8-K 1 bcsb8kjuly5-07.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 3, 2007 BCSB BANKCORP, INC. ------------------- (Exact Name Of Registrant As Specified In Charter) UNITED STATES 0-24589 52-2108333 ------------------------------- ------------------ -------------------- (State Or Other Jurisdiction (Commission (IRS Employer Of Incorporation) File Number) Identification No.) 4111 E. JOPPA ROAD, SUITE 300, BALTIMORE, MARYLAND 21236 -------------------------------------------------------------------------------- (Address Of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (410) 256-5000 -------------- NOT APPLICABLE -------------------------------------------------------------- (Former Name Or Former Address, If Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED ------------------------------------------------------------------- AUDIT REPORT OR COMPLETED INTERIM REVIEW. ----------------------------------------- On July 3, 2007, management and the Audit Committee of the Board of Directors of the Company determined that the Company's financial statements, for each of the three years ended September 30, 2006, and for each of the quarters ended during the period from June 30, 2004 through March 31, 2007 should no longer be relied upon as a result of the accounting treatment applied by the Company in connection with losses resulting from unpaid loan balances associated with repossessed automobiles. While this reclassification of expenses within the consolidated statements of operations does not affect net income (loss), net income (loss) per share, the consolidated statements of stockholders' equity or consolidated balance sheets, the Audit Committee of the Board of Directors and management determined that the reclassification required a restatement of the consolidated statements of operations and cash flows and related notes for the periods indicated above. Losses resulting from unpaid loan balances associated with repossessed automobiles had been included in the financial line "Loss on repossessed assets" rather than included as a loan charge-off within the allowance for loan losses. This reclassification has the effect of reducing the amounts included in the line item "Loss on repossessed assets" and increasing, by a similar amount, the amounts included in "Provision for losses on loans." The Company intends to file an amended Annual Report on Form 10-K for the year ended September 30, 2006 and amended Quarterly Reports on Form 10-Q for the quarters ended December 31, 2006 and March 31, 2007 containing corrected consolidated statements of operations and cash flows for the respective periods. The Company's management and Audit Committee has consulted with Stegman & Company, who serves as the Company's independent registered public accounting firm, regarding the matters disclosed in this Form 8-K in reaching the conclusion to restate the financial statements for the above-mentioned periods to reflect the adjustments discussed herein. The following table presents the effect of the restatement on the Consolidated Statements of Operations for the six months and three months ended March 31, 2007 and 2006.

2 The following table presents the effect of the restatement on the Consolidated Statements of Cash Flows for the six months ended March 31, 2007 and 2006. Six Months Ended Six Months Ended March 31, 2007 March 31, 2006 ----------------------------------------------- As As As Previously As Previously Operating Activities: Restated Reported Restated Reported -------------------------------------------------------------------------------- Provision for losses on $ 117 $ -- $ 132 $ (109) loans Loss on repossessed assets 10 127 25 266 The following table presents the effect of the restatement on the Consolidated Statements of Operations for the three months ended December 31, 2006 and 2005. December 31, 2006 December 31, 2005 ----------------------------------------------- As As As Previously As Previously Restated Reported Restated Reported -------------------------------------------------------------------------------- Provision (Recovery) for losses on loans $ 55 $ -- $ 6 $ (109) Loss on repossessed Assets -- 55 (28) (143) Net interest income after provision for losses on loans 3,036 3,091 3,620 3,735 Total other income 382 327 380 265 The following table presents the effect of the restatement on the Consolidated Statements of Cash Flows for the three months ended December 31, 2006 and 2005. December 31, 2006 December 31, 2005 ----------------------------------------------- As As As Previously As Previously Operating Activities: Restated Reported Restated Reported -------------------------------------------------------------------------------- Provision (Recovery) for losses on loans $ 55 $ -- $ 6 $(109) Loss on repossessed assets -- 55 28 143 3 The following table presents the effect of the restatement on the Consolidated Statements of Operations for the years ended September 30, 2006, 2005 and 2004.

The following table presents the effect of the restatement on the Consolidated Statements of Cash Flows for the years ended September 30, 2006, 2005 and 2004.

4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BCSB BANKCORP, INC. Date: July 5, 2007 By: /s/ Joseph J. Bouffard ------------------------------------- Joseph J. Bouffard President and Chief Executive Officer

BCSB BANKCORP INC 8-K