26,720 4,550
Non-interest income 3,124 3,172 3,451
Operating expense 11,212 13,553 10,868
Income tax expense
(benefit) 2,318 (6,058) 3,205
Net income (loss) 3,926 (11,157) 5,190
----------------------------------------------------------------------
SELECTED FINANCIAL DATA
----------------------------------------------------------------------
Yield on earning assets
(1) 6.37% 6.59% 7.76%
Cost of funds (1) 2.95 3.05 4.37
Interest rate spread
(1) 3.42 3.54 3.39
Interest rate margin
(1) 3.80 3.95 3.96
Return (loss) on
average assets (1) 0.77 (2.16) 0.98
Return (loss) on
average equity (1) 10.50 (28.05) 13.13
Equity to assets (2) 7.33 7.14 7.69
Operating expenses to
average assets (1) 2.20 2.55 2.05
Efficiency ratio 51.07 57.10 45.64
----------------------------------------------------------------------
PER SHARE DATA
----------------------------------------------------------=-----------
Basic earnings (loss) $0.41 ($1.16) $0.52
Diluted earnings (loss) $0.41 ($1.16) $0.51
Book value $15.78 $15.34 $16.51
Dividends paid $0.25 $0.25 $0.25
Dividend payout ratio 61.04% NM 47.80%
(1) Annualized
(2) At period ended
(NM) Not meaningful
----------------------------------------------------------------------
FINANCIAL CONDITION At September 30, June 30, September 30,
DATA 2002 2002 2001
---------------------------------------------------------------------
Assets $2,065,009 $2,058,224 $2,103,888
Earning assets 1,988,381 1,989,687 2,041,067
Gross loans 1,313,734 1,318,101 1,538,014
Allowance for loan
losses (59,754) (56,988) (56,905)
Gross investment
securities 673,215 652,860 405,313
Unrealized appreciation
in AFS securities 16,488 11,896 10,617
Interest-bearing
deposits 1,319,251 1,367,578 1,471,796
Non-interest-bearing
deposits 161,384 155,323 149,978
Borrowings 377,876 335,837 270,364
Capital securities 39,000 39,000 30,000
Shareholders' equity 151,296 146,985 161,693
Non-performing loans 52,223 54,088 43,985
Loans, 30-89 days past
due 8,136 9,970 27,855
Other real estate owned 4,488 4,356 478
Repossessed assets 492 516 1,993
Trust assets 244,769 270,991 296,344
Serviced loans 407,444 430,338 483,732
----------------------------------------------------------------------
AVERAGE BALANCES
----------------------------------------------------------------------
Assets $2,036,738 $2,065,190 $2,119,611
Earning assets 1,980,159 2,015,758 2,059,258
Gross loans 1,307,398 1,365,925 1,590,820
Allowance for loan
losses (58,395) (53,815) (56,115)
Gross investment
securities 661,306 617,233 391,812
Unrealized appreciation
in AFS securities 14,135 6,661 4,416
Interest-bearing
deposits 1,347,559 1,378,122 1,485,365
Non-interest-bearing
deposits 154,778 145,823 148,716
Borrowings 330,620 328,898 274,508
Capital securities 39,000 38,099 30,000
Shareholders' equity 149,515 159,108 158,085
Shares outstanding 9,584,896 9,608,067 9,893,261
Diluted shares
outstanding 9,692,658 9,608,067 10,095,919
----------------------------------------------------------------------
Nine Months Ended
OPERATIONS DATA September 30,
2002 2001
----------------------------------------------------------------------
Total interest income $98,403 $128,275
Total interest expense 39,440 66,840
Net interest income 58,963 61,435
Provision for loan
losses 36,420 13,724
Non-interest income 11,146 10,125
Operating expense 36,609 32,541
Income tax expense
(benefit) (733) 9,698
Net income (loss) (2,187) 15,597
----------------------------------------------------------------------
SELECTED FINANCIAL DATA
----------------------------------------------------------------------
Yield on earning assets
(1) 6.59% 7.97%
Cost of funds (1) 3.05 4.76
Interest rate spread
(1) 3.54 3.21
Interest rate margin
(1) 3.95 3.82
Return (loss) on
average assets (1) (0.14) 0.95
Return (loss) on
average equity (1) (1.87) 13.18
Equity to assets (2) 7.33 7.69
Operating expenses to
average assets (1) 2.36 1.97
Efficiency ratio 53.03 45.66
----------------------------------------------------------------------
PER SHARE DATA
----------------------------------------------------------------------
Basic earnings (loss) ($0.23) $1.56
Diluted earnings (loss) ($0.23) $1.54
Book value $15.78 $16.51
Dividends paid $0.75 $0.75
Dividend payout ratio NM 48.32%
(1) Annualized
(2) At period ended
(NM) Not meaningful
----------------------------------------------------------------------
FINANCIAL CONDITION September 30,
DATA 2002 2001
----------------------------------------------------------------------
Assets $2,065,009 $2,103,888
Earning assets 1,988,381 2,041,067
Gross loans 1,313,734 1,538,014
Allowance for loan
losses (59,754) (56,905)
Gross investment
securities 673,215 405,313
Unrealized appreciation
in AFS securities 16,488 10,617
Interest-bearing
deposits 1,319,251 1,471,796
Non-interest-bearing
deposits 161,384 149,978
Borrowings 377,876 270,364
Capital securities 39,000 30,000
Shareholders' equity 151,296 161,693
Non-performing loans 52,223 43,985
Loans, 30-89 days past
due 8,136 27,855
Other real estate owned 4,488 478
Repossessed assets 492 1,993
Trust assets 244,769 296,344
Serviced loans 407,444 483,732
----------------------------------------------------------------------
AVERAGE BALANCES YTD Actual Avg.
----------------------------------------------------------------------
Assets $2,042,708 $2,199,543
Earning assets 1,991,857 2,146,199
Gross loans 1,369,306 1,709,407
Allowance for loan
losses (57,112) (59,646)
Gross investment
securities 596,240 404,548
Unrealized appreciation
in AFS securities 9,049 1,905
Interest-bearing
deposits 1,360,971 1,569,063
Non-interest-bearing
deposits 148,331 144,533
Borrowings 325,711 274,434
Capital securities 35,733 30,000
Shareholders' equity 155,641 157,727
Shares outstanding 9,614,444 10,021,402
Diluted shares
outstanding 9,614,444 10,155,449
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
----------------------------------------------------------------------
Sept. 30, June 30, Sept. 30,
(In Thousands, Except
Share and Per Share Data) 2002 2002 2001
----------------------------------------------------------------------
ASSETS
Cash and due from banks $ 53,144 $ 49,531 $ 56,552
Federal funds sold 0 15,600 94,500
----------------------------------------------------------------------
Total cash and cash
equivalents 53,144 65,131 151,052
Investment securities
available for sale, at fair value 638,458 637,054 392,932
Investment securities held
to maturity (fair value of
$34,661, $13,510, and $12,271,
respectively) 34,346 13,307 12,101
Federal Home Loan Bank of
New York stock 16,899 14,395 10,897
Loans held for sale 236 2,108 2,331
Loans:
Commercial 557,495 612,400 800,032
Consumer 373,513 345,383 390,138
Residential real estate 260,578 243,642 215,407
Commercial real estate 122,148 116,676 132,437
----------------------------------------------------------------------
Total loans 1,313,734 1,318,101 1,538,014
Net deferred costs 1,196 1,018 909
Allowance for loan losses (59,754) (56,988) (56,905)
----------------------------------------------------------------------
Net loans 1,255,176 1,262,131 1,482,018
Bank premises and equipment 15,025 15,104 14,214
Accrued interest receivable 10,472 10,565 12,210
Other real estate owned and
repossessed assets 4,980 4,872 2,471
Intangible assets, net 555 646 924
Other assets 35,718 32,911 22,738
----------------------------------------------------------------------
$2,065,009 $2,058,224 $2,103,888
======================================================================
LIABILITIES & SHAREHOLDERS' EQUITY
Due to depositors $1,480,635 $1,522,901 $1,621,774
Borrowings 377,876 335,837 270,365
Other liabilities 16,202 13,501 20,056
Company obligated mandatorily
redeemable preferred securities
of subsidiaries, holding solely
subordinated debentures
of the Company 39,000 39,000 30,000
----------------------------------------------------------------------
Total liabilities 1,913,713 1,911,239 1,942,195
Shareholders' Equity:
Preferred stock, par value $0.01
per share; authorized 2,500,000
shares; none issued 0 0 0
Common stock, par value $0.01
per share; authorized 30,000,000
shares; 11,642,301, 11,640,238
and 11,507,447 shares issued 116 116 115
Additional paid-in capital 41,113 41,078 38,953
Undivided profits 133,337 131,807 140,338
Accumulated other comprehensive
income 9,861 7,115 6,187
Treasury stock, at cost:
2,056,360, 2,056,360, and
1,719,061 shares (33,131) (33,131) (23,900)
----------------------------------------------------------------------
Total shareholders'
equity 151,296 146,985 161,693
----------------------------------------------------------------------
$2,065,009 $2,058,224 $2,103,888
======================================================================
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended Nine Months Ended
---------------------------- ------------------
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30
(In Thousands,
Except Per Share Data) 2002 2002 2001 2002 2001
----------------------------------------------------------------------
Interest income:
Interest and fees
on loans $22,973 $24,337 $33,283 $73,627 $108,693
Interest on federal
funds sold 42 129 638 284 810
Interest on investment
securities 8,477 8,697 5,959 24,293 18,675
Interest on loans held
for sale 19 30 47 199 97
----------------------------------------------------------------------
Total interest income 31,511 33,193 39,927 98,403 128,275
----------------------------------------------------------------------
Interest expense:
Interest on savings
deposits 668 661 1,092 1,978 3,269
Interest on time
accounts 6,422 6,886 11,309 20,721 39,806
Interest on money
market deposit accounts 1,439 1,578 2,733 4,501 9,911
Interest on NOW accounts 146 221 375 628 1,144
Interest on borrowed
funds 3,261 3,233 3,447 9,532 10,882
Interest on mandatorily
redeemable preferred
securities of
subsidiaries 743 728 609 2,080 1,828
----------------------------------------------------------------------
Total interest expense 12,679 13,307 19,565 39,440 66,840
----------------------------------------------------------------------
Net interest income 18,832 19,886 20,362 58,963 61,435
Provision for loan losses 4,500 26,720 4,550 36,420 13,724
----------------------------------------------------------------------
Net interest income (loss)
after provision for loan
losses 14,332 (6,834) 15,812 22,543 47,711
----------------------------------------------------------------------
Non-interest income:
Service charges on
deposit accounts 1,348 1,245 1,329 3,836 3,902
Checkcard interchange
fees 352 359 317 1,034 930
Mortgage servicing fees 252 246 273 710 856
Fees and
commissions-brokerage
services 168 299 167 719 521
Trust fees 260 366 605 979 1,317
Gains on sale of
securities, net 95 94 64 270 150
Gain on sale of
branch office, net 0 0 0 0 299
Gain on sale of credit
card portfolio, net 0 0 0 1,806 0
Other charges, commissions
and fees 649 563 696 1,792 2,150
----------------------------------------------------------------------
Total non-interest
income 3,124 3,172 3,451 11,146 10,125
----------------------------------------------------------------------
Operating expense:
Salaries, pensions and
other employee benefits 5,923 6,361 5,486 18,671 16,260
Building occupancy 1,056 1,056 1,041 3,192 3,217
Advertising and promotion 267 593 225 1,034 633
Professional fees 641 867 547 2,017 1,502
Data processing costs 1,253 1,556 1,235 4,253 3,901
Services 647 691 753 2,121 2,308
Amortization of
intangible assets 91 91 96 274 289
Conversion expenses 0 387 0 387 0
Other real estate
owned and repossessed
asset expenses, net 33 448 95 646 240
Other expenses 1,301 1,503 1,390 4,014 4,191
----------------------------------------------------------------------
Total operating expense 11,212 13,553 10,868 36,609 32,541
----------------------------------------------------------------------
Income (loss) before
income taxes 6,244 (17,215) 8,395 (2,920) 25,295
Income tax expense
(benefit) 2,318 (6,058) 3,205 (733) 9,698
----------------------------------------------------------------------
NET INCOME (LOSS) $ 3,926 $(11,157) $5,190 $(2,187) $15,597
======================================================================
Earnings (loss) per share:
Basic $0.41 $(1.16) $0.52 $(0.23) $1.56
Diluted $0.41 $(1.16) $0.51 $(0.23) $1.54
======================================================================
BSB BANCORP, INC.
NON-PERFORMING ASSETS (unaudited)
----------------------------------------------------------------------
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
(Dollars in Thousands) 2002 2002 2002 2001 2001
----------------------------------------------------------------------
Non-accrual loans:
Commercial loans $40,447 $39,420 $31,813 $42,424 $32,198
Residential real
estate loans 755 722 842 882 1,365
Commercial real
estate loans 4,080 1,219 4,342 4,235 3,655
Consumer loans 365 438 0 0 0
Troubled debt
restructured
loans 6,219 11,915 19,402 12,255 5,884
---------------------------------------------------------------------
Total non-accrual
loans 51,866 53,714 56,399 59,796 43,102
Accruing loans with
principal or interest
payments 90 days or
more overdue 357 374 736 879 883
----------------------------------------------------------------------
Total non-performing
loans 52,223 54,088 57,135 60,675 43,985
----------------------------------------------------------------------
Other real estate owned
and repossessed assets 4,980 4,872 1,972 2,034 2,471
----------------------------------------------------------------------
Total non-performing
assets $57,203 $58,960 $59,107 $62,709 $46,456
======================================================================
Total non-performing
loans to total loans 3.98% 4.10% 4.15% 4.09% 2.86%
======================================================================
Total non-performing
assets to total assets 2.77% 2.86% 2.87% 3.04% 2.21%
======================================================================
Note: Accruing loans classified as troubled debt restructured
loans totaled: $5,052,000, $4,925,000, $7,578,000, $8,751,000, and
$5,275,000 at September 30, 2002, June 30, 2002, March 31, 2002,
December 31, 2001, and September 30, 2001, respectively. The Bank does
not consider these loans to be non-performing.
BSB BANCORP, INC.
ALLOWANCE AND NET CHARGE-OFFS PER QUARTER (unaudited)
Quarters Ended
----------------------------------------------------------------------
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
(Dollars in
Thousands) 2002 2002 2002 2001 2001
----------------------------------------------------------------------
Average gross loans
outstanding $1,307,398 $1,365,925 $1,436,007 $1,502,098 $1,590,820
======================================================================
Allowance at
beginning of
period $56,988 $52,785 $58,829 $56,905 $55,159
Charge-offs:
Commercial loans 2,285 23,052 10,326 1,686 1,821
Consumer loans 1,359 432 1,664 2,501 1,856
Residential real
estate loans 16 40 15 29 30
Commercial real
estate loans 0 1,112 0 0 58
----------------------------------------------------------------------
Total loan
charge-offs 3,660 24,636 12,005 4,216 3,765
Recoveries 1,926 2,119 761 1,640 961
----------------------------------------------------------------------
Net charge-offs 1,734 22,517 11,244 2,576 2,804
----------------------------------------------------------------------
Provision for
loan losses 4,500 26,720 5,200 4,500 4,550
----------------------------------------------------------------------
Allowance at end
of period $59,754 $56,988 $52,785 $58,829 $56,905
======================================================================
Ratio of net
charge-offs to:
Average gross loans
outstanding
(annualized) 0.53% 6.59% 3.13% 0.69% 0.71%
Ratio of allowance
to:
Non-performing
loans 114.42% 105.36% 92.39% 96.96% 129.37%
Period-end loans
outstanding 4.55% 4.32% 3.83% 3.96% 3.70%
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