SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): November 13, 2006
BANKFINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
| Maryland | 0-51331 | 75-3199276 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
| 15W060 North Frontage Road, Burr Ridge, Illinois | 60527 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (800) 894-6900
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 (see General Instruction A.2. below):
| ¨ | 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 8.01. Other Events.
On November 13, 2006, the Company issued a press release announcing the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 and a Quarterly Financial and Statistical Supplement. The press release also reported earnings for the three and nine months ended September 30, 2006. The press release and Quarterly Financial and Statistical Supplement are included as Exhibits 99.1 and 99.2 to this report.
The information in the preceding paragraph, as well as Exhibits 99.1 and 99.2, is considered to be “furnished” under the Securities Exchange Act of 1934, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01. Financial Statements and Exhibits.
| (a) | Not Applicable. |
| (b) | Not Applicable. |
| (c) | Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press Release dated November 13, 2006 | |
| 99.2 | Quarterly Financial and Statistical Supplement |
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.
| BANKFINANCIAL CORPORATION | ||||
| Date: November 13, 2006 | By: | /s/ F. Morgan Gasior | ||
| F. Morgan Gasior | ||||
| Chairman of the Board, Chief Executive Officer and President | ||||
3
Exhibit 99.1
FOR IMMEDIATE RELEASE
BankFinancial Corporation Reports Third Quarter 2006 Earnings and
Filing of Quarterly Report on Form 10-Q
and Quarterly Financial and Statistical Supplement
with the Securities and Exchange Commission
Burr Ridge, Illinois - (November 13, 2006) BankFinancial Corporation (Nasdaq – BFIN) (“BankFinancial”) announced that it will file today its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 and a Quarterly Financial and Statistical Supplement on Form 8-K, with the U.S. Securities and Exchange Commission (the “SEC”).
BankFinancial also reported net income of $2.8 million, or $0.12 per common share, for the three months ended September 30, 2006, compared to $3.7 million, or $0.16 per common share, for the three months ended September 30, 2005. Net income includes $996,000, or $0.03 per common share, of stock-based compensation expense for the three months ended September 30, 2006 compared to $345,000, or $0.01 per common share, for the three months ended September 30, 2005.
For the nine months ended September 30, 2006, net income was $8.8 million, or $0.39 per common share, compared to $8.2 million for the nine months ended September 30, 2005. Earnings per share for the nine-month period ending September 30, 2005 is reported as $0.16 and only includes the net income for the period for which common shares were outstanding which was from the completion of our mutual-to-stock conversion on June 23, 2005 through September 30, 2005. Net income includes $1.8 million, or $0.05 per common share, of stock-based compensation expense for the nine months ended September 30, 2006 compared to $370,000, or $0.01 per common share, for the nine months ended September 30, 2005.
As previously reported, on August 30, 2006, its Board of Directors authorized the repurchase of up to 2,466,250 shares of common stock. During the third quarter of this year, BankFinancial repurchased 750,700 shares at an aggregate cost of approximately $13.3 million.
At September 30, 2006, BankFinancial had total assets of $1.610 billion, total loans of $1.312 billion, total deposits of $1.106 billion and stockholders’ equity of $326 million.
The Quarterly Report on Form 10-Q and the Quarterly Financial and Statistical Supplement will be available today at BankFinancial’s Internet site, www.bankfinancial.com under Stockholder Information and at the SEC’s Internet site, www.sec.gov. Management will review third quarter 2006 results in a conference call and webcast for stockholders and analysts on Tuesday, November 14, 2006 at 9:30 a.m. Central Standard Time (CST). The conference call may be accessed by calling (866) 202-4367 and using participant passcode 27679340. The conference call will be simultaneously webcast at www.bankfinancial.com, on the “Stockholder Information” page. For those persons unable to participate in the conference call, the webcast will be archived through 5:00 p.m. CST on November 28, 2006 on our website.
BankFinancial Corporation is the holding company for BankFinancial, F.S.B., a full-service, community-oriented savings bank providing financial services to individuals, families and businesses through 18 full-service banking offices, located in Cook, DuPage, Lake and Will Counties, Illinois. BankFinancial Corporation became a publicly-traded company on June 24, 2005, and its common stock trades on the Nasdaq Stock Market under the symbol BFIN.
“Forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 may be included in this release. A variety of factors could cause BankFinancial Corporation’s actual results to differ from those expected at the time of this release. Investors are urged to carefully review and consider the various disclosures made by BankFinancial Corporation in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information disclosed in BankFinancial Corporation’s Annual Report on Form 10-K for the most recently ended fiscal year. Copies of these filings are available at no cost on the SEC’s web site at http://www.sec.gov or on BankFinancial’s web site at http://www.bankfinancial.com.
| For Further Information
| ||||
| Contact: | Shareholder, Analyst and Investor Inquiries: Terence C. Wise, Vice President – InvestorRelations BankFinancial Corporation Telephone: 630-242-7151 |
Media Inquiries: Gregg T. Adams, Executive Vice President – Marketing & Sales BankFinancial Corporation Telephone: 630-242-7234 | ||
Exhibit 99.2
BANKFINANCIAL CORPORATION
THIRD QUARTER 2006
QUARTERLY FINANCIAL AND STATISTICAL SUPPLEMENT
FOR THE LATEST FIVE QUARTERS
Note: Certain reclassifications have been made in the prior period’s financial statements and reflected in the Selected Quarterly Financial and Statistical Data tables to conform with the current period’s presentation.
The information and statistical data contained herein have been prepared by BankFinancial Corporation and have been derived or calculated from selected quarterly and period-end historical financial statements prepared in accordance with accounting principles generally accepted in the United States. BankFinancial Corporation is under no obligation to update, keep current or continue to provide the information contained herein. This information is provided solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or establish any business relationships with BankFinancial Corporation or any of its subsidiaries.
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| PERFORMANCE MEASUREMENTS: | ||||||||||||||||||||
| Return on assets (ratio of net income to average total assets) |
0.68 | % | 0.69 | % | 0.78 | % | 0.74 | % | 0.92 | % | ||||||||||
| Return on equity (ratio of net income to average equity) |
3.34 | 3.43 | 3.82 | 3.58 | 4.56 | |||||||||||||||
| Net interest rate spread |
2.86 | 2.84 | 2.92 | 2.91 | 3.06 | |||||||||||||||
| Net interest margin |
3.71 | 3.62 | 3.65 | 3.60 | 3.64 | |||||||||||||||
| Efficiency ratio |
75.37 | 73.68 | 70.29 | 71.54 | 69.41 | |||||||||||||||
| Noninterest expense to average total assets |
3.14 | 2.95 | 2.87 | 2.93 | 2.83 | |||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities |
133.87 | 132.60 | 132.66 | 134.70 | 132.39 | |||||||||||||||
| Offices |
18 | 18 | 16 | 16 | 16 | |||||||||||||||
| Employees (full time equivalents) |
452 | 468 | 443 | 451 | 449 | |||||||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| SUMMARY INCOME STATEMENT: | ||||||||||||||||||||
| Total interest income |
$ | 24,244 | $ | 23,683 | $ | 22,292 | $ | 21,191 | $ | 20,785 | ||||||||||
| Total interest expense |
9,792 | 9,363 | 8,480 | 7,554 | 6,837 | |||||||||||||||
| Net interest income before provision |
14,452 | 14,320 | 13,812 | 13,637 | 13,948 | |||||||||||||||
| Provision (credit) for loan losses |
49 | 156 | 196 | 524 | 334 | |||||||||||||||
| Net interest income |
14,403 | 14,164 | 13,616 | 13,113 | 13,614 | |||||||||||||||
| Noninterest income |
2,658 | 2,587 | 2,731 | 2,453 | 2,464 | |||||||||||||||
| Noninterest expense |
12,895 | 12,457 | 11,628 | 11,510 | 11,391 | |||||||||||||||
| Income before income tax |
4,166 | 4,294 | 4,719 | 4,056 | 4,687 | |||||||||||||||
| Income tax expense |
1,371 | 1,390 | 1,579 | 1,137 | 990 | |||||||||||||||
| Net income |
$ | 2,795 | $ | 2,904 | $ | 3,140 | $ | 2,919 | $ | 3,697 | ||||||||||
| Basic earnings per common share |
$ | 0.12 | $ | 0.13 | $ | 0.14 | $ | 0.13 | $ | 0.16 | ||||||||||
| Diluted earnings per common share |
$ | 0.12 | $ | 0.13 | $ | 0.14 | $ | 0.13 | $ | 0.16 | ||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| NONINTEREST INCOME AND EXPENSE: | ||||||||||||||||||||
| Noninterest Income: | ||||||||||||||||||||
| Deposit service charges and fees |
$ | 1,142 | $ | 1,117 | $ | 917 | $ | 986 | $ | 1,090 | ||||||||||
| Other fee income |
466 | 482 | 461 | 490 | 463 | |||||||||||||||
| Insurance commissions and annuities income |
363 | 352 | 228 | 242 | 265 | |||||||||||||||
| Gain on sales of loans |
95 | 53 | 37 | 27 | 50 | |||||||||||||||
| Gain on sales of investment securities |
89 | 55 | — | — | — | |||||||||||||||
| Gain on disposition of premises and equipment |
— | 1 | 393 | — | — | |||||||||||||||
| Loan servicing fee income |
230 | 237 | 244 | 249 | 257 | |||||||||||||||
| Amortization and impairment of servicing assets |
(120 | ) | (146 | ) | (61 | ) | 18 | (73 | ) | |||||||||||
| REO operations |
(15 | ) | (26 | ) | (5 | ) | — | (1 | ) | |||||||||||
| Other |
408 | 462 | 517 | 441 | 413 | |||||||||||||||
| Total noninterest income |
$ | 2,658 | $ | 2,587 | $ | 2,731 | $ | 2,453 | $ | 2,464 | ||||||||||
| Noninterest Expense: | ||||||||||||||||||||
| Compensation |
$ | 8,237 | $ | 7,875 | $ | 7,668 | $ | 7,398 | $ | 7,335 | ||||||||||
| Office occupancy |
1,530 | 1,340 | 1,316 | 1,377 | 1,275 | |||||||||||||||
| Advertising |
396 | 389 | 165 | 216 | 177 | |||||||||||||||
| Data processing |
873 | 825 | 788 | 814 | 777 | |||||||||||||||
| Supplies, telephone and postage |
583 | 450 | 507 | 468 | 490 | |||||||||||||||
| Amortization of intangibles |
496 | 495 | 393 | 405 | 410 | |||||||||||||||
| Other general & administrative |
780 | 1,083 | 791 | 832 | 927 | |||||||||||||||
| Total noninterest expenses |
$ | 12,895 | $ | 12,457 | $ | 11,628 | $ | 11,510 | $ | 11,391 | ||||||||||
Page 2
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| SUMMARY BALANCE SHEET: | ||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Cash |
$ | 34,515 | $ | 31,475 | $ | 31,059 | $ | 34,437 | $ | 28,016 | ||||||||||
| Interest-bearing deposits and short-term investments |
2,964 | 1,566 | 11,129 | 3,589 | 54,373 | |||||||||||||||
| Securities available for sale, net |
157,396 | 251,927 | 245,641 | 248,238 | 258,981 | |||||||||||||||
| Loans held for sale |
605 | 1,882 | 86 | 375 | 523 | |||||||||||||||
| Loans receivable, net |
1,312,114 | 1,280,365 | 1,261,820 | 1,231,891 | 1,135,709 | |||||||||||||||
| Federal Home Loan Bank stock |
18,911 | 18,911 | 25,434 | 25,434 | 25,197 | |||||||||||||||
| Premises and equipment |
35,069 | 35,206 | 32,182 | 32,819 | 32,810 | |||||||||||||||
| Intangible assets |
32,727 | 33,387 | 18,720 | 19,113 | 19,518 | |||||||||||||||
| Other assets |
15,676 | 16,911 | 17,050 | 18,540 | 17,953 | |||||||||||||||
| Total assets |
$ | 1,609,977 | $ | 1,671,630 | $ | 1,643,121 | $ | 1,614,436 | $ | 1,573,080 | ||||||||||
| LIABILITIES AND EQUITY: | ||||||||||||||||||||
| Deposits |
$ | 1,106,249 | $ | 1,137,664 | $ | 1,053,411 | $ | 1,067,874 | $ | 1,044,242 | ||||||||||
| Borrowings |
165,082 | 175,349 | 236,251 | 191,388 | 181,252 | |||||||||||||||
| Other liabilities |
12,763 | 23,901 | 20,331 | 26,397 | 22,260 | |||||||||||||||
| Total liabilities |
1,284,094 | 1,336,914 | 1,309,993 | 1,285,659 | 1,247,754 | |||||||||||||||
| Stockholders’ equity |
325,883 | 334,716 | 333,128 | 328,777 | 325,326 | |||||||||||||||
| Total liabilities and equity |
$ | 1,609,977 | $ | 1,671,630 | $ | 1,643,121 | $ | 1,614,436 | $ | 1,573,080 | ||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| CAPITAL RATIOS: | ||||||||||||||||||||
| BankFinancial Corporation: |
||||||||||||||||||||
| Equity to total assets (end of period) |
20.24 | % | 20.02 | % | 20.27 | % | 20.36 | % | 20.68 | % | ||||||||||
| Tangible equity to total assets (end of period) |
18.59 | 18.39 | 19.36 | 19.41 | 19.68 | |||||||||||||||
| BankFinancial FSB: |
||||||||||||||||||||
| Risk-based total capital ratio |
19.91 | 19.70 | 18.56 | 19.01 | 19.91 | |||||||||||||||
| Risk-based tier 1 capital ratio |
19.05 | 18.88 | 17.77 | 18.21 | 19.11 | |||||||||||||||
| Tier 1 leverage ratio |
14.95 | 14.33 | 13.83 | 13.82 | 13.96 | |||||||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| COMMON STOCK AND DIVIDENDS: |
||||||||||||||||||||
| Stock Prices: |
||||||||||||||||||||
| Close |
$ | 17.49 | $ | 17.30 | $ | 15.92 | $ | 14.68 | $ | 14.20 | ||||||||||
| High |
18.11 | 17.30 | 16.41 | 14.91 | 15.00 | |||||||||||||||
| Low |
16.31 | 15.15 | 14.55 | 12.99 | 13.10 | |||||||||||||||
| Cash dividends paid |
$ | 0.06 | $ | 0.06 | — | — | — | |||||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| DEPOSITS: |
||||||||||||||||||||
| Non-interest-bearing demand |
$ | 130,491 | $ | 136,046 | $ | 105,251 | $ | 117,443 | $ | 109,022 | ||||||||||
| Interest-bearing NOW |
251,938 | 244,173 | 224,732 | 227,893 | 219,457 | |||||||||||||||
| Money market |
250,767 | 249,133 | 244,916 | 248,871 | 236,285 | |||||||||||||||
| Savings |
118,898 | 129,482 | 121,016 | 123,260 | 122,783 | |||||||||||||||
| Certificates of deposit |
354,155 | 378,830 | 357,496 | 350,407 | 356,695 | |||||||||||||||
| Total deposits |
$ | 1,106,249 | $ | 1,137,664 | $ | 1,053,411 | $ | 1,067,874 | $ | 1,044,242 | ||||||||||
Page 3
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| LOANS: | ||||||||||||||||||||
| One- to four-family residential real estate |
$ | 409,288 | $ | 402,097 | $ | 408,206 | $ | 404,196 | $ | 395,499 | ||||||||||
| Multi-family mortgage loans |
292,100 | 291,005 | 289,364 | 280,238 | 242,910 | |||||||||||||||
| Nonresidential real estate |
307,619 | 303,901 | 282,496 | 275,418 | 266,898 | |||||||||||||||
| Construction and land loans |
83,526 | 78,900 | 85,761 | 80,705 | 74,523 | |||||||||||||||
| Commercial loans |
84,947 | 76,070 | 69,702 | 68,988 | 64,527 | |||||||||||||||
| Commercial leases |
135,019 | 127,971 | 128,062 | 121,898 | 92,268 | |||||||||||||||
| Consumer loans |
3,989 | 4,019 | 2,041 | 2,022 | 1,975 | |||||||||||||||
| Other loans (including municipal) |
4,959 | 4,959 | 5,159 | 5,219 | 5,492 | |||||||||||||||
| Total loans |
1,321,447 | 1,288,922 | 1,270,791 | 1,238,684 | 1,144,092 | |||||||||||||||
| Loans in process |
113 | 934 | 174 | 2,180 | 193 | |||||||||||||||
| Net deferred loan origination costs |
2,478 | 2,478 | 2,563 | 2,541 | 2,355 | |||||||||||||||
| Allowance for loan losses |
(11,924 | ) | (11,969 | ) | (11,708 | ) | (11,514 | ) | (10,931 | ) | ||||||||||
| Loans, net |
$ | 1,312,114 | $ | 1,280,365 | $ | 1,261,820 | $ | 1,231,891 | $ | 1,135,709 | ||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| CREDIT QUALITY RATIOS: | ||||||||||||||||||||
| Nonperforming Loans and Assets: | ||||||||||||||||||||
| Nonperforming loans |
$ | 8,469 | $ | 6,440 | $ | 3,192 | $ | 5,723 | $ | 7,280 | ||||||||||
| Real estate owned |
— | 30 | 56 | 153 | — | |||||||||||||||
| Nonperforming assets |
$ | 8,469 | $ | 6,470 | $ | 3,248 | $ | 5,876 | $ | 7,280 | ||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||
| Nonperforming assets to total assets |
0.53 | % | 0.39 | % | 0.20 | % | 0.36 | % | 0.46 | % | ||||||||||
| Nonperforming loans to total loans |
0.64 | 0.50 | 0.25 | 0.46 | 0.63 | |||||||||||||||
| Allowance for loan losses to nonperforming loans |
140.80 | 185.85 | 366.79 | 201.19 | 150.15 | |||||||||||||||
| Allowance for loan losses to total loans |
0.90 | 0.93 | 0.92 | 0.93 | 0.95 | |||||||||||||||
| Net charge-off ratio |
0.03 | 0.03 | 0.00 | (0.02 | ) | 0.00 | ||||||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| ALLOWANCE FOR LOAN LOSSES: | ||||||||||||||||||||
| Beginning balance |
$ | 11,969 | $ | 11,708 | $ | 11,514 | $ | 10,931 | $ | 10,596 | ||||||||||
| Allowance of acquired bank |
— | 212 | — | — | — | |||||||||||||||
| Provision (credit) for loan losses |
49 | 156 | 196 | 524 | 334 | |||||||||||||||
| Loans charged off |
(96 | ) | (107 | ) | (2 | ) | (29 | ) | (1 | ) | ||||||||||
| Recoveries |
2 | — | — | 88 | 2 | |||||||||||||||
| Ending balance |
$ | 11,924 | $ | 11,969 | $ | 11,708 | $ | 11,514 | $ | 10,931 | ||||||||||
Page 4
BANKFINANCIAL CORPORATION
SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA
Latest Five Quarters
(Dollars in thousands; except per share) – (Unaudited)
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| SELECTED AVERAGE BALANCES: | ||||||||||||||||||||
| Average total assets |
$ | 1,644,304 | $ | 1,688,410 | $ | 1,618,258 | $ | 1,573,867 | $ | 1,607,277 | ||||||||||
| Average earning assets |
1,544,356 | 1,588,219 | 1,533,951 | 1,501,205 | 1,520,234 | |||||||||||||||
| Average total loans |
1,320,016 | 1,288,063 | 1,260,870 | 1,197,545 | 1,130,131 | |||||||||||||||
| Average investment securities |
211,992 | 293,301 | 270,944 | 291,478 | 362,141 | |||||||||||||||
| Average other earning assets |
12,348 | 6,855 | 2,137 | 12,182 | 27,962 | |||||||||||||||
| Average interest-bearing deposits |
982,859 | 1,006,818 | 932,918 | 931,895 | 957,240 | |||||||||||||||
| Average total borrowings |
170,804 | 190,935 | 223,359 | 182,613 | 191,076 | |||||||||||||||
| Average interest-bearing liabilities |
1,153,663 | 1,197,753 | 1,156,277 | 1,114,508 | 1,148,316 | |||||||||||||||
| Average total stockholders’ equity |
335,015 | 339,050 | 328,652 | 326,549 | 324,058 | |||||||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| SELECTED YIELDS AND COST OF FUNDS: | ||||||||||||||||||||
| Average earning assets |
6.23 | % | 5.98 | % | 5.89 | % | 5.60 | % | 5.42 | % | ||||||||||
| Average total loans |
6.50 | 6.38 | 6.30 | 6.02 | 5.97 | |||||||||||||||
| Average investment securities |
4.57 | 4.27 | 4.02 | 3.94 | 3.87 | |||||||||||||||
| Average other earning assets |
5.75 | 5.03 | 4.18 | 3.81 | 3.23 | |||||||||||||||
| Average interest-bearing deposits |
3.22 | 2.97 | 2.73 | 2.49 | 2.11 | |||||||||||||||
| Average total borrowings |
4.19 | 4.01 | 4.01 | 3.70 | 3.64 | |||||||||||||||
| Average interest-bearing liabilities |
3.37 | 3.14 | 2.97 | 2.69 | 2.36 | |||||||||||||||
| Interest rate spread |
2.86 | 2.84 | 2.92 | 2.91 | 3.06 | |||||||||||||||
| Net interest margin |
3.71 | 3.62 | 3.65 | 3.60 | 3.64 | |||||||||||||||
| 2006 | 2005 | |||||||||||||||||||
| IIIQ | IIQ | IQ | IVQ | IIIQ | ||||||||||||||||
| EARNINGS PER SHARE COMPUTATIONS: | ||||||||||||||||||||
| Net income |
$ | 2,795 | $ | 2,904 | $ | 3,140 | $ | 2,919 | $ | 3,697 | ||||||||||
| Average common shares outstanding |
24,556,236 | 24,466,250 | 24,466,250 | 24,466,250 | 24,466,250 | |||||||||||||||
| Less: Unearned ESOP shares |
(1,851,346 | ) | (1,871,668 | ) | (1,896,134 | ) | (1,920,152 | ) | (1,935,652 | ) | ||||||||||
| Less: Unvested restricted stock |
(210,082 | ) | — | — | — | — | ||||||||||||||
| Weighted average common shares outstanding |
22,494,808 | 22,594,582 | 22,570,116 | 22,546,098 | 22,530,598 | |||||||||||||||
| Plus: Dilutive common shares equivalents |
12,294 | — | — | — | — | |||||||||||||||
| Weighted average dilutive shares outstanding |
22,507,102 | 22,594,582 | 22,570,116 | 22,546,098 | 22,530,598 | |||||||||||||||
| Number of antidilutive stock options excluded from the diluted earnings per share calculation |
1,140,000 | N.A. | N.A. | N.A. | N.A. | |||||||||||||||
| Weighted average exercise price of anti- dilutive option shares |
$ | 17.62 | N.A. | N.A. | N.A. | N.A. | ||||||||||||||
| Basic earnings per common share |
$ | 0.12 | $ | 0.13 | $ | 0.14 | $ | 0.13 | $ | 0.16 | ||||||||||
| Diluted earnings per common share |
$ | 0.12 | $ | 0.13 | $ | 0.14 | $ | 0.13 | $ | 0.16 | ||||||||||
| N.A. = Not Applicable |
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