Profile: BCSB Bancorp Inc (BCSB.OQ)
18 Dec 2013
BCSB Bancorp Inc. (BCSB Bancorp) is the holding company for Baltimore County Savings Bank, F.S.B. (the Bank). The Company is primarily engaged in the business of directing, planning, and coordinating the business activities of the Bank. The Bank is a community-oriented financial institution serving the financial service needs of consumers and businesses within its market area, which consists of the Baltimore Metropolitan Area. The Bank attracts deposits from the general public and invests these funds in loans secured by first mortgages on owner-occupied, single-family residences in its market area and other real estate loans consisting of commercial real estate loans, construction loans and single-family rental property loans. The Bank also originates consumer loans and commercial loans.
The Bank’s gross loan portfolio totaled $397.7 million as September 30, 2010, representing 64.1% of total assets at that date. As of September 30, 2010, $118.1 million, or 29.7% of the Bank’s gross loan portfolio, consisted of single-family, residential mortgage loans. Other loans secured by real estate include construction loans, single-family rental property and commercial real estate loans, which amounted to 23.8 million, $70.7 million and $136.6 million, respectively, or 6.0%, 17.8% and 34.3%, respectively, of the Bank’s gross loan portfolio as of September 30, 2010. The Bank also originates consumer loans, consisting primarily of automobile loans and home equity lines of credit, which totaled $2.5 million and $33.8 million, respectively, or .64% and 8.5% respectively, of the Bank’s gross loan portfolio. Other lending activities include commercial lines of credit, which totaled $8 million, or 2% of the Bank’s gross loan portfolio.
As of September 30, 2010, single-family, residential mortgage loans, excluding single-family rental property loans and home equity loans, totaled $118.1 million, or 29.7% of the Bank’s gross loan portfolio. The Bank originates fixed-rate mortgage loans. As of September 30, 2010, the Bank had $115.7 million of fixed-rate single-family mortgage loans, which amounted to 98% of the Bank’s single-family mortgage loans. As of September 30, 2010, $2.4 million, or 2% of the Bank’s single-family mortgage loans carried adjustable rates. The Bank also offers single-family residential mortgage loans secured by properties that are not owner-occupied. As of September 30, 2010, single-family rental property loans totaled $70.7 million, or 17.8%, of the Bank’s gross loan portfolio. The Bank’s commercial real estate loan portfolio includes loans to finance the acquisition of office buildings, churches, commercial office condominiums, shopping centers and, commercial and industrial buildings. As of September 30, 2010, the Bank had $136.6 million of commercial real estate loans, which amounted to 34.3% of the Bank’s gross loan portfolio. A substantial portion of the Bank’s construction loans are originated for the construction of owner-occupied, single-family dwellings in the Bank’s primary market area. As of September 30, 2010, $23.8 million, or 6.0%, of the Bank’s gross loan portfolio consisted of commercial construction loans, acquisition and development loans, and construction loans on single family residences.
The Bank provides commercial lines of credit to businesses within the Bank’s market area. These loans are secured by business assets, including real property, equipment, automobiles and consumer leases. As of September 30, 2010, the Bank had $8 million of such loans, which amounted to 2% of the Bank’s gross loan portfolio. The consumer loans in the Bank’s loan portfolio consist of automobile loans, home equity lines of credit and loans secured by savings deposits. Automobile loans totaled $2.5 million, or .64%, of the Bank’s gross loan portfolio, at September 30, 2010.
The Bank makes investments in securities issued by various federal agencies and state and municipal governments, deposits at the Federal Home Loan Bank of Atlanta (FHLB) of Atlanta, certificates of deposit in federally insured institutions, certain bankers’ acceptances and federal funds. The investment activities of the Bank consist primarily of investments in mortgage-backed securities and other investment securities, consisting primarily of securities issued or guaranteed by the United States government or agencies thereof. Typical investments include federally sponsored agency mortgage pass-through and federally sponsored agency and mortgage-related securities. As of September 30, 2010, there were no mortgage-backed securities classified as held to maturity.
Deposits and sources of Funds
Deposits are the primary source of the Bank’s funds for lending, investment activities and general operational purposes. In addition to deposits, the Bank derives funds from loan principal and interest repayments, maturities of investment securities and mortgage-backed securities and interest payments thereon. The Bank attracts deposits principally from within its market area by offering a variety of deposit instruments, including checking accounts, money market accounts, statement and passbook savings accounts, individual retirement accounts, and certificates of deposit, which range in maturity from 7 days to 5 years.
The Bank two subsidiary service corporations: Ebenezer Road, Inc. (Ebenezer Road) and Lyons Properties, LLC. Ebenezer Road is a licensed insurance company that trades under the trade name BCSB Insurance Services. The company offers life and annuity insurance products through the Bank’s licensed branch platform sales representatives as part of an overall non-deposit investment and insurance program. The second subsidiary is utilized for holding foreclosed properties in the future.
BCSB Bancorp Inc
4111 E. JOPPA ROAD
BALTIMORE MD 21236