U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

                                   (Mark One)


[X[  Quarterly  Report under Section 13 or 15(d) of the Securities  Exchange Act
     of 1934

     For the quarterly period ended June 30, 2001

[ ]  Transition Report under Section 13 or 15(d) of the Exchange Act

     For the transition period from ______ to ______

                         Commission File Number: 0-24589

                               BCSB BANKCORP, INC.
        -----------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)


          UNITED STATES                                          52-2108333
--------------------------------------------------------------------------------
(State or Other Jurisdiction of                               (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)

            4111 E. JOPPA ROAD, SUITE 300, BALTIMORE, MARYLAND 21236
            --------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (410) 256-5000
                 -----------------------------------------------
                 Issuer's Telephone Number, Including Area Code)


                                       N/A
--------------------------------------------------------------------------------
              (Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes  X    No
                                                              ---      ---

     As of July 25, 2001, the issuer had 5,868,072 shares of Common Stock issued
and outstanding.

Traditional Small Business Disclosure Format (check one):

Yes          No   X
    -----      ------
<PAGE>


         CONTENTS

                                                                            PAGE
                                                                            ----

PART I.  FINANCIAL INFORMATION
         ---------------------

Item 1.  Financial Statements

         Consolidated Statements of Financial Condition as of
              June 30, 2001 (unaudited) and September 30, 2000................2

         Consolidated Statements of Operations for the Nine Months
              and Three Months Ended June 30, 2001 and 2000 (unaudited).......3

         Consolidated Statements of Cash Flows for the Nine Months Ended
              June 30, 2001 and 2000 (unaudited)..............................4

     Notes to Consolidated Financial Statements...............................7

Item 2.  Management's Discussion and Analysis or Plan of Operation............9


PART II.  OTHER INFORMATION
          -----------------

Item 1.  Legal Proceedings....................................................15

Item 2.  Changes in Securities and Use of Proceeds............................15

Item 3.  Defaults Upon Senior Securities......................................15

Item 4.  Submission of Matters to a Vote of Security Holders..................15

Item 5.  Other Information....................................................15

Item 6.  Exhibits and Reports on Form 8-K.....................................16


SIGNATURES....................................................................17



                                       1
<PAGE>


                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND

                 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                 ----------------------------------------------
<TABLE>
<CAPTION>
                                                                              JUNE 30,       SEPTEMBER 30,
                                                                               2001              2000
                                                                         -------------       -------------
                                                                          (Unaudited)
                                      Assets
                                      ------
<S>                                                                      <C>                 <C>
Cash                                                                     $    7,042,901      $    6,570,657
Interest bearing deposits in other banks                                      5,105,811           5,255,622
Federal funds sold                                                              238,943             455,431
Investment securities- held to maturity                                      32,554,187          41,158,120
Investment securities- available for sale                                    14,073,673                  --
Loans receivable, net                                                       251,749,541         241,519,815
Mortgage backed securities, held to maturity                                 45,350,018          19,824,152
Mortgage backed securities, available for sale                                5,220,166                  --
Foreclosed real estate, net                                                      80,569              50,000
Premises and equipment, net                                                   6,940,253           6,709,595
Federal Home Loan Bank of Atlanta stock                                       1,834,400           1,834,400
Accrued interest receivable  - loans                                            783,706             863,647
                             - investments                                      661,423             730,607
                             - mortgage backed securities                       309,675             121,088
Prepaid income taxes                                                            452,606             257,581
Other assets                                                                    834,128             528,459
                                                                         --------------      --------------
Total assets                                                             $  373,232,000      $  325,879,174
                                                                         ==============      ==============
                Liabilities and Stockholders' Equity
                ------------------------------------
Liabilities
-----------
  Deposits                                                               $  310,513,851      $  268,881,604
  Borrowed money                                                             14,500,000           9,500,000
  Advance payments by borrowers for taxes and insurance                       2,799,938           1,190,057
  Income taxes payable                                                           19,719              25,532
  Dividends payable                                                             234,204             364,755
  Payables to disbursing agents                                                 263,579             265,954
  Other liabilities                                                           2,449,766           2,308,455
                                                                         --------------      --------------
Total liabilities                                                           330,781,057         282,536,357

Commitments and contingencies

Stockholders' Equity
--------------------
  Common stock (Par value $.01 - 13,500,000 authorized,
    5,868,072 and 5,887,072 shares issued and outstanding
    at June 30, 2001 and September 30, 2000 respectively)                        58,681              58,871
  Additional paid-in capital                                                 20,024,619          20,214,611
  Retained earnings (substantially restricted)                               24,606,101          25,447,089
  Accumulated other comprehensive income (net of taxes)                          90,073                  --
                                                                         --------------      --------------
                                                                             44,779,474          45,720,571
  Employee Stock Ownership Plan                                              (1,189,032)         (1,326,228)
  Stock held by Rabbi Trust                                                  (1,139,500)         (1,051,526)
                                                                         --------------      --------------
                                                                             42,450,942          43,342,817
                                                                         --------------      --------------
Total liabilities and stockholders' equity                               $  373,232,000      $  325,879,174
                                                                         ==============      ==============
</TABLE>

The accompanying notes to the consolidated financial statements are an integral
part of these statements.


                                       2
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND

                CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                -------------------------------------------------
<TABLE>
<CAPTION>
                                                                 FOR NINE MONTHS ENDED             FOR THREE MONTHS ENDED
                                                                        JUNE 30,                         JUNE  30,
                                                            ------------------------------      ------------------------------
                                                                2001              2000             2001                2000
                                                              --------          --------         --------            --------
<S>                                                         <C>                <C>              <C>               <C>
Interest Income
---------------
  Interest and fees on loans                                  $13,880,587      $12,570,032      $  4,668,556      $  4,315,361
  Interest on mortgage-backed securities                        1,222,214        1,109,353           554,313           368,046
  Interest and dividends on investment securities               2,035,533        1,793,016           611,518           642,672
  Other interest income                                           619,429          293,289           230,988            86,532
                                                              -----------      -----------      ------------      ------------
Total interest income                                          17,757,763       15,765,690         6,065,375         5,412,611

Interest Expense
----------------
  Interest on deposits                                         10,190,931        7,754,278         3,485,154         2,745,147
  Interest on borrowings - short term                             203,576          683,187            62,218           243,912
  Other interest expense                                            3,374            4,174             1,438             1,721
                                                              -----------      -----------      ------------      ------------
Total interest expense                                         10,397,881        8,441,639         3,548,810         2,990,780
                                                              -----------      -----------      ------------      ------------

  Net interest income                                           7,359,882        7,324,051         2,516,565         2,421,831
  Provision for losses on loans                                   223,289           79,353           153,825            27,953
                                                              -----------      -----------      ------------      ------------
  Net interest income after provision
     for losses on loans                                        7,136,593        7,244,698         2,362,740         2,393,878

Other Income (Loss)
------------------
  Gain (loss) on sale of foreclosed real estate                    15,751           (5,654)               --                --
  Gain on sale of loans                                            27,293               --                --                --
  Servicing fee income                                              9,354            6,132             2,550             1,805
  Fees and charges on loans                                       113,593          109,939            38,170            36,611
  Fees on transaction accounts                                    207,110          148,562            80,978            52,158
  Rental income                                                    73,607           87,483            24,334            29,280
  Gain from real estate development and joint venture                  --              386                --              (147)
  Gain on sale of Fixed Assets                                         --            3,475                --                --
  Miscellaneous income                                             79,424           56,263            24,910            22,689
                                                              -----------      -----------      ------------      ------------
Net other income (loss)                                           526,132          406,585           170,942           142,395

Non-Interest Expenses
---------------------
  Salaries and related expense                                  4,307,554        3,392,854         1,426,934         1,169,368
  Occupancy expense                                               823,655          727,609           282,615           263,032
  Deposit insurance premiums                                       93,634          113,457            31,704            28,994
  Data processing expense                                         469,319          458,224           137,502           181,441
  Property and equipment expense                                  641,483          603,141           230,931           195,683
  Professional fees                                               135,180          144,567            57,160            36,596
  Advertising                                                     703,558          681,710           202,095           225,385
  Telephone, postage and office supplies                          331,072          357,393           108,483           109,636
  Other expenses                                                  219,643          194,098            84,887            36,832
                                                              -----------      -----------      ------------      ------------
Total non-interest expenses                                     7,725,098        6,673,053         2,562,311         2,246,967
                                                              -----------      -----------      ------------      ------------
Income (loss) before tax provision                                (62,373)         978,230           (28,629)          289,306
Income tax provision (benefit)                                    (16,176)         383,124            (7,155)          112,952
                                                              -----------      -----------      ------------      ------------
Net income (loss)                                             $   (46,197)     $   595,106      $    (21,474)     $    176,354
                                                              ===========      ===========      ============      ============
Basic earnings (loss) per share                               $     (0.01)     $      0.11      $       0.00      $       0.03
                                                              ===========      ===========      ============      ============
Diluted earnings (loss) per share                             $     (0.01)     $      0.10      $        0.00     $      0.03
                                                              ============     ===========      =============     ===========
</TABLE>
The accompanying notes to the consolidated  financial statements are an integral
part of these statements.

                                       3
<PAGE>

                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND
                               -------------------

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                -------------------------------------------------
<TABLE>
<CAPTION>
                                                                               OR NINE MONTHS ENDED
                                                                                      JUNE 30,
                                                                            -------------------------------
                                                                                2001                2000
                                                                            ------------        -----------
<S>                                                                        <C>                 <C>
Operating Activities
--------------------
   Net Income (Loss)                                                       $   (46,197)        $   595,106
  Adjustments to Reconcile Net Income to Net
  Cash Provided by Operating Activities
  -------------------------------------
    Amortization of discounts and premiums on investments                       15,388              (1,097)
    Dividends on Investment Securities                                         (81,427)                 --
    Loan fees (costs) deferred, net                                             56,856            (113,520)
    Amortization of deferred loan fees, net                                    (70,386)            (35,384)
    Provision for losses on loans                                              223,289              79,353
    Gain on Sale of Loans                                                      (27,293)                 --
    Non-cash compensation under Stock-Based Benefit Plan                       105,709             109,228
    Amortization of premium on mortgage backed securities                       14,347              28,852
    (Gain)/ loss on sale of foreclosed real estate                             (15,751)              5,654
     Gain from real estate development and joint venture                            --                (386)
     Provision for depreciation                                                553,763             460,633
    Gain on Sale of Fixed Assets                                                    --              (3,475)
    Decrease in accrued interest receivable on loans                            79,941             104,703
    (Increase) decrease in accrued interest receivable on investments           69,184            (117,155)
    (Increase) decrease in accrued interest receivable on mortgage
         backed securities                                                    (188,587)             13,854
    Increase (decrease) in prepaid income taxes                               (251,698)            113,794
    Decrease in deferred income tax liabilities                                     --             (69,908)
    Increase in other assets                                                  (305,669)           (212,300)
    Decrease in accrued interest payable on deposits                          (451,246)            (85,863)
    Increase (decrease) in income taxes payable                                 (5,813)                639
    Increase in other liabilities and payables to
          disbursing agents                                                     10,760             131,356
                                                                           -----------         -----------
        Net cash provided by (used) operating activities                      (314,830)          1,004,084
</TABLE>

                                       4
<PAGE>
                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND
                               -------------------
                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                -------------------------------------------------
<TABLE>
<CAPTION>
                                                                                FOR NINE MONTHS ENDED
                                                                                      JUNE 30,
                                                                            -------------------------------
                                                                                2001                2000
                                                                            ------------        -----------
<S>                                                                        <C>                 <C>
Cash Flows from Investing Activities
------------------------------------
    Proceeds from maturing interest bearing deposits                       $   2,660,000       $   4,284,000
    Purchase of interest bearing deposits                                       (792,000)         (1,178,000)
    Purchases of investment securities - held to maturity                    (28,640,000)         (4,050,000)
    Purchases of investment securities - available for sale                  (13,993,199)                 --
    Proceeds from maturities of investment securities - held to maturity      37,225,000             500,000
    Longer term loans originated                                             (30,228,695)        (25,123,204)
    Principal collected on longer term loans                                  21,387,997          18,147,276
    Net increase in short-term loans                                          (1,680,915)        (15,276,825)
    Principal collected on mortgage backed securities                         10,813,091           5,489,359
    Purchase of mortgage backed securities- held to maturity                 (36,353,304)         (2,828,265)
    Purchase of mortgage backed securities- available for sale                (5,068,921)                 --
    Proceeds from sales of foreclosed real estate                                 94,603              16,263
    Investment in premises and equipment                                        (784,421)         (2,139,971)
    Purchase of Federal Home Loan Bank of Atlanta stock                               --            (184,100)
                                                                           -------------       --------------
        Net cash used by investing activities                                (45,360,764)        (22,334,467)

Cash Flows from Financing Activities
------------------------------------
    Net increase in demand deposits, money market, passbook
      accounts and advances by borrowers for taxes and
      insurance                                                                6,012,585           6,135,945
    Increase in Federal Home Loan Bank of Atlanta advances                    16,400,000          18,675,000
    Repayment of Federal Home Loan Bank of Atlanta advances                  (11,400,000)        (22,175,000)
    Net increase in certificates of deposit                                   37,680,789          24,703,238
    Acquisition of stock for Rabbi Trust                                         (87,974)            (65,809)
    Treasury stock purchase                                                     (158,695)         (1,704,671)
    Acquisition of stock for Management Retention Plan                                --             (37,665)
    Increase in dividends payable                                                 (2,375)            (28,929)
    Dividends declared on stock                                                 (794,791)           (828,843)
                                                                           -------------       --------------
        Net cash provided by financing activities                             47,649,539          24,673,266
                                                                           -------------       -------------

Increase in cash and cash equivalents                                          1,973,945           3,337,229
Cash and cash equivalents at beginning of period                               7,961,710           7,188,173
                                                                           -------------       -------------
Cash and cash equivalents at end of period                                 $   9,935,655       $  10,525,402
                                                                           =============       =============
</TABLE>

                                       5
<PAGE>

                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND
                               -------------------

                CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                -------------------------------------------------
<TABLE>
<CAPTION>
                                                                                FOR NINE MONTHS ENDED
                                                                                      JUNE 30,
                                                                            -------------------------------
                                                                                2001                2000
                                                                            ------------        -----------
<S>                                                                        <C>                 <C>
The following is a summary of cash and cash equivalents:
    Cash                                                                   $   7,042,901       $   6,450,374
    Interest bearing deposits in other banks                                   5,105,811           7,435,479
    Federal funds sold                                                           238,943           1,422,549
                                                                           -------------       -------------
    Balance of cash items reflected on Statement of
      Financial Condition                                                     12,387,655          15,308,402

        Less - certificate of deposit with an original maturity of
          more than three months                                               2,452,000           4,783,000
                                                                           -------------       -------------

Cash and cash equivalents reflected on the
    Statement of Cash Flows                                                $   9,935,655       $  10,525,402
                                                                           =============       =============

Supplemental Disclosures of Cash Flows Information:
    Cash paid during the period for:

    Interest                                                               $  10,893,722       $   8,552,290
                                                                           =============       =============

    Income taxes                                                           $     263,250       $     235,200
                                                                           =============       =============

Transfer from loans to real estate acquired through foreclosure            $     109,421       $          --
                                                                           =============       =============

</TABLE>


The accompanying notes to the consolidated financial statements are an integral
part of these statements.



                                       6
<PAGE>


                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
             ------------------------------------------------------

Note 1 -  Principals of Consolidation
          ---------------------------

          BCSB  Bankcorp,  Inc. (the  "Company")  owns 100% of Baltimore  County
          Savings Bank, F.S.B.  (the "Bank") and subsidiaries,  and also invests
          in federal  funds sold,  interest-bearing  deposits in other banks and
          U.S.  Agency  bonds.  The Bank owns 100% of Baltimore  County  Service
          Corporation  and Ebenezer  Road,  Inc. The  accompanying  consolidated
          financial  statements  include the accounts and  transactions of these
          companies on a consolidated  basis since the date of acquisition.  All
          intercompany  transactions  have been  eliminated in the  consolidated
          financial  statements.  Ebenezer Road, Inc. sells insurance  products.
          Baltimore  County  Service  Corporation  has invested in several joint
          ventures  formed for the  purpose of  developing  real  estate.  These
          investments  have been accounted for on the equity method and separate
          summary  statements are not presented since the data contained therein
          is not material in relation to the consolidated financial statements.

Note 2 -  Basis for Financial Statement Presentation
          ------------------------------------------

          The accompanying  consolidated financial statements have been prepared
          in accordance with generally  accepted  accounting  principles and the
          instructions to Form 10-QSB.  Accordingly,  they do not include all of
          the disclosures  required by generally accepted accounting  principles
          for complete financial statements.  In the opinion of management,  all
          adjustments (none of which were other than normal recurring  accruals)
          necessary  for a fair  presentation  of  the  financial  position  and
          results of operations  for the periods  presented  have been included.
          The   financial   statements   of  the  Company  are  presented  on  a
          consolidated  basis with those of the Bank.  The results for the three
          months  and  nine  months  ended  June 30,  2001  are not  necessarily
          indicative of the results of  operations  that may be expected for the
          year ended September 30, 2001. The consolidated  financial  statements
          should  be  read  in  conjunction  with  the  consolidated   financial
          statements  and related notes which are  incorporated  by reference in
          the  Company's  Annual  Report  on  Form  10-KSB  for the  year  ended
          September 30, 2000.

Note 3 -  Cash Flow Presentation
          ----------------------

          For  purposes  of  the  statements  of  cash  flows,   cash  and  cash
          equivalents include cash and amounts due from depository institutions,
          investments  in  federal  funds,  and  certificates  of  deposit  with
          original maturities of 90 days or less.

Note 4 -  Earnings Per Share
          ------------------

          Basic per share  amounts are based on the weighted  average  shares of
          common  stock  outstanding.  Diluted  earnings  per share  assume  the
          conversion,  exercise  or  issuance  of  all  potential  common  stock
          instruments  such as options,  warrants  and  convertible  securities,
          unless the effect is to reduce a loss or increase  earnings per share.
          No  adjustments  were made to net income  (numerator)  for all periods
          presented.  The basic and diluted weighted average shares  outstanding
          for the  three  months  and nine  months  ended  June 30,  2001 are as
          follows:


                                       7
<PAGE>

                      BCSB BANKCORP, INC. AND SUBSIDIARIES
                      ------------------------------------
                               BALTIMORE, MARYLAND


             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
             ------------------------------------------------------

Note 4 - Earnings Per Share (Continued)
         ------------------
<TABLE>
<CAPTION>
                                                                For the Nine months Ended June 30, 2001
                                                              ------------------------------------------
                                                                Income            Shares         Per Share
         Basic EPS                                            (Numerator)       (Denominator)      Amount
         ---------                                            -----------       -------------    ---------
         <S>                                                  <C>                <C>             <C>
         Income available to shareholders                     $   (46,197)       5,555,632       $   (0.01)

         Effect of dilutive shares                                     --          118,069              --
                                                              -----------       ----------       ---------

         Diluted EPS

         Income available to common stockholders
             plus assumed conversions                         $  (46,197)        5,673,701           (0.01)
                                                              ==========        ==========       =========
<CAPTION>

                                                               For the Three Months Ended June 30, 2001
                                                              -----------------------------------------
                                                                Income             Shares        Per Share
         Basic EPS                                            (Numerator)       (Denominator)      Amount
         ---------                                            -----------       -------------    ---------
         <S>                                                  <C>                <C>             <C>
         Income available to shareholders                     $   (21,474)      $5,543,304       $   0.00

         Effect of dilutive shares                                     --          122,752             --
                                                              -----------       ----------       --------
         Diluted EPS

         Income available to common stockholders
             plus assumed conversions                         $   (21,474)       5,666,056       $   0.00
                                                              ============      ==========       ========
</TABLE>

Note 5 - Regulatory Capital
         ------------------

         The following table sets forth the Bank's capital position at June 30,
2001.
<TABLE>
<CAPTION>
                                                                                               To Be Well
                                                                                            Capitalized Under
                                                                       For Capital          Prompt Corrective
                                             Actual              Adequacy Purposes          Action Provision
                                    ------------------------  ------------------------  -----------------------
                                    Actual           % of     Required          % of    Required          % of
                                    Amount           Assets   Amount            Assets  Amount            Assets
                                    ------           ------   ------            ------  ------            ------
                                                                          (unaudited)

<S>                              <C>                   <C>    <C>               <C>     <C>                <C>
Tangible (1)                     $ 32,202,492          8.77% $ 5,510,862        1.50%     N/A               N/A
Tier 1 capital (2)                 32,202,492         15.10          N/A        N/A     12,795,185         6.00%
Core (1)                           32,202,492          8.77   14,695,631        4.00    18,369,538         5.00
Risk-weighted (2)                  33,687,518         15.80   17,060,247        8.00    21,325,308        10.00
<FN>
------------
(1)  To adjusted total assets.
(2)  To risk-weighted assets.
</FN>
</TABLE>

                                       8
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
GENERAL

     The  Company  was formed by the Bank to become the  holding  company of the
Bank following the Bank's  reorganization  to the mutual holding company form of
organization (the "Reorganization").  The Reorganization was consummated on July
8, 1998.

     The Company's net income is dependent primarily on its net interest income,
which is the difference  between interest income earned on its loan,  investment
securities  and  mortgage-backed  securities  portfolio  and  interest  paid  on
interest-bearing  liabilities.  Net  interest  income is  determined  by (i) the
difference  between yields earned on  interest-earning  assets and rates paid on
interest-bearing  liabilities  ("interest  rate  spread")  and (ii) the relative
amounts  of  interest-earning  assets  and  interest-bearing   liabilities.  The
Company's  interest  rate  spread  is  affected  by  regulatory,   economic  and
competitive  factors  that  influence  interest  rates,  loan demand and deposit
flows.  To a lesser  extent,  the  Company's  net income also is affected by the
level of other income,  which primarily consists of fees and charges, and levels
of non-interest expenses such as salaries and related expenses.

     The  operations  of the Company are  significantly  affected by  prevailing
economic  conditions,  competition  and  the  monetary,  fiscal  and  regulatory
policies of  governmental  agencies.  Lending  activities  are influenced by the
demand  for and  supply of  housing,  competition  among  lenders,  the level of
interest rates and the  availability of funds.  Deposit flows and costs of funds
are  influenced by prevailing  market rates of interest,  primarily on competing
investments, account maturities and the levels of personal income and savings in
the Company's market area.

FORWARD-LOOKING STATEMENTS

     When used in this Form 10-QSB,  the words or phrases "will likely  result,"
"are expected to," "will continue," "is anticipated,"  "estimate,"  "project" or
similar expressions are intended to identify "forward-looking statements" within
the  meaning of the  Private  Securities  Litigation  Reform  Act of 1995.  Such
statements are subject to certain risks and  uncertainties  including changes in
economic  conditions  in the  Company's  market  area,  changes in  policies  by
regulatory  agencies,  fluctuations in interest  rates,  demand for loans in the
Company's market area, and competition that could cause actual results to differ
materially  from  historical   earnings  and  those  presently   anticipated  or
projected.  The Company wishes to caution readers not to place undue reliance on
any such forward-looking  statements,  which speak only as of the date made. The
Company  wishes to advise readers that the factors listed above could affect the
Company's financial performance and could cause the Company's actual results for
future periods to differ  materially  from any opinions or statements  expressed
with respect to future periods in any current statements.

     The Company does not undertake,  and specifically disclaims any obligation,
to  publicly  release  the  result  of any  revisions  which  may be made to any
forward-looking  statements to reflect events or circumstances after the date of
such  statements or to reflect the occurrence of  anticipated  or  unanticipated
events.


                                       9
<PAGE>
COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 2001 AND SEPTEMBER 30, 2000

     During the nine months ended June 30, 2001, the Company's  assets increased
by $47.4 million,  or 14.5%, from $325.9 million at September 30, 2000 to $373.2
million at June 30, 2001. Loans receivable,  net increased by $10.2 million,  or
4.2%,  from $241.5  million at September 30, 2000 to $251.7  million at June 30,
2001.  The Company's  mortgage-backed  securities  increased by $30.7 million or
155.1%,  from $19.8  million at September  30, 2000 to $50.6 million at June 30,
2001. The Company's  investment  securities  held to maturity  decreased by $8.6
million,  or 20.9%, from $41.2 million at September 30, 2000 to $32.6 million at
June 30,  2001.  The Company  decided to  implement  a strategy to hold  certain
securities  as  available  for sale to help  provide  increased  liquidity.  The
Company's investment securities available for sale increased to $14.1 million at
June 30, 2001. The Company's premises and equipment  increased $230,000 or 3.4.%
from $6.7  million at September  31, 2000 to $6.9 million at June 30, 2001.  The
increase  was  due to  improvements  to new and  existing  branch  offices.  The
Company's deposits increased by $41.6 million,  or 15.5%, from $268.9 million at
September 30, 2000 to $310.5  million at June 30, 2001. The increase in deposits
was achieved through the opening of a new office,  and advertising and promotion
activities.  The Company  increased  advances from the Federal Home Loan Bank of
Atlanta during the quarter ended June 30, 2001 by $5.0 million from $9.5 million
at September  30, 2000 to $14.5  million or 52.6% at June 30, 2001 in an attempt
to leverage the purchase of investment securities and to fund loan demand.

COMPARISON OF OPERATING RESULTS FOR THE NINE MONTHS ENDED JUNE 30, 2001 AND 2000

     Net Income.  Net income  decreased by $641,000,  from $595,000 for the nine
months ended June 30, 2000 to $(46,000) for the nine months ended June 30, 2001.
The decrease in net income was  primarily  attributable  to increased  operating
expenses resulting from the bank's expansion and additional Rabbi-Trust expenses
related to the rise in the  Company's  stock  price as well as a  decreased  net
interest  margin not offset by increases in the bank's  interest  earning assets
and deposits.

     Net Interest  Income.  Net interest  income remained stable at $7.3 million
for the nine months ended June 30, 2001,  and June 30, 2000.  The  stability was
due to the higher yield paid on deposits of 4.68% for the nine months ended June
30, 2001  compared to 4.20% for the nine months ended June 30,  2000,  which was
partially  offset by a decrease in the yield paid on short term  borrowings from
5.91% for the nine months ended June 30, 2000 to 4.92% for the nine months ended
June 30, 2001, An increase in the average yield on interest-earning  assets from
7.15% for the nine months ended June 30, 2000 to 7.22% for the nine months ended
June 30, 2001 also helped to offset the higher yield paid on deposits.

     Interest Income.  Interest income increased by $2.0 million or 12.6%,  from
$15.8  million for the nine months ended June 30, 2000 to $17.8  million for the
nine months ended June 30, 2001.  This  increase was due to a $1.3  million,  or
10.4%,  increase in interest  and fees on loans from $12.6  million for the nine
months  ended June 30, 2000 to $13.9  million for the nine months ended June 30,
2001.  The increase in interest and fees on loans was  primarily  due to a $16.6
million  increase  in the  average  balance of loans  receivable.  Interest  and
dividends on  investment  securities  increased  $243,000,  or 13.6%,  from $1.8
million  for the nine months  ended June 30,  2000 to $2.0  million for the nine
months ended June 30, 2001.  This  increase was primarily due to the increase in
the average balance of investment securities of $5.0 million or 13.3% from $37.6
million  at June  30,  2000 to  $42.6  million  at June 30,  2001.  Interest  on
mortgage-backed  securities also increased by $113,000 from $1.1 million for the
nine  months  ended June 30 2000 to $1.2  million,  or 10.2% for the nine months
ended June 30, 2001. Other interest income, which consists of interest earned on
deposits in banks and Federal Funds sold, increased by $326,000, or 111.3%, from
$293,000 for the nine months ended June 30, 2000 to $619,000 for the nine months
ended June 30,  2001.  This  increase  was due to the  increase  in the  average
balance of interest  bearing  deposits and Federal Funds sold of $8.5 million or
122.5%  from $6.9  million  for the nine  months  ended  June 30,  2000 to $15.4
million for the nine months ended June 30, 2001.

     Interest Expense.  Interest expense, which consists of interest on deposits
and  interest on  short-term  borrowings,  was $8.4  million for the nine months
ended June 30, 2000 and $10.4  million for the nine months  ended June 30, 2001.
This  increase  was  primarily  due to an  decrease  in  interest  on short term
borrowings from $683,000 for the nine months

                                       10
<PAGE>


ended  June 30,  2000 to  $204,000  for the nine  months  ended  June 30,  2001.
Interest on deposits increased $2.4million from $7.8 million for the nine months
ended June 30, 2000 to $10.2  million for the nine months  ended June 30,  2001.
This  increase was due to the increase in the average  balance of deposits  from
$246.0 million at June 30, 2000 to  $290.3million at June 30, 2001 and increased
interest rates paid on deposit accounts.

     Average Balance Sheet. The following tables sets forth certain  information
relating to the Company's  average  balance sheet and reflects the average yield
on assets and cost of  liabilities  for the  periods  indicated  and the average
yields  earned  and rates  paid.  Such yield and costs are  derived by  dividing
income or expense by the average balance of assets or liabilities, respectively,
for the  periods  presented.  Average  balances  are  computed  using  month-end
balances.

     The table also presents  information for the periods indicated with respect
to the differences between the average yield earned on  interest-earning  assets
and  average  rate  paid on  interest-bearing  liabilities,  or  "interest  rate
spread," which banks have  traditionally  used as an indicator of profitability.
Another  indicator of net interest income is "net interest margin," which is its
net interest income divided by the average balance of interest-earning assets.
<TABLE>
<CAPTION>
                                                                   NINE MONTHS ENDED JUNE 30,
                                               ---------------------------------------------------------------------------
                                                              2001                                     2000
                                               ---------------------------------       -----------------------------------
                                               AVERAGE                   AVERAGE       AVERAGE                     AVERAGE
                                               BALANCE      INTEREST      RATE         BALANCE       INTEREST       RATE
                                               -------      --------     ------        -------       --------      ------
                                                                            (DOLLARS IN THOUSANDS)
<S>                                            <C>          <C>              <C>       <C>           <C>              <C>
Interest-earning assets:
           Loans............................   $ 243,462    $  13,881        7.60%     $  226,853    $ 12,570         7.39%
   Mortgage-backed securities...............      26,604        1,222        6.12          27,737       1,109         6.50
   Dividends and investment securities......      42,591        2,036        6.37          37,589       1,793         6.36
   Other Investments........................      15,378          619        5.37           6,910         293         5.65
                                               ---------    ---------                  ----------    --------
       Total interest-earning assets........     328,035       17,758        7.22         294,089      15,765         7.15
Noninterest-earning assets..................      18,172                                   15,825
                                               ---------                               ----------
       Total assets.........................   $ 346,207                               $  309,914
                                               =========                               ==========

Interest-bearing liabilities:
   Deposits.................................   $ 290,277       10,191        4.68      $  246,085       7,754         4.20
   Borrowings-short term....................       5,533          204        4.92          15,419         683         5.91
   Other liabilities........................       1,834            3        0.22           1,954           4         0.27
                                               ---------    ---------                  ----------    --------
Total interest-bearing liabilities..........     297,644       10,398        4.66         263,458       8,441         4.27
                                                            ---------    --------                    --------       ------
Noninterest-bearing liabilities.............       5,609                                    2,162
                                               ---------                               ----------
       Total liabilities....................     303,253                                  265,620
Stockholders' equity .......................      42,954                                   44,294
                                               ---------                               ----------
       Total liabilities and stockholders'
            equity..........................   $ 346,207                               $  309,914
                                               =========                               ==========

Net interest income.........................                $   7,360                                $  7,324
                                                            =========                                ========
Interest rate spread........................                                 2.56%                                    2.88%
                                                                           ======                                  =======
Net interest margin.........................                                 2.99%                                    3.32%
                                                                          =======                                 ========
Ratio average interest earning assets/
    interest bearing liabilities............                               110.21%                                  111.63%
                                                                          =======                                  =======
</TABLE>

         Provision for Loan Losses. The Company charges provisions for loan
losses to earnings to maintain the total allowance for loan losses at a level
management considers adequate to provide for probable loan losses, based on
prior loss experience. The Company established provision for losses on loans of
$223,000 for the nine months ended June 30, 2001, as compared to $79,000 for the
nine months ended June 30, 2000, representing a increase of $144,000. Loan
chargeoffs for the nine months ended June 30, 2001 were $295,000 as compared to
$145,000 for the nine months ended June 30, 2000. Loan recoveries were $154,000
for the nine months ended June 30, 2001, compared to $83,000 for the


                                       11
<PAGE>


nine  months  ended June 30 2000.  Non  performing  loans at June 30,  2001 were
$309,000 as compared to  $317,000  at June 30,  2000.  The total loss  allowance
allocated to domestic loans is $1.5 million.  In establishing  such  provisions,
management considered an analysis of the risk inherent in the loan portfolio.

     Other Income.  Other income increased by $119,000,  or 29.2%, from $407,000
for the nine months  ended June 30, 2000 to $526,000  for the nine months  ended
June 30,  2001.  The increase in other income for the nine months ended June 30,
2001 was  attributable to $58,000,  or a 38.9% increase in fees from transaction
accounts,  from  $149,000  at June 30,  2000 as compared to $207,000 at June 30,
2001 and a gain on the sale of loans of $27,000.  The Company sold loans to help
fund loan demand. This strategy may also be considered in the future if the need
arises.

     Non-interest  Expenses.  Total  non-interest  expenses  increased  by  $1.0
million,  or 15.8%, from $6.7 million for the nine months ended June 30, 2000 to
$7.7  million  for the  nine  months  ended  June  30,  2001.  The  increase  in
non-interest  expenses was due to  increases  in salaries and related  expenses,
occupancy  expense,  telephone  postage  and office  supplies,  data  processing
expense, property and equipment expense and advertising expense primarily due to
the opening of new branch offices.  The Company's  salaries and related expenses
increased by $915,000,  or 27.0%,  due to the  recruitment  of personnel for new
offices  and  compensation  expense  for the market  value  adjustments  for the
Rabbi-Trust.  The compensation  expense/(credit) for the market value adjustment
for the  Rabbi-Trust  was  $309,000  for the nine  months  ended  June 30,  2001
compared to $(95,000) for the nine months ended June 30, 2000. Occupancy expense
increased by $96,000, or 13.2% due to the increased expenses associated with the
new branches.

     Income Taxes. The Company's income tax  expense/(benefit) was $(16,000) and
$383,000  for the nine months  ended June 30, 2001 and 2000,  respectively.  The
Company's  effective  tax rates were (25.8%) and 39.2% for the nine months ended
June 30, 2001 and 2000, respectively.


COMPARISON  OF  OPERATING  RESULTS FOR THE THREE  MONTHS ENDED JUNE 30, 2001 AND
2000

     Net Income.  Net income decreased by $198,000,  from $176,000 for the three
months  ended June 30, 2000 to  $(21,000)  for the three  months  ended June 30,
2001.  The  decrease  in net  income was  primarily  attributable  to  increased
non-interest expenses.

     Net Interest Income.  Net interest income increased by $95,000 or 3.9% from
$2.4 million for the three  months ended June 30, 2000,  to $2.5 million for the
three  months  ended June 30,  2001.  This  increase  was  primarily  due to the
increase  in  interest  income  more than  offsetting  the  increase in interest
expense.

     Interest Income.  Interest income increased by $652,000, or 12.0% from $5.4
million for the three  months  ended June 30, 2000 to $6.1 million for the three
months ended June 30, 2001. Interest and fees on loans increased by $354,000, or
8.2%, from $4.3 million for the three months ended June 30, 2000 to $4.7 million
for the three  months  ended June 30, 2001.  This was  primarily  due to a $13.4
million  increase in the average balance of loans  receivable and an increase in
the  average  yield on loans of 17 basis  points  from 7.36% at June 30, 2000 to
7.53% at June 30,  2001.  Interest on  mortgage-backed  securities  increased by
$186,000  or 50.6% from  $368,000  for the three  months  ended June 30, 2000 to
$554,000 for the three months end June 30, 2001. This increase was primarily due
to the increase in the average balance of mortgage-backed  securities from $21.7
million  at June  30,  2000 to $40.0  million  at June 30,  2001.  Interest  and
dividends on  investment  securities  decreased by $31,000 or 4.8% from $643,000
for the three  months ended June 30, 2000 to $612,000 for the three months ended
June 30, 2001.  Additionally  other interest  income  increased by $144,000,  or
165.5% from $87,000 for the three months ended June 30, 2000 to $231,000 for the
three months ended June 30, 2001.

     Interest Expense.  Interest expense, which consists of interest on deposits
and interest on borrowed money  increased form $3.0 million for the three months
ended June 30, 2000 to $3.5  million for the three  months ended June 30, 2001 a
change of $558,000 or 18.7%.  Interest on deposits increased $740,000 during the
three months ended June 30,  2001,  due to an increase in the average  volume of
deposits.  Interest on  short-term  borrowings  was $62,000 for the three months
ended June 30, 2001, as compared to $244,000 for the three months ended June 30,
2000.  The decrease


                                       12
<PAGE>

was  primarily  due to the decrease in the average  balance of Federal Home Loan
Bank  advances  from $16.1  million at June 30, 2000 to $5.2 million at June 30,
2001.

     Average Balance Sheet. The following tables sets forth certain  information
relating to the Company's  average  balance sheet and reflects the average yield
on assets and cost of  liabilities  for the  periods  indicated  and the average
yields  earned  and rates  paid.  Such yield and costs are  derived by  dividing
income or expense by the average balance of assets or liabilities, respectively,
for the  periods  presented.  Average  balances  are  computed  using  month-end
balances,  except for  Investment  Securities and FHLB Stock,  Interest  Bearing
Deposits  in Other  Banks ,  Federal  Funds  Sold and FHLB  Advances  which were
computed using daily balances.
<TABLE>
<CAPTION>
                                                                   THREE MONTHS ENDED JUNE 30,
                                               ---------------------------------------------------------------------------
                                                              2001                                     2000
                                               ---------------------------------       -----------------------------------
                                               AVERAGE                   AVERAGE       AVERAGE                     AVERAGE
                                               BALANCE      INTEREST      RATE         BALANCE       INTEREST       RATE
                                               -------      --------     ------        -------       --------      ------
                                                                            (DOLLARS IN THOUSANDS)
<S>                                            <C>          <C>              <C>       <C>           <C>              <C>
Interest-earning assets:
   Loans....................................   $ 247,999    $   4,669        7.53%     $  234,561    $  4,315         7.36%
   Mortgage-backed securities...............      40,020          554        5.54          21,744         368         6.77
   Investment Securities and FHLB stock.....      42,487          611        5.75          40,618         643         6.33
   Other Investments........................      19,417          231        4.76           6,915          87         5.03
                                               ---------    ---------                  ----------    --------
       Total interest-earning assets........     349,923        6,065        6.93         303,838       5,413         7.13
Noninterest-earning assets..................      10,198                                   13,698
                                               ---------                               ----------
       Total assets.........................   $ 360,121                               $  317,536
                                               =========                               ==========

Interest-bearing liabilities:
   Deposits.................................   $ 304,634        3,485        4.58         254,463       2,745         4.31
   Borrowings-short term....................       5,221           62        4.75          16,092         244         6.07
   Other liabilities........................       2,504            2        0.32           2,550           2         0.31
                                               ---------    ---------                  ----------    --------
Total interest-bearing liabilities..........     312,359        3,549        4.54         273,105       2,991         4.38
                                                            ---------    --------                    --------       ------
Noninterest-bearing liabilities.............       5,230                                    1,012
                                               ---------                               ----------
       Total liabilities....................     317,589                                  274,117
Stockholders' equity .......................      42,532                                   43,419
                                               ---------                               ----------
       Total liabilities and stockholders'
            equity..........................   $ 360,121                               $  317,536
                                               =========                               ==========

Net interest income.........................                $   2,516                                $  2,422
                                                            =========                                ========
Interest rate spread........................                                 2.39%                                    2.75%
                                                                           ======                                   ======
Net interest margin.........................                                 2.88%                                    3.19%
                                                                           ======                                   ======
Ratio average interest earning assets/
    interest bearing liabilities............                               112.03%                                  111.25%
                                                                           ======                                   ======
</TABLE>

     Provision for Loan Losses. The Company established provisions for losses on
loans of  $154,000  for the three  months  ended June 30,  2001,  as compared to
$28,000 for the three months ended June 30,  2000,  representing  an increase of
$126,000. In establishing such provisions,  management considered an analysis of
the risk inherent in the loan portfolio.

     Other Income.  Other income increased by $29,000,  or 20.0%,  from $142,000
for the three  months ended June 30, 2000 to $171,000 for the three months ended
June 30, 2001.  The increase in other income for the three months ended June 30,
2001 was  attributable  primarily to a $29,000  increase in fees on  transaction
accounts,  from  $52,000 for the three months ended June 30, 2000 to $81,000 for
the three months ended June 30, 2001.

     Non-interest  Expenses.  Total non-interest expenses increased by $315,000,
or 14.0%,  from $2.2  million for the three  months  ended June 30, 2000 to $2.6
million for the three months ended June 30, 2001.  The increase in  non-interest
expenses was due to increases in salaries and related expenses, and property and
equipment  expense.  The
                                       13
<PAGE>
Company's salaries and related expenses increased by $258,000,  or 22.1%, due to
the  recruitment  of personnel for the new offices and  compensation  expense of
$92,000 related to the market value adjustment for the Rabbi-Trust.

     Income Taxes. The Company's income tax  expense/(benefit)  was $(7,000) and
$113,000 for the three months  ended June 30, 2001 and 2000,  respectively.  The
Company's  effective tax rates were (25.0)% and 39.0% for the three months ended
June 30, 2001 and 2000 respectively.

LIQUIDITY AND CAPITAL RESOURCES

     At June  30,  2001,  the  Bank  exceeded  all  regulatory  minimum  capital
requirements. For information comparing the Bank's tangible, core and risk-based
capital  levels  to  the  regulatory  requirements,  see  Note  5  of  Notes  to
Consolidated Financial Statements.

     The  Company's  primary  sources of funds are deposits  and  proceeds  from
maturing investment securities and mortgage-backed  securities and principal and
interest  payments on loans.  While  maturities  and scheduled  amortization  of
mortgage-backed  securities and loans are a predictable source of funds, deposit
flows and mortgage prepayments are greatly influenced by general interest rates,
economic conditions, competition and other factors.

     The primary  investing  activities  of the Company are the  origination  of
loans and the purchase of investment securities and mortgage-backed  securities.
During the nine  months  ended June 30,  2001 and 2000,  the  Company  had $68.7
million  and  $68.4  million,   respectively,  of  mortgage  and  consumer  loan
originations.  During the nine months ended June 30, 2001 and 2000,  the Company
purchased  investment  securities  in the  amounts  of  $42.6  million  and $4.1
million,  respectively,  and mortgage-backed  securities in the amounts of $41.4
million  and  $2.8  million,  respectively.  The  purchase  of  interest-bearing
deposits  decreased from $1.2 million for the nine months ended June 30, 2000 to
$792,000 for the nine months ended June 30, 2001. The primary financing activity
of the Company is the attraction of savings deposits.

     The Company has other  sources of  liquidity  if there is a need for funds.
The Bank has the  ability  to  obtain  advances  from  the FHLB of  Atlanta.  In
addition, the Company maintains a portion of its investments in interest-bearing
deposits at other financial institutions that will be available, if needed.

     The Bank is required to maintain minimum levels of liquid assets as defined
by OTS regulations.  This requirement,  which may be changed at the direction of
the OTS depending upon economic  conditions  and deposit flows,  is based upon a
percentage  of deposits and  short-term  borrowings.  The Bank's  average  daily
liquidity ratio for the month of June was  approximately  29.2%,  which exceeded
the required  level for such period.  Management  seeks to maintain a relatively
high level of liquidity in order to retain  flexibility  in terms of  investment
opportunities  and deposit pricing.  Because liquid assets generally provide for
lower rates of return,  the Bank's  relatively high liquidity will, to a certain
extent, result in lower rates of return on assets.

     The  Company's  most liquid assets are cash,  interest-bearing  deposits in
other  banks and  federal  funds  sold,  which  are  short-term,  highly  liquid
investments with original  maturities of less than three months that are readily
convertible  to known amounts of cash.  The levels of these assets are dependent
on the Company's operating,  financing and investing activities during any given
period.  At June 30, 2001,  cash,  interest-bearing  deposits in other banks and
federal funds sold were $7.0 million, $5.1 million and $239,000, respectively.

     The Company  anticipates  that it will have  sufficient  funds available to
meet its current  commitments.  Certificates  of deposit  which are scheduled to
mature in one year or less at June 30, 2001  totaled  $135.7  million.  Based on
past experience, management believes that a significant portion of such deposits
will remain with the Bank.  The Bank is a party to  financial  instruments  with
off-balance-sheet  risk  made in the  normal  course  of  business  to meet  the
financing  needs of its  customers.  These  financial  instruments  are  standby
letters of credit,  lines of credit and  commitments  to fund mortgage loans and
involve  to  varying  degrees  elements  of credit  risk in excess of the amount
recognized in the statement of financial position. The contract amounts of those
instruments  express the extent of involvement  the Company has in

                                       14
<PAGE>
this class of financial  instruments  and represents  the Company's  exposure to
credit loss from nonperformance by the other party.

     The Company  generally  requires  collateral  or other  security to support
financial instruments with off-balance-sheet  credit risk. At June 30, 2001, the
Company had commitments  under standby letters of credit and lines of credit and
commitments  to  originate  mortgage  loans of $69,000,  $12.9  million and $5.1
million, respectively.

PART II.  OTHER INFORMATION

         ITEM 1.  LEGAL PROCEEDINGS

         None.

         ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

         None.

         ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         None.

         ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

         None.

         ITEM 5.  OTHER INFORMATION

         None.


                                       15
<PAGE>

         ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K


         (a)      Form 8-K

                  No Reports on Form 8-K were filed during the quarter ended
June 30, 2001.


<PAGE>


                                   SIGNATURES



         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    BCSB BANKCORP, INC.



Date: August 10, 2001               /s/ Gary C. Loraditch
                                    --------------------------------------------
                                    Gary C. Loraditch
                                    President
                                    (Principal Executive Officer)



Date: August 10, 2001               /s/ Bonnie M. Klein
                                    --------------------------------------------
                                    Bonnie M. Klein
                                    Vice President and Treasurer
                                    (Principal Financial and Accounting Officer)



                                       16