 BCSB Management's
Poor Historical Earning Results
| Quarter Ending |
Quarter year ago |
Current Quarter |
 or  |
| March 31, 2003 |
$421,000 |
$779,000 |
85% |
| June 30, 2003 |
$480,000 |
$22,000 |
95% |
| September 30, 2003 |
$1,700,000 |
$1,300,000 |
24% |
| December 31, 2003 |
$453,000 |
$188,000 |
59% |
| March 31, 2004 |
$779,000 |
$161,000 |
86% |
| June 30, 2004 |
$22,000 |
$233,000 |
960% |
| September 30, 2004 |
$1,300,000 |
$885,000 |
32% |
| December 31, 2004 |
$188,000 |
$86,000 |
54% |
| March 31, 2005 |
$161,000 |
$96,000 |
40% |
| June 30, 2005 |
$233,000 |
$534,000 |
129% |
| September 30, 2005 |
$885,000 |
$601,000 |
32% |
| December 31, 2005 |
$86,000 |
-
$119,000 |
238% |
| March 31, 2006 |
$96,000 |
$114,000 |
19% |
| June
30, 2006 |
$534,000 |
-
$6,900,000 |
1392% |
| September 30, 2006 |
$601,000 |
-
$7,400,000 |
1331% |
| December 31, 2006 |
- $119,000 |
-
$233,000 |
96% |
| March
31, 2007 |
$114,000 |
-
$3,000,000 |
2732% |
| June 30, 2007 |
- $6,900,000 |
-
$599,000 |
|
| September
30, 2007 |
- $7,400,000 |
-
$2,900,000 |
|
| December
31, 2007 |
- $233,000 |
$93,000 |
140% |
| March
31, 2008 |
TBA |
TBA |
TBA |
|
|
BCSB
has LOSS $21,151.000.00 over the past two years! |
BCSB's Earnings have for 15
of the last 20 Quarters
Financial figures
don't LIE... Time to SELL this PIECE OF $H*T? |
|
These FDIC-insured banks pay depositors up to 5x what BCSB does:
Mybankingdirect.com (Westbury, NY) Resource Bank (Herndon, VA)
UFB Direct (Irvine, CA) GiantBank.com (Ft
Lauderdale, FL)
Zions Bank (Salt Lake City, UT)
Corus Bank (Chicago, IL)
Emigrant Direct (New York, NY)
Capital One Bank (McLean, VA)
GMAC Bank (Greenville, DE) MetLife Bank
(Bridgewater, NJ)
ING Direct (Wilmington, DE) BayVanguard.com
(Baltimore, MD)
Why are you
still saving money in a LOW-Yield BCSB account? |
|
See how poorly
BCSB
stacks-up in the industry
See how poorly
BCSB stacks-up to other area banks
You'll never
see BCSB publish data like this... you have to wonder what the Wolves are trying to hide! |
|
| A
Message from One of the President's NOT SO Favorites To: Our Internet Friends,
This would normally be the place where the
President & Chief Executive Wolf would welcome you to the web pages of Baltimore County
Savings Bank. Well, we're going to invite you to explore OUR website instead! Bookmark it
for easy access to current information about "the wolves who are dressed up like
sheep" at Baltimore County Savings Bank.
Baltimore County Savings Bank is NOT a community
oriented financial institution. The bank's executive officers will tell you this but it's
complete Bull-____ (fill in the blank with a four letter cuss word of your choice
beginning with "S"). The CEW and his little pack of Wolves (eg. Board of
Directors) are concerned about one thing... and one thing only... THEIR Bottom
Line! Behind closed doors, they take pride in knowing that they can screw the
average customer without their knowledge or consent! Piss poor passbook, checking and CD
savings rates are just the beginning. It's TIME to decimate the pack!
Baltimore County Savings Bank (Nasdaq: BCSB) has
been in existence since 1955. But in 1998, the Wolves (eg. CEW & Board of Directors)
decided to take BCSB public. Since, the Wolves have offered higher than average
car/home/boat loan rates to consumers just like you. The result is MORE money for the
Wolves at BCSB. Hence, the CEW's salary, bonuses, stock options and other compensation
have SHOT THRU THE ROOF! He's a typical CEO who has
padded his pockets FIRST before taking care of customers or $H*T holders. The doubling of
his base salary alone in a mere 4 years is a testament to this! And the Board of Directors
are ALL lined up along the same feeding trough where you'll find the CEW 24/7/365 to the
tune of $355,000.00
per year.. OINK, OINK! But as you will see, the effectiveness of BCSB's
management as measured by peer analysis using financial data like ROA, ROE, P/B, P/E and
Profit Margin leaves a LOT to be desired when BCSB is compared to other thrift
institutions in the Baltimore area.
BCSB stock is ripe for a pull-back! With a price
earnings (P/E) ratio above 150, investors are sure to DUMP this dividend-paying stock when
interest rates begin rising... interest rates are NOW on their way upward!
When interest rates rose during the late 1990s, BCSB initial price offering of $10 per
share was cut in half to the $5 dollar level. Like many things, the CEW will sugarcoat and
publish graphs when it benefits him... too bad the CEW didn't use graphs to portray the
downward spiral of BCSB's stock thru the end of the bank's fiscal year in 2000.
Considering the high P/E ratio of BCSB currently (as most peer banks in the surrounding
Baltimore area like Carrollton (CRRB), First Mariner (FMAR), Mercantile (MRBK), Provident
(PBKS), Susquehanna (SUSQ) trade in the high teens to low twenties), when BCSB
begins to fall (and it will FALL), it is going to DROP LIKE A ROCK! Considering
how thinly traded this stock is at a mere 1121 shares per trading day, it won't take too
much selling to drive this stock to a fresh 52 week LOW! And none of the other peer banks
noted above has a WORSE Return On Assets, Return On Equity, Price/Book or Profit Margin
than Baltimore County Savings Bank... that should serve as a RED FLAG
if
you're a shareholder!
As the CEW would say... check us out. Send an
e-mail to get more information and STAY TUNED to this homepage. You can always contact
BCSB the old fashioned way by stopping in, but WHY BOTHER? The bank's computers will
probably be DOWN!
Thank you.
Very truly yours,
One of the President's &
CEW's NOT SO Favorties |
|
Management's Effectiveness
at several Baltimore-area banks
March 2008
Bank |
ROA |
ROE |
P/B |
P/E |
Profit |
BCSB |
-0.37% |
-17.94% |
1.54 |
>100 |
-29.32% |
CRRB |
0.61% |
6.01% |
1.03 |
17.48 |
10.82% |
FMAR |
-0.08% |
-14.05% |
0.61 |
68.56 |
-17.99% |
FULT |
0.99% |
9.88% |
1.40 |
12.43 |
24.56% |
PBKS |
0.50% |
5.40% |
0.90 |
8.54 |
12.97% |
PNC |
1.22% |
11.44% |
1.46 |
10.66 |
22.96% |
SUSQ |
0.65% |
5.19% |
1.08 |
12.76 |
18.44% |
*The
higher the ROA, ROE and Profit, the better!
**The
lower the P/B and P/E ratios, the better!
BCSB,
CRRB, FMAR, FULT (formerly CBMD), MRBK, PBKS and SUSQ denote Baltimore County Savings
Bank, Carrollton Bank, 1st Mariner Bank, Fulton Financial Corporation (formerly Columbia
Bank), Provident Bankshares Corporation, PNC Financial Services Group, Inc (formerly
Mercantile Bankshares Corporation) and Susquehanna Bancshares Inc, respectively.
YAHOO! Financial stats in RED (in table above) denote WORST performer in group
when compared to other peer banks in the Baltimore-area.
See how risky Nasdaq.com rates BCSB by clicking here!
Figures Don't
LIE, for the 5th consecutive year, BCSB lags all other area peer thrift
institutions in the ability of management to effectively make money for the bank's
shareholders! Some might point to the stock dividend but they stopped paying a dividend on
December 1, 2006 and according to BCSB, "we do not expect to commence the payment
of dividends." As you will see, BCSB charges consumers MORE for home
mortgages (they are in the bottom 10% of over 60
local lenders) & car loans than most other area banks while
offering piss-poor passbook, checking & CD rates to savers. This wide interest rate
spread (between what they charge for loans and what they pay depositers) is what drives
the Wolves to lavish themselves with exorbitant salaries, bonuses, stock options, 401k
retirement contributions and every other kind of compensation imaginable. To put it
nicely, they are a bunch of fat ________ pigs (fill in the blank with a four
letter cuss word of your choice beginning with "F" and don't forget to add
"ing" to the end)!
|
|
 notes:
"The bank has a
terrible p/e."
"Essentially no earnings
ever. At this price I'm very tempted to sell. Remute per SNL under 20-possible gain of
10%. Traded for most of the last 4 years under 10. I don't see any reason to buy."
"This franchise has
never made decent returns and when they bought WHGB, it was a case of 0 plus 0 equaling
perhaps .25. The MHC structure is absolutely the only asset worth mentioning here, and I
am not confident they are smart enough to use it well, despite what happened nearby at
Leeds. Good luck!"
"This one is a long shot,
like playing the horses. Count on NWSB moving into Baltimore market through purchase of
Leeds Financial....Next conquest for NWSB is the remutualization of BCSB."
"Upgrading this
junker to Hold based on price decline. It is still terribly run but the gap between stock
price and potential value has widened too much to keep it a Sell." |
|
BCSB's
dirty little secrets... |
|
| Dirty
Secret # 1 - As reported on http://groups.google.com,
Board Director Henry V. Kahl has been caught red-handed disposing of 425 shares of BCSB in a transaction
dated September 5, 2000. Do you think he knows something that you DON'T? If BCSB is such a
great stock to own... why is he dumping shares?
Dirty Secret # 2 - As reported on http://finance.yahoo.com,
Board Director P. Louis Rohe exercised 1,000 stock
options at $8.00 per share in a transaction dated July 7, 2003. The good news... he's
buying stock! The BAD news... he's buying it at $8.00 per share! How would you like to buy
BCSB stock for $8.00 per share? How come no other executive officer or board director is
buying BCSB stock on the open market at ~$15.00 per share? Are YOUR shares being diluted
by P. Louis Rohe's actions... you betcha!
Dirty Secret # 3 - As reported on http://finance.yahoo.com,
President & CEO Gary C. Loraditch has been caught red-handed
disposing of 496 shares of BCSB in a transaction dated July 24, 2003. Do you think he
knows something that you DON'T? If BCSB is such a great stock to own (as Loraditch
states)... why is he dumping shares?
Dirty Secret # 4 - As reported on http://finance.yahoo.com,
Vice President William Loughran exercised 10,000 stock options at $8.00 per share in a
transaction dated August 22, 2003. The good news... he's buying stock! The BAD news...
he's buying it at $8.00 per share! How would you like to buy BCSB stock for $8.00 per
share? How come no other executive officer or board director is buying BCSB stock on the
open market at ~$15.00 per share? Are YOUR shares being diluted by William Loughran's
actions... you betcha!
Dirty Secret # 5 - As reported on http://finance.yahoo.com,
Board Director Adrian Cox has been caught red-handed
disposing of 500 shares of BCSB in a transaction dated December 29, 2003. Do you think he
knows something that you DON'T? If BCSB is such a great stock to own... why is he
dumping shares?
Dirty Secret # 6 - As reported on http://finance.yahoo.com,
Board Director Henry V. Kahl exercised 1,000 stock
options at $8.00 per share in a transaction dated July 2, 2004. The good news... he's
buying stock! The BAD news... he's buying it at $8.00 per share! How would you like to buy
BCSB stock for $8.00 per share? How come no other executive officer or board director is
buying BCSB stock on the open market at ~$15.00 per share? Are YOUR shares being diluted
by Henry V. Kahl's actions... you betcha!
Dirty Secret # 7 - As reported on http://finance.yahoo.com, President & CEO Gary C. Loraditch has been caught red-handed disposing of 108 shares of BCSB in a transaction
dated August 13, 2004. Do you think he knows something that you DON'T? If BCSB is such a
great stock to own (as Loraditch states)... why is he dumping shares AGAIN?
Dirty Secret # 8 - As reported on http://finance.yahoo.com, VP Kellie Rychwalski has been caught red-handed
disposing of 54 shares of BCSB in a transaction dated August 13, 2004. Do you think she
knows something that you DON'T? If BCSB is such a great stock to own... why is she
dumping shares?
Dirty Secret # 9 - As reported on http://finance.yahoo.com,
Board Director H. Adrian Cox exercised 1,000 stock options at $8.00 per share in a
transaction dated February 15, 2005. The good news... he's buying stock! The BAD news...
he's buying it at $8.00 per share! How would you like to buy BCSB stock for $8.00 per
share? How come no other executive officer or board director is buying BCSB stock on the
open market at ~$15.00 per share? Are YOUR shares being diluted by H. Adrian Cox's
actions... you betcha!
Dirty Secret # 10 - The President
& CEW (who refuses to discuss his compensation package at the annual shareholder
meeting) makes about $200K per year TOO MUCH considering the dismal performance of BCSB in
relation to other peer banks in the Baltimore area! Two hundred thousand dolllars equates
to 20 million cents which when divided by the current number of outstanding shares
(5,874,000) equals 3.4 cents per share that was shaved from BCSB's Annual EPS (earnings
per share) of 10 cents. And let's not overlook the notion that one of the Senior VP Wolves
makes about $150K more per year than he should. This equates to another 2.6 cents per
share that was shaved from BCSB's EPS. These two figureheads ALONE have decreased BCSB's
earnings over the past year by ~$0.06 or nearly 40 percent. And NO to the President & CEW... YOU'RE NOT WORTH
IT! And no mention has been made of the compensation packages for the rest of the
Executive Officers nor the Board of Directors! These Wolves are LOOKING OUT FOR
THEMSELVES PERIOD!
Dirty Secret # 11 - BCSB consistently pays LESS
THAN 1% per annum on the money you may have in a passbook savings and/or interest
checking account. FDIC banks which insure individual accounts for up to $100,000 against
losses are, no doubt, a safe place to put your money! But there are a number of other
banks in the Baltimore area which offer MORE ATTRACTIVE and HIGHER YIELDING passbook
savings and interest checking accounts than BCSB. And if you're banking with BCSB online,
why not consider banking online with Baltimore-based BayVanguard.com instead... they are FDIC insured and offer consumers
savings rates which are nearly TRIPLE (3x) the return that BCSB will pay!
Dirty Secret # 12 - An anonymous
BCSB employee wrote on March 16th, 2004 in the balt.general newsgroup at http://groups.google.com
that: 1) we [BCSB] seem to have branch banks every two miles or so (too many branches if
you ask me), 2) you wouldn't believe how often our bank computers go down (this has been
an on-going recurrent problem), and 3) and somebody should ask how much money they [BCSB]
spend on the annual Xmas party... you shareholders wouldn't be happy about it!
Dirty Secret # 13 - Considering
the piss-poor performance of management as reflected via EPS, when one divides the EPS of
$0.10 per annum into the current stock price of ~$13.00, you end up with a P/E (price to
earnings) well over ONE HUNDRED! The industry norm as reported by Hoover's Online is approximately
16.4... hopefully you begin to see a disconcerting picture that this stock is way
OVERPRICED! And when you figure in other industry measures like ROA, ROE, P/B (price to
book)... the question that arises is WHO WILL BE LEFT HOLDING THE BAG?
With that said, BCSB is hereby
declared:
"Worst Performing Bank in the Baltimore Area!"
Be sure to STAY
TUNED for MORE Dirty Secrets... BCSB style!
Stockpickreport.com
rates BCSB a SELL
...you can leave
BCSB's Executive Officers & Board of Directors holding the bag!
Please email your comments and
suggestions to: baltcosav@yahoo.com |
|
|
| Dear
BCSB figureheads: Think TWICE before trying to censor this homepage. Don't pick a fight
you CAN'T win! If you cross that line in the sand... there will be HELL (on Earth) to pay!
|
Where there is a will, there is always a way...
and for every
action, there will be an equal (but opposite) reaction! |
|
|
